Paper Money - Vol. XIII, No. 6 - Whole No. 54 - November 1974

Paper 1itene9 BIMONTHLY PUBLICATION OF THE Cociety of Ptil2eP 'Noel Collectop4 Vol. XIII No. 6 Whole No. 54 November 1974 The story of Cyrus Durand, inventive genius who developed mechanical banknote engraving Page 243 pRoFEssioNk NUMISMPITIsis %utio•iNc- $1 FEDERAL RESERVE NOTES Superb Crisp New Sets-Buy NOW at these Low Prices Complete Sets Sets - Last 2 Nos. Match Complete Star Sets 1963 (12) 22.95 25.75 (12) 22.95 1963A (12) 20.95 22.75 (12) 21.95 1963B ( 5) 8.95 9.75 ( 4) 7.95 1969 (12) 17.95 19.75 (12) 18.95 1969A (12) 17.95 19.75 (11) 18.95 1969B (12) 17.95 19.75 (12) 20.95 1969C (10) 14.95 16.75 ( 9) Write 1969D (12) 16.95 18.75 Soon # 1963/1969D-All Eight Sets (87 Notes) ALL-MATCHING NUMBERED SETS 1963/1969D (87)-all with the Same-Last Two Numbers 169.75 1963/1969B "Star Sets"-all with Same-Last Two Numbers 139.75 Ask for our List #2A-Small Size Notes, Blocks & Accessories Star Set - Last 2 Nos. Match 24.95 23.95 8.95 20.95 20.95 23.95 Write # 132.75 1963/1969B "Star Sets" (63 Notes) 105.75 IMPORTANT BOOKS-POSTPAID It Pays BIG Dividends to KNOW Your Coins & Currency, send $1 for Our Big Book Catalog-It Lists Hundreds of Titles- and Free with Order. Bradbeer's "Confederate & Southern States Currency". Reprint includes 115 pages of Articles from the Numismatist on Confederate Currency & Texas Treasury Notes, as revised by the Noted late Charles E. Green. Indeed a MUST on this Series 12.50 Criswell's "North American Currency". 2nd Ed. 942 1.95 pages; 2,669 Illustration Includes Canadian &Mexican Currency; States Issues of Currency & Bonds SPECIAL - ABOVE BIG PAIR 22.50 Friedberg's "Paper Money of the United States" New 8th Ed.-Due in Dec. 1.50 Huntoon/Van Belkum's "National Bank Notes of the Note Issuing Period 1863/1935". Lists all Charter Banks (14,348) Donlon's "U.S. Large Size Paper Money 1862/1923" 1969, New 3rd Ed. 2.95 BLOCK SPECIALS 1963 AA-BA-CA-DA-FA-KA Each $2.50; HA-IA- JA Ea. $2.25; GA $2.00; EA $3.25; LA 3.50 1963A CA-CC-DC-DD-KB-KC Ea. $1.95; EE-EF-FA- IA-JA-JB-KA Ea. $2.25; DB 4.00 AA-DA-GD-HB-HC Ea. $3.00; ED-LA Ea. $3.50; EA-GH-HA Each 2.50 FC-GC Each $5.00; LB - Each $6.50; FB $4.50; BB - Scarce 29.50 1963B BH-EG-GI-LG Each 1.65 1969 BB - BC-EB -EC-FB-GB -GC -GD-LB-LC Each $1.65; DB-KB Each 1969A AB BD FC GE HB (B Each $1.65; AA (5/$9.00) Each 2.00 1969B BB-EB-FB-GB-LB-LC Each 1.50 1969C DB-EC-FC-GD-JB-LD Each 1.50 1969D AB-BB-BC-BD-CB-DB-EB-EC-ED-FB-FC- GB-GC-GD-HB-JB-LB-LC Each WESTPORT CURRENCY ALBUMS Beautiful Album Pages for following Sets: $1 Federal Reserve Sets-1963, 1963A, 1969A, 1969B, 1969C, 1969D, each $1 Block Set Pages-1963, 1969, 1969A, 1969B, 1969C, 1969D each 6.95 1963A $13.95; 1963B 3.50 Deluxe 3-Ring custom made Binder-each 4.95 NEW ANCO CURRENCY COVER De Luxe Custom-made Album. Size 10 x 12. Ca- pacity 96 Notes. Available in Blue-Brown-Green or Red. State Color desired. (Add $1.50 mailing charge) 12.95 $1 "R" & "S" EXPERIMENT ISSUE 1935-A $1 Red "R" "S" Special Issue Notes. Superb Crisp New: Red "R" $89.75; Red "S" $69.75; The Pair 149.75 Similar Pair - Crisp New (not as well Centered 124.75 Write 13.50 3.65* Hewitt/Donlon's "Catalog of Small Size Paper Money", New 10th Ed. 1.85* Kemm's "The Official Guide of U.S. Paper Money" 1974 Ed. 1.15* O'Donnell's "Standard Handbook of Modern U.S Paper Money", Tells All You'll Want to Know about Block Collecting. 3rd Ed. $2.65; 4th Ed. 9.75 Warn's Classic "The Nevada Sixteen" 15.00 Shafer's "Guide Book of Modern U.S. Currency". New 6th Ed. 2.65* Werlich's "Catalog of U.S. & Canadian Paper Money" Includes Confederate Currency & Fractional Cur- rency. 1974 Ed. 3.95* SPECIAL-Above BIG Five, Starred * 10.95 15.00 SELLING + BUYING + SELLING UNCUT SHEETS (4, 6, 12, 18) Sample Buying Prices: For Perfect CN Sheet, Paying $10,000.00 for 1928-E $1 Silver Certifi- cates. Send List of Others for our TOP Cash Offer. And, IF you wish to Buy, please send your Want List for Quotes. LARGE SIZE NOTES=Scarce/Rare fall Issues except 1914 Federal Reserve). Please Describe fully in your First Letter. Whether Buying or Selling there's a Better Deal for you at Bebee's. Now, Thousands Know That-and have told us so! 100% Satisfaction Guaranteed. Please Add $1.00 under $100.00. Nebraskans add Sales Tax. "Aubrey and Adeline Bebee and their Staff, extend Very Best Wishes to all, for a Joyous Holiday Season and a New Year of Peace-Health and Happiness." MEMBER: Life #110 ANA, ANS, PNG, SCPN, SPMC, IAPN, Others. Bebee ' s, inc. "Pronto Service" 4514 North 30th Street Phone 402-451-4766 Omaha, Nebraska 68111 SOC1E I\1 PAPER >R ).N LS COLLECTORS INC Founded 1961 PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors, Inc., J. Roy Pen- nell, Jr., P. 0. Box 858, Anderson, SC 29621. Second class postage paid at An- derson, SC 29621 and at additional entry office, Federalsburg, MD 21632. 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. ADVERTISING RATES Space Outside 1 Time Contract Rates 3 Times 6 Times Back Cover $40.00 $108.00 $204.00 Inside Front & Back Cover 37.50 101.25 191.25 Full page 32.50 87.75 165.75 Half-page 20.00 54.00 102.00 Quarter-page 12.50 33.75 63.75 Eighth-page 8.00 21.60 40.80 25% surcharge for 6 pt. composition; en- gravings & artwork at cost + 5%; copy should be typed; $2 per printed page typing fee. Advertising copy deadlines: The 15th of the month preceding month of issue (e.g. Feb. 15 for March issue). Reserve space in advance if possible. PAPER MONEY does not guarantee adver- tisements but accepts copy in good faith, reserving the right to reject objectionable material or edit any copy. Advertising copy shall be restricted to paper currency and allied numismatic mate- rial and publications and accessories related thereto. All advertising copy and correspondence should be addressed to the Editor. Paper /honey Official Bimonthly Publication of THE SOCIETY OF PAPER MONEY COLLECTORS, INC. Vol. XI II - No. 6 Whole No. 54 November 1974 BARBARA R. MUELLER, Editor 225 S. Fischer Ave. Jefferson, WI 53549 Tel. 414-674-5239 Manuscripts and publications for review should be addressed to the Editor. 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. 0. Box 8984, Fort Lauderdale, FL 33310. IN THIS ISSUE: CYRUS DURAND—INVENTIVE GENIUS —Craig J. Turner 243 ADDITIONS & CORRECTIONS TO THE COMPREHENSIVE CATALOG OF U. S. PAPER MONEY Gene Hessler 252 1929-1935 NATIONAL BANK NOTE VARIETIES: SUPPLEMENT II —M. Owen Warns 253 RARE BANKNOTES, BANKS, AND BANKERS OF INDIANA —Wendell Wolka 257 A COUNTERFEITING MYSTERY —Harry G. Wigington 258 THE AMERIKANSKY AND RUSSIAN MONEY 260 WORLD NEWS AND NOTES M. Tiitus 261 JAY COOKE, PATRIOT BANKER —Brent H. Hughes 262 AN 8-NINES NOTE WITH IDENTICAL PREFIX AND SUFFIX —Tom Morrissey 266 FEDERAL RESERVE CORNER —Nathan Goldstein i I 266 SPMC BICENTENNIAL FEATURE: UNITED STATES LOAN OFFICE CERTIFICATES —Forrest W. Daniel 267 COUNTERFEITS OF CANADIAN BILLS: EXCERPTS FROM DYE'S COUNTER- FEIT DETECTOR 270 The Society of Paper Money Collectors, Inc. SPMC CHRONICLE 272 SECRETARY'S REPORT —Vernon L. Brown 277 MONEY MART 279 society off Paper litenel Collectors OFFICERS President J Roy Pennell, Jr. P. 0. Box 858, Anderson, S. C. 29621 Vice-President Robert E. Medlar 4114 Avenue Q, Lubbock, Texas 79412 Secretary Vernon L. Brown P. 0. Box 8984, Fort Lauderdale, Fla. 33310 Treasurer M. Owen Warns P. 0. Box 1840, Milwaukee, Wis 53201 APPOINTEES Editor Barbara R. Mueller Librarian Wendell Wolka BOARD OF GOVERNORS Thomas C. Bain, Vernon L. Brown, Forrest W. Daniel, James N. Gates, David A. Hakes, William J. Harrison, Robert E. Medlar, Eric P. Newman, Charles O'Donnell, J. Roy Pennell, Jr., Glenn B. Smedley, George W. Wait, M. Owen Warns, Harry G. Wigington, Wendell Wolka. 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". This letter will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or to vote. Members of the A.N.A. or other recognized numismatic organizations are eligible for membership. Other applicants should be sponsored by an S.P.M.C. member, or the secretary will sponsor persons if they provide suitable references such as well known numismatic firms with whom they have done business, or bank references, etc. DUES—The Society dues are on a calendar year basis and are $8.00 per year, payable in U.S. Funds. Members who join the Society prior to October 1st receive the magazines already issued in the year in which they join. Members who join after October 1st will have their dues paid through December of the following year. They will also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. One of the stated objectives of SPMC is to "encourage research about paper money and publication of the re- sultant findings." In line with this objective, the following publications are currently available: OBSOLETE BANK NOTE LISTING SERIES Hard-covered books profusely illustrated Texas Obsolete Notes and Scrip by BOB MEDLAR Postpaid to members, $6.00 Others, $10.50 Florida Obsolete Notes and Scrip by HARLEY L. FREEMAN Postpaid to members, $4.00 Others, $5.00 Vermont Obsolete Notes and Scrip by MAYRE B. COULTER $10.00 postpaid —Dealers—Write for Quantity Prices to J. Roy Pennell, Jr. P. 0. Box 858, Anderson, SC 29621 Back Issues of PAPER MONEY $1.00 each while they last All issues from Vol. 4, No. 2, 1965 (Whole No. 14) to date. Earlier issues are in short supply. A limited supply of bound books containing two volume- years each also available for $12.50 per book. Specify Vols. 5 and 6 (Nos. 17-24) ; or 7 and 8 (Nos. 25-32) ; or 9 and 10 (Nos. 33-44). Send remittances payable to The Society of Paper Money Collectors, Inc. J. ROY PENNELL, JR. P. 0. Box 858, Anderson, S. C. 29621 Be Sure To Include Zip Code! The National Bank Note Issues of 1929-1935 by M. 0. WARNS-PETER HUNTOON-LOUIS VAN BELKUM This is a hard-covered book with 212 large pages and 329 illustrations. $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 Code! WHOLE NO. 54 Paper Money PAGE 243 Cyrus Durand - Inventive Genius By CRAIG J. TURNER Division of Postal History Smithsonian Institution The following study first appeared in the June, 1974 issue of the SPA Journal, official publication -4- of the Society of Philatelic Americans, and is reprinted here through the courtesy of Mr. Belmont Faries, its editor. Illustrations were supplied by the Smithsonian Institution, Dr. Glenn Jackson, * and George W. Wait. C3 Although the orientation of the article is more philatelic than syngraphic, the applications to 2 1,' the study of banknote design are quite obvious. Philatelic specialists have generally been more aware of the activities of the various security printers and artisans than syngraphists. Therefore, Mr. Turner's exposition should be of special interest to readers of PAPER MONEY. BRM 4, FROM the days of the caveman, the representation ofnatural objects by means of a picture has been one of the prime means of communicating ideas from mind to mind. Over the years, the method of produc- ing one picture at a time was found to be very unsatis- factory as the speed of civilization increased. It was not long before the discovery was made that a single picture might be reproduced many times over by the processes of engraving and printing. The methods used in the 1800s to design, engrave and print our classical United States postage stamps were the identical processes employed to produce the paper cur- rency of our early banks. From the 1820s to the 1890s there existed in America a small group of artists, de- signers, engravers and printers who worked interchange- ably on banknotes, postage stamps, railroad bonds, rev- enue stamps, stock certificates and other securities required by our young nation to carry on the commerce of the day. Early in the century, banknotes were issued by pri- vately owned banks; consequently, there was a steady market for the engraving and printing skills of these artisans. These versatile men often formed companies among themselves, including in their midst clever in- ventors who did much to advance the art of mechanical engraving. Patents secured by these inventors usually gave one firm an advantage over another, thereby pro- ducing a competitive spirit which sharpened the talents of the various artists even more. Philadelphia, the early capital of our nation, was also the early capital of American engraving, and many of the more famous engravers worked there and lived nearby. In 1781, the first hank in North America was established in that city and from the very beginning, the Philadelphia Mint employed some of America's most prominent artists and engravers. These men, originally die sinkers to the Mint, went on to become engravers of the highest order. Soon these fledgling engraving firms found it expedient to open branches in other cities, and New York became the second most important center of engraving in America. These companies were, in reality, groups of engravers banded together so as to offer different types of engrav- Cl Fig. 1 Etching of Cyrus Durand as a studious young man. ing skills to their customers. One man adroit in portrait work would be the vignette engraver; another would be script letterer; and a third would engrave the fancy borders and frames surrounding the central designs. Each man was assigned the task in which he was most proficient. With the advent of the adhesive postage stamp in the 1840s, postage stamp production provided an additional outlet for the wizardry of these early engraving tech- nicians. Competition became even more keen, and from it all emerged some of the most beautifully executed engravings ever accomplished by man. In this country, all United States postage stamps produced from 1847 to 1893 were engraved and printed PAGE 244 Paper Money WHOLE NO. 54 by men who worked for these privately-owned engraving concerns. This story deals with one of these gifted men and his incredible accomplishments. CYRUS Durand, machinist, banknote engraver andinventor, was born in 1787, in Jefferson Village (now Maplewood), Essex County, New Jersey. Figure 1 is from an etching by F. Morin which shows Cyrus Durand as a studious young man early in his career. Cyrus was the second child of seven sons and three daughters of a watchmaker and his wife. All ten children achieved some degree of fame through their mechanical or artistic skills. Three of his brothers, Asher, John and Theodore, were also engravers of some note and the story of Asher, by far the most gifted engraver of the four, will be the subject of a future article. His sisters were proficient in wood block engraving, which was then a method employed to transfer designs to cloth. The Durand family, of French origin as the name indicates, emigrated to this country from France around the 1740s. Exactly where the family first settled in the new world is unknown, but Cyrus' grandfather moved from Darby, Connecticut to Jefferson Village in the 1750s. At that time, the area was chiefly a rural farm- ing valley with little or no commerce with large cities. Education in the valley was practically unknown, except for the occasional Yankee, English, or Irish school- master who happened into the valley. The summer months were usually taken up with the crops while the winter was reserved for study. Most of the crops were safely stored by then and rudimentary reading, spelling, writing and arithmetic were the courses pursued by the Durand children. By the age of fourteen, Cyrus had completed Webster's "Spelling Book," Lindley Murray's "English Reader" and Dilworth's "Arithmetic" and went on to work in his father's watchmaking shop where he learned the use of tools. In the next four years, he attempted various tasks, among them the making of brass rings, sleeve buttons and silver spoons. While working with silver ingots, he became proficient in the arts of casting and forging metals. By his eighteenth birthday, he had already begun to steer a course towards his ultimate profession of inventor. While visiting a local clockmaker, his active mind worked out the details for an engine to cut clock wheels. During this same period, he designed numerous tools useful in the manufacture of clocks. Some of these are still found in the New Jersey countryside and are remarkable in that they still keep excellent time. In 1808, Cyrus married, and due to a bitter depression, found it difficult to make ends meet. During this time of poverty, John Taylor, president of a Newark bank, asked him to design a turning-lathe for the manufacture of jewelry. There was only one firm furnishing jewelry castings at the time, and the firm was based in New York City. Newark, a city of 50,000 inhabitants, could easily support a local jeweler and the bank president required an additional income to meet expenses. Cyrus, with the help of his brother Asher, designed the machine for Taylor. Because of this feat. local factories called on Cyrus to assist them to overcome their wartime pro- duction problems through the use of his cleverly de- signed machinery. During 1812, Asher Brown Durand, a younger brother, was apprenticed to Peter Maverick, the engraver, then of Newark. Asher spoke so highly of Cyrus' mechanical ability that Maverick commissioned the older Durand to design a machine for ruling straight lines for bank- note backgrounds. Figure 2 shows Durand's ruling machine, and Figure 3 illustrates the effect achieved by combining a vignette of an Indian maiden with the ruled lines produced by Cyrus' ruling machine. During the next two years, Cyrus designed other engines for producing wavy lines as well as ovals. These machines are regarded today as the beginning of a series of improvements made by Durand which eventually led to the geometric lathe used for banknote and postage stamp work. In 1814, Durand left Jefferson Village, moved to Newark, and returned to silversmithing. In the fall of the same year, he volunteered to serve as a drummer in the war, and went to Sandy Hook for three months. Everyone gave something of themselves during the war and this was Durand's sacrifice to duty. In 1815 we find him in Rahway, New Jersey, making machines for spinning and carding hair for the manu- facture of carpets at the Taurino factory. Four years later, Cyrus went on to invent two machines of vastly different character. At that time rope-reeded furniture had become quite popular and one of his new inventions turned the reeds into fashionable legs for tables, chairs, beds, etc. His other machine was an improvement on a past invention whereby he was able to produce wavy ovals instead of plain ovals on one of his lathes. In 1820, typhoid struck the Durand family and Cyrus lost his wife and two brothers, one of whom possessed Cyrus' extraordinary mechanical skills. The next year he moved to Springfield, New Jersey, and in 1822 he married again. About this time in his life he began to give serious thoughts to a career in the engraving field. It seems that he was the only person capable of operating many of the engines, machines and lathes that he had invented. Consequently, in 1823, he moved his family and ma- chines to New York City and entered into partnership with C. C. Wright in banknote engraving. According to city directories of the time, there were only five com- panies engaged in mechanical engraving at the time— one in Hartford, two in Philadelphia and two in New York City. During his first year in the engraving business he invented a transferring machine which enabled his com- pany to make multiple copies of the same engraving by transferring the subject of the die to a flat plate many times. Figure 4 is an early drawing of Durand's transfer press. It was rumored that a similar machine was in use in Philadelphia, but later it was proved that the Philadelphia machine worked on an entirely different principle than Durand's press. The transfer presses still used today by the Bureau of Engraving and Printing in Washington are based on Durand's original ideas and still serve their purpose perfectly. WHOLE NO. 54 Paper Money PAGE 245 Fig. 2 Drawing of Cyrus Durand's ruling machine. Fig. 3 Engraving showing Durand's ruled lines in the background. JERI "10 k .k ' ntN.■ 00!:. rL.!I!,1!![p imera"...•''';;71;14.-"41•iktfi u:7.117190-11,„. !Miming, PAGE 246 Paper Money WHOLE NO. 54 Fig. 4 Drawing of Cyrus Durand's transfer press. Cryus' younger brother. Asher Brown Durand, joined the firm of Durand and Wright in 1824 and brought with him an excellence of the engraving skill that has rarely been attained to this day. With Asher acting as designer and engraver for the firm, Cyrus was freed from engraving to work on his inventions. He then produced a geometrical lathe which enabled him to cut ovals. concentrics and circles in plain and wavy formats. It was said that the work produced by this machine was of such a caliber that it rivaled the rich effect of the engraver's burin. Figure 5 is a picture of one of Cyrus' improved geometrical lathes; Figure 6 illustrates burins and their use. During the next few years. Durand produced engine- lathes for the purpose of ornamenting watch cases and pencil cases—a business created by his machines, which made many people wealthy. In 1830, Joseph Perkins joined the firm and the company became Durand, Perkins and Company. At this same time he entered into business with Nelmoth, Moffits and Company in the watch case, pencil case and jewelry business. Three years later he branched out again and joined Wright and Prentice in the xylographic printing of ornamental labels—a business that flourished for a while at a great profit. The multiplicity of businesses Durand was engaged in began to take their effect on him and he decided to take a rest from the hustle and bustle of the business world. Consequently, in 1834, he and his second wife went on a trip west where he could breathe in the fresh pure air of the country, enjoy the solitude, and get his much-needed rest. They returned in 1836 and purchased a small factory in Camptown, New Jersey, where Cyrus began to tinker with machinery again. This he continued, along with his engraving company, until 1840, when he dissolved both firms meaning to retire, but Durand possessed an active, ingenious mind that would not let him slow down. He went on to invent the "Red Letter," a security printing measure used on bank notes to guard against counterfeiting. Next, it was a machine for printing calico cloth from rollers. Then in 1846, came a routing ma- chine for cutting figures on type-metal rollers for oil- cloth printing, which functioned well and performed the work of several people. From that time on Cyrus Durand devoted himself chiefly to banknote engraving and improving the geometrical lathe, producing several different machines. Through the study of early engraving and engraving methods, your author believes that considerable evidence WHOLE NO. 54 Paper Money PAGE 247 Fig. 5 Picture of one of Durand's improved geometrical lathes. -GRAVERS, OR 111.TRINI1. -WAY IN WHICH A LINE 18 TRACED BY THE ORAVEZ. Fig. 6 Burins, or gravers, and their use. points to the fact that Cyrus Durand worked, at different times in his career, for Rawdon. Wright, Hatch & Edson: Toppan Carpenter, Casilear & Company: and later for the National Banknote Company. In his Historical Catalogue of U.S. Stamp Essays and Proofs, Brazer reports: "June 10th 1858, a committee was appointed from the American Banknote Company to negotiate with Cyrus Durand for his services for one year, including the use of his geometric lathe, transfer press and cycloidal ruling machine and the right to pur- chase this machinery at the end of the year's contract. Cyrus refused to sign what he called a 'one sided' agree- ment to sell his machinery at a fixed price without bind- ing the Company to buy it. and Edson (President of American) recommended that 'for the sake of prevent- ing the machinery from falling into the hands of the opposition it would be best for the Company to agree to buy it at the end of the year for $3,000.' This con- tract was probably executed but not signed as Cyrus Durand joined the National Banknote Company about November 1859." Whether Cyrus was employed by the different engrav- ing firms on a regular basis or only hired for special jobs cannot be ascertained at this late date, but most likely he was only hired when his particular talents were required, i.e., engine or lathe work. It is known that Asher Brown Durand engraved the vignettes of the United States 1847 issue of postage PAGE 248 Paper Money WHOLE NO. 54 Fig. 7 The medal copying machine used by the Philadelphia Mint. Fig. 8 Examples of work produced from the medal copying machine. A Cyrus Durand lathe work proof sheet stamps, but students of our early banknote issues differ in opinion as to who accomplished the lathe work on the first issue. This author's research indicates that the work was done by Cyrus Durand. Further, the process of elimination seems to bear this out. History records two other men connected with me- chanical engraving in this same period of time. Asa Spencer, who invented a process for applying lathe work to bank notes and made improvements in the medal copying machine, went to England in 1817 with Jacob Perkins (co-founder of Perkins, Bacon & Co., Ltd.). He reportedly died in England in 1847. Spencer had a son, Asa Jr., who worked in Philadelphia from 1841 to 1844, but not as lathe man. As Spencer senior was dead be- fore the issue in question was engraved and his son did not do lathe work, the Spencers are eliminated. The other machine operator of the period was a Phila- delphian named Joseph Sarton, who was employed by the United States Mint and worked on the medal copy- ing machine--a machine which allowed the lands and grooves of coins and medals to be reproduced in relief on banknotes. Figure 7 is a picture of the medal copy- ing machine; Figure 8 shows examples of the type work produced by Sarton using the medal copying machine. WHOLE NO. 54 Paper Money PAGE 249 Salesman's sample sheet of designs offered by Durand & Co. PAGE 250 Paper Money WHOLE NO. 54 , . lit. „ it Very early (1823) specimen engraving of Durand's lathe work. Therefore, Joseph Sarton, medal engraver for the Philadelphia Mint, operated an entirely different type of machine, which eliminates Sarton and leaves Cyrus Durand as the only man who could have done the delicate lathe work found on our first issue of postage stamps. Further substantiating evidence is contained in the following quotation from an article which appeared in 1853 in Volume I of The Illustrated Magazine of Art; "Before dismissing the geometrical lathe, we may re- mark that there is only one man living who can work that machine, and that man is Cyrus Durand. If he should be taken away suddenly, the invention would be lost again to the world, or, at least, so far as the pro- duction of new work is concerned, and banks would have to content themselves with the use of the old work." (Italics are the author's). Based on the foregoing evidence, this author believes that the first two postage stamps issued by the United States government the five and ten cent denominations of 1847 were engraved by the Durand brothers—Asher and Cyrus. Asher Brown Durand engraved the central vignettes and surrounding foliage, and Cyrus added the straight lines ruled into the backgrounds utilizing his own invention, the ruling machines. Figures 9 and 10 show enlarged proof impressions of the two stamps issued by the government in 1847. Note the straight lines ruled into the background of each stamp. Compare the ruled lines on these two stamps with those ruled lines illustrated in Figure 3 which were done on a Cyrus Durand ruling machine. In later years, records prove that Cyrus Durand ma- chine-engraved the borders on the 1851 three, twelve and twenty-four cent stamps using his improved geome- tric lathe when he was sixty-four years old. He is also credited with machining the borders on the one, three, five, twelve, and twenty-four cent stamps of the 1861 issue in his seventy-fourth year. Proof note by Durand, Perkins & Co., New York, with the Franklin vignette later utilized on the first U. S. postage stamp (5c denomination). –=;!— ( (//// fri/i i (r/ /////..1' j ( (i/ ' • 712/,%/'////, WHOLE NO. 54 Paper Money PAGE 251 Proof note by Durand, Perkins & Co., New York, with the Washington vignette later utilized on the first U. S. postage stamp (10c denomination). Fig. 9 Five-cent 1847 stamp issue showing ruled lines in the background. Cyrus Durand—inventive genius of the early bank- note engraving era died at the age of eight-one at Irvington, New Jersey, September 18, 1868. References Baker, W. S., American Engravers and Their Works, 1875. Brazer, C. W., A Historical Catalogue of U.S. Stamp Essays and Proofs, Collectors Club Philatelist, 1938- 1945. One Hundred Notable American Engravers 1683 -1850, New York Public Library. Fig. 10 Ten-cent 1847 stamp issue showing ruled lines in the background. Post Office Department, Reports of the Postmaster Gen- eral, 1847-1868. Scharf & Westcott, A History of Philadelphia. Stauffer, David McNeely, American Engravers on Cop- per and Steel. Schriber, L., Encyclopedia of Designs, Designers, En- gravers, Artists of United States Postage Stamps, 1842- 1900, The American Philatelist. The Illustrated Magazine of Art, 1853. Toppan, Robert Noxon, A Hundred Years of Banknote Engraving in the United States, 1896. PAGE 252 Paper Money WHOLE NO. 54 Additions & Corrections to The Comprehensive Catalog of U. S. Paper Money By GENE HESSLER First editions usually come with printing errors and inaccuracies; my Compre- hensive Catalog of U. S. Paper Money is no exception. This is the first install- ment of corrections; those of you who purchased this catalog might care to make note of these corrections. NOTES PRINTED NOTES ISSUED ON FIBER PAPER Page 310. 20,175,000 20,064,130 296,425Page 312. 55,546,522 13,400,000Page 313. 62,235,843 427,450Page 315. Page 320. 20,902,768 1,173,780Page 321. 30,473,365 Page 326. 1,246,000 (My thanks to Martin Gengerke for the revised fractional currency figures.) Page 430. 25c-4,376,000 notes de- livered The Bureau of Engraving and Printing reviewed their fig- ures in 1973 and realized there had been a serial num- ber skip from CO3584001 C to C04032000C. The figure above reflects this adjust- ment. Page 432. NOTES DELIVERED 5c 23,744,000 10c 23,608,000 25c 14,768,000 50c 9,984,000 $1 25,200,000 $5 8,400,000 $10 24,800,000 These adjusted figures are based on serial numbering skips. Misspelled names: page vii. Bruno S. Rzepka 13. Toppan 27. Georgia Neese Clark Romana Banuelos 53. Scofield 125. Marcus W. Baldwin 305. G. U. Rose Page 44. Abraham Lin c o I n, 1359 - 1369 (not 1356-1363) Page 45. George Washington, add 45 & 46; (309-315 is incor- rect) should be 300-315; add 1499, 3c, 9c, 10c, 12c, 24c & 90c encased postage stamps. Page 56. No. 39 Rosecrans-Huston Page 59. Figures on this page are in- correct. I apologise to Mr. Nowak. His name should not have appeared on this page. Page 62. No. 68E 23,384,000 issued Page 69. No. 92-307,640,000 printed Page 71. No. 99E-66,080,000 printed Page 75. Nos. 158 & 159-4,676,000 issued Page 80. Face Design: Mechanics & Agriculture Page 83. No. 203B-15,216,000 is- sued Page 87. Face Design: illustration is incorrect Page 99. No. 351 is illustrated Page 100. 35,012,000 notes printed, 34,932,000 issued Page 101. 556,054,000 issued Page 107. No. 383B-6,400,000 issued 107. No. 383H-1,524,000 issued No. 383K 1 -2-328,000 issued Page 127. No. 493-84,940,000 printed 136. No. 583 is illustrated 172. No. 812 is illustrated 174. No. 833-16,544,000 issued 200. No. 957 is UNIQUE, not 956 210. 23,500 issued 235. Back Design: incorrectly il- lustrated Page 240. No. 1230-56,000 issued No. 1231-44,000 issued No. 1324 56,800 issued No. 1325 Page 259. No. 1326-Sm. Red-r Page 271. No. 1382-Lg. Red No. 1383-Lg. Red No. 1384-Lg. Red-sp No. 1386-1391-Sm. Red-sc No. 1389 should have foot- note, * 4 notes are known Page 272. One Year Note (Act of March 3, 1863) Page 295. No. 1480-6,952 issued Page 312. No. 1507 is illustrated Page 314. Back for 1515 is illustrated Page 325. No. 1577 is with monogram Page 326. No. 1581 is illustrated Page 327. No. 1589 is illustrated Page 329. Illustration is incorrect. Re- vised back design is green; the face is similar to the pre- ceding note. 411. 10, 25, 50 kopecks and 1 ruble Page 3, Par. 3. . .. fifteenth century.* Movable type for characters made from individual molds was already in Page use in Korea at this time. Page 43. Ulysses S. Grant, 1822 (not 1882) Benjamin Franklin, add 14990 Page Page Page Page Page Page Page 113. No. 391F-10,964,000 printed No. 391G-12,326,052 printed Page 114. No. 393B 51,157,536 printed Page 125. 148,958,000 notes printed Page 126. Star notes do exist; Dr. Ber- Page nard Schaaf has located one. ALABAMA Charter 1853 Tuscaloosa 3663 Gadsen 4250 Anniston 5249 Dothan 7044 Troy 7084 Selma 7429 Brundage 7464 Piedmont 7467 Union Springs 7551 Lineville 7558 Talladega 7568 Wetumpka 7746 Jasper 7932 Dothan 7940 Slocum 8217 Camden 8560 Gadsen 8765 Huntsville 9681 Dozier 10035 Demopolis 10423 Decatur 10990 Guntersville 11515 Clanton 11635 Opelika 11846 Russellville 11905 Bessemer 11955 Andalusia 12906 Birmingham 13359 Leeds 13752 Headland 13789 Bessemer ALASKA 7718 Fairbanks ARKANSAS 2832 Hot Springs 7523 Bentonville 12340 Gentry CALIFORNIA 2158 San Jose 2456 Santa Barbara 3050 San Diego 3518 Pomona 6268 Ontario 6993 El Monte 7176 Napa 7202 Sonora 7502 Oakdale 7779 Lamoore 8490 Alhambra 9789 Chico 11161 Sebastopol 11251 Garden Grove 12385 Pasadena 12545 Los Angeles 12804 Los Angeles 12996 Ventura 13016 San Francisco 13028 Merced 13217 San Leandro 13368 Vallejo COLORADO 2637 Durango 3450 Trinidad 5503 Fort Collins 7637 Fowler 7793 Wellington 7839 Longmont 8205 Julesburg 8735 Buena Vista 9674 Mancos 9840 La Java 9907 Englewood $10 CONNECTICUT 2 250 Meriden 10 666 New London 5. 10 780 Waterbury 10, 5, 10 1037 New London 20 1128 New Haven 5 1382 Meriden 5, 20 1360 Danielson 1 2599 Wallingford 5, 10 2643 So. Norwalk 20 3964 Thomaston 10, 20 DELAWARE 2 1281 Odessa 20 2336 Smyrna 10, 20 2381 Smyrna 5, 20 DISTRICT OF COLUMBIA 2 10504 Washington 5 FLORIDA 1 3894 Gainesville 10, 20 4558 Fernandina 10 5534 Arcadia 10, 10, 20 6110 Marianna 20 7404 De Funiak Sprs. 5 7423 Graceville 10, 5 7540 Lake City 10, 20 7778 Chipley 5 7865 Perry 5 8980 Alachua 5 9035 Ft. Meyers 5, 10, 20 10069 Orlando 10 10245 Bradenton 10379 Winter Haven 20 10578 Ocala 11389 Winter Garden 10 12047 Miami Beach 20 12546 Daytona Beach 20 12905 Clearwater 13008 Coral Gables 13157 Sanford 13300 W. Palm Beach 13352 Sarasota 13383 Winter Haven 13389 Bartow 13437 Winter Haven 11570 Miami 13828 Miami Beach 13968 Milton 14195 Fort Meyers 10 7923 Cottonwood 10 9263 Sand Point 9432 Salmon ILLINOIS 819 Bloomington 1773 Morris 1934 Nokomis 2100 Paris 2116 Griggsville 2154 Belleville 2176 Streator 2212 Oakland 2413 Princeton 2584 Danville 1254 Peoria 3369 Lincoln 3407 Farmer City 3593 Canton 4325 Rockford 4994 Vandalia 5689 Mt. Vernon 5782 Mt. Carmel 5856 Gilmore 5869 Newton 6125 Collinsville 6183 Ivesdale 6118 Clifton 0359 Atwood 6421 Tremont 6514 Libertyville 6535 Chicago 6586 Le Roy 6649 McLeansboro 6653 Highland 6734 Pana 6924 O'Fallon 7111 Chrisman 7121 Whitehall 7717 Columbia 8216 Westfield 8425 Millstadt 8607 Oblong 8667 Harvey 8670 Herrin 8684 Cullom 8696 Oblong 8733 Altamont 9388 Saint Elmo 9649 Aledo 9725 Downers Grove 9736 Mascoutah 9786 Sandoval 10337 Chicago 10669 Worden 11358 Charleston 11478 Belleville 11754 Okawville 11780 Okawville 12426 Berwyn 13144 Witt 13236 Belleville 13452 Mt. Olive 13652 Rockford 13696 New Douglas 13804 Cairo 14285 Mt. Olive INDIANA 152 Danville 206 Elkhart 346 Vevay 699 Aurora 10 20 20 5 50 20 10 10 20 20 20 10 10 10 20 5 20 5 10 20 20 10 5 10 20 10 10 10 20 20 5 5 5 10 10 10 5 10 5 10 10 10 5 10 10 10 5 20 10 10, 20 10, 20 5 20 10 20 20 10, 20 5 5 5 10 20 20 20 20 20 50 10 10 10 10 10, 20 10 20 5 GEORGIA Athens Newman Thomasville Marietta Valdosta Brunswick Atlanta Blakely La Grange McDonough Lyons Jefferson Thomson Sylvania Moultrie Savannah IDAHO Lewiston Boise Grangeville Idaho Falls 10 10 20 5 10 10 5 10 10 20 10 10 10 10 5, 10, 20 5 100 10, 100 20 10 1639 1861 3767 3830 4429 4944 5045 7018 7762 7969 7979 9039 9302 10829 13161 13472 2972 3471 6927 6982 20 10 20 100 50 50 5, 10 10, 20 50 50 20 10 50 10 10 10 10 10 20 20 10 10 20 20 20 20 10, 20 10 10 5 10 10 10, 20 10 20 10 20 10 10 5 20 20 10 10 10 20 10 10 10 10 10 10 20 5, 10 20 5 20 5 10 20 5 20, 50 10 20 100 10 10, 20 10, 20 5, 10 775 1854 1888 1959 2067 2183 2188 2533 5167 5173 5435 5524 7411 7601 8199 8426 8785 8927 9077 9159 9563 10465 10861 11043 12132 13305 13378 2728 3455 3871 4155 4111 4566 4745 4891 5054 5514 5517 5743 6771 7843 9619 13020 14028 1718 2589 2777 3207 3447 3546 3720 3779 4284 4487 4945 5498 5705 6039 6841 7195 7298 7561 7970 10161 10359 10664 10746 11056 11781 12935 WHOLE NO. 54 Paper Money PACE 253 :919, 11f1T101111 Bfll BY...M. OWEN WARNS Supplement II Additional Notes Reported New Albany 20 Frankfort 20 Bloomington 10 Rising Sun 20 Goshen 10 Crown Point 50 Evansville 20 Crawfordsville 20 Mishawaka 20 Bedford 20 Greensburg 20 Russiaville 10 Linton 20 East Chicago 10 Hammond 5 Gary 50 Nappanee 10 Wadesville 10, 20 Fort Branch 5. 10 Winslow 10 Princeton 10 Cloverdale 20 Whiting 10 Wakarusa 10 Evansville 20 Buff ton 20 Franklin 20 IOWA Le Mars 10 Manning 20 Cedar Falls 10 Primghar 20 Odebolt 10 Fort Dodge 10 Woodbine 10 Audubon 10 Thompson 10 Coon Rapids 20 Lenox 5 Jewell 10 Logan 10 Hampton 20 Kimballton 10 Spirit Lake 10 Council Bluffs 20 KANSAS Ottawa 20 Hiawatha 20 Newton 50 Sterling 10 Ellsworth 20 Smith Center 10 Olathe 20 Belleville 20 Junction City 50 Arkansas City 20 Salina 20 Emporia 20 Great Bend 20 Goodland 20 Logan 10 Overbrook 10 Oberlin 20 Lucas 20 White City 20 Spearville 10 Attica 20 Atwood 10, 20 Arkansas City 5 Baxter Sprs. 20 Emporia 5 Towanda 5 This is a continuation of the listing of the Nat ional Bank Notes of the 1929-1935 issues. The origi- nal compilation of these notes with their charter numbers, cities, and denominations was by Louis Van Belkunl and appeared in 1970 in the Society of Paper Money Collector's publication The National Bank Note Issues of 1929 - 1935: Van Belkum indicated those notes known at the time, with an asterisk being placed after the denomination. The appearance of this initial list sent collectors scurrying to report their unknown notes, which resulted in some 750 additional unreported notes being brought to light in the very short span of four months! This second compilation of unreported notes appeared as Supplement I, in PAPER MONEY '- 37, pages 9-11, (first quarter 1971). These two listings served as an on-going stimulus. Considerable interest continues to prevail in ferreting out these notes, which is evidenced by the fact we are able to come up with the following 1127 additional previously unknown notes in this supplement. 8000071A 181 BAY 1110 NIGH 9A11111111 SANK Of 1'1 lik.VILLE KENTUCKY TEN PR elel••,...11.1, • our,. , MILIV,W,11111X1517.1„"Ir, v., MONTOUR NAIIONAt BANE Ill C.") \ION I 01 It 1 .A1 ISCC1 NEW YORK FIVE 0411.1ARS DO00003A MISSISSIPPI 6188 Gulfport 9865 Oxford 10494 Brookhaven 13551 Meridian MISSOURI 3079 Tarkio 3959 Nevada 4225 Pierce City 6382 Neosho 9928 Chaffee 11989 St. Louis 14092 Carruthersville MONTANA 4541 Great Falls 7172 Plains 7644 Harlem 9396 Columbus 9520 Valier 11074 Baker NEBRASKA 1855 Nebraska City 2528 Hastings 2746 Falls City 2902 David City 2960 Friend 2994 Fairbury 3059 North Bend 3081 Beatrice 3347 Norfolk 3392 Wayne 3732 Hastings 3934 David City 3939 Wood River 4029 Wisner 4173 Albion 4210 Wymore 4528 Hartington 4610 Oakland 4935 York 5180 Columbus 5189 Genoa 5282 Newman Grove 5297 Hooper 5440 Elgin 5657 Alliance 5770 O'Neill 5793 St. Edward 6489 Atkinson 6493 Osceola 6818 Beemer 7421 Randolph 7477 Randolph 7861 Wilcox 7949 Shelby 8031 Hayes Center 8093 Litchfield 8097 Bradshaw 8105 Benedict 8161 Johnson 8172 Gresham 8186 Crafton 8286 Stromsburg 8317 Madison 8385 Central City 8400 Marquette 8521 Gordon 8760 Hay Springs 8949 South Omaha 8992 Ainsworth 9092 Amherst 9191 Rushville 9217 Tilden 9400 Minden 9591 Craig 9623 Butte 9666 Bayard 9731 Crete 10022 Oakland 10025 Belden 12552 Harrison 13420 Kimball 13426 Cozad 13568 Neligh 13620 Loup City 14282 Wymore NEVADA 7038 Reno 7743 Elko 10 10 8424 Reno 50, 100 20 9452 McGill 10 5, 10 11784 Eureka 5, 10, 20 10 NEW HAMPSHIRE 537 Charleston 10 10 574 Manchester 10 10 1242 East Jaffey 10 10 1520 Manchester 20 20 2600 Lancaster 20 20 4740 Lacona 20 5 NEW JERSEY 5 370 Vincetown 10, 20 925 Newton 10 10 1221 Sussex 10 10 1222 Burlington 5 10 1270 Millville 20 10 2339 Lambertville 10 20 2923 Swedesboro 20 5 4147 Keyport 20 4420 Atlantic City 20 10 5333 Highbridge 20 20 5981 Paulsboro 10 20 6960 Bernardsville 20 10 7291 Lakewood 10 10 7945 Cape May Court House 10 20 7983 Collingswood 20 10 8437 Carteret 10 20 8497 Barnegat 10 10, 20 8627 Arlington 10 10 8777 Westwood 10 20 9833 Blairstown 5 20 9867 Union City 10 10 10110 Eatontown 5 20 10142 Westfield 5 20 10248 Ventnor City 10 10 10935 Milltown 10 10, 20 11744 Elizabeth 10 5 12064 West New York 5 20 12383 Paterson 10 10, 20 12402 W. Englewood 5 20 12521 Ocean City 20 10 12524 Perth Amboy 5 5 12598 Highland Pk. 5 10, 20 12771 Newark 5 20 12834 Passaic 10 10 13174 Plainfield 5, 10 10 13364 Hackensack 5 10 13540 Linden 10 10 13629 Plainfield 5, 10 10, 20 NEW MEXICO 20 6187 Portales 10 10 8348 Elida 20 20 NEW YORK 10 Cooperstown 10, 20 Saratoga Spgs. 10 New Paltz 20 Schenectady 10 Watervliet 10 Amsterdam 10, 20 Cuba 20 Gouverneur 20 Watertown 20 Fort Plain Canandaigua Amsterdam 94 99 222 223 396 471 548 893 949 955 1027 1120 1186 1198 1226 1265 1294 1307 1308 1334 1345 1490 1503 1655 1887 2233 2451 2510 2522 2602 2657 2860 3817 10 4211 10, 20 Port Jervis 20 Moravia 20 Ithaca 10 Hudson 10 Ossining 10, 20 Jamestown 10 Geneva 10 Kingston 10 Lyons 10 Kingston 10 Catskill 10, 20 Catskill 20 Utica 10 Hamilton 10 Auburn 5, 20 Watertown 10 Monticello 10 Newport 20 Olean 10 Whitehall 10 Hornell 10 Stamford 50 20 5 10 5 5 20 10 20 5 20 10 5, 20 5 10 5 5 20 20 20 5 5 10 20 10 10, 20 5 10 10 10 5 10 5 20 PAGE 254 Paper Money WHOLE NO. 54 KENTUCKY 4644 Breckenridge 20 2150 Lebanon 20 5256 Slayton 10 2560 Cynthiana 10 5377 Elmore 20 2592 Carrollton 20 5393 Blue Earth 10 2663 Maysville 5 5423 Fairmont 10 2788 Stanford 10 5553 Eveleth 20 3074 Carrollton 10 6279 Preston 10 4090 Frankfort 10, 20 6293 Plainview 10 4271 Lebanon 10 6316 Spring Valley 10 5132 Stanford 10 6321 Dawson 10, 20 5257 Princeton 20 6352 Cass Lake 10, 20 5486 Glasgow 10 6364 Truman 10 7030 Pikeville 5 6387 Sleepy Eye 20 7490 Morganfield 10 6417 Sauk Centre 10 8579 Georgetown 20 6436 Rushford 20 9098 Clinton 20 6459 Ortonville 10 9634 Corbin 10 6467 Ivanhoe 10 9880 Wilmore 10 6532 Minnesota Lake 10, 20 11544 Somerset 10 6544 Waseea 20 11798 Louisville 10 6563 Grand Rapids 10 11944 Pikesville 10 6631 Alden 20 LOUISIANA 6732 So. St. Paul 10 3600 Shreveport 50 6738 Dunnell 10 6291 Lake Providence 5 6783 Roseau 10 13573 Lake Charles 20 6784 Emmons 10 MARYLAND 6787 Mapleton 10 1325 Baltimore 50 6889 Fosston 20 1431 Hagerstown 10 6906 Henning 20 1432 Baltimore 10 6921 Le Suer Center 10, 20 1434 Easton 5 6973 Carlton 10 2499 Baltimore 20 6991 Eveleth 20 3187 Rockville 20 7014 Winthrop 5, 10 3783 Snow Hill 10 7227 Brownsville 10 5445 Havre de Grace 5 7273 Belle Plaine 10, 20 5880 Cambridge 100 7292 Mora 10 7859 Hancock 20 7373 Bertha 10 8456 La Plata 10 7387 Braham 10 9444 Parkton 10, 20 7427 Canby 10, 20 14106 Pocomoke City 20 7625 Woodstock 10 MASSACHUSETTS 7641 Blue Earth 10 474 Greenfield 10 7647 Chisholm 20 503 Monson 5 7764 Motley 20 528 Framingham 5 7772 Hawley 20 572 Millbury 10 7797 Jackson 10 676 Marblehead 10 7933 Foley 20 799 New Bedford 20 8059 Adams 10 866 Milford 10 8241 Bemidji 20 884 Gardner 10 8322 Coleraine 5 1011 Newburyport 5, 10 8476 Walker 10, 20 1085 Wrentham 10 8592 Ely 20 1207 Blackstone 10 8756 Battle Lake 10 1527 Boston 20 8989 Worthington 20 2255 Orange 5 9050 Milaca 10, 20 3204 Leominster 10, 20 9064 Stephen 20 4907 Springfield 20 9262 Gilbert 10 7550 Woburn 5 9267 Mountain Lake 20 9086 No. Attleboro 10 9464 Sandstone 20 11014 Malden 5 9703 Deerwood 10 11103 Winchester 10, 20 10147 Hutchinson 10 12405 New Bedford 50 10580 Kasson 20 13411 Webster 10 10783 Aitkin 20 MICHIGAN 10865 Winona 5, 100 1731 Lapeer 10, 20 10903 Keewatin 20 2143 Hancock 10 10946 Brewster 5 2853 Bay City 20 11042 Kasson 10 3276 Sturgis 20 11054 Bovey 5, 10 3457 Calumet 5 11125 Proctor 5 3886 St. Ignace 20 11215 Montgomery 5 3948 Lake Linden 10 11627 Ivanhoe 10 5668 Ishpeming 20 11741 St. Paul 10 6863 Norway 5 11761 Barnum 10 10529 Benton Harbor 20 12140 Duluth 10 11289 Jackson 10 12357 Two Harbors 5 12697 Mason 5 12395 Cokato 5 13600 Pontiac 20 12518 Hopkins 20 13607 Bessemer 20 12922 St. Paul 5 13739 Pontiac 20 12947 Moose Lake 10 MINNESOTA 12959 Buffalo 10 1487 Red Wing 20 13075 Detroit Lakes 10 1683 Mankato 10, 20 13297 Moorhead 20 1794 St. Peter 10 13561 Madison 5 2030 Fergus Falls 20 13692 Park Rapids 5 2088 Rochester 10, 20 13713 Cannon Falls 10, 20 2571 2590 Glencol Brainerd 50, 100 10 18784 Madelia 10 3982 Pipestone 5 14042 Winthrop 5 4617 Elbow Lake 10, 20 14220 Mankato 5, 10 WHOLE NO. 54 Paper Money 4419 Conastota 4495 Walton 4497 Hobart 4711 Schenectady 4858 Port Henry 4880 Hempstead 5108 Clayton 5210 Milford 6019 Larchmont 6148 Silver Spgs. 6198 New York City 6694 Massena 7618 Grand Gorge 8058 Greenwood 8191 Roscoe 8398 Peekskill 8794 Islip 8834 Marlboro 9109 Ilion 9219 New York City 9405 Westport 9434 Deposit 9529 Ravena 9869 Marcellus 9900 Ticonderoga 10043 Livingston Manor 10155 Wallkill 10199 New Berlin 10816 Lisle 11020 Weedsport 11655 New York City 12460 Inwood 12473 Bellport 12574 White Plains 12746 Chappaqua 12892 New York City 13037 Interlaken 13193 New York City 13521 Argyle 13583 Montour Falls 13822 Kingston NORTH CAROLINA 2321 Wilson 2981 Salisbury 4628 Elizabeth City 5048 Goldsboro 6554 Waynesville 6776 Shelby 7698 Durham 8844 Graham 9067 Raleigh 10608 Rocky Mount 11091 Albemarle 11229 Reidsville 12244 Ashville 13523 Lenoir 13613 Burlington 13626 Wilson 13636 Henderson 13657 Durham 13761 Greensboro 13791 Sanford NORTH DAKOTA 3400 Hillsboro 5087 Fargo 5798 Cando 5886 Devils Lake 5980 Northwood 6157 Rolla 6327 Washburn 6337 Churchs Ferry 6407 Crary 6457 Oakes 6463 Page 6690 La Moure 7332 Willow City 7650 Hampden 7689 Minot 8019 Rock Lake 8976 Bowman 9005 Sharon 9754 Northwood 10405 Scranton 10741 Hebron 11599 Thompson 12776 Lidgerwood 13323 Fargo 13501 Garrison 13504 Portland 13790 Grand Forks OHIO 5 Fremont 24 Cincinnati 40 McConnellsville 56 Hamilton 68 Portsmouth 86 Germantown 100 Cadiz 127 Cardington 183 Ashland 715 Batavia 853 Newark 973 Salem 1006 Piqua 1061 Piqua 1241 Lancaster 1318 Massillon 1944 Bellair 1989 Quaker City 2146 E. Liverpool 2499 Hillsboro 2488 Saint Paris 2577 Mansfield 2932 Xenia 3004 Tippencanoe City 3654 Canfield 4792 Sandusky 4839 Arcanum 4993 St. Clairsville 5100 Franklin 5214 Sidney 5425 Ada 5552 Chesterhill 5602 Bethesda 5627 Bethel 7001 Greenwich 7187 New Holland 7486 Bowerston 7542 New Richmond 7621 Columbus 7670 Wooster 7744 Athens 7781 Portsmounth 7800 Sardinia 7862 Sidney 8127 St. Paris 8251 Wilmington 8411 Sabina 8588 Blanchester 8709 Morrow 8741 Morrow 9091 Manchester 9192 Fostoria 10373 London 11831 Marion 13154 Caldwell 13457 Defiance 14030 Toledo OKLAHOMA 4348 Gutherie 5052 McAlester 5129 Durant 5575 Woodward 6258 Bartelsville 7278 Thomas 7667 Antlers 7972 Fairfax 8336 Rush Springs 9663 El Dorado 9767 Fairview 9959 Sayre 10388 Eufala 11093 Ardmore 12065 Duncan 12339 Shawnee 13679 Tulsa 13770 McAlester OREGON 3399 McMinnville 3405 Salem 3655 La Grande 3857 McMinnville 4168 Grants Pass 9516 Athena 7059 Condon 7472 Dallas 10 20 10 10 10, 20 50 10 10 5 5 10, 20 5 20 10 5, 10 10 10 10 20 10 10 10 20 10 10 10 10 10 10 10 10 10 10 10, 20 10 10 10 10 5, 10 10 10 5 10 5 10 20 10 10 10 10 10 5 10 10 10 5 10 20 20 20 10 20 10 5 5 5 20 20 20 10 10 10 10 20 20 5 20 20 5 20 10 10 5 5 5 5 Sherdian La Grande Astoria PENNSYLVANIA Oil City Williamsport Hanover Danville Bellefonte Lock Haven Warren West Chester Honesdale Brownsville Pottsville Downingtown Meadville Titusville Scranton Spring City Greenville Mercer Leighton Bradford Canton Ephrate Sellersville Altoona Boyerstown Rochester Shenandoah Hughesville Lancaster Coatesville Bradford Hazelton Claysville Chambersburg Darby Sewickley Reedsville Warren Reynoldsville Newport West Newton Ridgway Phillipsburg New Bloomfield Franklin Lansford Confluence Neshoppen Masontown Somerset Emlenton Forest City Ashland Barnesboro Donora Parkers Landing Rural Valley Weatherly Everett Benton Perryopolis Tyrone Hays Tyrone Midway Houtzdale Red Lion Sharpsville Conneaut Lake Williamsburg Northumberland Lansford Rices Landing Windnurne Freeport Edinboro Fredonia Mt. Jewett Mahaffey Reynoldsville Nicholson Liverpool Avoca Dowingtown 5 8721 20 9314 13354 173 175 187 325 459 507 520 552 644 648 649 661 871 879 1946 2018 2251 2256 2308 2428 2505 2515 2667 2781 2900 2977 3143 3902 3987 3990 4199 4209 4255 4272 4428 4462 4538 4879 4908 4917 5010 5(114 5066 5133 5221 5234 5307 5429 5441 5452 5481 5518 5615 5818 5 5835 6045 6083 6 6108 6220 6328 6344 0499 0507 6516 6626 6695 6708 6829 6891 6971 7005 7051 5 7090 20 7334 5 7366 7312 7471 7473 7610 7620 7910 8326 8494 8646 5 20, 50 20 5 10 20 10 16 50 10 100 20 20 10 50 10 10 20 20 10 10 50 5 5, 20 10 10 5 10 5 10 10 20 10 5 10, 20 10 20 10 10 10 10 10 10 10 10 10 10 10 5, 20 10 20 10 10 5 10 20 5 5, 20 20 50 20 10 20 20 20 10 10 l0 20 20 10 10 10 10 10, 20 10, 20 20 5, 20 ' 1 ' 1•••■••-•••,••••- • • tilltYLVIA 1IN :tisturnsta :sAwnsmirmiti • TaeE FARMERS /AO MERCHANTS • NATIONAL BABA OF co EUREKA 10.11.1•11 ▪ TEN 1,4111.11-Utti ED(.323/4A FO00230. AGIVICSIIIM.Alr., .1r 110 Mt TAPP_WAWFAsti TNF 11111CNAL If SMITHEIN NOM GR ANI S PASS 0111E40•1 TWEVITIIHOLL 3000288A PAGE 255 10 8653 Selinsgrove 20 10 8739 Ulysess 20 10 8773 McVeytown 20 8778 Duncannon 10 8810 Mansfield 10 20 8001 Somerfield 10 10 8913 Bernfield 10 10 8973 New Albany 5 10 9110 Spartansburg 10 20 9130 Factoryville 20 20 9139 Ardentsville 5 20 9256 Fairfield 5 5 5 9402 9430 Bally Cambridge Spgs. 10 50 10 9473 Gratz 10 50 10 9495 9552 Leesport Mildred 10 10 5, 10 20 9638 9078 Hopewell Mifflin 20 5 10 20 9863 10042 Punxsutawney E. Smithfield 10 20 20 10351 New Florence 10 20 10460 Republic 20 10 10452 Strausstown 20 10506 Lewistown 5 10666 Shellburg 10 10775 Elverson 20 00) 20 10811 Dry Run 10 , 10 10839 Ambridge 20 20 11227 Hastings 20 20 11244 Mapleton 5 5 11369 Port Royal 10 10 11373 Port Royal 10 20 11757 Bakerton 10 50 11910 Saegertown 20 20 11967 Central City 10 5 12189 Conneautville 5 20 12261 State College 5 10 12349 Mocanaqua 5 20 12355 Bolivar 10 5 12380 HillCamp 10 10 13003 Philadelphia 10 5 13084 New Kensington 10 20 13113 Philadelphia 5 10 13151 Lansdowne 5 10 13524 Nanticoke 5 10 13701 Pittsburgh 20 10, 20 13781 Johnstown 10 5 13823 Wilkinsburg 10 20 13947 Scranton 10 20 14055 Greensburg 20 14091 East Berlin 5 10 14170 Bangor RHODE ISLAND 20 20 1366 Providence 20 10 13901 Providence 100 20 SOUTH CAROLINA 10 5595 Batesburg 10 20 6871 Columbia 10 5 9057 Leesville 10 50, 100 9083 Camden 5, 20 10 9407 Rock Hill 20 5 9533 Sharon 10 20 10537 Conway 10 10 10665 Gaffney 20 10 13720 Columbia 10 10, 20 SOUTH DAKOTA 10 3349 Watertown 100 10 6409 Clark 10 10 7252 Egan 10 10 8125 Redfield 10 10 9393 Gary 20 10 10846 Gary 10 20 12662 Oldham 10 10 TENNESSEE 20 1666 Cleveland 20 10 4648 Knoxville 5 10 5545 Gallatin 10 20 5679 Dayton 10 20 7870 Columbia 20 10, 20 8640 Winchester 10 10 9027 Copperhill 20 10 9319 Mt. Pleasant 10 10 10470 Pikesville 10 10 10785 Shelbyville 10 10 12438 Trenton 10 5 TEXAS 5, 20 1694 Houston 100 10 3506 Corsicana 5 1f.1.WM(I.M.11. t, 'Mt= art,' NOE ISIA1tt dagITAL Nkfittitt 1110(11 1 1R,0 13 113I \( I 1)931 3 3.3.. MEDI NitliENINULUIS A000028 It00032c., 6 2 5 FIRST NATIONAL, BANN IN BARTLESVILLE YI OKLAHOMA CO FIFTY DOLLMIS A000329 6258 e2h 20 10 10 5, 20 5691 6020 7029 7270 7545 7845 8309 8983 9604 9913 11109 13621 10 20 20 20 10 10 10 20 20 20 10 748 1133 1195 1383 1638 2950 3080 4380 4929 7068 11615 100 10 5 20 5 20 10 5 11205 11387 12559 13792 20 20 20 10, 20 10 20 20 10 10 4070 4490 5294 5485 5628 6107 0298 7668 7875 7953 8066 $094 8538 12062 12669 12736 12809 1086 3778 3897 9003 9522 11646 12124 13806 14200 10 10 10 20 10 20 10 20 10 10 10 20 5 20 10 4670 6012 6036 6958 20 20 10 20 1738 5261 5326 5438 5683 6008 6126 6206 6839 7206 9012 9642 9924 10061 10287 2772 4427 5751 6074 7474 8789 9030 9070 9101 9372 10469 11667 118(18 12184 13137 13351 10 10 10, 20 20 20 20 10 10 10 10 10, 20 10 10 10 20 20 4320 8020 10265 10698 5, 10 20 20 10 20 180 1427 4643 5028 5266 10 10 10 5, 10 130 278 :344 489 Montgomery Cameron Clarksburg Charles Town Monongah Hendricks Northfork Elm Grove Sutton Kenova Bluefield Parkersburg WISCONSIN Waukesha Chippewa Falls Black River Falls Watertown Fennimore Rhinelander Eagle River Oshkosh Neillsville WYOMING Rawlins Cody Powell Green River Appomattox Pulaski Wytheville Petersburg WASHINGTON Dayton Hoquiam Ritzville Port Angeles Bellingham Chewelan Medical Lake Bellingham Lind Monroe Cle Elum Ferndale Lynden Palouse Vancouver Port Townsend WEST VIRGINIA Parkersburg Parkersburg Bluefield Sistersville Martinsville 10 10 20 10 111 10 5, 10 20 10 10 5 20 50 20 5 5 5 20 5 20 10 5 10 20 20 Montpelier Woodstock Middlebury Proctorsville Northfield Rutland Manchester Chester Chelsea Barre Richford VIRGINIA Leesburg Harrisonburg Covington Orange Farmville Clifton Forge Warrenton Luray Marion Martinsville Wytheville Warrenton Janesville Rural Retreat Gordonsville Bryan Eagle Pass Del Rio Port Arthur Shiner Memphis Tulia Corpus Christi Whitney Knox City Rosebud Stanton Thornton Houston Mineral Wells Dallas Conroe UTAH Logan Price Brigham City Morgan VERMONT Bennington Brandon Fair Haven St. Johnsbury weilate, - °D"9674-4-47-* B362 kagh/fAm, 9,..; 1:11132- XMionaltlit virrenTursIrstrAstil PAGE 256 Paper Money WHOLE NO. 54 We extend our thanks to the members named below for their interest and encouragement that enables SPMC to bring to its membership this continuing study of the existing notes of the issue: K.P. Austin, Johnny 0. Baas, James M. Barry, Richard Boyce, M. Cohen, D. Coker, Harry Cole- man, C. G. Colver, Robert Condo, R. T. Conklin, N. J. Cummings, Dave Dorfman, Jack Everson, Joe Flynn, Dennis Forgue, Jim Gates, Dorothy Gershenson, Dave Hakes, Art Hanna, G. F. Hatfield, War- ren Henderson, Walter Herget, John Hickman, Ralph M. Hinkle, Dennis Huff, Peter Huntoon, War- ren Jackson, Paul Kagin, Don Kelly, Lyn Knight, J. E. Kraszewski, E. T. Krether, Phil Lampkin, Wm. S. Lavich, Dave Levitt, Art Leister, Lowell Loper, J. S. Marks, Barry Martin, Harold F. Mc- Quaid, Lester Merkin, Wm. G. Miller, John H. Morris, Jr., Gar Morris, George Nicholson, Frank Nowak, Dean Oakes, Joseph O'Brien, Vernon Oswald, Gary Potter, Clarence Rareschide, Leonard Rothstein, Frank Roza, Jr., David A. Schapiro, Harry Schultz, Austin Sheehan, Hank Spangenberg, Fred Sweeney, Louis Van Belkum, F. G. Van Valkenberg, John Waters, Rev. E. J. Yahn, and Libero Zampieri. FLORIDA NOTES WANTED ALL SERIES • Also A Good Stock Of Notes Available WARREN HENDERSON P. 0. BOX 1358, VENICE, FLA. 33595 C SIX DOLLARS , , „, -+.0*w~ / WHOLE NO. 54 Paper Money PAGE 257 FIRST OF A SERIES Rare Banknotes, Banks, and Bankers of Indiana By WENDELL WOLKA THIS IS the first of a series of articles which will attempt to cover some of the rare, un-known, and amusing aspects of Indiana obsolete paper money and the people who wereresponsible for its issuance. This writer certainly hopes that others will write about their own State's notes. This is about the only way that these stories about our notes can be passed on to future generations. PART I The State Bank of Indiana, Branch at. Fort Wayne $6.00 Note NE of the rarest Indiana notes known today is a well-worn $6 issue of the State Bank of Indiana's Fort Wayne branch. Of course, many notes can lay claim to being unique, but I believe that the story of why this note is, in all probability, unique is the reason that it stands apart from many of the others. The State Bank of Indiana was formed in January, 1834 by the Indiana General Assembly and given a charter to operate for a period of 25 years. With branches distributed throughout the state at Indianapolis, Vincennes, Richmond, Lawrenceburg, Terre Haute, New Albany, Madison, Bedford, Evansville, Lafayette, Fort Wayne, South Bend, and Michigan City, the State Bank of Indiana served the needs of the growing state well and with impeccable honesty. Alone among the Western banks, it weathered the Panic of 1837. Needless to say, this type of reputation was bound to make the bank the target of numerous efforts to use its name for ill-gotten gain on the part of many dis- honest people. The easiest way to take advantage of the situation in those days was to counterfeit the notes of a well-known bank and circulate as many notes as fast as they could be spent for any type of goods or services. This was done with painful regularity to the State Bank of Indiana. Every major issue was counter- feited to a degree and some new ones which bore no resemblance to any legitimate issue were even dreamed up by these enterprising souls. For some strange reason, one particular issue of notes was especially hard hit. The State Bank of Indiana is- sued 36,800 six, seven, eight and nine-dollar notes be- tween 1837 and 1839. This series was so extensively counterfeited that the State Bank of Indiana was forced to take the unprecedented action of actually withdraw- ing the entire series from circulation. This was indeed the only instance in the bank's history when this ap- proach had to be used. To date. the note illustrating this article is the only known survivor of the entire series. The lure of the hobby is, I suppose, that there could always be another survivor lurking in that next old Bible or dusty trunk waiting to be rescued! NEXT: "The Boone County Bank The Little Bank That Almost Did!" /// / I// /7/ ■.1 /1/ / /11////// /. /,, Al ,,,,./r//7 2/ /4.7 I / / • PAGE 258 Paper Money WHOLE NO. 54 Genuine proof note A COUNTERFEITING MYSTERY By HARRY G. WIGINGTON Photos by Adrien Boutrelle OLLECTORS of obsolete bank notes will generally 4 agree that the banks of the northeastern United States were plagued with counterfeit notes. Penn- sylvania had its share of these bogus bank notes. Being a specialist in Harrisburg, Pennsylvania notes, I have often wondered about the large number of counterfeit and lack of original notes on the HARRISBURG BANK still remaining in existence today. The Harrisburg Bank was formed in 1814. Its original issue of notes was used for a 15-year period. I have never encountered a counterfeit note of that first issue on the Harrisburg Bank. The events of the 1830's and even the panic of 1837 didn't seem to bring out the bogus bills. However, in the 1840's and especially in the period of 1850-1866, al- most all the notes encountered on this bank were counter- feits. A good example is the $2.00 Harrisburg Bank REISSUE note of January 1, 1851. The only genuine notes I have seen of this issue are proofs. A possible explanation for this is that the Harrisburg Bank never folded and had a successful business life since its founding in 1814. In 1864, it became the Harrisburg National Bank, operating under that name until it merged with several area banks. In 1969, a reorganization created the Commonwealth National Bank. The Harrisburg National Bank redeemed almost all the genuine notes issued by the old Harrisburg Bank, re- jecting the counterfeits. The following article is an interesting sidelight on the $2.00 REISSUE counterfeit notes of 1851. It is taken from the 1853 Merchant's and Banker's Almanac, page 67: A DESCENT UPON COUNTERFEITERS IN MONTOUR COUNTY. —COUNTERFEITER SHOT.—On Monday, August 9, in accor- dance with admirable previous arrangements, a descent was made upon the principal manufactory of counterfeit paper-money in Pennsylvania; and we are pleased to add, that a very gratifying degree of success attended the enterprise. The location of the spurious bank-note factory was in Montour County, about fifteen miles from Danville. The manufactory was in a room on the second floor of the house of Dr. Geltner, a short distance from the tavern of Abraham Hause, the father-in-law of Geltner. The expedition was under the direction of Mayor Gilpin of Philadelphia, and Mayor Guthrie of Pittsburg. The police officers selected were High-Constable Hague of Pittsburg, and Captain Jacob Bennett and officers Bunting and Moser of this city. The police were aided by the Sheriff and two or three citizens of Montour County. The descent, in view of the well-known reputation of the men to be dealt with, was an undertaking of a des- perate character; for at the moment it was made, there were only three officers, assisted by one citizen, engaged in it. These officers were Messrs, Hague, Bennett, and Moser. The police, on approaching the door, were suspected by the wife of Geltner, who gave a signal, when the counterfeiters, who were in the midst of their work, turning out twos on the Harrisburg Bank, instantly leaped through windows and every other avenue of exit, and precipitately fled to the mountains. The officers secured Dr. Geltner, the master-spirit, but the others all escaped. Dr. Geltner had to be shot by officer Moser before he would surrender. He received two or three balls from a revolver, in the region of the shoulder ; his wounds, however, are not considered mortal. He was lodged in Danville jail. The escape of his accom- plices was a mishap which it was impossible to prevent under the circumstances. There were neither men nor facilities sufficient to give prompt pursuit, and the hills and woods were so close at hand that the fugitives were in their fastnesses ere they could be overtaken. The whole of the counterfeiting apparatus and imple- ments, consisting of the press, engraving tools, printing materials, chemical preparations, &c., were secured. The press is a complete affair. About six hundred dollars in the spurious Harrisburg twos were likewise secured, with Paper MoneyWHOLE NO. 54 PAGE 259 1,1 rk. /),/,--4 ^ ® ( trfi Mai& /74 dai'• tnii Counterfeit note a number of other spurious bills, purporting to be of different banks. The officers unfortunately did not get the plate of the Harrisburg counterfeit, one of the fugitive counterfeiters who jumped out of a window taking it with him. They had the good luck, though, to recover, in the neighborhood of the scene of operations, two or three other steel and copper plates; one, that of a counterfeit five on the Mer- chants and Manufacturers' Bank at Pittsburg; another, a twenty-dollar copper plate. The latter plate was an alter- ation from the exploded Millington Bank to the Cape May Bank; and it was being again altered to a Rhode Island Bank. One or more of the recovered plates were originally genuine, and had been stolen. The prisoner, Dr. Geltner, is a splendid penman, and a most accomplished counterfeiter. He fought bravely before he would give up. His age is about twenty-eight. When taken into custody he asked for Police-Marshal Keyser of Philadelphia, saying, that, if he was with the party of officers, all would be right, as they both belonged to the same Masonic Lodge. Officer Hague told him that he was a member, but could not acknowledge him as a worthy brother of the order. A party of the Marshal's officers went on a similar expedition to the same vicinity early last spring, but failed to accomplish the object of their visit, being suspected and dogged by spies fifty miles from the place. This business has been in the hands of Mayor Gilpin for months, and he has managed it with consummate shrewdness, tact, and skill. It is to be hoped that this good beginning, which may be considered a most excellent entering wedge, will be followed by yet greater success; and that the association of villains who have so long preyed upon the honest people of Pennsylvania will never be let alone until they are all either brought to justice or scattered from among us. The amount of counterfeiting carried on in this State, during the last few years, has been alarming; and our city has been continually flooded with the vile trash that was issued. The evil is a great one; especially as the poorer classes, who are least able to bear the losses, are generally the sufferers. Both the public authorities and the banks should respond promptly to the efforts of the police by furnishing money or any other means required to break up the manufactories of the money, and bring the criminals concerned in making it to exemplary punish- ment.—Philadelphia Bulletin. The time period would be right for the 1851 REISSUE notes which remain today and are described in the article. Unfortunately, I was unable to trace Dr. Geltner any further than this article. Nor was I able to learn his fate, if he went on to counterfeit the 1859, 1860 and 1862 bogus issues of the Harrisburg Bank. Whether or not his career was stopped permanently by the sheriff's raid is still a mystery. *G000000 , Rare and Rarer Notes from the Siege of Khartoum World paper money enthusiasts are usually well aware of the rarity of the siege notes of Khartoum (in the Sudan), which are signed by Gen. "Chinese" Gordon. According to Colin Narbeth of Stanley Gibbons Currency in London, "They are all rare and fetch anything between £75 and £150 according to condition and denomination." "At the time it was violent death to be caught in posses- sion of these notes by the Mandi's men, and after the sacking of Khartoum these notes were literally blowing about the streets. Then the Dervishes found that Cairo authorities were actually redeeming some notes, and many were smuggled out (it is said some of them by the camel post) and later they were also forged—but not well enough to deceive the authorities. "Just occasionally one of these notes is found with the hand-stamp on the back 'Restitue par la Commission Des Indemnities Du Soudan' showing that it was examined by the special commission in Cairo and redeemed. At the very least such notes are twice as rare as the normal issue—the majority of the notes were not redeemed." Robert H. Lloyd has reported the death on Aug. 19, 1974 of Elbridge G. Spaulding, a prominent Buffalo, N. Y. businessman who was the grandson of an earlier Elbridge G. Spaulding, a 19th century Buffalo mayor and congressman who gained fame in the 1860s as the "father of the Greenback." As a member of the House then, he sponsored legislation making paper money legal tender for the first time. PAGE 260 Paper Money WHOLE NO. 54 (The following originally appeared in The Numismatist, issue of Septem- ber, 1919.) The Amerikansky and Russian Money (From the writings of Kenneth L. Roberts in the Saturday Evening Post for May 17, 1919) T HE matter of Russian money wasone which gave every Americanin Siberia considerable food for thought at one time or another. There were as many varieties as there are freckles on the hands of a red-headed baseball player. There was no metal money of any sort; it was all paper money. From the entire length and breadth of Russia and Siberia the coins had disappeared as if by magic —hoarded, much of it, but for the most part bought up by the Chinese over against the day when Russian currency shall have regained its normal value. From the looks of things the most popular Russian indoor sport over a long period of time was money mak- ing. Anybody with a dull afternoon and a toy printing press on his hands would apparently strike off a few thousand rubles on any sort of meat paper that he could find round the house. There was the old imperial money, which was almost impossible to counterfeit because of the water- marked likeness of Alexander I with all his whiskers, which stared out from the notes when they were held to the light. There was the Kerensky money, which was much easier to imitate, because the watermarks were vague and blotchy and could be pass- ably imitated by jumping on a piece of paper several times with hobnailed boots. There was the Bolshevik mon- ey, which any child could counterfeit. There was the restaurant money, is- sued by any restaurant that happened to feel like it. There was the new Omsk money, which was pretty but regarded with deep suspicion because it looked clean. There was the money issued by the Horvath Government of Eastern Siberia. There was the Jap- anese money, printed by the Japanese to give in payment for the vast amount of properties, factories, stores and supplies which they accumulated wherever they went. There was the department store money, issued by a few of the large stores in Eastern Siberia, to add to the general con- fusion. Then there was the bond-coupon money, consisting of coupons clipped from all sorts of Russian bonds dur- ing the past decade. This came in all sorts of sizes, shapes and values. The values of those most frequently en- countered were one ruble, two rubles fifty kopecks, two rubles seventy-five kopecks, ten rubles and twelve rubles fifty kopecks. In size they were usual- ly about an inch wide and three inches long, and the value was printed in- conspicuously on the face in letters little larger than ordinary book type. A person who for the purpose of pay- ing a droshky driver was obliged to remove his gloves and paw through a handful of crumpled bond coupons at midnight when the thermometer stood at twenty below zero was often able to understand why Russians sometimes go crazy and join the Bolshevik Army. Finally there was t h e postage-stamp money—ordinary postage stamps without mucilage on the backs, of ten kopecks, fifteen kopecks and twenty kopecks face val- ue. Probably no greater nuisance in the money line has ever been in- vented. Five dollars in Russian small change looked like the contents of a city editor's wastebasket after a busy day. The man who exposed his money when the wind was blowing often suffered the torture of seeing a cloud of postage-stamp currency whisked from his possession and whirled off into space, just like the paper snow- storms that occur in the By Heck dramas when the erring daughter is driven from the old home by the stern parent with the chin whiskers, the red undershirt and the cowhide boots. More than once I have seen dough- boys, anxious to get rid of an ac- cumulation of postage-stamp money, pay for a meal by dumping piles of them on a marble-topped restaurant table. With heads bent close above it and with an accommodating wait- ress sticking her nose into the group they would count and count and count and count. And finally when they had got about two dollars, or more than a hundred and fifty stamps, nicely heaped up one of the counters would get a tickling in the throat induced by a Siberian cold, and would have to cough boisterously, whereat the heap of money would be scattered to the four corners of the restaurant. With the present Russian monetary system the business man wastes so much time in counting small change, hunting for watermarks and picking postage stamps from the floor that he has little time in which to do busi- ness. Nor should we overlook the time spent in mending money. Most of it is so frayed and worn and limp and torn that unless it is handled with the utmost care it falls apart and demands the immediate attention of a person skilled in Russian money, the Russian language and the solving of jig-saw puzzles. The old imperial money is good everywhere, and often sells for twen- ty-five per cent. more than its face value for that reason. This is partic- ularly true in such cities as Khaba- rovsk, where there is nothing but Bolshevik money. In Vladivostok, in Harbin, in Irkutsk, in Chita—in fact, in most Siberian cities—Bolshevik money and last year's newspapers are about on a par so far as values are concerned. The old imperial money is the only money that is acceptable out- side of Russia. Those who speculate in rubles can only speculate with im- perial money. The Kerensky money is good practically everywhere. The restaurant money is good only in the restaurants which issue it. The other money is good where it can be passed. There is always somebody who will take anything. After our doughboys had been stuck a number of times with counterfeit bond-coupon money and restaurant money they retaliated by using cigarette coupons as cur- rency. This happened in Khabarovsk, where Bolshevik money was the chief medium of exchange. The cigarette coupons looked like Bolshevik notes to the Russians and circulated equal to them, as they undoubtedly were. The value of the ruble danced around like a flea on a hot griddle. Back in normal times a ruble was worth fifty cents. The war beat down its value, the revolution beat it down still further, and Bolshevikism com- pleted the ruin. At one time, late in 1917 and 1918, the ruble was worth only two and a half cents. Since a kopeck is one-hundredth part of a ruble the value of a kopeck during the worst period of depression was one-fortieth of a cent. It took a bushel of postage-stamp currency to buy a haircut and a peck to pay for a shoeshine. When the Americans first arrived in Vladivostok they could purchase fifteen rubles for a dollar. Early in October, 1918, a dollar would purchase eleven rubles. As Germany weakened and finally quit, the ruble rose in value until an American dollar would purchase only six and a half rubles. At mid-December it be- gan to fall again until in January it became practically stationary round nine and one-half rubles for a dollar. There was a very heavy speculation in rubles. Though there was a law against sending imperial rubles out of Russia it was done. There were American civilians in Siberia who made thousands of dollars by buying up imperial rubles and shipping them to America, where a ruble seldom dropped below fifteen cents in value. It was a game at which it was practi- cally impossible to lose. Even the banks speculated freely and forced the price of rubles up and down as the spirit moved them and their own needs demanded. Whenever the doughboy drew his pay the banks would promptly raise the value of the ruble, so that when he bought rubles with his dollars he usually received two rubles less to the dollar than he would have received on the preceding day. The banks were quite brutal and open about it. I have seen a bank close on a Friday buying Ameri- can dollars for seven rubles, and open on Monday selling dollars for eleven rubles. The Russians viewed the Americans as easy marks and treated them ac- cordingly. As the value of the ruble increased and the number which could _( WX44,70 If 8. et219.1.1.E //,///,,,L. /., /,', a , , , ,:, ,,,,,,a/ - '(:- TWO DOLLARS IC).-s:- ,/,,, r; .4 .t., );;;,,y...„,,, , G. A WHOLE NO. 54 Paper Money PAGE 261 be obtained for a dollar decreased, the prices which the Russians charged the Americans either remained sta- tionary or rose. In some instances the Russians even outdid the Wash- ington rent-raisers—one of the lowest forms of profiteers that the war devel- oped. To cite an example: A Russian rented an eight-room house in Vladi- vostok for three hundred rubles a month. Hearing that two Americans were at a loss where to turn for favor, two of his rooms for eight quarters he offered them, as a special hundred rubles a month. The Ameri- cans considered themselves fortunate to get the rooms for that price. WORLD NEWS AND NOTES by M. Tiitus BHUTAN has issued its first series of notes consisting of 1, 5 and 10 Ngul- trum denominations, a Ngultrum being at par with the Indian Rupee. I'm actually assuming that this is Bhutan's first paper currency ever . . . Sten listed Bhutan (the country) in his "Banknotes of the World, Vol. I", but did not list any notes, per se, except to mention that Indian notes are used there. BRAZIL: 1 Cruzeiro, 147x66mm, water- marked with the effigy of the re- public. The predominantly green and multicolored note features a Liberty cameo in a coinlike circle on the front, and a building in a correspond- ing coinlike circle on the back. The design of this new note is almost identical to the previous 1 Cruzeiro note except for the colors (green, bistre U me/green, bistre, mauve Cr mc). BRAZIL: Here are further details on a note reported in PM-52: 500 Cru- z e i r o s, 1 72x78mm, watermarked "1822-1972," multicolored. Faces of five men dominate the front, while five historical maps of Brazil are fea- tured on the back. SPAIN: 100 Pesetas, 17 Nov 1970, 134x78mm. Spanish composer Manuel de Falla is featured on the front of the predominantly brown note. A scenic garden, surrounded by various sections of a building which may comprise a villa appear on the back. Don't struggle too severely with the mystery of a stale date appearing on a new note. Some countries such as Spain and Germany are rumored to have tons of "new" designs hidden in highly secure places, ready for emergencies such as a severe case of the counterfeits, to avoid a national disaster when the present series should have to be speedily withdrawn. Usually, such notes include the date as part of the background plate, and require only that serial numbers be added—a relatively simple procedure. Then, if no emergency occurs, new secret designs are squirreled away, and "old" secret designs become new issues. SWAZILAND has now, in fact, issued its first set of paper currencies. All four notes are 150x69mm in size. The 1 Lilangeni is predominantly red- brown, the 2 Emalangeni is pink, the 5 E is green, and the 10 E is blue. A portrait of King Sobhuza II is fea- tured on the notes. One Lilangeni equals one South African Rand. For background info on this new note issuing country, please refer to this column in PM-52. ("World News and Notes" is somewhat abbreviated this month because of a delay in release of the regular INTERPOL reports.) 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 PAGE 262 Paper Money WHOLE NO. 54 "Jay Cooke, Patriot Banker" By BRENT H. HUGHES SPMC No. 7 THE little village of Sandusky. Ohio was just fouryears old when a child named Jay Cooke was born there on August 10, 1821. The third child and second son of Eleutheros and Martha Cooke, he was born under typical frontier conditions, in the home of another family while the Cooke home was under con- struction. But it would not be the spirit of the frontier that would influence their son; rather it would be the spirit of America that would lead Jay Cooke to national service. The Cooke family was representative of the American middle class Self-respecting, hard-working and filled with pride, the family founder was a Puritan who was well known in Salem, Massachusetts. His son was a tanner and shoemaker, and his grandson was a farmer. There was no colonial aristocracy on either side: instead, a deep-seated love of country and an understanding of the people. Jay loved to listen to his grandfather spin tales of the war and his prison life in Montreal. The seeds of patriotism were planted early. Eleutheros Cooke was a skilled lawyer, the first of his family to enter the professional ranks. He was an ac- complished orator, real estate operator. and eventually a politician who served several terms in the Ohio legis- lature and one term. 1831-1833. in the national House of Representatives. Later he became involved in canals. then in the Mad River and Ohio Railroad, the first railroad west of the Alleghanies. The strong personality of his father was to influence Jay throughout his child- hood, and he was to inherit most of his traits. Thus young Jay became as effective writer in promoting early transportation and eventually made his fortune in rail- roading. Jay showed his aptitude for business when at age nine he began working after school in a store owned by his father and uncle. At 14 he left school to become a clerk in a store owned by two young men from New York. Hubbard and Leiter. At a salary of $250 per year, Jay felt he was a professional merchant and ready to enter the world of big business. In 1836, fifteen-year- old Jay Cooke left his home town for the "big city." St. Louis. population 7.500. The Panic of 1837 sank the merchant who employed him there, so he left for Phila- delphia where he worked for the Washington Packet and Transportation Company, whose president was William G. Moorhead, husband of Jay's sister. He kept hooks, acted as general assistant, but more importantly he had an opportunity to use his literary talents in writ- ing the newspaper advertisements of the firm. It was in this work that Jay learned of the effectiveness of good advertising, a lesson that he would capitalize on for the rest of his life. In 1838, Jay was again the victim of bankruptcy of an employer, and moved on to a job with Enoch W. Clark, a stock broker. At age 18. Jay had finally found his niche. Ambitious, experienced, intelligent and in robust health, Jay Cooke was ready to enter the world of banking. The chaotic condition of banking in this country during this period was also a time of opportunity for many men of vision. The merchant class which had set up their banking facilities in order to carry on their business gradually gave way to highly specialized bank- ing houses. Clark's firm specialized in investments in municipal, state and railroad securities. Jay found the whole field fascinating and decided that he had found his life work. Shortly after going to work for Clark, Jay wrote his brother, "I have got on the right side of for- tune in Philadelphia and if prudence, punctuality, and good behavior, as far as in my power, can keep me there, I shall remain statu quo (sic I, as you say, forevermore. This business is always good and those who follow it always in time become rich. I am not afraid but that I shall be able to help myself." "A Grand Time for Brokerage" T was a peculiar financial situation during this time that merchants, when in need of money, did their borrowing through brokers. Acting as go-betweens for borrowers and lenders, the brokers were able to make lucrative profits through intricate discounting of paper. This was aided by the general instability of business. In the late 1830's and early 1840's bank cur- rency was in a highly disorganized state, specie pay- ments were often suspended, and as Jay Cooke stated, WHOLE NO. 54 Paper Money PAGE 263 "It was a grand time for brokerage and private bank- ing." The Clark firm was fast on its feet getting involved in a wide range of activities during this time. It handled specie and bank notes; redeemed notes under contract with various banks; handled commercial bills; and in general made itself available for a variety of tasks. So adept was Jay Cooke at the detail work involved in the Clark firm's activities that his employers quickly rec- ognized his ability and gave him power of attorney to sign for the firm after only two years' service. In his memoirs Jay Cooke acquaints us with a typical transaction that he engaged in while with Clark. A cattle trader needed cash but could not get it from the Bank of the United States of Pennsylvania. He then gave the bank his notes for four months and took in payment the bank's twelve-month post notes in denomi- nations of one, five and ten thousand. He then brought these notes to Clark, "stowed away in his tall beaver hat," as Jay Cooke put it. "We would cash them at 10% to 12% below face and market them in Boston, realizing a profit of 3% to 4% on the deal." But Clark made another profit by paying the cattle trader in bank notes of banks in Ohio, Virginia and western Pennsylva- nia which the trader could use to pay for cattle pur- chased in those states. The trader was paid off with such notes at face value, while Clark had acquired the bank notes at a substantial discount. The profit potential of private banking was not lost on Jay Cooke and we can well imagine that he was already thinking of setting up his own company. He widened his social activities as well as business contacts. "I have a number of valuable ones who may be of service to me hereafter." he wrote to his brother. As the Clark firm prospered, Jay moved up in the organi- zation, and in January 1843, at the ripe old age of 21, Jay Cooke became a partner in the Philadelphia branch of E. W. Clark & Co. In 1844, he took unto himself a wife, Dorothea Elizabeth Allen, engaged a suite at the Congress Hall Hotel, and proceeded to raise a family. Jay Cooke now widened his horizons, moving about among the Clark branch offices and making new acquaint. ances in the banking fraternity. Typical was the friend- ship between the Philadelphia and New York branches of Clark and the prestigious firm of Corcoran and Riggs of Washington. D. C. The two firms carried accounts for each other, made collections of personal drafts, and handled bank notes, charging according to a gentle- men's agreement. This cooperation gradually widened and was the basis of the firms' entry into assisting the U. S. Treasury Department in some intricate financial transactions involving the transfer of federal funds from St. Louis to the East. It was the War with Mexico that gave the two firms their great opportunity to handle government securities. Jointly they sold two war loans, $18 million in 1847 and $16 million in 1848. Patriotism was of little significance in these loans, both of which earned good profits for the banking firms. Rather, they were regarded as simply good business for all concerned. If the government suffered somewhat in the deal, that was considered to be little more than the price of doing business. With the 1850's came the great migration to the California gold fields of miners, merchants and capital. Clark and Jay Cooke were in the thick of the activity, handling the outpouring of gold dust and nuggets through various devices, and participating in land deals as the American frontier was pushed westward. But the speculative mania was to bring about a reaction. The public became suspicious of some of the dealing that was going on and this collapse of faith in business morals was to bring on a panic which would spell bank- ruptcy for many firms. Clark's was no exception, and once again Jay Cooke found himself out of a job. From 1858 to 1860, Cooke conserved his resources while waiting for the national economy to smooth out. Through a combination of rare talents and personality Jay Cooke managed to preserve not only most of his private fortune but most of his friendships with the banking groups. As the panic subsided Cooke looked about for an opportunity and found it in the reorganizing and rebuilding of transportation concerns. This gave him valuable experience in the promotion, finance and construction of railroads, a field in which he was to again make his mark. Civil War Financier T HUS we find the stage set for the emergence of JayCooke as a principal banker in financing the Civil War. Banking had gradually become more spe- cialized and stable. The war demanded the rapid develop- ment of such facilities. Although many men were active in the field, the outstanding individual was Jay Cooke, working through his bank, Jay Cooke & Co. The firm was established in Philadelphia on January 1, 1861. There is evidence that many years of thought and plan- ning were behind the bank: the war simply provided the catalyst. Jay Cooke & Co. was a partnership, Jay being manager with two-thirds interest, and William Moorhead furnishing money and experience with a one- third interest. The bank was located at 114 South Third Street, near the Girard Bank. the Farmers' and Me- chanics' Bank, the Philadelphia Bank, and the Bank of North America. With the outbreak of hostilities in April, 1861, the U. S. Treasury found itself in a miserable condition. It had no choice except to resort to loans, an area in which it was completely ineffective. Offering the bonds on a competitive basis, Secretary of the Treasury Salmon P. Chase soon found himself in conflict with the bankers who quickly lost all taste for government securities. Jay Cooke held hack and watched developments. Working through his brother, Henry D. Cooke, a political friend of Chase, Jay approached the Treasury Department with a series of suggestions. The worried but thoroughly honest Chase proceeded cautiously. Jay Cooke was allowed to participate in the sale of Treasury notes in April, 1861. These notes, convertible into 6% bonds, were sold at par or above, largely through the efforts of Jay Cooke and his contacts with banker friends who bought the notes as an investment and expected a prof- it. As additional loans became necessary and the market weakened, it became obvious to Jay Cooke that the old methods of selling government securities would not work. PAGE 264 Paper Money WHOLE NO. 54 Check of Corcoran & Riggs Bank, Washington, D. C., March 17, 1848. The cooper- ation between this bank and Jay Cooke & Co. led to the eventual involvement of the latter firm with the U. S. Treasury Department. Purely investment capital was limited and another type of appeal would have to be found. Remembering the emotional appeal of some of his early newspaper adver- tising, he conceived the idea of selling government bonds directly to the public by appealing to their patriotism. Only by wide participation of the American public put- ting its money in bonds of small denomination could the government hope to finance the war effort, Cooke told the Treasury. As things turned out, he was right. Jay Cooke, the master salesman, organized his sales campaign with vigor and enthusiasm. Advertisements were placed in local newspapers, circulars were distrib- uted widely, all appealing to both the patriotism and the profit motive of the buyer. Such was his fervor that the loan was oversubscribed, and the banking house of Jay Cooke & Company was instantly famous. As his Washington activities occupied more and more of his time. Cooke found that an office in that city would be necessary. In February. 1862, Jay Cooke & Company opened an office at 452 Fifteenth Street, directly across the street from the Treasury Building. Cooke took great pride in the location. making the statement "opposite Treasury Building" an integral part of his check designs. The Washington office provided Jay Cooke with an excellent base of operations not only for his bond business but a means whereby closer relations could be maintained with both Treasury officials and members of Congress. Handling the latter activities was Jay's brother Henry. Chase rewarded performance with an ever-increasing number of assignments. Cooke purchased gold for the Treasury, dealt with the English bankers and merchants. and in general acted as advisor to the harassed Chase. In October, 1862, Secretary Chase commissioned Jay Cooke as this special agent to sell the famous "five- twenty" loan for the Treasury Department, an event which would one day be called one of the most signifi- cant achievements in American finance. These were six percent bonds, callable in five years and maturing in twenty years, which were quickly referred to nationally as "five-twenties." This great sale brought out all the latent talents of Jay Cooke in salesmanship. Utilizing every available means of publicity to educate the public, he created such a desire on the part of the small investor to support his country that it became a major task just to deliver the bonds to the buyers. Cooke loved the Union and he was able to convey this love to a skeptical public. He exuded confidence in the nation's future; he gained supporters by the thousands; he swept opposition aside by the very force of his personality. Jay Cooke and the loan became as one. Utilizing the railroad and the telegraph as no one had done before, he set up a far- flung organization of agents and sub-agents who sought out potential buyers in every part of the country. Sup- ported by a massive campaign in the press, this team found a receptive public wherever it went. Typical of the press release was the following appeal which was spread nationally by newspaper and broadside: TO FARMERS, MECHANICS AND CAPITALISTS! You have a solemn duty to perform to your government and to posterity! Our gallant army and navy must be supported by every man and woman who has any means, large or small, at their control. The United States Government, to which we owe our prosperity as a nation, security of person and property of every sort, calls on each individual to rally to its support—not with dona- tions and gifts—though who could withhold them—but with subscriptions to her loans, based on the best security in the world, the untold and scarcely yet tried resources of this mighty Continent, which were developing rapidly when the rebellion broke out, and to maintain which, as a priceless heritage to posterity, the defence against re- bellion is made. There is no miscalculation, and can be no failure—the cost has been counted, and the hurthen will be light to us, and gladly borne by posterity. What our Revolu- tionary Fathers are to us, we will be to coming genera- tions, if we fail not in our plain and simple duty! The owner of every foot of ground, of every house and workshop, owes a debt of service in the field, or of his means in this noble work! Talk not of Taxes! they se- cure the Loans. Take the Loans! and the Taxes will fall more lightly—and they supply the ready, present required means to strike the death blow at rebellion and the foul disturbers of the Nation's peace! Talk not of Rulers! They are the ministers of God! who rules the world and the destiny of this mighty Na- tion! Our first duty is to God—our next to our country— fail not of either! Your nearest patriotic Bank or Banker will supply this loan, on which so much depends! Washiugton, 1). ('.. JAY COOTCRI & CO., Bankers, WHOLE NO. 54 Paper Money PAGE 265 Check of Jay Cooke & Co. Bankers, Washington, D. C., Sept. 10, 1864, with 2c postage, not revenue, stamp paying the tax. 01 co --- ailr01%inntOr,gL €. it_w , 3 7c0K5 I 0 • t:- 43 i.,,, =pi -41. m N . 2 , .- JAY COOKE a CO., BANKERS' ' , 11" M r,-, I- 2: ,. 0 '4 ° g 3'.. 0,04( io \ 4i_ , ' , ,z,L,-,-6,L 0 t a \ eal.e'? il o , t;, 0 t4 ^.. 1 i.._ . f ' (-t, .,0 . c : -L.,. ,, 0 - E17.,... 4, i r ......4-4.,C L r‘. ,. - 1 • • ...., ..., 3 _ ______ ___-_- , •-• --e, ' e- , glikt44. [ '., z z,-- ce_.. , Check of Jay Cooke & Co. Bankers, Washington, D. C., Nov. 3, 1865, with adhesive revenue stamp. The great selling campaign started slowly, picked up speed and eventually was so successful that the Treasury Department fell behind in delivering the bonds to the buyers. Through it all, Jay Cooke pressed on. At the close of the sale on January 21, 1864. the total had reached $510,776,450. Of this amount, Cooke was credited with selling $361,952,950. After expenses, Jay Cooke & Co. netted $220,054.49. The enormous sale had cost the government only one-sixteenth of one percent. Chase was satisfied but many bankers were critical. It is obvious that the gain to Jay Cooke was in prestige, not in money. As the war progressed. additional loans were needed and Jay Cooke again was called upon to carry the load. This he did with the same enthusiasm that had been shown at the beginning. When the war ended the name of Jay Cooke was probably as well known as that of the military leaders of the Union. Undoubtedly he had achieved as much success in his work for the country as a small army in the field. After the war. Jay Cooke & Company engaged in a wide variety of financial ventures, which are a story in themselves. Briefly. all went well until the financial Panic of 1873 forced the closing of the firm. Bank- ruptcy proceedings went on until finally ending in 1890. Jay Cooke lived out his years in relative comfort. He grew fond of fishing and spent many happy hours at his lodge in the mountains of Pennsylvania and at his old home on the island of Gibraltar in Lake Erie. In February 1905, he passed away after a party for a group of students. For those who wish a detailed account of the life of this extraordinary man, the author recommends Jay Cooke, Private Banker by Henrietta M. Larson, Harvard University Press. 1936. This volume of over 500 pages offers many valuable sources of information for the numismatist, and was the source of the highlights of Jay Cooke's career contained in this article. TIIE UNITED sTATEsowmonwN A 99999999 A A 99999999 A PAGE 266 Paper Money WHOLE NO. 54 Patience is Rewarded by An 8-Nines Note with Identical Prefix and Suffix By TOM MORRISSEY FTER a search that took over five years, I finally acquired the elusive and possibly unique eight- nines notes shown here. Bear in mind that I was searching for this note when I came upon the ultra-rare eight-zero find (see May 1974 PAPER MONEY ) . Most knowledgeable syngraphists feel that this note too would normally have been removed along with the hundred- millionth note by the inspectors at the Bureau of En- graving and Printing and replaced with two star notes to make up the pack of one hundred. I know that other similar notes containing eight nines have been found; however, I do not know of any with identical prefix and suffix. In all probability this article will expose the others that do exist. This note and the eight-zero note truly make a re- markable combination. The two are the keys to my goal of completing a set of one to ten inclusive. And only through patience, search, inquiry, cajoling. persuasion, prayer and inducement did I acquire the eight-nines, as it was found in circulation and I traded with a finder who knew I was searching for it. I highly suggest that the younger collectors stop searching through "fished out" rolls and bags of coins and look for the rarities of today that are in circulation and can be obtained through patience, for these will be the "Onepapas of the future." The Bureau has indicated that with the new COPE system the old, 70-year-old system of "star" replace- ment will be eliminated by 1980. What does this sug- gest to the young collectors? In the last decade we have had nigh onto a dozen different signatures on our com- mon currency. What an overstocked pond the present currency has for the "ragpicking" angler. Be patient, do not despair, and good fishing! Federal Reserve Corner HE new Series 1974 notes have finally appeared. The first were released from the Treasury Cash Office in Washington, and were on the Richmond district. Apparently these are yet not being released via the Richmond Fed, as none has been reported other than in the Washington area. We can report some other districts. however. Dallas was reported by Tommy Wills; San Francisco by George Pollock, Jr.; New York by Richard Mark; and Atlanta by Mike Crabb. This gives us five districts so far, and within a short time most of the others will he appearing. We can also report one short block in the Series 1969D $1 Feds: San Francisco L - E block had a total of only 640,000 notes. and if these are not obtained while they have their brief appearance, we could have a difficult note. It is hoped that reports will be forth- coming to provide adequate supplies and to keep the price within reason. We will have two new editions of favorite catalogs to look for soon. First, the 11th edition of the Hewitt- Donlon will appear in early November; it features a complete price revision, with many changes. Data has been brought up to date for this handy volume. The 8th edition of the Friedberg is also at the printers and will be available shortly. This also will be eagerly snapped up. for it is the "grandpa" of them all. We are finding new types of errors that are appearing from the COPE-produced notes. We had the pleasure of showing one in Coin World which was a miscut, with the bottom half of the top note, and top half of the bottom note . . . each with different serial numbers. It was really something! Harry Jones was the proud owner. This was shown in Miami at ANA! A word to the wise! If you are collecting Federal Reserve Notes and lack any of the earlier series—Series 1963, 1963A, 1963B—now is the time to obtain them. There are some really scarce blocks in these groups, and prices are steadily rising. As supplies of all of these regular and star notes become smaller, the prices are bound to rise. I foresee a good future for these early series, and remember they are now ELEVEN years young! I wish to thank readers who have written in and sent reports. These are a great help, and I appreciate your continued cooperation. It is my hope that I can present here material you wish to see. so voice your opinions. Thanks. NATHAN GOLDSTEIN II P. 0. Box 36 Greenville, Miss. 38701 •••11141110 41** Stanley Gibbons Currency of London reports that sales of the 1973-74 season were up £17,810 on the previous season at £58,810. Among the sales was one in June which realized £16,692. It included a Chinese Ming Dynasty one kwan mulberry bark note of 1368-99 which made £500 and five 19th century proof notes of the Bank of British North America that brought £400. A rare Seychelles Government 50-cents note dated Nov. 10, 1919 and handsigned by Gov. E. Hines realized £260. A 20 piastres note signed and issued by Gen. Gordon during the Siege of Khartoum made £90. WHOLE NO. 54 Paper Money PAGE 267 SPMC Bicentennial Feature -United States Loan Office Certificates By FORREST W. DANIEL NE of the first problems to face the fledgling govern- ment of the United States after ratification of the Constitution was to establish its credit at home and abroad. The assumption of the debt contracted by the Continental Congress and the several states during the Revolutionary War and the years which had followed was one of the methods adopted to that end. The Loan Office Certificates issued to assume and fund that debt are occa- sionally found in numismatic collections of peripheral paper ; and while they did not have currency status, they did have limited negotiability. Those certificates are the earliest ex- amples of the United States bonds, although "stocks" was the word commonly used at the time of their issue. Payment of the debt had been promised from the first establishment of a government during the war: Articles of Confederation, Art. XII.—All bills of credit emitted, moneys borrowed, and debts contracted by or under the authority of Congress, before the assembling of the United States, in pursuance of the present Confederation, shall be deemed and considered as a charge against the United States, for payment and satisfaction whereof the said United States and the public faith are hereby solemnly pledged. Constitution of the United States, Art. VI.—All debts contracted and engagements entered into, before the adoption of this Constitution, shall be as valid against the United States under this Constitution, as under the Confederation. Secretary of the Treasury Alexander Hamilton presented a "Report on the Settlement of the Public Debt" to Con- gress on January 9, 179o. The report listed the debt as follows: The Foreign Debt, borrowed from France, Spain and Holland at interest of four and five percent per annum: Principal, $10,070,307.00; arrears of interest to December 31, 1789, $1,640,071.62. Total Foreign Debt, $11,710,378.62. The Domestic Debt, due to individuals for moneys loaned to the government, chiefly in the paper currency of the country ; for services rendered and for supplies ; and in- cluded the debts due to the army for arrearages of pay, and five years' pay given to officers in commutation of half pay for life: Principal of the liquidated part bearing interest at six percent, $27,383,917.74; arrears of interest to December 31, 179o, $13,030,168.20. Total liquidated Domestic Debt, $40,414,085-94. The unliquidated part of the Domestic Debt, consisting chiefly of Continental bills of credit, was not ascertained but was estimated at $2,000,000.00. The total Foreign and Domestic Debt of the United States was determined to be $54,124 , 464.56. The total debt of the individual states was not ascer- tained but Secretary Hamilton proposed that $25,000,000 be assumed by the federal government, making the total estimated debt $79,124,464.56. This debt he felt could be made redeemable at the pleasure of the government if funded at six percent per annum, and recommended that the foreign debt of the Confederation be assumed and paid in full; that the domestic debt of the Confederation, which had fallen far below par and had become a synonym for worthlessness, be paid at its par value; and that the debts incurred by the states during the Revolution, and still un- paid, should be assumed and paid in full by the federal government. Hamilton's first recommendation, that the foreign debt be assumed and paid, was adopted unanimously. Congress immediately appropriated money to begin paying the arrear- age of interest and voted to borrow $12,000,000, at terms advantageous to the government, to pay off the principal and interest. There was objection to paying the domestic debt, how- ever. The opposition stated that the domestic debt was in the hands of speculators who had purchased the govern- ment obligations at heavy discounts; they felt these specu- lators should not be enriched at the expense of the people who had sold their securities. Hamilton's supporters took the position that the debt should be paid in full for that very reason ; holders of United States securities would learn they should not sell at a discount. The very fact that the entire debt would be paid, they held, should establish the credit of the United States for all time to come. After a long debate the second recommendation was adopted. Opposition to Hamilton's third suggestion, that the federal government assume the debt of the individual states, was even more bitter. Anti-federalists feared the extension of power of the national government over the affairs of the states, thus reducing their individual importance. Assump- tion of the state debt was passed in the House by a vote of 31 to 26; but that did not end the opposition. A dele- gation of seven newly arrived Anti-federalist members from North Carolina could tip the balance, so a vote to reconsider was called and the proposition was defeated by two votes. Bargaining began in earnest. Since a site for a national capital had to be selected, the Federalists agreed to vote for a site on the Potomac River and two Anti- federalist members from the Potomac agreed to vote for the third resolution. Hamilton's entire report was adopted. The credit of the United States was enhanced, and the holders of the Continental debt were enriched. An act making provision for the debt of the United States was approved on August 4, 1790. It provided for PAGE 268 Paper Money WHOLE NO. 54 the foreign debt in the manner mentioned earlier, and for the domestic debt and the debt of the states in separate sections. Funding the Domestic Debt THE national debt was established through a voluntaryloan on the part of the creditors of the full amount of the domestic debt—an unspecified amount—and books were opened to receive subscriptions to the loan at the Treasury of the United States and at the officies of the commissioners of loans in each of the states. The period of the subscription was initially set to run from October I, 1790, to September 3o, 1791; but subsequent extensions were enacted and the period was prolonged to December 31, 1797. . . That the sums which shall be subscribed thereto, be payable in certificates issued for the said debt, according to their specie value, and computing the interest upon such as bear interest to the last day of December next, inclusively ; which said certificates shall be of these several descriptions, to wit : "Those issued by the Register of the Treasury ; "Those issued by the commissioners of loans in the several States, including certificates given pursuant to the act of Congress of the second January, 1779, for bills of credit of the several emissions of the twentieth of May, 1777, and the eleventh of April, 1778 ; "Those issued by the commissioners for the adjustment of the ac- counts of the quartermaster, commissary, hospital, clothing, and marine departments ; "Those issued by the commissioners for the adjustment of accounts in the respective states ; "Those issued by the late and present paymaster general, or com- missioner of army accounts ; "Those issued for the payment of interest, commonly called indents of interest ; "And in the bills of credit issued by the authority of the United States in Congress assembled, at the rate of one hundred dollars in the said bills, for one dollar in specie." Any person or body politic, subscribing to the loan, pre- senting evidences of the principal of the debt was to receive a certificate stating that the United States owed the holder the sum stated, equal to two-thirds of the amount paid in, bearing interest at six percent per annum, payable quarterly; in addition he was to receive a second certificate equal to one-third of the amount paid in, which after the year 180o would bear interest at the rate of six percent, payable quarterly. The certificates were to be retired at a rate not exceeding eight percent of principal and interest in any year; but there was the proviso that the United States was not obliged to redeem that amount, it only had the right to do so. A third form of certificate (illustrated) was issued to subscribers who paid in representations of interest on the domestic debt, computed to December 31, 1790, or in the certificates earlier issued in payment of interest, commonly called indents of interest. That certificate represented the sum paid in as owing by the United States to the holder or his assigns, bearing interest of three percent payable quarterly and subject to redemption whenever provision was made by law for that purpose. The stocks created in the manner stated were transfer- rable only on the books of the Treasury, or on those of the commissioners of loans in the offices where they were credited at the time of transfer, unless the Secretary of the Treasury directed otherwise. Interest was payable at the office where the stock was credited when the interest was due, and if the interest for one quarter was not de- manded before the expiration of a third quarter, the interest became payable only at the Treasury. The contracts and rights of creditors of the United States who did not subscribe to the loan remained in force. During 1791 they were allowed interest the same as sub- scribers, but to be entitled to that interest the certificates had to be renewed by June I, 1791, and the new certificates stated the specie value of the certificates exchanged. These certificates were transferrable in the same manner as those issued in subscription to the loan. The surrender of the old evidences of debt was necessary in order to liquidate their specie value before interest was paid and "as most of them are greatly subject to counterfeit, and counterfeits have actually taken place in numerous instances," to eliminate the fakes. The States' Debts Assumed 0 provide for the debts of the individual states Con- gress authorized a loan of $21,500,000 rather than the $25,000,000 suggested by Hamilton; subscriptions were to be received at the same time, in the places and by the same persons appointed to receive subscriptions to the loan for the domestic debt. Certificates or notes issued by the states prior to January I, 1790, as acknowledgements or evidences of debt were to be received for the loan, with the exception of the certificates issued by the commissioners of army accounts in the state of North Carolina in 1786. The only certificates receivable were those which had been issued for compensations and expenditures, for services and supplies used for the prosecution of the Revolutionary War, and the defense of the United States. In May 1792, the period for subscribing to the loan for the assumption of the debt of the states was extended from September 3o, 1791, to March I, 1793, "Provided always, that the commissioners of loans for North Carolina shall not be allowed to receive any certificate issued by Patrick Travers, commissioner of Cumberland County, or by the commissioners of army accounts-at Warrenton." The $21,500,000 of state debt to be assumed by the federal government was apportioned in this manner: New Hampshire $ 300,000 Massachusetts 4,000,000 Rhode Island zoo,000 Connecticut 1,600,000 New York 1,200,000 New Jersey 800,000 Pennsylvania 2,200,000 Delaware 200,000 Maryland 800,000 Virginia 3,500,000 North Carolina 2,400,000 South Carolina 4,000,000 Georgia 300,000 For four-ninths of the sum subscribed in state notes the lender received a loan office certificate bearing six percent interest, payable quarterly; another certificate for two- ninths of the amount bearing six percent interest payable quarterly after 180o; and for the remaining one-third a certificate bearing three percent interest payable quarterly. All of these certificates were redeemable in the same aj z. r. 40, tf' Paper MoneyWHOLE NO. 54 PAGE 269 manner as the certificates issued for the domestic debt. whenever provision was made by law for their payment. Interest on the notes received was computed to December 31, 1791; and the interest on the certificates issued began on January I, 1792. The faith of the United States was pledged to provide and appropriate such permanent funds as would make full provision for the payment of the interest on the debt. Amount of the Debt O N September 3o, 1791, the Register of the Treasuryreported that the first year's response to the loan for funding the domestic debt resulted in the issue of $ 1 4,177,450.43 in six percent stock; $7,088,727.79 in de- ferred six percent stock; and $10,531,303.00 in three per- cent stock; a total of $31,797,481.22. Of the $21,500,oco of state debts to be assumed by the federal government $18,328,186.21 was subscribed in the first year. Massachusetts, Rhode Island and South Carolina subscribed above their quotas to a total of $1,255,851.82. The other states were under-subscribed to a total of $4,427,665.61 except Georgia, which had subscribed the exact amount of its assumption, $300,000. An estimate of the balance of the remaining debts of the states was put at $8,331,028.32. Another chart exhibiting the amounts of outstanding stocks of the various issues on January i of several years indicates, perhaps, that it took some time before the sub- scriptions were reduced to their specie value and finally took the form of issued stock. 1791 1792 1793 1,143,106.28 $ 6,359,296.47 $37,722,628.07 425,911.33 3,346,965.09 17,756,419.69 61,081.626.99 5 2 ,959,79 1 .69 6,822,742.64 The six percent and six percent deferred stocks issued from 1791 through 1798 amounted to $42,598,512.48. Annual payments of eight percent of the debt was authorized in 1795 when the high point of outstanding issue stood at $4 1 ,705,774.79 on January I ; from that time on the debt slowly but steadily declined until it was paid in full. A total of $19,221,336.26 of three percent stock was is- sued between 1791 and the end of 1806. A high point of $19,093,976.03 of the stock outstanding was reached in 1804 before payments began regularly to exceed issue of that form of stock. Not all of that amount was directly attributable to the subscription since the three percent stock was also used to pay interest due to the individual states from the federal government in settlement of its accounts. The Certificates HE description of the Loan Office Certificates is based on the three percent certificate illustrated and cursory observation of two others. The document is entirely typeset with an early representation of the Seal of the United States in the upper left and two apparently hand-cut logo- types, the initial letter B and the DOLLARS in spackle border below. The printer was Francis Bailey, whose address in Philadelphia appears on another piece of con- temporary government printing. The paper is watermarked "U. S. 3 PR. CT." The six percent certificates can be Six percent and Deferred stocks __ Three percent Stocks Old unfunded debt Three percent Loan Office Certificate ***0-i 7410",-g0 tAXA-M, 10,1.)11:0Z7,16 4 2,5-77)) J/ate d i/d(X/rAhvz.-1292-,'?" .04a4r.,4 ,.`:io.rf;lE IT KNOWN 1 djIalea of An.erica, a p thetheze 1+4 , 21/1-1,4 5 , die Am of ,r,uziz.! 3, cs ,...A.,es-E.4„-Yr- .e.,e. trIZ-Iz-,/L o Z , • ,744-4 ,-/-7 Az, .,:e.C1.,z,z.. .77,..;e,, ., /eay.tmq ,in "di at three izei. cent-Jain Izer annum, rom Mejlz-fribiLa-14, 1,44-e-tdri0-‘6' f' _ . live TcGcbecf thy ; taya-Gle igketriericarly, awe 114cci to reale/in/01;m, Ly de lutyment of itici/arm, nitenevez irroviolon ehali 6 rizawk lizerefoz Gy lan : ivhtch geGI' 1:s :worded 1:91, :: Mid 0 lice, awl/ es lrancle ralle only yalizectratnce ln terfon, or Ly t../lilozney, at the pro-" per ince, accoiclin, to the zrzlea aw' forma indle..lecl&-I for Ilza 0* 12/ e, /1„ WWWWWWWWWW PAGE 270 WHOLE NO. 54Paper Money assumed also to have been printed on paper especially marked for that use. is transferrable only by appearance in person, or by Attorney, at the proper Office, according to the rules and forms instituted for that purpose. 11,869 Dollars 2 Cents Nath. Appleton, Comrniss. - There is a hand-lettered "T" in the upper left corner ; its significance is not known. Though not freely negotiable, this certificate was trans- ferred in the manner prescribed. The endorsement on the back reads, "I Christopher Gore within named do hereby for value receiv'd assign & transfer Eleven thousand eight hundred & sixty nine dollars two Cents being the within debt to Thomas Dickason & William Burgess of the city of London in Great Britain merchants—Witness my hand at the office of Nathaniel Appleton Esqr Commissioner of Loans of the United States in the State of Massachusetts this twenty ( ?) day of May AD 1792. C. GORE." Although cut off the illustrated certificate, the form carried a counterfoil at the left on which the value could be recorded by cutting an irregular edge through groups of ten digits to express the value in los of thousands, thousands, hundreds, tens and units. The six percent and six percent deferred certificates are similar in style, with the deferred stocks stating that the payment of interest is to begin after the year 180o. Text of this certificate reads, "United States Loan-Office, (No. 2570) State of Massachusetts 15 March 1792 Be It Known, That there is due from the United States of Amer- ica, unto Christopher Gore of Boston Esqr. or his assigns, the sum of Eleven thousand, eight hundred & sixty nine dollars; two Cents bearing Interest at three per centum per annum, from the 1 Jany Seventeen hundred & ninety two inclusively; payable quarter-yearly, and subject to redemption, by the payment of said sum, whenever provision shall be made therefor by law: which Debt is recorded in this Office, and SOURCES: Statistical Annals of the United States of America, by Adam Seybert, Philadelphia, 1818 Laws of the United States Relating to Currency, Finance, and Banking from 1789 to 1891, by Charles F. Dunbar History for Ready Reference, by J. N. Lamed Annals of Congress >0( >0< X=XX=X X=X%=,< >0( )0( )0( >=•( >000< >0<}=,< }=C:,< >O.( >eCX )0! )000( ><:=X ><:=X )0( TC:* >GX >c=a< )0( ),:::::Op().< X=>< ><:>( >CZX )000( )0( >Of TCX >,==•( >c,=>< X:>< ><:=X It's in the Books — face in red figures from 145001 to 146000, and from 155001 to 156000 inclusive. Excerpts from Dye's Counterfeit Detector, July, 1884 Edition Donated to SPMC Library by Morey Perlmutter COUNTERFEITS OF CANADIAN BILLS 1 DOMINION OF CANADA. Old Government Issue. Letter D. Dated Ottawa, July 1st, 1870. "Payable at Toronto" on the back, with red figures on the face. There are three issues of these counterfeit bills, the difference being principally in the size of the red figures, which are very small on the first issue, a little larger on the second issue, and about full size of the genuine figures on the third issue, but in no instance are the figures on the counterfeits exactly like those used on the genuine bills. The lathe-work around the "1" on the right face of the bill is bad when examined under the glass, while the large green "l's" on the face are more blurred than on the genuine. In the vignette-portrait of Jacques Cartier in the upper left end of note there is a white streak running from the ear to the chin, and defining the line of the jaw- bone. The genuine D bills, of the Toronto issue, are being retired as fast as possible by the Assistant-Receiver- General at Toronto. Plates captured by Dominion of Canada Government Detective, J. W. Murray, June 14th, 1880. 1 Stolen. Dominion of Canada. Old Government Issue. "Payable at Toronto" on the back and numbered on the face in red figures from 505001 to 506000 inclusive. 1 UNION BANK OF PRINCE EDWARD ISLAND, Charlottetown, P. E. I. Photograph poorly done. Dated 1st Jan'y, 1872. No. 30252. Green letters in ONE and red letters in "Canada Currency" are very badly printed or painted on the face. Easily detected because of its faded appearance. 2 Stolen. Dominion of Canada. Old Government Issue. "Payable at Toronto" on the back and numbered on the 2 UNION BANK OF PRINCE EDWARD ISLAND, Charlottetown, P. E. I. Photograph fairly done. Plate A, dated 1st Jan'y, 1872, and numbered differently in blue or green ink. Large letters in TWO are badly printed or painted in green or blue inks on the face, which is the case with the red letters in "Canada Currency." Easily detected when carefully handled on account of the brown- ish sun tint. 2 UNION BANK OF PRINCE EDWARD ISLAND, Charlottetown, P. E. I. NEW ISSUE OF NOTES. Letter A. Dated March 1st, 1875. Coarse engraving, similar to an inferior wood cut. Fully one-quarter inch shorter than the genuine bills. "British American Bank Note Co., Montreal," is entirely omitted in the center portion of the bottom border. The line "Dominion of Canada" over vignette-engraving of dog and safe is without any shad- ing, which is also the case with the lines "of Prince Edward Island" and "on demand" beneath. Back of Note bad, and unlike genuine. Lathe-work patterns very coarse. Title of bank very poor. 4 THE DOMINION BANK, Toronto, Ont. Old Issue. Letter B. Dated Feb. 1st, 1871. Lathe-work around "4" is defective on close inspection, and has a fine white line running round inside of the black border line, which is not in the genuine bills. There is also a while line around the hair portion of Prince Arthur's head, which serves to separate it from the back-ground. Cashier's signature, W. H. Holland, jr., is engraved, while on the genuine bills it is written. 4 raised to 10 CANADIAN BANK OF COMMERCE, Toronto, Ont. The alterations are made with pen and ink, being very neatly done and well calculated to deceive those who are careless in handling money. The borders of the genuine Fours and Tens are totally different. 4 BANK OF BRITISH NORTH AMERICA, St. John Branch, N. B. Old Issue. Photograph and very pale. They are all supposed to be numbered 74981. 4 CITY BANK, Montreal, P. Q. Vignette—Vulcan, anvil, etc. Right end, woman, lion and unicorn. Left end, Lion, etc. WHOLE NO. 54 Paper Money PACE 271 4 Bank of Upper Canada (Forgery). Altered from worthless Fours of Bank of Western Canada. 5 CANADIAN BANK OF COMMERCE. Toronto, Ontario, Old Issue Letter C. Dated May 1st, 1871. Signa- ture of E. J. Smith, Cashier, is heavily printed, while on the genuine it is written. In the oval portrait in the centre the Queen's face is turned more to the front than in the genuine, thus showing the whole of her left eye and a portion of the temple beyond very distinctly, while in the genuine the farther corner of her left eye is scarcely seen, her face being more in profile than in the counterfeit. On the Queen's right hand the ring on her finger is very indistinct, while in the genuine it is very plainly seen. The general engraving of the portrait is coarse and much inferior to that on the genuine bills. 5 raised to 10 CANADIAN BANK OF COMMERCE, Toronto, Ont. New Issue. The green ink "V"s on the face of the note to the left and right of the President's por- trait are not wholly removed. The altered parts are done by the "bugging" process, which shows very plainly upon holding the bill up to the light. The border and back designs of these Fives are totally different from genuine Tens. 5 raised to 10 IMPERIAL BANK OF CANADA, Toronto, Ont. Alterations are made with pen and ink, and poorly done. The border designs of the genuine Fives and Tens are different on the ends and easily distinguished. 5 BANK OF BRITISH NORTH AMERICA. Quebec Branch. Old Issue. Photograph very pale. FIVE in large letters across the centre of green-tinted design of lathe work is badly printed thereon in green ink. They are all supposed to be numbered 44490. Dated 22nd Nov., 1871. 5 BANK OF BRITISH NORTH AMERICA. Old Issue. Kingston Branch. Dated 1st May, 1875. Genuine notes of this date are numbered from 30000 to 36000 inclusive, while the counterfeits, so far as detected, have all been numbered between 20000 and 30000. Lathe-work in small circular design on each side of the "5"s is defective under inspection with the glass. There is no shading about the oval designs in the border, while in the genuine there is. It is positively asserted that half a million dollars' worth of these notes were issued and mostly circulated in the fur regions of Upper Canada, many of them being used in the purchase of peltries. The genuine bills of this issue are nearly all withdrawn from circulation. 5 BANK OF BRITISH NORTH AMERICA, Montreal P. Q. New Issue, Letter D. General appearance good, but quality of the work will not bear inspection. Date on genuine 3rd July, 1877, on counterfeit the 3rd is omitted. Lathe-work presents a coarse appearance. "British Amer- ican Bank Note Co. Montreal," badly done, many of the letters are irregular, poorly spaced and varying in size. Engravings on face of counterfeit are all coarsely en- graved and defective. On lower left end Britannia seated has her right hand resting upon a shield the lower rim of which is well defined by a clear white line on the counterfeit, which does not appear on genuine bill. 5 UNION BANK OF PRINCE EDWARD ISLAND, Charlottetown, P. E. I. Photograph poorly done. Plate A. Easily detected by the brownish faded apnearance. 5 BANK OF NOVA SCOTIA, Halifax, N. S. Dated Halifax, N. S., July 5, 1877. Letter B 126304. Very rough pen and brush work. Not dangerous. 10 BANK OF BRITISH NORTH AMERICA, Ottawa Branch. Ottawa Ont. Photograph, and very poor. Num- bered 16279, which is most probably the case with the whole of them. The printing of "Ottawa" on each corner is poorly done. 10 ONTARIO BANK. New Issue. Letter A. Dated Bowmanville, Nov. 1st, 1870. In the lathe-work designs in each upper corner of note there appears a fine white line just inside of the black border line which is not visible in the genuine bills. The foliage in the engraving of the woodsman chopping down the tree is indistinctly worked un being rather blurred in its details. In the genuine bill the woodsman has a very neat moustache on his upper lip, while in the counterfeit there is simply a black mark defining his mouth, having no visible moustache above it. There are two issues of these counterfeits, on some of which the imprint of the "British American Bank Note Company, Montreal and Ottawa" does not appear under- neath the green-printed design on the backs. Best decline all on the "A" plate. 10 MERCHANTS' BANK OF HALIFAX, Halifax, N. S. Photograph and Lithograph combined. Purplish tint in the photographic part, the 10—TEN--10 being done in red and green ink by lithography, and badly blurred. The vignette of ship under sail is very coarsely done, while in the genuine it is very fine and distinct. Dated 1st January, 1874. The back is badly lithographed, but the genuine backs are so badly colored that they quickly fade, and become worn and indistinct from ordinary usage. It is not believed that many of these counterfeits ever got into circulation, but all bills of this issue and denomination should be handled with care. 10 LA BANQUE NATIONALE, Quebec, Q. C. The several specimens seen bear the check letter A. The counterfeit vignettes all very coarsely done, as are the large 10's and the counters in both upper corners. The lettering is much better and deceptive. In the genuine bills the P in "Prest" comes directly over the D in DIX in the bottom border, while in the counterfeits the P conies over the IX. 10 CITY BANK OF MONTREAL, Montreal, P. Q. Vignette—British Coat of Arms. Left end, male bust. Parliament spelt "Parliment." 10 CONSOLIDATED BANK OF CANADA, Montreal, P. Q. All Tens of this bank are worthless having been stolen unsigned and signatures forged. 10 PEOPLE'S BANK OF NEW BRUNSWICK, Freder- icton, N. B. Photograph poorly done. Plate A. Easily detected by its brownish faded appearance. 10 MARITIME BANK, St. John, New Brunswick. Dated St. John, New Brunswick, Oct. 5, 1881. Letter A: numbered 00737. Very rough pen and brush work. Not dangerous. Notes front Stanley Gibbons Currency By COLIN NARBETH As first published in Gibbons Stamp Monthly, London There is always a danger with unissued notes in that it is hard to tell how many of them exist. When issued they are given serial numbers and collectors can fairly soon judge the extent of the issue. But some unissued notes are of tremendous rarity. A good example are the Netherlands East Indies issues of 1815 which were being shipped to their destination by the French at the time that Napoleon was finally defeated at Waterloo. The notes were never issued, and as they were to be signed in the islands, were never signed either. Another very rare unissued note is the three skillings note for the proposed Bank of South Africa in the 1820s shortly after the second British occupation. Only a handful of these un- issued notes exist. PAGE 272 Paper Money WHOLE NO. 54 SPMC Chronicle SPMC 14th Annual Meeting HE 14th annual meeting of the Society of Paper Money Collectors was held during the American Numismatic Association convention in Bal Harbour, Florida following a luncheon at the Americana Hotel on Friday, August 16, 1974. Presided over by President J. Roy Pennell. Jr., it was attended by 144 members and guests. Prior to the meeting and during the luncheon, past President Tom Bain conducted his annual raffle to help defray the luncheon costs. The many varied and useful syngraphic items donated by members and friends brought $382. Another past president, Glenn Smedley, also a well- known ANA governor. spoke on some of his many unusual personal experiences in numismatics, emphasi- zing the value of the friendships that had been formed while collecting over the value of the items collected. Forrest W. Daniel, chairman of the Awards Committee, presented the awards detailed below. Secretary Vernon Brown reported that the membership total stood at 2,042. Treasurer M. Owen Warns gave a summary of the Soci- ety's financial condition. also detailed below. Editor Barbara Mueller, as usual, stressed the need for a con- tinuing flow of articles in order to maintain PAPER MONEY'S high standards. George Wait, still another past president, reported on the status of the Society's book publishing projects. He stated that the Minnesota obsolete note listing is nearly ready to go to press. while the Maine and Indiana manuscripts are nearing that stage. He also announced that M. Owen Warn's book on Nevada currency—"The Nevada Sixteen"—is now available, with orders being taken at $15 to members and $17.50 to non-members. Mr. Wait also reported for the Nominating Committee, presenting the names of the following nominees for three- year terms on the Board of Governors: David Hakes, Charles O'Donnell, Glenn B. Smedley, Harry G. Wiging- ton. and Wendell Wolka. Upon a motion that the report be accepted, these five men were unanimously elected. Finally, Mr. Pennell made the sad announcement that Society attorney Ellis Edlow, after many years of dedi- cated service, had resigned because of ill health. The Board of Governors in Action Among the items discussed in a frank give-and-take session at the Board of Governors meeting on Friday morning, August 16, 1974, was Secretary Brown's plea for better Society publicity, especially during the con- vention period. This year there was no information about SPMC in the special convention editions of the commercial press although a release had been submitted. (It subsequently appeared after the convention. Neither were the initials "SPMC" included in a cartoon show- ing the abbreviations of organizations associated with ANA. The governors therefore decided to give priority to a publicity program. SPMC Currently Not Credited for ANA Award In the same context, it was pointed out that SPMC pays for the D. C. Wismer award given by ANA for the best exhibit of obsolete paper money but receives absolutely no credit or publicity for it. The Board agreed to work toward having the Society name asso- ciated with the award as well as sponsoring yet another exhibit award in the field of U. S. paper money. It also suggested that SPMC have a poster prepared for the day on which the Society acts as host for the ANA hospitality room. Bicentennial Project Serious consideration was given to a proposal by the editor that SPMC sponsor a scholarly study on some aspect of U. S. paper currency as the Society's contri- bution to the American Revolution Bicentennial cele- bration. Governor Eric Newman, who is a member of the ARB Commission, and President Pennell agreed to work with the Bureau of Engraving and Printing and the American Bank Note Co.. respectively on possible subjects. Suggestions from the membership are also to be solicited. Paper Money to be Microfilmed The Xerox University Microfilms firm of Ann Arbor. Michigan has requested permission to microfilm issues of PAPER MONEY for their Serials Program at no cost to the Society. The Board agreed to a proposal to give the firm a complimentary subscription in exchange for a complimentary microfilm edition for its files or library. Highlights from the Secretary's Report In reporting the all-time high membership figures of 2,042. Secretary Brown noted the assistance of the following recruiters: David Hakes 67; M. Tiitus 34; Nathan Goldstein 15; Roy Pennell 8; Bob Medlar 7; Robert Condo 4; Larry Adams, Walter Allan, Grover Criswell and Forrest Daniel 3 each; six members spon- sored two each and 31 members sponsored one each. In addition, numismatic organizations were given as the primary sponsor on 60 applications, and numismatic publications, as a result of paid classified ads, brought in at least 30 new members. "The Society is especially grateful to David Hakes for the membership drive he promoted between July and December 1973," Mr. Brown said. "The Society also owes its thanks and appreciation to M. Tiitus for publicizing it and our magazine among his subscribers, collectors of world paper currencies. He sponsored at least 34 new members, but I believe he was responsible for many more, as about 25% of the new members indicated an interest in world currencies." WHOLE NO. 54 Paper Money PAGE 273 Treasurer's Statement of Operations Income, fiscal 1973-74 $25,303.54 Disbursements, fiscal 1973-74 23,793.22 Gain from operations $ 1,510.32 New worth, June 30, 1974 14,263.33 The Editor's Annual Plea The Editor's report was largely an elaboration of the operatons which resulted in the past six issues of PM, evident to all readers. At the meetings she reiterated the old plea for more articles from a broader base of writers. The validity of that plea was reinforced by the events of the subsequent six weeks during which this issue was prepared. Absolutely no new copy was received; the files were virtually empty. Only because of the prompt re- sponse of several "old faithfuls" to an urgent SOS—a response made in the short space of two weeks' lead time —are you reading this today. Perhaps prospective writers are under the impression that we, like The Numismatist, have huge backlogs of material. (The Numismatist, for example, has 13 months' of foreign articles on hand.) Nothing could be further from the truth. Factually sound and useful articles can and will be put into print as soon as possible. Literary prowess is not a prereouisite; the editor loves to spell and punctuate for those whose strong suit lies elsewhere. Articles on any syngraphic subject are welcome—checks, obsoletes, Confederates, "foreign," Nationals, stories-be- hind-the-designs, etc. If current currency is as popular as its devotees claims, then where are the articles on it? The future of paper currency collecting and its values lies with groups like SPMC and magazines like PAPER MONEY. Without them, premium values will diminish as interest lags. Keep that mercenary thought in mind when you are tempted to dismiss this plea as the same old song-and-dance. Perhaps you have noticed that our coverage of the annual meeting at Bal Harbour is less than satisfactory. For that I make an apology but in so doing I feel it is only fair to explain the circumstances which caused this situation. Basically, our troubles arose from conflicts in schedul- ing, which are nothing new at ANA shows, and lack of adequate photographers. There seemed to be but one firm assigned to cover the entire ANA convention, and only one harried photographer. Although he was ordered 10 cover our luncheon, he left before we got into the heart of the program to cover another group's luncheon scheduled at the same time as ours. If any readers who attended the luncheon got pass- able photographs on black and white film, I would ap- preciate the opportunity to review the prints for publi- cation. Your photos will be returned intact and if used, you will recive an appropriate credit line. The photos which appear in this issue were generously supplied by Margo Russell of Coin World and Cliff Mishler of Numismatic News, to whom we are deeply indebted. BRM One of the ligher touches at our luncheon was the participation of two young men from Germany. When their presence was announced, they were asked to step to the rostrum and draw the winning raffle numbers (which included two of their own!). They did so with grace and aplomb. Later they accepted the award of merit given their fellow countryman, Albert Pick, and left the luncheon filled with enthusiasm for SPMC. The Winner's Circle Always one of the most anticipated parts of the annual meeting is the awards presentation. Forrest W. Daniel, chairman of the Awards Committee, announced the following winners: First Literary Award: Peter Huntoon for "The Types of the 1882 and 1902 National Bank Notes" in issue No. 45. Second Literary Award: William P. Koster for "Coun- terfeit-Proof (?) Currency Designs of 1869 and Later Years" in issue No. 47. Third Literary Award: Albert Pick for "The Last Issues of Paper Money Circulated by German Commercial Banks in 1924-25" in issue No. 47. The SPMC Award of Merit: Harry G. Wigington for work on the Wismer revision project and in compiling the lists of obsolete notes of California and Montana which have been published in PAPER MONEY. The Nathan Gold Memorial Award: Gene Hessler for his book The Comprehensive Catalog of U. S. Paper Money. The Julian Blanchard Memorial Award: T. J. Fitzgerald for his exhibit of Colonial and Continental currency. Other members who won ANA awards were: Carlton F. Schwan, first in U. S. paper money for military payment certificates. T. J. Fitzgerald, the D. C. Wismer Memorial Award for obsolete U. S. paper money. (See observation on this award in the Board meeting report.) Gene Hessler (R) receiving the Nathan Gold Award from Forrest Daniel, while Bob Medlar contemplates the Blanchard trophy. PACE 274 Paper Money WHOLE NO. 54 T. J. Fitzgerald showing his Wismer Award plaque. Nathan Goldstein (L) receiving the Friedberg Literary Award from Abe Kosoff. Nathan Goldstein Honored by PNG Nathan Goldstein II. conductor of the "Federal Re- serve Corner" and long-time SPMC board member, was honored at the Professional Numismatists Guild meeting prior to the 1974 ANA convention with the Robert Friedberg Literary Award. Chet Krause (R) helps Gene Hessler admire the Nathan Gold Award. This PNG honor was established in memory of the late Robert Friedberg, whose decades of research re- sulted in his major reference work "Paper Money of the United States." Mr. Goldstein has been active in organization work connected with paper money collecting and has written a variety of articles on the subject. He conducts a regular column in Coin World and contributes to the Hewitt-Donlon catalogs of paper money. Wiliam H. McDonald Wins 1974 J. Douglas Ferguson Award William H. McDonald SPMC 1358 1. Willowdale. Ontario, was presented with the 1974 J. Douglas Ferguson Award at the annual convention of the Canadian Numis- matic Association held in Hamilton Ontario, August 21-24, 1974. This Award, which is the highest award of the Canadian Numismatic Association, is in the form of a 24-carat gold medal accompanied by a framed citation. It is presented annually to the living numis- matist who has contributed most to the advancement of the science of numismatics in Canada through research, writing, publishing or in any other manner. The Award was established in 1969 by J. Douglas Ferguson, Honor- ary President of the Canadian Numismatic Association. The gold medal was designed by the internationally known artist A. Marchetti of Montreal. Mr. McDonald was cited as the prime organizer and first president of the Canadian Paper Money Society, serving in that office from 1964 to 1969, guiding the Society through its formative years, and insuring that it was established on a firm foundation. WHOLE NO. 54 Paper Money PAGE 275 You have read the objective, factual reports about our meeting in Florida. Now read a subjective, opinionated review of the state of such meetings in particular and ANA conventions in general. I think it is fair to say that most people who were in attendance at the Americana Hotel can recite a list of minor annoyances with the arrangements there which colored their entire view of the proceedings. Air condi- tioning, too much or the lack of it; the more-than-usual price gouging of tourists at various hotel concessions; and the lack of privacy in the ANA "hospitality" room were only a few causes for complaint. What they all boil down to is the fact that ANA conventions are getting too large. One cannot fault the individual host clubs or their harried workers. Rather, the fault seems to lie in the concept that all "splinter group" meetings must be held in conjunction with the ANA shows and thereby come under ANA direction. Yes, "splinter group" is the term used by an ANA official in referring to organizations like ours. Aside from the propriety of that term, its usage reflects an attitude of mere tolerance of such nuisances as SPMC at a time when ANA is immersed in more important affairs—such as blatant commercialism and worse in the bourse, and what to this observer seems to be an overemphasis on meaningless ceremonials and social events where we mere collectors can fawn over the "brass" and the usual junketing government officials. Those of us who belong to several "splinter groups" are continually frustrated by the scheduling of their annual meetings simultaneously. For example, our sister society, the IBNS, usually has its get-together at the same time as ours. Many of us would like to attend to pay tribute to their Mrs. Ruth Hill, one of the truly great ladies of numismatics I although you would never guess it from the coverage, or lack of it. in the press ), but are always prevented by scheduling conflicts. Moreover, the time allotted to any one group is utterly inadequate for discussing a society's business for an entire year. After a couple of hours, the hotel em- ployees busily begin setting up the room for the next meeting and easing out the present occupants. Private individuals have offered to pay for rooms for our specific use but have been deterred by a policy which delegates all authority for such rentals during a convention period to ANA rather than the hotel management. Perhaps the time has come for the numismatic com- munity to consider changing customs and following the procedures used in the philatelic community. Philately is characterized by many more "splinter groups" than numismatics. So rather than attempt to meet jointly with the American Philatelic Society, they schedule their annual meetings with various state and regional exhibi- tions. The latter are happy to have the added attendance and prestige of the specialty (not "splinter") groups and go out of their way to accommodate them. Such a plan also provides wider geographical coverage, making participation possible for more members. Regardless of the direction the change takes, the change is comming sooner or later for ANA shows. But now is the time for SPMC to be considering the nature of its future annual meetings. They are too important to our well-being to leave to the whims of ANA. BARBARA R. MUELLER Library Notes By WENDELL WOLKA, Librarian P. 0. Box 366, Hinsdale, IL 60521 US25 Check Collectors Round Table. Security C5 Printers. 21 pp. 1974- Gift of CCRT (2 copies) "Security Printers" is the first publication of CCRT. Its 21 pages detail a source list of the firms who pro- duced the nation's financial instruments. Each listing consists of the firm's name, address when known, earliest and latest dates seen on material done by the firm, and the type of documents from which the information was obtained. We need more of this type of material! US80 Hasse, William F., Jr. A History of Money and C8 H8 Banking in Connecticut. 165 pp. Illus. 1957. Gift of C. John Ferreri If we had a book such as this for every state, we collectors would be in great shape! With illustrations of checks, stock certificates, and obsolete notes, Mr. Hasse tells, in an entertaining and engaging way, the monetary history of Connecticut from colonial times to the late 1950's. Of unquestionable importance is the section which deals with the opening, closing, incorpo- ration, and merger dates of literally every bank in Con- necticut, which covers some 41 pages. This book is surely a must for any collector of Connecticut material. UA60 Toy, Raymond S. and Schwan, Carlton F. World T6W War II Allied Military Currency. 122 pp. Illus. 1974. Gift of Authors. The fourth edition of this book, which has come to be the standard reference for military currency col- lectors, has been long awaited. With nearly 100 illus- trations, pricing in several conditions and increased textual material, it should remain worthy of its high ranking. L\=.0-