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MVOL. XL, No. 3 WHOLE No. 213 MAY/JUNE 2001
Official Journal of the
Society of Paper Money Collectors
WWW.SPMC.ORG
PUMP AND POULTRY
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What's The Best Way
To Sell Your Paper Money Collection?
The best way to sell your collection is to consign it to
someone you trust. Your currency collection probably took years
to acquire. Each purchase was thoughtfully considered, each note
carefully stored, and handled with respect. The sale of your collec-
tion should be accomplished in the same manner. Carefully, and
thoughtfully.
At Smythe, we care about our consignors, our bidders, and
our staff members. We don't misgrade your lots, or sell them long
after midnight, or during convention hours. We strongly support
the show organizers and local clubs that work hard to make
paper money shows successful, and we are proud that we have
consistently been selected as one of the Official Auctioneers of the
Memphis International Paper Money Show.
We illustrate every major note, using boxes or color where
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Our rates are flexible and highly competitive. There are no lot
charges, photo charges or minimum charges on Federal Currency.
If you are thinking of selling, take advantage of the strongest
currency market we have seen in years, and take this opportunity
to showcase your better single items, or your entire collection, in
the next R. M. Smythe auction.
See Us At Close To 40 Shows This Year! We will be planning to attend almost every major numismatic
show, represented by Stephen Goldsmith, Douglas Ball, Kevin Foley, or Martin Gengerke. If necessary, we
will travel to see your collection. Call 800-622-1880 for further information.
&VI&
Stephen uolasmitn
4:094p401.
MEMBER
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2001 Auction Schedule
• January 18-21, 2001
• February, 2001
• March 1-2, 2001
• May, 2001
• June, 2001
14th Annual Strasburg Stock
& Bond Show & Auction,
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Auction, New York, NY
Chicago Paper Money Expo
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Autographs & Coins Auction
New York, NY.
Memphis International
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Memphis, TN
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plans are available. Call today for further information.
C Society of Paper Money Collectors, Inc., 2001.
All rights reserved. Reproduction of any article, in
whole or in part, without express written permis-
sion, is prohibited.
Individual copies of this issue of PAPER MONEY
are available from the Secretary for $4 postpaid.
Send changes of address, inquiries concerning
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MANUSCRIPTS
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and publications for review should be sent to the
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ic issue cannot be guaranteed. Include an SASE for
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SPMC.
Manuscripts should be typed lone side of paper
only), double-spaced with at least 1-inch margins.
The author's name, address and telephone number
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retain a copy for their records. Authors are encour-
aged to submit a copy on a 3 1/2-inch MAC disk,
identified with the name and version of software
used. A double-spaced printout must accompany
the disk. Authors may also transmit articles via e-
mail to the Editor at the SPMC web site
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ferred. Scans should be grayscale at 300 dpi.
Jpegs are preferred. Inquire about other formats.
ADVERTISING
• All advertising copy and correspondence
should be sent to the Editor
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To keep rates at a minimum, all advertising must
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preceding the cover date of the issue (for example,
Feb. 1 for the March/April issue). With advance
approval, camera-ready copy, or electronic ads in
Quark Express on a MAC zip disk with fonts sup-
plied, may be accepted up to 10 days later.
ADVERTISING RATES
Space 1 time 3 times 6 times
Outside back cover $375 $990 $1800
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teed. All screens should be 150 line or 300 dpi.
Advertising copy shall be restricted to paper cur-
rency, allied numismatic material, publications,
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antee advertisements, but accepts copy in good
faith, reserving the right to reject objectionable
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SPMC assumes no financial responsibility for typo-
graphical errors in ads, but agrees to reprint that
portion of an ad in which a typographical error
occurs upon prompt notification.
PAPER MONEY • May/June 2001 • Whole No. 213 197
TERMS AND CONDITIONS
PAPER MONEY is published every other month
beginning in January by the Society of Paper
Money Collectors (SPMC). Second-class postage is
paid at Dover, DE 19901. Postmaster send address
changes to Secretary Fred L. Reed III, P.O. Box
793941, Dallas, TX 75379-3941.
Pa
Official Bimonthly Publication of
The Society of Paper Money Collectors, Inc.
Vol. XL, No. 3 Whole No. 213 MAY/JUNE 2001
ISSN 0031-1162
FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379
Visit the SPMC web site: www.spmc.org
IN THIS ISSUE
FEATURES
Excerpts from the Diaries of James D. Smillie 199
By Gene Hessler
New Works Cover Confederates, Palestine 208
Reviewed by Fred Reed
The Green Goods Game 210
Conducted by Forrest Daniel
Statistical Report on a Hoard of $10 FRNS 210
By Noel Williams
Profile of Two Rarities 218
By Peter Huntoon
Many Nations Honor Musicians on Notes--Part 1 230
By Gene Hessler
SOCIETY NEWS
Information & Officers 198
President's Column 212
By Frank Clark
Money Mart 212
Comprehensive Paper Money Index For Sale 212
Letter to the Editor 214
Collectors Wanted 214
Hey Buddy, Sell Your Foreign Notes in Paper Money 229
SPMC Co-sponsors Numismatic Symposium 232
SPMC Wait Prize Announcement 232
IPMS Exhibitors Wanted 232
Research Exchange 232
New Members 234
Editor's Notebook 234
Advertisers Index 235
ON THE COVER
James D. Smillie's orginal mixed media, wash drawing Pump and Poultry, on
which he based one of his many security engravings for American Bank Note
Co., recently came on the market via an estate sale of his nephew. As a
youth Smillie forsook the family business of security engraving for painting
and travel abroad, but returned to currency work for several bank note com-
panies. Security engraving authority Gene Hessler reviews engraving
excerpts from Smillie's diaries beginning in this issue. See page 199.
(Photo courtesy Heritage Numismatic Auctions, Inc.)
Society of Paper
SOCIETY The Society of Paper Money
OF Collectors (SPMC) was orga-PAPER MONEY
COLLECTORS nized in 1961 and incorporated
INC.
in 1964 as a non-profit organiza-
tion under the laws of the
District of Columbia. It is affiliat-
ed with the American Numismatic Association. The annual SPMC
meeting is held in June at the Memphis IPMS (International Paper
Money Show). Up-to-date information about the SPMC and its
activities can he found on its Internet web site www.spmc.org .
MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18
years of age and of good moral character. Members of the ANA or
other recognized numismatic societies are eligible for member-
ship; other applicants should be sponsored by an SPMC member
or provide suitable references.
MEMBERSHIP—JUNIOR. Applicants for Junior membership must he
from 12 to 18 years of age and of good moral character. Their
Mat/Junel 2001 • Whole No. 213 • PAPER MONEY
Money Collectors
application must be signed by a parent or guardian. Junior mem-
bership numbers will be preceded by the letter "j," which 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 vote.
DUES—Annual dues are $24. Members in Canada and Mexico
should add $5 to cover postage; members throughout the rest of
the world add $10. Life membership—payable in installments
within one year is $500, $600 for Canada and Mexico, and $700
elsewhere.
Members who join the Society prior to October 1 receive the
magazines already issued in the year in which they join. Members
who join after October 1 will have their dues paid through
December of the following year; they also receive, as a bonus, a
copy of the magazine issued in November of the year in which
they joined. Dues renewals appear in the Sept/Oct Paper Money.
All checks should be sent to the Society Secretary.
198
OFFICERS
ELECTED OFFICERS:
PRESIDENT Frank Clark, P.O. Box 117060, Carrollton, TX
75011-7060
VICE-PRESIDENT Wendell A. Wolka, P.O. Box 569,
Dublin, OH 43017
SECRETARY Fred L. Reed III, P.O. Box 793941, Dallas, TX
75379-3941
TREASURER Mark Anderson, 335 Court St., Suite 149,
Brooklyn, NY 11231
BOARD OF GOVERNORS:
Benny J. Bolin, 5510 Bolin Rd., Allen, TX 75002
C. John Ferreri, P.O. Box 33, Storrs, CT 06268
Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231
Ronald L. Horstman, 5010 Timber Ln., Gerald, MO 63037
Arri "AJ" Jacob, P.O. Box 1649, Minden, NV 89423-1649
Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114
Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515-
2331
Steven K. Whitfield, 14092 W 115th St., Olathe, KS 66062
APPOINTEES:
EDITOR Fred L. Reed III, P.O. Box 793941, Dallas, TX
75379-3941
CONTRIBUTING EDITOR Gene Hessler, P.O. Box 31144,
Cincinnati, OH 45231
ADVERTISING MANAGER Robert Schreiner, P.O. Box
2331, Chapel Hill, NC 27515-2331
LEGAL COUNSEL Robert J. Galiette, 3 Teal Ln., Essex,
CT 06426
LIBRARIAN Richard J. Balbaton, P.O. Box 911, North
Attleboro, MA 02761
MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060,
Carrollton, TX 75011-7060
PAST PRESIDENT Bob Cochran, P.O. Box 1085, Florissant,
MO 63031
1929 NATIONALS PROJECT COORDINATOR David B.
Hollander, 406 Vicluta PI, Huntsville, AL 35801-1059
WISMER BOOK PROJECT COORDINATOR Steven K.
Whitfield, 14092 W. 115th St., Olathe, KS 66062
BUYING AND SELLING
CSA and Obsolete Notes
CSA Bonds, Stocks &
Financial Items
60-Page Catalog for $5.00
Refundable with Order
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FUN
PAPER MONEY • May/June 2001 • Whole No. 213 199
Excerpts from
The Diaries of
James D. Smillie
BY GENE HESSLER
j
AMES SMILLIE (1807-1885) WHO CAME TO THE U.S. FROM
Scotland by way of Canada had four sons: James David (1833-1909),
William Main (1835-1888), George Henry (1840-1921) and Charles,
the only son not to follow a career in art. James Smillie also had two
brothers: William Cumming Smillie (1813-1908), and David. Walter de
Forrest Smillie was the adopted son of William Cumming Smillie; George
Frederick Cumming Smillie (1854-1924) was the son of David; David J.
Smillie (b. ca. 1850) was probably another son of David Smillie.
James D. Smillie was born on 16 January at 1 King Street in New York
City, and showed artistic aptitude at an early age. After art and engraving
instruction from his father and later study at the National Academy of Design,
James D. Smillie became a member (Academician) in 1876.
Jocelyn, Draper, Welsh & Company; Rawdon, Wright & Hatch; and
Toppan, Carpenter & Company were the first firms to engage James David
Smillie.
F.O.C. Darley's The Mill Door was
engraved by J.D. Smillie for Toppan,
AL— Carpenter & Co. Engraved below the
notice of "SALE" on the right side of
the entrance is "J.D. Smillie Jan. 1857
NY." The Mill Door, #257
Like his cousin, G.F.C. Smillie, James D. Smillie produced his first bank
note engraving before his 20th birthday. James David Smillie signed his work
as Jas. D. Smillie, J.D. Smillie or with the monogram JDS (shown at right).
For his work, father James signed his full name or more often simply used
Smillie.
When James Smillie moved from the National Bank Note Company
(NBNCo) to American Bank Note Company (ABNCo) in 1868, his first
engraving was based on a drawing by his son, James David. "It was an attrac-
tive bird's eye view of a western scene, showing the Transcontinental Railroad
and the plains surrounding a growing western city" (Morris No. 4, p. 205).
James David and William Main, already engaged by ABNCo, must have been
thrilled to have their father join them. In 1872, James Smillie and his son
James David were receiving the highest salaries paid to engravers.
After three years at ABNCo, James David went to Europe to further
develop his painting ability. He returned three years later in 1864, and like
other artists found it difficult to support himself by painting. Consequently, he
returned to bank note art and engraving. ABNCo must have been delighted to
May/June 2001 • Whole No. 213 • PAPER MONEY200
James D. Smillie
have available to them, once again, the artistry and the engraving talent of
James D. Smillie.
For a while in 1864 and 1865 he devoted all his time by assisting his
father who had undertaken a major project--the engraving of The Rocky
Mountains by artist Albert Bierstadt. This would become a 17" x 28" engraving
(Witthoft 40).
On 6 June 1865, as he worked for the fifth day on rebit on Ferryboat,
Smillie recorded in his diary: "It is an intolerable bore for me to do such work,
and I wonder at myself for consenting." "Smillie could have made an excellent
living as an engraver and reproduction etcher, but he chose the more difficult
path of 'high art,' which led to a life that was filled with
frustration...(Schneider 31)." Nevertheless, there were times when he
recorded in his diaries that he "enjoyed the work very much." Regardless
how unhappy J.D. Smillie might have been as a bank note artist, paper
money collectors are delighted to have his work in their possession.
In NYC Smillie exhibited at the National Academy of Design, and
was a founder of the New York Etching Club. He was an authority on
etching and lectured often on the subject. Smillie was also a founder of
the American Water Color Society in 1868; he was president from
1871-1877. Like other artists and engravers at the time, James D.
Smillie contributed artwork for Appleton's and Harper's. He engraved
artwork of F.O.C. Darley to illustrate the novels of Charles Dickens
and James Fenimore Cooper. A good example is The Wounded Indian
by Darley in Cooper's "The Deerslayer." In the 1870s the camera was
only 20 years old and had not yet replaced illustrators, but it would do
just that in coming decades.
James D. Smillie refers to meetings with other artists and engravers;
it's unfortunate that we don't have records of those conversations.
Meetings with engraver Robert Hinshelwood, pleasant and at times unpleas-
ant, are also recorded in the diaries. The marriage of James D. Smillie's aunt
Margaret, sister of James Smillie, to Robert Hinshlewood goes unmentioned.
James D. Smillie was devoted to his father and took great pleasure in
working with him, as the diaries confirm. His first cooperative works with his
father were Monument to judge Stoiy in 1848, published in 1851, and in 1850
Dreams of Arcadia; the young Smillie etched in portions of both (Witthoft 49,
footnote 11). The last time father and son worked together was when James
David finished engraving of Lions at Home, which his father was unable to com-
plete before his death.
Examples of James D. Smillie's art and engraved work can be found on
stock certificates, corporate bonds, U.S. obsolete and federal paper money;
however, most of his work appears on the paper money of other countries,
Argentina and Mexico mostly, all by ABNCo.
James D. Smillie predicted what would happen to line engraving after his
father died, 100 years before security engraving, as we have known it, is dying.
This art form lasted longer than the younger Smillie had envisioned. Today,
photoengravings of images made from pen and ink drawings meet the require-
ments of the New York Stock Exchange and their customers. James D.
Smillie's prophetic words included the following:
"If scientific and mechanical processes fully meet the commercial demand, then
the competitor class must seek other means of livelihood and the high rank
engraver disappears with it. Consequently I see no chance for a revival of the art
of line engraving in its higher development as it has been practiced. The
demands of modern life give no place to one who takes months or years to do
what can be done in a few hours by photography and electro-chemical processes
in a manner that meets the popular requirements of trade."
(Unpublished ms by JDS)
PAPER MONEY • May/June 2001 • Whole No. 213
201
Abbreviations Used
ABNCo=American Bank Note Company; BABNCo=British American Bank Note
Company; ContBNCo=Continental Bank Note Company; nbn=national bank notes;
NBNCo=National Bank Note Company. Throughout his diaries, James David Smillie
identifies subjects that ultimately might have received different titles. Comments are in
parentheses, and italics have been added.
Diary Excerpts
James David Smillie rose between 5:00 and 5:30 each morning. The first daily entry
in his diary was the condition of the weather: "a glorious day," "a fine day" etc. There
were frequent mentions of severe headaches, bothersome enough for him to take to his
bed.
1865
9 Jan. At ContBNCo "overlooking various dies" including Helm Feeding the Eagle.
(This could refer to the image engraved by Asher B. Durand for
Underwood, Bald, Spencer & Hufty on the Bank of Wooster, OH $5, and
The National Bank, NY $5.)
10 Jan. Preparing to re-engrave Large Locomotive by R. Hinshelwood.
Locomotive, #780
16 Jan. "My birthday."
15 Apr. "A dark day for our nation. We were stunned, sickened...by news of the
assassination of President Lincoln and attempted murder of Secretary
Seward last night."
5 Aug. "Father James Smillie] was taken sick."
9 Aug. Father went to ABNCo today.
15 Aug. "Uncle Willie arrived direct from Canada."
9 Sept. Father went to NBNCo today.
12 Oct. Working on [unmentioned] bank note drawing.
14 Oct. "I think I have it finished."
16 Nov. Worked all day on my Condor (See Nos. 849 & 852.) Spent eve at Gavits
with Uncle Willie. (John E. Gavit was vice president of ABNCo at that
time.)
17 Nov. Mr. Gavit called with a proof of Salto in Chile for me to draw. "It's a
frightful task."
20 Nov. Worked on two outlines of Salto, felt most miserable...gave up about 3:00
p.m.
27 Nov. Mr. Gavit satisfied [with Salto], received $40. (This probably refers to
Uruguay 50 pesos, PS159.)
24 Nov. ABNCo accepted drawing of Condor.
27 Nov. Began drawing Condor No. 2.
2 Dec.
Charcoaling Eagle for Florida Arms for NBNCo. Attended NY
Philharmonic rehearsal.
4 Dec. Worked on Florida Eagle.
Gaucho Lassoing, #810
202 May/June 2001 • Whole No. 213 • PAPER MONEY
5 Dec. Went to NBNCo, Eagle approved.
6 Dec. Outlined daguerreotype of Florida Arms and got transfer on die to take to
Father. (See No. 796.)
8 Dec. I stretched paper for Oil Well drawing for ABNCo and traced proofs fur-
nished by company.
9 Dec. All day hard at work on die of South American [Ox] Cart, [eng.] by [Henry]
Beckwith after a drawing of mine. (See No. 560.)
11 Dec. George and I spent evening with Gavits.
12 Dec. Worked all day on S. Am. die; rebiting, graver and burnisher. Gave it to
Mr. Gavit.
19 Dec. Worked on Locomotive.
20 Dec. Went to ContBNCo with Locomotive and returned with proofs.
25 Dec. Went to studio to outline oil drawing for ABNCo.
29 Dec. All day on "Graham's Sheeps die" after drawing for ContBNCo.
30 Dec. More work on Sheep die.
1866
19 Jan.
Received a letter from R. Hinshelwood criticizing my drawing for NBNCo.
"I sent it back to him without word or comment."
29 Jan. Went to ContBNCo to get proofs of Sheep and transfer of Beaver. "Met R.
Hinshelwood in the street, was accosted by him, but took no notice of
him."
10 Feb. Worked on Beaver, for Post Office stamp for [Canada 54, Scott A8] and
Sheep. Attended NY Philharmonic rehearsal.
12 Feb. Funeral of George W. Hatch. Brother "(illegible) brought a letter sent
through Uncle Willie from that crazy man Hinshelwood. I told him to
put it in the fire."
24 Mar. After a rehearsal of Beethoven's music by NY Philharmonic, "Music may
not be a moral agent, but I always feel that I am a better man after hearing
such music...."
2 May. Worked all day tracing Ottawa Parliament Building.
15 June. Worked all day on Beaver for Uncle Willie. Entered $22.54 in account
book.
14 Nov. Worked all day on Locomotive drawing.
22 Nov. Set to work on NBNCo Missouri State Arms.
23 Nov. Worked on "drawing of Father taken with camera Elucida [sic] by R.
Hinshelwood in 1842 worked up by Father. I am quite proud of it."
Father in short sleeves by pig pen. Worked on Lamb's Head and Missouri
Arms.
12 Dec. Saw Gavit at ABNCo and picked up $60 for drawing.
1867
14 Jan. Spent all clay "trying to get something picturesque out of the photo of
Buenos Ayres Transportation [BAT]." (This refers to the wagon train on
Argentina 20 pesos, PS1785 & S1805 eng. by Charles Burt.)
15 Jan. Took BAT to ABNCo; talked with Goodall [received] vast number of sug-
gestions and an addition to my stock of photos and lithos. (Albert G.
Goodall was president of ABNCo 1874-1887.)
26 Jan. Spent all evening on Gaucho.
29 Jan. To ABNCo with drawings of Wagon and Gaucho. The latter "made consid-
erable stir." I was pleased.
6 Mar. In the afternoon I worked on new design for Gaucho Lassoing Cattle drawing
I made for ABNCo some weeks ago; I am having trouble with the horse
(see No. 608).
7 Mar. Made new drawing, not pleased. Went back to old drawing, rubbed out
Gaucho.
30 May. To NBNCo for instructions for Hartford from McDonough. Stopped at
ABNCo.
12 June. Worked on outline of Hartford for NBNCo.
23 July. To NBNCo for check for $119 for Hartford drawing. To ABNCo, had
chat with [Luigi] Delnoce.
13 Nov. Father brought etching proof of Hartford.
30 Nov. Got picture of Boston for drawing for ABNCo.
4 Dec. Worked on Boston. (See No. 590 for this Boston Harbor scene.)
L '"' rn I itn
PAPER MONEY • May/June 2001 • Whole No. 213 203
Boston, #590
1868
22 Jan. Worked on drawing of Darley illustration for Illustrated Sonat [sic] News,
published in 1860. Bank note people wanted Father to engrave directly
from woodcut (NBNCo).
9 Apr. Outlining drawing of Sheep for bank note. (This could refer to Brazil 100
mil reis back, PS553, eng. by James Smillie.)
20 Apr. Spent all day on drawing of Gaucho on the Pampas I made for ABNCo some
time ago.
4 May. Commenced drawing Coffee, Tobacco and Palm for ABNCo.
14 May. Laid grounds on two dies and finished outlining drawing for AAThite's draw-
ing for BABNCo.
18 May. Worked on Brazil etching.
19 May. Finished ABNCo [Brazil] etching. Spent afternoon on BABNCo die.
21 May. Commenced biting on Brazil die.
11 June.
At ABNCo all morning working on die, also patch work on back die.
18 June. Worked on Ottawa die. (See 2 May 1866.)
2 July. Met Gavit and talked about Wool engraving.
6 July. Worked on Wool Yard drawing for ABNCo.
10 July. To ABNCo to get transfer of Lassoing Cattle. (See No. 608.)
11 July. Worked on etching of Lassoing Cattle.
23 July. To ABNCo to get etching of "Lassoing" die. "It looks only tolerably well.
Burt was on hand and took it away at once to finish it."
29 Oct.
Completed sketch of Saladero, then took it to ABNCo. (See No. 630.)
3 Nov. Finished Saladero drawing.
4 Nov. Worked on drawing of Bull for ABNCo. (See No. 622.)
18 Nov. Spent morning outlining drawing of a horse for ABNCo. (See Hawaii
$100, P15.)
26 Nov. Worked on Gaucho and Guitar drawing for ABNCo. (See No. 631.)
1 Dec. Took Gaucho and Guitar to ABNCo and "drew $100 for horse."
15 Dec. Gavit was not pleased with Gaucho and Guitar, "does not know why."
1869
2 Jan. Made alterations on Gaucho and Guitar.
31 Mar. Worked on die proofs of Steamship and Sheep's Head for Father.
18 May. Worked on drawings of Sheep Under Trees and several die proofs for Father.
(See Brazil 100 mil reis (back), PS553 eng. by James Smillie.)
10 Aug. Walter de Forrest Smillie arrived from Ottawa.
7 Oct. Went to ABNCo but no drawing assignments.
18 Oct. Spent evening arranging new design for the Jay Cooke & Co. Pacific
Railway bonds.
Saladero, #630
204 May/June 2001 • Whole No. 213 • PAPER MONEY
Sheep Under the Oak, #645
7 Dec. Began work on little drawing for ABNCo: Seligman Bros., finished it.
Worked on Cooke's bond.
9 Dec. A reference is made to "The Bouquet" as being his.
1870
27 Jan. Working on third drawing for Jay Cooke & Co. "Not seemingly to know
what they want. I am paid for each one."
14 Feb. To ABNCo for $80 for Pacific Railway drawings.
28 May. Worked on charcoal design for World Insurance Co. Wrote to Reinhart.
(This refers to either Benjamin F., 1829-1885, or Charles S., 1844-1896,
probably the former, who became an associate member of the National
Academy of Design in 1871.) (See 8 April 1878.)
9 June.
Worked on drawing of Niagara for Uncle Willie. (See No.165.)
13 June. Worked on little drawing of Bank Building for ABNCo. Uncle Willie
returned to Ottawa.
18 June. Outlined Golden Gate for Father. (See No. 673 for this 2" x 4" harbor
scene.)
Golden Gate, #673
23 June. Left drawing at Mr. Hinshelwood's. Made sketch for Locomotive drawing.
29 June. Finished Locomotive outline.
1 July. To ABNCo then to Jersey City Railroad to sketch.
10 Aug.
Began drawing of Missouri Arms.
22 Oct. To Brooks Brothers about overcoat. Finished drawing on wood for
ABNCo.
28 Oct. "Made alterations on proof of Engine--an old die that I engraved for
ABNCo some years ago." Father will modernize and add material accord-
ing to my alterations.
21 Nov. Worked on outline drawing for Virginia Arms.
3 Dec. Worked on and almost finished drawing for Alabama Arms. (See No. 813.)
20 Dec. Worked on Locomotive No. 2 for ABNCo.
Arms of Ecuador, #694
PAPER MONEY • May/June 2001 • Whole No. 213 205
1871
15 Feb.
25 Feb.
27 Feb.
28 Feb.
4 Mar.
9 Mar.
22 Mar.
24 Mar.
29 Mar.
30 Mar.
1 Apr.
3 Apr.
6 Apr.
4 May.
12 May.
13 May.
17 May.
22 May.
27 Oct.
28 Oct.
14 Nov.
15 Nov.
18 Nov.
29 Oct.
4 Dec.
28 Dec.
"I got out Uncle Willie's drawing of Niagara and die engraved by R[obert]
H[inshelwood] and commenced work on it to make something of it if possi-
ble."
Worked on Niagara die (3 days) graver and dry point.
Worked on Colorado Arms for ABNCo. (See No. 692.)
Met with Gavit about working for ABNCo for three months; agreed at rate
of $5,000 per annum, to begin at once.
Worked on second sketch of North Western Mutual.
Etched Colorado A1771S.
"All pleased" with drawing.
Patched die of Niagara to go to Ottawa. Working on drawing arms of
Banco de Trujillo.
Met R. Hinshelwood, "wonderfully civil."
At ABNCo and worked on drawing for Massachusetts Soldiers Certificate, also
on Colorado Arms.
(Saturday) At ABNCo altered Arms of Ecuador drawing. (See No. 694.)
Began sketch for Hunting Ostriches in South America. (See No. 777.) Went
to Central Park to sketch.
Finished crayon sketch of "2 Llamas." (This could refer to Peru 20 soles,
PS315 & 5 soles, PS333 eng. by G.J. Verbeck, Sr.) Worked on sketch of
Mules, South America. (See Colombia 50 pesos, PS387 eng. by James
Smillie.)
Submitted drawings of Llama and Mules, South America to ABNCo.
Etched Engine on coupon back.
Etched Engine die.
Received proof of Engine die.
To ABNCo with drawing of Insurance Dep. Seal. Commensed drawing of
Havana.
Worked on [Luigi] Delnoce drawing of "S.A. Arms."
Worked on another "S.A." drawing by Delnoce.
Worked on Japanese drawing for ContBNCo. (The ContBNCo produced
national bank notes for Japan in 1873; one design could be the work of J.D.
Smillie. The remaining designs P10-14, could be the work of F.O.C.
Darley.)
Uncle Willie came by to pick up a drawing.
Delnoce's son came for drawing.
Worked with graver on Ostrich Hunting.
Spent time touching proof of Railroad Depot. (See No. 221.)
To ABNCo for proofs of Ostrich Hunting. (See 3 April.)
South Amer. Ostrich Hunting, #777
1872
11 Jan. A reference is made to his female model, Jessie Hayland.
28 Feb.
Made a tracing of ABNCo Building. "It's atrocious work and tries my
patience exceedingly."
12 Mar. Went through Hatch's Litho establishment.
4 Apr. Tried to work on architectural drawing for ABNCo.
8 Apr. Worked on drawing of Dollar Medallion for ABNCo. (See No. 735)
16 Apr. Worked on Gaucho Head for ABNCo.
206 May/June 2001 • Whole No. 213 • PAPER MONEY
19 Apr. Began etching Indian Head die.
25 Apr. Worked with graver on "Head," later etched cross-line on background.
29 Apr.
To ABNCo for proof of "Head" die.
30 Apr. Worked on sketch for drawing "Snowy Llamania" for ABNCo. (This refers
to Llama Train No. 4, see No. 799.)
1 June. Worked on ABNCo drawing of Arms of City of Valparaiso. (See No. 728.)
1 July. Began drawing Arms of New Brunswick.
31 Oct.
Worked on Liebler drawing for Uncle Willie.
12 Nov.
Finished Chemuck [sic] drawing.
1873
28 Jan. Elected president of Water Color Society.
21 Apr.
"Got a little work done on ABNCo drawing for German, Belgian Rio
Platte Bank."
28 Apr.
Charcoaled design for $5 national currency. (This and the following could
refer to the Japanese 5 yen, P12 by ContBNCo.)
17 May.
Designing new vignette•(upright) to national currency vignettes.
20 June.
"Auge (illegible) said my study for bank note drawing was very bad" he
improved it in 2 hours.
5 July.
In Montreal, I went to BABNCo and met Father.
29 Nov. Worked on Italian drawing, Girl's Head for ABNCo. (This could refer to
Italy 5 & 10 lire, PS273 & S274, or 10 lire (back), PS213.)
20 Dec. Finished Italian drawing of Female Head.
1874
9 Feb.
Began sketch on Railroad certificate for ABNCo.
17 Feb. Worked on NYC Arms for ABNCo.
5 Mar. Worked on Italian drawing Ocean Telegraph for ABNCo.
7 Mar. Had a visit from [F.O.C.] Darley.
3 Apr.
Worked on etching of Darley art.
4 Apr. Worked with graver and dry point on Darley outline.
10 Apr.
Worked on Cupid Dolphin on Italian drawing for ABNCo.
17 Apr. Worked on Vulcan d7 .
Minerva outline for ABNCo.
27 Apr. Finished Young Neptune, an Italian drawing for ABNCo.
12 May. Received a letter from Alfred Jones, finding fault with my management of
funds of the Water Color Society.
15 May.
Began drawing of Interior of Smelting Furnace for ABNCo.
26 May.
Worked on W[illiam] Croome sketch of In the Old Fort.
28 May.
Planning a new drawing of Gaucho Lasso for ABNCo.
1 June. Finished Gaucho.
7 June.
Started drawing of Alabama Arms for ABNCo. (See No. 813.)
8 June.
Mounted W.C. drawing and Smelting Furnace.
17 June. Began work on View of Salina [Kansas] for ABNCo. (See No. 792.)
9 July.
Began drawing of State Arms of Gleorgia] for ABNCo.
25 Aug.
Worked on Reaper drawing for ABNCo.
27 Aug.
Worked on South American Reaper drawing. (This refers to Reaper in South
America on Nicaragua 5 pesos, PS108 and Uruguay 50 pesos, PA106 eng.
by James Smillie. This same engraving was altered and titled Buckeye
Reaper, see No. 826.)
24 Oct.
"whiskey stamp drawing."
25 Oct. Took "whiskey stamp drawing to the [American] Exp. Office."
1875
10 Apr.
Worked on Steamer drawing for ABNCo. (See No. 812.)
14 Apr. [Uncle] Will called at studio, complained about Marine drawing I did for
ABNCo.
29 June. Began drawing of Bacchus in a Basket for ABNCo.
1876
15 Mar. Traced one of the figures in Second Race and transferred it to millboard;
will paint it for ABNCo.
20 Mar. Charcoaled Horse's Head for ABNCo.
21 Mar.
[Brother] 1/1/111 came in and gave me an order to paint the old [Liberty] Bell
for their Centennial Specimen Sheet.
23 Mar.
Sketched old Liberty Bell for ABNCo.
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SUPERB
UNITED STATES CURRENCY
FOR SALE
SEND FOR FREE PRICE LIST
BOOKS FOR SALE
COMPREHENSIVE CATALOG OF U.S. PAPER MONEY by Gene Hessler. 6th
Edition. Hard cover. 579 pages. The new Edition. $32.00 plus $3.00 postage. Total price
$35.00.
FIVE SI INESt RS.
cRopos,:ctaaisires( 34'Z'afAii5VK.DLME*9,
44:, „29,443&
10A4/1., 10-4
* -014.4e_Drini*If
929.4
O
THE ENGRAVERS LINE by Gene Hessler. Hard cover. A complete history of the
artists and engravers who designed U.S. Paper Money. $75.50 plus $3.50 postage. Total
price $79.00.
NATIONAL BANK NOTES by Don Kelly. The new 3rd Edition. Hard cover. Over
600 pages. The new expanded edition. Gives amounts issued and what is still outstanding.
Retail price is $100.00. Special price is $65.00 plus $4.00 postage. Total price $69.00.
U.S. ESSAY, PROOF AND SPECIMEN NOTES by Gene Hessler. Hard cover.
Unissued designs and pictures of original drawings. $14.00 plus $2.00 postage. Total price
$16.00.
Stanley Moryez
P.O. BOX 355, DEPT. M • ENGLEWOOD, 011 45322
937-898-0114
Confederate
States
Paper Money
'The Coins and
Banknotes of Palestine
'Under the British
Mandate, 1927-1947
HOWARD M. BERLIN
McFaximd & Compeoy. Inc., Publishers
208 May/June 2001 • Whole No. 213 • PAPER MONEY
30 Mar. Worked on Horse's Head for ABNCo.
5 Apr. Painted over portions of Gaucho for ABNCo.
6 May. Saw specimen sheet in place at ABNCo.
5 July. Finished outlining drawing of Gaucho for Father.
7 July. Etched Father's die of The Gaucho, putting in horse's head.
15 July. Worked with graver on Father's die of Gaucho, cutting in the horse's head,
"Enjoyed the work very much."
2 Oct. Began drawing for ABNCo a venture to be called The Pasture--to be based
on Elmira Studies.
6 Oct. Worked on W.C. sketch, "no place like home."
17 Oct. The Comstocks went to Philadelphia; visited Centennial Exhibit.
16 Nov. Touched up a proof of Condor for ABNCo.
18 Nov. Worked on charcoal design of In a Coal Mine for ABNCo.
29 Nov. "Worked on charcoal for 'NA[iMani] C[roome] Cows Coming to the Milking
based on studies at Po'Keepsie."
25 Dec. Worked on India ink sketch of Argyle Station for ABNCo. Had dinner at
Many's, returned to studio at 3:30.
To be continued
New works cover Confederates, Palestine
Reviewed by Fred Reed
Collectors of Confederate paper money are already
well aware of SPMC Charter Member Arlie Slabaugh's
well-conceived and readable text on that field, because the
work has gone through nine editions since originally pub-
lished as one of the Whitman $1 black books in 1959.
That Slabaugh's title has gone through repeated edi-
tions and outlived any other works in that estimable series
is a testament both to the work's author and the title's sub-
sequent publisher Krause Publications, as well as to the
continuing vibrancy of this area of U.S. obsolete currency.
The current 10th edition covers both Confederate
and Southern States issues in a manner that is both infor-
mative and entertaining. Notes are realistically priced in
up to six grades, conversion charts for other numbering
systems listed, and background information is replete with
historical detail, counterfeit information and ancillary
illustrative material which makes the title a "must have"
for any collector even cursorily interested in this field.
The 256 page soft
bound volume has hun-
dreds of illustrations. It's
priced at $21.95 from
Krause Publications, POB
5009, Iola, WI 54945 or at
book dealers nationwide.
Orders may also be placed
at 1-800-258-0929.
At the other end of the
spectrum is Howard
Berlin's "labor of love" on
the bank notes and coins of
the British Mandate of
Palestine (1923-48).
Berlin, who is not an
SPMC member but is well known in the numismatic com-
munity, builds upon the long out of print works of Sylvia
Haffner and R.J. Trowbridge in recounting the unique
history (political and numismatic) of the Holy Land.
Berlin's work is a thoroughly
researched, heavily illustrated,
and cross-referenced text that
is sure to become the stan-
dard work in this field.
At 152 pages, this slim
hard bound work also
includes eight color plates,
but is pricey, reflecting the
marketing strategy of its pub-
lisher McFarland & Co.
Previously known for well
researched, excellent refer-
ence works in such specialized
fields as Film and Performing
Arts, Baseball and U.S. History, the firm specializes in
narrowly focused enthusiast titles, with short press runs
which necessarily entail higher cover prices.
The entry of this North Carolina publisher into the
Numismatic field augurs good things for numismatic
authors and the collecting community. In their recent cat-
alog the Berlin work falls under the "Chess &
Numismatics" category. However, should this trend con-
tinue we can expect a proliferation of worthwhile syn-
graphic references for readers of this magazine to enjoy.
We welcome another significant publisher to our special-
ized corner of the reference book marketplace.
Copies of the Berlin work are available for $49 post-
paid from McFarland & Co., Box 611, Jefferson, NC
28640, or orders may be placed at 1-800-253-2187.
GET TOP PRICES FOR YOUR NOTES!
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PAPER MONEY • May/June 2001 • Whole No. 213
209
May/June 2001 • Whole No. 213 • PAPER MONEY210
Swindled
GG
ED BANK, N.J., AUG. 8. -- MR. FRANK, A
iller of Kansas City, came East a few days ago and
sold twenty-seven car loads of flour, receiving in payment bills
of large denominations. Today he met a green goods man
who offered to exchange the bills for smaller ones for 1 per
cent. The miller accepted the offer and the swindler brought
him to Red Bank, where the game was played. The miller
gave in exchange $7,500 for green goods in a tin box. The
swindlers have escaped." -- Pierce County Tribune, Rugby,
North Dakota, August 12, 1893.
A Bad $5 Bank Note
GG ECEIVING TELLER HAMMOND OF THE SUB-
IXTreasury recently captured an excellent $5 bank note
counterfeit, which was presented by a young man to have
changed. The note was evidently very old and was torn and
defaced by usage in circulation, but the workmanship was of
the highest order. The note was made to represent one of the
issue of the National Bank of Pawling, N.Y., which was autho-
rized on July 20, 1865. Mr. Hammond is of the opinion that
the bogus note has been in circulation for many years. When
the young man who presented it was told it was useless he left
wearing a pronounced expression of disgust. -- Baltimore
American." -- Butte (Montana) Miner, Sept. 15, 1896.
A Bank Note Fan
‘c A FAN MADE OF BANK NOTES WAS THE RE-
..freshing gift made to a Methodist pastor of Newark,
N.J., the other evening. This method of raising the wind
should be adopted by all donation parties. -- The Bismarck
(Dakota) Herald, June 16, 1883.
Gun Money
ADJUNK DEALER IN WINNIPEG IMPOSED ANId muzzle-loading musket on an English immigrant a
few days ago, along with thrilling anecdotes about Injun' inci-
dents. The purchaser found the barrel plugged up with what
appeared to be wads. He took it to a gunsmith to be cleaned,
and the smith poked out $705 in good Canadian bank notes. --
Park River Gazette-Witness." -- Turtle Mountain Star, Rolla,
N.D., February 23, 1893.
Statistical Report on a Hoard of $10 FRNs
By Noel Williams
T THOUGHT I WOULD REPORT ON A CURRENCY
ihoard of $10 FRNs, Series 1928 to 1934A inclusive. I dis-
covered the hoard in early May, 2000, at a coin shop nearby.
As many members know, coin dealers often do not know the
rarity of currency. The dealers of the shop did not know of
Kelly on nationals or Oakes and Schwartz on small size cur-
rency. Many people bring silver coins and estate sales to this
shop, located 30 miles east of San Francisco.
Anticipating the coming of monopoly money $5 and $10
Series 1999 FRNs, I have been looking for and collecting new
ChCU pieces of $10 FRNs and $5 FRNs aiming at the Stars.
I found a great deal of $10 FRNs and a few $5 USNs in
this hoard. It definitely was not a collection. Most of the
notes were Very Fine. I focused on the $10 FRNs. For $2 or
$3 over face, I eventually bought 21 $10 FRNs. Then I
thought since I had a chemistry background before medical
school, I'd check all of the $10 FRNs.
The following is the data. The hoard consisted of 145
$10 FRNs broken down as follows:
'34A
1928 '28A '28B '28C '34 '34A Mule
3 3 7 0 55 76 1
For some reason I have not been able to ascertain, all the
1928, 1928A, 1928B and 1934 $10 FRNs were at least Fine,
most VF/EF, many EF, a few EF/AU. The 1934As were
three-quarters Fine or less. Apparently the hoarder was some-
one who constantly counted the bills, and was left-handed as
the lower left and upper right corners were greasy on many
bills.
Anyway, this hoard shows the 1928C were rare then, and
gives a relative frequency of the 1934A mules. I'm certain the
chap was not a collector, and since the bills ended so abruptly,
I wonder if he was killed in World War II. That's when the
newer series would have started. I don't know.
He also had a $5 FRBN from San Francisco which I
bought (VG). All the FRNs were San Francisco (L or 12) and
there were only two non-SF district notes: one H and one E
which were both of lesser quality than the District 12s.
This predominance of San Francisco district notes is
probably a commentary on the fact that all the Fed Reserve
Districts then were ones where the money did not travel much
-- nothing but trains and cars to carry money from one place
to another, plus the policy of the various Fed Districts appar-
ently not to call for out of district notes. There was one
1934A Mule. It graded Fine. The other notes were distrib-
uted as follows:
San Francisco Hoard of $10 FRNs
Grade '28 '28A '28B '28C '34 '34A
EF/AU 0 0 1 0 2 2
EF 2 0 2 0 5 4
VF 1 3 5 0 12 16
F 0 0 0 0 30 41
VG 0 0 0 0 6 13
Total of FRNs in hoard 145
We're Growing...
We're Moving .. .
Announcing.. .
The Strasburg Currency and
Stock and Bond Show
The Strasburg Stock and Bond Show and the Strasburg Paper Money Collectors Show are both
bursting at the seams, with long waiting lists for booth holders. We've decided to create a larger
and more diverse collector oriented show in the Northeast and are moving these popular and well
established shows to a larger venue within two miles of our present site. Our new location, the
Lancaster Host Hotel, is conveniently located at 2300 Lincoln Highway East (Route 30), almost
around the corner from the Historic Strasburg Inn.
The new Strasburg Currency and Stock and Bond Show will be held September 13 - 16th.
Features of this new show include:
• An expanded bourse area of nearly 90 booths
• World class currency and stock and bond
auctions by R.M. Smythe & Co.
• Increased hotel room availability
• A prominent location on busy Route 30
• Ample free parking
• On site golf course
• Attractive restaurants and nightspots
• Indoor and outdoor swimming pools
• Convenient location near outlet shopping malls
• Pennsylvania Dutch tourist attractions nearby
Make your plans now to be part of this exciting new collecting tradition,
The Strasburg Currency and Stock and Bond Show
September 13 - 16, 2001
fto
Lancaster Host Hotel
2300 Lincoln Highway East (Route 30), Lancaster, PA 17602
Show Information:
Kevin Foley - R.M. Smythe & Co.
P.O. Box 370650
Milwaukee, WI 53237
414-421-3498 • Fax 414-423-0343
Hotel Reservations:
To book accommodations at the
Lancaster Host call the hotel at 800-233-0121
or 717-299-5500 and ask for the special $109
Strasburg Currency and Stock & Bond Show rate.
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PAPER MONEY • May/June 2001 • Whole No. 213
211
THIS TIME OF YEAR IS ALWAYS SPECIALbecause the grand daddy of all paper money shows, the
International Paper Money Show in Memphis, Tennessee, is
right around the corner! If you have not made your plans yet,
you need to start real soon.
I always start counting off the days leading up to this
wonderful show, its 25th! It is certainly a mecca for paper
money collectors and a hearty "Thank You goes out to Mike
Crabb, Bob Raby and the Memphis Coin Club for having the
vision to start this show way back in 1977 when an "all paper
money show" was considered a crazy idea!
Now, we have several "all paper shows" a year and paper
money is well represented at all major coin shows, too. Our
corner of numismatics is one of the success stories, and it is
great to be a collector of paper money.
To me, SPMC is the spine of the syngraphic hobby, and
it is at Memphis where we convene annually to buy, sell, learn,
see old friends and meet new ones. If you haven't guessed by
now, I love the IPMS!
We will have our SPMC breakfast on Friday June 15th.
The Torn Bain Raffle will follow. Your Vice President
Wendell Wolka has worked very hard to obtain better raffle
material for our 40th anniversary. If you would like to donate
material please contact Wendell, but time is running short.
Also, tickets are available from Wendell until June 8th at a
cost of $10. His address is on page 198.
On Saturday June 16th your SPMC board will meet. Our
board meetings are always open to the public. The SPMC
general meeting will follow the board meeting. A review of
SPMC's activities will be given, and the new board of gover-
nors will be introduced. In addition awards and honors will be
bestowed upon deserving recipients.
Our guest speaker at the general meeting will be Dr.
Douglas Ball, who will speak on CSA Bonds. Dr. Ball is a
noted authority on this subject. His talk is sure to be interest-
ing, and one that I am looking forward to hearing.
Of course there will also be a great bourse to scour in
search of adding notes to your collection, the auction sessions,
and first rate exhibits to view. Exhibit chairman, Martin
Delger, has asked all exhibitors to crank it up a notch for the
25th IPMS. See page 232 for details.
And don't forget the food and camaraderie! I hope to see
you there! Come up and say "hi!" v
Frank
May/June 2001 • Whole No. 213 • PAPER MONEY
money mert
PAPER MONEY will accept classified advertising — from members only — on a
basis of 15c per word (minimum charge of $3.75). Word count: Name and
address count as five words. All other words and abbreviations, figure combina-
tions and initials count as separate words. No check copies. 10% discount for
four or more insertions of the same copy.
BUYING SMALL SIZE FRNs 1928 5500, $100 Gem UNC. 1928,
1934 Packs of $1000. All Gold Certificates, Gem. Jeff Tanner, P.O.
Box 2265 Sedona, AZ 86339 (213)
EXCHANGE BANK OF VIRGINIA issued by Abingdon Branch
Wanted. Also, Washington County Virginia Notes. Tom Merrihue,
P.O. Box 25, Emory, VA 24327. 540-944-3581 (214)
SELLING NATIONALS: Pomona, Beardstown, Manilla, Solomon,
Crowley, Biddeford, Easthampton, Mankato, Meridian, Tekemah,
Bellerose, Bismarck, Tiffin, Allegheny, Woonsocket, Farmville,
Buckhannon, Ripon. Free lists. Apelman, Box 283, Covington LA
70434 (216)
TRADE OR SELL $5 CH UNC 1929 National 906 Lexington, KY
Type 2 for your UNC National. Write Robert Marshall, 87 Jane Dr.,
St. Peters, MO 63376 (216)
CIVIL WAR ENCASED STAMPS rare limited 1st edition ©1994,
unbound folios, antique oversize paper, numbered, autographed. Only
$169. Fred Reed, POB 118162, Carrollton, TX 75011-8162 (216)
HUNTSVILLE, ALABAMA PAPER WANTED: Nationals, obso-
letes, merchant scrip, checks, postcards, etc. Bob Cochran, Box 1085,
Florissant, MO 63031. Life Member SPMC. (218)
PAPER MONEY BACK ISSUES WANTED: #124 (July/Aug 1986)
through #150 (Nov/Dec 1990). Bob Cochran, Box 1085, Florissant,
MO 63031. Life Member SPMC. (218)
BANK/BANKING HISTORIES WANTED: I collect, sell and trade
bank histories. Whatcha got? Whatcha need? Bob Cochran, Box
1085, Florissant, MO 63031. Life Member SPMC. (218)
Comprehensive
Paper Money Index
By George Tremmel
Now For Sale
Includes complete listing to all issues of the
SPMC journal Paper Money 1962-1999
• 130-page Hard Copy only $12 •
• Hard Copy & Floppy Disk only $13 •
(searchable)
Make checks payable to SPMC
Mail to: Robert Schreiner
POB 2331
L Chapel Hill, NC 27515-2331
212
1
PAPER MONEY • May/June 2001 • Whole No. 213 213
Of,
Silver Penny Currency and Coins, Ltd. is proud to announce the Grand Opening of
The Fractional Store at
The Fractional Store offers a wide selection of Fractional material from our
extensive inventory. Each and every note is shown, front and back, in full color.
For the higher end notes, we also offer links to full size enlarged scans. For our
customer's convenience, we offer simple "point and click" credit card ordering.
Many thanks to all of our friends and customers for their ongoing support and
encouragement. You know who you are!
Shannon and Paul
Silver Penny Currency and Coins, Ltd., P.O. Box 920, LaPorte, CO 80535
Toll Free: 1.877-204-5220 Cellular: 1-970-217-9321
URL: http://www.fractionalnotes.com
Email: silverpennycoins@yahoo.com
• Ise: vr;
' 1028
Ark
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ONE.
LioNkv
214 May/June 2001 • Whole No. 213 • PAPER MONEY
Letter to the Editor
I greatly enjoyed reading Robert McCabe's article on
Waterman Lilly Ormsby in the March/April Paper Money.
The letters he located were fascinating, and put an interesting
light on Ormsby's involvement with Continental Bank Note.
Several of Bob's points about the economics of the bank
note business deserve further discussion. In referring to the
printing of the state bank notes by the private bank note com-
panies, he says "These highly customized private bank con-
tracts were labor-intensive and yielded little profit." The "lit-
tle profit" idea does not seem likely to me, because I suspect
the bank note engraving partnerships were very profitable.
Prices charged for the bank notes were substantial, and there is
no reason I am aware of to assume that the engraving firms did
not do very well. (My impression is the engravers who were
partners of these firms became wealthy men.) Since a number
of the ledgers from the predecessor companies still exist, it
may be possible to delve into this further.
AVhat the change from state bank notes to federal bank
notes did for the private bank note companies was to change
the emphasis, for a period of time, from engraving to printing.
In the state bank note era, the bank note engraving firms were
generally partnerships of the engravers. The formation of
American Bank Note, followed by the advent of federal cur-
rency which required long print runs for U.S. notes and more
uniformity (fewer vignettes) for National Bank Notes, shifted
the emphasis for a while to printing from engraving.
However, with the gradual loss of the federal currency busi-
ness, which was completely gone by 1877, American's business
returned to smaller print runs for a wide variety of notes for
foreign banks and governments, necessitating a number of new
vignettes, especially ones focusing on Latin America.
What Bob may have meant was that the federal currency
contracts represented large pieces of business and were easier
to compete for without having a significant stock of vignettes,
the major obstacle to starting a bank note business.
Another comment, that "National Bank Notes would
require large-scale production with limited design changes, a
formula that was almost guaranteed to yield large profits for
the bank note companies" seems only partially correct.
Continental could more easily get into the bank note business
with less engraving, but the print runs for National Currency
would be little different than the print runs for state bank
notes. Much less picture engraving and transferring was
required, however. National Currency plates were not pre-
pared as blanks, with the banks' names to be added in an addi-
tional printing.
All this is simply some interesting small sidelights to an
excellent article that makes a real contribution to our under-
standing of Ormsby's role in the formation of the Continental
Bank Note Company. Congratulations to Bob McCabe.
Mark Tomasko #7888
Collectors Wanted
Stow away an extra 40th Anniversary Issue and
Souvenir Card or two for the future!
Send $15 per copy ordered payable to SPMC
PO Box 793941 Dept. M/J, Dallas TX 75379
The One Million Euro notes
are consecutively numbered and employ
overt and covert security features. They
are printed by the intaglio process on
micro-threaded banknote paper. These
notes are available in individual or bulk
quantities with a certificate of authenticity.
Some half and full size banknote sheets
are available including banknote paper
specifications.
This first Euro
Banknote Collectible
may well revolutionize the
Banknote Collectible Industry
In January 2002 the Euro will become
the official currency of the 15 member
European union. The Naples Bank
Note Company has commissioned
artist Chris McCauley to create a non-
negotiable collectible, the One Million
Euro, commemorating this event.
These notes will be issued in a limited
edition of only 150,000.
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(U.S. Paper Money Records by Gengerke)
BUY ALL U.S. CURRENCY Good to Gem Unc.
I know rarity (have handled over 95% of U.S. in Friedberg)
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PAPER MONEY • May/June 2001 • Whole No. 213
215
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co .7 CURRE:nrcy. 9,
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Ti t.4.eil or the Value thereof /1
in gAl or &t,er, according to the Relo- (:0
lutions t.f the CO VOWS/3', held at
,p,iice„,i4fiy he tot h of 7-5.
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J1 American Numismatic Society America's Currency: 1780-1866. New York, 1986. 142pp., illus. $15.00
J2 Anderson, William G. The Price of Liberty... The Public Debt of the American Revolution.
Charlottesville. 1983. 180pp., illus. The standard reference pertaining to the various debt certificates of the American colonies. $35.00
J3 Ball, Douglas B. Comprehensive Catalog and History of Confederate Bonds. Port Clinton, 1998. 288pp.. illus. $40.00
J4 Bart, Frederick J. Comprehensive Catalog of United States Paper Money Errors. Port Clinton, OH. 1994. 190 pp illus. Paper. $25.00
J5 Bressett, Kenneth. Guide Book of United States Currency. Racine. 2nd ed., 1995. 336 pp., illus. $14.95
J6 Cambell, Lance K. Prisoner of War and Concentration Camp Money of the 20th Century.
2nd ed. Port Clinton, OH 1993. 200 pp., illus. Hardbound. $35.00
J7 Carothers, Neil. Fractional Money. Wolfeboro, 1988 reprint of the 1930 work. 373 pp., illus. Paper. $19.95
J8 Chambliss, Carlson R. U.S. Paper Money - Guide Handbook. Port Clinton, 1999. 479 pp., illus. A useful book in obtaining both
historical information as well as ideas with which to build collections in all categories of the U.S. currency field. $19.95
J9 Criswell, Grover C. Confederate and Southern States Bonds. 2nd ed., Florida, 1980. 374 pp., illus. $37.50
J10 . Confederate War Bonds. 1993-1994 Edition. Salt Springs, FL. 1992. 76 pp., illus. Paper $5.00
J11 . Colonel Grover Criswell's Guide to Confederate Money. Salt Springs, FL. 1991. 58 pp., illus. Paper. $5.00
J12 . Comprehensive Catalog of Confederate Paper Money. Port Clinton, OH. 1996. 352 pp., illus. $35.00
J13 Friedberg, Arthur L. and Ira S. Paper Money of the United States. 15th ed. Clifton, 1998. 300 pp., illus. $35.00
J14 Hessler, Gene. The Comprehensive Catalog of U.S. Paper Money. 6th ed. Port Clifton, OH.1997. 505 pp., illus. Hardbound. $39.95
J15 U.S. Essay, Proof and Specimen Notes. Portage, 1979. 224 pp., illus. $19.95
J16 Hodder, Michael and Bowers, Q. David. The Standard Catalogue of Encased Postage Stamps. Wolfeboro, 1989. 191 pp., illus. Paper. $29.95
J17 Huntoon, Peter. United States Large Size National Bank Notes. Laramie, WY. 1995. 283 pp., illus. $49.95
J18 Keller, Kenneth. Sutler Paper Money. Rockford, 1994. 245 pp., illus. Paper $50.00
J19 Kelly, Don C. National Bank Notes - A Guide with Prices. Oxford, OH. 1997. 596 pp., illus. $100.00
J20 Kleeberg, John M., ed. Money of Pre-Federal America. New York, 1992. 253 pp., illus. $25.00
J21 McCusker, John J. Money and Exchange in Europe & America 1600-1775. Chapel Hills, 1978. 367 pp. Paper. $25.00
J22 Mitchell, Ralph A. and Shafer, Neil. Standard Catalog of Depression Scrip of the United States. Iola, 1984. 318 pp., illus. Paper. $39.95
J23 Murray, Douglas D. Comprehensive Catalog of United States Large Size Star Notes - 1910-1929. Port Clinton, 1996. 128 pp., illus. Paper. $24.95
J24 Newman, Eric P. The Early Paper Money of America. 4th ed. Iola, 1997. 487 pp., illus. $75.00
J25 Oakes, Dean and Schwartz, John. Standard Guide to Small-Size U.S. Paper Money - 1928 to Date. 2nd ed. Iola, 1997. 339 pp., illus. Paper. $17.50
J26 Prather, Dewitt G. United States National Bank Notes and their Seals. Charlotte, 1986. 199 pp. illus. $40.00
J27 Rust, Alvin E. Mormon and Utah Coin Currency. Salt Lake City, 1984. 247 pp., illus. $39.95
J28 Schingoethe, Herb and Martha College Currency - Money for Business Training. Iola, 1993. Illus. $95.00
J29 Schwan, Fred. Comprehensive Catalog of Military Payment Certificates. Port Clinton, OH. 1997. 222 pp., illus. $35.00
J30 Schwan, Fred and Boling, Joseph E. World War II Remembered. Port Clinton, OH. 1995. 864 pp., illus. $65.00
J31 Scott, Kenneth. Counterfeiting in Colonial Rhode Island. Providence, 1960. 74 pp., illus. $30.00
J32 . Counterfeiting in Colonial Connecticut. New York, 1957. 244 pp. plus 24 plates. Paper. $67.50
J33 Slabaugh. Arlie R. Confederate States Paper Money. 8th ed. 1993. 128 pp., illus. Paper. $12.95
J34 Sullivan, Stephen M. U.S. Error Note Encyclopedia. Melbourne, 1997. 431 pp., illus. $35.00
J35 Thian, Raphael P. The Register of the Confederate Debt. Lawrence, 1972. Reprint of the classic 1880 work. 190 pp. $55.00
J36 . Same. Lincoln, MA. 190 pp. A later reprint than the book offered above. $55.00
J37 Cassell, David. United States Pattern Postage Currency Coins. Miami, 2000., 225pp., illus. This book is by far the most exhaustive reference
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J38 Harlow, Thompson, R. Connecticut Engravers: 1774-1820. Hartford, 1971. 4Opp., illus. Paper. Printed in the October 1971
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123 WEST 57th STREET, NEW YORK, N.Y. 10019-2280
898150822 A
898150822 A
IIIVIMEDSTATESOPAMEIIICA
ssmr.xoesle grouorsms MrallIZECEL ALM 2/1611
ArrIFIMILIOILIMAGAUEILM
218 May/June 2001 • Whole No. 213 • PAPER MONEY
Profile of Two Rarities:
$2 Legal Tender Series of 1928C Mule
& Series 1928D BA Block Non-Mule
ABSTRACT
T
HE $2 LEGAL TENDER SERIES OF 1928C MULE IS
among the rarest of all mule types. This variety is characterized by a
micro size plate number on the face and a macro number on the
back.
The last Series of 1928C face plate was retired on February 12, 1940.
Consequently the only macro backs that could have produced mules had to be
made before then. There were only two such back printings. The first took
.mil
THE PAPER COLUMN
by Peter Huntoon
$2 LT Series of 1928D BA block non-
mule. Face plate B185, back plate
290.
place between August 22 and September 7, 1939. The second began four and a
half months later on January 22, 1940, when macro backs went into regular pro-
duction.
All the known $2 Series of 1928C mules were produced from August 22-
September 7, 1939, press runs. It appears that all the macro backs printed
between January 22 and February 12, 1940, were mated with 1928D faces later
in 1940.
The production of the rare $2 Series of 1928D BA block non-mules is
inseparable from the Series of 1928C mules. All the macro backs on the 1928D
BA non-mules were from the same August 22-September 7, 1939, press runs as
the 1928C mule macro backs. Some of those backs were mated with Series of
1928D faces at the same time the 1928C mules were being printed. Next, all
were serial numbered together during the transition from the BA to CA serial
numbering blocks. The result was that some 1928D BA non-mules were print-
ed, yielding the scarcest non-star serial number block in the 1928 $2 series.
INTRODUCTION
The $2 Legal Tender Series of 1928C mule has proven to be among the
PAPER MONEY • May/June 2001 • Whole No. 213 219
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B99334368 A
1‘ ,112/41E1ThallOkVig. 140e FEMER/C
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220 May/June 2001 • Whole No. 213 • PAPER MONEY
very rarest of all mule types. The $2 Series of 1928D BA block non-mule is the
rarest of the non-replacement serial number blocks in the $2 Legal Tender
series. The stories of the production of both are inseparable.
$2 macro back plate usage began temporarily on August 22, 1939, which
made production of both varieties possible. The last Series of 1928C face plates,
which were micro plates, were phased out on February 12, 1940. The 1928C
mules were the result. Use of 1928D face plates had begun March 13, 1939, so
$2 LT Series of 1928C mule. This was
Leon Goodman's note and ranks as one
of the rarest mule types. Micro face
plate L168, macro back plate 292.
the arrival of macro backs on August 22, allowed for production of 1.928D non-
mules as well. Their production coincided with the last printings from the BA
serial numbering block near the end of 1939, so 1928D BA non-mules were the
result.
The information presented here revises and makes obsolete the informa-
tion on these same varieties in Huntoon (1992 and 1997).
ORIGIN OF MULES
The origin of mules -- notes with macro plate numbers on one side and
micro numbers on the other -- dates to January 6, 1938, when the Bureau of
Engraving and Printing began printing $1 Series of 1935A Silver Certificates.
The new $1 SC Series of 1935A face plates utilized macro plate numbers which
were considerably larger than the numbers engraved on previous plates. All the
$1 back printings at this time were micros so mules were the result.
Soon other macro plates came on line, both faces and backs, representing
all series and denominations. However, a huge inventory of the old micro face
and back plates was still serviceable. Consequently, a period ensued when a mix
of micro and macro face plates, and micro and macro back plates were used on
the presses. The result was a wonderful potpourri of mule varieties.
To fully understand mule production, it is important to know that the flat
bed presses then in use normally carried four 12-subject plates. However, fewer
plates could be on the presses, even just one. The plates actually circulated
around the bed of the press and produced a stream of sheets in which the plate
numbers cycled through the plates present.
The backs were printed first, then the faces, and finally the serial numbers
and seals. In the case of 1939 vintage $2 Legal Tender Notes, the completed
backs sat around for periods ranging from a few days to several months before
the face printings were applied.
Both micro and macro plates were commonly mixed on a given press.
This was occurring on both the back and face presses during the height of the
mule era so as many as four varieties were being printed at once. For example
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PAPER MONEY • May/June 2001 • Whole No. 213 221
May/June 2001 • Whole No. 213 • PAPER MONEY
Table 1. Last use of micro and first use of macro $2 plates.
Last $2 Micro Plates:
Last
Type of Last Plate
Plate Plate Date Begun Date Finished Used Date Last Used
back 288 Feb 26, 1937 Mar 17, 1937 275 Aug 12, 1942
28C face 181 Aug 31, 1937 Sep 10, 1937 180 Feb 12, 1940
First $2 Macro Plates:
First
Type of First Plate
Plate Plate Date Begun Date Finished Used Date First Used
back 289 Jan 26, 1938 Feb 7, 1938 289 Aug 22, 1939
28D face 182 Nov 24, 1937 Feb 23, 1938 182 Mar 13, 1939
$2 LT Series of 1928C non-mules and mules, and Series of 1928D non-mules
and mules, were produced simultaneously.
$2 MULES
The mule era for the $2 LTs began on March 13, 1939, over a year after
the first $1 SC mules. The first two $2 Series of 1928D face plates, numbers
182 and 183, were sent to press on that day. These were macros and were
mated with micro backs. The first macro $2 backs, plates 289 through 294,
went to press on August 22, 1939, followed by 295 and 296 on August 23. See
Tables 1 and 2.
Notice here, as in other series, that the new $2 1928D macro faces were
identical in every respect to the 1928C series that they supplanted except for the
size of the plate numbers. Both the $2 Series of 1928C and D notes bear the
Julian-Morganthau signature combination.
The delay in the use of the macro $2 faces and backs reflected the low
demand for $2s. Only 18,720,000 $2s were completed in 1939, serials
B82172001A through C00892000A. Notice from Table 1 that the first $2
macro face and back plates were made over a year before they were used.
As shown on Table 3, $2 1928C face plates continued to be used until
February 12, 1940. The micro backs lasted much longer, until August 12, 1942.
Figure 1 graphically illustrates the overlapping productions from the vari-
ous types of $2 face and back plates. Notice that the printing of Series of
1928D mules began before and ended after the short run of 1928C mules.
$2 LT SERIES OF 1928C MULES
The $2 Series of 1928C mules have micro faces and macro backs. They
could have been produced only from macro back printings from two short
intervals: the first was 13 working days in August and September of 1939, and
the second lasted 16 days in January and February, 1940. Surviving specimens
reveal that only the August-September printings resulted in mules.
The macro backs on the known $2 1928C mules were printed along with
micros between August 22 and September 7, 1939. The faces were printed on
them beginning at least as early as September 8, and continuing through
December 15. Serial numbering on them was begun before year end and con-
tinued into 1940. Numbering of the last of 1928C mules probably was complet-
ed before the end of January, 1940.
Production of 1928C mules from the group of macro backs printed
between January 22 and February 12, 1940, was precluded by the time lag
between back and face printings. The faces were not added to those back print-
ings until after February 12. However, the last of the 1928C faces was retired by
then so no mules were possible.
The important early group of macro backs owes its origin to a sudden
temporary surge in $2 back production between August llth and September 7th
when about five million backs were ordered. Maximum production was reached
222
Table 2. Press runs for $2 macro back
plates on or before February 12, 1940.
Plate Inclusive Dates of Press Runs
289 Aug 22, 1939 - Sep 7, 1939
Jan 22, 1940 - Mar 7, 1940
290 Aug 22, 1939 - Sep 7, 1939
Jan 22, 1940 - Mar 7, 1940
291 Aug 22, 1939 - Sep 7, 1939
Jan 23, 1940 - Mar 7, 1940
292 Aug 22, 1939 - Sep 7, 1939
Feb 8, 1940 - Feb 23, 1940
293 Aug 22, 1939 - Sep 7, 1939
Feb 8, 1940 - Feb 23, 1940
294 Aug 22, 1939 - Sep 6, 1939
Feb 8, 1940 - Feb 23, 1940
295 Aug 23, 1939 - Sep 7, 1939
Feb 8, 1940 - Feb 23, 1940
296 Aug 23, 1939 - Sep 7, 1939
Mules are known only from the August
22-September 7, 1939, printings. All
of these plates continued in use after
the last dates shown.
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Table 4. Production ratios for the $2
backs and faces in use during the peri-
od when Series of 1928C mules were
printed.
Number of
Plates
Aug 11, 1939 - Sep 7, 1939:
Percent
of Time
Used
micro backs 27 80%
macro backs 8 20%
total 35
Sep 11, 1939 - Dec 15, 1939:
1928C faces 6 43%
1928D faces 9 57%
total 15
Percentages calculated as: total num-
ber of days when a given type of plate
was on the presses divided by the
total number of days when all plates
were on the presses during the period.
These percentages were used to calcu-
late the production totals on Table 5.
Table 3. Press runs for the last of the $2
Series of 1928C face plates in use between
August 22, 1939 and February 12, 1940.
Plate Inclusive Dates of Press Runs
168 Aug 22, 1939 - Sep 8, 1939
Oct 11, 1939 - Oct 17, 1939
173 Aug 22, 1939 - Sep 8, 1939
Oct 11, 1939 - Nov 15, 1939
Dec 27, 1939 - Jan 10, 1940
Jan 22, 1940 - Jan 29, 1940
175 Aug 22, 1939 - Aug 29, 1939
176 Aug 22, 1939 - Sep 8, 1939
Oct 13, 1939 - Dec 13, 1939
Dec 27, 1939 - Jan 10, 1940
Jan 22, 1940 - Feb 12, 1940 last
178 Aug 22, 1939 - Dec 15, 1939
Dec 27, 1939 - Jan 4, 1940
179 Aug 22, 1939 - Dec 15, 1939
Dec 27, 1939 - Jan 10, 1940
Jan 22, 1940 - Feb 7, 1940
180 Aug 23, 1939 - Sep 7, 1939
Oct 31, 1939 - Dec 13, 1939
Dec 27, 1939 - Jan 10, 1940
Jan 22, 1940 - Feb 12, 1940 last
All of these plates were in use before the
dates shown; however, macro back plates
were not used until August 22, 1939, so no
$2 Series of 1928C mules could have been
produced from them before then.
May/June 2001 • Whole No. 213 • PAPER MONEY
on August 22 when eight new macro back plates were added to the presses to
augment production from 26 micros. This heavy production schedule was sus-
tained between August 22 and September 7, 1939.
A total of 27 different micro back plates were used between August 11
and September 7, one being phased out before the eight macros were added
on August 22. Production from the eight macros accounted for about 20
percent of the backs printed during this period (Table 4). The backs moved
forward to face production on or slightly before September 8, and were fin-
ished by December 15. At the time, about 43 percent of face production
involved micro Series of 1928C plates, so many of the macro backs found
themselves muled with 1928C faces. 1928C mules were the result. As
shown on Table 5, approximately 430,000 emerged, 3/5ths of them in the
BA block, and 2/5ths in the CA block.
The second group of macro backs with potential for creating 1928C
mules began to be printed on January 22, 1940. This date marked the
beginning of regular usage of $2 macro backs. Seven macro back plates
were pressed into service along with 25 micros. In order to create 1928C
mules, these backs would have had to have been rushed to face printings
before the last of the 1928C faces wore out on February 12.
The last four 1928C faces, micro plates 173, 176, 179 and 180, were
still in service on January 22. They were wearing out and they soon had to
be retired. The first to go was 173 on January 29th, and next was 179 on
February 7. Faces 176 and 180 gave out on Monday, February 12th. Thus
the curtain was drawn on the Series of 1928C.
Serials and plate numbers on surviving Series of 1928C mules reveal
that none of the January 22-February 12, 1940, macro backs were mated
with 1928C faces. It is fairly certain that all production from these macro
backs was routed to 1928D faces after February 12. The macro backs in the
group ultimately came out as common CA block 1928D non-mules.
$2 1928C MULE SERIALS
The range of $2 1928C mule serials is presently constrained between
B97283825A and CO2144707A. The first $2 serial printed in 1940, was
C00892001A, so the B99999999A-000000001A pair was printed near the
end of 1939. It is entirely possible that B99999999A and C00000001A are
1928C mules, or B99999999A is a 1928D non-mule! The pair, more than
likely, is some type of changeover pair consisting of two of the following:
1928C non-mule, 1928C mule, 1928D mule, or 1928D non-mule. In fact, serial
B100000000A also may have been made up because the order to discontinue
that serial number was not given until February 18, 1941.
$2 1928C MULE RARITY
The rarity of the 1928C mules is revealed by the small number reported in
Table 6. Others certainly exist, some unrecognized in collections. Even so this
mule as a type, regardless of serial block, is surpassed in rarity only by the $5 LT
1928C 637 mule and $5 FRN Series of 1934A mule. The $2 1928C mule is cer-
tainly much scarcer than the popular $10 SC Series of 1934 Yellow Seal mule of
which more than 50 are known, a dozen of which are Uncirculated.
$2 LT SERIES OF 1928D BA NON-MULES
Table 6 reveals that $2 LT Series of 1928D BA-block non-mules are as
rare if not potentially a bit rarer than the $2 LT Series of 1928C mules. The
macro backs on them were from the same August 22-September 7, 1939, print-
ing as the 1928C mules (Figure 1). Consequently both share the same serial
range in the BA block. I estimate that 340,000 were printed.
$2 LT SERIES OF 1928D MULES
The $2 LT Series of 1928D mules have macro faces and micro backs, and
were printed in the three and a half year interval between March 13, 1939, and
August 12, 1942. About 44 million were made. Their large numbers reflect the
large inventory of micro backs in stock when the switch was made to macro
224
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go WIRSOVNICIti
G10353A,
7. 1.717 rertn.rnmmnyirlimriirTin3 I
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The face of the note shows John Marshall, fourth Chief Justice of the United States,
serving from 1801-1835. The back of the note is a multi-person scene
entitled DeSoto Discovering the Mississippi in 1541.
These notes were not secured by United States bonds or other securities
but simply by the obligation of the government of the United States.
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PAPER MONEY • May/June 2001 • Whole No. 213
225
Table 5. Estimated $2 production by
type from the August 11-September 7,
1939, back printings using the back
and face production ratios from Table
4.
Type Number Printed
1928C non-mule 1,720,000
1928C mule 430,000
1928D mule 2,280,000
1928D non-mule 570,000a
5,000,000b
a. 340,000 of these were 1928D BA
non-mules.
b. 5,000,000 total is based on the ser-
ial number range of the known
1928C mules and 1928D BA block
non-mules.
Figure 1. Graph showing the overlap-
ping usage of serial numbering blocks,
various types of plates and back colors
during the $2 LT Series of 1928C and D
mule period.
Notice that $2 Series of 1928C mules
could have been printed during the
January 22-February 12, 1940 period;
however, it appears from reported spec-
imens that none were made then.
May/June 2001 • Whole No. 213 • PAPER MONEY226
plates in 1938. In fact, most of the $2 production during this long interval was
in the form of 1928D mules so they rank among the most common of all the
mule types. They can be found readily in the BA, CA and *A blocks.
YELLOW-GREEN AND BLUE-GREEN BACKS
As shown on Figure 1, the backs for all the $2 LT Series of 1928C mules
were printed using the beautiful, soft-appearing yellow-green inks that are found
on early small notes. The blue-green inks for backs did not come into use until
December 1940 or January 1941, long after the $2 Series of 1928C mules were
history.
Muled and non-muled $2 Series of 1928Ds come with both yellow-green
and blue-green backs. Yellow-green back Series of 1928D mules and non-mules
are found in both the BA and CA blocks. All of the BA non-mules have yellow-
green backs. The blue-green back mules and non-mules begin in the CA block
around serial C17452001A which was the first $2 serial printed in 1941. They
are by far the most common.
PLATE USAGE
Back plate usage during the critical period August 11-September 7, 1939,
when the 1928C mule and 1928D BA non-mule backs were printed, included:
micro 254, 257, 259-261, 263-280, 283-286; and macro 289-296. All the macros
except 295 and 296 have been observed on either a 1928C mule or 1928D BA
non-mule, or both.
Face plate usage during the critical period September 8-December 15,
1939, when the 1928C mule and 1928D BA non-mule faces were printed,
included: 1928C 168, 173, 176, 178-180; and 1928D 183-191, 201. So far all
the 1928C faces have been observed on mules except 173 and 179. Half the
1928D faces have been observed on 1928D BA non-mules, specifically 185, 187,
188, 190 and 201. If face production of the 1928C mules and 1928D BA non-
mules began before September 8, the following 1928D face plates must be
added to this list: 192-200. So far, no 1928D BA non-mules have been
observed from the 192-200 group.
1928C
-i- 1928C mule
1928D mule
77
BA
-.
...
4- -i.
••••1. 4
wok .at
1928D.11
CA
1928C faces 7..
102813 faces-er
micro backs I
yellow-green
-v..
backs
4-. -is macro backs
blue-green backs
1 „, .....,,, 1 "-k‘..„....
,.. , 1940 mj.
g l ..g.lei!
I I
94 1942
i
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S°
POTENTIAL DISCOVERIES
The most exciting find would be a $2 Series
of 1928C muled star note. None are presently
known. Probably none were printed; however,
there is nothing in the records that precludes the
possibility that some were made. Only time will
tell.
There is the remotest possibility that some
macro backs from the January 22-February 12,
1940, back printings found their way to the very
last of the 1928C faces. If any are discovered, their
serials will be in the CA block and will be apprecia-
bly higher than the CA serials in Table 6.
HISTORY OF DISCOVERY
Serious small note collectors began to recog-
nize the mule varieties in the early 1960s. The big
names then were Rev. Frank Hutchins, Leon
Goodman, John Schwartz and Chuck O'Donnell.
The race was on to find as many varieties as possi-
ble. Goodman detailed the histories of some of the
mule discoveries in a letter to me in the mid-1970s.
He gives Hutchins credit for recognizing most of
the mules, including the $2 LT Series of 1928D
mule.
Goodman proudly pointed out that he found
the first $2 LT Series of 1928C mule, as well as the
$5 SC 1934B and $5 FRN 1934A mules. He went
Nobody pays more than Huntoon for
ARIZONA & WYOMING
state and territorial Nationals
xvrioNAL lakvikow 6579
7 4111.141.1141144.4.141.41J11
Pt: N MMs.11u. It
Peter Huntoon
P.O. Box 60850
Boulder City, NV 89006
702-294-4143
PAPER MONEY • May/June 2001 • Whole No. 213
BUYING AND SELLING
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Small, Silver Certificates, U.S. Notes,
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Send us your Want List ... or ...
Ship your material for a fair offer
LOWELL C. HORWEDEL
P.O. BOX 2395
WEST LAFAYETTE, IN 47996
SPMC #2907 (765) 583-2748 ANA LM #1503
227
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Buying & Selling
All Choice to Gem CU Fractional Currency
Paying Over Bid
Please Call:
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ROB'S COINS & CURRENCY
P.O. Box 303
Wilton, CA 95693
L
228 May/June 2001 • Whole No. 213 • PAPER MONEY
on to relate that Hutchins did not collect blocks so it was only after Schwartz,
O'Donnell and he started collaborating on block data that they were able to
piece together the systematics of mule production.
Goodman claimed as late as 1976, correctly or incorrectly, that his was the
only $2 LT Series of 1928C mule known at the time. His luck was grand, his
specimen was in Almost Uncirculated condition. Goodman's note stayed with
him until he died in the late 1980s.
Allen Karn (Allen's Coin Shop in Westerville, Ohio) purchased
Goodman's estate of small notes in 1989, and for a time large numbers of scarce
varieties were available to astute buyers. Naturally the hawks tried to cherry
pick the great rarities. I knew, along with the most aggressive buyers, that the
$2 1928C mule had to be in the holdings. None of us had any idea of its grade.
The first small note dealers to view Karn's holdings, Dave Koble and
David Klein, reported with dismay that the $2 1928C mule was not present.
We all wondered where it had gone.
Nothing materialized, and no one was bragging, so the trail seemed at a
dead end. Then, with no fanfare whatever, the prize appeared buried in proper
sequence on Karn's huge July, 1990, price list at $950. A photo of that gem
graces these pages.
ACKNOWLEDGMENTS
The following collectors and dealers supplied information used in this
article or responded to my request for serial number data: Bill Acker, Harold
Andrews, Frank Bennett, Mike Crabb, Leon Goodman (deceased), John Hanik,
James Hodgson, Michael Kane, Allen Karn, Robert King, David Klein, Dave
Koble, Richard Moeller, David Schlingman, Harry Schultz,
Logan Talks, Mike Tauber, James Thompson (deceased),
Graeme Ton, Marty Vink and George Warner. The personnel
of the Civil Records Branch of the U. S. National Archives
assisted in reproducing pertinent Bureau of Engraving and
Printing $2 LT plate history records.
SOURCES OF DATA
Bureau of Engraving and Printing, 1952, First serial numbers
printed during each year on United States small size notes
from 1928 to 1952: Typed listing prepared by 0 & M
Secretary, Bureau of Engraving and Printing, Washington,
DC.
Bureau of Engraving and Printing, various dates, Ledgers and
historical record of stock in miscellaneous vault (plate ledgers
showing series, plate numbers, dates begun, dates finished,
dates cancelled, dates reentered, and dates of use for $2 Series
of 1928 faces and backs): U. S. National Archives,
Washington, DC.
Huntoon, Peter, "The $2 Legal Tender Series of 1928C and
1928D mules," Paper Money, Vol. 31 (1992), p. 156-161, 169.
Huntoon, Peter, "$2 Legal Tender Series of 1928C mules and
Series of 1928D BA block non-mules," Paper Money, Vol.. 36
(1997), p. 7-12.
Karn, Allen, "Allen's Coin Shop (Westerville, OH)," Collector
Wholesaler, Vol. 15, no. 4, (July-August, 1990), p. 19.
O'Donnell, Chuck. Standard Handbook of Modern United States
Paper Money, 7th edition.: Iola, WI: Krause Publications
(1982).
REPORT NEW DISCOVERIES TO:
Peter Huntoon, P. O. Box 60850, Boulder City, NV 89006 or
(702) 294-4143 or peter.huntoon@att.net
Table 6. Reported $2 Series of 1928C mules and Series
of 1928D BA block non-mules.
Face Back
Serial Plate Plate Grade
$2 Series of 1928C mules:
B98473577A K176 293 Fine
B98598185A
B98770586A B178 293 XF-AU
B98894017A G178 290 Fine
B99334368A L168 292 AU
B99853926A F176 290 VG corner off
C00002358A F176 294 Good corners off
C00536618A B180 291 VG-F
C00831111A 1180 292 XF+
C01223342A B180 289 Fine
C01255480A J180 292 VF
CO2144707A G178 292 CU
$2 Series of 1928D BA block non-mules:
B97283825A E190 291 Good
B98122371A C201 291 XF+
B98150822A B185 290 VF
B98231554A ?201 292 F-VF
B98284286A H 185 289 Poor
B98303086A J190 292 XF
B98540347A G190 289 VF
B98591644A D187 291 VG
B98610936A F188 294 VF+
B98839720A D190 291 Fine
B98853834A F183 289 VG-Fine
B99049874A B187 293 Good-
B99215683A A187 291 VG-
B99319838A H188 292 Good
PAPER MONEY • May/June 2001 • Whole No. 213
229
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A Primer for Collectors
BY GENE HESSLER
May/June 2001 • Whole No. 213 • PAPER MONEY230
Many Nations Honor
Musicians on Notes-Part 1
ACONSIDERABLE NUMBER OF MUSICIANS HAVEbeen honored on bank notes from around the world. The
United States only recognizes statesmen. In addition to
statesmen, other countries pay homage to artists, writers,
poets, inventors, architects and musicians. At least five of the
musicians to be mentioned here have also been honored on
coins. Dealers in world coins should be able to assist you in
locating these coins.
What follows might give some of you ideas for exhibits
that you might devel-
op for showing at
your local coin club or
regional or national
numismatic conven-
tions.
Two of the most
famous French com-
posers, Berlioz and
Debussy have been
honored on bank
notes. The portrait of
Hector Berlioz (1803-
1869) on the French
10 francs note, P83, is
based on a portrait by
Emile Signol. In perfect registration, this image is on the face
and back of the note that should cost you about $5.
Berlioz defied and disappointed his father by abandoning
early medical study for music. In flowing cape, the fiery young
musician with reddish hair was drawn to dramatic subjects, i.e.,
Goethe and Shakespeare for his choral and symphonic works.
Berlioz changed the sound of the symphony orchestra
with his orchestration style and the use of new instruments.
He was one of the first to use English horn, saxophone, harp,
and bass clarinet. His music influenced Liszt, Mahler, Strauss
and Wagner. Berlioz won the Prix de Rome in 1830.
Everyone who studies piano for more than a few years
learns to play Clair de lune, the piece most associated with
Claude Debussy (1862-1918). The French impressionist com-
poser wrote operatic, choral and piano music. In 1883
Debussy won the Prix de Rome.
Musical composition is a mystery to most people.
Debussy once said that "We must agree that the beauty of a
work of art will always remain a mystery. In other words we
can never be absolutely sure how its made."
The French 20 franc note, P151, with a Debussy portrait
by Marcel Baschet on both face and back, is available for about
$6. The sea on the back reminds us of his La Mer.
Bela Bartok (1881-1945) escaped Hungary in 1940 during
World War II. If you are a beginning pianist, ask your teacher
to guide you through Bartok's Mikrokosmos. Each successive
book demands more from the pianist. However, most pieces,
dissonant as they may seem, are enjoyable and playful. The
Hungarian 1000 forint note, P173, is available for about $20.
Clara Schumann (1819-1896) is usually referred to as the
wife of Robert Schumann (1810-1856), her famous composer-
husband. Clara was also an outstanding pianist and composer.
During recent decades her music has been receiving attention,
long overdue. The German 100 mark, P41, includes her por-
trait on its face and a piano on the back. The face value of the
note is about $65.
Giuseppe Verdi (1813-1901) was a child prodigy who
performed at the piano at the age of three. He is known solely
for his many operas. Without knowing it, many people have
heard his March from Aida. This grand opera, set in ancient
Egypt, was premiered in Cairo on December 24, 1871, two
years after the Suez Canal was opened. Two 1000 lire notes
from Italy, P96 and P101, bear his portrait. The first will cost
about $20, and the latter $5.
Vincenzo
Bellini (1801-1835)
wrote twelve
operas, however
only three are
heard today:
Norma, La
Sonnombula and I
Puritani. The ask-
ing price is about
$8 for the Italian
5000 lire, P111,
with his portrait on
the face and a scene
from Norma on its back.
Frederick Chopin (1810-1849) was ill all his life, the type
of artist Hollywood searches for movie subjects. Hollywood
made a movie of his life in the 1940s or early 1950s. His piano
music is the quintessence of Romantic music for that instru-
ment. The popular "I'm Always Chasing Rainbows" was bor-
rowed from Chopin. The funeral march always heard in
movies and on television shows is the one he wrote. The
Polish 5000 zlotych, P150, with Chopin's portrait on the face
should cost no more than $1.
As an operatic composer Carlos Antonio Gomes (1836-
1896) was drawn to the music of Bellini, Rossini and Verdi. In
addition to other works, Gornes composed nine operas; his
last, Columba, was performed on Oct. 12, 1892, in Rio de
Janeiro. The Brazil 5000 cruzeiros, P232, which shows
Gomes on the face and a piano on the back, is available for a
few dollars. (Copyright story reprinted by permission from
Coin World, September 23, 1996.)
Poland, P150
Mirth 11aper
Aturri-ilow &taw
BEP Money Prints:
Great, affordable, genuine prints
of our classic and historic money.
Lee Quast
P.O. Box 1301, High Ridge, MO 63049
Phone 314-276-1162 - Fax 636-376-1162
Buying Carl Bombara Selling
..:;" United States Currency
P.O. Box 524
New York, N.Y. 10116-0524 Veil--A
Phone 212 989-9108
PAPER MONEY • May/June 2001 • Whole No. 213
Always Wanted
Monmouth County, New Jersey
Obsoletes — Nationals — Scrip
Histories and Memorabilia
Allenhurst — Allentown —Asbury Park — Atlantic Highlands — Belmar
Bradley Beach — Eatontown — Englishtown — Freehold — Howell
Keansburg — Keyport — Long Branch — Manasquan — Matawan
Middletown — Ocean Grove — Red Bank — Sea Bright — Spring Lake
N.B. Buckman
P.O. Box 608, Ocean Grove, NJ 07756
800-533-6163 Fax: 732-282-2525
DO YOU COLLECT FISCAL PAPER?
The American Society of Check Collectors
publishes a quarterly journal for members.
Visit our website at
http://members.aol.com/asccinfo or write to
Coleman Leifer, POB 577, Garrett Park, MD 20896.
Dues are $10 per year for US residents,
$12 for Canadian and Mexican residents,
and $18 for those in foreign locations.
231
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Buying & Selling U.S. Obsolete Currency
Stock & Bond Certificates • Historical Financial Documents
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SPMC Co-sponors Numismatic Symposium
S PMC WILL CO-SPONSOR THE THIRDannual numismatic program May 5 at the North
Carolina Collection Gallery, University of North
Carolina. The program is free and open to the public
from 1-5 p.m. in Wilson Library on the University's
Chapel Hill campus.
The educational program is varied. Richard Dory,
Curator of Numismatics at the Smithsonian Institution,
will speak on "America's Obsolete Currency: An
Appreciation." Doty's most recent books are America's
Money, America's Story, which places new emphasis on
the role of paper money in U.S. history, and The Soho
Mint & the Industrialization of Money.
SPMC member Robert S. Neale, author of the
recent book The Bank of Cape Fear of Wilmington, North
Carolina, will discuss the history of North Carolina's
first antebellum bank, its paper money and local impact.
In 1999 Neale was awarded a $500 research grant for his
book by the SPMC board.
Also speaking will be SPMC member Jerry
Roughton. Roughton is author of two books on North
Carolina currency, including North Carolina County
Scrip, 1861-1862, of Camden, Pasquotank, Perquimans,
Tyrrell, and the Corporation of Elizabeth City. He is fin-
ishing a book on North Carolina tokens, which will be
his topic for the program.
Gallery keeper Neil Fulghum rounds out the
IPMS
Exhibitors Wanted
The 25th International Paper
Money Show will be held
in Memphis June 15-17.
This Silver Anniversary show is THE PLACE
to display your choice currency, checks
stocks & bonds, vignettes and other fiscal paper
Exhibit applications must be
received by Exhibit Chairman
Mart Delger no later than May 14,
Contact Mart at 9677 Paw Paw Lake Drive,
Mattawan, MI 49071 Phone (616) 668-4234
forum. Fulghum will recap recent acquisitions at the
Gallery. The Gallery is the museum for non-book arti-
facts in the university's library system collection.
Numismatic authors on the program will have
their books for signing and sale. Attendees will also be
able to participate in a guided tour of the Gallery, and
view some of its numismatic holdings. Visitors are
encouraged to bring numismatic items for identification
and informal appraisal.
joining the Society in sponsoring the event are the
North Carolina Numismatic Association, the Raleigh
Coin Club, and the Blue Ridge Numismatic
Association. For more information, call the Gallery at
(919) 962-1172 or e-mail SPMC Governor
bob_schreiner@unc.edu .
N
SPMC Wait Prize Announcement
O CASH AWARD WILL BE MADE IN THE
George W. Wait Memorial Prize competition this
year, the committee announced. This prize, established
by the SPMC Executive Board last year to honor the
passing of early Society President and author Wait and
to promote research and publication in the paper money
field, carried a stipend of $500 in unrestricted grants.
Details for authors and a call for entries for next year's
competition will be published in a future issue of Paper
Money.
research exchange:
a service for SPMC members
• Newfoundland Notes. I am looking for photos for my book on
Banking in Newfoundland. Any help will be appreciated. Steve
Doucette. Contact douce@roadrunner.nf.net
• FNB of Albia, IA (Charter #1799). Seek illustrations of National
Bank Notes signed by Caroline B. Drake, president of the bank
1903-04, for article in Paper Money. Contact Karl S. Kabelac,
105 Raleigh St. Rochester, NY 14620-4121 or
kkabela1@rochester.rr.com
• Delaware Obsolete Bank Notes and Scrip. SPMC state
catalog researcher seeks information on existing notes, including
serial and plate numbers. Records of other Delaware material
such as old lottery tickets, vignettes used on Delaware notes,
Colonials and National Currency are also being kept for popula-
tion statistics. Will gladly pay any copying costs and postage for
pictures of your Delaware material. All contacts will remain confi-
dential. Contact napknrng@dmv.com or Terry A. Bryan, 189
South Fairfield Drive, Dover, DE 19901-5756.
• Bank of Pennsylvania. Obsolete bank notes, checks, stock cer-
tificates and related items. Researcher attempting to document
and catalog all items from this bank. I would greatly appreciate
photocopies and/or descriptions of any items that you have. I
would also appreciate information on officers or stockholders of
this bank. All information will be kept in strictest confidence if you
desire. Contributors will be sent a copy of my census when I am
finished. Write to David Knower, Route 1, Box 218, Ferryville, WI
54628.
MYLAR D CURRENCY HOLDERS
PRICED AS FOLLOWS
BANK NOTE AND CHECK HOLDERS
SIZE INCHES 50 100 500 1000
Fractional 4 3/4 x 3 3/4 $17.75 $32.50 $147.00 $255.00
Colonial 5 1/2 x 3 1/16 18.75 35.00 159.00 295.00
Small Currency 6 3/8 x 2 7/8 19.00 36.50 163.00 305.00
Large Currency 7'/8 x 3 1/2 23.00 42.50 195.00 365.00
Auction 9 x 3 3/4 26.75 50.00 243.00 439.00
Foreign Currency 8 x 5 30.00 56.00 256.00 460.00
Checks 918 x 4 1 /4 28.25 52.50 240.00 444.00
SHEET HOLDERS
SIZE INCHES 10 50 100 250
Obsolete Sheet
End Open 8 3/4 x 14'/2 $13.00 $60.00 $100.00 $230.00
National Sheet
Side Open 8 1/2 x 17 1 /2 25.00 100.00 180.00 425.00
Stock Certificate
End Open 9 1/2 x 12 1/2 12.50 57.50 95.00 212.50
Map & Bond Size
End Open 18 x 24 48.00 225.00 370.00 850.00
You may assort note holders for best price (min. 50 pcs. one size). You may
assort sheet holders for best price (min. 5 pcs. one size) (min. 10 pcs. total).
SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE
Mylar EP' is a Registered Trademark of the Dupont Corporation. This also
applies to uncoated archival quality Mylar, Type D by the Dupont Corp. or
the equivalent material by ICI Industries Corp. Melinex Type 516.
DENLY'S OF BOSTON
P.O. Box 1010, Boston, MA 02205 • 617-482-8477
ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163
WANTED:
NATIONAL
BANK NOTES
Buying and Selling Nationals
from all states.
Price lists are not available.
Please send your want list.
Paying collector prices for better
California notes!
WILLIAM LITT
P.O. BOX 1161
Fremont, California 94538
(510) 490-1751
Fax: 9510) 490-1753
E-mail: BillLitt@aol.com
Member SPMC, PCDA, ANA
VISIT MY WEB PAGE AT
WWW.KYZIVATCURRENCY.COM
FOR A GOOD SELECTION OF NOTES
CONSERVATIVELY GRADED AND
REASONABLY PRICED FOR THE COLLECTOR
NATIONAL BANK NOTES
LARGE SIZE TYPE
SMALL SIZE TYPE
STAR NOTES
WEBS
MISCELLANEOUS??
TIM KYZIVAT
(708) 784-0974
1"•}"-1 PCDA, SPMC
Vq
PAPER MONEY • May/June 2001 • Whole No. 213 233
Judith & Claud
Murphy
We Buy & Sell
Paper Money, checks, bonds,
stocks, letters, old postcards,
stereoviews, cdv's
If it's old and it's paper, we have it!
Box 24056
Winston-Salem, NC 27114
336-699-3551
fax: 336-699-2359
e-mail: MurphAssoc@aol.com
www.murphyenterprises.com
r
May/June 2001 • Whole No. 213 • PAPER MONEY234
NEW
MEMBERS
MEMBERSHIP DIRECTOR
Frank Clark
P.O. Box 117060
Carrollton, TX 7501 1
SPMC NEW MEMBERS -- 2/20/2001
10181 H.M. Balderrama, 3925 Clifton Ave, Highland, CA 92346
(C, World), Frank Clark
10182 Arthur Capone, 7 Domino Way, Centereach, NY 11720
(C, U.S. & Foreign)
10183 John Hoy, P.O. Box 269, Creamery, PA 19430 (C), Arri
Jacob
10184 Robert J. Ahearn, 150 Brick Kiln Ct, Cheshire, CT 06410-
3039 (C), Arri Jacob
10185 Wesley C. Hardy, 127 N Garden Blvd, Edgewater Park, NJ
08010 (C, INIPC's), Tom Denly
10186 James E. Abhau, Sr., 361 E. Pittsfield St, Pennsville, NJ
08070-1927 (C, Large, Small, Southern, NJ Bank Notes),
Toni Denly
10187 Delbert Kent, 79 N. Strasma Dr, Kankakee, IL 60901 (C),
Frank Clark
10188 Franklin R. Fish, Jr., 15 Read St, Hancock, NY 13783-1132
(C), Tom Denly
10189 Arnold H. Tourtelotte, RR5 Box 569, Gardiner, ME 04345
(C & D, Stars, Mules, Indian Name Nationals), Website
10190 George C. Bradham, P.O. Box 990, Edenton, NC 27932
(C, Confederate), Hugh Shull
10191 Nolan Mims, P.O. Box 1185, Semmes, AL 36575 (D), Fred
Reed
10192 Mark Pollio, 6 N View Way, Redwood City, CA 94062 (C,
$1 Large & Small Silvers), Tom Denly
10193 Jon J. Furman, 142 Stairs Rd, Amsterdam, NY 12010 (C),
Frank Clark
10194 Mark F. Clarkson, 493 Turrin Dr, Pleasant Hill, CA 94523
(C, Large, Small, CSA, MPC's, Obsoletes, Nationals,
Canadian), Tom Denly
10195 Kyle McMahan, 3501 Oklahoma Territory, Altus, OK
73521-1062 (C, All U.S.), Tom Denly
10196 Jack Libman, P.O. Box 351, Bloomingdale, IL 60108-0351
(C, Small, Star Notes), Website
10197 L.S. Brody (C), Website
10198 A. Mark Argentino, 128 Queen Street South, P.O. Box
42297, Mississauga, ON L5M 4Z0 (C, Canada, U.S., Polymer
Notes), Website
10199 Frank C. Fortner, 120 Julee Emilyn Dr, Bonaire, GA 31005
(C), Tom Denly
10200 Robert H. Friday, 198 S. Western Ave, Cheboygan, MI
49721 (C, MPC's & Military), Website
10201 Steve Costner (C), Website
10202 Henry Morton, 203 Hallihan Hill Rd, Kingston, NY 12401
(C, Silver Certificates, etc), Frank Clark
10203 William Panitch, PO Box 3712, Albany, NY 12203 (C &
D), Tom Minerley
10204 Jim Benford, 7387 E. Bristol Rd, Davison, MI 48423 (C,
U.S.), Website
10205 Allen L. Munro, 23 Middle Rd, Amesbury, MA 01913-3903
(C, Autographs), Frank Clark
10206 L.D. Rothhanner, 6012 E 101st St, Tulsa, OK 74137-7016
(C), Frank Viskup
10207 Jay Kipfer, P.O. Box 476, Bluffton, IN 46714 (C, Large &
Small Nationals), Tom Denly
10208 William Olsen, 995 Hawkins Blvd, Copiague, NY 11726
(C, FRN's by District), Website
10209 Donald Phillips, 2465 Haring St Apt 6F, Brooklyn, NY
11235 (C, Large Size Type), Frank Clark
10210 Elmer Pierce, P.O. Box 131, Ephrata, PA 17522 (C), Fred
Reed
DECEASED
William E. Benson #524
William Halliwell #9619
A New World of Currency
WTHEN SPMC BEGAN FOUR DECADES AGO"Founding Fathers" chose a most amazing logo for
this magazine, "A New World of
Currency," which appeared on
early issues of Paper Money.
The motto represented
founders' intent to include col-
lectors with interests as varied
as possible, and notes from
throughout the world.
It's in that spirit that we
announce we will be publishing
a special large issue in Sept/Oct,
the first of what we hope will be
an annual International Special Issue.
It's not that we wish any ill will or are trying to steal
the thunder from any of the fine foreign-oriented paper
money organizations, with whom we share cordial rela-
tionships and many common members. Nor are we turn-
ing our back on our bread and butter U.S. specialties.
We're just trying to reclaim our roots and give the appre-
ciable number of international collectors in our midst
value for their membership dollar too.
It's a fact that hundreds of our members collect for-
eign items primarily, and additional numbers of Paper
Money readers have "side" interests in issues emanating
outside U.S. geographical borders. We're convinced that
many more Society members would enjoy collecting for-
eign material if they were exposed to the history, beauty,
and lore of these inexpensive (at least compared to most
U.S. federal and national currency) byways.
In the next couple of months Ad Manager Bob
Schreiner and I will be soliciting advertising for foreign
material from dealers worldwide. See page 229 for
details. We believe our membership will respond to these
ads, and make the expense and effort very worthwhile for
advertisers. We expect readers will look forward to our
International Issue, and we hope our annual will become a
"must do" event on dealers' yearly ad calendars as well.
We're happy to say that we already have excellent fea-
ture articles on notes of Russia, China, Cuba, Panama,
Canada, Bermuda and Germany, as well as features on
engraving, counterfeiting and short snorters. What are
short snorters, you ask? If you don't know, you will soon.
And if you pride yourself on knowing the answer to that
question, our authors may still teach you a thing or two
about other topics. So stay tuned.
•••1•1r
III I I
MEMBER
ANA
0
HARRY
IS BUYING
NATIONALS — LARGE
AND SMALL
UNCUT SHEETS
TYPE NOTES
UNUSUAL SERIAL NUMBERS
OBSOLETES
ERRORS
HARRY E. JONES
PO Box 30369
Cleveland, Ohio 44130
1-440-234-3330
I COLLECT
MINNESOTA OBSOLETE CURRENCY
and NATIONAL BANK NOTES
Please offer what you have for sale.
Charles C. Parrish
P.O. Box 481
Rosemount, Minnesota 55068
(651) 423-1039
SPMC LM 114—PCDA—LM ANA Since 1976
ALWAYS BUYING
• National Bank Notes •
Large & Small Size
• Type Notes •
Large & Small Size
• C.S.A. • • Obsoletes •
Sample Buy Prices
Fr # F VF XF CU Gem CU
240-244 500 825 1000 1800
353-355 500 1150 2275 3600 9000
747-780 225 325 650 1150
259-265 450 1075 1750 2375 4850
952-963 135 275 425 675 2100
1605 150 275 375 650 1400
1954-F 200 400 600 1500 2500
GLENN G. WRIGHT
P.O. BOX 311
Campbellsport, WI 53010
920-533-8248
AD INDEX
AMERICAN SOCIETY OF CHECK COLLECTORS . 231
BART, FREDERICK J. 221
BOMBARA, CARL 231
BOWERS & MERENA GALLERIES IBC
BUCKMAN, N.B 231
CURRENCY AUCTION.COM 236
DENLY'S OF BOSTON
233
EARLY AMERICAN NUMISMATICS 223
HAGEN, BRUCE 231
HOOBER, RICHARD T 221
HORDWEDEL, LOWELL C. 227
HUNTOON, PETER 227
JONES, HARRY 235
KAGIN, A M 215
KAGIN'S 225
KEENER, BRUCE 221
KNIGHT, LYN 209
KRAUSE PUBLICATIONS OBC
KYZIVAT, TIM 233
LITT, WILLIAM 233
LITTLETON COIN CO. 219
MORYCZ, STANLEY 207
MURPHY, JUDITH & CLAUD 233
NAPLES BANK NOTE COMPANY 214
OREGON PAPER MONEY EXCHANGE 221
PARRISH, CHARLES C. 235
POMEX, STEVE 221
QUAST, LEE 231
ROB'S COINS & CURRENCY 227
SHULL, HUGH 198
SILVER PENNY COINS 213
SLUSZKIEWICZ, TOM 221
SMYTHE, R.M IFC
SMYTHE, R.M 211
STACK'S 216-217
WRIGHT, GLENN G. 235
YOUNGERMAN, WILLIAM, INC. 223
PAPER MONEY • May/June 2001 • Whole No. 213 235
IC %Mr LIN tE14"..,(1111.!ITH.
'••
>5001<:;.gra:tirt rtrep-trirsro-ri4
'511! L.'_OV!
1
/h./ //i4/. "' .
Coin.com
• www.CurrencyAuction.com
May/June 2001 • Whole No. 213 • PAPER MONEY
1:110Iilfiln
..03=115N84))
14.1:.1S ItY (YU.
rt ‘tav,,, ,C1
236
;
.,.i# .trill ..,•:
, ., ,,. ..
. .
Holli Hughes, at Ext. 283
(holli@currencyauction.com )
Dustin Johnston, at Ext. 302
(djohnston@heritagecoin.corn)
Contact us today
1-800-US COINS
24-hour voice mail
available at all extensions
NO BUYER'S FEE!
SALES CLOSE THE 15TH & 30TH OF EVERY MONTH
AMERICA'S CONVENTION AUCTIONEER
ERITAGE
NUMISMATIC AUCTIONS, INC.
G
Steve Ivy Jim Halperin Greg %Ilan
Heritage Plaza, 100 Highland Park Village, 2nd Floor • Dallas, Texas 75205-2788
1-800-US COINS (872-6467) • 214-528-3500 • FAX: 214-443-8425
www.HeritageCoin.com • e-mail: bids@heritagecojn.com
www.CurrencyAuction.corn • e-mail: notes@currencyauction.corn
rmsmouNlat***
1,45WW:WW
4.
S101 II lean N ilkHutt KUHL
1;44,
ealize Top Market Price
for Your Paper Money!
The currency market is hot! In recent months we have seen a tremendous
amount of buying activity and invite you to jump on the bandwagon.
Consider selling your important notes and currency items in one of our
upcoming auctions to be held in New York City or in conjunction with
the Suburban Washington/Baltimore Convention. The same bidders who
helped set world record prices in our recent sales will compete for your
currency items as well. Call Q. David Bowers, Chairman of the Board, or
John Pack, Auction Manager, at 1-800-458-4646 to reserve a space for your
material. We can even provide a cash advance if you desire. It may be the
most financially rewarding decision you have ever made.
A cut sheet of four $10 Legal Tender
notes. F-123 in Average New to Choice
New realized $17,600.
A $5 Federal Reserve Bank note.
F-782* in EF realized $7,150.
A $10 Silver Certificate.
F-1700 in Gem New realized $8,800.
A $100 One-Year Note, believed to be
unique, realized $8,250.
An Interest Bearing $5,000 Proof Note
realized $11,000.
An Uncirculated Lazy Two $2 note
from the State of Missouri,
Town of California realized $4,840.Auctions by
Bowers and Merena, Inc.
Box 1224 • Wolfeboro, NH 03894 • 800-458-4646 • FAX: 603-569-5319 • www.bowersandmerena.com
19th edition
STANDARD CATALOG OF
Upited States
Paper Mopey
tilLERS
[?) X ."'14' ;
ke,
I
more
deter
identific
are fully c
Hardi
95
k notes,
su ,st utions,
rror ri6
gories are lted by
igation for easier
currency items
valuations.
• 216 pages
d for
By Chester L. Krause and Robert P Lemke
Joel T. Edter, Editor
9Th fork,n
standard catalog
.
' eApt. ER ,moNEy
ILD P
':11. 1VPISMISS Edited by Necl Shat & Colin rt
10770
BA rt,tP AMU:
(at 1.932
NATIONAL BANK NOTES • LARGE a SMALL SIZE BY SERIES
•FRACTIONM. CURRENCY • ERROR:NOTES • M.P.C.
• POSTAGE STAMP ENVELOPES • ENCASED POSTAGE
•PHILIPPINE ISLANDS COMMONWEALTH ISSUES
• PRE-CIVIL WAR U.S. NOTES • GUIDE TO AUTHENTP,
• ;muscles an circulating issues from 1368 th u96 0
• 230 issuing authorities • 18,300 notes listed
ainat photos • Market valuations in up to three sr,.
of World ssues
VO16:016 'ditto
edited by Colin R. Bteetill and Nieit"Shafer
This is the world's most comprehenstye world
paper money price guide and referenCe. The
new 9th Edition includes 19 =000+ listidds of
paper money circulatittillaidwideiffdir 1650
through *Win three ' -'17Z: of OOWition and
well over 50,000 up-to4ate priceS that ttetlect
recent market activity. Introductory chapters are
updated. An Exotic Ladgdage Photo
Identification Guide is *Op this edition and
many photos are'incorpiirefed throughout. '
Softcover • 8-1/2 x 11 • 1,144 pages
5,200+ tow photos
Item# PM09 • $65.00
To receive a FREE all-products catalog
or to place a credit card order,
Call 800-258-0929 Offer N89S
Mon-Fri, 7 am. - 8 p.m. • Sat, 8 a.m. - 2 p.m., CST
Mail to: Krause Publications, Offer N89S
PO Box 5009 Iola, WI 54945-5009
Or visit and order from our secure web site: www.krausebooks.com
Dealers can call toll-free 888-457-2873 ext 880, Mon-Fri 8 a.m. - 5 p.m.
Shipping and Handling:
$3.25 1st book, $2 ea.
add'I. Foreign orders $15
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Sales tax: CA, IA, IL, PA.
TN, VA, WA, WI residents
please add appropriate
sales tax.
SATISFACTION
GUARANTEE
If for any reason you are not
completely satisfied with your
purchase, simply return it
within 14 days and receive a
full refund, less shipping.
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