Paper Money - Vol. XLI, No. 1 - Whole No. 217 - January - February 2002

PER LiA AE4 Official Journal of the Society of Paper Money Collectors VOL. XLI, No. 1 WHOLE No. 217 JANUARY/FEBRUARY 2002 ,M4litgg; _61 assu '` " 'Lux Bisliftffir MONA L C 0,/ifLOT tit imi-asa..011.141LD „t4wri7. -Fp „..4:Joe s:ri_rousitirep.twashhigfoli. `," sk I --01i1CHANN:- 77.1atillOwire, Icor ENVITE 1)1A1 th, tOnatte- witwetwatola ) ,• '41I MUM 111114.11L.CAM • ....A 11.640.10 ••■•• WWW.SPMC.ORG INSIDE: U.S. TREASURER MICHAEL HILLEGAS & CANCELLED NBN PLATES x667334s'" •10 11.063 4.4019, t, . Show Hours: Thursday, March 14 - 2-6 pm Saturday, March 16 - 10 am-6 pm (Advance Preview Day - $25) Friday, March 15 - 10 am-6 pm Sunday, March 17 - 10 am-2 pm A three-day pass is $5 - Children 16 and under are FREE YOU'RE INVITED JOIN US THIS SPRING FOR A "MUST ATTEND EVENT" The Strasburg Stock, Bond and Currency Show March 14-17, 2002 Lancaster Host Hotel 2300 Lincoln Highway East (Route 30), Lancaster, PA 17602 Featuring: • A World Class Auction of Stocks, Bonds, and Paper Money By R.M. Smythe & Co. • 100 Dealer Tables • Limited Edition Intaglio Souvenir Card available only at the show • Live Spider Press Demonstrations • Pennsylvania Dutch Tourist Attractions • Factory Outlet Malls Nearby • Free Parking Bourse and Consignment Information: Kevin Foley - R.M. Smythe P.O. Box 37650, Milwaukee, WI 53237 (414) 421-3498 Fax (414) 423-0343 Hotel Reservations: To reserve a room at the Lancaster Host Hotel, call 800-233-0121 and ask for the special $109 Strasburg Currency and Stock & Bond Show rate. Visit the R.M. Smythe & Co. website: www.smytheonline.com ANNOUNCING The Strasburg Currency and Stock and Bond Show September 12-15, 2002 Lancaster Host Hotel 2300 Lincoln Highway East (Route 30), Lancaster, PA 17602 Featuring: • A World Class Currency and Stocks & Bonds Auction by R.M. Smythe & Co. • 100 Booth Bourse Area • Special Intaglio Souvenir Card available only at the show • Live Spider Press Demonstrations • Factory Outlet Malls Nearby • Free Parking • Pennsylvania Dutch Tourist Attractions Show Hours: Thursday, September 12 - 2-6 pm Saturday, September 14 - 10 am-6 pm (Professional Preview - $25) Friday, September 13 - 10 am-6 pm Sunday, September 15 - 10 am-2 pm A three-day pass is $5 - Children 16 and under are FREE Bourse and Consignment Information: Kevin Foley - R.M. Smythe P.O. Box 37650, Milwaukee, WI 53237 (414) 421-3498 Fax (414) 423-0343 Hotel Reservations: To reserve a room at the Lancaster Host Hotel, call 800-233-0121 and ask for the special $109 Strasburg Currency and Stock & Bond Show rate. It M. SMYTH E 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 Toni Minerley, P.O. Box 7155, Albany, NY 12224-0155 C.-) Society of Paper Money Collectors, Inc., 2002. 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 non-delivery, and requests for additional copies of this issue to the Secretary. MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the Editor. Accepted manuscripts will be published as soon as possible; however, publication in a specif- ic issue cannot be guaranteed. Include an SASE for acknowledgment, if desired. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be typed (one side of paper only), double-spaced with at least 1-inch margins. The author's name, address and telephone number should appear on the first page. Authors should 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 (fred@spmc.org). Original illustrations are pre- 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 • All advertising is payable in advance To keep rates at a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork or addi- tional production is required, the advertiser will be notified and billed accordingly. Rates are not corn- missionable; proofs are not supplied. Advertising Deadline: Copy must be received by the Editor no later than the first day of the month 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 $500 $1350 $2500 Inside cover 400 1100 2000 Full page 360 1000 1800 Half page 180 500 900 Quarter page 90 250 450 Eighth page 45 125 225 Requirements: Full page, 42 x 57 picas; half-page may be either vertical or horizontal in format. Single-column width, 20 picas. Except covers, page position may be requested, but not guaran- teed. All screens should be 150 line or 300 dpi. Advertising copy shall be restricted to paper cur- rency, allied numismatic material, publications, and related accessories. The SPMC does not guar- antee advertisements, but accepts copy in good faith, reserving the right to reject objectionable material or edit copy. 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 • January/February 2002 • Whole No. 217 1 Paper Money Official Bimonthly Publication of the Society of Paper Money Collectors, Inc. Vol. XLI, No. 1 Whole No. 217 JANUARY/FEBRUARY 2002 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 Meet the Hillegas Family 3 By Mark Rabinowitz Part 3: A Catalog of SPMC Memorabilia 22 By Fred Reed Then and Now: the State Bank of Camden, NJ 24 By Wendell Wolka Byways of Scripophily 28 By David H. Gelwicks Counterfeits & Cancelled Subjects 36 By Peter Huntoon FNB of Greenville, MS Becomes Court House 42 By Frank Clark A Bit More on Short Snorters 43 SOCIETY NEWS Information & Officers 2 Important Announcement: Special Advertising Deadlines . 11 President's Column 20 By Frank Clark SPMC Board Honors Newman, Lloyd, Horstman 21 Money Mart 44 Research Exchange 44 New Members 46 Editor's Notebook 46 Advertisers Index 47 SOCIETY OF PAPER MONEY COLLECTORS INC. BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items 60-Page Catalog for $5.00 Refundable with Order ANA-LM SCNA PCDA CHARTER MBR HUGH SHULL P.O. Box 761, Camden, SC 29020 (803) 432-8500 FAX (803) 432-9958 SPMC LM 6 BRNA FUN 2 January/February 2002 • Whole No. 217 • PAPER MONEY Society of Paper Money Collectors The Society of Paper Money Collectors (SPMC) was orga- nized in 1961 and incorporated 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 be 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 be from 12 to 18 years of age and of good moral character. Their 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. The Society has dispensed with issuing annual mem- bership cards, but paid up members may obtain one from the Secretary for an SASE (self-addressed, stamped envelope). 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. Checks should be sent to the Society Secretary. 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 Tom Minerley, P.O. Box 7155, Albany, NY 12224-0155 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 Fred L. Reed III , P.O. Box 793941, Dallas, TX 75379-3941 Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515- 2331 Steven K. Whitfield, P.O. Box 268231, Weston, FL 33326 APPOINTEES: EDITOR Fred L. Reed Ill, 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 Viduta PI, Huntsville, AL 35801-1059 WISMER BOOK PROJECT COORDINATOR Steven K. Whitfield, P.O. Box 268231, Weston, FL 33326 PAPER MONEY • January/February 2002 • Whole No. 217 3 Asicateamiumaimmtv .Wriefunarnaftannati”•410' ABOUT ONCE EACHdecade since 1949, a twoor three page synopsis of thecareer of Michael Hillegas -- each similar to the last -- has appeared in the pages of one or another of the leading numismatic journals, usually decrying the unfairness of the lack of recognition given to this key figure in the American Revolution. Now, we will take a new and deeper look at the career of Michael Hillegas; at the expansive reach of his relations and descendants into early American finance, bank- Mg and paper money; and at one man's quest to gain recognition for our first U.S. Treasurer. Meet the Hillegas Family BY MARK RABINOWITZ The genesis for this new research was the observation of paper money with the signatures of two apparent namesakes: Samuel Hillegas on Continental Currency and William Hillegas on a State Bank at Camden, New Jersey, obsolete bank note. (Wendell Wolka describes the history of that bank in a companion article in this issue of Paper Money.) The title of this article is a "tip of the hat" to one of the earliest numismatic articles on Michael Hillegas, the November, 1957, N1111111V711lltic Scrapbook Magazine article by Marianne F. Miller entitled "Meet Mr. Hillegas." Michael Hillegas Sr. was born in Sinsheim, near Heidelberg in the Palatinate, Germany in 1696, the second European homeland of the Hillegas family after their believed origin in the Alsace region of France. The Hillegas family began to emigrate to America in the early 18th century, Michael Sr. and his wife Margaret arriving in Philadelphia between 1724 and 1726, although precise records of their voyage were not kept. Michael Sr.'s brother John Frederick Hillegas and their elder sister (first name unknown), along with John's wife, sailed from Rotterdam on the William and Sarah, arriving in Philadelphia on September 18, 1727. Michael Hillegas, son of Michael Hillegas Sr., was born in Philadelphia on April 22, 1729. Michael Hillegas Sr. was a well-known leader of the German immigrant community in Philadelphia. He placed much importance on naturalization, which he achieved in April 1749 under King George II's nat- Figure 1A below. This Series 1907 Gold Certificate with the portrait of the First Treasurer of the United States, Michael Hillegas, is the sixth note issued under the first signature combi- nation for the note, Vernon-Treat. This is the lowest known serial number for this variety. This note resides in the Smithsonian Institution's collection. Figure 1B above. Detail. The PHILADELPHIA VIA XIS. kvrooxikm to Teti Dollars to or Ilrarcr on d,C1Ilitila. 4 January/February 2002 • Whole No. 217 • PAPER MONEY uralization act of 1740, which allowed naturalization of American colonists as British subjects after they had lived seven years in the colonies. Unfortunately, he died soon thereafter, in October, intestate. Hillegas Sr., who sold queensware (glazed English earthenware of a cream color made familiar by the potter Josiah Wedgwood), hardware, dry goods, groceries, wines and liquor, left a considerable estate of about ,40,000 which included 28 lots of prime Philadelphia real estate on Second Street, Front Street and along the Delaware River bank. A five man jury appointed by the Philadelphia Orphans' Court in 1750 apportioned the estate one-half to the son Michael, age 20, and one-quar- ter each to the two daughters, Susanna, age 16, and Mary, age 14, after their mother Margaret relinquished all rights to the estate in exchange for a lifelong annuity. Margaret lived until 1770; still, Michael and his two sisters petitioned the Orphans' Court for guardians during these proceedings. Figure 2. A March 19, 1810, $10 note on the Philadelphia Bank, signed by its first president, George Clymer, appointed Continental co-treasurer with Michael Hillegas in 1775. An Early and Important Relationship: the Clymer Family William Clymer was appointed Hillegas' guardian at Michael's request. Clymer was a sea captain and merchant who also served as Philadelphia tax assessor and county commissioner; his death created the vacancy to which Benjamin Franklin was first appointed in the Pennsylvania Assembly. Clymer signed the 1741 petition to King George II asking him to provide for the defense of Pennsylvania since the Quaker-dominated legislature would not act on this issue (ultimately Benjamin Franklin led a group which overcame this resistance in 1747). William Clymer was also the granduncle of two members of the Clymer family who were to become Michael's associates: George and Daniel. It is well known that George Clymer was appointed Continental co- treasurer with Michael Hillegas in 1775; it is less well-known that the relation- ship of the men began as a result of this guardianship in 1750, when Michael was 20 years old and George just 11. George Clymer served as co-treasurer with Michael Hillegas for just over a year, resigning on August 6, 1776, after he took a seat in the Continental Congress as a Pennsylvania delegate. Although Clymer was not yet a member of Congress for the vote on the Declaration of Independence on July 4, 1776, he was a signer of the document on August 2. He signed the Constitution, as well, in 1787. Clymer was a strong supporter of the Bank of North America and government-sponsored banks in general, saying on the floor of the Assembly in 1786 that, "banks are in general encouraged in all the commercial nations of Europe. And the more republican a country is -- or at least the greater degree of liberty it possesses -- the greater is the success of its banks." Later that year he told the Pennsylvania Packet, "in a public bank the directors are supported or turned out as the stockholders approve or disapprove their mea- sures." Clymer later became the first president of the Philadelphia Bank. Daniel Clymer had a distinguished military career, serving as Lieutenant Colonel of the Philadelphia Associators during the Revolution. In 1778 he was appointed Deputy Commissary General of Prisoners. Daniel Clymer was also an attorney and was active in Pennsylvania politics, including serving in the Pennsylvania Assembly. He was an "anti-constitutionalist;" that is, he favored retention of the existing state constitution in 1776 rather than the change pre- ferred by more radical politicians. He shared this stance with Robert Morris and his cousin George Clymer, among others. Michael Hillegas' Career Michael Hillegas began his career as a merchant running his late father's PAPER MONEY • January/February 2002 • Whole No. 217 5 WANTED Any fractional Ncte. Arty Condition will buy, trade, consign or upgrade any United States Fractional Currency Note in your collection. Silver Penny Currency and Coins, Ltd. Post Office Box 339, Red Feather Lakes, CO 80545 Toll Free: 1-877-204-5220 email: silverpennycoins@yahoo.com URL: www.fractionalnotes.com ' 1028 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. Wholesale & Retail Inquiries Invited ,20e04,,aPemalek Or visit our Website: volvw.banknotables.com 800-628-6298 Lynese Octobre, Inc. P.O. Box 5002, Dept. 33 Clearwater, FL 33758-5002 /ea TWO DOLLARS. 0 Bill entitles the9 Via: Bearer, to receive WO SPANISH MILL ED DOLLARS, or the iTaJue thereof iri GOLD or SS L V p.g. , according to., a Befolution of CON-11 4•% GRESS, paffed at Phi- + ladelp b ls, hlay g, x 776. 6 January/February 2002 • Whole No. 217 • PAPER MONEY Figure 3. Daniel Clymer, cousin to Declaration of Independence signer George Clymer and grandnephew of Michael Hillegas' guardian William Clymer, signed this May 9, 1776 $2 Continental Currency note. He signed notes of the first through fifth issues. business, and by no later than 1762 formed the partnership Winey & Hillegas, which operated through at least 1768. Hillegas sold powder that was used for, among other pur- poses, clearing the falls at Schuylkill; he was a sugar refiner, and had interests in the manu- facture of iron, including ownership of the Martic Furnace at Furnace Run, where Revolutionary musket barrels were made. Hillegas also acted as the agent of Baron Stiegel, owner of the Elizabeth Furnace and America's second glassworks. Hillegas owned a tavern, a wharf, and dealt in real estate. He also served (1772 -1777) as director of the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, an early fire insurance company founded by Benjamin Franklin in 1752. As he gained prominence, Hillegas became involved in the political life of the colony of Pennsylvania as well as the city of Philadelphia. He was one of the commissioners appointed in 1762 to select a location for and oversee the building of Fort Mifflin, critical to the city's defenses. In 1765, he became Philadelphia's representative in the Pennsylvania Provincial Assembly, continu- ing in that role through 1775. In this role, he was a member of the committee "to audit and settle the Accounts of the General Loan-Office and other public Accounts." In 1771 Hillegas was named a member of the board of commissioners whose duty was to improve the navigation of the Delaware River. In 1774 he was named a member of the Committee of Correspondence for the city and county of Philadelphia, also known as "the Committee of Forty-Three." Hillegas became treasurer of the Committee of Safety on June 30, 1775, and was appointed a member of that committee on April 9, 1776, along with David Rittenhouse (later the first Director of the United States Mint) and Joseph Parker (another Continental Currency signer). The colony made good use of Hillegas' business acumen and on May 30, 1776, appointed him Treasurer of the Province. In parallel with these Pennsylvania colonial offices, Hillegas held the office of Continental Treasurer for 14 years, during the last 13 of which he was the sole officeholder after George Clymer's transition into Congress. In 1777 his title changed to Treasurer of the United States. Hillegas generously applied the fortune he had amassed as a merchant to support the revolutionary cause. He also made extensive personal efforts occasionally requiring long periods away from home. Michael's many contributions to the Continental Congress and the state of Pennsylvania included a personal bond of $100,000 given when he took office as Continental Treasurer, and direct monetary gifts of well over $6,000,000 (albeit much of this sum represented depreciated Continental Currency) by 1780. Michael was among the original subscribers to the Pennsylvania Bank in 1780 -- to the tune of £4,000 -- which was estab- lished to obtain funds for use in supporting the armed forces, and to the Bank of North America in 1781, organized by Robert Morris. When the war ended in 1783, Michael continued in the office of Treasurer for six more years, earning a salary of between $1,500 and $1,800 per year, a dramatic decline from his wartime salary of approximately $3,000. During this time he performed other functions for both the state of Pennsylvania and for the United States. On April 1, 1784, Hillegas and Tench Francis were appointed by the Supreme Executive Council of Pennsylvania to _Art' _TT 0 .1-zwIrr Nolt Thirtit °hare BILL entit(e tae Bearer to re6e4.14-..,;').,.. THIRTY Spaniill _'milled DOLLARS or tfe bYa:ize tfereo 41Ck5) ,\> 4z.pri I or cgrocr, coreitq.tot,fe 3 ffoCa- tion4 Goir,rep ,kt-ti at c 1 77 5. tre s'dC, -2.2.11Vb PAPER MONEY • January/February 2002 • Whole No. 217 7 lay out and sell the land in Philadelphia on which the barracks formerly occu- pied by British soldiers was situated. In 1784 and 1785 Hillegas co-managed (along with, among others, Benjamin Fuller, another signer of Continental Currency) Pennsylvania's state lottery, which had been established to raise money to improve the roads from Philadelphia to the western part of the state, and to improve navigation of the Schuylkill River. As a senior government official, he also played a role in diplomatic affairs: when Philippe Theriot arrived in Philadelphia in 1784 to assess the potential for diplomatic and com- mercial relations between Saxony and the United States, the first two meetings he undertook were with Robert Morris and Michael Hillegas. After he left the office of Treasurer, Hillegas continued in public service as an Alderman of the City of Philadelphia (1793-1804), and as an Associate Justice of the Mayor's Court. In 1792, he became one of the founders of the Lehigh Coal Mining Company, after a piece of stone coal was found on Mauch Chunk Mountain, and helped arrange for the company to purchase between 8,000 and 10,000 acres of land from the commonwealth of Pennsylvania. Charles Cist, a Philadelphia printer and another signer of Continental Currency, joined Hillegas in the new firm. (Cist and Hillegas were good friends; several of the surviving books from Hillegas' personal library are inscribed as gifts or "printer's presentation copies" from Cist to Hillegas.) Its efforts, however, were largely unsuccessful; the company saw success in the area only by the 1820s, long after Michael's death. Michael was also prominent in the Pennsylvania Land Company, holding interest in thousands of acres of land in Bedford County. The End of the Beginning These accomplishments show clearly that Hillegas remained active fol- lowing his 14-year tenure as Treasurer, but he had not been happy to depart from that position when he was replaced by General Samuel Meredith. Hillegas had a long-standing relationship with the newly elected President George Washington, and surely felt that he would retain his office as Treasurer. However, Hillegas had refused to move from Philadelphia to New York when that city became the nation's capital in 1785. He agreed to do so many months later than everyone else, and then only after Congress threatened to fire him. Charles Thomson, Secretary of Congress and the only government official with more seniority than Hillegas, personally inter- vened on Hillegas' behalf. Memories of this spat likely lingered in the minds of the decision-mak- ers. Moreover, a growing sentiment for whole- sale change in the way the young nation dealt with its financial difficulties weighed heavily against the continuance of the incumbent in office. Samuel Meredith, a member of the Continental Congress, was the son of Reese Meredith, a wealthy Philadelphia merchant. Samuel was also the brother-in-law of George Clymer, who married Meredith's sister Elizabeth. Samuel became active in Philadelphia both as a merchant and a leading patriot, at least as early as 1765 when he signed the Non-Importation Agreement in response to the British Stamp Act. Samuel Meredith was authorized by the Continental Congress to sign Continental Currency in 1775 and signed notes of the May 10, 1775 issue. He also was a key figure in the Revolutionary Army, serving as major and then lieutenant colonel of Pennsylvania's Third Battalion of Associators, known as Figure 4. General Samuel Meredith, who replaced Michael Hillegas as Treasurer of the United States, was often thought of as the nation's first treasurer, until the Reverend Michael Reed Minnich took action to correct the error. This May 10, 1775, $30 Continental Currency note was signed by General Meredith (signa- ture slightly faded) along with Daniel Clymer. 8 January/February 2002 • Whole No. 217 • PAPER MONEY the Silk Stocking Company. He fought in Washington's victories at Trenton and Princeton. His service in the battles of Brandywine and Germantown led to his promotion in April 1777 to the position of Brigadier General of the Pennsylvania militia. Meredith served through January 9, 1778, when he resigned to resume his career in business and politics. Then he served as a member of the Pennsylvania Assembly for the terms 1778-1779 and 1781- 1783. Meredith had a much closer relationship with Washington than Hillegas did. Washington visited the Merediths once or twice a month during the five months he was in Philadelphia at the time of the constitutional convention. (There is no reference to Hillegas in Washington's diaries of this time at all.) Not only did Meredith serve under Washington in the military, but his wife's two brothers -- Lambert and John Cadwalader, members of one of the most prominent Philadelphia families -- were also loyal officers in Washington's command. Samuel Meredith began lobbying for a position in the new federal gov- ernment early -- before Washington's election, albeit a formality, had yet taken place. In late February, 1789, Meredith wrote to Washington: The Fall of Landed property, added to losses occasioned by a too great Confidence in Continental money [which had become worthless], have so extremely diminished my income as to render it necessary I should do something for the present support of my family, I therefore take the Liberty of requesting the favour of your Interest in order to procure some office under Congress, in which I may be of service to the Publick, & at the same time benefit myself. In reading Meredith's original letter to Washington, it is difficult to deci- pher whether the word he used to describe the position he desired was "import" or "impost," and typewritten transcriptions by historians differ. The "impost" was the Continental tax on imports designed to raise money to pay down the public debt accumulated during the war. Whichever word he used, Meredith was requesting a post associated with collecting money for the gov- ernment related to imports through the port of Philadelphia. Washington responded quickly, saying that he expected to accept the office of President and that many people had already applied to him for positions, including the one requested by Meredith. Washington stressed his intentions to "act with a sole reference to justice and the public good" in selecting his nominees, adding however that notwith- standing having been elected by the public, "he may assuredly, without violat- ing his duty, be indulged in the continuance of his former attachments." It is only natural that the new president would nominate those with whom he had a relationship of experience and trust. On August 3, 1789, Washington submit- ted a lengthy list of nominees to Congress, including Samuel Meredith for the position of Surveyor of the Port of Philadelphia, a lesser office than had been requested. (Sharp Delaney was nominated for the Collector position for the port.) Nonetheless, Philadelphia Madeira merchant Henry Hill, a mutual acquaintance of the two men, wrote Washington that the commission was "a distinguishing instance of your powerful friendship." It is not clear how Meredith or his supporters convinced Washington to follow this first appointment with the new and far more significant appoint- ment as Treasurer just a few weeks later. The Act of Congress establishing the Treasury Department and the position of Treasurer (as well as the new posi- tion of Secretary of the Treasury, which was filled by Alexander Hamilton) took effect on Sept. 2. Three days later, the position had not yet been filled -- at least formally -- for on that date, the incumbent treasurer Michael Hillegas sent a short letter to the president, stating "as the time for making appoint- ments under the Treasury Law draws near, I beg leave to Request Your Excellency's remembrance of the present Treasurer." This curt request appears to have been no match for Meredith's lobbying, connections, or for the PAPER MONEY • January/February 2002 • Whole No. 217 9 growing consensus for change, and September 11, 1789, saw Meredith win his commission. Both Washington's nomination and the Senate's confirmation were gained the same day. Meredith served well as Treasurer, remaining in office for 12 years until he resigned in 1801, citing his declining health. He died in 1817. The Push for Recognition Clearly, as first Treasurer of the U.S., Hillegas was a driving force in the American Revolution and development of a new nation. His replacement by General Meredith marked, to paraphrase Winston Churchill from 150 years later, "the end of the beginning" of the establishment of a basis for finance in America. Nonetheless, his nation's recognition was slow in coming. A groundswell seems to have begun in the late nineteenth century. In 1887 the first significant article describing Hillegas' career was published, fol- lowed rapidly by Emma St. Clair Whitney's 1891 book, Michael Hillegas and His Descendants, two 1894 articles by the Reverend Michael Reed Minnich, the donation of Hillegas' letter book to the Historical Society of Pennsylvania in 1905, and as the culmination that same year, Minnich's book A Memoir of the First Treasurer of the United States. Minnich was a distant relative of Hillegas, having descended from Michael's uncle John Frederick Hillegas. Minnich mounted an effective publicity campaign. In 1897, three years after his first two articles were published, Philadelphia's The Call printed a detailed historical account originally printed by the Washington Star describing early American finances based on ledgers, journals and records of the Continental Treasurer. The article itself noted that the information gleaned from the ledger books "form[ed] the first link in the chain of the histoiy of this country's financial dealings. . .during the trying period of the Revolution." Minnich wrote a letter to the editor congratulating the Star on the fine article, but reproached them by noting, "The author gives exact dates, but inadvertent- ly omits giving the name of the Treasurer who kept these invaluable records." Minnich of course knew full well that the answer, when published, would be "Michael Hillegas." Minnich had his 1905 hook privately printed in an edition of 500 copies, several of which he provided to Treasury Department officials. In the book, Minnich noted that Revolutionary financier Robert Morris had been honored on United States paper money (his portrait appears on 1862 and 1863 $1000 Legal Tenders as well as 1878 and 1880 $10 Silver Certificates), and that the state of Pennsylvania had gone so far as to erect a statue of Samuel Meredith on the basis of his being the "first treasurer of the United States," an error that caused Minnich much consternation. Meredith's supporters, in the form of the Samuel Meredith Monument Association, had, like Minnich, been lobbying for recognition. Twice they were able to have a bill passed in the Pennsylvania legislature sponsoring a Meredith monument, and twice the governor vetoed the bill. On the third try, the governor signed the bill into law and the state covered the $3,000 cost of the 25-foot tall monument, which included a life- sized statue of the general and a plaque honoring "Samuel Meredith, the first Treasurer of the United States of America, appointed by Washington." At the dedication, representative L.R. Fuerth of Honesdale, PA, spoke to the crowd of 4,000 saying that "rarely in the history of public benefactors has there been such tardy recognition of their merit as this demonstration discloses." Minnich begged to differ, when he wrote in the 1905 Hillegas Memoir: That no public recognition has been made in commemoration of such patriotic, long-continued, faithful execution of a trust of so great responsibility. . .is a per- version of civic interest. ...The failure to place the portrait of Michael Hillegas, the first Treasurer of the United States, upon the paper currency of the Country ... is an illustration of the official and historical neglect that has persistently fol- lowed this gentleman. Figure 5A. Matthew Clarkson, Hillegas' brother-in-law (pictured above), became Mayor of Philadelphia. Figure 5B. This November 29, 1775 Continental $5 note is signed by Clarkson. !IS 411 (aria*: ti Bearer to receive 51.1.)41 MIZIAO DO! i.er Oa rake tbece- iA 41thCOtte or Sii.e.X.X. .......weardieigry it Refeifil:e CONP4SS, t•i;iLette.t.4(tA • 25. } VT' 1)0 10 January/February 2002 • Whole No. 217 • PAPER MONEY When Minnich first approached the Treasury Department with his request for Hillegas to be honored, he was informed that Hillegas had never even been associated with the Treasury! Minnich provided rafts of source doc- umentation and gained a letter correcting Treasury's error, but still failed to see Hillegas' portrait placed on paper currency. Finally, Minnich found an ally in Secretary of the Treasury Leslie M. Shaw (1902-1907), who ordered that Minnich's data be verified from the Government's archives. Upon completion of that activity, Shaw ordered that Hillegas' portrait be placed on the next new issue of notes. On July 1, 1907, Reverend Minnich's persistence and Michael Hillegas' accomplishments were rewarded when Michael Hillegas was recog- nized by the country he helped form, with the issuance of the Series of 1907 (and later 1922) large size United States $10 Gold Certificate bearing Michael's portrait in the center. G.F.C. Smillie made the engraving, based on a portrait by A. Margaretta Archambault. Minnich was given one of the first notes to be printed. Hillegas' Personal Life Michael Hillegas married Henrietta Boude (rhymes with "loud") in Philadelphia on May 10, 1753. Henrietta was born on January 17, 1731/2, and died January 25, 1792. She could trace her ancestry back through the English peerage to Normandy and the year 1066, when William the Norman granted the De Giymestone estate to her ancestors. The Hillegases were close friends of John and Dorothy Hancock; John Hancock noted that they were "just such persons as I wish, they are free from Ceremony." Henrietta Hillegas, along with other leading women of Philadelphia, worked behind the scenes to aid the revolutionary cause. In 1781, she and four other women received a letter signed by General George Washington, in which he wrote to thank them for their efforts in aid of the army. Washington wrote: The contributions of the association you represent, have exceeded what could have been expected, and the spirit that animated the members of it entitles them to an equal place with any who have preceded them in the walk of female patrio- tism. It embellishes the American character with a new trait, by proving that the love of country is blended with those softer domestic virtues, which have always been allowed to be more particularly your own. The year 1753 actually saw the marriages of two Boude sisters -- Henrietta to Michael Hillegas, and Mary Boude to Matthew Clarkson, making him Michael's brother-in-law. Clarkson descended from two prominent New York families, on the Clarkson side dating back in America to 1690 when his namesake Matthew Clarkson was named Secretary of the Province of New York by William and Mary, in part on the advice of Daniel Foe, author of Robinson Crusoe (before he added the ''de" prefix to his last name). Matthew Clarkson, brother-in-law to Hillegas, was a merchant, the fourth clerk of the Philadelphia Contributionship (the insurance company founded by Benjamin Franklin), a justice of the court of common pleas and of the Philadelphia Orphans Court, an elected delegate to the Continental Congress (although he apparently never took his seat), and later the mayor of Philadelphia, serving during one of the worst yellow fever epidemics, in 1793. Michael Hillegas was a well-rounded individual, as can be seen from a November 28, 1775, entry in John Adams' diary: "Hillegas is one of our Continental Treasurers; is a great musician, talks perpetually of the forte and piano, of Handel, and songs and tunes. He plays upon the fiddle." He played Benjamin Franklin's Collectibles INSURANCE For The PaperMoney Collector Your homeowners insurance is rarely enough to cover your collectibles. We've provided economical, dependable collectibles insurance since 1966. • Sample collector rates: $3,000 for $12, 510,000 for $32, $25,000 for S82, $40,000 for $132, $60,000 for $198, $1 per $1,000 above $60,000. • Our insurance carrier is AM Best's rated A+ (Superior). • We insure Paper Money, Stock Cer- tificates and scores of other collectibles in numerous categories. "One-stop" ser- vice for practically everything you collect.litum- ra VISA p • Replacement value. We use expert/ professional help valuing collectible losses. 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He even combined his hobby interest with his business by selling instruments and printed music; a copy of "Six sonatas pour le clavecin avec l'accompagnement d'un violon" ("Six Sonatas for Harpsichord and Violin") by Johann August Just with the notation "sold by Michael Hillegas at Second Street" survives. He operated his music shop -- the only specialty store for music in the colonies prior to the Revolutionary War, and virtually the only source for printed music -- from his borne during approximately 1759 to 1779. Thomas Jefferson was a client. Michael was also a member of the Fishing Company of Fort St. David's beginning in 1763, one of two exclusive clubs whose members included the most prominent citizens of Philadelphia. Its clubhouse housed one of, if not the, first museum in Pennsylvania, with a collection of Indian items and objects of natural history. Michael's interest in these areas continued throughout his life. In the 1790s he donated items to Charles Willson Peale's famous muse- Continental Currency note signed by Michael Hillegas' son Samuel, who signed notes of the third through sixth Continental Loan Office certificate Figure 6A. A November 2, 1776, $30 issues. Figure 6B. A $400 um. On April 8, 1768, Michael became a member of the American Society for Propagating Useful Knowledge, which the next year united with the American Philosophical Society, founded by Benjamin Franklin. between Arch and Race. They also had a country house at Point-no-Point. Michael and Henrietta lived for most of their lives on Second Street, Michael moved to Sixth Street at least four years after Henrietta's 1792 death,paying 6% interest, issued in Georgia where he remained until his death in 1804. Michael and Henrietta had 10dated February 22, 1777 and signed by Samuel Hillegas (courtesy of William children, four of whom died very young. The eldest child was Samuel Anderson). Hillegas, born February 17, 1754. Samuel was educated at the Academy of the College of Philadelphia, the precursor to today's University of Pennsylvania. Samuel married Mary Milnor on November 17, 1778. They had five children, four of whom had no children of their own; the fifth child, Maria Hillegas, mar- ried Jacob Rheem in 1816, and had a son named Henry Kuhl Rheem (named after his uncle, Henry Kuhl, of whom more below). This grand- son of Samuel Hillegas and great-grandson of Michael served in the Civil War, and was present at the surrender of Robert E. Lee. Samuel Hillegas: Assistant Treasurer Samuel Hillegas was appointed by Congress to sign Continental Currency on March 9, 1776, at age 22. Although never given a title or a salary, Congress authorized Samuel Hillegas to perform key duties on its behalf along with and in support of his father. For example, in addi- tion to issuing currency, the Continental Congress also raised money by taking loans O from private citizens. In exchange for coin, bills of exchange, or Continental Currency, interest-bearing loan office certificates were issued. These certificates ini- tially paid interest in Continental Currency, were later changed to pay the inter- est in specie in an attempt to il.."--,..*---T4 ''.r-• .-.111411141--"55-E6rilaW414° 72.741-t i / r ,, , , i %/////' :=--- :-- -11 e It ri,C" T E 55 ST eq 'FE S of tlE 54 E R -j G A acknoe;'dge rim Receipt q( TeitiR .`Yandred Dollars from .) the . . Day of or :Pearer,i"bicb tkit fronili. to pa , to the laid frith gaterift annually, at the Rate of Six (eat. pre .1nnwm, agreeabl% to a Rejoitaior of tin: 7,inited StateJ, palTed the Tr.:Awry-Serom/ Day of 1'i.--7 briva,;, I 7 7 7. \ V ands my Hand this „ ' Day of .dtmo Dommi PAPER MONEY • January/February 2002 • Whole No. 217 13 attract more loans, and yet later reverted to paper money interest payments. A Congressional resolution of October 3, 1776, required each issued certificate - - which at different times came in denominations of $200, $300, $400, $500, $600 and $1,000, each printed with a different color -- to be signed by either Michael Hillegas or Samuel Hillegas, and countersigned by the commissioner of the loan office for the state in which the loan was made. Samuel Hillegas, in addition to overseeing the entire domestic loan program with his father, served as the United States representative at both the Georgia and South Carolina loan offices, until the appointment of Francis Hopkinson as Treasurer of Loans on July 27, 1778; and in 1780 he served as a substitute loan office repre- sentative for Joseph Borden, the New Jersey loan office representative. He received total payment of $160 from Congress as his commission for signing loan office certificates. In July 1781, Hopkinson's office was eliminated and responsibility reverted back to Michael Hillegas as Treasurer. The Continental government also ran lotteries to raise funds, and Samuel Hillegas served in a similar fashion as with the loan office certificates. When prizes were awarded, winners in the first three classes of tickets were paid in cash; other prizes were paid with treasury bank notes, which bore inter- est at 4% per year. A Congressional resolution of May 14, 1777, required that these notes be signed by either Michael Hillegas or Samuel Hillegas, and countersigned by one of the lottery managers. Cashier of the State Bank at Camden, New Jersey Samuel and Mary Hillegas had five children, three boys (one of whom died in infancy) and two girls. Neither of the adult male chil- dren had children of their own, so none of the Hillegas families in the U.S. today can claim direct descent from Michael Hillegas. Samuel's second child was named William Hillegas, born in approximately 1780 and died in 1830. William, Michael's grandson, served 14 years as cashier of the State Bank at Camden. The Kuhls and the Hillegases Michael and Henrietta Hillegas' ninth child was Deborah Hillegas, born August 7, 1772 -- 18 years younger than her brother Samuel. On December 23, 1795, Deborah married Hem Kuhl in Philadelphia. Henry, born August 19, 1764, was the son of Frederick Kuhl, a leading citizen of Philadelphia, who had become Michael Hillegas' brother-in-law when he married Michael's sis- ter Susanna in 1752. Thus Deborah Hillegas and her husband Henry Kuhl were first cousins. Both Frederick and Henry Kuhl played roles in early American fiscal and banking history. Born in 1728, Michael Hillegas' brother-in-law Frederick Kuhl was named a member of the Committee of Inspection in 1775. He was one of four co-managers of the American Manufactory, aimed at teaching women the skills needed to spin yarn so as to avoid the necessity of importing woolen products from Britain. In the last elections held for the Pennsylvania Assembly under the proprietary government in April 1776, Kuhl ran as a Whig, but Tories Figure 7. An undated $5 obsolete bank note from the 1810s on the State Bank at Camden, New Jersey, signed by William Hillegas, grandson of Michael Hillegas, as cashier, and long- time bank president Richard M. Cooper. Cooper 's signature as presi- dent dates the note as from no earlier than 1813. Ann° Dom. I , t'4 s x cf9t,?zzgoky S, acceri-d. cf:),,,g, to an fit?. of General snbhj of Pent? filva- a, pa pd in.dhe 13t1.7 Year of the R eigtI Di - " Majoy GEORGEt - 14 Third • c.r., the Tzvegti,tADary of M.. tre,fs.wiror,, tzvc_ -14 1775 and 1776, Figure 8A above. Fractional denomination Continental notes in Uncirculated condition, such as this one signed by Michael Hillegas' brother-in-law Frederick Kuhl, are quite rare. Figure 8B left. Portrait of Frederick Kuhl by St. Memin, 1802. Figure 8C below. A March 20, 1773, 6s Pennsylvania colonial note, serial number 15, signed by Frederick Kuhl and Michael Hillegas' first business partner, Jacob Winey. the Farmers Pennsylvania, it commenced operations in 1807 two years before obtaining a charter from the Legislature. Its charter stated that a majority of the board of directors must consist of "farmers, mechanics or manufacturers actually employed in their respective professions." The bank had a capital of $1,250,000 and had to provide the state $75,000 in bank stock as part of a deal • and and signed notes from the 1st through the 4th issues. He also signed Pennsylvania colonial notes of the March 20, 1773 issue. Frederick's son Henry Kuhl had a significant involvement in early American finance and banking. As Michael Hillegas' nephew and later his son-in- law, and as a scion of a wealthy Philadelphia family in his own right, Henry Kuhl took a healthy position in Continental loan office certificates. As of 1790, when about $11 million in principal value remained outstanding, Kuhl held $51,344 in certificates obtained directly from the Hillegas-run Treasury (as opposed to those issued via the various state loan offices) and was among the top 25 holders of the $2.5 million in certificates that had been issued in this manner. Considerable speculation took place in these certificates, and it cannot be ascertained from the remaining records what portion of Kuhl's hold- ings represented certificates issued in his name for loans to which he had subscribed, versus other cer- tificates he may have obtained in the secondary mar- ket. In 1793 Henry Kuhl became chief clerk in the U.S. Controller's Office, and when a vacancy arose for Comptroller of the Treasury, President Washington appointed Henry Kuhl acting Comptroller on April 10, 1795. He served until June 26, 1795. In 1798, Kuhl became Assistant Cashier of the first Bank of the United States. Henry Kuhl also was one of the founders of the Philadelphia Academy of Fine Arts in 1805. Later, he became Cashier of Mechanics Bank of Philadelphia. One of the first banks in January/February 2002 • Whole No. 217 • PAPER MONEY14 )O1 -,--- .., ,.. . .' _,. •! dia...-_:40.:47......66- .......,.. 7.,........m.i:4 No Y,',.3_41 2)* ONE4 SIXTI-1 ol, ---:,i DOLLAR, ' ,1 Accord/7r a Re/o174-.4..ilien 67 .CO ▪ R ESS, 14',Ifed at Phi- • Febt , ary 17, 7P, 1 oNE SIX7H-11L.-4 ti„Ah __; took three of the four seats (the sole victorious Whig was George Clymer, Michael Hillegas' co-treasurer noted above; Kuhl placed sixth with 904 votes, 17 short of the number needed to claim one of the four winning spots). The unpopularity of the victorious party led the patriots to overthrow the proprietary government and create one of their own. Frederick Kuhl became a member of the State Constitutional Convention to help form the new state government, and was named one of the 25 members of the Council of Safety when that group was established to replace the former Committee of Safety on July 23, 1776. In 1784 he became a member of the Assembly. Five years earlier, the Assembly had completely replaced the adminis- tration and board of the College of Philadelphia due to the open Toryism of many of its trustees, and renamed the school the University of the State of Pennsylvania. In 1785, Kuhl was named a trustee of the university. He continued to serve through its change to the University of Pennsylvania in 1791 and continued on until 1800, when he resigned. He was also elected to the Common Council of Philadelphia in April, 1790. Frederick Kuhl was appointed by the Continental Congress to sign Continental Currency three times, in C. TI1V. VA-RAVERS AND NIECRANICS OT BUMS SON 7:NifialCO 0.11 (IOU alkA... RREs , Figure 9A top. A March 19, 1826, $10 obsolete bank note on the Farmers and Mechanics Bank of Philadelphia, signed by Frederick Kuhl's son Henry — Michael Hillegas' nephew and son-in- law — as cashier. Figure 9B above. Portrait of Henry Kuhl by St. Memin, 1802 (reversed). Figure 9C below. Farmers and Mechanics Bank. PAPER MONEY • January/February 2002 • Whole No. 217 15 to receive its char- ter. The cashier at this time was the primary active operating officer of the bank. The President, Joseph Tagert, had many outside business interests and pro- vided the bank only as much time as was needed for his administrative responsibilities. On the other hand, by charter, the cashier could hold no outside business interests and was required to establish a bond of S40,000 with at least two sureties. From the bank's inception through 1854, it operated in the former John Lawrence mansion in Philadelphia, where Admiral Howe had made his headquarters during the occupation and which was later the residence of both American General Henry Knox and Secretary of State Timothy Pickering. The bank's building from its founding until 1854 (Figure 9C, shown below) was directly across the street from the Second Bank of the United States, which itself was next to the Philadelphia Bank, of which George Clymer was first president. Henry Kuhl died on August 8, 1856, with an estimated wealth of $50,000. Henry Kuhl was not the only relative of Michael Hillegas to parlay the family name into a successful banking career, nor were he and his father the only Kuhls to marry Hillegases. In fact, the Kuhl and Hillegas families were quite close, beginning back in Germany and blossoming in America. Michael Hillegas Sr.'s elder sister, the unnamed woman who accompanied her brother John Frederick Hillegas to Philadelphia in 1727, became engaged to a Mr. Kuhl (first name not known) in Germany, but they did not marry until he arrived in America, some time later than she did. Mr. Kuhl and Mrs. (Hillegas) Kuhl had at least four children, cousins of Michael Hillegas, two who were sea captains and two who went into banking. The documentary record does not provide the names of the two cousins who went into banking, but it does indicate that both became very successful -- one in a bank in Philadelphia, and the other in a bank in Camden, New Jersey. While it is far from certain, it seems likely that the bank which employed this Kuhl/Hillegas relative may have been the State Bank at Camden. Pottsville, PA Bankers in the Hillegas Family The banking influence of the Hillegas family goes still further. Michael and Henrietta Hillegas' fourth child was Margaret Hillegas, born November 21, 1760 (sister to Samuel and Deborah). Margaret married William Nichols on January 24, 1783, as the war was nearing its official end. Nichols, born in Ireland in 1754, emigrated to America and became a soldier in the Revolution. The Nichols had three children, the eldest of whom was `CS , 7,1, a ;, ; wty ,. );1, akalt 6:1313 ,w Ae./....,...,,‘,/' \ / January/February 2002 • Whole No. 217 • PAPER MONEY16 Figure 10. This punch-cancelled December 1, 1828, $1 obsolete bank note on the Miners Bank was issued in the first year of the bank's existence, and is unlisted in Hoober. It is signed by Michael Hillegas' grandson Francis Boude Nichols, who served as the first president of this bank, the first in Pottsville, from 1828 through 1831 Figures 11A, B, C & D. Francis Boude Nichols alongside the first Miners Bank building, built during his presidency. Next to it, the remodeled Miners National Bank, completed during the presidency of his son-in-law, William Lebbeus Whitney (right). Francis Nichols, born November 5, 1793, in Pottstown, Pennsylvania. Francis was a midshipman in the United States Navy appointed by President Madison, and served in the War of 1812 on the Chesapeake. He sustained an injury in battle in June, 1813, was captured by the British and sent to Halifax, Nova Scotia, where he was soon paroled. He returned to the United States as part of a prisoner exchange. Francis took his grandmother's maiden name, Boude, as his middle name in 1814, apparently to distinguish himself from the Revolutionary War general Francis Nichols when he married the general's daughter Anna Maria Nichols. He became a successful druggist in Philadelphia, but in 1820 he became an early resident of Pottsville (by 1830 the population had reached only 2,464). He became the second Chief Burgess of the Borough, and the first captain of the First Schuylkill County Cavalry. Francis also became the first President of the Miners' Bank of Pottsville when its charter was issued on September 29, 1828, with a capitalization of $200,000. He resigned this position on February 25, 1831, and was replaced a few days later by John Shippen. Francis Boude Nichols died on June 30, 1847. Francis Boude Nichols and Anna Maria Nichols had nine children, two of whom are of interest to this study. Their sixth child, Francis Michael Nichols (born Feb. 24, 1827) became bookkeeper at the U.S. Mint in Philadelphia, a position he held through his death on Dec. 23, 1890. Their final child, Emma St. Clair Nichols (born on Sept. 26, 1840) married William Lebbeus Whitney in October, 1862. Mrs. Whitney went on to author Michael Hillegas and His Descendants, a synopsis of her great-grandfather's career and a genealogical study published privately in 1891. Her husband William Lebbeus Whitney was born January 16, 1823, in Philadelphia. In December, 1864, the Miners Bank -- then with a circulation of $360,000 -- was chartered as the Miners' National Bank of Pottsville, Pennsylvania (charter #649). Six years later Whitney became the bank's cashier. In 1882, after the retirement of John Shippen -- who had been president of the bank for all 51 years since the resig- nation of Francis Boude Nichols -- William Lebbeus Whitney, the husband of Michael Hillegas' great-granddaughter, was promoted to president of the bank, a position in which he served until 1894. 4,tr- — —41449,7 I Itt MAUI:111 IIIIII1P.S tofgr._, , freei ,7,. - -x, .,-.-`:' /.f .7 ay' U i6veg/ w/iir (44.relte .' (77.&"//117 OW/VW/7,17/1 4-:,.•11/70/17471//0".1 ..,,,Y7//1/1/...441L/ 6,14( izY/ • mele reit.e/C7 eih,<,.(...ve" /4//w.,1,/,c),.. #.1a1453 .4./l/g//.1,h,(14‘ 'L4-2' 161/ el/ /IL-2 IfY•eselice of 30 January/February 2002 • Whole No. 217 • PAPER MONEY Figure 2: Twenty dollar pay check from Quincy Mining Co. to J.M. Foster dated April 23, 1869. Figure 3: Quincy Mining Company stock certificate to Ariel Ballou for fifty shares, dated April 23, 1859. types of checks (Figure 2), which were paid to the miners for their services. These purchases heightened my interest. My search had just begun, and I yearned for more documents. The next piece of this widening scrip puzzle was my first Quincy Mining Company Stock Certificate (Figure 3). Shortly thereafter, I came across what seemed to a neophyte collector as a "hoard" of documents, which were invoic- es to the mine for various industrial parts needed for operating the mine. One of these (Figure 4) took me down another trail which led me off to those endless boundaries described above. A close look at the invoices suggest- ed additional interesting byways for my investigation. One lists candles. Candles for a mine? Think about it! The modern day lamps and batteries we take for granted were not available. The company was the Emery Candle SERVICES: • Portfolio Development • Major Show Coverage Ci Auction Attendance SERVICES: O Portfolio Development • Major Show Coverage • Auction Attendance 444.4:44414.44$ 4 1auut ft.sz - T2111_10410,2 " ___VattWo_ •,- Your Hometown Currency Headquarters $$ Top prices paid for ALL National Bank Notes We have thousands of Nationals for sale Visit us at our website williamyoungerman.corn or e-mail us at wymoney@aol.com Call 1-800-327-5010 for a Free Catalog or write $$ 1.44.2 f: PAPER MONEY • January/February 2002 • Whole No. 217 31 EARLY AMERICAN NUMISMATICS • 619-273-3566 We maintain the LARGEST ACTIVE INVENTORY IN THE WORLD! COLONIAL & CONTINENTAL CURRENCY SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. EARLY AMERICAN NUMISMATICS c/o Dana Linett P.O. Box 2442 • LaJolla, CA 92038 619-273-3566 Members: Life ANA, CSNA, EAC, SPMC, FUN ANACS William Youngerman, Inc. Rare Coins & Currency "Since 1967" P.O. Box 177, Boca Raton, FL 33429-0177 Member: PNG, PCDA, ANA, SPMC and others L r HISTORY ____ In 1990, Candle-lite will celebrate 150 years as a leader in the candle making industry. Our company was formed in 1840 by Thomas Emery, an English settler who sold candles and numerous other household items door to door in the Cincinnati area. The business con- tinued to grow and eventually one of Emery's sons, Thomas Jr., along with his wife Mary, expanded the candle manu- facturing facilities to Mariemont. The company was known then as "The Emery Candle Division of Emery Indust- ries." The Emery's maintained control of the business until 1952 when Al Levinson purchased it, changed the name to Candle- lite, Incorporated, and moved the entire operation to Leesburg, Ohio. The original facilities have undergone numerous expansions including the addi- tion in 1984 of over 130,000 square feet of manufacturing and warehouse area. As one of the countries oldest, largest, and most modern candle companies, Candle-lite has the latest in sophisticated, state of the art equipment, including robotics and microprocessors. Today, we share national recognition through such customers as K-Mart, Walmart, Target, Avon, and Krogers. Our capacity to pro- duce high quality, value priced products makes us very proud of our heritage and confident about our future. Figure 5: A brochure at the Cincinnati Historical Society provided background on the Emery Candle Company. 32 January/February 2002 • Whole No. 217 • PAPER MONEY Figure 4: Invoice from the Emery Candle Co. to the Quincy Mining Company, dated Sept. 1, 1896. The mining company purchased 4,000 can- dles for $240.70. 1%17,72 fe,, ey . - 7hs.d., fie).,,,y3'. liwa,,,, COV,.. r .;•• 70:,- Se,.. /.,•'::aet'v/- 4.,/,, a SEP 1 1896 .7%!,,,,,201„{-4--1 ,y2„ze, T.-- ,, ,...--, • ? '77-7---- (--- ..-----/ "" .., N fir' ,C/7/{.. -C4172-C-C -.... - ."--- ,/1•:.' : C.' gldi2 ice/ rle":477 -c.draCkir.e.417:* '-,9.:1?. ,iy :.*zz/Is am nalualtonztti tomilat Salem:it muM he made 4,7 eirap wiz:nu:11mm / 0 0 "D x Y ,-z % 0 0 aaftlz., ?Zit ; .z.zz,,,-- ( ez,z, :,- etms ,'" Z: , V 7-- 5.4 4 ..t. 174 ' Z,__.,/,_ee-r, a ''5- ,.7. 2,... 0 / "-- 3)( ____ c. 77: 7 ,,.• , 71 ,..,: F.'- W ,;:: 1111, lity, LA::Lf. Company of Cincinnati, OH. Having grown up in Cincinnati, this detail sparked an interest. Examining these documents further, my interests were piqued by the details: "Factory: Ivorydale, Ohio, C.H.&D.R.R." From my Cincinnati back- ground, I knew of Ivorydale from the Proctor & Gamble soap product named Ivory. The 60-day terms or 2% discount for cash in 1896 are not much differ- ent from merchandise terms found 100 years later. But what were those other initials? Off I went on another trail. I pursued the Emery Candle Company of Ivorydale, OH, through a letter to my aunt (Mrs. Thomas Huheey) who was employed at the Ivorydale Plant of Proctor & Gamble for many years. I want- ed to see what she knew of this company. My aunt went to the Cincinnati Historical Society, where she located two brochures and a 1909 article titled, ''The Emery Estate: A Commercialized Philanthropy" by Walter H. Maxwell. The article described the Emery family and their philanthropy in the Cincinnati area. One item, which caught my attention, was a $100,000 dona- tion by TJ. Emery, Jr.'s widow to the Cincinnati Art Museum following his 1906 death. This endowment was to fund free Saturday admissions to the art museum forever! The brochures (Figure 5) gave background on the company. They told how entrepreneur T.J. Emery, Jr. founded his business producing tallow can- dles and lard oil for lamps to capitalize on the cheap byproducts of the German-based Cincinnati meat packing industry. His work led to the produc- tion of a dripless candle that was perfect for the miners doing their daily jobs. More research led me to the meaning of C.H.&D.R.R. I found that these were initials for the Cincinnati, Hamilton & Dayton Rail Road Company. I had now not only located the company who made and sold these candles to the Quincy Mining Company over 100 years ago, I had also found the railroad carrier that delivered the purchases! These revelations only spurred me on further. Eventually I found Sight Drafts (Figure 6), which paid various organiza- tions for their services to the C.H.&D.R.R. The details on these sight drafts could take one down many additional trails. Some collectors save these docu- -Littleton Coin Company City/State/Zip Dept. BFS005 Daytime Phone 1309 Mt. Eustis Road Littleton, N.H. 03561-3735 coinbuy@littletoncoin.corn Best time to call L PAPER MONEY • January/February 2002 • Whole No. 217 33 Last Year Alone... 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Why You Should Consider Selling to Littleton • Highly competitive buy prices • Fair appraisals and offers • Fast confirmation and settlement • Finders fees and joint arrangements • Over 50 years experience buying and selling coins and paper money • We welcome the opportunity to purchase your paper money David Sundman, President ANA Life Member #4463; PNG #510; Society of Paper Money Collectors LM#163• Member, Professional Currency Dealers Association Jim Reardon (left) and Butch Caswell, two of Littleton's experienced team of buyers. We welcome the chance to consider your notes! Buyer Phone: (603) 444-1020 Toll Free: (800) 581-2646 Fax: (603) 444-3501 or Toll Free Fax: (877) 850-3540 Teletype: Facts D97 CoinNet NHO7 coinbuy@littletoncoin.com Dun & Bradstreet #01-892-9653 Over 50 Years of Friendly Service to Collectors! ©2000 LCC. r Y tS! I'm interested in selling paper money to Littleton. Please contact me regarding my collection or holdings. Fill out this coupon and Fax Toll Free to (877) 850-3540, or Mail to: Address Name 34 January/February 2002 • Whole No. 217 • PAPER MONEY Figure 6: Cincinnati, Hamilton & Dayton Rail Road sight draft for $9,665.49, dated April 30, 1900. 0 t' A.....A.....,..fra'-.f_..5 _.; 1..7 DOLLARS Itx.S. /fd ./. 189 ....... ___.... A-0Eter 1 1 f., ln14 0- PI ..,(..i Z . \...v . • ON • To .: No. $ S. -_—___. 0:13 ._ CINCINNATI, HAMILTON & DAYTON OFFICE OREIGHT AGENT. V , i " /_ ....... - 0/ Station, ./ lat.`, AT HT PA TO THE 0° DERSIG otirt. . . • ....! eq' .,-......, • ,, :7" _ • OF SETTLEMENT ADVANCES /,'.41'?4- WEEK ENDING .....e4'L.7.7 CHARGE SAME TO MY ACCOUNT:" -.,... F. HI. 6I.C.RIC. TrAecraoAt.A.EstAx., CINCINNATI, HAMILTON & DAYTON R'Y CO CINCINNATI. °aro. ._.) ments for their revenue stamps. Others study signatures and dates. Another byway which does interest me is that these started me thinking about the numbers located in the lower left-hand corner of the drafts. I have acquired these sight drafts from three individuals. Who has the numbers I am missing? How many of the missing numbered documents have been destroyed or discarded over the years? How many agents at how many stations covered this railroad? There are four stations represented in the drafts I acquired. My drafts are variously dated and show differing types of payments. My present collecting trail on this subject ends with a C.H.&D.R.R. Guaranteed Trust Certificate (Figure 7). This document alone could add years to my collecting journey studying the history of these documents. Combined with some research and luck, who knows where the next leg of this journey will lead? BIBLIOGRAPHY Lankton, L. and Hyde, Charles K. Old Reliable, an Illustrated History of the Quincy Mining Company. Franklin, MI: Four Corners Press (1982). Morris, William [ed.]. The American Heritage Dictionary of the English Language. Boston: Houghton Mifflin (1982). Figure 7: C. H. & D.R. R. Guaranteed Trust Certificate for 38 shares to George Eustis & Co., dated December 4, 1884. - - ,....,; i J •-•,-2.-,_%). - ei • -2?*7- 4/4 _ t z. _ 1 _,,,,, te. .,!..-7-,%;•./.4-elgr,'!.(44,e-efe.4,7 4,4:444`,/,/ :::....i/e, ,,, ,/17, 'zikadaweA, .?,4,,,,,,,./(4,;) ./z4; j:,::/,;;,/ ----=';.--'; , CINGINNAEMILMEIN4INSAIIAVVINAIWItAMBOAD6COAWANI; - 4.%€-4ef,e8,,41 er4rea*,e..ez.yr,:et34e?,WI 7,1A-Z5,1 /Wei/Celle/4r 2144.;,•//,-...ireidir ,e/4-41-44.1.4:067..trawe er„,:c.ta7b7...„ Ay./4:7a::„Azviiii;.4,.., 4v/...,fr/ iree;".144;:,4;(--,;ei-zfrAlie.44,4-ife7;7'...frwrer,,,,e2r% tf;44r'i/usfoy-w.,;-, i'...,; ;;4eW4.4.4k.4744,e, e,/e;//ci ,- .14..eilt,4(57.4&//,-/t;i4zer, I 0 e.(7///,,4 a; -4.744/4t-kZi (90ii.4,745e'weetr dZieVit? 6.7,44' ,,,, .rf'ee a/4/W A,"eviAre,Yey/744) ' ("iirr/e/4,,,i62,(/';‘)vdw.....4-6(4-m":6//j/eav7,1. .(e-i/r/A7A<",;41.4:,(7.., r r-31t illitniss 'illbrituf ..143-;/.4-,aiieeenr..4.240(1,auei era4A4-7/1;!-4.wey/a4,444,..Ava,ya , Checks, Checks, Checks! Add to your check collection Acquire collateral material for your National collection Revenue Stamps 86 Imprints Thousands of Checks 774- _ tiritomTnuoi7--(ect _ ( oy-kjaottkilotfaitko ;,./ ./r---r teA- e.- ' --, 4,,,,,, -------.-_,,,,. • c e - — ' ' 04) Kliv FLA, ' .. .ur, ''' r 6/ -, - - Exonumia and Bank History Books Now Selling on Ebay! Ebay Seller ID: opme@teleport.com We still service want lists OREGON PAPER MONEY EXCHANGE 6802 SW 33RD Pl. Portland, OR 97219 503-245-3659 Fax 503-244-2977 Email: opme@teleport.com WORLD PAPER MONEY specialized in Poland, Russia & E.Europe ATS notes Free Price List www.atsnotes.com atsgatsnotes.com Torn Sluszkiewicz P.O.Box 54521, Middlegate Postal BURNABY, B.C., CANADA, V5E 4J6 Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals a-Ur., aSt.l......141.2.4161471.1.11, 11111,14.•11 Peter Huntoon P.O. Box 60850 Boulder City, NV 89006 702-294-4143 MACERATED MONEY Wanted information on U.S. Chopped up Money. Who made the items, where sold, and anything of interest. Also I am a buyer of these items. Top Prices paid. Bertram M. Cohen, 169 Marlborough St., Boston, MA 02116-1830 (617) 247-4754 E-mail: Marblebert@aolcom STOCKS & BONDS MONTHLY MAIL BID SALES RR's, Mining, Banking, etc. etc. Something For Everyone FREE LISTING RICHARD T. HOOBER, JR. P.O. Box 7917, North Port, FL 34287 Phone or Fax (941) 426-2620 r PAPER MONEY • January/February 2002 • Whole No. 217 35 36 January/February 2002 • Whole No. 217 • PAPER MONEY Counterfeits & Canceled Subjects Introduction HEN PARTICULARLY TROUBLESOME COUN- terfeit Original Series or Series of 1875 National Bank Notes were discovered, one way to deal with them was to cease issuing good notes, and retire those in circulation. This left the field to the counterfeits making them easier to spot with the aid of published counterfeit detectors, thus diminish- ing- the damage they could do. t THE PAPER COLUMN by Peter Huntoon There were two ways that future printings from the plate with the counterfeited subjects were handled. The first proce- dure used during 1874 and 1875, was to make part-plate printings from the affected plate, wherein the undesired sub- ject was masked and thus omitted. Such printings were carried out by the American Bank Note Company. The second pro- cedure, implemented with the introduction of the Series of 1875, was to print the full sheets, and then cut the unwanted subject from the sheets. The Series of 1875 printings were undertaken by the Bureau of Engraving and Printing. Part-Plate Printings The Secretary of the Treasury ordered the general sus- pension of $10 National Bank Note printings on July 31, 1873, because the $10 note was the most widely counterfeited denomination. As a result, part-plate printings were undertak- en for all orders executed between October 14, 1873, and June 29, 1874, wherein the $10 subjects from the 10-10-10-20 and 10-10-20-50 and 10-50-50-100 combinations were omitted. An assessment of the threat of counterfeit $10s revealed that the easiest way to deal with them was to retire the $10s for banks for which successful counterfeits existed, not by replacing the entire series. Furthermore, Congress stream- lined the redemption process in an amendment to the National Bank Act passed on June 30, 1874. This got badly worn notes out of circulation, making it more difficult for counterfeits to circulate. The pressure was off the $10s, so normal production of them followed. See Huntoon (1995, Chapters 6 and 9) for a complete discussion of this complex issue. Although production of $10s resumed, the idea of using part-plate printings to isolate counterfeits was seeded. Consequently, part-plate printings were used between 1874 and 1875, to isolate specific counterfeits for three banks: $10s from the 10-10-10-20 plate for Syracuse, New York (1341), SlOs from the 10-10-20-50 plate for New York, New York (29), and $100s from the 50-100 for New York, New York (376). The part-plate printings were labor intensive. Part-plate printing required masking the unwanted subjects on the plate so they would not appear on the printed sheets. Entirely new treasury sheet serial number sets were assigned to each of the newly created part-plate sheet combinations that resulted. This further complicated the printing process, and required additional accounting as well. Central National Bank of New York $100s The steps taken to thwart dangerous counterfeits of Original Series $100s on The Central National Bank of the City of New York (376), set all precedents involved with iso- lating specific counterfeits between 1874 and 1885. The con- cept was uniform: Don't issue the counterfeited denomina- tion. How the printings and inventories were handled evolved over time, and varied depending on who was printing the notes. The immediate solution in the Central National case was to cut the $100s from the sheets remaining in the Comptroller's inventory, and not issue them. Next, part-plate printings of the $50 subject were made by the American Bank Note Company, and these finished out the Original Series issues. Later, after the Bureau of Engraving and Printing took over printing National Bank Note faces, Bureau personnel modified the 50-100 plate into a Series of 1875, and printed Bill sheets from it. Those were delivered to the Comptroller of the Currency's office where the $100s were once again cut from the sheets. Apparently the fake Central National $100s were first detected between April 3 and September 10, 1874, because the Comptroller of the Currency suspended issuances of $100s to the bank after the April 3 shipment but before the next ship- ment on September 10. At the time, 300 50-100 Original Series sheets remained in the Comptroller's inventory, specifi- cally bank serials 8671-8970. The $100s were cut from these, and the 50s were sent to the bank September 10. The $100s were ultimately destroyed on March 8, 1876. Four Original Series $50 part-plate printings followed involving 2,700 $50s beginning on September 11, 1874. Bank serial numbering was consecutive from the previous 50-100 sheets, so 8971 through 11670 were used on these printings. The resulting single-subject $50 sheets were assigned a unique treasury serial number set beginning with A22. The Central National Bank was the only bank in the country to use the combination, so the set ended with treasury serial A2721 with the final July 21, 1875, printing for the bank. Three thousand Series of 1875 50-100 sheets were print- ed by the Bureau of Engraving and Printing for the bank in 1876. The $100s from these were cut from the sheets by the Comptroller's clerks and omitted from shipments to the bank made between July 15, 1876, and August 26, 1876. The unis- sued Series of 1875 $100s were destroyed on February 19, 1879. Canceled Subjects The labor intensive procedure of part-plate printings was abandoned with the close of the Original Series. This got rid of the extra press requirements, special treasury serial numbers sets, and separate ledgers sheets. Instead, all subjects on the plates were printed when the Bureau of Engraving and Printing; assumed the production of National Bank Note faces SOVEREIGN" YLAR SLEEVES & ENVELOPES Sovereign - Currency Storage - Just one of the categories in the Archivalware Catalog. 40 full color pages of Archival Collectibles Storage and Exhibition tools for serious collectors products. Send for your free copy & receive sam ples of our 4 mil Mylar Currency Envelopes. Request your free Catalog Tel: 1.800.628.1912 Fax: 1.800.532.9281 E-mail: info@universityproducts.com We are proud to continue the numismatic legacy begun in 1933 Specializing in Quality and Rare U.S. Currency U.S. Large Size Fractionals U.S. Small Size Nationals National Gold Bank Notes Kagin's -- an established name for conservative grading of quality notes. We specialize in building U.S. currency collections of premium quality and rare notes. Favorable terms to suit your individual needs. 98 Main Street #201 Tiburon, CA 94920 1-888-8KAGINS www.kagins.com Call Judy PAPER MONEY • January/February 2002 • Whole No. 217 37 J&F Rubenstein Buying and Selling the Finest U.S Currency Uncut Sheets Nationals - Large and Small Type Notes Fancy Serial Numbers Error Notes Auction Representation Consignments Accepted Actively Buying Collections Want Lists Serviced See us at all the major shows Members PCDA, FUN, ANA, ANS P.O. Box 960386 Miami, FL 33296-0386 Telephone: (305) 388-7187 Fax: (305) 383-8422 E-mail: Miagold@aol.com firm .4150 , 50.s ,.150; OM* 'SEX japatt 1191,114 . • . Thts•Noiq s =:; -It- Bonds, Dr tap 0 .nt WrniTttlir.S.TREASElitintAtii0140_1140v ?,4 .111111/.• ,7//, 0ZilE114tAVVII1(1-14' "'4)13:"t 1 t •■/,/ 1°,4:d ! hit:J.)10e ar-1, ;e tiont):,vok 1'1,1) 4:T:ATRS%. DepQwed:wii u .s.Treasnreralwitothigyw. /44 , 4, , ',17/7/;')//y/. \NI "4 I1 177.01VAIL.B.A-N.K- OF 11.7/ //;,,./ 013.1.—EC.C:111W 38 January/February 2002 • Whole No. 217 • PAPER MONEY and instituted the Series of 1875. The sheets were then logged through the system using the existing treasury serial number set for the full plate combi- nation. Finally the undesired subjects were cut off when it came time to issue the sheets. Bank sheet serial numbering on the issued subjects continued uninterrupted as with the part- plate printings by the American Bank Note Company for the Original Series. The only applications made of this new procedure involved isolating $100 counterfeits for New York, New York (376), New Bedford, Massachusetts (799), Pittsburgh, Pennsylvania (668), and Baltimore, Maryland (1109). The New Bedford and Pittsburgh cases are special in that the for- mal step was taken to physically cancel the $100 subjects on the Series of 1875 plates before additional sheets were printed from them. No canceled proofs are known for New York or Baltimore. Canceling the plates was really an unnecessary for- mality because the Comptroller's clerks knew which $100s not to issue. There is, of course, the possibility that the $100s for New York and Baltimore were formally canceled, and the proofs were either not made or subsequently lost. The three cases that followed the Central National Bank resulted from one basic counterfeit $100 wherein the bank title was changed (Cochran, undated). The first counterfeit from this dangerous plate appears to have been produced for The National Revere Bank of Boston (1295) in the Original Series, yet, ironically, both Original Series and Series of 1875 $100s continued to be issued by that bank. The counterfeit New Bedford and Baltimore notes simulated the Original Series; the Pittsburgh simulated the Series of 1875. The three cases are treated in turn, with the order predicated by the sequence in which the counterfeits appeared in circulation. Canceled New Bedford (799) $100 A 50-100 Series of 1875 proof with a canceled $100 sub- ject for The Merchants National Bank of New Bedford, Massachusetts (799) was discovered as we were sorting the cer- tified proofs in October, 2000. The cancellation of the New Bedford $100 resulted from circulation of dangerous counter- feits that reared their ugly heads some time in the three-week interval between April 30 and May 21, 1878. The last sheet of the 50-100 combination sent to the bank was an Original Series with bank serial 2699, on April 30, 1878. Only one 50-100 Original Series sheet remained in the Comptroller's inventory, and it carried bank serial 2700. Series of 1875 50-100 sheets 1 through 167 had been received from the Bureau on September 13, 1877, so these were in the Comptroller's inventory as well. The Comptroller sent 100 $50 notes to the bank on May 21, 1878, including Original Series serial 2700 and Series of Part-plate printings of $50 notes from the Original Series 50-100 plate for The Central National Bank of the City of New York (376), were made during 1874 and 1875, in order to isolate danger- ous $100 counter- feits in circulation. The $100 subjects were simply cut from the Series of 1875 sheets and not issued to the bank. This is a Series of 1875 proof. 44,-tVi4vrho' ,1 t4j a -- AT 4 .,(( 4A-r- eltiqNott• tionoctot r t AryfrE1) t Oepwsfita4lUmikokeU.S.TreasjireratWaslitipi ion. 40-;v' -y,/ Nat oral ilanic or • h Y. oStfur gietilat4 r• J.J.5:"). 44,28-7-7T2r-1