Paper Money - Vol. XIII, No. 1 - Whole No. 49 - January 1974

Paper litette BIMONTHLY PUBLICATION OF THE 5aciety of Pape, iitottey Collector, Vol. XIII No. 1 Whole No. 49 January 1974 Style and Design in French banknotes — Page 3 U. S. SMALL SIZE NOTES Superb Crisp NEW, if not otherwise stated. # Indicates not as well centered. -Star Note. ++ $1.00 SILVER CERTIFICATES ++ CN# Superb 4.50 6.50 3.95 5.95 5.25 7.75 3.75 4.95 3.25 3.50 3.25 3.50 3.25 3.50 SPECIAL=.1928 to 1957B Set (18). No. 1928-C, D, E. CN # $114.75 All Superb CN 156.75 1935D to 1957B Set (10). CN # $34.75; All Superb CN 53.75 $1 FEDERAL RESERVE SETS Complete Sets - Last Complete All Superb Crisp New : Sets 2 Nos. Match Star Sets 1963 Granahan/Dillon (12) 22.75 24.75 22.95 1963A Granahan/Fowler (12) 20.75 22.75 (12) 21.95 1963B Granahan/Barr ( 5) 8.75 9.75 ( 4) 7.95 1969 Elston/Kennedy (12) 18.75 20.75 (12) 19.95 1969A Kabis/Kennedy (12) 17.75 19.75 (11) 18.95 1969B Kabis/Connally (12) 17.75 18.75 (12) 19.95 1969C Banuelos/Connally (10) 14.75 15.75 Soon Write 1969D Banuelos/Schultz (12) 16.75 17.75 ? Write 1963/1969D=All Eight Sets (87 Notes) Same=Each Note with Identical Last Two Numbers 1963/1969B Star Sets (63 Notes) Same=Each Note with Identical Last Two Numbers Please advise-IF you wish to be notified when 1969C & 1969D Star Sets are available. Ask for our Special List of Small Notes-and Accessories. -PACKS (100) STAR NOTES WANTED- We Urgently Require-1969B Dist. 9 ; 1969C Dists. 2, 4, 6, 9, 12. 1969D Dists. 1, 2, 7, 9, 11. Please Write-or Call if you can supply these Star Packs. ++ WESTPORT CURRENCY ALBUMS ++ A DeLuxe Album for Displaying your $1 Federal Reserve Sets ; Punched for 3-Ring Binder. 1. District Page Sets (Hold Complete Set) 1963 to 1969D-Each 2.95 2. Block Page Sets (Holds Complete Blocks) For 1963 ; 1969 ; 1969A ; 1969B ; 1969C ; 1969D Each $6.95 ; For 1963A Set $13.95 ; For 1963B Set 3.50 Page Set for Complete Small Size $2 Bills (16 Notes) Each 3.95 DeLuxe Gold-Titled Custom-made Binder, Each 4.95 Page Sets also available for Silver Certificates, National Currency and Large Bills. Please Ask for Descriptive List of these Beautiful DeLuxe Currency Albums. IMPORTANT BOOKS-POSTPAID Donlon's "U.S. Large Size Paper Money 1862/1923" 3rd Ed. (Only $2.95 with Order) 3.45* Friedberg's "Paper Money of the United States". 7th Ed. (Only $11.75 with Order) 14.00 Hewitt/Donlon's "Catalogue of Small Size Paper Money". New 10th Ed. 1.85* Goodman/O'Donnell/Schwartz' "Standard Handbook of Modern U.S. Paper Money". 3rd, Latest Ed. All you'll want to know about Block Collecting 1.65* Kemm's "The Official Guide of U.S. Paper Money". 1974 Edition. 1.15* Shafer's "Guide Book of Modern U.S. Currency". New 6th Ed. 2.65* Werlich's "Catalogue of U.S., Canadian & Confederate Paper Money". 1974 Ed. Includes Fractional Currency. (Only $3.15 with Note Order) 3.95* SPECIAL=Above Big Six Books "Starred" 5 12.75 WANTED-LARGE NOTES-WANTED EDUCATIONAL SERIES SILVER CERTIFICATES Paying following TOP Cash Prices : Perfect Cr. New Gem Cr. New 1896 $1 History Instructing Youth $ 200.00 $ 250.00 1896 $2 Five Females 435.00 500.00 1896 $5 Electricity, Etc. 650.00 750.00 The Complete Set 1,350.00 1,550.00 Notes-to Merit above Prices-Must meet these Requirements : GEM CN=Well Centered, Perfect Corners, No Pinholes, Brown Spots, Counting Smudges. Wanted-all Other Large Notes (no 1914 Feds.)-in Gem CN-or Perfect Crisp New. 100% Satisfaction Guaranteed. Please Add $1.00 under $50.00 (All Note Orders Shipped Via Airmail). Nebraskans Add Sales Tax. Send Want List for Prices on Large Notes. Why Not Give us a Try-You're Bound to become a "Bebee Booster." CN# Superb CN# Superb 1928 11.75 16.75 1935 14.75 18.75 1935F 8.75* 1928A 9.75 12.75 1935A 5.50 7.75 1935G N/M 1928B 13.75 17.75 1935B 9.75 14.75 1935G W/M 1928C Write WTD. 1935C 5.50 7.75 1935H $5.85* 1928D 199.75 249.75 1935D Wide Rev. 5.50 7.75 1957 $4.25* 1928E Write WTD. 1935D Nar. Rev. 5.50 7.75 1957A $4.25* 1934 10.75 14.75 1935E 8.75* 5.50 7.50 19578 $4.25* Star Set - Last 2 Nos. Match 24.75 23.75 8.75 21.75 20.75 21.75 Write Write 129.75 164.75 105.75 134.75 Bebee's, inc. "Pronto Service" 4514 North 30th Street Phone 402-451-4766 Omaha, Nebraska 68111 SOCI I.:1ur PAPER ‘1( )7N COLLECTORS INC fr”. a/A.4z- Founded 1961 PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors, Inc., P. O. Box 8984, Fort Lauderdale, FL 33310. Second class postage paid at Anderson, SC 29621 and at additional entry office, Federalsburg, MD 21632. Paper )Raney Official Biincrothl Publication of THE SOCIETY OF PAPER MONEY COLLECTORS, INC. Vol. XIII - No. 1 Whole No. 49 January, 1974 BARBARA R. MUELLER, Editor 225 S. Fischer Ave. Jefferson, WI 53549 Tel. 414-674-5239 Annual membership dues in SPMC are $8.00, of which $5.25 are for a subscrip- tion to PAPER MONEY. Subscriptions to non-members are $10.00 a year. Individual copies of current issues, $1.75. © Society of Paper Money Collectors. Inc., 1974. All rights reserved. Reproduction of any article, in whole or in part, without express written permission, is prohibited. 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Opinions expressed by the authors are their own and do not necessarily reflect those of SPMC or its staff. PAPER MONEY reserves the right to edit or reject any copy. Deadline for editorial copy is the 1st of the month preceding the month of publica- tion (e.g., Feb. 1 for March issue, etc.) SOCIETY BUSINESS Correspondence pertaining to the business affairs of SPMC, including membership and changes of address, should be addressed to the Secretary at P. O. Box 8984, Fort Lauderdale, FL 33310. IN THIS ISSUE: CONTENTS STYLE AND DESIGN IN FRENCH BANKNOTES — Richard E. Dickerson 3 PAPER IN PAPER MONEY MAKING NEWS 15 A NEW WORD FOR THE HOBBY 15 THE TERRITORIAL NATIONAL BANKS OF THE HAWAIIAN ISLANDS M. O. Warns 16 ROTHERT SALE RESULTS 19 THE UNITED STATES POSTAL NOTE Nicholas Bruycr 20 GEOGRAPHICAL LETTERS ON NATIONAL BANK NOTES — Charles G. Colver 29 WORLD NEWS AND NOTES — M. Tiitus 30 DISTRICT OF COLUMBIA BANKS THAT ISSUED 1929 NATIONAL BANK CURRENCY Paul K. Carr 31 PARK LABOR SCRIP, WAHPETON, NORTH DAKOTA Forrest W. Daniel 33 SPMC Chronicle EDITORIAL 35 MEMBER PARTICIPATION COLUMN 35 LIBRARY NOTES — Wendell Wolka 35 SECRETARY'S REPORT Vernon L. Brown 36 MONEY MART 38 Cociet9 of Paper litone9 Cellecter4 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 APPOI N TEES Editor Barbara R. Mueller Librarian Wendell Wolka Attorney Ellis Edlow BOARD OF GOVERNORS 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. When making inquiries, please include stamped, self-addressed envelope. Society Library Services The Society maintains a lending library for the use of mem- bers only. A catalog and list of regulations is included 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 Wen- dell Wolka., P.O. Box 366, Hinsdale, III. 60521. The Society of Paper Money Collectors was organized' in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the American Numismatic Association and holds its an- nual meeting at the ANA Convention in August of each year. MEMBERSHIP—REGULAR. Applicants must be at least 18 years of age and of good moral charter. JUNIOR. Applicants must be from 12 to 18 years of age and of good moral char- acter. Their application must be signed by a parent or a guardian. They will be preceded by the letter "J". 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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 This is a hard-covered book with 212 large pages mid 329 illustratioins. $9.75 Postpaid $12.00 to Others Send remittance payable to The Society of Paper Money Collectors, Inc. M. 0. WARNS P. 0. Box 1840, Milwaukee, Wis. 53201 Be Sure To Include Zip Cide! WHOLE NO. 49 Paper Money PAGE 3 Style and esiqn in grenclz anhnotes By RICHARD E. DICKERSON Pasadena, California © Copyright 1974 by R. E. Dickerson ATIONS do not issue banknotes for the benefit of collectors,* and the notes issued seldom fall into the simple and orderly series that gladden a sys- tematic collector's heart. But neither are banknotes issued at random—at the time each decision was made, someone felt that it was logical and necessary. One of the more interesting challenges of paper money collecting is, by studying the notes themselves and all other sources, to try to reconstruct the decisions which led to the array of banknotes which we now see. French banknotes as they are presented in standard catalogs are confusing. Neither a strictly chronological listing as in Mazard, nor a grouping by denomination as in Muszynski and Pick is entirely satisfactory, for neither reproduces the chain of decision which was re- sponsible for the banknotes. Within one denomination, one design follows another in time, but it is seldom obvious why a design change took place, or whether a change in one denomination was correlated with changes in others. If all denominations of older banknotes were called in at the same moment and replaced by notes of a new design, then French banknotes could be under- stood in terms of discrete series, one following the other. But this is not true—reality is more complicated. Four dates may be associated with each French bank- note : a) The date on which the banknote design was created by the artist; b) The official Banque de France "Type" date, usually the date of the authorizing legislation; c) The date of printing of a particular note (indicated on the note) ; and d) The date on which notes of this Type were placed in circulation. As an example, the 5000 Franc note catalogued as Pick 38 (Figure 1) was created by Francois Flameng in 1891 and engraved by Jules Robert in 1897 (dates a), as a project for a 1000 F which never appeared. Flameng's design was ultimately used in 1918 for a 5000 F note designated officially as "Type 1918" (date b). Six hun- dred thousand of these notes were printed between Janu- ary 2 and 29, 1918 (date c), but then all were held back as a currency reserve and only issued from September 1938 (date d). Where should this note be placed in a collection of French banknotes? 1891? 1897? 1918? 1938? Each of these answers could be correct, depending on your own particular interests in French notes. Date c is printed on each note, and Type date b can be found in any standard catalog such as Mazard, Muszynski, or Pick (see references at end of article. Unfortunately, the translator of Pick's catalog chose to delete these official Type dates from the English trans- lation, making recourse to the German edition necessary.) Both of these dates are less useful than is date a to a student of banknote design, or date d to someone inter- ested in the financial history of France. These latter dates can only be extracted from source books such as Henri Guitard's "Vos Billets de Banque," incidental re- marks in the catalogs, or the Banque de France itself. (This is a revision and expansion of an article by Dr. Dickerson on the same subject which first appeared in The Currency Collector, Vol. 14, No. 1.) Of all banknotes, those of France most deserve com- mendation as miniature works of art. French notes began in the nineteenth century in a black-and-white style which was hardly distinguishable from that of their other European contemporaries. The increasing skills of coun- terfeiters and dangers of the new technique of photog- raphy led, in a series of steps, to the adoption of four- color printing as a security measure at the close of the last century. The result was the familiar French polychrome tradition of today, and standard of artistic merit (as opposed to mere technical excellence) matched by no other nation. If French banknotes of the twentieth century are con- sidered solely from the viewpoint of style and design, then they fall naturally into seven discrete series as depicted in the two-page Table around which this article is built. There were discernible eras in French banknote design, although the delays between design and issue often led to great overlap between one series and its successors, as Flameng's 5000 F illustrates. The Table attempts to remove this overlap and to place each note with others of the same artist, same style and use of motifs, and same period in banknote design. It repre- sents an attempt to build a classification on dates of type a, in the absence of complete information. In prac- tice, the organization of the Table is based upon : 1) Fragmentary information as to when the notes were designed, obtained from Guitard and other sources, 2) The names of the artists, obtained from Guitard, Lafaurie/Habrekorn, and the Banque de France, and 3) The appearance of the banknotes themselves. A somewhat arbitrary decision was made to limit this discussion to twentieth-century notes listed in Pick, since the earlier notes are virtually unobtainable and form a separate story in themselves. This Table, therefore, chronicles the rise of the polychrome tradition in the banknotes of France. SERIES I - NINETEENTH CENTURY STYLE ** This first series of the twentieth century represents a summing-up of a century of Banque de France notes. Until 1862, French notes were printed in black on water- marked paper of various colors, with the design on the reverse being a mirror image of the obverse, printed in exact registration with it. This "impression a l'iden- tique" was intended to eliminate hand-drawn counterfeits and those printed on all but the most accurate of presses. Around 1855, hand engraving was supplemented by the new process of photoengraving on steel plates. New tools appeared for the counterfeiter. Instead of laboriously duplicating the engraved plate of the original note, a counterfeiter now only had to obtain a clear photograph of the design, and to transfer the photographic image to the plate, to be etched with acid. What had once been a deterrent now became a positive aid to the counter- feiter. The black inks and identical design on front and back made photocopying with illumination through the note just that much easier. This can no longer be said of either stamps or coins. .* To avoid confusion, it must be stated again that all "Series" in this paper are the results of research leading to the two-page Table, and are not official Banque de France designations. 1, 2 1871, 1905 CHAZAL 1871-1917 411,. CINQUANTE F NC., - 3,4 1917 DUVAI/WALHAN 1917-1941 Ls . 6,7 191 DUVAL 1916-1942 11 1916 DUVAL 1916-1919 16,17 1927 MERSON 1927-1934 23-26 1906 MERSON 1908 -1939 12 1940 SERVEAU 1939-1942 18,19 1933 SERVEAU 1934-1940 i 27 1939 JONAS 1939-1942 8 1941 JCS 1941-1949 13 1942 JONAS 1942-1950 20 1941 JONAS 1940-1 942 28 1942 JONAS 1942-1944 5F 10 F 20 F 50 F 100 F 9,10 1873,1905 CHAZAL 1874-1913 14,15 1884, '89 111PUTS ,DUVAL 1884-1927 21.22 1882, '88 EÁUDRY 1882-1909 III IV Designers of French Banknotes Series I and TI: Barre Baudry Chazal, Cam. Dupuis, Daniel Duval, Georges Flameng, Francois Merson, Luc Oliver Walhain, Ch. Series III through VII: Cheffer Fontanarosa Jonas, Lucien Lambert, Mlle. Laurent, Sebastian Le Feuvre Pougheon, Robert Serveau, Clement 59 1946 POUGHEON 1946-1951 i = Impression a l'identique, or superposi- tion of profiles on front and - back. e = Obverse of note partially engraved, or taille-douce The "Type" date is the official Banque de France designation for the note. The "Series", I through VII, are based upon designer and style, and are not official designations. 60 1945 PCUGHEON 1945-1954 500/5NF 1000/10 KEY 10 DIVVgAr!, 50 61 1945 POUGHEON 1945-1953 63 1945 SERVEAU 1945-1950 65 1949 67 1945 LAURENT LAURENT 1949-1957 ie 1945-1956 ie 500 NF 62, 69, 73 1953 64, 70, 74 1953 SERVEAU SERVEAU 1954-1965 ie 1953-1963 ie 66, 71, 75 1957 LE FEUVRE 1957-1962 ie 68, 72, 76 1955 SERVEAU 1955-1964 ie 77 1959 LE FEUVRE 1959-1966 ie 78 1966 79 1963 80 1962 LAMBERT LE FEUVRE LAMBERT 1966-1972 i 1963- ie 1962- ie 81 1964 LE FEUVRE 1964- ie 82 1968 FONTANAROSA 1968- ie V V I VII 30, 31 1888 BARRE 1888-1940 33 1889 BARRE 1889-1926 Pick No. ie = See below 5000/50 38 1918 FLAMENG Issued 1918 1938 iNk, m.I E IF 1MM 34, 35 1927 WALHAIN 1927-1940 32 1939 LAURENT 1940-1945 i votow 36 1940 CHEFFER 1940-1944 39-41 1934 LAURENT 1934-1944 ie Issued 1945 42 1942 SERVEAU 1942-1947 ie Issued 1945 10,000 F 100 NF Iv 300 F 50 Type DESIGNER Dates on Note ie 29 1938 SERVEAU (no date) Figure 1. PAGE 6 Paper Money WHOLE NO. 49 5000 F, Type 1918. The first four-color design for a French banknote, created in 1891 by Francois Flameng for a 1000 F note which was never produced. The design was not only delayed more than 25 years ; once printed, the banknotes lay in the vaults of the Banque de France for another 20 years before they were finally issued in 1938. This is the largest Ba nque de France note ever issued, one of the most attractive, and the rarest issue since 1900. The Banque de France conducted a study of the sen- sitivity of then-available photographic emulsions to vari- ous inks, and selected cobalt blue as the least easily photographed hue. Impression a l'identique was aban- doned in favor of an unrelated reverse design, cut away to leave blank spaces for viewing the watermark. Illu- minating the note from behind now only confused the front and back designs. This changeover occurred in 1862. The 5 Franc note, Type 1871 (1871-74, P1) and Type 1905 (1912-1917, P2) are late examples of this cobalt blue style. They are identical in obverse design; but the Type 1871 had a reverse of allegorical figures and no watermark, whereas the Type 1905 had a water- mark of a woman's head and "Banque de France," with a new cutout reverse design to display it. These two notes, still available to collectors, are examples of what the earlier and now unobtainable higher denominations looked like. Type 1871 was issued in the wake of the Franco-Prussian war of 1870, and was gradually retired as metallic coinage returned to circulation. Type 1905 was printed in 1912, in anticipation of another shortage of silver and gold coins. t (Inclusive dates of printing, and Pick catalog number) WHOLE NO. 49 Paper Money PAGE 7 Of the notes catalogued in Pick, the 50 F Type 1884 (1884-1889, P14), and 100 F Type 1882 (1882-1888, P21) are in this same cobalt blue style. The 500 F and 1000 F notes were changed from black to blue in 1862, and various designs of 20 F, 25 F, 50 F and 100 F were used between then and 1880. The monochrome blue notes, in time, proved to be too easy to counterfeit, and the Banque de France was forced to experiment again. The 20 F Type 1873 (1874-1875 and 1904-1905, P9) was the first twocolor note. It was printed with a cobalt blue design on a brown back- ground of classical medallion heads. With the further necessity of separating two colors photographically, the counterfeiter was given one more hurdle to surmount. The experiment was considered successful within the Banque, but the actual 20 F notes were held in reserve, and not issued until the mobilization of 1914. (Until after the Second World War, all denominations below 50 F are best understood as quasi-emergency issues, not resorted to except when wars or other crises brought about a shortage of metallic coinage.) A slightly modified version of this 20 F note, Type 1905 (1906 and 1912-13, P10) was also printed ahead of need and issued in 1914. All but the 100 F can easily be acquired by collectors today. The 500 and 1000 F are especially interesting because the blue portions of their design had been in continuous use since 1842 originally printed in black, and changed to blue in 1862. The black 1000 F was first printed in June, 1842, and the 500 F in February, 1844. The 500 F in its blue and rose version saw its last printing in January, 1940. Has any other country ever had a single currency design which was used continuously for 96 years? It is a pity that the bank did not continue the 500 F to the end of World War II and round out a full century. Both the 500 and 1000 F had been designed in 1840 by Barre. The 1000 F is shown in Figure 2. If you ignore the central pair of medallions and the fretwork behind the legend, and concentrate only on the blue outer border, you can gain an impression of what Barre's original 1840 design looked like. It is an elaborate allegorical fantasy with Hercules on either side holding up plat- forms bearing four Muses: Agriculture and Engineering on the left (sickle and wheat, compass and plumb bob), and Victory and Prosperity on the right (olive wreath and laurel branch, horn of plenty and flowers). Behind Figure 2. 1000 F, Type 1889. The dark outside border design was first used in 1842. This is the note which was to have been replaced by Flameng's design in Figure 1. Instead it was continued until 1926. The experiment with the 20 F in 1875 led, in 1888, to an important modification of the higher denominations. To each cobalt blue 50, 100, 500, and 1000 F note was added an elaborate background design in rose. The rose hue was selected to be almost inseparable from cobalt blue by photographic emulsions of the time. The new "blue-on-rose" notes were: 50 F Type 1889 (1889-1927, P15) 100 F Type 1888 (1888-1909, P22) 500 F Type 1888 (1888-1940, P30/31) 1000 F Type 1889 (1889-1926, P33) the figures on the left is the winged staff with snakes of Aescapulus, Greek god of healing; and behind the figures at the right is the owl of Athena, goddess of wisdom (and war). At the bottom, two figures symboliz- ing Law (table and scepter) and Justice (sword and scales) flank a French cockerel with his foot on a globe. At the top, two angels hold a vignette of a child leaning against a lion. (Can anyone provide the significance of this latter image?) The 1000 F note was entirely typical of the late nine- teenth-century style, with elaborate allegorical figures PAGE 8 Paper Money WHOLE NO. 49 representing gods, goddesses, and abstract concepts. Baudry's 100 F, Types 1882 and 1888, showed two women symbolizing Navigation and Agriculture, and a romantic scene on the reverse in which Wisdom (as a Roman soldier) entraps Fortune (represented as a draped nude with her back to the artist). These notes all are obviously part of a common tradition, even though their details of production differ: black, blue, blue on brown, or blue on rose. Not even the rose background was enough to foil the counterfeiter. Baudry's 100 F was especially victimized, both because it was simple in design, and was more commonly met in circulation than the 500 or 1000 F. Daniel Dupuis and George Duval prepared a more elabo- rate replacement for this note, still in the blue on rose style, but it was held back when the bank decided to investigate four-color printing methods. Officially des- ignated "Type 1892," the Dupuis/Duval note never cir- culated in France, but was used later with overprints in several of the colonies (Figure 3). It was overprinted "Banque de l'Afrique Occidentale, Dakar" and used in West Africa in 1919, overprinted "Banque de la Guade- loupe" in 1920, "Banque de Madagascar" in 1926, and raised in value to 1000 F and overprinted "Banque de l'Algerie" for use by the Vichy government in Tunisia from December 1942 to May 1943. During this period the Banque de France was studying both engraving and four-color printing. It finally opted for the latter process, and the development which caused the Type 1892 notes to be put back on the shelf was the purchases of new presses capable of printing several colors efficiently in accurate registration. With this, the polychrome era of French banknotes began. SERIES II - EARLY POLYCHROME STYLE The notes in Series II represent a bridge between the old and the new, and a search for a Banque de France style. They are not as uniform as their predecessors or the polychrome notes that would follow, but we can see in them a testing of the power of four-color printing and a striving for a new look. The notes which fall naturally into this series are: 5 F Type 1917 I,II 1917-1933 and 1939-1941 P 3,4 10 F Type 1915 LH 1916-1937 and 1939-1942 P 6,7 20 F Type 1916 1916-1919 P 11 50 F Type 1927 I,II 1927-1930 and 1930-1934 P 16,17 100 F Type 1906 I-IV 1908-1939 P 23-26 1000 F Type 1927 I,II 1927-1937 and 1937-1940 P 34,35 5000 F Type 1918 2-29 January 1918 P 38 On 11 December 1895 the Banque de France authorized the preparation of its first-color banknote, using a design by Francois Flameng. It was to be a 1000 F note to replace the old 1840 Barre design. Perhaps for reasons of cost, it was put aside and the Barre note was used for another 31 years. Flameng's design ultimately ap- peared on the Type 1918 5000 F (Figure 1). The first banknote of the old series to be replaced was Baudry's often-counterfeited 100 F, Type 1888. A de- sign for the new note was commissioned from the well- known painter Luc-Oliver Merson, a professor at the Academie des Beaux-Arts. The resulting banknote even looks like a painting, frame and all (Figure 4). The painter "signed" his work twice on each side: with full name in the left bottom margin of the obverse, and initials and date on the bale at the right; and full name again at the left bottom of the reverse and initials in the bottom center of the frame. Like Victor D. Brenner's initials on the 1909 Lincoln cent, the "LOM 02" on the obverse was considered excessive and was removed in 1909. The subject matter of Merson's note is traditional: On the obverse, a woman with shovel and a child with sheep represent agriculture at the left, while at the other side a woman with an oar and a boy with a shipping bale symbolize commerce. On the reverse are a black- smith representing industry, and the Roman goddess Figure 3. 100 F, Type 1892, overprinted for use in Tunisia by the Vichy regime in 1942-3. This note was to have replaced Baudry's Type 1888 100 F, but was superseded by the first fuor-color note, shown in Figure 4. Fortuna with her horn of plenty and one foot on the "wheel of fortune." Though the symbolism is straight from the nineteenth century, the treatment of it by Merson is in a refreshingly naturalistic style. The colors are harmonious, the composition has been given more care than is usual for banknotes, and the figures on the note are real people, not abstract representations of ideas. (The figures on the left obverse represent agriculture, not "Agriculture." There is a difference.) Although this was the very first four-color note to be issued by the Banque de France, it is considered by many to be France's most beautiful banknote. It was so suc- cessful that it was printed for 31 years, during which time there were no serious counterfeits. Only the depre- ciation of the Franc and the demands for mass-produced currency on the eve of war drove this beautiful but expensive note into retirement. The colors underwent some subtle shifts during these 31 years. Merson was a painter, innovating in a new medium and breaking new frontiers in banknote design. A few earlier bank notes had used four colors, notably the Prussian Kassen- Anweisungen of 1856, but with the colors separated as individual design elements. Merson chose to mix his colors like a painter, which led to a note which was not only beautiful, but was difficult even for the Banque de France to reproduce accurately. A relatively small change in the degree of inking or the precise hue on any one color plate led to an easily perceived overall shift in color values. For the first decade of its lifetime, the Merson 100 F exhibited the rich greens, blues, and red-orange which undoubtedly reflected Merson's original painting. Toward the end of the war and in the following years, the greens gave way to a blue or even purple cast, and by the 1930's this had changed to a rather unattractive orange hue. As an examination with a hand lens shows, the same plates were being used with the same colors, but 1. BANQUEDEFRANCE MIOLES EN V5PiCES, t V( T. At 1,Karg Z ArtrP,' Ledrer,42,,, o K.Oi 9 ‘, WHOLE NO. 49 Paper Money PAGE 9 Figure 4. 100 F, Type 1906. The first polychrome note issued by the Banque de France. Used continuously from 1908 to 1939. In 1909, the initials and date, "LOM 02," were removed from the bale at right on the obverse, and the "100 F" in the center of the reverse was darkened. the balance between colors was undergoing a subtle and continuous change. Probably very few people who received new notes in 1939 were aware of how different the Merson 100 F had looked when it first appeared in 1908. Luc-Oliver Merson also designed a 50 F note, but be- cause the old design (Type 1889) was considered safe enough, his note was delayed until 1927, seven years after his death. As first issued in 1927-30, this note had "Luc-Oliver Merson" at the bottom of both sides, but his name was taken off in 1930. The lifetime of this attractive note was cut short by a lawsuit by Merson's heirs, who claimed that too many liberties had been taken with the painter's design. The note was discontinued in 1934. The other truly polychrome notes in Series II were Flameng's 5000 F. Type 1918, alrealy mentioned, and a 1000 F by Ch. Walhain, Type 1927. This note, which finally replaced Barre's design of 1840, was a weak pastel design which suffered in comparison with the vigor of Merson's paintings. However, as a banknote it was suc- cessful, and it served from 1927 to the beginning of World War II. The three small-denomination notes, 5, 10, and 20 F, belong in Series II on the basis of style, although they are not four-color notes like the larger values. They appeared in response to the wartime shortage of metallic coinage and the lack of security of the old blue-on-back- ground notes. All three were designed by Georges Duval and engraved by Romagnol, who also engraved Merson's notes. The 5 F was thought to resemble the 10 F too closely, so because Duval had died in the meantime, Walhain was asked to design and E. Deloche to engrave the vignette of the helmeted girl on the obverse and the entire reverse. Walhain felt impelled to sign both sides of the note, overwhelming Duval's modest signature at the bottom. The 20 F inaugurated the present-day tradition of por- traying famous Frenchmen on bank notes. The vignette at the left and the watermark at the right were both taken from a medal of the fifteenth-century Seigneur de Bayard ("Un chevalier sans peur et sans reproche"). This note proved to be too simple; it was counterfeited extensively, and emission was suspended in 1924. The 5 and 10 F were more successful. They were gradually replaced by the reintroduction of silver 10 and 20 F coins in 1929, and nickel 5 F coins in 1933. Production of these 5 and 10 F notes was resumed briefly in 1939 in the face of another crisis: World War II. Georges Duval was one of the most prolific of early twentieth-century French banknote designers. In addi- tion to these Series I and II notes, he designed many other banknotes which were printed by the Banque de France for Algeria and other French colonies, Brazil, Romania, and Serbia. There is a "Duval style" in world banknotes. SERIES III - DEVELOPED POLYCHROME A clear break in continuity is visible between the notes of Series II and III. Not one of the artists of the earlier era was ever to design a French banknote again, and the notes of Series II and later were the products of a new generation. The three giants of this era were Clement Serveau, Sebastian Laurent, and Lucien Jonas. The notes which belong together in Series III are: 20 F 50 F Type 1940 Type 1933 I, II Printed 1939-1942 1934-1940 Pick P 12 P 18,19 Artist Serveau Serveau 100 F Type 1939 1939-1942 P 27 Jonas 300 F Type 1938 (1938) P 29 Serveau 500 F Type 1939 1940-1945 P 32 Laurent 1000 F Type 1940 1940-1944 P 36 Cheffer 5000 F Type 1934 1934-1944 P 39-41 Laurent As the dates indicate, this series covered the period from the early thirties to the German occupation during World War II. It was superseded only when the dwindling value of the Franc and wartime paper shortages made smaller banknotes desirable. The first note in Series III to appear was Clement Serveau's 50 F, a 1934 replacement for the litigated Merson 50 F. As with other notes of this series, its roots in the past were easily discernible by the choice of Greek gods and goddesses, and allegorical figures. If the sub- ject was traditional, the treatment was new. Serveau, like Duval, established a banknote style recognizably his own. The "brush stroke" effect of the Merson 100 F was gone, and in its place was a precise use of the four color plates in the manner of an engraver, even though the note was only letterpress. Serveau set the style which we still find today in French polychrome notes, and notes designed by him circulated until 1964. The 50 F note, Figure 5, portrayed Ceres before the garden of Versailles, and Mercury or Hermes on the reverse. This banknote reintroduced a feature that had been absent from French paper money since 1862: impres- sion a l'identique. The profiles of Ceres and Hermes are matched: they superimpose identically when the banknote is held to the light although the other features on front and back are totally different. This calls for printing presses of a very high quality and makes excessive de- mands on the skills of a counterfeiter. Whether or not Serveau himself reinvented this device, he and Laurent used it frequently from 1934 on. Notes with at least parts of their design printed a l'identique are specially indicated on the two-page Table. Since 1953, all French banknotes have used impression a I'identique for the principal portrait on the note. It is interesting that Serveau prepared an earlier study for a banknote which also used Ceres on the obverse and Hermes on the reverse, but without matching profiles (Figure 6). This was originally intended for a 10 F note to replace the Duval design, but was probably put aside E.3523 881 BANQHF 1 1 FRANCR CI NQU ANTE FRANCS 88 I LAWEVAll` BANQUE' re R ANC E M. 'lir) 00 Le CAM.. L6 6.xaein:xr. GetetiA L. 44,74-4-7 --- TROIS CENTS FRANCS !BANQUE-DE FRANCE Paper MoneyPAGE 1 0 It1 WHOLE NO. 49 Figure 5. 50 F, Type 1933, by Clement Serveau. First reuse of im- pression a l'identique since 1862. The profiles of Ceres and Hermes on front and back superimpose when the note is held to the light, although the remainder of the design is different. because of the reintroduction of silver coins. It was resurrected in 1938 for a 300 F note, at a time when the Banque de France wanted an emergency reserve of notes of a heretofore unused denomination. Henri Guitard, former Director-General of the Banque de France, says that this reserve note was first chosen in 1938 to be a 100 F denomination, then 250 F, and finally set at 300 F almost in a spirit of jest. It was the same size and used the same watermark paper as the Duval 10 F, Type 1915, which it originally was to have replaced. The Banque probably never intended this note to cir- culate, for it is the only undated French banknote. Twenty-four million notes were printed in 1938 and stored as a currency reserve. At one point during the occupation, they were offered to the Germans in response to a demand for indemnity for occupation costs. Negotiation between the Germans and officers of the Banque de France con- sumed several days in August, 1944. Finally the Secre- tary-General of the Banque, Rene Favre-Gilly, offered the Germans the sum demanded, but in 300 F notes and in a reserve supply of new 5000 F notes, Type 1942. Since neither of these banknotes had ever been in circulation, the Germans took a dim view of their actual value, and refused. The occupation payment was never made. Clement Serveau also designed a third note in this series, the 20 F, Type 1940 ("Science and Labor"), which accompanied the reissue of the Duval 5 and 10 F notes on the eve of World War II. This was the last French banknote to carry the name of the artist and engraver, although the practice was continued in the colonies until the mid-1950's. The second great figure to be encountered in Series III is Sebastian Laurent. His career began with the acqui- sition by the Banque de France of new presses which permitted the printing of engraved banknotes on dry rather than moist or humidified paper. This eliminated the shrinkage problems which had plagued German bank- note printers, and permitted the accurate registration of engraving and four-color letterpress printing. For the first time, engraving was added to a French banknote. Figure 6. 300 F, Type 1038, also by Clement Serveau. An earlier design than Figure 5, again using the motifs of Ceres and Hermes, but without the elegance of impression a l'identique. This note vio- lates the rule that white space on one side of a thin paper banknote should not coincide with dark printed areas on the other. Features of each side are visible through the paper, causing a distracting ap- pearance. In most later notes, the use of white space on the two sides of a note is carefully balanced. Although the Banque de France already had a reserve of 5000 F notes (Type 1918), it decided that its reserves should be increased. Laurent produced a harmonious new design, Type 1934, with a woman representing France holding a small statuette of Victory (Figure 7). The background on both sides was in four-color letterpress, but the woman and statuette on the obverse were engraved in violet. Both the woman and the statuette were re- peated a l'identique on the reverse, but only the statuette was engraved. The remainder of the design was different on front and back. This note was printed from November 1934 to July 1935, and held in reserve like the Type 1918. Both types were finally placed in circulation in September, 1938, and production of the new design was resumed. But after one day of printing on October 13, 1938, a decision was made to abandon engraving on the reverse. The modified note with engraving only on the obverse (Figure 8) was printed from 1938 to 1944. Laurent was also responsible for an attractive 500 F note, Type 1939, which finally replaced the 1842 Barre design. It showed France holding a laurel branch on the obverse, and a young couple (actually Laurent's children) on the reverse. The profiles of France and of the girl on the reverse were printed a l'identique, but be- cause of its relatively low denomination, the note was not engraved. The 5000 F stood alone until after World War II as France's only engraved banknote. Of the two other notes in this series, the 100 F Type 1939 by the painter Lucien Jonas was a preview of his work in Series IV. It finally replaced the venerable Merson 100 F, and the radical change in the way in which color was used in the two notes is an excellent illustration of the new French polychrome style which was evolving. WHOLE NO. 49 Paper Money PAGE 11 Figure 7. 5000 F, Type 1934, by Sebastian Laurent. The woman and the Victory statuette are printed a l'identique. Figure 8. Close-up of Victory statuette from reverse of Figure 7. (a) Original engraved version (1934-5 and 13 October 1938) (b) Simplified letterpress version (1938-1944) On the reverse of the engraved version, the shading on the ball below the statue is circular, like that on the obverse. The shading on the reverse of the letterpress version consists only of straight diagonal lines. The 1000 F by Cheffer was a failure which was not repeated. Cheffer was pressed into designing a new 1000 F note hurriedly in 1939, to replace Walhain's Type 1927, which was considered too large. Printing began on 24 October 1940, but was halted on 6 February 1941. The completed note was the object of much criticism within the Banque, and was judged to be unsatisf actor y. Although the obverse design is attractive, the reverse was even more insipid than Walhain's, and had all of the vices of an amateur painting. No notes were issued, and Lucien Jonas was commissioned to begin again on a different design. Jonas' replacement was the 1000 F, Type 1942. It actually belongs in Series IV, but is necessary to complete the story of the Cheffer note. It was the attractive and still readily obtainable note showing a statue of Ceres at the right, seated with an infant Hercules on her lap. Jonas' note was printed in Clermont-Ferrand from 28 May 1942 to 6 April 1944. Emission of this note began in October, 1942. In April of 1944, the Maquis, or French Resistance movement, staged an armed raid on a train being loaded with currency at Clermont-Ferrand and made off with approximately one million new Jonas 1000 F notes. The Banque de France was thrown into con- fusion. They had no recourse but to issue their stock of Cheffer 1000 F and resume production of them, while trying to call in and retire all of the Jonas notes. Ac- cordingly, the Cheffer notes were again printed from April to October 1944, and were finally retired during the general postwar currency changeover on 4 June 1945. This is probably why the Jonas 1000 F can be obtained easily in uncirculated condition today—only a fraction of the million Jonas notes which were "liberated" by the Maquis ever saw circulation or were redeemed, and even those people who had acquired Jonas notes legitimately be- fore the raid probably thought twice about spending them under the eyes of the Germans. The Cheffer notes, in contrast, are scarcer today because they circulated for only 14 months and were then called in systematically and retired. SERIES IV - CITIZENS AND COUNTRYSIDE This series is so obviously uniform and self-consistent that little need be said about it. It was created in response to a wartime paper shortage and a need for smaller banknotes. A complete set of new notes appeared PAGE 12 Paper Money WHOLE NO. 49 during 1940-43, the first time that such a uniform change- over had been made: 5, 10, 20, 50, 100, and 1000 F (Pick 5, 8, 13, 20, 28, 37). A 5000 F was printed but not is- sued immediately (Pick 42). The artist for all but the 5 F and 5000 F was Lucien Jonas, a painter well-known for his portrayals of scenes of World War I and among the mining communities in the north of France. The three lower denominations showed typical French citizens: a Basque shepherd, a miner from the north, and a Breton fisherman, with women from these same regions on the reverse. The 50 and 100 F bore portraits of Jacques Coeur, financier and treasurer under Charles VII in the fifteenth century, and Rene Descartes, seventeenth- century philosopher and mathematician (Figure 9). Jonas' 1000 F, which has already been mentioned, showed Ceres and Hercules on the obverse, and a statue of Mer- cury in front of a panorama of the harbor at Rouen on the reverse. These notes of Lucien Jonas seem to recall deliberately the glories of France and her citizens, perhaps as a quiet form of resistance to an occupying enemy. In times of peace, allegorical goddesses were satisfactory, but in a time of national crisis even the paper money could serve as a rallying point. Jonas' naturalistic paintings were the first sharp break with a classical, allegorical tradition which stretched all the way back to the beginning of the Banque de France in 1801. The 5, 10, and 20 F are common today because they were exempted from the general currency exchange of June 1945, and were brought back in quantity by return- ing U. S. servicemen. The Jacques Coeur 50 F circulated from January 1941 to June 1945, and today is quite com- mon. The Descartes 100 F, in contrast, circulated only from 19 July 1944 to the currency reform on 4 June 1945, and like the Cheffer 1000 F, is scarce. THE "UNION FRANCAISE" Clement Serveau's beautiful Type 1942 5000 F (P 42), known as the "Union Francaise," is a story all to itself. Begun in 1939, it was intended to emphasize the unity of France and her colonies. On the obverse, a woman representing France is surrounded by an African, an Oriental, and an Arab. Several French tricolors make up the background, and flanking the people are flowers from all parts of France and the colonies. The reverse shows the same woman reproduced a l'identique, accom- panied by panoramas of the Basque coast and the port of Rabat. Unlike other notes of Series IV, it was partially engraved on the obverse. This note was completed during the German occupation, when its tricolor flags and patriotic reminders of ties with the still-unconquered portions of the Empire would not have been appreciated by the authorities. Printing began in 1942, but the notes were stockpiled and not issued. In the general currency reform of June 1945. all circulat- ing notes above 20 F were called in, and replaced by new notes. 50, 100, and 1000 F notes were printed by the Americans, the second series of what is sometimes incor- rectly called "occupation money" (P 56-58). The British provided 500 and 1000 F notes (P 44 and 45). The only genuinely French banknotes available for issue in June 1945 were Serveau's 5000 F "Union Francaise" and his 300 F notes of 1938, the same two notes that were offered to and refused by the Germans the previous year. The design of "Union Francaise" was singularly appropriate for a national pulling herself up from the disasters of war. The "Union Francaise" was widely praised during its lifetime as a model banknote: beautiful as a work of art, and a sufficiently complex combination of watermarked paper, engraving, and four-color letterpress that counter- feiting was impossible. In Laurent's earlier 5000 F, the engraving and letterpress portions of the note were separated, so that the only registration problems were the joining of the two regions. Serveau took the audacious step of using engraving as a "fifth brush Figure 9. 100 F, Type 1942, by Lucien Jonas. Obverse: French philosopher and mathematician Rene Descartes, and Clio, the Muse of History. The reverse, with an angel of peace, resembles that of Jonas' 1000 F, Type 1942, in that both portray a bronze statue rather than a real figure. stroke" on top of the letterpress, picking out and emphasiz- ing details of the design. The printer needed absolute control of plate registration and paper shrinkage to carry off such a difficult printing feat, which made the bank- note beyond the capabilities of counterfeiters. Unfortunately, this note came to a melancholy end. In the black markets, smuggling, and underworld finance of the immediate postwar period, Serveau's 5000 F became the standard "bank"—lighter and more easily transported than gold, and less traceable than bank deposits. On the other hand, 5000 F was still a large sum for an honest man to have in banknotes, almost too large a denomination to be useful. The note had become a liability to the government. On the night of 28-29 January 1948, the Ministry of Finance decided upon drastic action to wipe out this illicit wealth. All 5000 F notes were to be called in the very next day, and exchanged against 1000 F notes, Type 1945. Any person submitting more than two 5000 F notes would be obliged to explain how he had obtained the money before the notes would be accepted. At the end of this massive exchange operation the 5000 F "Union Francaise" was officially repudiated and declared to be of no monetary value. It is the only French banknote since the currency exchange of 1945 which has no mone- tary value today. The Banque supposedly made a large profit on the exchange from the non-redemption of many notes whose owners were afraid to bring them in and undergo questioning about their activities. The government decision was so sudden that word did not get to the printers to stop work until mid-morning of the following day. The last date on a note which was actually placed in circulation was 25 September 1947. This note is common in uncirculated condition today for the same reason as Jonas' 1000 F: it was devalued under circumstances which left large quantities of uncirculated banknotes out in private hands. It deserves a place in every collection as an example of superlative banknote WHOLE NO. 49 Paper Money PAGE 13 design. Perhaps the beautiful uncirculated copies that we see today on the numismatic market came from some Mafia or Union Corse hoards, wiped out by the sudden action of the French government in 1948? SERIES V - POST - CURRENCY REFORM After the currency exchange of June 1945, the Banque de France naturally was not happy with the circulation of a mixture of banknotes printed in the U. S., Britain, and France. It moved as rapidly as possible to replace the American and British notes with new ones of its own. Robert Pougheon, former director of the Academie de France in Rome, was commissioned to create new 50, 100, and 500 F notes, which appeared in 1945-46 (P 59- 61). These have an unusual rectangular shape chosen according to Pythagoras' "golden section," by which the ratio of width to length is the same as the ratio of length to length-plus-width. This, according to the esthetic theories of Pythagoras, led to particularly pleasing pro- portions. The 50 F is really a commemorative banknote (Figure 10). In 1846, the young French mathematician and astronomer Urbain Leverrier deduced that an eighth planet must exist beyond Uranus because of the per- turbations in that planet's orbit. He calculated where this perturbing mass must be, but since France had no suitable astronomical observatories, he sent his calcula- tions to the observatory at Berlin. On September 23, 1846, the German astronomer J. G. Galle found the planet Neptune within one degree of the position calulated by Leverrier, and reported back to him: "I have found your star." Pougheon's banknote shows Leverrier outside the Paris observatory at night, compass in hand. The reverse is an elaborate visual pun, with Neptune now represented as a sea god with trident and porpoises. To his right is the inscription "1846 Neptune'' as though on the stern of a ship. The background shows the heavens with the zodiacal signs within which the planet Neptune was found, and two red arcs representing the planetary orbits of Uranus and Neptune. Although the 50 F is sometimes described even in official documents as "Type 1945" like the 100 and 500 F, it was finally designated as Type 1946 by the Banque in order to commemorate the centen- nial of the discovery of Neptune. The three higher denominations in this series, 1000 F, 5000 F, and the very first 10,000 F note, were all produced rapidly from prewar designs. Stylistically, therefore, they have more in common with Series III than with Pougheon's work. The 1000 F, Type 1945 by Clement Serveau was obviously conceived as a companion for his 5000 F "Union Francaise," and had the war not inter- vened, they would probably have appeared together around 1942. Even a cursory inspection reveals their kinship: central figures flanked by two watermarks, similar lay- outs and proportions, and similar treatments of the borders of fruit and flowers. Serveau intended that en- graving be used to pick out and emphasize the design on the obverse of the 1000 F just as on the 5000 F. But with the coming of war, the design was put to one side. When it was resurrected in 1945, limitations of time did not permit the luxury of engraving, so the note was produced in simple letterpress instead. This is why the 1000 F, Type 1945 appears bland and insipid: the en- graved lines that would have given it precision and crispness are missing. The note was first issued in 1945, and became especially important when Serveau's "Union Francaise" was demonetized in 1948. The 5000 F, Type 1949, and 10,000 F, Type 1945 (P 65 and 67) were prewar designs by Sebastian Laurent §, combining engraving with four-color letterpress in the manner of the "Union Francaise." The 5000 F showed two allegorical figures representing Land and Sea, with Mercury and Minerva on the reverse. Both pairs of profiles were matched front and back in impression a l'identique, and the proportions of the note were based Figure 10. 50 F, Type 1946, by Pougheon. Commemorative bank- note honoring the discovery of the planet Neptune in 1846 by the French astronomer Leverrier. on the Pythagorean golden section like Pougheon's notes. The 10,000 F used a similar matching of profiles of a woman with book and globe on the front and a young medieval architect on the back (Figure 11). Work began on the 10,000 F, the largest denomination ever issued by France, as soon as the currency exchange of 1945 was completed. It was printed from December 1945 to January 1947 and held in reserve. Production was resumed in November 1949, after the demise of the "Union Francaise," and notes were first placed in cir- culation on 21 July 1950. Laurent's 5000 F design was printed in 1949 and placed in circulation at the same time as the 10,000. SERIES VI - ENGRAVED POLYCHROME — VICTOR HUGO SERIES By the early 1950's sufficient stability had returned to France that the Banque de France could embark upon a new project of rationalizing the currency. It was decided to decrease the size of the notes, to give them all the same proportions but to increase the size slightly with denomination, to use four-color letterpress on both sides with engraving added on the obverse, and to build each note around a portrait of a famous Frenchman, reproduced a l'identique on front and back. A 500 F with Victor Hugo, 1000 F with Cardinal Richelieu, 5000 F with Henri IV, and 10,000 F with Napoleon Bonaparte all appeared during 1953-57 (P 62, 64, 66, 68). With the Guitard attributes the Type 1949 5000 F to Laurent, but Lafaurie/ Habrekorn and Mazard (which follows L/II in all respects) assign this note to Serveau instead. One look at the note itself shows it so obviously to be a product of Laurent that I have followed Guitard in this regard. Since Mazard is considered the standard reference work in France, this error (Tome II, p. 297) should be corrected. 204 DIX Mil I 1- H\N( 13AnCkire De: F' tillCV A 57 0 00 1 A -e-rrew-eirr-rvv. C ii7q Francs Ca*/410 - 7-4 PAGE 14 Paper Money WHOLE NO. 49 Figure 11. 10,000 F, Type 1945, by Laurent. The head and torso of the woman on the obverse, and the young architect on the reverse, are an especially ingenious use of impression a Fidentique. Franc at 500 to the Dollar, the lowest denomination played approximately the same role as the 5 F note be- fore World War I. The gloomy Hugo was not liked and was promptly dubbed "Un Miserable." The others were more appreciated, the Bonaparte, after a portrait by David, being considered particularly successful. The durable Clement Serveau was responsible for all notes except the Henri IV (Figure 12), which was the work of Le Feuvre. Figure 12. 5000 F, Type 1957, by Le Feuvre. Obverse: Henri IV in front of the Pont Neuf in Paris, as it appeared upon completion in 1604. Reverse: Henri's chateau at Pau in the Pyrenees. During the currency reform of 1959, each of these four notes was overprinted in Nouveau Francs, with 1 NF-100 Francs (P 69-72). Each note also appeared in a new form in March 1959, with denominations ex- pressed directly in NF (P 73-76). To these was added a new 500 NF note by Le Feuvre, portraying the play- wright Moliere (P 77). SERIES VII - FRENCH MEN OF LETTERS As soon as the transition to NF was well established, the appelation "Nouveau" was dropped, and the name of currency unit was again simply "Francs." This step was taken officially on 9 November 1962, and during the next six years a new set of banknotes in Francs was issued, portraying famous Men of Letters: Portrait: 5 F Type 1966 P 78 Louis Pasteur, biochemist 10 F Type 1963 P 79 Voltaire, philosopher 50 F Type 1962 P 80 Jean Racine, poet and playwright 105 F Type 1964 P 81 Pierre Corneille, poet and playwright 500 F Type 1968 P 82 Blaise Pascal, philosopher and mathematician The 10 F and 100 F were designed by Le Feuvre, who had been responsible for the 50 NF and 500 NF of the previous series. Mlle Lambert created the 5 F and 50 F, and the dramatically gloomy 500 F (Figure 13) was the work of Fontanarosa. The backgrounds for these notes show locales with which their subjects were associated and are virtually pictorial biographies. These notes are each the same size as their Series VI predecessors, and in four-color letterpress with engraving on the obverse. ( The 5 F was not engraved.) After 167 years, the Banque de France appears to have arrived at a single common format for all of its banknotes. Each note by itself is a work of art, and the ensemble is an excellent illustration of Dr. Arnold Keller's dictum: "Well-made banknotes are the calling cards of a nation." Figure 13. 500 F (new Franc standard), Type 1968, by Fontanarosa. Obverse: Blaise Pascal, with the Tour-St. Jacques (left) and the cathedral at Clermont-Ferrand (right). Reverse: Pascal before the dovecote and chapel of the Abbey of Port-Royal. EPILOGUE - A NEW SERIES IN THE MAKING? It has now been 12 years since the present Series VII notes began to appear. Seldom before has any set of WHOLE NO. 49 Paper Money PAGE 1 5 French banknotes remained in use for more than a decade, aside from some isolated long-lived notes of Series II and III. A few isolated clues suggest that a new series may be under consideration. The Pasteur 5 F was recalled in the autumn of 1972, and ceased to be legal tender on 1 November 1972. More intriguing still, L'Echangiste Universel reported in its issue of 15 Sep- tember 1973 that a new 10 F design is now being pre- pared to replace the Voltaire. The new note, emission date unspecified, will portray the composer Hector Berlioz. It is highly likely that all French banknotes will be changed during the coming four years, and I would venture a prediction that the new series will be capped by a 1000 F note, thus restoring the oldest of all French banknote denominations. ACKNOWLEDGEMENTS I would like to thank Paul Tiroflet, Maurice Muszynski, Georges Thomas, Gaston Labis, Jacques Beghin, Roland Prajoux, and others for their kind suggestions and crit- icisms of this classification plan. They have led me to to see things that I did not see initially, and to correct errors of fact. Of course they are not to be held respon- sible for the final result—in fact, there was enough disagreement among knowledgeable experts to encourage me to make my own interpretations when the data were contradictory. I would also like to thank M. J. Chanel and the Banque de France for additional information about current notes. REFERENCES Banque de France, "Les billets de la Banque de France," Note d'Inf ormation No. 12, August 1972. Guitard, Henri, "Vos Billets de Banque," Editions France- Empire, Paris, 1963. Guitard, Henri, "L'Evolution du Billet de Banque au XIXe Siecle," in La Banque, May, 1955. Guitard, Henri, "Propos sur les Billets de Banque Mod- ernes," in La Banque, December, 1956. Lafaurie, Jean, and Habrekorn, Raymond, "Les Billets de la Banque de France et du Tresor, 1800-1952." Extract from Bulletins No. 8 and 9, Societe d'Etude pour l'Histoire du Papier-Monnaie, 1953. Mazard, Jean, "Historie Monetaire et Numismatique con- temporaine, 1790-1967." Tome I, 1790-1848, and Tome II, 1848-1967, Emile Bourgey, Paris. Muszynski, Maurice, "Catalogue des Billets de la Banque de France," in L'Echangiste Universel, as monthly installments from No. 810 (November 1967) through No. 852 (May 1971). Pick, Albert, Catalog of European Paper Money Since 1900, Sterling Publications, 1971. Revue Numismatique Beige, 1898, pp. 467-468. Sten, George, Banknotes of the World Vol. II, Colombia- Kuwait, 1967. Paper in Paper Money Making News A feature widely distributed by the Associated Press in late September, 1973 told of increased production costs hitting Crane & Co., makers of all U. S. currency paper. Bruce Crane is quoted as saying his firm's annual pro- duction of seven million pounds of paper is not affected by the wood pulp shortages because it is made from a textile base. Nevertheless, prices for raw cotton have gone from 30c to 80c a pound in one year and special cotton and linen rags from 14c to 24c, cutting into Crane's prof- its. Its newly negotiated contract with the Treasury calls for a payment of approximately 66e a pound. In a related story, James A. Conlon, director of the Bureau of Engraving and Printing, told a House Appro- priations sub-committee that the Bureau is studying other paper compositions, including the possible introduction of wood pulp fibers into the cotton and linen. "In fact," he continued, "we have questioned the end result of 25c/0 linen in conjunction with cotton. These are the kinds of research efforts that we are currently making and, as a matter of fact, we are testing right now in the printing operation a developmental paper that is made up of partial cotton construction and partial wood pulp construction. "Our laboratory analysis identifies that it meets all of our specification standards for durability and wear- ability." Conlon said, suggesting the substitution of wood pulp in currency, particularly in place of linen, to solve the supply problem and result in cost reductions. Conlon also noted that the Bureau has cut currency paper spoilage by one third to about four per cent. "I am somewhat envious at times in watching commercial printers set up a web press wherein they feed in a roll of blank paper and unwind on the printed end until they bring the print up to standard," he commented. "All of that becomes waste and discarded. "In the Bureau's case, primarily because of the security nature of our products, every single printed sheet from the first sheet has to be accunted for. In our distinctive currency paper, even blank paper mutilated in processing has to be accounted for." Andrew Wilson, chief of the office of financial manage- ment of the Bureau of Engraving and Printing, revealed to the House that it now costs a whole cent to produce a single Federal Reserve Note. The cent-a-note cost is up from seven-tenths of a cent in 1971. With a 1973 production goal of about three billion notes, the cost will come to more than $30 million. Meanwhile, efforts to recycle worn out paper money for other purposes are going forward. In Cincinnati, the Mead Corp. buys 12 tons of ground up bills monthly from the Federal Reserve branch there to add to other waste paper to make inexpesive notebooks. A New Word for the Hobby A new word is born with the publication of "The Comprehensive Catalogue of United States Paper Money" by Gene Hessler. Syngraphics will be used to denote the collecting and study of paper money. Now syngraphics will take its place beside numismatics, the study of coins, and philately, the study of stamps. The Reverend Richard Doyle, S.J., Chairman of the Department of Classical Languages at Fordham Univer- sity in New York, coined this long-needed word at the request of Mr. Hessler. The word comes from the Greek syn, meaning with or together, the Greek graphe, mean- ing writing, and the Latin grapha, meaning a bond or a promissory note. Syngraphics thus means the bringing together of bonds and written things. Our science, so defined, will no longer be a department of numismatics with a branch in philately. "Paper money collectors deserve to have their branch of knowledge distinguished by a proper name," Mr. Hessler said. "The new word syngraphics has been given to us by one of the finest scholars in the country. This word fulfills the rules of language; it will be accepted by language authorities and will find its way into dic- tionaries. Now it is up to us to use the word. So, from one syngraphist to another, may the hobby and science of syngraphics flourish and advance as have numismatics and philately." The Territorial National Banks of The Hawaiian Islands By M. Owen Warns IP ROBABLY the most fascinating and least understood national banks were the six thatexisted during the National Bank Note-issuing period in the Hawaiian Islands while they were a territory of the United States. Two of these banks were on the Island of Oahu, four on the Island of Maui. The establishment of these banks was prompted by the rapid development of the sugar cane, pineapple, sandalwood, coffee and other industries around the start of the present century. The U.S. government came to recognize the Islands' production potential and their value as a strategic military base by granting to them terri- torial status on April 30, 1900. Paper MoneyPACE 16 WHOLE NO. 49 The National Banks on the Island of Oahu THE FIRST NATIONAL BANK OF HAWAII AT HONOLULU First Bank Title The First National Bank of Hawaii at Honolulu, charter 5550, was established on August 23, 1900 with L. T. Peck, cashier and C. Brown, its president, with a capital of $50,000, assuming the First American Savings Bank and Trust Company of Honolulu. Charter 5550 had four different titles as a national bank during its 70-year existence. Second Bank Title On July 6, 1929, the Bank of Bishop and Company Limited and the Army National Bank of Schofield Bar- racks (charter 11050) were consolidated with The First National Bank of Hawaii at Honolulu, resulting in the new bank title of The Bishop First National Bank of Honolulu, with charter 5550 being retained. This newly-titled bank did business for four years and four months until the title was again changed. Third Bank Title The Bishop First National Bank's title was changed for the third time on November 3, 1933, when it be- came the Bishop National Bank of Honolulu, under which title it operated under for the following 27 years. Charter 5550 was retained. Fourth Bank Title On April 15, 1960, the bank title was changed for the fourth time, to "The First National Bank of Hawaii" without "Honolulu"; still retained was the original charter 5550. Notes were not issued under the fourth title as the limitation for issuing National Bank Notes had become effective on May 20, 1935. Fifth Bank Title (State Charter) On January 2, 1969, The First National Bank of Hawaii gave up its National Charter 5550 and reverted to a State-chartered bank under the new title of The First Bank of Hawaii, ending a 70-year period as a National Bank. (Hawaii reached statehood on August 21, 1959.) THE BISHOP FIRST NATIONAL BANK (Six Branch Banks, 1930) A year after the merger in 1929 of the three banks under the above title, the new bank had in operation six branch banks on four of the Islands. They were: HILO, Island of Hawaii, A. S. L. Gurney, V.P. and Mgr. KEALAKEKUA, Island of Hawaii, F. J. Cushingham, Mgr. LANAI CITY, Island of Maui, A. W. Carlson, Mgr. SCHOFIELD BARRACKS, Island of Oahu, T. S. Abel, Mgr. WAILALUA, Island of Oahu, T. Sasai, Mgr. WAIMEA, Island of Kauai, Neil Robertson, V.P. and Mgr. Circulating Notes Issued to Charter 5550 SEVEN DISTINCT TYPES OF NOTES IN THREE ISSUING PERIODS Following is a list showing both the amounts issued and types of notes circulated by Charter 5550, there being seven different types of notes from the three note issuing periods, three from the Second Charter period, one from the Third Charter period and three from the 1929-1935 period. They were: Second Charter Period Brown Backs, Green Dated Backs, and Green Denomi- nationals. Third Charter Period Plain Blue Seals. 1929 -1935 Issuing Period Type I notes, with second bank title. Type I notes, with third bank title. Type II notes, with third bank title only. SECOND CHARTER BROWN BACKS Issued Under the Original Bank Title Second Charter Brown Backs—First Title 5- 5- 5- 5 plate=-$433,300 worth ; serials 1 to 21665 10-10-10-20 plate=$760,700 worth ; serials 1 to 15214 50-100 plate=t 81,000 worth ; serials 1 to 540 SECOND CHARTER GREEN BACKS Issued Under the Original Bank Title 10-10-10-20 plate=31,050,000 worth ; serials 1 to 24100 50-50-50-100 plate=$ 137,500 worth ; serials 1 to 560 Second Charter 1882-1908 Backs 5- 5- 5- 5 plate-,$ 655,000 worth ; serials 1 to 32750 Paper Money PAGE 17WHOLE NO. 49 *,, N,r;r( La ..:17 Back #504, Friedberg #477, $5 Second Charter 1882 Brown series (Also Friedberg #490, $10 and Friedberg $20 notes exist.) #574 Value Backs (obverse)Friedberg Friedberg #607, $5 note Friedberg #537, 1882-1908 Dated Green Backs (Also Friedberg #555, $20 notes of this series exist.) Friedberg #574, Value Backs (reverse) Second Charter Denominational Backs 5- 5- 5- 5 plate=$494,100 worth ; serials 32751 to 57455 10-10-10-20 plate=$722,750 worth ; serials 24101 to 25700 THIRD CHARTER PLAIN BACKS, BLUE SEALS Issued Under the Original Bank Title Third Charter Plain Back Blue Seals 5- 5- 5- 5 plate=$1,193,380 worth; serials 1 to 59669 10-10-10-10 plate=$2.039,600 worth ; serials 1 to 50990 50-50-50-100 plate=$ 90,000 worth; serials 1 to 360 1929-1935, SMALL SIZE SERIES, TYPE I Issued Under Second Title mit sari ftAkii. Ives E. 4 IF V 11010 NOM, SINN if MANN I I1 1111111WINC MIL JUN11. Friedberg #1804, $100 Type I, second title $ 5 type 1=$1,645,920 worth ; serials 1 to 54864 $ 10 type 1=$1,861,800 worth; serials 1 to 31030 $ 50 type 1=$1,963,200 worth ; serials 1 to 6544 $100 type 1=$1,376,400 worth; serials 1 to 2294 1929-1935, SMALL SIZE SERIES, TYPE II Issued Under Second Title NSW FIRST NATI:NIL lin ID AMNIA t i U IA TEN DOIJAIV, .126 ■•• IMMO SA. • • WW1. •• Friedberg #1801, $10 Type II with second title ($5 notes of this series were also printed.) Interesting Intermediate Printing of Second Title, Type 2 $ 5 type 2=$458,040 worth; serials 1 to 91608 $10 type 2=$366,720 worth; serials 1 to 36672 13636 Natioltftlannfifttir UIMICSIMISOFINIMICA > Nvr lo. mi. It ,c‘ai 5550 41111111/111:11M. • ltr , N' ).1•1•••■ I C'S n4se-miwzim.2siv,orarm& i4r,orwsavr:.:sysatmEoiouw-z..e.4 am^tcias Friedberg #633, $10 note Ammo It 41.1. sum 3117 1111141101111141141811JIM 1110.VitiMe PAGE 18 Paper Money WHOLE NO. 49 Issued Under Third Bank Title Friedberg #1800 with third bank title Circulation Issued $ 5 type 2=5451,070 worth ; serials 1 to 90214 $ 10 type 2=5562.690 worth ; serials 1 to 56269 $ 50 type 2=5116,150 worth ; serials 1 to 2323 $100 type 2=5 68,200 worth; serials 1 to 682 TOTAL KNOWN CIRCULATION 1)1TA ON CHARTER 5550 Total amount of circulation issued—$16,682,520 Amount outstanding in 1934 report—$3,349,997 Amount of large outstanding in July, 1935=$28,770 THE SECOND NATIONAL BANK TO BE ESTABLISHED ON THE ISLAND OF OAHU (During the Circulating Note-Issuing Period) The Army National Bank of Schofield Barracks, Char- ter 11050, was established on Oahu on August of 1918 with a capital of $100,000. It was located 45 miles north- west of Honolulu and was opened for the convenience of the 5000 permanent personnel and the 500,000 U.S. Army men who passed through. It was designated as a United States Depository handing Federal funds in the Islands during World War I. This National Bank merged with charter 5550 and the Bank of Bishop & Company Limited on July 6, 1929. (Note: This bank did not issue circulating notes.) The National Banks on the Island ol No less than four National Banks were chartered on the Island of Maui as a result of its highly developed industries of sugar, pineapple and coffee. Three of these banks operated between the years of 1901 and 1917. The fourth national bank, The Baldwin National Bank of Kahului, lasted longer. Not too much is known about their operations. In checking reports we find the officers of only two of these banks listed, those of Lahaina National Bank and that of the Baldwin National Bank of Kahului, from the scant information available. Circulation Issued to 599 1 THE FIRST NATIONAL BANK OF WAILUKU ----chartered in Nov., 1901 with a capital of 825,000. --place in voluntary liquidation on May 1, 1917 ; cap.—$25,000 succeeded by the Bank of Maui (Ltd.), Wailuku CIRCULATION ISSUED Second Charter Brown Backs 5- 5- 5- 5 plate=$15,000 worth ; serials 1 to 750 10-10-10-20 plate=$31,000 worth ; serials 1 to 620 Second Charter 1882-1908 Backs 5- 5- 5- 5 plate=$19,500 worth ; serials 1 to 975 10-10-10-20 plate=$32,300 worth ; serials 1 to 646 --Total amount of circulation issued=597,800 --Amount outstanding in 1917=524,907 Circulation Issued to 8101 THE LAHAINA NATIONAL BANK OF LAHAINA C. D. Lufkin, Cashier C. M. Cooke, President - chartered in Feb., 1906 with a capital of $25,000. -placed in voluntary liquidation on May 1, 1917; cap.-525,000 - -succeeded by the Bank of Maui (Ltd.), Wailuku CIRCULATION ISSUED Third Charter Red Seals 10 - 10 - 10 -20 plate=$12.000 worth ; serials 1 to 240 Third Charter 1902 -1908 Backs 10-10-10-20 plate=$10,150 worth ; serials 1 to 203 --Total amount of circulation issue=$22,150 -- Amount outsanding in 1917=$6,250 Circulation Issued to 10-151 THE FIRST NATIONAL BANK OF PAIA - chartered on Sept. 26, 1913 with a capital of 525,000. —placed in voluntary liquidation on May 1, 1917 ; cap.—$25,000 succeeded by the Bank of Maui (Ltd.), Wailuku CIRCULATION ISSUED Third Charter 1902-1908 Backs 10-10-10-2() plate=810,000 worth ; serials 1 to 200 —Total amount of circulation issued=$10,000 - Amount outstanding in 1917=$10,000 Circulation Issued to 8207 THE BALDWIN NATIONAL BANK OF KAHULUI Island of Maui Third Charter note, Fr. #633, Elliott & Burke, a com- panion $5 note, Fr. 60i also exists, same signatures. Earlier issued Third Charter Dated Back $10 note exists, Fr. #614. Reverse of Fr. #614, Dated Back D. C. Lindsay, Cashier Henry P. Baldwin, President --chartered in May, 1906 with a capital of $50,000. --place in voluntary liquidation on Jan. 3, 1921 ; cap.—$50,000 —succeeded by the Baldwin Bank Ltd., Kahului As. 1"11 •,p AAtiliN 11440N4 rER Rig) R Il^///i(fr/ 35'r an/ (// ?(/// —11-= 11,8 MiIRCHAN DISE WHOLE NO. 49 Paper Money PAGE 19 CIRCULATION ISSUED Third Charter Red Seals 5 - 5- 5- 5 plate=$ 9.300 worth ; serials 1 to 465 10-10-10-20 plate=$19,200 worth ; serials 1 to 384 Third Charter 1902 -1908 Backs 5- 5- 5- 5 plate=$34,500 worth; serials 1 to 1725 10-10-10-20 plate=$63,000 worth; serials 1 to 1260 Third Charter Plain Back Blue Seals 5- 5- 5- 5 plate-=$14,600 worth ; serials 1726 to 2455 10-10-10-20 plate=821,350 worth; serials 1261 to 1687 —Total amount of circulation issued=$161,950 --Amount outstanding in 1921=525,000 The Baldwin National total circulation of National Bank Notes ex- ceeded the combined amounts of the other three Maui National Banks.) THE BALDWIN BANK LTD. THE MISSING NOTES FROM WAILUKU, LAHANI AND PAIA Although unlikely, yet if by some stretch of the imagination we would be fortunate enough to come across a National Bank Note from any of the island of Maui's National Banks listed above, we will have achieved another top-rung goal in the persistence through study and research. Perhaps a Red Seal note may be found among the effects of an old New Bedford seaman whose ship's Pacific rendezvous was the whaling port of Lahania, or a Brown Back between the pages of a book belonging to a missionary at Wailuku, or a Dated Back from the surviving family of a sugar production worker at Paia. Who knows? We are left with the flickering light of hope that sometime in the future it most certainly could happen. Remember, it was only two years ago that none of us knew what an Idaho Territorial looked like! With the liquidation of the Baldwin National Bank of Kahului (the last of outer island banks) in 1921, it was reorganized and became the Baldwin Bank Limited with a capital of $100,000, George S. Waterhouse, Presi- dent and G. D. Baldwin, Cashier. Dennis Forgue Dave J. Levitt Gordon Medcall COLLABORATORS: Gene Hessler Lester Merkin Albert Ostheimer Louis Van Belkum Over a thousand people bid in per- son and by mail in the sale of the Matt Rothert collection by American Auction Association, a division of Bowers & Ruddy Galleries, Inc., on Nov. 16-17, 1973. North to Alaska went the beautiful fractional currency shield [Lot 1485] at a record $2600, and to a Florida buyer, the elusive $50 St. Louis Federal Reserve Bank Note at $5000, also a precedent-shattering p r i c e. The note, in crisp Uncirculated condi- tion, is one of just 4,000 printed and one of just 27 specimens in collectors' hands today. Lot 1662, one of just two known $100 National Gold Bank Notes of the First National Gold Bank of Petaluma, California, pro- voked a spirited bidding contest be- tween Julian Leidman of Silver Spring, Maryland (who was repre- senting a New York buyer) and Dennis Forgue of Rarcoa, coin dealers of Chicago. The note opened up at slightly over $5,000. Soon the bidding was past $6,000, then $7,000, then Rothert Sale Results $8,000 — and all previous records for a National Gold Bank Note had fallen. But the bidding wasn't to end there . . . $8,500, then $9,000, then $9,500, and then the $10,000 barrier fell. Finally it was Julian Leidman who captured it at $10,500. Highlighting the offering of frac- tional currency was Lot 1407, a 50c note (variety R-90; F-1373a) with green reverse and surcharge S-2-6-4, at $2,700. A 15c specimen note fea- turing Grant and Sherman [1272], an error note without signatures, brought $925 to a fractional currency specialist who came from New York to bid on this and other prize s. Large-size U.S. notes brought many record prices. Worthy of men- tion are a $5 Demand Note of 1861 (Friedberg No. 1), Lot 1495 in the sale, at $835 in Very Fine grade; a $10 Demand Note, F-6 [1498], in Fine grade with some pinholes, at $600; $1 Legal Tender of 1862, F-17 [1501], new condition at $310; $2 1869, F-42 [1515], new condition at $600; and a number of the popular $10 "bison notes" of 1901, in the $200 range, give or take a few dollars. Lot 1547, a $10 Compound Interest Treasury Note, F-190, in VG-Fine grade fetched $575, and a $20 note of the same series, F-191 [1548], in repaired Fine grade was awarded to a successful bidder at $950. $5 "0 n e p a p a" Silver Certificate notes of the series of 1899 realized new record prices in the $220 to $250 range for new-condition examples of several different signature combina- tions. Federal Reserve Bank Notes, main- ly of the Series of 1918, were weak, for this series has not been in the spotlight with collectors in recent years, and some catalogue values are optimistic. However, the with-the- market prices of certain of the $1, $2, etc. Federal Reserve Bank Notes were more than compensated for by the record-breaking $5,000 realization for Lot 1655, the famed $50 St. Louis issue. 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. P. O. BOX 33, ROCKVILLE CENTRE, N. Y. 11571 SHARON, WIS. viVeio• 7 romisultts 1...E ss THAN Filer. 00 LLAR.S. —PAPA 8 Le 01414Ni/to sTATCØ TO ra, POSIMASTFR Of TN( 14 011EY-01,DFIt 0117CS AT PAY ro R,A rANYTYME WITHIN THREW MONMP - FROMM( IIASTIJAYOPTHC MONTH Of issur. TX( 'OM 004R.4......—_ C(1175, •a.;1883 Feb. IBlit Mar.1111E . Apt MB Mai:NV June'1808 4101188H Aug1890 S!,y8111 Oct 1892— - NoI1193 Dec. 11394 7 7 uoiis Dimes raiitt 1 2 8 4 3 4 .,rosrA ■enrle. "‘:..: , ---a--.ft ThIsPoslattfato Is 114•0 passable to I/wafts oltlise, nffise atlases, • villa A. "elate IlIssilstlas se to el:mafiosi or destroyed, so doptissite thereat Mit be is sand. .110.-efrod the abaremogetsrnix.. PAGE 20 Paper Money WHOLE NO. 49 A Forgotten Chapter: The United States Postal Note By NICHOLAS BRUYER SPMC No. 3448 (Continued from PAPER MONEY No. 48, Page 178) THE SECOND ISSUE NOTE Defects in the First Issue Plate 11. First Issue note with dated stamp of issuing office absent. (Photo : William R. Devine) HE U. S. postal Note, as originally planned and issued, suffered from more, and more serious, dif- ficulties than hinted at by the Postmaster General in his report. There were defects in the design. The postmark of the issuing office was often illegible because of the heavy engraving behind it, as in Plate 9, or some- times missing altogether through the carelessness of the postmaster, as in Plate 11. Of course, these identical problems occurred also when the note was handed in to be paid. The ornate engraving also interfered with the legibility of the body of the note. Instructions for the purchaser, especially those on the reverse of the note, were excessively complicated and confusing. There already were some complaints by the public about the security of the note and the tight restrictions govern- ing its payment. Plates 12 and 13 are of a U. S. postal card, UX7, dated 8/30/84, used by the Northwestern Masonic Aid Association of Chicago, Ill. These cards were apparently sent out as receipts for monies sent to the association. The reverse top of the card warns its recipient: "Do NOT use Postal Notes, they are Unsafe, Not Bankable and a nuisance." This refers to the fact that the postal note was payable to bearer, not payable through banks, and could only be cashed at the money order office designated by the purchaser on the face of the note. This postal card was originally printed up for the association in 1883, the year the postal note was first placed into circulation. New Design Features In cooperation with the Homer Lee Co., the Post Office sought to improve the design of the note, from both the artistic and practical perspectives. The preliminary result of this cooperative modification is shown here in Plate 14. This is an experimental proof impression, with no reverse, and is probably unique. Compare this experi- mental note with its offspring, the note that was derived from it and finally approved from circulation, Plate 15. Generally, this new design of note differs from the First Issue note by the points that are emphasized as important to the security of the note and to the public. The trial proof (Plate 14) is totally devoid of background engrav- ing in the body of the note, the most obvious deviation from the notes of the First Issue. However, notice that the new note as approved for circulation (Plate 15) does have some background engraving, at the top in the area reserved for the serial number and the name of the issuing office. A completely new feature of this new type note is the dollar coupons at its left. This space was formerly occupied by columns to be punched out for the month and year of issue of the note, but this is completely eliminated on the new, Second Issue note. These coupons are to be detached in accordance with the amount for which the note is issued: If the postal note is issued for under a dollar, no coupons will be left attached to the note when it is given to the purchaser; if the note is made out for more than one, but less than two dollars, then only the portion of the coupon stating "ONE DOLLAR" will be attached to the note as issued. For this reason an entire Second Issue postal note has rarely, if ever, been seen by those few interested in them, as there are very few specimens still surviving with all coupons attached. Paper MoneyWHOLE NO. 49 PAGE 21 Plate 12. Obverse, U. S. postal card, UX7. (Courtesy Gilbert L. Peakes) :"5- 11c, NOT use Postal Notes, the are UR ',are, Not Bankable, and at S/ iCS:Cipt. 4,7J88 17cfrillwrsttru 013souic e C I OO 71: card A. STODDARD, Plate 13. Reverse of postal card issued by the Northwestern Masonic Aid Association. Notice warning about postal notes at top of card. Another improvement appearing in this Second Issue note is the cancellation star in the box at right, bottom, below the Liberty vignette, which has now been placed in a shield. The box instructs the paying postmaster that he must "Punch out this star cancelling this note." On the earlier notes of the First Issue, the only evidence on it indicating that it had been paid was the postmark of the paying office. As mentioned earlier, this cancel- lation was sometimes faded severely or missing altogether. I suspect that the reason for the introduction of a can- cellation star was purely for security; perhaps some unscrupulous individuals had obtained some previously paid (and thus cancelled) postal notes, removed what there was of the cancelling stamp of the paying office, and then simply re-redeemed them. Now a punched can- cellation, clearly visible on both sides of the note, solved the problem. The language of the conditions under which these notes were issued was also improved in the Second Issue note. Formerly stating that "After once having been paid this Postal Note, by whomsoever presented, the United States will not be liable for any further claim," the Second Issue postal note made it perfectly clear that "This note once paid, by whomsoever presented, will be worthless in the hands of any subsequent holder." It seems unmis- takable from this language and other modifications made in the security of the note that some First Issue notes had been fraudulently "recycled." The cancellation spaces for stamps of the issuing and paying offices were not eliminated from the Second Issue note. Instead they were moved to the reverse of the note, as shown in Plate 16. The areas for the cancel- lations are blank, thus enhancing the visibility of the postmarks. The obverse and reverse of the Second Issue postal note, properly filled out, punched and stamped, are seen in Plates 17 and 18. The obverse is now printed in black, with serial number red and place of issue blue. Unlike the First Issue note, this issue is printed using only one plate for both the background security engraving and also the instructions, designations, etc. This saved money and time involved in using two plates and also solved the problem of correctly aligning the two plates. The reverse is again printed in blue. Up to this point only the differences between the First and Second Issues have been emphasized. We should not neglect the fact that there are points common to both issues, and to all issues of U. S. postal notes in general. Both the First and Second Issues have the same Liberty vignette, although that of the Second Issue has a shield placed about her. Both issues retain the columns for punching in the amount for which the note is to be issued, and both still require the issuing and paying postmasters to stamp cancel the notes, although the Second Issue has moved this operation to the reverse, Can'sSo l /a d, PAGE 22 Paper Money WHOLE NO, 49 Per Less rive Dollars Payable in the United States only The Postmaster at 3'11/ pay to Bearer blPee MD? d mo,f, 0 , sssue ,SYSTA0.157-Ep ssde WW1, same 'bean be rbsubd last dayW pay to Beare /thin :bre of the month°, iseue.t. 0004q3 A'RKAMA, PA. 101011Palla 140011011111 For Less Than love Dollars Payable in tho United Stales only The Postmaster at POSTAA.457ER This Nate is else payable at ethos °Tissue within the sates period. Irlost or destroyed no deplioate can be issued Received the above amount tcwtXG ;sArms.bctembete Amount S Cafe of Issue, /88 9/Vice drawn upon CII4°'"'"411:). WI/ORSOZYKR •"11,71.1 HE" WafTAVESS /NTAIE HANDS 01-4/0'sassE.zaw7 whaeR. trAVTR4/0 1417N/N2WWIT Ala477ArAfiai/77.2-448744., tbilfstA10.V77/031/Z; INEA:7101;1! 4:9740, 71/ZAAAIVII/7171119E0A- f S.,,WA.70/770,VAL .74-0A7Mell, GMT!. AdA5717.11/47?/770 7gfR1S7,01.4.17117.47 ‘WEROZArafArINE sewers motes; wee SibiV..4.4Wdd/G1170.4, 1/444WPar...47F, "KM( 7011/d/117-8114.11 ft782711.46727A 72704, /99.4170 carS10.' 1 .1‘ °PIT 01. Plate 14. Trial proof impression of design for the Second Issue postal note. Trial printed in brown on brown paper ; note lack of engraving over "POSTAL NOTE" and space for amount of the note above Liberty vignette. ( Photo : Boutrelle ) Plate 15. The Second Issue note, obverse, ready to be issued. Note dollar coupons. (Photo Atsuhiko Tsunoda i Plate 16. Reverse of the Second Issue note, as prepared for issue. (Photo : U. S. Postal Service) _rr-JaaprallUga=tic-- _2 - , rusrAusore t . ,■;•, • tn 186. ategte4.21taiitt. 0-14== For Less than Ffie goiter-a Payable in the United States only he Postmaster at Will pay ta Bearer within three months from the last day of the month of Issue, Cents PO 5 TMA STEP This /Vote is also payable at office of issbe withfri_the same pernod lf lost or destroyed no duplicate can be issued Received the above amount 4,itt SaKe• l-,A,Var.40013=1221=113211=1:=11211241131,— PUNCH OUT144:1' TH 15 STAR THIS N ()TE 0 WHOLE NO. 49 Paper Money PAGE 23 Plate 17. The Second Issue postal note, as issued. Sold at the Plainfield, N. J. money order office, payable at the Washington, D. C. office. grtt. erwm2vsemproywriverfo, Pe711 1117/177/LES8 /If 771E ~OS ar4/IYMIRCEWT 10,LIZR. /FWOT/34/0 WI/WM 7111fEr .4471117YeAraVillflaillTalY 0177/401171/77arASSK 1/aLOL8 WNW/ 7712:44474071ZIOlEar 1186411400377atil 117.0,Di191FCf/OX 411157LIELTEWT7D 17/1712977141717147 IN49OS CONAI7NE &SOW0.17g25,49,7 4fIVA9g/tfrAGPIVAII:# "sow romworsixvfrID7AC4S7174 T ISCISZTO POST Opuzz,i Plate 18. The new Homer Lee reverse, designed for the Second Issue note. rather than obverse, of the note. The notes were still sold for 3c, still issued only for amounts less than $5.00. All issues of postal notes are printed on watermarked paper, the watermark being in all cases similar to that shown in Plate 19. The actual size of this watermark is approximately 105 mm. by 35 mm. The only postal note printed not carrying this watermark is the experi- mental trial design (Plate 14) mentioned earlier. This proof, printed in brown on brown paper, has a water- mark of an anchor with "SAFETY" above and "PAT- ENTED" below, and "N" at left, "P" at right. The letters of the words are framed within curved lines. The usual stamped cancellation of the issuing office is like that shown in Plate 18. The name of the issuing office, the date, and "M.O.B." (Money Order Business) all can usually be found within the round stamp. An interesting variation on this stamp is seen on the un- severed page of Second Issue notes in Plate 20. This page, which is part of a collection of postal notes in the Chase Manhattan Money Museum, bears octagonal can- cellations, the only variation from the norm this author has seen. Dates of Usage Excepting Sept. 3, 1883, there were no first days of issue on subsequent issues of postal notes, as they were issued to postmasters on requisition after the remainder of the older type notes were used up. A notice from the Superintendent of the Money Order System dated April 25, 1884, specified that the numbering of the Second Issue notes would be a continuation of the numbering on the previous First Issue notes, and these new notes would be furnished after "the present supply of each office shall have been sufficiently exhausted." It is believed that the Second Issue notes were not officially released by the POD for use in the money order offices until June 3, 1884. Since some money order offices used up their stock of postal notes more quickly than others, some First Issue postal notes were issued later than some Second Issue notes, and we have a case in which the older type ON .4.0. ,311V0V.5.71.1,9 ,V7ZSIVMO. sr Wa4,11,SS 0, d "SedS10:14, N0,064.. :WPM, YAW( 0/ SS.. A oNCC A10. 40.567,5. oRistvw. 1404,TeSS M0.42", "Ara" \ , PAGE 24 Paper Money WHOLE NO. 49 Plate 19. Simulation of watermark used on all postal notes of the First Series (1883-1894) of U. S. postal notes. Actual size : 35 by 105 mm. Plate 20. Page of Second Issue notes, as issued. Notice octagonal stamps. of note may have a later date on it than on the newer type of note. The First Issue note shown in Plate 11 has a date of Jan. 1885 punched for it at left, while Plate 17 illustrates a Second Issue note dated Nov. 1884. This confusing situation plagues all the different issues of postal notes, and is the reason that, up until now, the official dates of issuance of the various types of postal notes were largely unknown to collectors. NEW LEGISLATION: A THIRD ISSUE THE Second Issue note adequately solved some ofpressing problems needing solutions with respect to the security and simplicity of the postal note. Yet, certain difficulties regarding the utility of the note and the need for its equal distribution to all who needed it caused the POD to reconsider the role of the postal note, eventually resulting in further legislation rendering it more fluid and available. Establishment of Postal Note Offices On Feb. 23, 1886, Mr. Jones of Texas, member of the Committee on Post Offices and Post Roads, reported a bill, H.R. 5878, to amend the laws governing postal notes. This bill, presented to Congress on July 19, 1886, em- powered the Postmaster General to make the postal note payable at any money order office, where formerly the note could be paid only at the office designated on the face of the note or the office at which the note was issued. Secondly, this bill also granted the Postmaster General power to establish "Postal Note Offices." This provision extends to "post offices situated in the smaller towns and villages where, for lack of post-office capital, a general money-order business cannot be maintained, a medium of exchange greatly needed, and in many localities urgently demanded. Sparsely settled communities where there are no banks will thus be supplied with a convenient means of remitting small sums to business centers." It cannot be disputed from this clear definition of the intended function of the postal notes that it was a legal medium of exchange, necessary to fill the gap left between the demise of the fractional currency and the regular cir- culating paper money of one dollar or more. These small postal note offices were to be allowed to issue, but not pay, postal notes. Under this legislation, the notes were payable at all money order offices, but none of the postal note offices. On January 3, 1887, Congress empowered the Post- master General to establish guidelines for the issuance, circulation and payment of postal notes as proposed under this act. Immediately, 197 new postal note offices opened, and the number of these new offices would geatly increase within the next year, since a "recently executed contract" had made arrangements for supplying these offices with hooks containing 300, 200 or 100 pages, rather than the 500 page books of postal notes. This improvement allowed these minor offices to issue postal notes without the need of "heavy bonds" to cover the postmasters' liability in case of loss, theft, or what-may-come of the postal notes in their possession. Table A shows the numbers of money order and postal note offices that were in operation from 1882 to 1894. In 1883, there were 5,927 money order offices issuing postal notes. By 1894, this number reached 19,264. During the fiscal year of 1887 (June 30, 1887 to June 30, 1888), 229 postal note offices were opened, able to issue but not pay postal notes. By 1894, some 723 of these offices were functioning. For one reason or another, some post offices discontinued their money order business, as is indicated in the second column. Most postal note offices listed as "closed" in this table simply grew large enough to become full money order offices and thus were no longer listed as "postal note offices." Technical Difficulties The new postal note legislation brought with it new technical difficulties for the Second Issue postal Note. The note as issued instructed the purchaser that it was payable only at the office designated on the face of the note, as in Plate 17. This particular note was issued at Plainfield, N. J., and is designated payable only at Washington, D. C. The new legislation allowed this note to be paid at ally money order office. As a result of this conflict, all money order offices were authorized by the postmaster to write or stamp "any money order office" into the space formerly used to designate a specific office, so that the note now read: "The Postmaster at ANY MONEY ORDER OFFICE will pay to Bearer. . . ." An example of such a note is shown in Plate 21. A second discrepancy between the Second Issue note and the law, as newly instituted, now also appeared on the reverse on the note (Plate 18), The instructions on the reverse of the note state that if the note is rendered invalid by its age, the holder "MUST DELIVER WHOLE NO. 49 Paper Money PAGE 25 102032 NEW YORK; N. Y. 1584:14,x,„„ezt for less than Five Dollars Payable in the Untied Slates only Any Ttf tt :!6r.#,A,Arr :. wilipat to Bearer ktothoi three months from the last day of The month of issue. 7 7, 9-U; t'e 71 This AVe,IselsopaYable at perm if lost or destroyed Received the above a unt Cents STEPSh,P,O the same .95 rn ssued itt) CNOUT TniSS N:t :ELLE"' 1711ti 1FE . Year M.O. Offices 1882 5,491 1883 5,927 1884 6,310 1885 7,056 1886 7,357 1887 7,853 1888 8,241 1889 8,727 1890 9,382 1891 10,070 1892 12,069 1891 18,434 1894 19,264 Totals ; 19,264 M.O. Offices P.N. P.N. Offices Closed Offices Closed Year — none 1582 13 1883 8 1884 16 1885 20* 1886 25 229 1887 22 311 4 1888 26 557 30 1089 19 728 52 1890 18 703 166 1891 24 717 135 1092 36 711 137 1893 122 721 93 1894 349* 723 617 Plate 21. Obverse of Second Issue note, with ANY MONEY ORDER OFFICE" rubber- stamped in place of a designated office of payment. TABLE A: MONEY-ORDER AND POSTAL NOTE OFFICES IN OPERATION AND OFFICES DISCONTINUED AS SUCH, 1882-1894: * Estimated. IT TO THE POSTMASTER AT THE PAYING OR AT THE ISSUING OFFICE. . . ." This was now totally inaccurate. If the note had been sold at a postal note office, it could not be paid or repaid there under any circumstances. However, the note could be paid at any money order office, not just the paying (or in some cases also the issuing) office. There was no way for the POD to correct the instructions on the reverse of this note in any makeshift fashion. Clearly a new, reworded postal note was necessary. As the Homer Lee Co. still had the contract for production of the note (a four-year contract effective on Sept. 3, 1883 meant that their contract expired as of Sept. 3, 1887), they set to work to rearrange the Second Issue note, to make it conform to the letter of the law. Their work can best be described as a stopgap effort. A few trial runs of notes that might be described as hybrid trial specimens, some printed in orange, some in blue, were made, as the note shown in Plate 22. Printed with no reverse, these differed from the Second Issue obverse only in that "ANY MONEY ORDER OFFICE" was engraved into the plate, in the space formerly left blank for the designation of a specific pay- ing office. These trial specimens, curiously, did not reflect all of the modifications finally executed for the note issued to replace the Second Issue postal note. A Previously Unknown Note Plates 23 and 24 illustrate the Third Issue postal note. The exact date when these notes were completed and introduced to the money order and postal note offices is not known but for practical purposes we will consider the date to be Jan. 3, 1887, the date of enactment of the new legislation. The obverse of the Third Issue note differs from the trial specimen (and from the Second Issue) in the instructions located at the bottom of the note. In the Second Issue these instructions read : "This Note is also payable at office of issue within the same period. If lost or destroyed no duplicate can be issued." The new note omitted the first sentence and simply read: "If lost or destroyed no duplicate can be issued." On the reverse, the instructions were changed to read that the holder : "MUST DELIVER IT TO THE POST- MASTER AT ANY MONEY ORDER OFFICE" (au- thor's emphasis). That this was a hack job is clearly noticeable in this instruction change: The engraver cut into the right circle in order to make the lettering fit, and the size of the lettering is clearly larger. This Third Issue note was previously unknown to col- lectors, and is here listed in an article for the first time. Only two specimens of this issue are known to the author, both of which went previously unnoticed as a separate and distinct type. ABN CO.: THE FOURTH ISSUE HE Homer Lee contract for the engraving and print- ing of postal notes concluded on Sept. 3, 1887. During the summer of '87, bids were solicited from companies interested in handling the business. The fol- lowing establishments submitted their bids for supplying books, blanks and engraved materials : Dunlap Si Clarke, of Philadelphia ; Weed, Parsons and Co., of Albany, N.Y.; American Bank Note Co., of New York ; Wynkoop, Hallenbeck and Co., of New York City; Avil Printing Co. of Philadelphia ; and Henry Goodman of La Porte, Indiana. The contract was awarded to the American Bank Note Company, the lowest bidder. Homer Lee was con- spicuously absent from the bidding. The contract, considered to be "exceedingly advanta- geous to the (Post Office) Department," was to again last for four years. A chart (Table B), from the Annual Report of the Postmaster General for 1887, indicates the amount of money the Department expected to save on the cost of books of postal notes. This, together with the favorable bid on the engraving and printing of the note, cause the POD to expect to save some $21,955 per annum. Treats") ovarmactimatirmle# ale 4040alitaith 4214/AM e , less Insa PNe Dollars. Payable In the hied States only The Postmaster et ANY MONEY ORDER OFFICE :,.////pii V la Beare, ,vM/hh three months t;-otn the last day ...Me Month oS fssue. th.aaars Poss.. Tell o.020/e at ethos e issue Minn he same er destmyed he dopimate can be Issued .7e above amount ED TATES Aatleaulca. 018309 6'•- '--- 188 For Less than Five Dollars Payable in lhe United Stales only fhe Postmasler at ANY MONEY ORDER OFF/CE pay la Bearer within three months from the last da of Me month of issue. )"4C----- flaps. Jr.'s'. Canis \":3,44 N,1)\-\rwors‘.. If lost or destroyed no duplicate can be issued .44.e Received the above amount _ZZ L.4:04,10========1111_ POS TA4A S ME.? L nOICX CUT ti NIS VAR ELOSt` THIS NOTE IS rosi m,-N4!9: PAGE 26 Paper Money WHOLE NO. 49 Plate 22. Trial hybrid proof of modifications to be made in the Second Issue note for the Third. No reverse printing. tCourtesy of Gilbert L. Peakes) Plate 23. The obverse of the Third Issue postal note, as issued. (Photo : Boutrellei BY'WAVAISOIY.69/PrZWVM4 iNLL .9101M7NLESS /NM' ~PS 0,4/6"Sf/8.461e,V7 1/01.0lAt /C/167A1/17 WITIYIN)"Nh'Er .11.9/0A5WX1017/"L4571MY 0177/4:427/17Y/0,05Y14 11/2"1/04/161:1770117:414' 1711:441101/1071MPErli leaf4.4:400/770/141t ACC4,77440W/174 4,14$7111Z/327)/7727 774Hf971140ZrA7 AVYAWYKY0.90£1, a97er ANZI SRZY,41/APIVAINAY /178.41703VG0r. MAW 72111/111/YSOC/1 8500' ° cre Plate 24. Reverse of Third Issue note, as issued. Cent. tn i..ued. u:s 113'4 Si 'FAA• IV For LESS than five Dollars. Paijahie ihg Unnen SPAS only. ••■. ; 0668issiiit WilJ. PAY TIP unsure witidu threo mama,: rrom tae day Or toonlit of Isntn• Ih■11,ms, I“.-4 orde.n-on-,,Iso Iteel-ned al"-4, Its far Less than Five Dollars. Payable to the tinned Shies only 70intil zkiii=;109,14'1'.:n‘ ; "v? 6ist"--nCx 7', 114, VAS: TO 111,1t1:1 , within litres months Wont Me Im.1 lay of Ike mouth of 1...Ane tens It lost ortloslroyeti dttpII,-nta 1-11110. Itt-c•lv.d the nInn-t. ammo. 4 4 WHOLE NO. 49 Paper Money PAGE 27 TABLE B: COST AND COMPARISON CHART OF PRICES FOR POSTAL NOTES AND BLANKS: Books Used Price Per Price Per Postal Notes Per Year Book 1883-7 Book 1887-91 500 form book 8,622 300 form book 2,085 200 form book 6,432 100 form book 8,273 improvements and modifications, it still suffered from difficulties in its issuance and its acceptance by the public. Plate 28 illustrates the fact that as long as human beings had to issue the postal note mistakes would be made. This note, though issued for the amount of lc, has a dollar coupon still attached to it. Whether the postmaster was ignorant of the correct rule for issuing the note or simply left the coupon attached by accident is something Equals 14,000 $1.58 $1.10 Amounting to Books of 500 none $0.70 A savings of Forms each none 50.45 86,372 none $0.25 Plate 25. A specimen sheet of Fourth Issue postal notes, a product of American Bank Note Company. In 1887, Thomas F. Morris, later to become a designer with Homer Lee and then the Bureau of Engraving and Printing, was employed with American. His diary, in which at this time he listed only the designs on which he worked overtime, show that he was busy designing (or rather, re-designing) the postal note for ABNCo, the Fourth Issue postal note, between July 3 and July 15, 1887. The design, shown in Plate 25 as a proof impres- sion printed on only one side of the paper, is similar to the Third Issue of Homer Lee, but the style is entirely new. Liberty, though retaining her helmet, received a complete face-lifting, with much esthetic improvement. The overall lines of the notes are more crisp, clean and strong. The Fourth Issue note was officially placed into ser- vice on Sept. 3, 1887. The obverse and reverse of the note, as issued, appear in Plates 26 and 27. Like the obverse, the reverse is also much cleaner in style, a shield now used as the centerpiece, with a wheel on each side. Deficiencies Still Apparent The U. S. postal note had come a long way to be what it embodied in the American note. Despite its many we shall probably never know. At any rate, it must have been a bad day for him; in writing the date he put in the wrong year, noticed his error and corrected it. Another problem plaguing the note was the punching of the dimes and cents column at right. Postmasters often either punched the wrong denomination or else forgot to punch out the amount altogether. Also, the conductor's punch sometimes proved defective, so that, while the holes were punched in the note, the superfluous paper remained, and could be carefully replaced in the original positions and the note re-punched for another, higher amount. Breaches such as these in the security of the postal note caused officials much irritation. Furthermore, efforts by the Post Office to satisfy the demand for a cheap, convenient method of sending money through the mail seemed to be slowly losing ground. During 1888, four formal petitions were submitted to Congress by private and public parties concerning the postal note. These were submitted by the Algona Grange of Iowa, a Mr. A. C. Stoddard, the State Board of Agriculture of New Jersey, and the Greenwood Grange of Pennsylvania. Two of these petitions called for the abolition of the postal note, while two requested a reissue of fractional currency in place of the postal note. These petitions ominously forewarned of the brooding discon- PAGE 28 Paper Money WHOLE NO. 4') STA' 110. 41/1, AIMMINVIEICA. 294458 raw yoRioti Y... /7" isi) c A . APB. Ylen. -Asa, for Less than Five Dollars. Payable in the United States only. ,movookEvo,rvIl v , "1:1-3yr XIEEEPIrF? ; F (0))01Ii9E(.0) WILL. PAY TO BEARER Iliree Months Front file LASil iitLy of the month of issur. nolla , Cent.. 1`..14-1707,1.47.m. if lest or dmstroved no duplicate can he iSettled . ILeceiVeti the Ltiele•j iriitaioinws wax. 11(1.111 ,10.4,V MOM TM. IC ew t'. THIS .NOTE ONCE PAID... ..„..... SY WHOMSOEVER PREE'oENTED, WILE BE WOrilltIrS5 IN THE HANDS GEARY SURSEDIFFN HOLDER. IF NOT PAID vf THREE. MONTH', FROM . THE LAST OAT OF THE MONTH OF 'SEIDL THE HOLDER TO COTE.. HEMADURT THEREOF ESS AN ADPITIONAL F EE OF THREE CENTS MUST DELIVER IT ED ' THE POSTMASTER AT ANY M ONEY ORDER OFFICE • 1" SIGN AN APPLICAT/ON FORA DUPLICATE PAYABLE ,eLLe TO HIM BY SUCH POSTMASTER HDLO BE ISSIAD 0.) POS:r Orri(T. DL ,PALLTNIF2fl:,,r;;''Z". J . 4' ,CAN DANK ,,j` • 47,3=3,2=11=M OMAHA, NEBR. rt 1■10e1r1,11 ur Lins Ma hot (Mars. l'aijablE in the Slales .tt)M1111)1.4 8814«()8,." ; am, .„“ WILE PAIL, HEADER three 111.mtia, frtolt It:ay 111.alit .eT 1,.-111` IFICP-st 114. clue he 1:•ceis c II II,, alert .11114.1.11 Plate 26. The obverse of the Fourth Issue note, filled out and issued. Plate 27. Reverse of the Fourth Issue note, as issued. Plate 28. Error nate, Fourth Issue. Dollar coupon mistakenly attached at left, year of issue corrected. (Photo: William R. Devine) tstutzr .1411111112 41 .. 444•4'..24).44z HEIBSTATESOFAMERICA 114•1;frot•A I :64 2087:-: ItTOSIESOFIMERI NisIOILt IL It 414. 4008 . ,4167e4avuommetagenkati...,t" , WHOLE NO. 49 Paper Money PAGE 29 tent slowly growing about the note, both by private parties legislation to alter, and no changes were made in its and certain Post Office officials. design, unlike Homer Lee's postal note. The Fourth Issue note ran its four years with little trouble in its design that would not require Congressional (To be continued) Geographical Letters on National Bank Notes By Charles C. Colver Third chapterapter notes from Lordsburg and later La Verne, Cal. showing types with overprint "P" and without. C OLLECTORS of National BankNotes are familar with t h eprominent geographical letters overprinted on the face of most large- size notes. The purpose of these letters is commonly known as quoted from Friedberg: "In the later periods of National Bank history, many thousands of notes were daily being presented to the Treasury Department for redemp- tion. The sorting of these notes was complicated and time consuming and in order to increase sorting efficiency, a so-called geographical letter was printed on notes issued from about 1902 to 1924. These letters, which indicated the geographical region of the issuing bank, were printed in large capital type twice on the face of each note, in both cases near the charter number and in the same ink as the charter number. The letters used and the various regions are as follows; N for New England; E for East; S for South; M for Mid- West; W for West; and P for Pacific region." However, often a question arises regarding the letter used for any specific state. Some states obviously would fit into only one geographical bracket, but many are questionable. How the Treasury Department deter- mined what letters to use is unclear, but the following listing of each area should be helpful to collectors. "N" (6) Connecticut Maine Massachusetts New Hampshire Rhode Island Vermont "E" (6) Delaware Washington, D.C. Maryland New Jersey New York Pennsylvania "S" (14) Alabama Arkansas Florida Georgia Kentucky Louisiana Mississippi North Carolina Puerto Rico South Carolina Tennessee Texas Virginia West Virginia ‘, 171, ,, (8) Illinois Indiana Iowa Michigan Minnesota Missouri Ohio Wisconsin "Try (9) Colorado Kansas Montana Nebraska New Mexico North Dakota Oklahoma South Dakota Wyoming "Fp, (9) Alaska Arizona California Hawaii Idaho Nevada Oregon Utah Washington PAGE 30 Paper Money WHOLE NO. 49 WORLD NEWS AND NOTES by M. Mtn CHILE: Banco Central de Chile has in- troduced a new 1000 Escudos note featuring a portrait of Jose Miguel de Carrera, military dictator of Chile, 1811-13, on the essentially red and blue colored front, and a rural village storefront and fountain on the back. Size 146x70mm. CZECHOSLOVAKIA has just issued its first 20 Korun denomination note since 1949. King John The Blind's bust adorns the essentially blue and red front; a medieval religious/mili- tary painting and scrollwork appear on the back. The 137x53 note was designed by Milos Ondracek. ITALY: The 1962 type 1000 Lire notes have been withdrawn. (I believe this is Pick #39.1 BRAZIL: 5000 and 10,000 Cruzeiros notes issued prior to 1964 will cease to be legal tender after 1 July 1974. KOREA: Bank of Korea placed a new type 500 Won note into circulation on 1 Sep 73. Admiral Lee Sun-shin is portrayed on the front, with the oft-depicted "turtle boat" in the background. The back features the shrine at Hyonchungsa. Its size of 160x7Omm makes it slightly smaller than the type it replaces. KOREA: A new type of 10,000 Won note was placed into circulation on 12 June 73 by the Bank of Korea. The multicolored, 171x81mm, note features a portrait of King Sejong The Great on the front, and the Kyongbok palace on the back. MAURITANIA has been using its own currency since 30 June 1973. The new monetary unit is the Ougiya which consists of five Khoums. One Khoum is equivalent to one CFA Franc. PHILIPPINES: The new series of Piso notes, in 5, 10, 20 and 50 Piso de- nominations, is essentially the same as the "old" series presently in cir- culation, except that the words "ANG BAGCNG LIPUNAN" are superim- posed around the watermark and the security lacework through the water- mark. The "old" Piso series, which additionally contains the 1 and 100 Pisos denominations, as well as all English language series notes, will be demonetized after 31 Dec 1973. QATAR has independently issued a new series of notes, I believe in the same Dinar denominations as the previous, and now demonetized, Qatar-Dubai series. QATAR-DUBAI series of notes has been demonetized in both countries. For Qatar, please refer to above entry. For Dubai, which joined the United Arab Emirates, please refer to that entry. UNITED ARAB EMIRATES, a newly created political group (country?) consisting of Abu-Dhabi, Dubai, Shar- jah, Ras-al-Khaima, Umm-al-Qiwain, and Fujeira, has issued its first series of five notes consisting of 1, 5, 10, 50 and 100 Dirhams denominations. All fronts are similar, entirely in Arabic, with a coat-of-arms at the left. The colors, sizes and back de- scriptions vary. The 1 Dirham is green, 141x60mm, with a modern building and tower on the back. The 5 Dirhams is purple, 143x63mm, with ancient ruins. The 10 Dirhams is blue, 151x65mm, with aerial view of an island city. The 50 Dirhams is rose, 160x7Omm, with a palace. The 100 Dirhams is green, 165x73mm, with boats in small harbor. This series was printed by Thomas de la Rue, and is watermarked. USA—MILITARY PAYMENT CERTI- FICATES: Series 692 was discontinued and replaced by US currency on 15 March 1973, due to the disengage- ment of US armed forces from the Republic of South Vietnam. Series 692 had been in use in VN since 7 Oct 1970. Literature BANKNOTES OF THAILAND, by Silas Little An important, comprehensive, and adequately illustrated country study, this catalog lists 58 major varieties, various minor variations, and (in a separate section for this purpose) 35 signatures, combining to result in 247 varieties. Additional features include a list of Thai finance ministers, brief history of the country, and valuations for the most common varieties of each major variety. First edition, 1973, saddle-stitched paperback, available for $5.00 from author at: 7134 Carol Lane, Falls Church, Virginia 22042. PAPER MONEY CATALOGUE OF THE AMERICAS, by Albert Pick Since this entry is being submitted two months before its publication, it may be obsolete by the time it reaches the readers, but for what it is worth, here is "the story" in brief: When this book was first publicized, its re- tail price was given as $14.95. But, the book didn't appear. I am not certain what happened, or rather, I prefer not to venture an opinion on this matter. The next major "break- through" was a rumor that the retail price would be $30.00. Later, this was toned down to $25.00. And, this is where the story seems to linger at this instant (early Dec. 1973). Collectors who have indicated interest in obtaining this book are asked to be patient, and not to blame their dealer friends. THE UN PESO OF THE BANK OF MEXICO, by Ed Shlieker, Samuel M. Paonessa, and William L. Spencer An in-depth study of the Un Peso note of the Bank of Mexico, it renders valuations in four grades, illustrates all major varieties, gives complete emission information, signature charts, plus many additional points of in- formation for the specialist, including short histories of the note, the issuer and the printer. First edition, 1973, saddle-stitched paperback, 55 pages, available for $3.00 from: Shlieker- Paonessa-Spencer, Box 66061, Chi- cago, Illinois 60666. HISTORY OF PAPER CURRENCY AS ISSUED BY THE PEOPLE'S REPUBLIC OF CHINA, 1921-1965, by King-On Mao An impressive new 300-page hard- cover book, it illustrates 120 dif- ferent varieties and gives a detailed description of each. As a special fea- ture, this book contains relevant Com- munist propaganda and political slo- gans with precise English translations and standard Mandarin romanizations. Valuations are given in USA Dollars. Available for $12.00 (plus $1.20 for packaging and postage by surface mail) from the author-publisher at: 73-D Waterloo Road, 2nd Floor, Kow- loon, HONGKONG. "OSTERREICH BANKNOTES UND STAATSPAPIERGELD AB 1759", by Albert Pick and Rudolf Richter Another in a versatile series of nu- mismatic books, "Austrian Banknotes and State Paper Currencies, since 1759," is so marvelously illustrated, with catalog numbers and valuations lin DM) so obvious, that although this book is written in German, knowl- edge of the German language is merely "icing on the cake" for the reader. First edition, 1973, paper- back, 79 pages, available for $4.25 from Mrs. Beate Rauch, Box 60321, Terminal Annex, Los Angeles, Cali- fornia 90054. People TOY IS BACK! In a nice personal letter, Mr. Ray- mond S. Toy, author of World War Two Allied and Axis military curren - cies catalogs, notes that he wouldn't mind having the word spread around that he is back collecting notes (only MPCs this time) and continuing re- search to update his books. If any- one has information which may be helpful, please contact Mr. Toy at: Box 627, Page, Arizona 86040. RANTIlle L.X.MMIMIRADI •"Y"...€4261Prallk.11011111 TIM EMT so 0 it NATIONAL MEIROPOLIIIIN BAN( OF .1SH I NGTO N ,1007 OR COI UMMA l'i.; 1)11IJAUS 1506A A002'39411THE SECOND NATIONAL BANK OF co W. VSHINGTON DISTRICT DI' GOLUB°. 0 CV TEN DOLLARS A002n4A MAMA MAIMAIr %lc ['CU 333 • E014204A NATIONAL HANK OF WASHINGTON ,1 DISTRICT Or COLUMBIA tv) TES 1101.1CARS E014204A TEN DOLLUIS WHOLE NO. 49 Paper Money PAGE 31 District of Columbia Banks That Issued National Bank Currency 1929 By Paul K. Carr ECAUSE of their proximity to the seat of the Ito Federal Government, District of Columbia national banks enjoyed a status differing from most other commercial banks. District hankers had long looked upon themselves as agents or "correspondents" for other U. S. banks with the Federal Government. As an ex- ample. an advertisement in the "Bankers Directory" listed the following for the Commercial National Bank of Washington: Treasury Department service at Washington. Every National Bank needs an agent at Washington. We now represent over 1,000 banks . . . this service covers: 1. Witnessing the destruction of mutilated national bank notes. 2. Examining bonds deposited with the Treasurer of the U. S. to secure circulation and Government deposits. 3. Forwarding National Bank notes by registered mail insured. 4. Telegraphing advice of Comptroller calls. 5. Making deposits account of Five Per Cent Fund, transfer of funds, circulation Tax. Where else could you find national bank presidents meeting personally with the Comptroller of the Currency to discuss problems or personal wishes, and among these bankers' clients, the prominent leaders of the day, includ- ing the President of the United States? During the Great Depression, the banks in the District had their share of crisis along with the rest of the nation. At the conclusion of the "Bank Holiday," four of the District's banks were in trouble. The Commercial was in receivership; the District National Bank, Franklin National Bank, and Federal-American National Bank and Trust Company were in conservatorship. Today, 40 years later, only two that weathered the storm of depression are still in business. They are the National Bank of Washington (3425) and the Riggs National Bank (50461. Current size National Bank Notes issued from the District banks are not difficult to acquire as per type. but at least three banks' notes are scarce and perhaps one of these. rare. It is the opinion of prominent Wash- ington numismatic dealers who remember these notes in circulation that since redemption was only a few city blocks away, District of Columbia notes were among the first to be redeemed, accounting for some scarcity. STATISTICS ON THE BANK THAT ISSUED 1929 NOTES 1. THE NATIONAL METROPOLITAN BANK, charter (1069) President, George W. White; Cashier, C. F. Jacobsen. Located on F street near 15th, this was the first of all national banks in the U. S. to receive trust powers (February 25, 1915). The bank issued $10 and $20 notes of both types. Outstanding circulation was $788,900, reported in 1930. 2. THE SECOND NATIONAL BANK, charter (2038) President, Victor B. Deyber; Cashier, W. W. Marlow. Located at 509-7th Street N.W., this bank issued $5- $10-$20 notes in both types. Outstanding circulation was $500,000 in 1933. 3. THE NATIONAL BANK OF WASHINGTON, charter (3425) President, George L. Starkey; Cashier, J. Frank White. Located at 7th and C St. N.W., this bank issued $10-$20 notes of both types and had a cir- culation of $1,050,000 in 1934. This is one of Wash- ington's largest banks and is still in existence. 4. THE COLUMBIA NATIONAL BANK, charter (3625) President, Frank J. Stryker. This bank is the only D. C. national bank having two cashiers during the 1929 note-issuing period. Earlier notes, all type I, were signed by President Stryker and Cashier A. M. Mitchell. Later notes, of both types, were signed by President Stryker and Cashier R. H. Lacey. It is interesting to observe the very markedly different signature variations of President Stryker on these two issues. This bank was located at 911-F St. N.W. TIE WOMEN MA11111111 1111 IF WASHINGTON DISTRICT OF COLOMBO VAN MY TENDOLLAIIPO DM& IRE CRANIA NATIONAL 111111E WASHING'FON- - ' tO , Ilf tNalkin.L.Utti - C0039571 FAIGIA`TrIBET,ILWA 41,11(711t 1121117.11et • THE LINCOLN NATIONAL NINA Of WASHINGTON DISTRICT OF coLvena TWENTY nou.s.fis A30011711 A000117A TWIENTY110L141tS ' IRE AIRS NATIONAL RANA Of CD WASHINGTON I DISTRICT[OFAI, PI, TO 1. M.. ON Pe v...TEN MI LIARS A009778 A IfENDOIUL THE COMMERCIAL NATVOAAL SANK Of Ip WASHINGTON DISTRICT Of COLUMBIA ,0 .AM1.•■ °W.. ITm TEN DOLLIJIII S A023347“; .4411 MAIM awarata. a warn...* F' s C0145 5A NATIONAL ANNA Of INGTON OTTFRILT Of COLUMBIA •TEN IMILLANIS C01 11575A PAGE 32 Paper Money WHOLE NO. 49 and issued $5-$10-$20 notes. It listed its outstanding circulation at $250,000 in 1934. Cashier A. M. Mitchell Cashier R. H. Lacey 5. THE LINCOLN NATIONAL BANK, charter (4247) President, Floyd E. Davis; Cashier, James A. Soper. This bank, chartered in 1890, was located at 7th and D St. N.W. It issued $10-$20 in both types and had an outstanding circulation of $102,320 in 1934. Notes on this bank are scarce and somewhat difficult to obtain. Today it is the Lincoln branch of the famous Riggs National Bank. 6. THE RIGGS NATIONAL BANK, charter (5046) President, Robert V. Fleming; Cashier, George Vass. This bank is located at 1503 Pennsylvania Avenue N.W. directly across the street from the U. S. Treasury. This is the most famous of all D.C. banks; a complete book could be written dealing with its history and interesting clients. Originally a private bank, it was not chartered as a national bank until 1896. Clients during its earlier days included Daniel Webster, Henry Clay, and Abraham Lincoln. Modern clients have ranged from Jacqueline Kennedy to Harry Truman and Richard Nixon. The Riggs National Bank issued $5-$10-$20 in both types and reported an outstanding circulation of $3,000,000 in 1933. This is perhaps the easiest-to-acquire national bank note example from Washington, D.C. but, although issued, Type II notes are not frequently advertised for sale. 7. THE COMMERCIAL NATIONAL BANK, charter (7446) President, Wade H. Cooper; Cashier, F. H. Cox. Located at the northwest corner of 14th and G St. N.W., this bank issued $10-$20 notes in type I only. It was placed in receivership at the request of Col. Cooper on February 28, 1933 and at that time re- ported a circulation of $984,400. Colonel Cooper may have been one of Washington's most interesting bankers. At one time he was presi- dent of three Washington banks simultaneously (only this one being a national bank). The Washington Star newspaper reported in its Sunday edition for March 19, 1933, his efforts to reopen this bank, since he believed had he known of the upcoming Bank Holiday he would not have requested receivership. To quote the Star ". . While a jazz orchestra played `Happy Days are Here Again' at a mass meeting in the Mayflower Hotel last night, some 3,000 depositors in the Commercial National Bank . . . authorized Col. Wade H. Cooper, president of the institution, to proceed with plans for a reorganization of the bank." Cooper was a fighter (he was also a lawyer) and subsequently sued for equity none other than the Secretary of the Treasury (Cooper v. Woodin, Secre- tary of the Treasury, et al 63 App. D.C., 312). Later he filed for a writ of Certiorari for a judgment from the U. S. Supreme Court, all to no avail; nevertheless, he remains as one of Washington's more colorful bankers. 8. DISTRICT NATIONAL BANK, charter (9545) President Joshua Evans, Jr.; Cashier, Hilleary L. Offut, Jr. Located at 1406-G St. N.W., it issued $5- $10-$20 of known Type I notes and perhaps some Type II. This bank was unlicensed at the end of the Bank Holiday and was placed in conservatorship March 14, 1933, with Mr. Evans as Conservator. (The Franklin National Bank was unlicensed at the same time, but Type II notes were issued; see illu- stration.) On September 23, 1933 under the "Spokane Sale Plan",* the District National Bank's assets be- came part of the new Hamilton National Bank. The District national bank reported an outstanding cir- culation of $903,000 for 1933. HAMILTON NATIONAL RANK OF WASH I 'NGTON DISTRICT OF . COLUMBIA TI4N IHI1L,111S 3782 4045100 A045100 MAN.7.10,..%). Ion"' OM. C0043(,411INF 11111 KAM MA If WASHINGTON DISTIOCT Of COLUMBIA •I•■ TP 114.11( O114■40 — TEN IH 01.I..%II li C004304A 4144/1Quf.' moorsconZo..... THE FIALA 111110101. 8111* I WASHINGTON iOtIFTINKT Of COLUMBIAmu non Tonna sf.v. on Momnorioc I/01.4%1M HAMILTON NATIONAL BAH OF WASHINGTON R.CT OF COLUMBIA v/gly'Xr1,74E OLMOP :14..1*AD. FIVE DOLLARS WHOLE NO. 49 Paper Money PAGE 33 9. FEDERAL—AMERICAN NATIONAL BANK AND TRUST COMPANY, charter (10316) President, John Poole; Cashier, Charles D. Boyer. Located at the Southeast corner of 14th and G St. N.W., this bank issued $5-$10-$20 of Type I notes and probably some type II (see Franklin issues stated under the District National Bank). Since these are by far the scarcest of all Washington, D. C. national bank notes, I have no example to illustrate nor have I seen any 1929 nationals adver- tised for this bank. Large notes are sometimes available. This bank was placed in conservatorship at the end of the Bank Holiday with President Poole being the appointed Conservator. Its assets were sold under the Spokane Sale Plan to the newly- organized Hamilton National Bank. Of no aid to the bank's problems was the confession to and sub- sequent conviction of its cashier, Mr. Boyer, for embezzlement. The Federal-American Bank and Trust Company reported an outstanding circulation of $50,000 in 1933. 10. THE FRANKLIN NATIONAL BANK, charter (10504) President, John B. Cochran; Cashier, Thomas Hick- man. Located at 10th and Pennsylvania Avenues, this bank issued $10-$20 of both types even though it, too, was in conservatorship on March 14, 1933. Its assets were sold (Spokane Sale Plan) to the City Bank of Washington in the spring of 1934. Notes from this bank are hard to find even though records indicate a circulation of $225,000 in 1932. corner of 14th and G St. N.W. (old office of the Federal-American National Bank and Trust Com- pany). This bank should have been named the Spokane Sale National Bank as it was chartered on September 23, 1933 through the Spokane Sale of no less than seven District banks, two being former national banks. The Hamilton National Bank issued $5-$10-$20, all of type II. Being one of the large banks, its notes are quite plentiful. Outstanding circulation was reported at $1,000,000 in 1934. * The Spokane Sale Plan originated with the Comptroller of the Currency's office and was first used in connection with the Fourth National Bank in Macon, Georgia in 1928. It was subsequently used for the Exchange National Bank of Spokane, Washington which failed January 18, 1929, hence the name "Spokane Sale Plan." The plan was used in 257 cases of banks placed in conservatorship following the Bank Holiday of 1933. It consisted of the sale of the assets owned by closed bank to an existing bank or one organized for that purpose. REFERENCES Type I Type II 11. HAMILTON NATIONAL BANK, charter (13782) President, Edwin C. Graham; Cashier, Wilmer J. Waller. The main office was located on the Southeast 1. Beatty, Sister Mary Alexine, S.S.J., BANK FAILURES IN THE DISTRICT OF COLUMBIA IN THE TWENTIETH CENTURY, Doctoral Dissertation, The Catholic University Press, Washington, D.C., 1949. Cole, David M., THE DEVELOPMENT OF BANKING IN THE DISTRICT OF COLUMBIA, William Frederick Press, New York, N.Y., 1959. 3. Van Belkum, Louis, NATIONAL BANKS OF THE NOTE IS- SUING PERIOD 1863-1935, Hewitt Brothers, Chicago, Illinois, 1968. 4. Warns, M. O., Huntoon, Peter, Van Belkum, Louis, THE NATION- AL BANK NOTE ISSUES OF 1929-1935, published by the Society of Paper Money Collectors, Hewitt Brothers, Chicago, Illinois, 1970. 5. WHO'S WHO IN THE NATION'S CAPITAL 1929-1930, Ransdell Inc., Washington, D. C. 1930. 6. U. S. National Archives, Ledger Sheets of National Banks, Office of the Comptroller of the Currency, Washington, D. C. 7. Personal conversations with : Floyd E. Davis, Jr., son of the president, Lincoln National Bank of Washington ; Wilmer J. Waller, Jr., son of the cashier, Hamilton National Bank of Washington ; Eldridge G. Jones, Vice-President, The Riggs National Bank of Washington ; Ben M. Douglas, numismatist, Washington, D. C. Park Labor Scrip Wahpeton, North Dakota By Forrest W. Daniel CRIP WAS ISSUED by many authorities and for many purposes during 1933; it was used to pay teachers and municipal employees; it was used as business promotion; it was issued to replace money during the bank holiday and to facilitate movement of funds between banks. In Wahpeton, North Dakota, scrip found its most unusual use—it helped to build a city park. Chahinkapa Park For thirty years the City of Wahpeton had owned most of Horseshoe Island. This area of fine trees and brush with the Red River of the North on one side and a back- water of lagoons and swamp from an older river channel on the other was the breeding ground of birds and mos- PAGE 34 Paper Money WHOLE NO. 49 quitoes. Several attempts were made to develop the area over the years but by 1933 the area was being used by some as a dump ; a slaughter house and decaying vegeta- tion did little to make the area attractive. Early in the year a Park Board was appointed, with R. J. Hughes as chairman, to develop the area. The balance of the island was purchased and an adjoining four-acre tract leased. The Board of Education purchased an adjoining 17 acres for an athletic field, giving the park an area of approxi- mately 40 acres. Horseshoe Island and the nearby junction of the Bois de Sioux and Otter Tail Rivers which form the Red River were well known to the Indians as a meeting place. It was the end of the woodlands of Minnesota and the beginning of the Dakota prairies: called Chahinkapa, "no more wood." The Indians used the area as a base to hunt buffalo, make pemmican and cure hides during their sum- mer hunts; it had always been an attractive area. The work of developing Chahinkapa Park began on April 3, 1933, with Park Superintendent William S. Hunter in charge of the crew cutting dead trees and undergrowth and generally cleaning up the area. The plans for the first year included dredging the slough around the island, making it into two lagoons, and build- ing a temporary swimming pond for use that summer. A picnic area with tables, benches and toilet facilities was built to put the park into operation as soon as possible. To finance the project Hughes raised about $500 from people in the community. An old building on the fair- grounds and another owned by Hughes were torn down and the lumber used at the park. Other material was donated locally by the State School of Science, the Govern- ment Indian School, Board of Education and many in- dividuals and businesses. Farmers supplied stone and gravel. The Wahpeton Commercial Club solicited funds from businessmen to build a fund against which "Mer- chandise Certificates" could be drawn and enlisted the cooperation of the business community in the use of the scrip. Local Financing With Scrip The labor force in the park was drawn from the un- employed in the city, and they were paid in "Merchandise Certificates" at the rate of 15 cents per hour. Use of the scrip was not confined to the Park Board; scrip in de- nominations of 15 and 30 cents was issued in books of $1.50 and $3.00 and sold to the public the day work at the park began. Each certificate was an order on the Park Board to give the person presenting the scrip work to the amount of the face of the certificate. When the work was performed, the scrip was validated by Park Super- intendent Hunter and only then became good as cash for the purchase of merchandise or services from any mer- chant, business or professional man in the city of Wahpe- ton. Local people were especially urged to buy the scrip and give it to transients asking for handouts; it was hoped undesirables and professional beggars would leave town if they were required to work for their money. Scrip was available at the City Hall or at the park. During April, 34 local men and 22 transients were given work in the park, with scrip being used in fair numbers. During the summer 47 men were reported working at the park, with another nine donating one or more day's work without pay. By May the County of Richland required some of its assistance recipients to work in the park in payment for the aid they were receiving. Park records in the files of the Richland County Historical Society con- tain no mention of "merchandise certificates" but an entry on May 20 indicates wages were paid partly by cash and partly by "County Order," with wages at the rate of $1.50 per day. An entry of June 10 indicates 38 units of "script" issued to transients, and another on June 17 notes 50 units of "script" issued to transients at the rate of 15 cents per hour. The increase in transient use of the scrip in June undoubtedly reflects an influx of hoboes with warmer weather. The records show "Transient tickets stopped July 29, 1933." Sponsorship of the scrip is not specifically credited to either the Park Board or the Commercial Club. The local newspaper stated the Merchandise Certificates were placed on sale by the Park Board and were redeemable at the office of the City Auditor or the secretary of the Commercial Club in the City Hall. A history of Chahin- kapa Park states that the Commercial Club solicited the funds to redeem the scrip. The scrip may actually be the contribution of the Commercial Club to the develop- ment of the park but that cannot be confirmed since the club records were destroyed by water seepage. A piece of scrip might answer this question, but none has been located.* Federal Agencies Take Over Work in the park was well under way when Richland County established an emergency relief committee early in July to take care of the local problem of unemploy- ment; the discontinuance of the scrip three weeks later indicates an organized work force depending less on pick- up labor. By the fall of 1933, federal relief agencies were being organized to create work for the needy. The Civil Works Administration (CWA) was organized in Wahpe- ton on December 2, and 60 men were given employment in the park until the program was discontinued on March 15, 1934. On the following day the Federal Emergency Relief Administration (FERA) took over the project. Under this system people in need of help were given orders for groceries, clothing, rent, fuel and other necessities, with the understanding that the value of the goods would be worked out on public works projects. Before FERA ended August 22, 1935, 124 men took advantage of this method of obtaining relief and worked at the park. In September the Works Progress Administration (WPA) took charge of construction in the park and continued its development for several years. Up to July, 1938, individuals and local organizations contributed approximately $38,000 for purchase of land and making improvements in the park, including the modern concrete swimming pool sponsored by the Ameri- can Legion. The federal government, through the CWA, FERA and WPA, contributed approximately $92,000 in labor and materials. Chahinkapa Park was officially dedicated on September 12, 1937, with federal and state WPA officials in attendance. In addition to the picnic grounds and swimming pool, the park included terraced gardens and reflecting pools, baseball and softball diamonds, a lighted football field, cinder running track, children's playground, band stand, and facilities for winter sports. Chahinkapa Park was built from a swampy woods and its development expanded as its financing grew from 15-cent scrip to federal financ- ing. * NOTE : In an attempt to locate a description of the scrip the Globe-Gazette Printing Company, Wahpeton, was contacted. Their job printing order No. 67739 dated April 10, 1933, holds neither copy for nor proof of the scrip; but it does indicate the Park Committee ordered 200 of 10-cent and 200 of 25-cent denominations in dif- ferent colors. The order for new denominations of scrip only a week after the plan began is unexplained. SOURCES: Beautiful. Chahinkapa Park, Wahpeton, North Dakota Richland County Farmer, April 4, 25, May 2, 1933 Richland County Historical Society Wahpeton Park Board Globe-Gazette Printing Company 4"pk:Sti :Straa:Q.:AZ03117:3:i7g:INP.1:03:S:fol; f== WHOLE NO. 49 Paper Money PAGE 35 SPMC Chronicle The Energy Crisis and This Magazine A small, association-sponsored periodical like PAPER MONEY can maintain a regular publication schedule only by split-second timing. Everything depends on the mail service, since all dealings with authors and our photog- rapher, engraver and printer are conducted by mail. Even with normal service it is often difficult to take an article from submission to publication in the span of 30 days. Time must be allowed for editing, for working with the author, and for checking proof and ordering illustrations. Now, if the energy crisis causes delays and even break- downs in postal schedules, it is virtually certain that all of us connected with PAPER MONEY will encounter many frustrations in publishing it. And there is nothing we as individuals or SPMC can do about it, other than complain to our postmasters! Therefore, we ask, we beg your indulgence if the magazine is a bit late some months or if it doesn't always contain all your favorite features. And adver- tisers—if your copy has time value, please make allow- ances for delays. Our regular schedule of submission of ad copy by the 15th of the month preceding the month of publication may go awry at times. What happens if more than the mail service is affected if, for instance, the printer and engraver are forced to cut their work week because of fuel shortages as some firms in Wisconsin have already clone—we don't like to contemplate. But we will attempt to cross each bridge as it comes. Please do your part by refraining from unnecessarily badgering the officers and the editor about the delays. To process such correspondence only costs more time and money. BRM 9112mbith Raticipedion Column Now that PAPER MONEY will be published every-other- month, we have room for more direct participation by the membership at large in its content and editorial direction. Your officers have suggested some sort of "letters to the editor" column as a starter. "Member Participation Column" might be a more accurate but cumbersome name, so suggestions for other titles will be welcome. The purpose of the column may give some hints for a name. Looking at that purpose from the negative side, you will find that the column is not intended to be a place to air personal grudges or "gripes" and carry on vendettas or to deal with matters other than the paper side of numismatics in all its ramifications. More positively, it is intended to he a forum for free and courteous discussion of current areas of numismatic pursuits, problems and policies. It is intended to focus interest on members' ideas for a better hobby, to be a clearing house for members seeking assistance and information from others in their various research proj- ects. To these ends, members are asked to observe the following rules: 1. Address all communications to the editor. 2. All letters must he signed in full, with SPMC num- ber and address in addition. 3. Upon request, the address will be omitted when the communication is published. 4. However, letters will be published under the mem- ber's name; no unsigned letters can be published. 5. If possible, all communications will be published but no promise of publication can be made. 6. Do not submit material to be classified, catalogued or expertized. The editor cannot undertake these tasks because of limited time and lack of necessary security facilities. 7. The editor also cannot undertake to acknowledge or answer every communication personally or to carry on an extensive correspondence. When corresponding with the editor or fellow members, remember the courtesy of a self-addressed, stamped envelope. Properly conducted, a membership participation column can be a worthwhile force for good in the hobby. The deadline for publication in the March issue will be February 1, 1974. BRM Library Notes By WENDELL WOLKA, Librarian P. O. Box 366, Hinsdale, IL 60521 US 70—D6 Donlon, William United States Large Size Paper Money 1861 to 1923. Third edition. 183 pp. Illus. This book is certainly one of the most respected stand- ard references in the field of large size United States currency. With a discussion of grading, suggestions on how to go about starting a collection, the detection of counter- feits, as well as illustrations and valuations of almost every type of large size currency, one can see how this re- putation is earned. Mr. Donlon's years of experience in this field show up in the numerous historical footnotes and featurettes which are present throughout the book. There is one word to describe this book—invaluable! (Continued on Page 38) PAGE 36 Paper Money WHOLE NO. 49 No. New Members SECRETARY'S REPORT VERNON L. BROWN, Secretary P. 0. Box 8984 FORT LAUDERDALE, FL 33310 New Member Roster Dealer or Collector Specialty 3921 John Cheuvront, 6715 Ebensburg Lane, Dublin, CA 94566 3922 Raphael Ellenbogen, 105-55 Flatlands 2nd Ave., Brooklyn, N.Y. 11236 3923 C. Dale Lyon, P. 0. Box 1207, Salina, Kansas 67401 3924 Jim Thacker, P. 0. Box 2812, Pikeville, Ky. 41501 3925 J. Arthur Wenzel, 6411 Edwood Ave., Cincinnati, Ohio 45224 3926 William D. Clawson, 3722 Moorhill Drive, Cincin- nati, Ohio 45241 3927 Willard N. Blair, P. 0. Box 31, Stringtown, Okla, 74569 3928 Leon Wahrhaftig, 12827 Littleton St., Wheaton, Md. 20906 3929 C. K. Nygard, Rt. 4, Box 166, Elgin, Texas 78621 3930 Robert J. Betchyk, 2113 Pheasant Hill Dr., Lans- dale, Pa. 19446 3931 Leon A. Van Horn, R. #4, Augusta, Maine 04330 3932 Peter G. Underhill, 80 Park Avenue, New York, N.Y. 10016 3933 Carmen D. Valentino, 2956 Richmond St., Philadel- phia, Pa. 19134 3934 Bobby G. Rice, 1246 Winton Ave., Memphis, Tenn. 38104 3935 Alphonse A. Veltri, P. 0. Box 103, Belleville, N.J. 07109 3936 0. L. Lisot, P. 0. Box 1263, Littleton, Colo. 80120 3937 William L. Parkinson, Woodbine Road, Shelburne, Vt. 05482 3938 Junius T. Harris, P. 0. Box 283, Belle Glade, Fla. 33430 3939 Findlay-Hancock Co. Public Library, Elizabeth Harpst, Ref. Lib. Asst., 206 Broadway, Findlay, Ohio 45840 3940 C. Lincoln Johnson, 417 Napoleon Blvd., South Bend, Ind. 46617 C Federal Reserve Notes C U. S. large-size notes C National Currency of Kansas—General C National Currency of Kentucky C Obsolete and National Bank Notes of Cin- cinnati area C U. S. $2.00 bills, all types C National Bank Notes C General C Texas National Bank Notes C U. S. large-size notes C, D Maine notes, all kinds and especially of Augusta area C C, D Broken bank notes, vignettes, checks, etc. C German Notgeld C Broken bank notes C, D U. S., foreign bank notes, errors C, D Vermont broken bank notes C National Bank Notes C U. S. large-size notes Address 3208 Dr. Paul G. Abajian Clover Meadow, RFD #1, Jeffersonville, Vt. 05464 3402 David L. Branche, 5525 E. 61st Court, Tulsa, Okla. 74136 2634 Marc Cohen, 15 W. 72nd St., New York, N. Y. 10023 3549 M. Larry Cowart, P. 0. Box 679, Baxley, Ga. 31513 3278 Joseph A. Esposito, 22186 S.W. 61st Ave., Boca Raton, Fla. 33432 2486 Michael Humphrey, 85 N. Whitney, Knicker- bocker Apts., Amherst, Mass. 01002 3561 George H. LaBarre, 111 Ferry Street, Hudson, N. H. 03051 2281 Robert McCurdy, 1100 Queens Dr., Apt 231, Library, Pa. 15129 2877 Frank Bennett, 12233 Woodland N.E., Albuquer- que, N. Mex. 87112 3506 David Burns, M.D., VA Hospital, Depression Res., Univerity & Woodland, Philadelphia, Pa. 19104 1508 John C. Coleman, P. 0. Box 257, Vaiden, Miss. 39176 3192 Howard A. Daniel III, 1570 Cameron Crescent Dr., Reston, Va. 22090 3788 Mack Graver, 1106 5th St., Devils Lake, N. D. 58301 2727 Gary Johnson, 3701 43rd St., Apt 324, Moline, Ill. 61265 Changes 3111 Gary E. Lewis, P. 0. Box 31, USAF Academy, CO 80840 898 Jim Tom Nichols, 1739 Gus Thomason, Mesquite, Texas 75149 3706 Douglas Berryman, 3001 Second St. South, Wis- consin Rapids, Wis. 54494 3463 Carl Cochrane, Rt. 2, West Pines Div., Monti- cello, Ark. 71655 2565 Robert Cornell, Box 3620, Springfield, Mass. 01101 2385 Robert Delaney, Box 581, APO New York 09130 3322 Nathaniel Gluck, 4524 S.W. 54th St., Apt 501 W., Fort Lauderdale, Fla. 33314 1515 Bates H. Johnston, 8700 Pringle Dr., Cincinnati, Ohio 45231 3851 Louis Linetsky, 434 South Canon Dr., Beverly Hills, CA 90212 3889 Denis Nonaka, 3900 Vallbluff NE, #265, Atlanta, Atlanta, Ga. 30340 2532 Ray Y. Page, Rt. 1, Box 171 C, Zebulon, Ga. 30295 1747 Mrs. R. Stanley Penfield, Avery Heights, Room 214, 705 New Britain Ave., Hartford, Conn. 06106 2517 1st Lt. Samuel E. Roakes, Jr., 2561 Goldrush Dr., Apt 6, Colorado Springs, CO 80906 3576 Vaughn Sekula, 3221 Berkley Ave., Drexel Hill, Pa. 19026 WHOLE NO. 49 Paper Money PAGE 37 1435 Roger A. Wentz, 1215 N. Fort Meyer Dr., Arlington, Va. 22209 926 Raymond G. Parnau, 962 Inagua Ave., Bay Indies, Venice, Fla. 33595 2769 Dean H. Petersen, 4232 Orleans, Sioux City, Iowa 51106 1997 Capt. Donald W. Schleicher, 3429th Tech. Tng. Sq., Indian Head N.O.S., Maryland 20640 3900 (change in name) Eugene Stern, Sr., 693 Hill St., Highland Park, Ill. 60035 3505 Samuel T. Young, 1205 Palmyra Ave., Rich- mond, Va. 23227 1300 Jasper D. Payne, Box 75, Rt. 2, Terisu Lane, Powell, Tenn. 37849 724 Paul A. Reardon, 1501 Muhlenburg Dr., Norris- town, Pa. 19401 1733 Stanley W. Scieszka, 7 Virginia Ave., Camden, Maine 04843 2826 David F. Thompson, 8310 Carnegie Drive, Vienna, Va. 22180 1950 J. W. Bowden Deceased 2091 Bob Cooper DUES FOR 1974—SECOND NOTICE To all members who have paid their 1974 dues—a hearty thank you! To all members who have 'not paid their 1974 dues— consider this announcement as a second notice. With the number of issues of PAPER MONEY being increased from 4 to 6 per year, you will be receiving this copy of the magazine at about the same time you would normally receive a reminder for payment of dues. The Society is happy to send you this first issue of P.M. for 1974 and hopes that you have just forgotten to pay your clues. Unless the dues are paid before March 1st, this will be the last copy of the magazine you will receive. If you like this issue, you cannot afford to miss the other coming out this year. Furthermore, if dues are not paid by above date, your membership in SPMC will be cancelled. Previously we could carry a member to June 1st before dropping him, but we cannot do that now as the first three issues of PAPER MONEY come out in January, March and May. KEEP YOUR MEMBERSHIP ACTIVE. Pull out from the pile of unpaid bills, or from the desk drawer, the dues notice received in November or December and mail it immediately, together with check for $8.00, to: M. 0. Warns, Treasurer, P. 0. Box 1840, Milwaukee, Wis. 53201. Your cooperation will be appreciated, as payment now will save your Secretary time and expense later on. VERNON L. BROWN, Secretory WANTED SOL T I CAROLINA CURRENCY OBSOLETE NOTES SCRIP—BONDS NATIONALS Send description of notes or mail registered. KENNEY'S RARE COINS BOX 244, AIKEN, SC 29801 SPMC ANA SCNA BRNA WANTED Maryland National Bank Notes Contact: JOE ELLIOTT c/o Fred Sweeney Rare Coins P. 0. BOX 10144 KANSAS CITY, MO 64111 Telephone 816-753-5860 FREE LIST of POPULAR SCARCE RARE WORLD PAPER MONEY Now Available! MHR'S COIN CABIN DEPT. PM 9728 SEAVIEW AVE. BROOKLYN, NY 11236 PAGE 38 Paper Money WHOLE NO. 49 MONEY MART FOR USE BY MEMBERS OF THE SOCIETY ONLY PAPER MONEY will accept classifield advertising from members on a basis of 5c per word, with a mini- mum charge of $1.00. The primary purpose of the ads is to assist members in exchanging, buying, sell- ing, or locating specialized material and disposing of duplicates. Copy must be non-commercial in na- ture. At present there are no special classifications but the first three words will be printed in capital letters. Copy must be legibly printed or typed, accompanied by prepayment made payable to the So- ciety of Paper Money Collectors, and reach the Editor, Barbara R. Mueller, 225 S. Fischer Ave., Jeffer- son, Wis. 53549 by the 10th of the month preceding the month of issue (i.e., Feb. 10, 1974 for March, 1974 issue). Word count: Name and address will count for five words. All other words and abbrevia- tions, figure combinations and initials counted as separate words. No check copies. 10% discount for four or more insertions of the same copy. Sample ad and word count: WANTED: CONFEDERATE FACSIMILES by Upham for cash or trade for FRN block letters, $1 SC, U. S. obsolete. John Q. Member, 000 Last St., New York, N. Y. 10015. (22 words; $1; SC; U. S.; FRN counted as one word each) (Because of ever-increasing costs, no receipts for MONEY MART ads will be sent unless specifically requested.) WANTED $5 THRU $100 "Connally" regular and star notes from all districts. Will refund postage to anyone requesting list. All help appreciated. Thos. C. Bain, 3717 Marquette Dr., Dallas, TX 75225 WISCONSIN NATIONALS WANTED: Large or small- size. Especially need notes from Eau Claire and Chip- pewa Falls. Will trade extra Nationals for needed notes or will purchase. William J. Janke, 523 Putnam Dr., Eau Claire, WI 54701 CONNECTICUT CURRENCY WANTED: obsolete bank notes, scrip and colonial items. Also, any CU large-size National of Connecticut. Describe or send with price. Richard J. Ulbrich, P. O. Box 401, Cheshire, CT 06410 MILITARY CURRENCY WW2 wanted: Allied, Axis, Japanese invasion/occupation and military payment cer- tificates. Edward Hoffman, P. O. Box 8023, Camp Lejeune, NC 28542 WANTED: BROKEN BANK notes and sheets of the New England states. Building a research and exhibit collection. Especially want notes with historical or inter- esting and unusual vignettes. Will also pay generously for notes of rarity, high denomination or high quality. Will travel for large offerings. Write with description and price wanted or send notes for my offer. Duplicate notes for sale or trade, will send on approval. John Ferreri, P.O. Box 33, Storrs, CT 06268 (50) WANTED: MILITARY PAYMENT certificates and cur- rency W. W. II. Send list with prices or ship for highest prices. Clark Hutchason, P. O. Box 1773, Burlingame, CA 94010 (50) CALIFORNIA AND OTHER Western States Nationals plus certain other large-size currency wanted for collec- tion. Have trades available. Richard A. Sara, Box 296, LaFayette, CA 94549 (51) ILLINOIS AND CHICAGO obsolete notes wanted. Pri- vate collector interested in Chicago historical items, scrip, maps and books. James J. Conway, M.D., 2300 Children's Plaza, Chicago, IL 60614 (51) MISSISSIPPI OBSOLETE NOTES and scrip wanted for my collection. Also need Alabama and Louisiana notes. Byron W. Cook, P.O. Box 181, Jackson, MS 39205 (52) WANTED INDIANA OBSOLETE before 1861, especial- ly Indian Reserve Bank, Kokomo, Ind. Louis H. Haynes, 1101 E. Fischer, Kokomo, IN 46901 (55) UPGRADE YOUR MPC collection. Trade your duplicate notes, gold coins, commemoratives for hi-value MPC notes. Pricelist SASE. Make offers. Mervyn H. Reynolds, P. O. Box 3507, Hampton, VA 23663 (57) MISSOURI CURRENCY WANTED: Nationals, obsolete and bank checks from St. Louis, Maplewood, Clayton, Manchester, Luxemburg, Carondolet and St. Charles. Ronald Horstman, Route 2, Gerald, Mo. 63037 (54) Library Notes (Continued from Page 35) US 75—R4 Ruelhen, Larry Christmas Currency an Illustrated Trial List. Privately printed. 1973. 14 pp. Illus. (Gift of the Author). This small, well-put together, and entertaining booklet is one of the first to deal with a very interesting and yet almost unknown area of paper money collecting— namely those state notes, checks, and scrip which have vignettes of Santa Claus. The book is of great assistance to interested collectors as it contains both a catalog of all known notes and a selection of 16 plates covering both notes and die proofs as well as a short history of how state bank note issues came to be. This is a forerunner to an even larger book which the author plans to publish in September, 1974. CC 20—K1 Krause, Chester and Clifford Mishler Standard Catalog of World Coins. 1974 ed. Krause Publications Iola, Wisconsin. 864 pp. Illus. Of interest to those of us who also collect coins, this impressive illustrated volume lists and prices virtually all coins issued in the world from the mid-1800's to 1973. The book, with its many illustrations and easily under- stood introduction, is very valuable to both the advanced and beginning collector. PM-49 M. Tiitus Box 259 Menlo Park, Ca. 94025 USA WORLD PAPER CURRENCIES-Price List Cr Order Blank Name & complete mailing address For Office Use Received Remittance $ Amt. Filled $ Amt. Due $ Ref. or Credit $ Shipped To help me serve you better, please read carefully : 1-Please make all remittances payable to : M. Tiitus 2-All prices are given in USA funds 3-ABSOLUTE SATISFACTION GUARANTEED-five day return privilege 4-USA: Orders over $15.00 are sent by insured airmail 5-USA : Orders under $15.00 sent first class at buyer's risk 6-Canada: Registration (indemnity up to $200.00) $1.00 extra 7-Canada: Without registration, orders airmailed at buyer's risk 8-ELSEWHERE: Registration (indemnity $13.00) $1.00, plus $0.20 for each 1/-oz. for airmail: buyer assumes risk over $13.00 9-All orders under $3.00 must include 30c for handling a-Asterisk (*) : Limited quantity in stock at time of printing b-Second choices appreciated-used only if needed c-Many items on previous lists again, or still, in stock d-ABBREVIATIONS: B-Bank ; ENGR-Engraved ; me- mult i- color(ed) Sig--Signature, Signed ; wmk-walermark(ed) U- Uncirculated. Please do use this handy order blank-it will he returned to you with your order, and may be reused with a different color pencil. CHINA-The Central Bank of China (Dr S=.1Dr Sun Yat-sen) 10 Dollars 1923 (Dr S, brown & me/olive) ABNC VF .30 - 1 Dollar 1928 (green & me/Dr S, brown) ABNC ._-VF-EF 1.20 5 Dollars 1920 (Dr S, green/his tomb, green) ABNC U .90 1 Yuan 1936 (Dr S, red-orange & me/trees, brown) Td1R U .40 1 Y 1936 (Dr S, red-orange & me/pagoda, brown) W&S U .55 100 Y 1936 (Dr S, green & me/pagoda, violet & mc) W&S VF-U 1.15 ---5 Y 1941 (Dr S, green/green) Chung Hwa Book Co Ltd U .35 5 Y 1941 (Dr S, red-brown/pagoda on hill) Td1R U 1.00. 10 Y 1941 (Dr S, bright blue/green) Security BNC U 1.50 100 Y 1041 (Dr S, gray-green/dull violet) Security BNC U 1.00 1000 Y 1945 (Dr S. violet/violet) Security BNC U 3.00. 10,000 Y (1947) entirely in Chinese (Dr S at left, purple/ elaborate design, bluish-purple) U 2.00 10,000 Y 1949 Gold Yuan (Dr S, blue/bridge) Chung Hwa VF-U .40 CHINA-Bank of Communications 1 Y 1931, Shanghai (RR engine, red/tower pagoda) Td1R U 4.50* CHINA-Chihili Provincial Treasury (S&M C160-11) 5 Dollars (1928) (bridge, green/red block ovpt) U 35.00* CHINA-CBofC special issue for Manchuria (C303-31) 500 Y (1948) (gate, blue/Great Wall) bent corner, else ...0 25.00° CHINA--Major Error: Sinkiang Provincial Bank (11125-131 600,000,000 Y (1949) (Dr S, red & blue/bldg) printing separated by blank strip, due to paper fold EF 75.00. CROATIA 10 Kuna 1941 (arms, olive, etc/numeral) U 2.75* - 100 Runs 1943 (birds, blue & me/woman & child) U 2.50* 5000 K 1 Sep 43 (vessel, me/married couple) U 2.00 5000 K 15 Aug 43 (girl, gray & me/numeral, me) U 2.75* CUBA-Banco Nacional de Cuba 1 Peso 1940 (Jose Marti, blue/arms, blue) ABNC VF 5.00 0 20 P 1949 (Antonio Maceo, olive & bk/arms, olive) ABNC VF 3.75* - 100 P 1950 (Aguilera, violet & bk/arms, violet) ABNC VF 17.50* 1000 P 1950 (Thomas Estrada Palma, green/arms) ABNC U 25.00° 100 P 1959 (Aguilera, d orange/arms, orange) ABNC ...0 9.50° 5 P 1 . 960 (Gomez, green/arms, green) ABNC VF 4.75 10 P 1958 (Cespedes at right/arms, cows, dairy) Td1R VF 9.00° 10 P 1960, same exept date, signed by Che VF 5.50 10 P 1960, same, signed by Che, but better condition U 9.50* 10 P 1960, (Cespedes at center/arms, brown) ABNC VF-EF 5.00* - 20 P 1958 (Maceo, olive/olive) ABNC, red serial #s U 10.00* 20 P 1960 (Maceo, olive/olive) ABNC, black #s, Che signat U 15.00. 20 P 1960, same, lower grade, cheap VF 7.50* -1 P 1966 (Jose Marti, olive & mc/revolutionaries) U 6.50* 1 P 1970, similar except for signature layout U 4.50* -20 P 1961 (Cienfuegos, blue/marchers, blue) Che signa- ture AU 16.00* 20 P 1961, same, but no serial #, series numbers only ....0 4.50. *** None of the above are Castro's cheap specimen DOMINICAN REPUBLIC 50 Centavos 188- (topless girl, me/arms, blue) ABNC .0 4.75* 10 P, recent, Central Bank (Melia, red/gray) ABNC ....VF 7.75. 5 P, current (Sanchez, brown/Liberty cameo, arms) Td1R VF 7.75* 10 P, current (Mella, green/Liberty cameo, arms) Td1R VF 14.00' 50.00° ECUADOR-Banco Central del Ecuador 5 Sucres 1966 (Sucre, me/arms, red) ABNC, Serie HF U 1.75* 8.50° 5 S 1970, same exept date, signatures, Serie HJ U 1.00. 5 S 1970, similar, but noticeably different, Td1R, HI AU-U .75 10 S 1966 (Benalcazar, me/arms, blue) ABNC, KU U 2.75* 6.750 10 S 1968, similar, different back, Td1R, KW U 1.50 20 S 1966 (Campania de Jesus, me/arms, brown) ABNC KW U 3.50* 20 S 1969, similar, ABNC, KY U 2.50* EGYPT (Law of 1040) 5 Piastres (King Farouk, brown/blue) 5 P (mosque, brown/blue) 10 P (ruin, blue & green/green & red) 10 P (brown design/view of shoreline, buildings) y*••:••:"X••:• -•:•-•:.•:••:••:••:.*:••:.••:••:...'"•:":0.:7°.7.••:••:÷,...:••:":";••!...!••:•':":.•;.•:":".7.'.4 .4_. ESTONIA: "Paper Currencies of Estonia", by M Tiitus 6.00* .2,, ....: fully illustrated catalog, valuations, standard t ...,,, reference 3.50 ,I,3.25" 0*-•:**:**:**:**:••:**:****:••:**:**:**:**:••:":":**:+•:**:**:°•:":**:+•:**:+•:**:**:+•:°•:••:**:**:••:**:"::. ESTONIA-Eesti Vabariigi Kassataht (. . . Treasury Note) 5, 10 & 20 Penni (1919) fraetionals ; T-1-1, 1-2,, 1-3 U 6.50* same three fractionals, but lower grade VF 2.75 -50 Penni 1919 (blue design/blue) T-1-4 F-VF 1.75 50 Penni 1919, same, but better grade U 3.50. 1 Mark 1919 (brown design/brown) T-1-5 F-VF 2.00 3 Marka 1919 (tools, green & tan/design) T-1-6 VF 5.75. - 5 Marka 1919 (ploughing, blue & me/landscape) T-1-7 EF-U 7.00. 10 M 1919 (herdsman, brown/Viking horns) T-1-8c VF 17.50. 10 M 1919, same, but PROOV ovpt on genuine note VF 15.00. 25 M 1919 (potato harvesting/net fishermen) T-1-9b F-VF 17.50* 25 WI 1919, same, but different wmk, T-1-9a, taped VF 15.00* 19.50. 25 M, same but PROOV ovpt on genuine note, T-1-9a U 39.50° 34.50. 25 M, same PROOV, but different wmk, T-1-9b VF-1- 17.50* 100 M 1919 (woman spinning, brown sculptured nudes 5.75. representing Dawn and Twilight) edge damage, cheap VF 10.00. 7.50. 100 M 1919, same T-1-10 F 16.00* 3.75* 100 M (1927) ("Estonia" Theatre, mc//numeral, mc) 2.25. PROOV ovpts on two uniface halves ; genuine SPECIMEN note U 24.50° 8.500 500 M (1920) (arms, violet & me/violet) PROOV ovpt 12.50. 1-12d VF 20.00. 500 M, same, but Sec B, T-1-12e (1-12d was A) VF-U 20.00. same, but corner damage VF 14.00*5.75* 500 M, same, but Ser D, T-1-12f VF 20.00* 7.50. 500 M, same, T-1-12, for type collectors, my choice of series letter . . . all PROOV ovpt on genuine 500M notes) ...VF 18.00 (continued overleaf) ARGENTINA-El Banco Central (recent) 10 Pesos (San Martin, red/convention, red) wmk U .50 -1 P surcharged on 100 P (San Martin, , br/sold. & indians) U 1.00 ARGENTINA-Oxandaburu y Gravino, 1 Dec 1867 Real Boliviano (gaucho on horse, bull, black/ I hand- signed by D Grabino; not among usual group of 10 ARGENTINA-El Banco Prana, 1 April 1868 5 Pesos Moneda Boliviana (cow, green & violet/-) .... G ARGENTINA-Republica Argentina, Buenos Aires, 10 Jan 1884 5 Centavos (Dr N Avellaneda, arms, bk & tan/Lib- erty) VF BANGLADESH: Second Issue (please see previous list for others) 1 Taka (wheat, lavender & "gold",/arms) tiger wmk U .50 BELGIUM (Pick numbers given) - 5 Francs 1021 (figures, green & me/figures) taped P-2 ._G 3.90* -5 Fr c1938 (K Albert & Q Elizabeth, gray-blue/man) -47 F .75 -20 Fr 1964 (K Baudoin, arms, me/molecular model VF-EF .50 20 Fr 1964, same, but uncirculated U .85 BELGIAN CONGO & RUANDA-URUNDI 20 Fr 1053 (native woman, waterfall, olive/man) Td1R VF 20 Fr 1957 (boy, green/girl, green) Td1R VG-F BRITISH CARIBBEAN TERRITORIES, Eastern Group - 1 Dollar 1054 (QE2, map, red/arms, red) BW, QE2 wmk F-VF 3.75* 1 Dollar, same, but different dates, e.g., 1962, 1964 VF 2.90. BRITISH GUIANA 1 Dollar, 1 Jan 1942 (bird, falls, arms, red/Geo VI) W&S F 16.00° BUNDI (Indian State, WW2 era issue) 3 Pies Cash Cupon (Maharajia, purple/serial number) ....0 3.90. BURMA: "Military Admin. of Burma . . ." overprinted on 1 Rupee 1940 (Geo VI, gray/coin) Geo VI wmk ; WW2 issue VF 12.00: CANADA-Bank of Canada, 2nd Jan 1937 $10 (Geo VI, lavender/Mercury) BABNC, Coyne & Towers VF $20 (Geo VI, olive/Minerva) CBNC, Gordon & Towers VF CEYLON 1 Rupee 1918 (numeral, blue & green/blue) Td1R - 1 Rupee 1948 (Geo VI, violet & me/elephant & rider) U 10 R 1964 (portrait, green & purple/figures) VF 10 R c1969, similar, portrait replaced by statue VF-EF G- 3.75* G-F 2.75° F-VF 3.75* G- 2.75* CHILE-Republica de Chile 1 Peso 1919 (Prat, arms, black & red/numeral) ABNC ....0 2 Pesos 1921 (seated Liberty, me/cherub) local printing U CHILE-Banco Central de Chile 5 P e1928 (black & green/eagle, brown) blue paper EF-AU - 10 P 61929 (black & orange/eagle, blue) tan paper .. VF-U COLOMBIA-Banco Nacional de la Republica de Colombia 1 Peso 1895 (Bolivar, arms, yellow & bk/brown) ABNC VF 3.75. 1 Peso 1895, same, but better condition EF-U 5.75. (continued from previous page) GAMBIA-Central Bank of Gambia 1 Dalasi, current (First Pres Jawara, purple/planting) U GERMANY: N o t g e l d - SILK : Bielefeld 25 Mark 1921 ( cripples being cured at spa, blue & red brown/design) SILK : similar, but 1922, different colors, green, etc SILK: Bielefeld 50 M 1922 (towers, red & me/design) ....0 SILK: Bielefeld 1000 M 1922 (figures, purple & black/-) U COTTON: Bielefeld 1000 M 1922 (pictorial message, red, yellow & black/more) two sides sewn together similar, exept different colors, green, black & red VELVET: Bielefeld 10 Gold Marks 1923, black on gold 0 - TREATED CLOTH: Bielefeld 500,000,000,000 M, 21 Oct 1922 (Wilson parody, etc, red, blue, black/more of same) U GIBRALTAR 10 Shillings 1942 (The Rock, blue & y/arms, blue) W&S G- similar, but 1954, different signature, W&S similar, but 1965, different signature, Td1R ( !) 1 Pound 1942 (The Rock, green & y/castle) W&S G- --1 Pound 1965 (The Rock, green & y/castle) Td1R ( !) 0 GUERNSEY-The States of Guernsey 10 Shillings 1966 (violet & green/arms, purple) -same, but serial number 1948 for anyone born in 1948! U 1 Pound 1966 (harbor scene, purple & green/arms, green) NEPAL (2nd, recent ; and 3rd, latest, 1971 issues) 1 Rupee (coin, violet & olive/coin) 2nd U .90 --5 R (King Mahendra, purple & gray-green/Hans) 2nd 0 2.10 1.60 1 R (1971) (new king, lavender & me/ancient ferris wheel) U .45 5 R (1971) (new king, green & me/mountain terraces) .-.0 1.35 10 R (1971) (new king, brown & mc/palace, pond) U 2.65 NEW CALEDONIA-Tresorerie de Noumea --50 Centimes, 29 Mars 1943 (cranes, gray-green/arms) F 3.75* 1 Fr, 15 July 42 (cranes, purple/arms) ink writing G 3.25. 12.50* 2 Fr, 29 Mars 43 (cranes, brown/arms) G 4.75* 8.00* 5 Fr, 15 July 43 ( cranes, lemon-green/arms ) G 3.75* 17.50* --5 Fr, same, better condition VF 6.75* PARAGUAY-Banco Central del Paraguay : Complete SPECI- MEN Set 1, 5, 10, 50, 100, 500, 1000, 5000 and 10,000 Guaranies, 7.50* current or recent, Td1R (1952) . . 9 notes en} U 145.00* 7.00* 5.75* 12.50. 6.75* 5.75. 7.75* 8.50* 10.00* LATVIA: I specialize in the Baltic Countries-Estonia, Latvia & Lithuania. However, since I've listed so many Estonian notes in this list, and will also list some Lithuania, be- low, I will forego listing Latvia at this point in time (and space). I solicit your Baltic wantlists of both paper cur- rencies & coins. LITHUANIA 1 Centas 1922 (numeral, blue/green & d red) Poor -2 Centu 1922 (arms, green/brown) awful 5 Centai 1922 (green/arms, green) tears, but complete ....G 5 Centai 1922 (arms, blue & green/violet & yellow) - 5 Litai 1929 (Vytautas the Great 500th anniversary of birth, brown/military gathering before battle) com- memorative - 10 Litu 1927 (arms, green & me/sowing & ploughing) F 10 Litu 1927, same, but better condition VF - 20 L 1930 (Vytautas 500th Anniv/Victory) commemora- tive F-VF 50 L 1928 (Dr J Basanavicius, blue/cathedral) VT - same, lower condition for budget minded collector - 100 L 1928 (seated lady, purple & me/Bank of L, Kaunas) F-VF MADAGASCAR-Banque de Madagascar 5 Francs (face, red-brown & me/brown d es i g n) 125x80mm MALTA-The Government of Malta 1/- surcharged on 2/- 1918 (George V, green & blue/ Maltese cross) Td1r. Set of two watermark varieties, one with and one without watermark . . . 2 notes nice-VF -2/- (1940) (Geo VI, brown & rric/-) Pace signature ....VF -2/-, same, exept signed by Cuschieri VF 2/6 1939 (Geo VI, violet & mc/-) signed by Pace 2/6, same, but signed by Cuschieri VF+ SPECIAL : All four Geo VI varieties listed above, only .... 19.50* PARAGUAY-El Banco de la Republica, 26 Dec 1907, signed g5 ,,apesdos (Liberty, blue & black/arms, brown) W&S en- • 4.50. - glOra,Ped U (RR terminal, pink & bk/arms, green) W&S en- 4.75* ---100 P (bldg, yellow & bk/arms, blue) W&S engraved 0 9.50* PHILIPPINES: Uncirculated VICTORY overprint set of 5 notes 1 Peso, Shafer-47 : 2P, S-57 ; 5P -69 ; 10P -79 ; 20P -87 U 75.00* PHILIPPINES: World War Two era Guerrilla notes Bohol : 10 Centavos, Series of 1942 EF 3.00* Bohol : same, lower grade F 1.50* - Bohol : 25 Centavos, Series 1942 F-VF 2.25* Bohol : 50 Centavos, Series of 1942 F-VF 3.75. Bohol : 1 Peso, Series 1942 F 4.25* 8.50. Bohol : 10 Pesos, Certificate of 1942 F-VI, 5.00. 8.50* Cagayan : 2 Pesos (gray-olive/ploughing with ox) EF 5.75* 1.75 Cebu : 10 Pesos, 1941 2.50* Cebu : 1 Peso. 1941 (blue/yellow) F-VF 3.50° G 1.75* Cebu : same, but unc. U Cebu : 20 Pesos, 1941 VF 36::00: Cebu : 20 Pesos, 1942, portrait of Quezon, ink marks .. VF 3.50* 00 - Iloilo: 50 Centavos, 1943 G 445 .1 **. 'locos Norte: 5P, 15 June 1942, two sides, crude G Iloilo : 50 Centavos, 1944, Gov. of Panay & Romblon . ..G U 3.75* Iloilo: 1 Peso, 1944 PNB Iloilo : 50 C, 1944 PNB (Phil. Nat'l Bank) Iloilo : same, but unc G-F 1.50 U 4.00* -Iloilo : 2 Pesos, 1944 PNB G-F 1.50 U 4.50* --Iloilo: 1 P, 1941 (eagle, green/dark green) F 3 Iloilo : same, but unc (last Iloilo small size) ---Iloilo: 1 P, 1942, taped G- 1.50* -Iloilo : 2 P, 1941 (eagle, gray-purple/design) Iloilo: same, but better condition AU-U 5.75* F-VF 1.75 Iloilo : 5 P, 1941 (eagle, red & black/design) Iloilo : 5 P, 1942, McArthur F-VF 6.75* G-F 1.75 Iloilo: 5 P, 1942, McArthur, similar to above F-VF 2.25 Iloilo : 10 P, 1943 (eagle, pink & black/design) F 3.75. Iloilo: 10 P, 1941 G-F 2.00 Iloilo: 10 P, 1943 G 2.75* Iloilo : 10 P, 1942, Quezon's portrait EF-U 4.75* Iloilo : 10 P, 1944, Quezon's portrait Iloili : 20 P. 1942, FDR F-VF 2.25 F-VF 1.75 - Iloilo : 100 P, 1942, erupting volcano, yellow F-VF 2.75* Iloilo : same, better condition EF-U 7.50* -Mindanao : 10 Pesos, Series of 1943 VF .50 - Mindanao: 20 Pesos, Series of 1944 VF .50 Mountain Province : 1 Peso (1942) F 5.00* Negros : 1 Peso, Series of 1942, Quezon G 2.00* Negros : 2 Pesos, Series of 1942, Quezon G-F 1.50 Negros : 5 Pesos, Series of 1942, Quezon F 2.75* Negros : 10 Pesos, Series of 1942, Quezon G 2.75* Negros : 1 Peso, Series of 1943, yellow paper G-F 5.00* Negros : 1 Peso, Series of 1944 G 2.50* Negros : 5 Pesos, Series of 1944 G 2.75* Negros : 10 Pesos, Series of 1944 F 3.25* F 4.75. - -Samar : 20 Centavos 1943 F 4.50. Negros : 20 Pesos, Series of 1944 PORTUGAL-Banco de Portugal 20 Escudos 1964 (St Anthony, olive & me/church, mc) U 1.50 50 Escudos 1964 (Isabella, mc/non-prespective city view) U 2.90 RUANDA-Banco Nationale du Rwanda : SPECIMEN Note 50 Francs 1964 (map, navy & mc/miners) A-000000 U 12.50* SEYCHELLES-Government of Seychelles 5 Rupees 1042 (Geo VI, brown & green/-) Td1R VF 32.50* 50 Rupees 1942 (Geo VI, tan & blue/ ) Td1R F 85.00* SIERRA LEONE-Bank of Sierra Leone 50 Cents (man, flower, brown & me/bIdg) Td1R U 1.90 1 Leone (house, tree, green & me/excavating) Td1R U 3.25 --2 Leones (house, tree, red & me/native village) Td1R __U 4.90 URUGUAY (Law 2 Jan 1939, size 146x73mm) 10 Pesos (Artigas, violet & me/oxcart, gaucho) Td1R AU-U .70 same, but six different signature combinations (6) . .VF-U 4.50 USA-Silver Certificate: $1, Series 1935 D Narrow & Wide Backs (about 1mm difference) you know better than I which is scarcer, so consider getting the cheapie for "face" value. "Set" of two notes, soiled u U- 7.50* USA--Military Payment Certificate 9.50* --Series 661 : $5 (girl, brown & me/girl in cameo) U 7.50* -Series 681 : 5c, 10c & 25c (submarine/space walk) (3) U 1.50* Series 681 : $1 (test pilot, violet & mc/4 jets) U 1.90 36.00* YUGOSLAVIA-Narodna Danko. Jugoslavije --10 Dinara 1968 (steelworker, olive & me/design) U 1.50 3.75 3.75 4.75 4.75 15.00* 19.50* 5.75* 12.50* HONDURAS-Banco Central de Honduras 1 Lempira. 1968 (Lempira, red & 1 green/ruins Td1R ....0 1.40 5 L 1971 (Morazan, arms, black & me/Central B) ABNC U 4.25 -10 L 1971 (Cabanas, arms, brown & me/Central B) ABNC U 7.75* HONG KONG-The Hong Kong & Shanghai Banking Corporation $5 1946 (girl, arms, brown/bldg) BW 178x100mm_..F-VF $5 1959, same, different date, signatures, condition $5 1968 (girl, arms, brown/bldg) BW 142x89mm $a 1969, same as 1968, different signature $10 1969 (girl, arms, green & mc/bldg, green & mc) BW U 3.25* INDONESIA (Foltz numbers given) 1 Sen, 17 Oct 1945 (numeral, green/green) F-D45M1 ....VF 4.25* same, better condition U 7.50* 5 Seri, 17 Oct 1945 (gray-purple/gray-purple) F-D45N1 EF 7.50* same, better condition U 10.00* 5 Rupiah, 1 Jan 1947 (Sukarno, green/green) F-D47C1 ....0 15.00* - 10 Rupiah 1953 (Goddess K a 1 y, brown/me design) F-52D1 F-VF 4.75* 10,000 Rupiah 1964 (fishermen, green & me/boats, etc.) U 1.50 ISLE OF MAN-Douglas & Isle of Man Bank (Holmes & Holmes) 1 Pound 1843 (scenic view of harbor, black/sailships, house on shore, arms) aged limp, typically ; two dime-sized thin spots, but overall condition better than usual for this F+ 235.00* ISLE OF MAN-Isle of Man Government -10 Shillings (QE2, arms, red & me/boat) BW U 4.25* 1 Pound (QE2, arms, purple & me/Tynwald Hill) BW ....0 6.25* 5 Pounds (QE2, arms, blue & me/Castle Rushen) BW .0 32.50. 50 New Pence (QE2, arms, blue & me/boat) BW low ser # U 3.25 *** The above 50 NP is similar to 10/-, but different color. New types (1972), with older portrait of Queen Eliz. follow: - 50 New Pence (QE2, arms, blue & me/boat) BW, smaller U 2.00 1 Pound (QE2, arms, purple & me/Tynwald Hill) BW smaller U 3.90 - 5 Pounds (QE2, violet & me/Castle Rushen) BW, new design U 19.50. JERSEY-The States of Jersey (recent Specimen set) - SPECIMEN SET: 10 Shillings (QE2, brown/St Ouen's Manor), 1 Pound (QE2, green/Mont Orgueil Castle), and 5 Pounds (QE2, carmine/St Aubin's Fort) . . . set of three notes U 145.00* JERSEY-States of Jersey-German Occupation, World War 2 6d (= 6 Pence) (arms, black & orange/des) small tear VF 19.50* 2.75* 1.50* 4.75. 8.75* 30.00* 30.00* 35.00* 45.00* 30.00* 19.00* 26.50* END OF LIST PM-49-THANK YOU! M. TUTUS, Box 259, Menlo Park, California 94025 USA PAPER MONEY FROM PIEDMONT Fractional Currency FR# 1239 5c 3rd issue Fine $9.00 1240 10c 1st issue XF 22.50 1265 10c 5th issue Fine 5.00 1266 10c 5th issue Fine 5.00 XF 7.00 1281 25c 1st issue Fine 7.50 1282 25c 1st issue Fine 35.00 Large-Size Notes FR#240 1886 $2 Silver Cert. XF $135.00 267 1891 $5 Silver Cert. VF 85.00 FR#1308 25c 5th issue VG $4.00 1309 25c 5th issue Good 3.00 Fine 4.50 1312 50c 1st issue VF 15.00 XF 20.00 1374 50c 4th issue XF 20.00 Large-Size STAR Notes FR# 91 1907 $5 U.S. Note G/VG $17.50 121 1901 $10 U.S. Note VG/F 80.00 237 1923 $1 S.C. XF 42.50 238 1923 $1 S.C. VF 32.50 708 1918 $1 FRBN Fine 20.00 Small-Size 1929 National Currency $10: San Francisco, CA (13044) VG/F Honolulu, HAWAII (5550) VG/F Plainfield, IND (7011) VG Crofton, NEB (8186) VF New York, NY (2370) CU Toledo, OHIO (91) CU $20: San Francisco, CA (13044) VG/F Decatur, ILL (5089) CU Crofton, NEB (8186) VF+ Mechanicsburg, PA (326) VG/F Hughesville, PA (3902) AbtF $17.50 60.00 25.00 32.50 19.50 25.00 25.00 40.00 42.50 37.50 36.50 Type II Type I C000391A C000316A Type I Type I Type II Type I B000017A A000273 A000039A small bank very small bank cheap type note low charter number very small bank small bank small bank $5 Federal Reserve Notes $10 Federal Reserve Notes 928 K-11 CU $19.50 928B A-1 STAR NOTE VF $22.50 934 D-4 light seal CU 17.50 928B C-3 CU 21.00 934 G-7 light seal CU 15.00 928B D-4 STAR NOTE AU 29.50 934 1-9 light seal CU 24.50 934 A-1 light seal CU 19.50 934A G-7 block G-B CU 15.00 934 A-1 light STAR CU 29.50 934B G-7 CU 17.50 934A A-1 block A-B AU 17.50 934B H-8 CU 26.50 934A B-2 block B-D CU 18.50 934C C-3 C-A or C-B CU 15.00 934A B-2 STAR NOTE CU 30.00 950 B-A wide II CU 15.00 934B B-2 B-D or B-E CU 18.50 950A B-2 B-B or B-C CU 10.00 950B A-1 STAR NOTE AU 12.50 Miscellaneous Small-Size Notes $2 928 VG $8.00; Fine $12.50; AU $22.50 $ 5 1934 SC E-A VF $20.00 $2 928A Good $10; VG $12.50; Fine $16; VF $25 $ 5 1934A SC L-A CU 25.00 $2 928A scarcer B-A block VG $15; Fine $20 $ 5 1934B SC K-A VF 20.00 $2 928D MULED CU $15.00 $10 1934A SC STAR AU+ 40.00 $5 928C USN XF/AU $8.50 $10 1953 SC STAR AU+ 25.00 $5 928D USN a scarce note XF $40.00 $ 2 1928D USN STAR Good 6.50 $5 953 USN scarcer B-A block; CU $20.00 $ 5 1928C USN STAR VG 12.50 PIEDMONT COIN COMPANY POST OFFICE BOX 848 BURLINGTON, NORTH CAROLINA 27215 j(r) ifr eV i of /4 rr CHRISTMAS CURRENCY " By LARRY L RU EHLEN O 8 1/2 x 11 FORMAT / 121- PAGES 0 FEATURING 16 ILLUSTRATIONS 0 LISTING 30 SPECIMENS 0 COSTING 2 DOLLARS SEND FOR YOUR COPY TODAY! ■ Mr. L. L. Ruehlen 20614 Kenosha Harper Woods, MI 48225 I. ligtIONAL CURREN,,,, NOTE" 11( ritwit 4 • ) nON IP; .r) • TE 71, •F;P:17.,<•.4_1.1,__LII. 401 '14 .„‘ '1,1„11 y1 FN 404 AU FOR TRADE RARE MONTANA TERRITORIAL The First National Bank of Fort Benton, Montana Territory was chartered on May 14, 1880, with capital of $50,000. Title and location were changed to the Northwestern Bank of Great Falls on April 15, 1891. Poor management resulted in receivership on March 6, 1897. Here is the opportunity to trade for a choice Montana Territorial which is possibly the nicest to come on the market in years. The note was never in general circulation but in handling over the years it acquired a faint center fold 2/3 way from top toward bottom. There is also a faint horizonal fold 1/8 inch from the top which does not detract from appearance and is noticeable only on close examination. A choice and rare note!! This note is NOT for sale and is offered in TRADE ONLY for Montana Nationals, large or small, needed in my collection. If you are interested, send SASE for my Montana want list. I also have 2 scarce RED SEAL nationals (not Montana) which I will trade for certain Montana notes or accept cash offers. Washingtonville, NY $5 1902RS FNB E9065 VF BSN 2 FN 597 Bradner Cameron, Cashier; Edward R. Emerson, Pres. Nice pen sigs. Low bank serial number (2). Scarce Treasury signatures (Vernon - Treat). Low issue bank with only $660 large size outstanding in 1931. Baker City, OR $10 1902RS Citizens NB P9065 AU BSN 1035 FN 621 A. E. Beard, Cashier; W. E. Grace, President. Nice pen signatures. Note has a couple of light water (?) stains ihat do not detract from appearance except on close examination. MILTON M. SLOAN 7th & Park WHITEFIISH, MONTANA 59937 PHONE: Days Evenings 406-862-2151 406-862-3268 SPMC 2439 )1mili•ztu Nadonat Bait 111011EULIGUIIIM THINKING OF SELLING? We are interested in purchasing single specimens and entire col- lections of the following: • COLONIAL & CONTINENTAL NOTES • OBSOLETE SCRIP & BANK NOTES • ODD DENOMINATIONAL NOTES • PROOF NOTES • WESTERN TERRITORIAL NOTES • SUTLER NOTES • C.S.A. NOTES • U.S. FRACTIONAL NOTES • U.S. LARGE-SIZE NOTES MANY ITEMS AVAILABLE We have many scarce and choice items in stock and want lists will receive our immediate attention. COLONIAL VALLEY COIN CO. P. 0. BOX 187 MANHEIM, PA. 17545 MISSOURI NATIONALS WANTED • Will Buy Any Condition If I Need The Bank. Keenly interested in Uncut Sheets & other material pertaining to National Banks from 1863-1935. List information and prices in first letter and send for prompt action to: • FRED SWEENEY KANSAS CITY, MO 64111 BOX 10144 WANTED IOWA IOWA IOWA IOWA NATIONAL BANK NOTES From the following IOWA cities and towns: Adair Estherville Holstein Marshalltown Afton Floyd Ida Grove Nashua Belmond Fort Madison Ireton Northboro Blockton Garden Grove Jesup Brighton Gilmore Lansing Orange City Brooklyn Goldfield Lawler Sanborn Clutier Grafton Lineville Sutherland Coin Hamburg Linn Grove Wesley College Springs Harlan Lisbon Dike Harris Macksburg Please state condition and price or send insured for my fair offer to WILLIAM R. HIGGINS, JR. BOX 64, OKOBOJI, IOWA 51355 ANA Life #109 SPMC #2950 tack for &Ike these faces. if you want to SELL if you want to AUCTION if you want to BUY if you want to APPRAISE TOP JlitedCa 2145 50th Street LUBBOCK,TEXAS 79412 (806)747-3456 ANA-LM, SOPMC, INBNS,TNA 7/6diert AvrAvaly 01919Iyjja) NATIONAL CURRENCY WANTED BROWNSVILLE CAMDEN CARDIFF CARTHAGE CENTERVILLE CLARKSVILLE GOAL CREEK COOKEVILLE COPPER HILL COVINGTON CROSSVILLE DAYTON DECHARD DICKSON DOYLE DUCKTOWN ERWIN ETOWAH FAYETTEVILLE FRANKLIN GAINESBORO GALLATIN GREENEVILLE HARRIMAN HOHENWALD HUNTLAND HUNTSVILLE JEFFERSON CITY JELLICO JONESBORO KENTON I; I NGSTON K INGSPORT LaFOLLETTE LAWRENCEBURG LEBANON LENOIR CITY LEWISBURG LEXINGTON LINDEN LOUDON LYNNVILLE MANCHESTER MARTIN MARYVILLE McMINNVILLE MURFREESBORO NEWPORT ONEIDA PARIS PETERSBURG PIKEVILLE PULASKI RIPLEY ROCKWOOD RCGERSVILLE RUSSELLVILLE SAVANNAH SELMER SHELBYVILLE SMITHVILLE SMYRNA SPARTA SPRING CITY SPRINGFIELD SWEETWATER TAZEWELL TRACY CITY TRENTON ULLAHOMA WARTRACE WAVERLY WINCHESTER WOODBURY Please Grade and Price JASPER D. PAYNE BOX 75, ROUTE 2, POWELL, TENN. 37849 WANTED the following IOWA TOWNS by Charter numbers for my collection. CHARTER NO.'s 66, 147, 299, 323, 337, 351, 389, 398, 405, 411, 483, 485, 493, 500, 650. 692, 751, 792, 846, 848, 922, 950, 977, 994, 999, 1101, 1299, 1403. 1441, 1540, 1577, 1581. 1593, 1611, 1618, 1629, 1661, 1671, 1684, 1696, 1724, 1726, 1744, 1776, 1801, 1811, 1813, 1815, 1836, 1862, 1880, 1891, 1943. 1947. 1976. 1986. 2012, 2015, 2028. 2032, 2033, 2051, 2080, 2115, 2177, 2182, 2191, 2197, 2215, 2230, 2247, 2298, 2326. 2327, 2363. 2364, 2411, 2417. 2484, 2535, 2555, 2573, 2586. 2588, 2595, 2644, 2656, 2679, 2721, 2733, 2738, 2753. 2766, 2818, 2821. 2841, 2856, 2895, 2936, 2953, 2961, 2971, 2983, 2984, 3012, 3017, 3026, 3048, 3049, 3053, 3055. 3071, 3112. 3153, 3197. 3225. 3226. 3252, 3263, 3273. Please let us know what you have for sale. DAVID DORFMAN ANA, SPMC, ASDA P. 0. BOX 185 SIOUX CITY, IOWA 51102 WANTED CUBA and PUERTO RICO • -POST CARDS -PAPER MONEY -DOCUMENTS -BOOKS • Pay high prices. • JULIAN VALDES P. 0. BOX 703, SHENANDOAH, STA., MIAMI, FLA. 33145 ANA FUN SPMC IBNS SELL HARRY YOUR MISTAKES! Harry wants to buy currency er- rors . . . large and small-size notes . also interested in buying Na- tionals. Harry is selling error notes. Please write for list or specify notes .. a large selection of error notes available. HARRY E. JONES P. 0. BOX 42043 CLEVELAND, OHIO 44142 cuRnEkci, • Y1722314-.ors • R „0 „,. ItOVIIS ,o,p0S1 TV II CsIWZ.,42 1. 1 (1‘SlitC01(1 V),," ti4r.:21 j) v`4-"ts iria234 FLORIDA OBSOLETE & STATE NOTES 5.00 Bank of St. Johns, 1859-60. V. F. $12.00 10.00 Bank of St. Johns, 1859. V. F. 15.00 5.00 Bank of West Florida, 1832. A. U. 15.00 10.00 Bank of West Florida, 1832. A. U. 16.00 10.00 Bank of West Florida, 1832. R5 - Unc. 33.00 50g Florida R.R. Co., Fernardina. U/S. Unc. 70.00 3.00 Tallahassee R.R. Co. U/S. Unc. 11.00 3.00 Bank of Jacksonville. Unc. 15.00 2.00 Bank of St. Johns, 1862. R5 - Fine 33.00 3.00 Bank of Pensacola, 1840. R5 - V. F. 45.00 2.00 State of Florida, 1861. C8A - Fine 17.00 100.00 State of Florida, 1861. C2 - Unc. 43.00 20.00 State of Florida, 1861. C4 - X. F. 23.00 1.00 State of Florida, 1861. C9A - Fine 15.00 50.00 State of Florida, 1862. C11 - VF/XF 75.00 1.00 State of Florida, 1864. C41 - A. U. 12.00 2.00 State of Florida, 1863. C18 - Unc. 15.00 25g State of Florida, 1863. C24 - Unc. 3.00 100 State of Florida, 1863. C28 - Unc. 4.00 10.00 State of Florida, 1864. C32 - Unc. 11.00 500 State of Florida, 1863. C20 - Unc. 4.00 5.00 State of Florida, 1864. C35 - X. F. 22.00 Notes of most states in stock. I want to buy, sell or trade for your duplicates. Send want lists for colonial and obsoletes. RICHARD T. HOOBER, ANA 9302 P. O. BOX 196, NEWFOUNDLAND, PENNA. 18445 SMALL-SIZE Minnesota National Currency WANTED Adrian, National Bank of Adrian #9033 Barnum, First National Bank #11761 Brewster, First National Bank #10946 Buffalo, Buffalo National Bank #12959 Canby, First National Bank #6366 Cold Spring, First National Bank #8051 Cannon Falls, First National Bank #13713 Cottonwood, First National Bank #6584 Deer River, First National Bank #9131 Grand Meadow, First National Bank #6933 Halstad, First National Bank #7196 Hendricks, First National Bank #6468 Hendricks, Farmers National Bank #9457 Kerkhoven, First National Bank #11365 Le Sueur, First National Bank #7199 Lanesboro, First National Bank #10507 #7283 Madison, First National Bank #6795 State price and condition or send for my fair offer. I have many notes in stock as well What do you need? JOHN R. PALM Deephaven 18475 THORPE ROAD, WAYZATA, MINN. 55391 Mankato. National Bank of Com- merce #6519 Mapleton, First National Bank #6787 McIntosh, First National Bank #6488 Menahga, First National Bank #11740 Minnesota Lake, Farmers Na- tional Bank #6532 Osakis, First National Bank #6837 Park Rapids, Citizens National Bank #13692 Pipestone, Pipestone National Bank #10936 Roseau, Roseau County National Bank #11848 Sauk Center, First National Bank #3155 Stewartville, First National Bank #5330 Staples, First National Bank #5568 Verndale, First National Bank #6022 Waseca, Farmers National Bank #9253 Waterville, First National Bank WANTED FOR MY COLLECTION THE FOLLOWING UNCUT SHEETS: Friedberg Denomination Series F-1506 $2 US Notes 1928E F-1507 $2 US Notes I928F F-1611 $1 Sil. Ctfs. 1935B F-1613 $1 Sil. Ctfs. 1935D F-1614 $1 Sil. Ctfs. 1935E F-1655 $5 Sil. Ctfs. 1953 Signatures Serial Numbers Julian & Vinson D 35,532,493 A through D 35,532,504 A (12 Notes) Julian & Snyder D 39,553,033 A through D 39,553,044 A (12 Notesl Julian & Vinson C 93,384,097 D through C 93,384,108 D (12 Notes) Clark & Snyder Z 33,324,373 E through Z 33,324,384 E (12 Notes) Priest Cr Humphrey N 46,994,793 G through N 46,994,810 G 118 Notesl Priest & Humphrey A 00,001,243 A through A 00,001,260 A (18 Notes) W. C. BLAISDELL 10 Adams St., Linden, N.J. 07036 FLORIDA NOTES WANTED ALL SERIES • Also WARREN HENDERSON P. O. BOX 1358. VENICE, FLA. 33595 A Good Stock Of Notes Available NEBRASKA OBSOLETE CURRENCY • I am buying single notes and uncut sheets of Nebraska Obso- letes for my collection. Also, medals, badges, pins, book- lets, etc. of the Trans-Mississippi Exposition. Describe and Price. • LEONARD M. OWEN SPMC 2044 684 NORTH 59th STREET OMAHA, NEB. 68132 SELLING? Would you try to sell your stamp collec- tion to a coin dealer? Don't make the same mistake with your U. S. paper money. We are a full-time dealer spe- cializing exclusively in U. S. paper money. Need we say more? • BUYING? Our current ten-page comprehensive price list of large and small U. S. paper money is yours for the asking. • THE VAULT P. 0. BOX 2283 PRESCOTT, ARIZ. 86301 Wanted Pennsylvania National Bank Notes Large or small, any type, any denomination, or un- cut sheets. Akron #9364 Leola #13186 Bainbridge 9264 Lincoln 3198 Blue Ball 8421 Lititz 2452 Brownstown 9026 Lititz 5773 Christiana 2849 Lititz 9422 Christiana 7078 Manheim 912 Columbia 371 Manheim 3635 Columbia 641 Marietta 25 Columbia 3873 Marietta 2710 Denver 6037 Marietta 10707 Elizabethtown 3335 Marietta 14276 Ephrata 2515 Maytown 9461 Ephrata 4923 Millersville 9259 Cap 2864 Mount Joy 667 Intercourse 9216 Mount Joy 1516 Lancaster 333 Mountville 3808 Lancaster 597 New Holland 2530 Lancaster 683 New Holland 8499 Lancaster 2634 Quarryville 3067 Lancaster 3367 Quarryville 8045 Lancaster 3650 Strasburg 42 Lancaster 3987 Strasburg 2700 Landisville 9312 Terre Hill 9316 State price and condition or send for my fair offer. ELMER E. PIERCE P. 0. BOX 131, EPHRATA, PENNA. 17522 Member ANA 20105 Member SPMC 2579 NATIONALS • I. Send self-addressed stamped envelope for free list of Large and Small-Size National Bank Notes. • If you have National Bank Notes that you would like to sell, please contact me. Telephone 712-255-6882 or 712-365-4514 • CURTIS IVERSEN P. 0. BOX 1221 SIOUX CITY, IOWA 51102 I NEED SOUTH CAROLINA PAPER MONEY I WANT TO BUY ALL TYPES OF SOUTH CAROLINA PAPER MONEY FOR MY PERSONAL COLLECTION. I Need — PROOF NOTES OBSOLETE BANK NOTES S.C. NATIONAL BANK NOTES CITY, TOWN & PRIVATE SCRIP I HAVE SIMILAR MATERIAL FROM OTHER STATES THAT I WILL TRADE FOR NOTES THAT I NEED. PLEASE WRITE FOR MY DETAILED WANT LIST. I Also Collect — PROOF NOTES WORLDWIDE SPECIMEN NOTES BRITISH COMMONWEALTH VIGNETTES USED ON BANK NOTES COUNTERFEIT DETECTORS BANK NOTE REGISTERS J. ROY PENNELL, JR. SPMC #8 ANA #11304 P. 0. BOX 858 ANDERSON, SOUTH CAROLINA 29621 KEEP INFORMED WITH DONLON CATALOGS THE "BIBLE" FOR COLLECTORS OF UNITED STATES LARGE SIZE PAPER MONEY 1973 Third Edition, 3.50 ppd. 1968 First Ed. and 1970 Second Ed. 3.00 each Have a few copies 1970 Ed. clothbound 4.50 ppd. ALL THE BEST TO ALL IN 1974! WE AT DONLON'S SINCERELY HOPE THAT ALL OUR PATRONS WILL ENJOY GOOD HEALTH, HAPPINESS, AND PROSPERITY IN THE NEW YEAR AND FIND MUCH FOR WHICH TO BE THANKFUL. WE ARE THANKFUL FOR THE BEST BUSINESS YEAR IN 15 YEARS OF DEALING IN U. S. PAPER MONEY EXCLU- SIVELY, AND FOR THE GREATEST NUMBER OF NEW CLIENTS IN ANY ONE YEAR. OUR SINCERE THANKS AND APPRECIATION TO ALL WHO MADE THIS POSSIBLE. JANUARY 24 Is THE DATE! NEXT DONLON MAIL BID SALE UNITED STATES PAPER MONEY RARITIES, MISPRINTS, SINGLES AND DEALER LOTS ILLUSTRATED CATALOG ONE DOLLAR WILLIAM P. DONLON P. 0. Box 144, Utica, New York 13503 aROFESSIONk iuMISMPTIsts ;,,,t o • In