Paper Money - Vol. XIV, No. 6 - Whole No. 60 - November - December 1975

P-PWE 11713 T ET i TES of I Receipt of 71.4TE , Voiles which they pronuye to pay to Day n'itg Vntrrejf annually, at tte P.ate of Six to a (Maks of the united States, pail I779.. Wanels my Hand thif.4,1, Domiri Iftf e4.' d eR'9CJP.ac 4004 /rim' Bearer, on per Cent. per .6'strum, agreedle the Tiveti-sixth ay of June, May of •"-: "limo t?. TreaLtrer of Loans Paper !Honey BIMONTHLY PUBLICATION OF THE 5iviety Viva Notel Co!haw Vol. XIV No. 6 Whole No. 60 Nov./Dec. 1975 Loan certificate signed by Francis Hopkinson, one of the "Three H's" of America's early financial establishment, whose stories are told by Gene Hessler in this issue. PHOFESSIOW NUMISMATISTS TWO-DENOMINATION NOTE "The King of Museum Show Pieces" 1934-D Federal Reserve Two-Denomination Note l$5 Obverse, $10 Reverse ) . Superb Crisp New. This Great Rarity - Price only $4,795.00 TWO-DENOMINATION SHEET 1914 Federal Reserve Two-Denomination Notes ($20 Obverse, $10 Reverse/ . Superb Crisp New "Cut-Sheet" of Four. Single Notes Bring Over $6,000.00. This Truly Great "Museum Item", Priced for only $24,495.00 SUPERB UNCUT SHEETS OF TWELVE 1935-C $1 Silver Certificates. Julian/Snyder. Superb Sheet=Only 100 Issued. Some were Cut up 897.50 1928-G $2 Legal Tender. Clark/Snyder. Superb Sheet=Only 100 Issued. Now Rare 997.50 SPECIAL=The Pair 1,789.50 $1 FEDERAL RESERVE SETS Superb Crisp Sets-Buy NOW at these Low Prices Complete Sets - Last Complete Sets 2 Nos. Match Star Sets 23.95 25.75 (12) 24.95 21.95 23.75 (12) 22.95 6.95 8.75 ( 4) 6.95 17.95 19.75 (12) 20.95 17.95 19.75 (11) 20.95 17.95 19.75 (12) 23.95 14.95 16.95 ( 9) 18.95 16.95 18.75 (11) 22.95 16.95 18.75 All 8 Star 149.75 169.75 Sets (83) 156.75 1963 Granahan/Dillon (12) 1963A Granahan/Fowler (12) 1963B Granahan/Barr ( 5) 1969 Elston/Kennedy (12) 1969A Kabis/Kennedy (12) 1969B Kabis/Connally (12) 1969C Banuelos/Connally (10) 1969D Banuelos/Schultz (12) 1974 Neff/Simon (12) 1963/1974.--All Nine Sets (99) Star Sets - Last 2 Nos. Match 27.75 26.75 8.75 22.75 22.75 27.75 21.75 24.75 176.75 ALL - MATCHING NUMBERED SETS 1963/1974=All Nine Sets (99) + Each with the Same Last Two Numbers 184.75 1963/1969D=All Eight Star Sets (83) + Each with the Same Last Two Numbers 189.75 WESTPORT CURRENCY ALBUMS Beautiful Album Pages for Following Sets : (deduct 15% if you also order $1 Federal Sets). $1 Federal Reserve Sets--1963, 1963-A, 1969, 1969-A, 1969-B, 1969-C, 1969-D, 1974 each 2.95 $1 Block Set Pages-1963, 1969, 1969-A, 1969-B, 1969-C, 1969-D, each 6.95 1963-A, $13.95 ; 1963-B 3.50 Deluxe 3-Ring Custom made Binder-each 4.95 LIBRARY SPECIALS-POSTPAID Save $$$'s on Books (Orders $20 or more) = Deduct 10% Discount (Or 15% IF you also Include a Currency Order. Send $1 for our Big Book Catalogue (Lists over 100 Books on Paper Money). For Fast P. 0. Service Add 50c Special Handling. Bradbeer, "Confederate & Southern States Currency". Reprint Criswell. "North American Currency". 2nd Ed. Incl. Canadian & Mexican Currency. Illus'd. Values SPECIAL-Above BIG Pair-NET Friedberg. "Paper Money of the United States". New 8th Ed Hessler, "The Comprehensive Catalog of U.S. Paper Money" Illus'd., Values It's Terrific Pick. "The Standard Catalog of World Paper Money". 20,000 Notes, Listed & Priced. 4,000 photos Van Belkum. "National Bank Notes of the Note Issuing Period 1863/1935". List all Charter Banks (14,343) Warns. "The Nevada Sixteen National Bank Notes". An Ex- citing Work 14.50 Kagin/ Donlon. U.S. Large Size Paper Money 1861/1923" New 4th 3.50* 15.00 Hewitt/Donlon. "Catalog of Small Size Paper Money". 11th Ed 1.95* 22.50 Kemm. "The Official Guide to U.S. Paper Money". 1976 Ed. 1.65* 17.50 O'Donnell. "The Standard Handbook of Modern U.S. Paper Money". 4th Ed. All You'll Want to Know about Block Col- 20.00 letting. Special-Net 8.95* Shafer. "Guide Book of Modern U.S. Currency". 6th Ed. 2.65* 15.00 Werlich. "Catalog of U.S. & Canada Paper Money". New 1974 Ed. 3.95* 13.50 SPECIAL=The Above BIG Six, Starred *, NET 18.95 Discounts shown Applies only to Book Orders ($20 or more)-All 17.50 Currency Prices are NET. $1 "R" & "S" EXPERIMENTAL ISSUE 1935A $1 Red R & S Special Issue Notes i Red R=$98.75 ; Red S $79.75). Superb Pair 154.75 Similar Pair=also Crisp New (But not as well Centered) 124.75 Ask for our List of Small Size Notes, Sheets, Etc.-and Accessories. 100% Satisfaction Guaranteed. Please add $1.00 under $100.00. Nebraskans Add Sales Tax. All Note Orders are Shipped by Airmail. IF you also Collect United States or World Coins ask for our Bargain Lists (send 30c to help on Mailing Costs) . Please State Specialty. Why Not give us a Try-You're Sure to become a "Bebee Booster". MEMBER: Life #110 ANA, ANS, PNG, SCPN, SPMC, IAPN, Others. lichee's, inc. "Pronto Service" 4514 North 30th Street Phone 402-451-4766 Omaha, Nebraska 68111 SOCIETY OF PA PER MONEY COLLECTORS INC. mi.ariq2\ 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., 1975. 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 Official Bimonthly Publication of THE SOCIETY OF PAPER MONEY COLLECTORS, INC. Vol. XIV - No. 6 Whole No. 60 Nov./Dec. 1975 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 & MAGAZINE CIRCULATION Correspondence pertaining to the business affairs of SPMC, including membership, changes of address, and receipt of magazines, should be addressed to the Secretary at P. 0. Box 4082, Harrisburg, PA 17111. IN THIS ISSUE: SPMC BICENTENNIAL FEATURE: HAMILTON-HILLEGAS-HOPKINSON —Gene Hessler 283 WORLD NEWS AND NOTES 288 NOTES OF THE HUNGARIAN INDEPENDENCE WAR 1848-49 —Dr. Michael Kupa 289 BANGLADESH DECEIVERS 292 THE UNKNOWN FACTOR: HOW MANY VARIETIES? — Forrest W. Daniel 293 1929-1935 NATIONAL BANK NOTE VARIETIES — M. Owen Warns 294 CHATS ABOUT CHECKS —Brent Hughes 295 THE FORT WAYNE & SOUTHERN R. R. CO. — Louis H. Hughes 296 FEDERAL RESERVE CORNER — Nathan Goldstein II 297 THE $2 EDUCATIONAL NOTE — Mike Carter 298 "A MOST INTERESTING BLOCK" —Graeme M. Ton, Jr. 301 BULL MOOSE PARTY CAMPAIGN RECEIPTS — Charles Rogers 302 TYPE COLLECTING—U. S. PAPER CURRENCY — Paul H. Johansen 304 The Society of Paper Money Collectors, Inc. LIBRARY NOTES —Wendell Wolka, Librarian 306 SPMC CHRONICLE 307 SECRETARY'S REPORT — Harry G. Wigington, Secretary 312 Cociet9 of Paper ',Coq Co&curd OFFICERS President Robert E. Medlar 220 Alamo Plaza, San Antonio, TX 78205 Vice-President Eric P. Newman 6450 Cecil Ave., St. Louis, MO 63105 Secretary Harry G. Wigington P.O. Box 4082, Harrisburg, PA 17111 Treasurer C. John Ferreri P.O. Box 33, Storrs, CT 06268 APPOINTEES Editor Barbara R. Mueller Librarian Wendell Wolka BOARD OF GOVERNORS Larry Adams, Thomas C. Bain, Vernon L. Brown, Forrest W. Daniel, 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 "I". 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. PUBLICATIONS FOR SALE TO SOCIETY MEMBERS 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: We have the following back issues of PAPER MONEY for sale for $1.00 each. For orders of less than 5 copies at one time, please include $0.25 per issue for postage. We have only the issues listed for sale. q Vol. 4, 1965, No. 2 (No. 14) q Vol. 9, 1970, No. 3 (No. 351 q vol. 4, 1965, No. 3 (No. 15) 7 Vol. 9, 1970, No. 4 (No. 36) q 4. 1965, No. 4 (No. 16) 7 vol. 10, 1971, No. 1 (No. 37) q 5, q Vol. 5, 1966, 1966, No. 1 No. 2 (No. (No. 17) 18) q vol. q Vol. 10, 10, 1971, 1971, No. 2 No. 3 (No. (No. 38) 391 q Vol. 5, 1966, No. 3 (No. 19) q Vol. 10, 1971, No. 4 (No. 40) q vol. 5, 1966, No. 4 (No. 20) q vol. 11, 1972, No. 1 (No. 41) q vol. 6, 1967, No. 1 (No. 21) q Vol. 11, 1972, No. 2 (No. 42) q vol. 6, 1967, No. 2 (No. 22) 7 Vol. 11, 1972, No. 3 (No. 43) q Vol. 6. 1967, No. 3 (No. 23) q Vol. 11, 1972, No. 3 (No. 44) q vol. 6. 1967, No. 4 (No. 24) q vol. 12, 1973, No. 1 (No. 45) q Vol. 7, 1968, No. 1 (No. 25) 1 vol. 12, 1978, No. 2 (No. 46) q Vol. 7. 1968, No. 2 (No. 26) q vol. 12, 1973, No. 3 (No. 47) 71 Vol. 7, 1968, No. :3 (No. 27) 12, 1973, No. 4 (No. 48) q Vol. 7, 1968. No. 4 (No. 28) q vol. 13, 1974, No. 1 (No. 49) q Vol. 8, 1969, No. 1 (No. 29) q Vol. 13, 1974, No. 2 (No. 50) q Vol. 8, 1969, No. 2 (No. 301 17 Vol. 13, 1974, No. 3 (No. 51) q Vol. 9, 1969, No. 3 (No. 31) q vol. 13, 1974, No. 4 (NO. 52) q vol. s, 1969, No. 4 (No. 32) q Vol. 13, 1974, No. 5 (No. 58) q Vol. 13, 1974, No. 6 (No. 64) q Vol. 9, 1970, No. 1 (No. 33) 7 Vol. 9, 1970, No. 2 (No. 34) Index Vol. 1-10 $1.00 We have a few cloth bound copies of PAPER MONEY for sale as follows: Vol. 5 & Vol. 6 Nos. 17 through 24 Cloth Bound $12.50 Vol. 7 & Vol. S Nos. 25 through 32 Cloth Bound $12.50 Vol. 9 & Vol. 10 Nos. 33 through 40 Cloth Bound $12.50 Vol. 11 & Vol. 12 Nos. 41 through 48 Cloth Bound $17.50 We have the following books for sale: q FLORIDA OBSOLETE NOTES & SCRIP $4.00 Harley L. Freeman q MINNESOTA OBSOLETE NOTES & SCRIP $5.00 R. H. Rockholt q TEXAS OBSOLETE NOTES & SCRIP $6.00 Robert E. Medlar n VERMONT OBSOLETE NOTES & SCRIP $10.00 Mavre B. Coulter q NATIONAL BANK NOTE ISSUES OF 1929-1935 $9.75 Warns - Huntoon - Van Belkum q MISSISSIPPI OBSOLETE PAPER MONEY & SCRIP $6.50 L. Dandier Leggett The above prices are for SPMC Members. All of these cloth bound books are S 1 :,2 x 11" and have many illustrations. Write for Quantity Prices on the above books. ORDERING INSTRUCTIONS 1. Check the box at the left of description for all items ordered. Total the cost of all publications ordered. a. ALL publications are postpaid except orders for less than 5 copies of Paper Money. 4. Enclose payment (U.S. funds only) with all orders. Make your check or money order payable to: Society of Paper Money Collectors. 5. Remember to include your ZIP CODE. (I. Allow up to six weeks for delivery. We have no control of your package after we place it in the mails. Send remittance payable to The Society of Paper Money Collectors, Inc. P. 0. Box 858, Anderson, S.C. 29621 Be Sure To Include Zip Code! WHOLE NO. 60 Paper Money PAGE 283 SPMC Bicentennial Feature Hamilton Hillegas Hopkinson The Three Ws of Our Young Nation's Financial Establishment By GENE HESSLER Curator The Chase Manhattan Bank Numismatic/Syngraphic Collection Y JUNE, 1775 the American Revolution was under way. Those who favored independence contributed in many different ways—many with their lives. Three men in particular, each contributing to the cause in his own way, would eventually hold Treasury positions. All had last names beginning with the letter H and the images of all three have been used to grace United States paper money. Alexander Hamilton HE FIRST name that comes to mind is that of Alexander Hamilton. In 1775, Hamilton had been in this country for only three years, having landed in Boston in 1772 after leaving the island of Nevis in the West Indies. Looking back, one can see that he was destined to be involved in finance. At the age of 12, the precocious Hamilton was working in a counting house; one year later he was managing the affairs of his employer. Hamilton was blessed with charisma, intelligence and the ability to think quickly, and these qualities overshadowed the fact that he was an illegitimate child. But as a recent writer mentioned, being illegitimate, Alexander Hamilton was able to choose his own relatives. As young Hamilton was completing his studies at King's College in 1775, at the age of 18, he was caught up in the fervor of the Revolution, speaking out at gatherings, attempting to persuade those who weren't yet certain which way the wind was blowing. He entered the army as a commander of an artillery unit and one year later was George Washington's aide-de-camp. Following his resig- nation in 1781, he was appointed receiver of taxes in New York by Robert Morris, served one term in the Congress, and practiced law in New York. In 1784, Hamilton drafted the Act of Association of the Bank of New York, which would be chartered in 1791. To rescue the new United States from the financial morass following the Revolution, our first President needed a Secretary of the Treasury who could put the nation on a sound financial footing, someone who could find a solution to the following: a foreign debt of $55,710,000; a domestic debt of $27,383,000 plus interest; and an unliquidated debt of $2,000,000. All eyes turned to Hamilton, but George Washington had already made up his mind to appoint his former aide. So in 1789, with no money in the Treasury and a monumental debt outstanding, President Washington chose Hamilton as his Secretary of the Treasury. Almost immediately the new Secretary decided to negotiate a loan with the Bank of New York. Thus, Loan No. 1 was Alexander Hamilton made with the bank the Secretary had helped establish, not because there was any collusion, but because he knew it was the soundest hank to approach. Two years after Hamilton assumed his office he was suc- cessful in obtaining a charter for the Bank of the United States after much opposition from Madison and Jefferson. After two charters and much harassment from President Andrew Jackson, the Bank of the United States lost its status as a national bank and became a Pennsvlvaina state bank. It seems that 1791 was a busy year for Hamilton. His January 21 report led to the adoption of our present decimal system and the establishment of a mint. In 1799, four years after Hamilton resigned from the cabinet he and Aaron Burr, the man who would later kill him in a duel, established the Manhattan Company. (The fateful duel took place in 1804 in Weehawken, N.J.) Michael Hillegas mOST collectors of paper money are familiar with thename of our first Treasurer, Michael Hillegas. The parents of Michael Hillegas fled to Germany from France during the persecution of the Huguenots. They came to the colonies in 1727, and two years later Michael was born in Philadelphia. Michael Hillegas As Hamilton, at an early age Hillegas went to work in a counting house . . . his father's. Although he was ex- tremely successful as a sugar refiner and manufacturer of iron, he was also quite active in municipal and national affairs. In 5774, Hillegas became the treasurer of the Com- mittee of Safety, a committee which had Dr. Benjamin Franklin as its president. These two famous men not only worked together but were buried within a few feet of each other in the churchyard of Christ Church where Hillegas served as vestryman. On June 29, 1775, the first Continental Congress appointed Michael Hillegas and George Clymer as Treasurers. Due PACE 284 Paper Money WHOLE NO. 60 Hamilton on $2 United States Note 1862 to the frequent emissions of paper money issued as the Revolution got under way and the responsibility of the Treasurer's office to provide food, clothing and equipment for the Continental Army, it was necessary to have two Treasurers. However, one year later George Clymer took a seat in the Continental Congress, leaving Michael Hillegas alone. The office of Treasurer has been occupied by one person ever since. In July of 1781 the office of the Treasury would absorb the office of Treasurer of Loans, an office held by the third man to be discussed here. Michael Hillegas held the position of Treasurer until September 1I, 1789, and during this time he contributed much of his personal wealth to the cause of freedom. In 1781, he subscribed 4,000 to the formation of the Bank of North America, which later aided our Treasury. There were times when diversion and relaxation were necessary, and Hillegas found both in music. He found time to author "An Easy Method For The Flute" and John Adams wrote that "Hillegas is one of our Continental Treasurers, is a great musician and talks continually of the forte and the piano, Handel and songs and tunes. He plays the fiddle." It seems inappropriate that a man who held the important position of Treasurer 200 years ago is immortalized on only one $io note. But the third man under discussion was acknowledged to an even lesser degree. Francis Hopkinson HE LAST of these Treasury officials whose name began with "H" was a writer, statesman, inventor, and musician; he was knowledgeable in the field of heraldry, designed some of the Continental currency, served as Treasurer of Loans and signed the Declaration of Independence. Many refer to him as a minor Franklin, and he was, living in the shadow of the elder statesmen. His name—Francis Hopkinson. He was born in Philadel- phia on September 2 1 , 1737, and was baptized at Christ Church where he would later serve as organist. This was the same church at which Michael Hillegas served as vestryman. The musical accomplishments of Hopkinson were many. In 1781, the same year the Bank of North America was organized with the help of Michael Hillegas, George Wash- ington attended the performance of Hopkinson's cantata Alexander Michael Hillegas on $10 gold certificate 1907 '/." J, re, United ,pit notipa I, r Order, isiAl or fintereir da;u To the c.•44 qtqutaf Coilliterfign A4.0 Ps, 1...41 . 4.4z ollars, in Three Thourand Livr roived by ti5elinited Stales. t of the 115.. "1411 — ze .40Vrokr / .,/ 77101 ffoartb 571, Second and nird) TO147110is ' -411M•Mli NINIDILLAIM M tIADILIBE) (Cann iime sr:4i? .111'4110 ?VIM= MCW-AlUllellK/lie • 0101. KAI,. Ns WHOLE NO. 60 Paper Money PAGE 28 5 Bill of Exchange $600 or 3,000 livres dated 1782, for interest on loan, signed by Michael Hillegas, Treasurer. written to celebrate the alliance between France and America. Wm. Billings is considered to be the foremost colonial composer; however the first composition written by a native of the colonies was "My Days Have Been So Wondrous Free," written by Francis Hopkinson. The creative talents of the minor Franklin were also expressed in prose and poetry that was published in his lifetime, and like so many activists, Hopkinson was a pamphleteer. Francis Hopkinson's political life began on June 28, 1776, when he returned to Philadelphia to represent New Jersey in the Second Continental Congress. Hopkinson had moved to Bordentown, N. J. in 1713 after his marriage to Nancey Borden. Although the new delegate and Thomas Jefferson were to become close friends, the older statesman com- mented on the size of Hopkinson's head, saying to a col- league, ". . . it is not bigger than an apple." Francis Hopkinson affixed his signature to the Declaration of Independence, an act he predicted in an essay, "A Pro- phesy," which was written before he came to Congress. All the signers of this famous document have been visually recorded on John Trumbull's painting which is the subject for the back of the $1.30 First Charter National Bank Note. The gentleman standing in the center with his hand on his hip is John Adams and at his elbow is Francis Hopkinson. Thus in a very small way Hopkinson is pictured on our paper money. The Chairmanship of the Continental Navy Board was the first appointment Hopkinson received after arriving at Congress, a position he held from November 1776 until August, 1778. One month before he left this position, Hopkinson was appointed Treasurer of Loans, a most important position at a time when the new government was delighted to accept loans of any amount. In July, 5779, the multitalented statesman, author and musician became Judge of the Admiralty for Pennsylvania, which meant two positions were administered simultaneously. Francis Hopkinson held the office of Treasurer of Loans until July 23, 1781 when he resigned. The office of Trea- surer was extended to include the duties of Treasurer of Loans, and the signature of Michael Hillegas followed that of Francis Hopkinson. It was Thomas Jefferson who recommended Francis Hopkinson for the position of Director of the Mint, a position in which Hopkinson had expressed an interest and would have undoubtedly received had he lived. The man who became the first Director of the Mint, David Ritten- house, was a friend of Hopkinson. ( If Hopkinson had PACE 286 Paper Money WHOLE NO. 60 Francis Hopkinson become Director of the Mint, that other group of collectors would have been able to claim him.) Earlier in 1770, having a keen interest in heraldry, Francis Hopkinson was appointed to design the seal for the Ameri- can Philosophical Society. During the year he signed the Declaration of Independence he designed or assisted in de- signing the Great Seal of New jersey. Six years later he designed the seal for his alma mater, the University of the State of Pennsylvania. The seal was used until 1791, when a merger brought about the University of Pennsylvania. One of his most important accomplishments, known only to a few, was designing the first American Flag. For 15o years the colonies had flown Britain's flags, the Union and the red Meteor, a flag of solid red with the union in the upper canton. By 1775, other designs to identify army regiments began to appear; a flag to signify one unified army came later. The earliest unofficial (American) or Grand Union flag was the British Meteor flag, with, how- ever, six horizontal white stripes superimposed on the red field. A colonial note dated April 2, 1776 from North Carolina displays such a rendition. By coincidence this arrangement of colors is almost the same as the British East India Company flag which had five red and four white strips. The U. S. Navy flew the Grand Union flag in 1776, but it also flew the American Stripes, a banner of stripes alone, seven red and six white. Descriptions such as Grand Union flag, Union flag, Con- gress flag and Colours of the United States all refer to the same flag, and writings from the period include all the above. Following the Revolution the flag including the British Union began to lose acceptance. The Flag Resolution of June 14, 1777 stated the flag would consist of "13 stripes alternate red and white, that the Union be 13 stars white in a blue field." However, it did not specify how the stars were to be arranged. This resolution "was preceded and followed by other actions dealing with routine naval activities referred to Congress by its Marine Committee. As was the custom of Great Britain, from which so much of American procedure follows, the Great Union Flag had been used at sea and over fixed fortresses on land." It would therefore seem that the new flag was intended as a naval flag. The flag that is attributed to Francis Hopkinson is one with the familiar 13 stripes and stars in rows of 3-2-3-2-3 on a field of blue. There is no evidence to substantiate the myth concerning Betsy Ross and the first American flag. However, records in the Pennsylvania Archives prove she received payment for making the Pennsylvania Navy Colors in May, 1777. On May 25, 178o, Francis Hopkinson submitted the fol- lowing letter to the Board of Admiralty: "Gentlemen : It is with great pleasure that I understand that my last Device of a Seal for the Board of Admiralty has met with your Honours' Approbation. I have with great Readiness, upon several Occasions exerted my small Abilities in this Way for the public Service, &, as I flatter myself, to the Satisfaction of those I w ish'd to please, The Flag of the United States 7 Devices for the Continental Currency A Seal for the Board of Treasury Ornaments, Devices & Checks for the new Bills of Exchange ( in Spain & Holland ) A Seal for the Board of Admiralty The Borders, Ornaments & Checks for the new Continental Currency now in the Press,—a Work of considerable Length A Great Seal for the United States of America, with a Reverse. For these Services I have as yet made no Charge, nor received any Recompense. I now submit it to your Honour's Consideration, whether, a Quarter Cask of the Public Wine will not be a proper and a reasonable Reward for these Labours of Fancy and a suitable Encourage- ment to future Exertions of a like Nature." The Board of Admiralty presented the letter to Con- gress, and the Congress asked Francis Hopkinson to "state his account." This was done immediately. Here is a partial list from Hopkinson's account: The Naval Flag of the United States 9 £540 Seal For The Board of Treasury 3 18o Seal For the Board of Admiralty 3 18o Checks & Certificates 2 120 New Currency in the Press 5 300 Great Seal of the States with a reverse 10 600 The second column refers to a letter Hopkinson sent immediately after sending his first account which included the figures as seen in the first column. In the second letter Hopkinson wrote, ". . . this charge was made in hard money to be computed at 6o to 1 in Continental." As is well known, Continental notes were then in the stage of an escalating depreciation. In May, 178o, the same month Hopkinson submitted his bill, Congress passed an act whereby previously issued notes would be redeemed at 40 to 1 new issue, or f specie dollar. In April 1781, the legislature adopted a scale of depreciation, stating notes issued in May 178o would be redeemed at 59 to f. De- Paper MoneyWHOLE NO. 60 PAGE 287 which tbey iiroutife to pay to nearer, on ?Fhb ,!nterel; annually, at the hate of Six tier Cent. per Znnum,, agreea5le to a 4efolation cf the United past 1779.! Wunels my Hand ttw Dowiri 1/2,1' Tr,afacer of Loans 0/. "A --;"*.' Receipt of 7.12 2tbe .Tiven-ni.vth Pay of June, Mai of d'Inno t8 a .• YU°. .or ir°01t -ktitlf1141:314 is,e$ 4 44: ¢i+; NXN11,- VAL% 4', 4441 ":4$47441NOPAT,0114ANI.SkAlit tftlitlitoillii: IN 'mu!imarr 1.1,1141'N't: fA Ire; AN 44 L. PUN ; 74:4444‘411 04 a 4414N 44ENTA•1•41.4.411r61,14441toleiternt.'... Loan certificate signed by Francis Hopkinson, Treasurer of Loans Francis Hopkinson, to left of John Adams (man with hand on his hip) in Trumbull's painting of the Declaration of Independence. signer Hopkinson wanted to make it clear his account meant hard money but to cover himself he made a computation at 6o to I, in the event he was paid in Continental notes. And, allowing for possible delays, he computed his account at a figure that turned out to he realistic. Numerous letters were exchanged between Hopkinson and the Congress, but Congress won. He was never paid. As for the design for the Great Seal of the United States, which Hopkinson submitted, it has been established that Charles Thomson and William Barton were the major contributors of the accepted 1782 version. (This completes our look at the Treasury Trio of three H's, with one last remark, and that is why I purposely did not indicate the title for this talk in advance, which would have been "H H H." I was fearful you might stay away assuming I was going to talk about a possible Presidential nominee.) (This is a transcript of the lecture given by the author at the SPMC annual banquet at Los Angeles on August 22, 1975) (Notes and certificates shown by courtesy of Chase Manhattan Bank Money Museum) (Portraits by courtesy of New York Public Library Collection) PAGE 288 Paper Money WHOLE NO. 60 CHILE. Revaluation caused by infla- tion was responsible for the introduction on Sept. 29, 1975 of a new monetary unit, the peso, to replace the previous escudo at the rate of 1,000 to one. The Banco Central de Chile will introduce 5, 10 and 50 pesos notes. The Chilean inflation rate of the last 15 years was exceeded only by the German rate in 1923 and the Hungarian in 1946. Ac- cording to Irving Berlin, currency analyst with ContiCommodity Services in Dallas, Texas, one of the new pesos will equal one million of the pre-1960 pesos. COSTA RICA. An overprint on the 1968 five colones note to commemorate the "XXV ANIVERSARIO BANCO CEN- TRAL DE COSTA RICA 1950 1975." The same basic note and four others were overprinted in 1971 to commemo- rate the 150th anniversary of the na- tion's independence. CANADA. The sixth in the new series of currency—the two dollar de- nomination—was released to chartererd banks at Bank of Canada Agencies across the country on August 5, 1975. The design includes the same engraved portrait of Queen Elizabeth II as ap- peared on the $20 and $1 notes. The scene on the back shows a group of Eskimos preparing for a hunt. The dominant color of the new note is terra cotta. Other features of the new $2 note are similar to those of the $50, $20, $10, $5 and $1 bank notes al- ready issued, including the Canadian coat-of-arms in color, the more exten- sive use of color and the higher relief of the engraved areas than in notes of the 1954 series. INDIA. Through the courtesy of J. B. Desai of Ahmedabad we illustrate the 5 rupee value of the new Indian "im- proved bank notes" and the following report from the Reserve Bank of India: The Reserve Bank of India issued a new series of improved bank notes in the denominations of Rs. 5, Rs. 10 & Rs. 20 with effect from March 24, 1975. They will be followed by notes in other denominations later. While WORLD NEWS AND NOTES the designs of the new notes are basically identifiable as Indian, they incorporate a number of security features in the form of rosettes, guilloches, ornaments, geometrical lines and tints, the prints and lines being reproduced with such clarity that forgery will be very difficult. The new notes with improved watermark layout are printed on thicker paper, treated with a special resin to increase its wet strength and durability. The main Ashoka Pillar watermark is smaller and surrounded by a chain of spinning wheels. The five rupee note is printed on both sides by the improved dry-offset process, while the 10 and 20 rupee notes are printed by the intaglio process in conjunction with dry, offset & letter press process. In the case of the new 10 and 20 rupee notes, the portions printed in intaglio stand out in bold re- lief and can be identified by passing the fingers across the printed area. Both processes are being used for the first time. The new notes, unlike those is- sued recently, are printed up to the edges, eliminating the paper white border along the length and width on both sides. This change facilitates identifica- tion of denomination in packets and bundles. In conformity with the im- proved style of printing, the styles of numbering and the numbering types have also been changed. The sizes, however, remain unaltered and the security thread appears in the same position as in the existing notes. URUGUAY. A new monetary unit, the nuevo peso, was introduced July 1, 1975 to replace 1,000 of the "old" pesos. First note in the new currency is a N$5 overprinted with the new de- nomination in black at the left side of the face on a previously unissued 5,000 peso denomination. The Buenos Aires Mint (CASA DE MONEDA—ARGEN- TINA I produced the note for the Cen- tral Bank of Uruguay. The 158 x 170 mm. brown, rose and iridescent note portrays Jose Artigas on the face; the reverse shows a modern building in Montevideo. FACSIMILES. A rash of reproduc- tions or imitations of bank notes have hit the market recently. One group of 199 world notes is being produced in post card format in Spain. The U. S. distributor claims that nearly a hundred of the early notes are unlisted in Pick's Standard Catalog. A full set sells for S21. Meanwhile, "Numismatic News Weekly" reports that reproductions of Austrian bank notes of the 1759 through 1921 period are being advertised and sold in Europe by a Cologne, West Ger- many firm. There are 150 different facsimile notes being manufactured. The distributor notes that the fac- similes cost only 10 per cent as much as the original notes, as catalogued in the Pick-Richter specialized reference on Austrian notes. The principal distributor is located in Cologne, but he maintains an outlet in Vienna, Austria. The imitations of rare Austrian notes are advertised as being in actual size of the originals, and bearing the original date of issue. They are otherwise not specifically described in the literature currently being mailed to North Ameri- can collectors and dealers by the West German firm. Another Spanish production are hard plastic imitations in actual color of cur- rent Italian notes in miniature. In Review WORLD LITERATURE Price List: From Regency Coin and Stamp Co., 101 Lindsay Bldg., 228 Notre Dame, Winnipeg 2, Manitoba, Canada, the August 1975 edition of "Paper Money of the World." Free to SPMC members. Contains 52 pages of British Commonwealth, military and occupation currency, European issues in- cluding 18th century French notes, Ger- man notgeld, and a specialized offering of Brazil including the rare series of 1833. Also listed for sale are more than a hundred syngraphic reference books. Belgian Catalog: The most recent re- lease in the IBNS series of catalogs of paper money of the 20th century covers notes issued by Belgium and its colonies. Offset printed, 8 1/2 x 11, punched for loose-leaf binder, 282 pages. Edited by Augusta Maes, formerly curator of the numismatic collection of the National Bank of Belgium. Information from Fletcher Warren, Box 156, Willow Grove, PA 19090. Emergency Paper Money of Silesia 1914-1924. A volume in the continu- ing series of books on the metal and paper money of Germany and surround- ing countries issued during and follow- ing World War I. 264 cities listed, notes illustrated, estimated values. In- formation on this and other volumes from Hans and Beate Rauch, P. 0. Box 60321, Terminal Annex, Los Angeles, CA 90060. "Le Papier-Monnaie du Maroc". 62- page soft-cover book with 164 illustra- tions of all types and varieties of Moroc- can bank notes, authored by Maurice Muszynski and Helmut Schweikert. Available from the latter, 47 Avenue G a m be t t a, F-94700 Maisons-Alfort, France. Includes background informa- tion, maps, emergency notes, foreign issues, US issues 1943-44, etc. In French. The well-known 19th c e n t u r y American engravers Toppan, Carpenter, Casilear & Co. of New York and Phila- delphia once produced notes for Swit- zerland's Bank of St. Gallen. WHOLE NO. 60 Paper Money PAGE 289 Notes of the Hungarian Independence War 1848-49 By DR. MICHAEL KUPA Budapest, Hungary THE Hungarian Independence War of 1848-49 oc-casioned the first distinctly Hungarian money since 1526. Led by Lajos Kossuth, the world-famous Hungarian patriot and president of the first Hungarian Republic, the war was waged against the Hapsburg dynasty, hereditary rulers of the country from the 6th century onwards. The Privileged Austrian National Bank, of course, refused to supply the Constitutional Hungarian Govern- ment with money, so Kossuth, as the first Minister of Finance, quickly promulgated various forms of money for use within Hungary and later issued notes abroad to raise funds for the continuation of the struggle. I. INTEREST-BEARING LEGAL TENDER TREASURY BILLS In order to raise about five million silver florins for the capital of the Hungarian National Bank, the first issue of the so-called KAMATOS UTALVANY (interest- bearing legal tender treasury bills) appeared at the mid- dle of 1848. They were printed in black on und.erprint- ings of various colors, giving a bicolor effect, and with or without coupons and with various handw ritten dates. They were signed by the State Cashier-in-Chief Ference VOlgyi and State Controller Endre Endrey by author- ization of the Finance Minister. These hills appeared in three denominations: A. For a loan of six months, without coupon. 50 Forint, light blue underprinting, black inscriptions on white paper, 232 x 130 mm. 100 Forint, light brown underprinting, black inscrip- tions on white paper, 232 x 130 mm. 500 Forint, light gray underprinting, black inscrip- tions on white paper, 232 x 130 mm, B. For a loan of 12 months, with coupon. 50 Forint, yellow underprinting, black inscriptions on white paper, 185 x 130 and 47 x 130 mm. 100 Forint, pink underprinting, black inscriptions on white paper, 185 x 130 and 47 x 130 mm. 500 Forint, light gray underprinting, black inscrip- tions on white paper, 185 x 130 and 47 x 130 mm. C. As above, but after six months the coupon was cut off. 50 Forint, 185 x 130 mm. 100 Forint, 185 x 130 mm. 500 Forint, 185 x 130 mm, D. Cut-off coupons from the bills listed in "C" above. 1 Ft. 15 kr., 130 x 47 mm. 2 Ft. 30 kr., 130 x 47 mm. 12 Ft. 30 kr., 130 x 47 mm. The so-called Conventional ( silver ) Florin was the mone- tary standard in Hungary during the Independence War, and contained 60 krajczar. atamais ro.wns earibirer. iSteva M.:stake kaask itagg atfaSt4 t," k.asi. 4 ! e ass.. pas* v 500 Forint interest-bearing legal tender treasury bill with coupon II. BANKNOTES Since the exigencies of the war and accompanying economic and political events prevented the planned es- tablishment of the Hungarian National Bank. ba7k notes had to he issued by the MAGYAR. KERESKEDELMI BANK (Hungarian Commercial Bank) in Pest, where the silver backing was deposited. These notes, redeem- able in silver, of course, were issued for a sum of four million silver florins. The notes did not bear dates and were signed by the Minister of Finance Lajos Kossuth. Chief of State Trea- sury Ference VOlgyi, and Bank Cashier Janos ROgler in facsimile. 1 Forint, brownish gray underprinting, black inscrip- tions on white paper, 126 x 89 mm. Put into cir- culation Oct. 8, 1848. 2 Forint, red underprinting, black inscriptions on white paper, 97 x 128 ram. Put into circulation Aug. 6, 1848. Fractional parts of one-half, one-quarter and one-eighth of both notes were also circulated to relieve the shortage of specie caused by hoarding. III. STATE NOTES The Independence War required a huge amount of money and the silver-hacked bank notes were not suffi- cient for this purpose. Therefore, Kossuth, authorized by the Hungarian Parliament, issued a sort of state note with a date of Sept. 1, 1848, signing it in facsimile as Minister of Finance. 5 Forint, grayish brown underprinting, reddish brown inscriptions on white paper, 134 x 98 mm. Inscrip- tions also known in dark brown. Put into circulation Sept. 6, 1848. 10 Forint, gray underprinting, black inscriptions on white paper, 145 x 110 mm. Put into circulation March 24, 1849 in Debrecen. k kusso.spkv r*: • ...4•■•• Ss RSV. 6 10666.6.6 66161466 66.6 6046, Mk 446 66.66. .5 ,1666 aw, MSS 73: 4r.1: • men batMjegy forintert Mirom Imszart egy fmintra aziimitvit, minder elfogiritatik, Magyar keresketichni Bank Altai rksirmiknr eziiet penzre Sor ' Y` t4, PAGE 290 Paper Money WHOLE NO. 60 5 Forint state note, front 5 Forint_ state note, back 100 Forint, gray underprinting, black inscriptions on white paper, 185 x 120 mm. Put into circulation Oct. 22, 1848. IV. STATE TREASURY NOTE Most wars cause some specie shortage. The metal coins usually have an intrinsic value, so the populace hoard them in the hope of preserving capital for the future. Thus, the National Honved Defensive Committee ( Orsazgos Honvedelmi Bizottmany I, as the Hungarian Government led by Kossuth, was obliged to issue the so-called KINCSTARI UTALVANY (state treasury note) in small denominations to alleviate the shortage of "small change" in circulation. The notes were dated Jan. 1, 1849 and were signed in facsimile by Chief of State Treasury Ference 15 peng6 krajczar, wine red underprinting, black inscriptions on white paper, 100 x 71 mm. Put into circulation Feb. 15, 1849. 30 peng6 krajczar, gray underprinting and black inscriptions on white paper, 100x71mm. Put into circulation Jan. 26, 1849. ( A pengii krajczar is a silver krajczar. ) Meanwhile, the new Hapsburg emperor had broken up the Hungarian Kingdom into dependent parts of the Austrian Empire by means of the Constitution of Olmiitz in March 1849. The Constitutional Hungarian Government of 1848 replied with the Declaration of Independence of Hungary on April 14, 1849 in Debrecen, a country town in eastern Hungary, where a provisional settlement with the allied army of the Austrian and Russian empires was made. From this time on there was no royal crown in the Hungarian state arms. Out of this situation appeared a new KINCSTARI UTALVANY (state treasury note) dated July 1, 1849 at Budapest and signed in facsimile by Kossuth as Gov- ernor of Hungary and Ference Duschek, a Minister of Finance. The notes were printed in Szeged, a country town in southern Hungary, where the then-government was situated. 2 pengii forint, black inscriptions without underprint- ing on white paper, 122 x 83 mm. Put into circula- tion at Szeged July 26, 1849. The last issues of Kossuth in Hungary were two KINCSTARI UTALVANY (state treasury note ) dated "Budapesten 1849-ki julius 1-en" and signed by Kossuth as Governor of Hungary and Bertalan Szemere as Prime Mnister in facsimile. These notes were printed in Arad, a country town in southern Hungary, and put into cir- culation during the first week of August. 1849. 2 peng6 forint, black inscriptions on white paper with- out underprinting, 122 x 83 mm. 10 pengii forint, black inscriptions on white paper without underprinting, 135 x 105 mm. Paper MoneyWHOLE NO. 60 PAGE 291 CA) 7/{3 Pei for int i. 2 Forint bank note, back 2 Forint bank note, front 30 pengo Krajczar state treasury note, front 30 pengo Krajczar state treasury note, back Pet zint. Lien pgnrjrgy minden magyar thiladaltai ea 1,..,aMziatakIma 6t eztist forint Itirent lititEzafft 11trintrit niinfilf:5. I nOvmmiati ff1rIfiffo 1' 1,11tal!flittatty fitful hiztorsitta(il, la rest sepVirttlftfr 1. , :ft 1 , t , t"r r 11.‘ . . rilti.sdref, 14,4 timopint. 30 Kinestdri utalvitny flarminez pengo linyczarra, May, 10t darabitit egp forintra kinglagzi piaztizaltn41 magyar pdittegytk inint mindenkor !AWE, 4i6 minded' ktiz.pe.xlzEdraknil Sizet4s gyanfint gs.dtatik. adin 194941.1anuAr 1411.; Az orrozilgos honyf'ilf11,11 bizolltnany' rendcletib61, a. d3, ..040110.• i jigyek nyalez i.1!Vre ter- jedhetii lairt11iiiiizt. , • kiiinettetnek. Terfitlicer mit 91actiatrier Dieter 92rtin tyrant alit Seder artIt 3ntueu tefiraft. rielito znakov zralsvniti a : riasledniei 118, 09ei. roko rozdilii 1.2alarstroni sa treseti. spotiToritelji kazne se preduZ".iviin na °sank godinah. tbaA541)inwroiSA iEAtAofi attierepa ApitT 0117 aril cc tva to„Ninci. t?, ew.4 =,. -,;441.ft? ',1:11)=.4(A.e PAGE 292 Paper Money WHOLE NO. 60 After the collapse of the In ar effort, all the Kossuth notes were gathered by the Austrian imperial military forces; all without a clause of redempton in Austrian currency were burned in public. During this "Freedom War" Kossuth issued approxi- mately 60 million silver florin in various types of paper money. V. COIN The Hungarian Government minted coins, too, in gold, silver and bronze, in very small quantities. Bangladesh Deceivers Illustrated here are some of the Bangladesh notes de- scribed by M. Tiitus in PAPER MONEY No. 51. Taka—First Issue: Map, brown, green, orange. 1 Taka—Second Issue: Handful of grain, violet, lavender, gold. Coat-of-arms on the back. 1 Taka—Third Issue: Girl working, purple, green, gold. Hand ful of grain and arms on the back. TWO P 0 1;),A No.. B Y a 3, a lit of tbe Colony ofNito-Tori, tiM Biz. all lit rt.( bved in all Payment, its sr", for TWO POUNDS,.., IVE19-YORK, Fey 'IN alriV":51111744t, WHOLE NO. 60 Paper Money PAGE 293 THE UNKNOWN FACTOR (From time to time under this title will be printed photo- graphs or identification of notes which have some puzzling aspect and about which information is sought from the membership. Please address comments to the Editor.) How Many Varieties? By FORREST W. DANIEL PPARENTLY there are several varieties of the two pounds notes of New York dated February 16. 1771. The cataloguer of the Colonial Collection in the Altman-Hafner Sale, Pine Tree Auction Company, Inc., April 28, 29, 30, 1975, counted two of them in that sale: Lots 354 and 355. Not counting the color of the serial numbers, the dfferences are in the type-set por- tion of the notes and could result from the printer not having had enough types of a single style to make the bottom row of stars all of the same design. Lot 354 has no comma after February in the date and a bottom border of stars; 26 have 12 points and one (number 21. under the D in Death) has only eight. Lot 355 has a comma after February and a bottom bor- der consisting only of 12-pointed stars. The cataloguer notes that Newman does not list two varieties for that note, and acknowledges that that might lead to the pre- sumption that one is counterfeit; but, not knowing which to condemn, states that until further evidence appears both may be accepted as varieties of the genuine. In The Early Paper Money in America, first edition, Newman does not cite a counterfeit of the £2 note of February 16, 1771. although the other six denominations of that issue are noted as having been extensively counter- feited. So, strictly by that book, an argument can be made for varieties of genuine notes. Kenneth Scott, in Counterfeiting in Colonial New York, quotes a contemporary newspaper as stating, ". . . it appears that every Denomination of the said Bills, have been counterfeited: . . ." That report described a false ten-shilling bill and said, ". . . in general it may be observed that the true Bills are printed with Printing Types, the Counterfeits with Copper-plate, the Letters of which are disproportioned in Size and Shape, and stand irregularly, easily discernible by nice inspection." Scott mentions counterfeits of other values but has no citation of a false two-pound note of the February 1771 emis- sion. A third two pounds note, serial No. 36295. has no comma after February, and has a bottom border entirely of 8-pointed stars. Is this note beyond the pale, or is it just another variety? And. how many varieties can be justified? Varieties of this kind can be caused by the method of printing the notes. The text is set in type with stereo- type designs at the top and sides; the whole being letter- press printed. If the printed sheet contained several denominations of notes, fewer stars would have been needed for the bottom border. suggesting fewer varie- ties than might have been the case if the entire sheet was made up of notes of one denomination. With an entire sheet of two pounds notes more stars would be needed, and if the printer ran short of 8- or 12-pointed stars, the other might have been substituted to fill out the form. If an uncut sheet were known, the position of each variety might be learned. Knowledge of the numbering system might also provide a clue if a suffi- cient quantity of the notes survive to be compared. Newman's catalogue states the issue of two pounds denomination was limited to 5,000 notes. With serial numbers running beyond 36,000 it is apparent there were many later printings to provide replacements. The later printings were probably reset from new type, pro- viding the opportunity to substitute available stars for others worn badly in earlier printings. The unknown factors to be resolved concerning the two-pound notes of New York dated February 16, 1771, are the determination of the number of varieties of the genuine that exist, whether or not the issue was counter- feited, and the distinguishing characteristics of all true and false notes. 01=10=i0=l0=l0=01=10=0 "One Signature" Obsolete Notes A query from Larry Sanders about the reason for a $1 Stonington (Conn.) Bank 1831 bank bearing one sig- nature only brought the following response from George Wait: "Usually a collector encounters notes that are fully signed (and were not paid) or remainder notes that were not signed at all. My theory is that since two signatures were required and sometimes both the cashier and the president were not in office at the same time, each one signed notes in anticipation of use by the other. In other words, if a prospective borrower came in to see either of those officers, the one making the loan had merely to sign the required number of notes previously signed by the other officer. Aside from the Stonington Bank, the most commonly encountered "one signature" notes seem to be of the State Bank of New Brunswick, N.J." MST IITIOltt Bin OF TONOPAH E000947A Pt • IR 6111-A, IL f•II-at.1111,11E THE FIRST Bin Of it) WINNEMUCCA TOE Ell, 011111A1 Bin o ELY PICVAIM C.) 17.4 ' i 1 . • inilLIAIBPii 49A • TENIOIHILL Alrx■rti *v. o' iacAciTIT:riVT „, 414 :: THE FIRST 91101172P KIM UM OF IA VERNE r' Sat CALIFRIRMUL ,,, BS tab, • TEN DOLENIB IO, - 6000502E TNTHLIARS- , , a I NVERNE CkUrOltICA nutovem or. Iscur.rto TEN 1101,1Altili F000947/1 m PAGE 294 Paper Money WHOLE NO. 60 rgig5 Bfill 110TE VARIETIES BY ...M. OWEN WARNS More Nevada Bank Notes Recently Reported A. $20 small-size note on the Nevada First National Bank of Tonopah. Only 92 sheets were printed. This note was found by Edward B. Hoffman and is only the second small- size note to be reported on this bank; the other is a $10 shown in the "Nevada Sixteen" publication. On the re- verse side is a rectangular stamp in faded purple ink read- ing "ULSTER BANK LIMITED GARRIGALLEN." C. This is the first small-size $10 note of the First National Bank of Winnemucca to come to our attention; 1404 sheets of this value were printed. B. Reverse of the note shown in "A". The note may have found its way to Ireland during World War II, carried there by an American. A key to the identity of the owner may be the black inked signature of J. P. Briody. D. Although both the $10 and $20 type 2 notes have been reported for the Ely National Bank, charter 9310, the above $10 type 1 is the first we have come across. We are indebted to Vernon Oswald for bringing both this and the Winnemucca notes to our attention. Four Interesting California Varieties "LA VERNE" E. The First National Bank of La Verne, originally chartered during 1909 as the First National Bank of Lordsburg, changed its title on Nov. 9, 1917. There were two ship- ments of type 1 small-size notes but they differed in the bank titles. The first shipment, as shown here, had the title spaced correctly—LA VERNE. "LAVERNE" F. On the second shipment of notes to the First National Bank of La Verne, the name was incorrectly spaced as LAVERNE. "OF" • THE EILFIFLOS NATIONAL BANK OF BREA • CALIFORNIA - FIVE DOLLAIts . E005704A t E005704A 411-.711M.M11111f1751X TIADFA,0.4,5_1NAtHW OILFIELDS 1 3 87 7 A002575 Iw • NATIONAL BANK IN BREA CALIFORNIA Wal PAY TO P.. SWIG ON 13(10013 ME DOLLARS A002575 13877 Fkr1111111C TINIIMPLalalt.ft ' "IN" NOTE.-THE AMOUNT WtUTTEN BELOT MUST IN NO SASE MELO THE AMOUNT MAINE/ MY ACTING THE FIGURES THE 'SQUARE IN WHICH THE FIRST LETTER OF THE SIGNATURE IS WR,TTEK TO THE FIGURES ,N THE SQUARE 'S WHICH THE FIRST LETTER OF THE PAYEE'S NAME IS WRITTEN. p4011 WOO PO NYYTWPP,t1 :' :WAREHOUSE WITH 4.500 000 FEET CAPACITY . . FAy TO THEORDER OF ib THE STATE BANK OF VI i',1; IN IA . RIC/101011D. VP.. , • MIN•m•-•••••■■•••••••■••••• .•••••c- m.o.( ••••ec. mm•••,,iiie.:,:••••.x.....31 ,110171.6.111L_.11NtwoMMAC-.7.11.00=1111610 ■•••••••••••=-7/11X 4•714C 7•1•Kilk••=711.1...11C.2.46.411C ,•••■.• NO ii ••c?- -• o •To l'Iff: fl'itutin ov L",7 • • • a-•••,•• •• -•---i—iii- — $ •:77 /2 . 1 ; , ,... -,4--P .4.44,2,1,7-f-d ,;-. -t-ri- TO • • . • • • '''...;.7.--.---.-7.7.7----1) 0 LLAit S I IE "-- . , likit CITIZENS NATIONAL BIM; 'F.I v NO. 869, U. M. W. of A. j . , ..., ) • • Bo ONE. 10\VA 7P1•08: • • • •tit.I. ...- NR:‘,01,,LA ,,,,. at >\, l'41- LT'leti.1g 41011C..101,4•7•C71••,00•IC MI•PPP00F7•Tid•PP•C'7••K -•PP•CM•••VSP•C'_11040, .... 700P ,1000C '70 14 P. -0+0,C .7•C•010•CY10•0 3,1C. ..7 ,0pe 0.10/C .111PR 081C- •• • • ••• • •• • • • • • •• • • • • • • •• • BOoN3D,Jo.A.ATA • • • • • • • ••••• • - .193 '-4. I ' WHOLE NO. 60 Paper Money PAGE 295 C. When the Oilfields National Bank of Brea, charter 13001, liquidated in March, 1934, it was succeeded by a newly titled bank—the Oilfields National Bank in Brea and was granted charter 13877. H. The Oilfields National Bank in Brea: Federal regulations necessitated a change in the name of the reorganized bank. This was achieved by substituting the word "in" for "of." BRENT HUGHES "Chats About Cheeks" Like most things in our economy, bank checks have been subjected to a tax at various times. To help finance the Civil War, a tax of 2c was imposed on each check, with payment proved by pasting on a special stamp. Imposed in 1862, this tax was not repealed until 1882. It was again imposed in 1898 to finance the Spanish-American War. Check collectors have long been familiar with the various stamps used for this purpose, and many people specialize in this field. But few people remember that a similar tax was imposed during the great Depression of the nineteen-thirties. This time, however, no adhesive stamp was used. Instead the bank simply charged the customer for the tax and passed the proceeds on to Uncle Sam. In some cases the bank used a rubber stamp to indicate that the tax had been paid, as shown on this check of The Citizens National Bank of Boone, Iowa. and trmarrei thr filtt st,*+: o it t r 'r!' • UNE rtoitAft, AR / 7 tos yr INSOLOSTIA StAtrli of INDIANA At fort Mani *outban (rn THfliE DOLLARS, y wrontAit, the fork Illaunt 5'onthern itaIL iii (ro. IIOLURS, MUNCIZ, 7 DI FortWtrytie&SouthernRaiMoadC? FortWayne SouthernRailRoadC? ,/ PAGE 296 Paper Money WHOLE NO. 60 The Fort Wayne & Southern R. R. Co. The Railroad That Never Laid a Rail By LOU IS H. HAYNES JOHN STUDEBAKER of Bluffton, Indiana and DavidHaines of Muncie first proposed building a railroadfrom Fort Wayne to Muncie and then on to Louis- ville, Kentucky. They were apparently successful in their initial endeavour as on Jan. 15, 1849 the Fort Wayne and Southern Railroad Co. was incorporated under the laws of Indiana. Twenty-five men were named in the incorporation papers as officers. The capital stock of the new corporation was $500,000, with the option of increasing it to $750,000 if required. Shares were to be issued in denominations of $25 each. Very little is known about the corporations's oper- ations during its short existence, as there are no records to research. We do know that the road was surveyed and some property was purchased. One source says that 63.51 miles of grading and construction work was done. In those days, the railroads paid for property and labor by scrip, paper money or stock issues. I have seen in a friend's collection a certificate for four shares of stock, par value of $25 each. The man named on the certificate lived near Fort Wayne along the route of the road, so this stock could have been for a land purchase; labor was usually paid for in scrip or paper money. Seven notes were issued by this "railroad." The first issue was dated Sept. 8, 1854. These "deer notes", so- called because of the center vignette, are categorized as scrip and are very rare. They were issued only in $1, $3, and $5 denominations. The second issue consists of notes dated Oct. 2, 1854 and printed by Toppan, Carpenter & Co. of Cincinnati. There are two types of the one-dollar: Type A and Type B, with these distinguishing letters found at the right of center just below the word "Indiana." Type B is the scarcer. Like the first issue, the second was released in the $1, $3 and $5 denominations only. All the paper of both issues was signed by D. Thomas, Secretary, and W. Coleman, President. It is believed that this corporation lasted only a year or two and then went bankrupt. However, the sheriff's sale was not held until Jan. 20, 1866, about twenty years later. It is definitely known that the Fort Wayne and Southern did not lay one rail on the line from Fort Wayne through Muncie to Louisville. Therefore, this definitely was "the railroad that never laid a rail." Interestingly enough, the inscription at the top of the scrip reads "States of Indiana and Kentucky," while that on the second issue states "incorporated by the States of Indiana and Kentucky." The promoters had intentions of being a veritable "Southern Railroad", it seems. After the sheriff's sale of 1866, seven other bank- ruptcies, mergers and foreclosures brought the line down to the New York, Chicago and St. Louis Railway System. The first issue—the so-called "deer notes" The second issue, $1, Types A and B T IREE D LLAIIS rtWayne SouthernRaillittailC. JIVAPOLTARS= WHOLE NO. 60 Paper Money PAGE 20 The second issue, $3 and $5 That was a merger by the Van Sweringen brothers of Cleveland and was known as the "Nickel Plate Line." A few years ago the Nickel Plate merged into the Norfolk & Western, which is running over the territory now, so somewhere along the way the rails were laid! All seven of these notes are very desirable obsolete paper money collector's items. I know of only four sets of the first issue in the state of Indiana. which indicates their rarity. As for the stock. it's like some of my pur- chases on the New York Stock Exchange the past few years—worthless. I don't give investment advice, but it would appear that the Fort Wayne and Southern Rail- road would have been a poor investment, as it was bank- rupt within two years of organization. Sources: Indiana State Laws, General & Local, 33rd Session, 1848- 49 The Nickel Plate Story, by John A. Rehor The Nickel Plate Road, by Taylor Hampton Acknowledgements Special thanks to Donald A. Schramm, L. D. Beaver, Dr. Jack M. Vorhies, Howard B. Morris and the Muncie, Indiana; Lima, Ohio; and Fort Wayne, Indiana His- torical Societies. Federal Reserve Corner THE new Series 1974 Federal Reserve dollars havenow appeared in all 12 districts. Minneapolis was the last one, and in the larger districts several new blocks have appeared. Of course, the "A" suffix has shown up for all districts, but we also have the following: B-B. B-C. B-D. C-B. E-B, F-B, F-C. G-B, and L-B. For the record, there have been a great many different -groups" of COPE produced notes, which are mainly for New York, Richmond, Atlanta, Chicago, Dallas and San Francisco. However, production has been mainly for New York and there are a large number of breaks with- in the range of serials, which make for very interesting collecting. The star notes for the Series 1974 are also quite un- usual. Only six districts have been printed. as of July 31, 1975. Not a single district (so far I has a starting point of 00000001, but all were printed in the last process. where a block ends ( the 25.000th brick). In this printing the upper left quadrant of the sheet ( A 1 thru H 11 contains regular notes, while the other three quad- rants, with serial numbers starting at 00 160 001 *, com- plete the 20,000 sheet run. We find that for districts New York, Philadelphia, Richmond, Atlanta, Chicago, and San Francisco the star notes all start with serial number 00 160 000* and end with the listing as follows for the different districts: First printing for New York ends with B 01 280 000 *: but the second printing starts with B 01 440 001 * to B 02 560 000 *: and third printing with B 02 720 001 * to B 03 200 000*. To date only these New York stars have appeared on the scene (and from the first group). Philadelphia ended the first run with C 00 640 000 *, and the same ending was found for both Richmond. At- lanta. and San Francisco. Chicago ended with G 01 920 000 *. Reports of these stars will be appreciated as they come on the scene. For the record, the hard-to-find Minne- apolis $1 stars, Series 1969 B, are starting to appear in the Series 1974 notes. There was an adequate printing, and with everyone on the "watch", there should be enough to go around at reasonable prices. In this in- stance, it will pay to wait a while and not pay an exhorbitant price! The regular "syngraphics" press will carry listings of the COPE printings, and for those interested, this is a very fertile field and brings a real challenge to the col- lecting of our current notes. Your comments and reports always are welcome. I regret that I was unable to attend ANA. but have had some really glowing reports of our banquet, speaker, etc. They are always GREAT! See you next issue! NATHAN GOLDSTEIN II P. 0. Box 36 Greenville, Miss. 38701 PAGE 298 Paper Money WHOLE NO. 60 The $2 Educational Note By MIKE CARTER A tong Creation and A Quick Death "To most men the beauty of a United States note de- pends less on the artistic value of the picture engraved upon it than on the size of the plain number stamped upon its face". THIS quotation from a report in the New York Heraldof January 13, 1895 would come to haunt the fam- ous "Educational Series' . of 1896 and its truth prove to be both their demise and that of the future of artistically attractive United States currency. The series of 1896 Silver Certificates, better known to most syngraphists as the "Educational Series," is prob- ably the best known and one of the most popular issues of all United States paper money, and well it should be. The beautiful allegorical designs of every note in the series, which distinguish them from every other U.S. issue, along with a relatively short circulation life, have created a mystique which has added to the collector appeal. No other issue of United States currency has received more criticism at issue or more praise today than these notes. This article will deal with the $2 note, which perhaps had more problems during design and plate manufacture than the other two notes of the series I three if you count the unissued $10). In 1893, when Thomas F. Morris reported to the Bureau of Engraving and Printing as its Chief of En- graving, the artists who would submit the designs for the new issue of Silver Certificates had already been chosen. The subjects for the new notes had also been somewhat determined in a general sense. but had not yet been laid out in design. The artists had been chosen by the Treasury Depart- ment not by open competition, but by their prominence in the field of art. The Treasury Department chose this method of designer selection because it was felt that experienced artists could do a better job of creating the allegorical designs for the new certificates. The fee paid these artists was $800 a design. Will H. Low was selected to design the $1 and $2 denominations, Walter Shirlaw the $5 and $10, and Edwin Howland Blashfield the $50 certificate. All of these artists had proven records in the field of allegorical painting. In the end. however, it would be Thomas F. Morris who would have the major hand in the final de- signs. The choice of Will H. Low for the $1 and $2 designs had been influenced by the fact that he and Edwin Blash- field had been working on decorative murals for the new Library of Congress, Mr. Low was very happy to receive the commission for designing two of the new Silver Certificates. He saw the move by the Treasury Department as one to "better the quality of designs on our paper currency," as a chance to "put a work of art in the hands of every man who buys a loaf of bread." He also realized the design must be practical and meet Treasury Department standards. These standards were imperatives of bank note design which would prove to be the major factor in both design problems and friction between Mr. Morris and the artists. The major function of paper money is not to display art but to be a medium of exchange. To be a successful medium of exchange it must meet the standards to com- bat counterfeiting, which is the major reason currency has art on it at all. Art is a deterrent to successful counterfeiting. Too much art of the wrong kind can lend itself to easing the counterfeiting process by mak- ing changes in the design on counterfeit notes unrecog- nizable, or better put. lost in the shuffle of design. Also, too much art can upset the second standard, that of being easily recognizable as to denomination. This last stan- dard would prove to be a major complaint of the public regarding the Educational Series. With 25 years experience in banknote design I Ameri- can Banknote Company and other prominent private banknote companies ), Thomas F. Morris knew that mural art had to be reduced to note size without too much distortion and also had to conform to the tech- niques of engraving. transfer, and plate manufacture. This all had to be accomplished without changing the original design. Mr. Morris realized the difficult posi- tion in which he was. He would be between artists and their intended designs, and the Bureau of Engraving and Printing's "musts" for currency production. ,-,-;■! \I 17"',uidtb WHOLE NO. 60 Paper Money PAGE 299 Will. H. Low's design for the $2 note was not used; instead Edwin H. Blashfield's $50 design was substituted for this denomination. Probably one critical factor in favor of the Blashfield design being used for the $2 de- nomination was a letter written by Alfred Jones to George F. C. Smillie. Alfred Jones was probably one of the most respected and admired late 19th century engravers, staying at the top of his field for more than forty years. One of his best known pieces of work was the engraving of the 1887 Franklin one-cent stamp designed by Thomas F. Morris. George F. C. Smillie was a long-time friend of Thomas F. Morris and came to the Bureau of Engraving and Printing with his high recommendation as a pictorial and portrait engraver. During the design and engraving period for the new certificates, Mr. Smillie and Mr. Mor- ris had many disagreements, partly because Morris felt that Claude M. Johnson, Chief of the Bureau, valued the opinion of Smillie more than his own on design problems and ideas. Also, Smillie had tended to side with the artists when Morris had differences with them. The above-mentioned letter dated April 3, 1895, ex- pressed Jones' admiration for the Blashfield design of the $50 note. In the letter he stated that "it would be a pleasure to engrave the one (the $50 design) I saw on his easel today." This letter probably prompted Smillie to suggest to Johnson that the $50 design be placed on the $2 denomination. I personally feel that the letter, along with the facts that Low had already designed the new $1 note, that it had been decided to hold production on a new $50 note, and that both Blashfield and Morris respected the opinions of Alfred Jones, led to the $50 design being placed on the new $2 Silver Certificate. We find however, in a letter dated April 18, 1895, from Blashfield to Smillie, that Blashfield strongly opposed the change in denomination of his design. He stated that his pyramid design would become unbalanced with a change from a double denomination (50) to a single digit denomination (2). He did write that a change to a 10 or 20 was feasible and would not upset the bal- ance of the composition. The letter went on to say that if a change were made to a $2 then it would not be his design compositionally and he could not endorse it. Blashfield's letter continues: "I cannot now insist too emphatically upon the artistic principle that figures and groups cannot be considered as separate from numerals, labels and other integral portions of a note; there must be absolute interdepen- dence or you will not have a good design. Certain changes within certain limits, it would be always pos- sible to make so that an artist could furnish a design which could at will be suited to three or four different denominations if the need arose but the limits would exist. "I am sorry to occasion delay but delay seems to me better than an imperfect design." In a letter dated June 23, 1895, from Blashfield to Smillie, he sends his recommendations for the locations of the seal, signatures and serial numbers and once again speaks of denomination: The original design for the $2 note by Will H. Low. The Blashfield design for the $50 Educational Note which, in the end, was used for the $2 denomination. "In what I hope will be full satisfaction of the count- ing necessity, I have placed two numerals in the upper corners in shields. I have used fifties simply because it was all I could think of. I have declined the two as you know and I do not wish to in any way infringe upon the wishes of Shirlaw, and if he admits a change to a ten it will be easy for the Bureau to change the numeral. Otherwise I hope my note will be reserved till later." (Note: Shirlaw was originally chosen to design the $10 note) Eventually however, Blashfield had a change of mind and his $50 design was used for the new $2 note. This was the first of a long line of problems to come con- cerning the new $2 Silver Certificate. There were prob- lems with leafage design being too small, borders being too dark and bold, shading too dark and incorrectly done, scrollwork and corner design lacking, and too much lettering. Morris, noting that Blashfield was not a banknote designer but an artist, went to Johnson with that argument and his own proposed design for the face surrounding Blashfield's vignette. Johnson pre- sented the design to Blashfield, but the artist was very much opposed to Morris making the design. Johnson. however, told him that the design he had so far presented was unsatisfactory and that if he could not come up with something better, then they would use the Morris design. He went on to say that the vignette was beau- tiful but as in the case of the Shirlaw design for the $5 note, they had let Shirlaw have his way with the borders and he kept piling on the color until it was too - dark. The design thus- - had.' to . be done all_ over again, but if they had listened to Morris' suggestions about the borders, it would have been all right. - He did not want the same thing to happen to the $2 design. PAGE 300 Paper Money WHOLE NO. 60 Finally Blashfield accepted the Morris design for the borders, but he asked Johnson if he could take it to the studio to use as a pattern and see what he could come up with. When Morris heard this he objected, saying that Blashfield just wanted to use his design and take the credit for it. Johnson decided to go ahead and let Morris finalize the design for the $2 face. The finalized design for the face of the $2 Series of 1896 Silver Certificate consisted of five female figures representing "Science Presenting Steam and Electricity to Industry and Commerce." It was engraved by Charles Schlecht and George F. C. Smillie. The back bore the portraits of Robert Fulton and Samuel F. B. Morse, probably engraved by Lorenzo Hatch. The remainder of the back was designed by Thomas F. Morris. Even at the time of issue Morris was still unhappy about the light and shade on the face of the note, but wishing to avoid a confrontation with Mr. Johnson he ignored the problem. In the end we find that Blashfield was extremely happy with the finished product. In a letter dated January 28, 1896, after the issue of the $2 note, he expressed his gratitude for the cooperation of the Bureau and praised it for the engraving work. He closes with a postscript asking if it would be possible for the Bureau to supply him with a proof of the note. From the day of issue the $2 as well as the other two denominations of the new Silver Certificates received an unfavorable reception. An article from the August 7. 1896 issue of the New York World stated that the new $2 and $5 Silver Certificates would be released to the public on Monday August 10th. and described Blash- field's design as "five partly nude females in graceful poses" (this had been one of the fears of Thomas Mor- ris—that the public would feel that the figures were too scantily clad). Other problems soon came to light: The different de- nominations were too hard to recognize. One denomina- tion could be easily mistaken for another, particularly in the case of the $2 and $5. The public as well as the newspapers blamed this on the fact that the notes had too much design as well as engraving. Another com- plaint was that the new certificates were not nearly as durable as other issues. They wore out too quickly and after they were folded a number of times and car- ried in a pocketbook they were easily torn. Bank em- ployees complained that the creases and wear made it almost impossible to read the numerals. The Brooklyn Eagle had still further observations and complaints. It stated that the notes were so over-en- graved that they were easily counterfeited. It pointed out that the more simply designed issues of the past were much better for use in transactions and much harder to counterfeit. There was great pressure on Secretary of the Treasury Carlisle from banks, businesses, and the general public to withdraw the notes from circulation. In response to the public outcry he set plans in motion for the Bureau to correct the major problems of over-black faces and insufficient light and shadow contrast. Because of the just-completed national elections, he decided to leave the fate of the new notes to the new, incoming Secretary of the Treasury, Lyman J. Gage. Thomas Morris had at other times been commissioned to make revisions, but none gave him the satisfaction as that of redoing a whole new series of currency. The Wash- ington Times of May 1. 1897, stated that new plates were currently being made at the Bureau to remedy the problem of the notes being printed too dark and the number too indistinct. But, the same day the Phila- delphia Inquirer stated that the notes would be called in. On May 3rd a Washington news release to all metropoli- tan newspapers was headlined, "Gage Cancels Certifi- cates." and then went on: "Secretary Gage has determined to cancel the new one- dollar, two-dollar, and five-dollar silver certificates out- standing as they come into the Treasury. The total foots up $16,280,000 in ones, $8,144,000 twos, and $30,000,000 fives-$54,424,000 in all. It may take years to wipe out the entire issues and substitute bills. "It can be said authoritatively, however, that no more of the so-called 'new certificates' will be printed. "Neither will fresco painters be called in to make designs for the substitutes. The Bureau of Engraving and Printing had been endeavoring to force these certifi- cates into circulation." Engraver's proofs of the progressive steps taken to reach the final design. These proofs were offered for sale in the auction of the Thomas F. Morris, II collec- tion by William P. Donlon (see March/April issue of Paper Money page 82). As a eulogy to these beautiful notes, I offer the fol- lowing words from Thomas F. Morris, II's book entitled The Life and Work of Thomas F. Morris 1852-1898: "In retrospect it seems just to attribute to the artists themselves a heavy share of the responsibility for the failure of the silver certificate issue. As talented and widely recognized authorities in fresco painting the artists thought it unnecessary to study the miniature medium in which rich designs in oil must ultimately appear, and the processes by which they were produced. V Eit S 09040785 C S 46789096 C zro-frAerrt -01,11...avoNsets.*To OKTISNO, '**BwierniciatArAuts M.4.1120.15,1".3,110,11% Dr.,111..1i .ipritairmicts. ,A4'4.)111111.C.* S 714671965 C .nt-m-zzautzza 111(151.11SASICOMUN.AINAM.VIRWIDEMYRII, WHOLE NO. 60 Paper Money PAGE 301 In the case of the 1896 certificates the artists not only rejected the counsel of a bank note designer who knew production techniques; they actually insisted on adapt- ing the bank note to their esthetic standards, oblivious to the pitfalls in engraving, transfer, and printing. Enamored of the beauty of their designs, they acted as if people were going to stand around admiring them, as they would a mural, rather than put them to use in the market place." Today the 1896 Educational Notes hold a place in stature and beauty that no other issue of U. S. currency can claim. Prices for specimens climb higher and high- er with each passing year (see March/April 1975 issue of PAPER MONEY page 82). Where will it end? My guess is it will not. The future is today bright for the 1896 Certificates and holds many record-breaking prices for this issue. In any condition the notes are a good investment, a beautiful piece of workmanship, and quite a conversation piece in the world of paper money his- tory and collecting. REFERENCES 1. Morris, Thomas F., II, The Life and Work of Thomas F. Morris 1852-1898, 1968. 2. Hessler, Gene, The Comprehensive Catalog of U. S. Paper Money, Henry Regnery Company, Chicago, Illi- nois, 1974. 3. Donlon, William P., Mail Bid Sale of the Thomas F. Morris, II Collection, 1974. Letters and photographs reprinted with permission of The Essay-Proof Society. "A MOST INTERESTING BLOCK" By GRAEME M. TON, JR . They must have liked him. They used him for about everything. He was used for the most famous experimentals of all, the "R" and "S" issue. He changed his blue seal for a wartime issue of brown. They tacked the surcharge HAWAII on his back and sent him to circulate in the Pacific. About the only thing they didn't do with him was to mule his plates, but he was a bit far back in the pack for that to happen. Yes, they issued him into regular production also. Probably a Westerner, as he's found on several of the "short snorter" notes picked up in the Pacific during WWII. He's a most interesting block—the $1 Silver Certificate 1935A SC block! He had 1,184,000 notes issued of the Experimental "R" for regular paper content, and another 1,184,000 of the Experimental "S" for special that signified the paper content being tested. Then he had 15,000,000 printed with the brown seal HAWAII used throughout the Pacific—much more than any other block; about 40% of HAWAII's are in the SC block. This left him with 82,632,000 for regular circulation, minus the error notes replaced by star notes. Surely not a short-run issue, but today he is a bit difficult to find in any grade. It's significant that he's the ONLY block that carries his own identity SC for Silver Certificate Maybe that's why they liked him so much. . . . He's my choice for the Type note in the Silver Certificates. Multicolored Money for U. S.? At the- 1975 ANA convention, James A. Conlon, Director of the Bureau of Engraving and Printing, said in regard to multicolored currency: "We have done much research and experimentation, but we have not produced any de- signs, simply working models." CHARTER MEMBERSHIP CERTIFICATE 1912 CAMPAIGN RE ROO T` THIS A RECEIPT FOR ONE DOLLAR CONTRIBUTED TO THE CAMPS :N FUNO or THE ROGRESSIVE PARTY. 'AND. FRIENDS. WITH ALL MY HEART AND SOUL, WITH EVERY PAR- T1CLE OF HIGH PURPOSE THAT THERE is IN ME. I PLEDGE YOU MY WORD TO DO EVERYTHING I CAN, TO PUT EVERY PARTICLE OF COURAGE. OP COMMON SENSE. AND OF STRENGTH THAT I HAVE AT YOUR DISPOSAL, AND TO EN• DEAvOR. sO FAR AS STRENGTH IS GIVEN ME, TO LIVE UP TO THE ORLI.. NATIONS YOU HAVE PUT UPON ME, AND TO ENDEAVOR TO CARRY OUT IN THE INTERESTS OF OUR WHO PLE THE POLICIES TO WHICH, HAVE TODAY SOLEMNLY DROTOR YOURSELVES TO THE MILLIONS