Paper Money - Vol. XLI, No. 3 - Whole No. 219 - May - June 2002

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VOL. XLI, No. 3 WHOLE No. 219 MAY/JUNE 2002 CONFEDERATE & SOUTHERN STATES SPECIAL ISSUE C tla.13 I I 'Tri.±111Efc". r 7.!rnyugpmrti. 47- riEttrinTIMI! 1111211 ID 10 LITIOr Lrfrol■ I _ tYk.'"'r WO' k.VR4 goo N" W.: • ■••• ifrtelinmybrih,farioirrttm trirPtitiy.ata, /he ,„„, VI COY/ KDRILICIC 4IATKI4 A TEM litrE" tTIN. - Ciletiltis6-v r /I , /////,//// /: //// //i/ , j2x.fritirivx.aaplithaw ,), :/.-M,k/f///ft 7// /1((iiie/-*: ( , /./vefilitfrAliniftejuk. (1////3*,girl: f/r/->ApArtaajmorgc), -1.- .14n .....,,,......., au. 'tea: - -sat a .... I s'iral`..... .....• 1-4 it BRENT HUGHES 1922-2001 1 Official Journal of the Society of Paper Money Collectors WWW.SPMC.ORG X667334H ti;"s .4wqRal., ,, Os 3 ."*CACCEES.Lit* 1114.14Utalia.41 IONHAIYUty, 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 /6 and under are FREE 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 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. 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.corn 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 Bourse and Consignment Information: Kevin Foley - R.M. Smythe P.O. Box 37650, Milwaukee, WI 53237 (414) 421-3498 Fax (414) 423-0343 11/ -110-4 1946.J0.4 BUB, I off 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 Tom Minerley, P.O. Box 7155, Albany, NY 12224-0155 © 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 spe- cific 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 num- ber should appear on the first page. Authors should retain a copy for their records. Authors are encouraged 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 ( ). Original illustrations are preferred. 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 commissionable; 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 exam- ple, Feb. 1 for the March/April issue). With advance approval, camera-ready copy, or elec- tronic ads in Quark Express on a MAC zip disk with fonts supplied, 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 typographical 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 2002 • Whole No. 219 129 Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XLI, No. 3 Whole No. 219 MAY/JUNE 2002 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379 Visit the SPMC web site: IN THIS ISSUE FEATURES Florida Civil War Currency 131 By Ronald J. Benice The Night We Found the Treasure 156 By Brent Hughes 'Mr. Confederate,' Brent Hughes' Writings Span Decades 159 By Fred Reed Collecting Community Remembers Brent Hughes 168 Wooden Certificate Marks GWTW Premiere 170 By Frank Clark Missouri's Confederate Government "Rises Again" 172 By Bob Cochran The Rare Photographic Confederate Counterfeits 179 By George Tremmel One Image, Three Representations 184 By Gene Hessler Did You Know The U.S. Treasury Gave Money Away? 190 By Fred Reed Some Byways in Confederate Currency 198 By Dr. Douglas B. Ball SOCIETY NEWS Information & Officers 130 Wanted: Articles of Distinction 166 Hessler to Sign Special Edition at Memphis Paper Show 182 President's Column 186 By Frank Clark Money Mart 186 Comprehensive Paper Money Index Available 186 SPMC Board Meeting, St. Louis, MO 188 SPMC General Membership Meeting, St. Louis, MO 189 George Wait Award Recognizes Forrest Daniel 194 New Members 194 Krause, Mishler to Speak at SPMC Membership Meeting 196 Letter to the Editor 204 Research Exchange 206 Editor's Notebook 206 Advertiser's Index 207 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 130 May/June 2002 • Whole No. 219 • 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 . 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 Ill, 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 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 Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515-2331 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 • May/June 2002 • Whole No. 219 131 Introduction T HE PUBLISHED LISTINGS OF FLORIDA STATE CUR- rency issued during the Civil War are lacking in details and contain numerous errors. An extensive search of records in the Florida State Archives uncovered considerable information about the quantities of notes authorized and issued by denomination and date. An expla- nation of why some varieties were created and why some listed varieties proba- bly never existed also emerged. This article presents the historical background for each issue and details on the actual notes issued. Florida Civil War Currency BY RONALD J. BENICE Background The first published catalog to include currency issued by the state of Florida was Bradbeer's Confederate and Southern State Currency (1915). Unfortunately, that author did not cite any sources and had only one illustra- tion. He indicated the quantities issued as "about" or "over" for all denomina- tions aggregated in each year. Three aspects are noteworthy: (1)A $500 1861 note was included; (2) Four varieties of paper, but no plate varieties were shown for the fractional dollar denominations of 1863; and (3) No 1865 issues were included. Bradbeer remained the standard for more than 40 years. Indeed, a 1,000-copy reprint edition was published in 1945, and another reprint came out in 1956. In 1955, B. M. Douglas and B. H. Hughes published their Catalogue of Confederate and Southern States Currency with "estimated values of all Bradbeer types." No notes were added to or deleted from Bradbeer's list. However, in their introduction Douglas and Hughes stated: "The collector is reminded of these facts: There is ample evidence that a few of the varieties listed by Bradbeer do not exist; at the same time it is definitely known that varieties not listed do exist." Unfortunately, those authors didn't tell us which notes were nonexistent nor describe any unlisted notes. In 1957 Grover C. Criswell, Jr. and Clarence L. Criswell published the 1st edition of Confederate and Southern State Currency. They prefaced: "The hope is expressed that this first volume in our series will become even more of an accepted standard than did Bradbeer's somewhat incomplete 132 May/June 2002 • Whole No. 219 • PAPER MONEY 1915 publication. The numbering system set down by Mr. Bradbeer still remains the standard, and it is significant that it should be used as the basis of the new Criswell Numbering System." Criswell pictured most of the notes, but the "over" and "about" descrip- tions of quantities issued each year were the same as in Bradbeer. With regard to the three aspects previously noted: (1) The 1861 $500 note is included with the words "No information avail- able"; (2) Both the one-signature and two-signature plate varieties are shown for the 1863 fractional denominations with four paper varieties for each; and (3) The 1865 issues are included. To retain Bradbeer's numbering system, suffixes A and B were added to the catalog numbers as different plate varieties were discovered. By the fourth edition of Confederate and Southern State Currency (1992), the 1861 $500 was still listed with "no information available." All three special papers for the two-signature 1863 fractional notes, and the watermarked paper for the one-signature notes retained their relatively common rarity ratings, but had higher prices or "extremely rare" designations in the price column. In 1998, Arlie Slabaugh added state notes to his Confederate States Paper Money. He did not list a $500 1861 note. All of Criswell's watermarked vari- eties were included. This article will present what was legislated, what the executive branch reported they did and what the evidence indicates actually happened. Figure 1, $1 1861 Essay 1861-Dated Issues $500,000 authorized February 14, 1861 and issued 1861-1862 $340,000 authorized December 6, 1862 and issued 1863 Florida seceded from the Union on January 11, 1861, and joined the Confederacy on January 28, 1861. On February 14, 1861, the General Assembly passed Chapter 1097 of the Laws of Florida, "An act providing for the issue of Treasury Notes." It required the Governor to "cause to be engraved and printed in the best manner to guard against counterfeiting, notes for circulation in the similitude of bank bills, of the different denominations of ones, twos, threes, fours, fives, tens, twenties, fifties and hundreds in amount not exceeding five hundred thousand dol- lars. Said blank circulating notes shall be signed by the Governor and countersigned by the Treasurer. ... Said circulating notes shall have expressed on the face of same to be 'receivable by the State of Florida in payment of all dues and demands.' " PAPER MONEY • May/June 2002 • Whole No. 219 133 Essays Peter Hawes of New Orleans was engaged to design the new currency and produced two essays that conformed to the February 14th law. The full story of the essays can be found in my article in the March/April 2000 issue of Paper Money. 1. $1 2. $20 Subsequent to the publication of the Paper Money article, a signed $1 essay dated May 4, 1861, surfaced. Whereas the date is appropriate, the signa- tures do not correspond to any people who ever served as treasurer or governor of Florida or even in the legislature. In fact, the names do not appear in the 1860 Florida census. Perhaps someone tried to pass it contemporaneously, or it was a mockup for review by government officials. Issued Notes Actual notes did not appear until September and October of 1861. These were engraved by Hoyer and Ludwig of Richmond instead of Peter Hawes of New Orleans. Legal issues contributed to the delay in issuing the state's notes, especial- ly the higher denominations. The February 14, 1861, enabling legislation stat- ed "said circulating notes shall be ... legal tender in payment of all entries of land, taxes, fines, duties, debts, demands and sums payable of whatsoever char- acter ..." However, the Florida Constitutional Convention on April 29, 1861, passed an ordinance "that the Register of Public Lands is hereby instructed to receive in payment for any lands sold nothing but gold or silver coin or the bills of solvent banks." Since land was the only real backing for the state paper money, this ordi- nance limited the acceptability of the paper. The remedy came on January 23, 1862, at the Governor's request, when the convention passed an ordinance that stated " payment for these lands, the Treasury Notes of the State of Florida shall be receivable." The reason for giving the engraving contract to Hoyer and Ludwig instead of Hawes may be as simple as Hawes going out of business when he enlisted in the army. Also, the blockade of the Florida coast by Union ships which began in June 1861 impeded commerce between Florida and New Orleans. Also the Hoyer and Ludwig firm was printing many of the notes for the Confederate States of America in 1861. Or the reason for this could have been politics. Warrant No. 1766 in the amount of $737.00 for "issue of Treasury Notes under Chapter No. 1097" was Figure 2, $20 1861 Essay Figure 3C 'ONE DOILLARI -4/,,7,/////(/(//7 '","")/-1- Trea,,111.1. HO 134 May/June 2002 • Whole No. 219 • PAPER MONEY Right: Governor Madison Starke Perry. Far right: Governor John Milton issued on October 5, 1861, by the Comptroller to Charles E. Dyke, a delegate to the 1860 national Democratic convention. The firm of Dyke and Carlisle published the Tallahassee Floridian and Journal newspaper and printed copies of the new constitution, legislative journals and official reports for the govern- ment. Whether they printed the 1861 currency from plates or stones engraved by Hoyer and Ludwig or were just intermediaries in getting the engraving and printing done in Richmond is not known. (In 1998, Brent Hughes published a detailed description of the lithographic technique and presses used for much of the Civil War era currency.) First Printings (Handwritten dates September-December 1861) Undated $1, $2 and $3 notes were printed first, without the proper oblig- ation. The wording was corrected when the higher denominations with engraved dates were printed. The same design, based on the Hawes $1 essay, was used on all three denominations. Madison Starke Perry was governor until October 7, 1861, and personally signed low denomination notes. Robert Ares estimates that about 3,000 $1s, 1,000 $2s and 1,000 $3s, all bearing the handwritten date September 16, 1861, were signed by Perry. Although all the notes signed by Perry were of the plate variety with the denomination spelled out at the top right, Governor Milton signed both plate varieties, with handwritten date October 9 or 10, 1861. MYLAR D ® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 4 x 31/4 $18.50 $33.50 $150.00 $260.00 Colonial 5 1/2 x 3 1/16 19.00 35.00 160.00 290.00 Small Currency 6 5/8 x2 7/8 19.50 37.50 165.00 310.00 Large Currency 7 7/Et x 3 1/2 22.00 41.00 184.00 340.00 Auction 9 x 3 3/4 24.00 44.00 213.00 375.00 Foreign Currency 8 x 5 27.50 50.00 226.00 400.00 Checks 9 5/8 x 43/4 27.50 50.00 226.00 400.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 81/4 x 14 V2 $14.00 $61.00 $100.00 $226.00 National Sheet Side Open 8 1/2 x 17 1/2 15.00 66.00 110.00 248.00 Stock Certificate End Open 9 1/2x 12 1/2 13.50 59.00 94.00 212.00 Map & Bond Size End Open 18 x 24 54.00 235.00 385.00 870.00 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 D® 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. Mel inex Type 516. DENLY'S OF BOSTON P.O. Box 51010, Boston, MA 02205 • 617-482-8477 ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163 Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals ID PILtP "WY low 6579 - (D 1,(14,45.. i rliPt Irtr. , 41VIEVVAir MC, :111/C,IICAk Peter Huntoon P.O. Box 60850 Boulder City, NV 89006 702-294-4143 F New York State Scrip and Private Issues By Gordon L. Harris 30 Years of Research • 460 Towns Over 1300 Issues • 800 Illustrations Retail $38.95 + Sales Tax Wholesale 3 Books $70.10 + 3.50 Shipping 6 Books $140.20 + 5.50 Shipping 12 Books $280.40 + 7.50 Shipping Gordon L. Harris 3127 Villa Road Sebring, FL 33870 after May 1st 5818 S. Terry Road Syracuse, New York 13219 IL PAPER MONEY • May/June 2002 • Whole No. 219 WANTED MACERATED MONEY Also any info on this subject in order to write a book (CHOPPED UP MONEY) I also buy items made out of Macerated Money. Top Prices Paid! Bertram Cohen 169 Marlborough St. Boston, MA 02116-1830 617-247-4754 e-mail: marblebert@aol.corn 135 44, 13, e.,f6 136 May/June 2002 • Whole No. 219 • PAPER MONEY Denly's of Boston Making a Market in Paper Money View our list of notes at Confederate Collectors We normally stock hundreds of Confederate Currency notes (scans are viewable at our web site) Here is a sample of our inventory Rare and Desirable Confederates Type CR# Denom Description Grade Price T-1 CR#0 $1000 Montgomery, Calhoun-Jackson, Photographic counterfeit FINE 325.00 T-2 CR#2 $500 Montgomery, Cattle at Stream & Train, Great Note Bold VF 28,500.00 T-3 CR#3 $100 Montgomery, Minerva & Train at Station, Very Pleasing VF/XF 16,750.00 T-5 CR#5 $100 Richmond Issue, Train (C) Liberty (L) F/V F 750.00 T-5 CR#5 $100 Richmond Issue, Train (C) Liberty (L) VF 1095.00 T-5 CR#5 $100 Richmond Issue, Train (C) Liberty (L) VF 1350.00 T-7 CR#7 $100 Ceres & Proserpina Flying AU/CU 2250.00 T-8 CR#15 $50 Tellus (L) Washington (C) AU/CU 275.00 T-10 CR#37 $10 Liberty, Eagle & Rebel Flag F/V F 395.00 T-11 CR#44 $5 Liberty & Eagle (C) Good Looking Note FNF 5900.00 1-15 CR#79 $50 Train, Red & Black, Cut Cancelled, Lovely Note XF 6950.00 1-16 CR#87 $50 Jefferson Davis, Green & Black VF/XF 395.00 1-19 CR#137 $20 Navigation Seated, Red & Black, Cut-out Cancelled FINE 1150.00 T-21 CR#144 $20 A.H. Stephens, Green & Black VF 675.00 T-22 CR#151 $10 Indian Family, Orange 0/P F/VF 550.00 T-22 CR#152 $10 Indian Family, Orange 0/P, Rarer Plate C FINE 595.00 - i _...1. =, - ■eti.!;4, i z,,,, "741.1 ... ...' ,944///ai, faikeuundred -ch;unr.2 ';4 , ,y",, 21#1 UZI ) //•///,,,,/ ( WEN ) P'4141;;; _ .op77,- • ...,---90!0JEIZIGOOMMXT.i.1.87=R0717.71,10X.w 11:1:74 • )* I .$7) IV....!:•14.1:r...0 (1100trig..AgatrInialli W. tie MKT res • 1/2\ • /fr,/,/7% "•". snIttrAMTUFSIAMESIMMIIIMIXXIMOYS01.- PAPER MONEY • May/June 2002 • Whole No. 219 137 T-24 CR#156 $10 R.M.T. Hunter, Orange 0/P VF 350.00 T-28 CR#235 $10 Two Women & Urn XF 295.00 T-29 CR#237 $10 Negroes Picking Cotton VF 525.00 1-30 CR#239 $10 Sweet Potato Dinner AU 295.00 T-31 CR#243 $5 Five Females F/VF 475.00 T-33 CR#250B $5 Memminger, Green Tints FNF 495.00 T-38 CR#286 $2 South Strikes Down Union, Error Date, Repaired VG/F 350.00 T-44 CR#341 $1 Steamship-Lucy Pickens CU 325.00 T-46 CR#343 $10 Ceres on Cotton AU 395.00 1-49 CR#348 $100 Lucy Pickens-Soldiers CU 750.00 T-57 CR#412 $50 Jefferson Davis, Green Tint & Reverse 300.00 T-64 CR#489 $500 Stonewall Jackson CU 695.00 T-64 CR#489B $500 Stonewall Jackson, Dark Red AU+ 950.00 T-64 CR#489B $500 Stonewall Jackson, Dark Red CU 1295.00 T-66 CR#501A $50 Jefferson Davis, Havanna Counterfeit, Plate X-A VF 195.00 T-69 CR#559 $5 Capitol Building, Richmond, Black & White sigs FINE 185.00 Denly's of Boston P. 0. Box 51010 Boston, Mass. 02205 617-482-8477 FAX 617-357-8163 OV 111111 . , irea , ' • • Figure 6B ona ,TONE DOLLARi Warg - 4/,/7///7/0-/ 72 ///i/ f(e - /// /(///.44,/ /// / / Figure 4A /—/ ii'/// //-.) Figure 5B WM-0e ON911 1A1/47// /(///7/(2// V //if() 7///7//'///'% ./7/7'7/( 7(//39 ..7%///////i/1 -iff 7>,1 61661,, - VANNIMO r H`-' /////// /////J// /(1/::1r) 7/1/ f 2 -y1i///itk,-.) (///aufr_ e.-1 Z /KO' Treik4r7:21//irt. 1.1 .111V11: littRIVIVI■ • 138 May/June 2002 • Whole No. 219 • PAPER MONEY $1: 288,000 notes ($288,000) with Plate letter A 3. "ONE" spelled out in upper right corner A. Signed by Milton B. Signed for Milton and countersigned C. Signed by Perry 4. Without "One" spelled out in upper right corner A. Signed by Milton B. Signed for Milton and countersigned $2: 11,879 notes ($23,758) with Plate letter B 5. "TWO" spelled out in upper right corner A. Signed by Milton B. Signed for Milton and countersigned C. Signed by Perry 6. Without "Two" spelled out in upper right corner A. Signed by Milton B. Signed for Milton and countersigned PAPER MONEY • May/June 2002 • Whole No. 219 139 Figure 7C wainat4ir - 4(17=i1r//r/('.r Tfgrineniok.r° Figure 8B **Wag Kap ,, All /////////i///)// : , , - /i/./7 ,)////(// //(2 ////k:f44, ,i iti ' /(///4 -1 ,wr Gam/ _ /f0', n — PNOA WI t lli AT n :v ini ovvi•J tCt $3: 4,454 notes ($13,362) with Plate letter C 7. "THREE" spelled out in upper right corner A. Signed by Milton B. Signed for Milton and countersigned C. Signed by Perry 8. Without "Three" spelled out in upper right corner A. Signed by Milton B. Signed for Milton and countersigned The countersigned "B" varieties are the most common. Most of these are dated December 6, 1861, because Resolution 21, providing for five alternate signers in the presence of the Governor, passed the House and Senate on December 5, 1861. Some notes signed by these alternate signers had apparent- ly been dated earlier. The earlier-dated A and C varieties are generally not found above Fine condition. The notes with the denomination spelled out were printed from different plates than those without the spelled-out denomination, and not from reworked versions of the same plates. The most notable other differences in the plates are in the positioning of the words "BY THE" and the curved calli- graphic ornament near the bird in the vignette. Second Printings (Engraved date October 10, 1861) $174,880 higher denomination notes were issued between November 1, 1861, and November 1, 1862. This completed the $500,000 issue authorized by the legislature on February 14, 1861. However, on December 11, 1862, the Treasurer reported that he had an additional $340,000 in blank 1861-dated notes from this issue which could be issued to aid families of soldiers in accor- dance with Chapter 1337 passed on December 6, 1862. These notes were issued in 1863. ))_ D014141111S pflorlUtt 01 1"g l itt6) gel Figure 9B Figure 10B Ame - tplr ' ;'4'41/1116- Y1.4:417-TissEkCaeY;• /77112)1 GOVCrIleral/ATV IFIECP.,"/ VilDLE M.) fi ll i/ChdiriA,:sst(;/ /// Figure 11B 140 May/June 2002 • Whole No. 219 • PAPER MONEY A breakdown by denomination is not available. It cannot usually be determined which 1861-dated notes were issued in 1861-1862 and which were issued in 1863, except for those actually signed by Milton or Perry in 1861. It is not clear that the numbering of each denomination began with "1," nor is it clear whether there were any gaps or overlaps when the 1863 release of 1861- dated notes was numbered. All five higher denominations use the same design loosely modeled after the Hawes $20 essay. 9. $5, Plate letter D A. Signed by Milton B. Signed for Milton and countersigned 10. $10, Plate letter F A. Signed by Milton B. Signed for Milton and countersigned 11. $20, Plate letter F A. Signed by Milton B. Signed for Milton and countersigned (left to right) Josh Caswell, Jim Reardon, Butch Caswell and Ken Westover Littleton's experienced team of buyers. PAPER MONEY • May/June 2002 • Whole No. 219 141 Last Year Alone... Littleton Spent More Than $14 Million on U.S. Coins & Paper Money! We can afford to pay highly competitive buy prices because we retail all the notes we buy. David Sandman, President ANA Life Member #4463; PNG #510• Society of Paper Money Collectors LA1#163• Member, Professional Currency Dealers Association Over 150,000+ Littleton Customers Want Your Notes! Wide Range of U.S. Notes Wanted! • Single notes to entire collections • Early large-size notes to high denomination small-size notes • All types including Legal Tender Notes, Silver & Gold Certificates and more • Very Good to Gem Why You Should Consider Selling to Littleton • We buy for our retail customers — so we can pay more • Fair appraisals and offers • Fast confirmation and settlement • We pay finder's fees and make joint arrangements • Over 56 years experience buying and selling coins and paper money Contact us: Buyer Phone: (603) 444-1020 Toll Free: (800) 581-2646 Fax: (603) 444-3501 or Toll-Free Fax: (877) 850-3540 Facts D97 CoinNet NHO7 Dun & Bradstreet #01-892-9653 Es ! 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: r Name Address .004. LittletonCoin Company Dept. BYA302 1309 Mt. Eustis Road Littleton, N.H. 03561-3735 L City/State/Zip Daytime Phone Best time to call rent r.1101,- Figure 12A , ' 14 1dA HA SSEE( (///%;, ./lVv/ E FABLE / • - ( / • ?Ai yonir.1.4111 S orf k 1111( --oiSSISNK Figure 13B Figure 14B ( B /// //r ,J,"/ ) ) - --- owder ( 14LAHASSEE( 0/1/1 ./ /72.11 142 May/June 2002 • Whole No. 219 • PAPER MONEY 12. $50 "50" top left, Plate letter G A. Signed by Milton B. Signed for Milton and countersigned 13. $50 "L" top left, Plate letter G A. Signed by Milton B. Signed for Milton and countersigned 14. $50 "L" top left, "Fifty" under "Florida" inverted, Plate letter G A. Signed by Milton B. Signed for Milton and countersigned 15. $100, Plate letter H A. Signed by Milton B. Signed for Milton and countersigned It is significant that there was no $500 note included in the 1861 legisla- tion. No $500 notes were mentioned in detailed reports by the Treasurer and Comptroller. A survey of auction catalogs has found no $500 1861 notes. A poll of major dealers and collectors including Grover Criswell found no one who had ever seen such a note, or knew of anyone who owns or has seen such a 41 CI.:1 L TA LI. AILISSLC / 7,/7//(///F IVE D()LLARS % /1/7//7/ 7311,11ZISAWA7 r (0/ / / PAPER MONEY • May/June 2002 • Whole No. 219 143 note. From all the evidence available, I conclude that no 1861 $500 notes were printed. 1862-Dated Issues $500,000 authorized $233,00 issued in 1862; $159,605 issued in 1863 Chapter 1279, "An Act to Provide for the Payment of the War Tax" was signed by the Governor on December 16, 1861. It authorized the issue of notes, not to exceed $500,000, of denominations not less than $5 nor more than $100 dollars. Unlike the previous issue that the Governor was too busy to sign, these were to be signed by the Comptroller and Treasurer. The notes' obligation was changed to "will pay to bearer on demand." These notes would be used to pay a tax levied on Florida by the Confederate States of America. Hoyer and Ludwig of Richmond prepared a new design which was used for all denominations in this issue. 16. $5, engraved date January 1, 1862 7,000 notes A1-7000 issued in 1862 3,025 notes A7001-10025 issued in 1863 17. $10, engraved date January 1, 1862 4,600 notes E1-4600 issued in 1862 18 notes E4601-4618 issued in 1863 A. Plain E plate letter B. Fancy E plate letter 18. $20, engraved date January 1, 1862 2,600 notes F1-2600 issued in 1862 15 notes F2601-2615 issued in 1863 A. Plain F plate letter B. Fancy F plate letter Figure 15A Figure 16 1// DOALLARs'///iii (ii/Pemer EILLI/LISSEEr ///, (11ffl elmind 1 -/e/if WI 9 "t'D DO_IALAasklWiti 191P4,211//f/ VILLMISAWE / f/IJK9 Figure 19 Figure 20A Figure 20B //Ad BUMBRD DOLLARs kk/lia pi/pet:my/ft madiugswi- iii //de wig Ittrrtband 144 May/June 2002 • Whole No. 219 • PAPER MONEY 19. $50, engraved date January 1, 1862 2,000 notes G1-2000 issued in 1862 440 notes G2001-2440 issued in 1863 20. $100, engraved date January 1, 1862 1,220 notes H1-1220 issued in 1863 A. Plain H plate letter B. Horizontal bar missing in plate letter H The total value of notes issued under this Act was only $392,605. This included $159,605 released in 1863 under the December 6, 1862, Act to aid families of soldiers. As the Governor said in a November 16, 1863 speech, "the amount authorized to be issued for the purposes of the government far exceed- ed the necessities of the state." 1863 -Dated Issues Chapter 1372, enacted on December 13, 1862, called for the issue of $300,000 of Treasury Notes with signatures of the Governor and Comptroller ArT' '74-S atiMMfAlt;' 7.4,S131`!„.. 0,LLARS .1,f ////////// _ &V/' 7-41,563.1-1:ergrpne, SPMC LM #6 CSA, Obsolete Banknotes, Scrip, Bonds, Checks & Paper Americana ///////,/,/ 4 lila,/ /' , hiti/mtwe//i, 14,C6-",04 tr'Z'..„ 41, o 41.1i cti % / t 1/ bl/ //////' /////,% ce. *5 tel' PAPER MONEY • May/June 2002 • Whole No. 219 ************************************************** CSA & OBSOLETE NOTES ARE MY BUSINESS!! I have been a full-time dealer in Confederate and obsolete currency for over 25 years. I've helped many collectors assemble complete CSA type sets as well as find rare varieties. I've also helped hundreds of collectors with their obsolete note interests from rare to common. My catalogs are well known in both the dealer and collector fields for their reference value. If you are a serious collec- tor of CSA notes, bonds or obsolete bank notes, I can offer you the following: 1. Thousands of bank notes in the Confederate and obsolete areas. 2. Accurate descriptions, grading and fair prices. 3. Reliable dealings with prompt and friendly service. 4. The knowledge and research capabilities to properly attribute these notes. 5. A want list service that has helped many find notes which they could not locate. 6. Top prices when buying one note or an entire collection. If you are selling, I want to buy your notes! 7. The respect and integrity of dealings that are well known in the hobby. 8. Representation to bid for clients at major auctions. 9. Paying finder's fees on collections referred to me. 10. Appraisal services for reasonable fees. 11. Institution and Museum services for note authentication and valuations. 12. Strong cash decisions and immediate payment for your material. If you collect, I offer my 1st edition 2002 60-page catalog for $5.00, refundable on first order. It features one of the largest CSA note inventories available, an extensive obsolete and scrip section, uncut sheets of notes, U.S. fractional notes, a Continental and Colonial section and a reference book section. Whether you are buying or selling, I would be pleased to have you contact me. HUGH SHULL "TWENTY-FIFTH YEAR IN BUSINESS" P.O. Box 761, Camden, SC 29020 PH: (803) 432-8500 FAX: (803) 432-9958 cia Charter Member ************************************************** 4L-1=.3ascrCporcatrmrinict=„. -x...7 ==,-1,-..-t= Receivable by Ai Statrof Floridd:n payment of al duel 1knai-d 3i24- THE STATE OF FLORIDA will pay to the bearer on demand ) ' 10 riEr EIREST _ • isio Treasure _ghe !Public _laudeO edged.1117)16(-(X: e I Tallahan•ee, PeVy. 2na, MB. `.(1== 146 May/June 2002 • Whole No. 219 • PAPER MONEY as on the 1861 notes. It specified the eight denominations and quantities shown below plus $25,000 in $20s, $25,000 in $50s and $50,000 in $100s that were not issued. However, on Nov. 16, 1863, the Governor reported to the legislature: "It was early discovered that there were too many large bills in circulation, and that there was a great demand for notes of a small denomination, par- ticularly for fractional parts of a dollar. No blanks have been prepared for the twenty, fifty and one hundred dollar bills authorized. ... In lieu, there- fore, of the blanks for $50,000 in bills of the denomination of one hundred dollars, I had that amount of blanks in fractional parts of a dollar engraved, but ... they were not prepared and issued. It is for your honorable body to determine whether they shall be used or not." Chapter 1398, which became law on November 30, 1863, amended the previous act to substitute $50,000 of fractionals for $100 bills. WO. owl/ • ••••■+,.., Receiv ble 7 the State of Florida in payment all dues and demands. THE STATE OF FLORIDA Figure 21 10 will pay to the bearer on demand 4E5e TS'. 10 Goer. Treat.. *tbs.% Feb 6.) ffhe _Tub& Yonds of the griedi' eti • M. • •••• ■■• *al. Ow • ■••■ • *IP Below: Figure 22C. Below right: Figure 22C back Fractional Issues, engraved date February 2, 1863 $50,000 authorized 12/13/62 and issued in 1863 $50,000 authorized 11/30/63, $51,084 issued in 1864 No Engraver's Imprint 21. lOo, two signature spaces - for Governor and Treasurer - plain paper 22. 100, one signature space - for Treasurer A. Plain back, no watermark B. Plain back, watermarked paper C. Note back (i.e. these 100 notes were printed on the blank backs of sheets of unissued Florida notes, so portions of these other Florida notes appear on the backs of the 100 notes.) D. Bond back 23. 250, two signature spaces 24. 25(t, one signature space A. Plain back, no watermark B. Plain back, watermarked paper C. Note back D. Bond back STATE Or FLORIDA Figure 23 s. 25 Can't.. L. Treas'r. Inhume% Faby. Stud, VW Below left: Figure 24DShe_Tab& Tondo of tfie–grale Below: Figure 24D back 5f!=sfet=!!!fesse4=MOtC!* Receivable by the State of Florida in payment-of all dues and demands. . 2a Tr urer. Tellabceaee, Feb'y. rein, 1POI. gitibiLC FDA , ritE STATE F g will par to the O04 11,11,1 .1111111870 FOUR Q ARS,u lira i M 1111/11,1.1:1, 410511./I t t dale al il.raatd tir WU I SW u-1/(,r In 15,. heoo !larder 1809 FOUR I Thilabiusecel,A9F its B.,,hyr r fira elta or lirafa J, at ',a/ data an 60017111.. FF I DA ., :• THE , ,,, finidaffr Erlipayn, the mail lit OdobrelFiG7 FOUR 0 at datetji ialhetnuer,heaailt t it..ilidiul ,,li , ',.. 2....:—.1 e prm ,r ` Kj .— .. , THE STAIN "fripar lathe btevF? .•Fl‘r 1 1867 FOUR 01 Mattiftts-sty, Adal dr Band yoA he ti hal ⩔ 1.1,4R II11./e6.70 Ili 1/ datt'lint C • r .)150 F tS. 501 Trear. I 4Z'd 5lee 1007. law S7ffIte _quid& _Tamil of the ate til rt4er g —..—.--.—. • . I will ,‘ t mind •,,,;. Receivable by the State of Florida in payment of all dues THE STATE F FLORIDA PAPER MONEY • May/June 2002 • Whole No. 219 147 Receivable by the Stale Florida in payment of all dues and demands. THE Horn eceivrable by ,ri , e State of Florida in payment of all dues 7a and demands. r, THE STATE OF FLORIDA will pay to the bearer on demand 50 Fi I tts. 50 Ar- Tr, asirer. .ohs _gab& !Ands af the et(fte3did Teb'y fled, IE31. • 25. 500, two signature spaces 26. 500, one signature space A. Plain back, no watermark B. Plain hack, watermarked paper C. Note back D. Bond back I believe the two-signature-line notes were printed for the 1863 release in accordance with the enabling legislation (Chapter 1372), and that the one-sig- nature-line notes were from the unauthorized printing by the Governor released in 1864 after being authorized by Chapter 1398. The single signature was more expeditious and distinguished these notes from the first printing. Figure 25 Figure 26A " 12,600 "5. $2 15,000 notes authorized Figure 27 L. • PI,••• 4611.7, Tr Figure 28 148 May/June 2002 • Whole No. 219 • PAPER MONEY Given the increasing paper shortage, this hypothesis is reinforced by the wide- spread presence of one-signature notes printed on the backs of other notes or bonds and the absence of such reuse of older fiscal paper on two-signature notes. Indeed, this issue marks a transition point. The 1861, 1862 and early 1863 issues were all on plain paper. The late 1863 and 1864 issues were mostly on paper produced for other purposes, and the 1865 issues were printed on the back of 1864 issues. The watermarked notes are rare. The nature of the watermarks is not completely resolved. Bradbeer listed the watermarks as W. T. & Co., the same as the common watermarks on the 1864 issues. I believe that Bradbeer made an unwarranted assumption -- at most one letter or two partial letters of the 1864 W.T. & Co. watermark would fit on these small notes. No such notes have been seen by any of the collectors or dealers I surveyed, nor have there been any appearances in auctions. Similarly, I cannot confirm the existence of any 100 notes watermarked "Five" as listed in Criswell. On the positive side, I have seen 100 notes watermarked "TEN," and they have appeared in auctions and collector inventories. But I cannot confirm the existence of any 250 or 500 notes watermarked "TEN." On some notes, incorrect or defective type was used and the date appears as 1866 or 1868. There are 500 one-signature notes with an inverted "Ten" overprint. [NASCA sale 11/12/79] Other similar errors probably exist. Dollar Issues, engraved date March 1, 1863 $150,000 was authorized for the five denominations printed $114,635 issued in 1863, balance in 1864 $100,000 authorized for $20, $50 and $100 denominations not printed Engraved by Keatinge and Ball, Columbia S.C. All have plate letter J and denominations overprinted in red Signed by Governor and Treasurer 27. $1 30,000 notes authorized Approximately 24,000 issued Figure 29 Figure 30 Figure 31 PAPER MONEY • May/June 2002 • Whole No. 219 149 29. $3 10,000 notes authorized Approximately 12,600 Issued 30. $5 6,000 notes authorized 5, 4,200 " 31. $10 3,000 notes authorized ,, 4,200 " 1864-Dated Issues $300,000 authorized December 3, 1863, and issued in 1864 Engraved by Keatinge and Ball, Columbia, S.C. Chapter 1420, enacted December 3, 1863, authorized the issue of $300,000 in treasury notes to help fund a $500,000 appropriation for relief of families of soldiers. Denominations were not specified in the legislation nor in Comptroller and Treasurer reports that confirmed that all were issued. Designs are the same as March 1, 1863 issues. Notes were signed by Governor and Treasurer. All bear plate letter J. 32. $1 dated January 1, 1864 A. Watermarked W. T. & Co. B. Plain paper 33. $2 dated January 1, 1864 A. Watermarked W. T. & Co. B. Plain paper May/June 2002 • Whole No. 219 • PAPER MONEY Figure 32 Figure 33 I 0 TWO') OLL ARS ' / - 4 SW? Figure 34 Figure 35 150 34. $3 dated January 1, 1864 A. Watermarked W. T. & Co. B. Plain paper 35. $5 dated March 1, 1864 A. Watermarked W. T. & Co. B. Plain paper PAPER MONEY • May/June 2002 • Whole No. 219 151 Figure 36 36. $10 dated March 1, 1864 A. Watermarked W. T. & Co. B. Plain paper Douglas Ball has informed me that W.T. & Co. is Wiggins, Teape & Co. of London, a firm that supplied paper to the Confederacy. There is evidence that the watermark didn't always span all notes on a sheet. The unwater- marked $1, 2 and 3 notes are scarce. 1865-Dated Issues Chapter 1463, passed December 7, 1864, authorized an issue of $350,000 in treasury notes "to meet the wants of the government." The denomination selections were left to the Governor. All of the notes are dated January 1, 1865, and have no printer's imprint. They were printed on the backs of 1864 Florida state notes with spaces for the signatures of the Governor and Treasurer. All have plate letter K in Gothic type similar to Cloister Black and Hanover Bold type fonts. 37. $50 $40,000 (800 notes) printed 38. $100 $120,000 (1200 notes) printed Figure 37 Figure 38 Figure 38 back Figure 39 152 May/June 2002 • Whole No. 219 • PAPER MONEY 39. $500 $190,000 (380 notes) printed Although records show these notes were printed and sent to Governor Milton in January 1865, all surviving copies were signed for Abraham K. Allison who became Governor on April 1, 1865. Since the Allison notes bear low serial numbers, it is unlikely that Milton signed any 1865 notes. Analysis of known serial numbers indicates approximately half of those printed were actually issued. There is evidence of an additional unauthorized printing of $363,500 of $50s in April 1865, but no evidence that any of these were signed or issued. Although the Civil War and the Confederacy officially ended with Right: Governor Abraham K. Allison Far right: Charles H. Austin, Treasurer on all notes Collectibles INSURANCE For The PaperMoney Collector our omeowners insurance is rare y enoug to cover your collectibles. We've provided economical, dependable collectibles insurance since 1966. to_upirs#1011)24_114.1Atilvati • Sample collector rates: $3,000 for $12, $10,000 for $32, 525,000 for $82, S40,000 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. MIME VISk • Replacement value. We use expert/ professional help valuing collectible losses. Consumer friendly service: Our office handles your loss—you won't deal with a big insurer who doesn't know col- lectibles. •Detailed inventory and/or professional appraisal not required. Collectors list items over $5,000, dealers no listing required. See our online application and rate quote forms on our website! Collectibles Insurance Agency P.O. Box 1200-PMC • Westminster MD 21158 E-Mail: More Info? Need A Rate Quote? Visit: Or Call Toll Free:1-888-837-9537 • Fax: (410) 876-9233 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 4543 Greensboro, NC 27404 Telephone: (336) 299-7061 E-mail: PAPER MONEY • May/June 2002 • Whole No. 219 153 154 May/June 2002 • Whole No. 219 • PAPER MONEY General Lee's surrender at Appomatox on April 9, 1865, it is possible some of these notes were signed later. Union troops did not reach Tallahassee, the only Confederate States capital never captured during the war, until May 10, 1865. Acknowledgements In addition to those cited in the text and references, I would like to acknowledge helpful communications with Gene Hessler, Hugh Shull and Bill Youngerman. The photographs of the Treasurer and three Governors were provided by the Florida State Archives. References Acts and Resolutions Adopted by the General Assembly of Florida, Tallahassee (1861- 1865). Annual Reports of the Comptroller, Governor and Treasurer in the Florida State Archives, Tallahassee (1861-1865). Ares, Robert. "Florida Governor Believed in States' Rights," Bank Note Reporter, May 1997, pp. 24-28. Ball, Douglas, private communication, October 18, 1999. Bankers' Magazine and Journal of the Money Market [The], London (1861-1866). Bankers' Magazine and Statistical Register [The], New York (1861-1865). Benice, Ronald J. "Florida's First Civil War Currency: 1861 Essays," Paper Money, March/April, 2000, pp. 35-39. Bradbeer, William West. Confederate and Southern State Currency. Mt. Vernon, N.Y. (1915). Criswell, Grover C. Jr. and Clarence L. Confederate and Southern State Currency. Pass- a-Grille Beach, Florida: Criswell's (1957). Criswell, Grover C. Price List and Supplement to Volume 1 of Cr swell's Currency Series. Pass-a-Grille: Criswell's (1960). Criswell, Grover C. Price List and Supplement to Volume 1 Criswell's Currency Series. St. Petersburg Beach: Criswell's (1961). Criswell, Grover C. Jr. Confederate and Southern States Currency, 4th edition. Port Clinton, Ohio: BNR Press (1992). Douglas, B. M. and B. H. Hughes. Catalogue of Confederate and Southern States Currency. Washington, D. C. (1955). Hughes, Brent. "Chemical Printing Saved the Confederacy," Bank Note Reporter, January 1998, pp. 46-47. Ordinances Adopted by Constitutional Convention, Tallahassee (1861-1862). Slabaugh, Arlie R. Confederate States Paper Money, 9th edition. Iola, Wisconsin: Krause Publications (1998). Thomas, David Y. "Florida Finance in the Civil War," Yale Review, November 1907, pp. 311-318. Weinberger, Norman S. Encyclopedia of Comparative Lettelforms. New York: Art Directions (1971). 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 E-mail: of -rrrrt-S tf,1 TR-CM Your Hometown Currency Headquarters $$ Top prices paid for ALL National Bank Notes $$ We have thousands of Nationals for sale Visit us at our website or e-mail us at Call 1-800-327-5010 for a Free Catalog or write 3:;,.W.W2.4:4•WiKATNL-5 PAPER MONEY • May/June 2002 • Whole No. 219 155 EARLY AMERICAN NUMISMATICS P.O. Box 2442 • La Jolla, CA 92038 • (858) 459-4159 • Fax (858) 459-4373 • UNITED STATES COINS AND CURRENCY • INDIAN PEACE MEDALS • COLONIAL CURRENCY • OBSOLETE CURRENCY • ENCASED POSTAGE STAMPS • FRACTIONAL CURRENCY • REVOLUTIONARY WAR e.?tret e , Quieted. • CIVIL WAR & GREAT AMERICANA Subscribe to Receive our Beautiful, Fully Illustrated Catalogs Only $72 for a Full Year's Subscription of Six Bimonthly Issues Visit Our Website: William Youngerman, Inc. Rare Coins & Currency "Since 1967" P.O. Box 177, Boca Raton, FL 33429-0177 r Member: PNG, PCDA, ANA, SPMC and others The Night We Found the Treasure BY BRENT HUGHES May/June 2002 • Whole No. 219 • PAPER MONEY Plekil, en, 44.24.Ca. ALA:-'••• ;re ILINN,U r m-rut mu, 40 7frel, 156 Figure 1. This photograph of the "No. 1" mounting page in the Thian album shows how the Almost Uncirculated CSA Type 1 $1000 "Montgomery Note looked when placed inside the ornate frame printed on each such page. The note was held in place by two loops of sewing thread placed vertically near the portraits of Calhoun and Jackson, just missing the top and bottom edges. The note is an exquisite steel engraving by the National Bank Note Co. of New York. It was printed in black and green on bank note paper. Since these notes bore interest of 10 cents per day, the day of issue was written on its face. It bears the autographs of Alexander B. Clitherall, Register, and Edward C. Elmore, Treasurer. B Y 1952 WASHINGTON, D. C. HAD MADE AN ALMOSTcomplete transition from the chaos of World War II. Automobileswere available again in almost any brand, and local coin and currencycollectors could again drive down to meetings of the Washington Numismatic Society at the Smithsonian Institution. Coins were the major interest since only a few members collected paper money. I was the only member who had a serious interest in Confederate cur- rency and essentially had the specialty all to myself. Hoping to attract new members, the club president, E. Ward Russell, invited the Washington Star newspaper to send a reporter and photographer to cover one of our meetings. To aid the photographer, I was asked to mount about 25 Confederate notes on an upright board. After the meeting, a picture was taken of my wife and me standing in front of my display. As often happens, the photographer asked me to point to one of my notes. The photo showed the title of my display, "Confederate Currency." When the resulting article and photographs appeared in the Sunday edi- tion telephone calls began to come in. One such call to Russell was from a Mrs. Geiger who asked for assistance in selling "a large hoard of Confederate notes." She was about to have surgery, she said, and wanted to pay for it with the proceeds of the sale. Russell called me and said that he knew nothing about "Rebel" currency, rOattignITECT PAPER MONEY • May/June 2002 • Whole No. 219 157 '4?.../A11-tveUntligell/A)/ki,) „/„.4-01:44. 6:0 •tt $ - • 0-3-7N • • but still felt that he should try to help the lady. I agreed to meet him at the woman's home two nights later. I had been collecting since 1947 and had just finished reading a new book titled Confederate Treasury Notes by a Philadelphia scholar named Philip H. Chase. I am told that the book was an adaptation of Mr. Chase's doctorial dis- sertation, and represented years of research on his part. I know it was a revela- tion to me. Superbly organized, the book had photographs of all the design types plus a myriad of other features. But I still had little knowledge of the post Civil War history of Confederate currency. Today, I am grateful to Dr. Douglas Ball for supplying that data through his articles in various publications and his foreword to the reprint edition of a book known to collectors as "the Thian Register." But a half century ago as I drove out Connecticut Avenue I didn't know what to expect. I parked in front of a nice home on a side street. Russell and I walked to the front door where Mrs. Geiger's daughter greeted us. "Mother is already up in the attic waiting for you. -Walk up these stairs." We did so and found ourselves in a floored attic which was being used for storage of household items. Sitting in a comfortable chair near a table lamp was Mrs. Geiger, a spry, alert lady who smiled when we introduced ourselves. "Welcome to my treasure house," she said. Near her were two or perhaps three leather suitcases, the straps of which had already been unhooked. "It's all in these suitcases where it's been since 1885. Go ahead and open them." Russell and I complied and found ourselves looking down on hundreds of white envelopes arranged neatly in the suitcases. "Are these in any particular order?" I asked. "I doubt it," she replied. "I've played with them all my life, so it doesn't matter. Feel free to examine them." I chose an envelope at random. The years have passed and my memory has faded somewhat, but I believe the envelope had a neatly written notation "$20 - 2/17/64" plus some other numerals that may have been some kind of inventory designations. The envelope contained what appeared to be about thirty $20 notes of the February 17, 1864 issue, probably the most common of Confederate notes. The Confederacy issued more than four million such notes at a time when they bought very little. I opened a few more envelopes hoping to find the rare early issues, but found nothing. Somebody, it appeared, had gone to a lot of trouble organizing and preserving thousands of notes which in 1952 had little value to collectors. "Mrs. Geiger," I asked, "do you have any idea how many notes you have here?" She smiled. "Oh yes. We counted them once years ago. There were 15,200 or so. I don't have an exact figure. We'll just call it an even 15,000." "And how much do you want for them?" I asked. Figure 2. The jewel of the Thian album in the Geiger hoard was this Crisp Uncirculated specimen of the famous CSA Type 2, the $500 "Montgomery Note." The vignette at center is a famous engraving by James Smillie titled The Crossing. The detail is such that under magnification the words "Look Out For Bell Rings" can be read on the tiny sign near the horseman at upper right. Raphael Thian devoted the first 39 pages of his album to lengthy descriptions of all the type notes. His description of this vignette is as follows: "The central vignette represents a locomotive and train of cars, traveling to the right, over a stone bridge spanning a shallow stream in which the foremost of a drove of cattle are seen standing and drinking. The boy with them appears determined that the legs of his pan- taloons shall escape a wetting, while the horseman who brings up the rear, and the lad on foot accompanying him, seem aware of their dangerous proxim- ity to the moving train, and are press- ing forward down the narrow lane leading to the water's edge. Two large oaks are seen on either side of the lane, and with another, towering above the undergrowth which fringes the left bank, frame and lend grace to the scene." This note is another mas- terpiece by the National Bank Note Company of New York, being printed on banknote paper in black and green. Only 607 of this type were issued, with only about one hundred known to exist today. r NV • • Ili r ittOV- /AV 158 May/June 2002 • Whole No. 219 • PAPER MONEY Figures 3 and 4 (below and following) The other two "Montgomery Notes" are CSA Type 3, the $100, and CSA Type 4, the $50. The set of four were all produced by the National Bank Note Co. of New York before the Civil War erupted. All were printed in black and green with blank backs. Only 1607 of each of these last two designs were printed and issued. The four notes collectively were the only ones bearing the name "Montgomery" since the capital was moved to Richmond, VA soon after the Civil War began. "Well, I noticed some just like these in the window of that hobby shop in Georgetown a few months ago. They were priced at 75 cents each, so I'd like to get 50 cents a piece for the entire lot." Russell and I looked at each other. The lady was talking about $7,500, which in 1952 was a lot of money. To give young people an idea of the pur- chasing power of the dollar in those days, I remind them that in 1955 my wife and I bought a nice brick home in northern Virginia for $15,750. It took us twenty-five years to pay off that mortgage. Russell spoke first. "Well, that lets me out. I just wish I had that kind of money." "Same here." I responded. "But we will try to find you a buyer if you can give us a few days. Meanwhile, would you allow me to come back some time at your convenience and pick out just one of each design for my collection? I should be glad to pay you full retail price for them." She seemed to hesitate. "I suppose so," she said, "but I really want to sell the whole thing. I don't want my daughter to be worried about my hospital bill. I want to pay my own way." My curiosity got the better of me at that point and I asked, "Could you tell us how you happened to acquire these notes? If you had rather not, we understand of course." "It's quite alright," she said. "My grandfather worked at the Treasury Department during and after the Civil War and had become interested in the Confederate money which was stored near his office. One day in 1885 his boss came in and told him that the department needed office space, so the old file cabinets and their contents were going to be disposed of, along with the Rebel Archives. Knowing of my grandfather's interest in the paper money, he told him that he could have it all, but he had to get it out of there that day. "Grandfather went to a nearby livery stable, rented a horse and buggy and hauled it all home. He felt he had saved it from being burned." She stopped for a moment as the old memories came flooding back. "The bills have been just sitting here ever since. My father never really got interested in it, but he still kept it." I recall that I was amazed at the time. Now I know that this sort of thing actually happened in several government departments in the 1880s. I will offer the details later in this article. As we were about to leave Mrs. Geiger, I asked one final question. "Did your grandfather bring home anything else, like bonds or letters or odd docu- ments of any kind?" Mrs. Geiger opened the small drawer in her lamp table and took out what looked like a black book of some kind. "He brought home two of these. Years ago our maid quit one day, and it was months before we found out that she had stolen one of the albums." She handed the remaining album to me. Brent Hughes, 1922-2001 PAPER MONEY • May/June 2002 • Whole No. 219 159 `Mr. Confederate,' Brent Hughes' Writings Span Decades, Publications, Topics By Fred Reed AS COLLECTORS OF PAPER MONEY, WEfeast on history. Some of us gorge ourselves; in drunken gluttony we bite it off in great chunks. Others nibble at its tastiest morsels only, savoring each succulent, rare bite. Still others of us manage to dine well over a long period of time, enjoying each course in its turn. Brent Hughes was one of the latter. For decades he returned repeatedly to the smorgas- bord that is Confederate Currency, savored every course, and shared its choicest morsels with the rest of us. We were saddened by reports of the passing of Brent Hughes on Oct. 9 of cancer. Mr. Hughes was well known in the hobby as the most prolif- ic author on notes of the Confederate States of America. More than 40 years ago, Mr. Hughes was profiled in one of the earliest issues of Coin World for his passionate research on Confederate finances. Brent's lifelong passion and much hard work resulted in a steady stream of feature articles on all aspects of CSA finances, which he generously offered the rest of us in the pages of this magazine and other periodicals. Mr. Hughes was born on July 17, 1922. He was employed at the Federal Bureau of Investigation as a graphics specialist for 36 years. His specialty was court room exhibits. After the Kennedy Assassination in 1963, Brent prepared FBI mod- els of Dealey Plaza and the Texas Schoolbook Depository, the site of the crime. At the time of his death, Mr. Hughes had the lowest active SPMC number (#7). Over the years, he co-created the SPMC logo, was presented two SPMC Awards of Merit (1994 & 2000) and the Nathan Gold Memorial Lifetime Achievement Award (1997) "for his advance- ments of paper money collecting through his writings." In addition, Mr. Hughes served as a Society Governor (1969-74). He won three SPMC literary awards, and a number of his articles on hand will be published posthu- mously in his memory. We in SPMC were honored by Brent Hughes' pres- ence over such a long period of time, but Brent con- tributed to our hobby in many other ways, too. He was a featured speaker at the 1970 Virginia Numismatic Association convention. The following year he drew upon his artistic talents to design the American Numismatic Association convention medal for its 80th anniversary con- vention in Washington, DC. in 1971. This 38-mm bronze medal had a bust of George Washington on its obverse, and the Washington Monument, the Capitol and a flag on its reverse. In 1972 Brent designed another medal, this time for his local Washington Numismatic Society. Mr. Hughes was survived by his wife of 56 years, Virginia, and a son, Richard L. Hughes. Funeral services were held in Spartansburg, SC, and internment was at Greenlawn Memorial Gardens there. A memorial in his name was established at Spartansburg Methodist College, 1200 Textile Rd., Spartansburg, SC 29301. In searching for a suitable trib- ute to "Mr. Confederate" (Brent wrote more often about Confederate notes than any other individual), we decided to attempt to compile a bibliography of his published works. Mr. Hughes was also very knowledgeable about American history, and paper money restoration. What follows is a com- pilation of his articles in Paper Money (68), Bank Note Reporter (96), Coin World (7), Numismatic News (3), The Numismatist (1), Washington Times (58), New England journal of Numismatics (1), and the South Carolina Numismatic Association Scanner (1). We were assisted in preparing this bibliogra- phy by Alan Herbert, George Tremmel, Beth Deisher, Bob Cochran and Austin Sheheen. Brent's writings in this magazine and the monthly tabloid Bank Note Reporter are no doubt most familiar to readers. Most were well researched and written 2,000- 2,500 word features. When his articles appeared in the Washington Times, a simple appellation "Brent Hughes is a freelance writer in Inman, SC" followed his articles. Of course there are "freelancers" who have an article pub- lished once a year, and then there are working writers. Brent was the latter. He was prolific. Brent's pieces for the conservative publication were 1,000 word essays he crafted for a weekly Civil War page the periodical pub- lished every Saturday. Intended to appeal to a broad audi- ence, these works were not always numismatic, but many were. In 1955 Brent co-authored with Washington, DC dealer B.M. Douglas the 32-page pamphlet Catalogue of Confederate and Southern States Currency, with Historical Notes, both compiled and published by the duo. On his own account, Brent also published a series of monographs, including The Saga of Sam Upham: 'Yankee Scoundrel,' the revised edition of which appeared in 1988. The author 1.b11..tift..tii 7%, ///0///45. P'? :, ....,5 ., •-, ,,,, ,, ..... r:. t -- ..4.0.thlipritp61-Atijxfim' 1 immatixtrumvoinv.,, . M.2(00a OA F; il tV or:.. :WI' g .t. .r, atutiom it,.0,4,..,......,____,. i ) s .,,,- :".77. 1■,... 160 May/June 2002 • Whole No. 219 • PAPER MONEY I opened the cover and read the first page: "Confederate Note Album for a Complete Collection of the Various Designs for Face and Back Selected by the Confederate Treasury Authorities for the Currency of the Confederate States of America, 1861-1865." I could hardly believe it. Could this be a complete set of Confederate notes contained in such a small book? I turned the page and saw the copyright notice: "Entered, according to Act of Congress, in the year 1876, by Raphael P. Thian, in the Office of the Librarian of Congress, at Washington, D. C." I then flipped through pages 6 through 45 which had detailed descrip- tions of the design types. Finally I came to the pages reserved for notes, each of which held a note suspended by two vertical loops of sewing thread. An ornate printed frame surrounded each note. The light in the attic was not bright, but it was good enough that note number one, the beautiful $1000 Montgomery Note fairly jumped off the page. The green ink was vivid; the engraving, exquisite. It was the first Montgomery Note I had ever seen and I felt my stomach tighten. The next page held a beautiful $500 Montgomery Note followed by a $500 "Stonewall Jackson" note Figure 4 of the February 17, 1864 issue. Thian had chosen to arrange the notes by denomination rather than date. I hurriedly flipped through the other pages and saw that the album was complete. I closed it and handed it back to Mrs. Geiger who returned it to the table drawer. The album is the real treasure," I told her." So far as I can tell without a complete search, the notes in the suitcases are the plentiful 1864 and perhaps 1863 issues, but this album is something special. I hope you don't have to sell it now because it really belongs in the Smithsonian. Perhaps they will buy it from you." "I hope I can keep it, but it all depends on how much I can get for the suitcases." We said goodnight, and left the lady still sitting in her chair. Her daugh- ter thanked us for dropping by, and Russell told her that he would be in touch. I drove home that night with visions of Montgomery Notes dancing in my head. Early the following Saturday morning my telephone rang. It was Mrs. Geiger. "Mr. Russell is here with the dealer from New York who is looking through the suitcases." "Fine," I replied. "I hope he makes you a good offer without you having to sell the album." That's what happened. The deal was made and the fortunate dealer went back to New York with the suitcases. The album remained in the table drawer, I suppose, and life went on. Mrs. Geiger's surgery was successful and she lived quite a few years longer. PAPER MONEY • May/June 2002 • Whole No. 219 161 not only described the notorious CSA counterfeiter in great detail, but provided many diagrams and original illustrations, as well. Likewise Brent also published pam- phlets on Emanuel Ninger -- Master of Homemade Money (1988), and The Confederate Treasury Train -- Facts, Fables (1989). A Partial Listing of Brent Hughes' Bibliography $160,000 Is Missing, Paper Money, 1985, Vol. 24, No. 120, p. 263. A Close Call for the Confederacy, Paper Money, 1987, Vol. 26, No. 127, p. 14. A Confederate Man of Honor, Paper Money (unpublished). A Confederate Mystery, Paper Money, 1985, Vol. 24, No. 118, p. 163. A Mystery Man of Confederate Currency, Paper Money (unpublished). Addenda to Cardboard Currency, Paper Money, 1st Quarter, 1972, Vol. 11, No. 41, p. 28. Addenda to Cardboard Currency, Paper Money, 3rd Quarter, 1972, Vol. 11, No. 43, p. 149. Admiral Semmes and the Alabama Claims, Washington Times. Alexander Stephens: Confederate Vice President, Bank Note Reporter, June, 1990, p. 14. Altered Confederate Notes Pose Menace, Bank Note Reporter, September, 1996, p. 37. Another Confederate Contract Printer? Paper Money, J/A 1993, Vol. 32, No. 166, p. 128. Auction Sales Catalogs Can Be Educational, Bank Note Reporter, March, 1999, p. 30. Aunt Sophie's Great Discovery, The Numismatist, April, 1985, p. 703. Aunt Sophie's Great Discovery, South Carolina Numismatic Association Scanner. Aunt Sophie's Great Discovery, Washington Times. Aunt Sophie Thwarts Great Treasury Theft, Bank Note Reporter, September, 1993, p. 18. B&O Railroad Co. Produced Fractional Notes, Bank Note Reporter, September, 1999, p. 22. Bank Note Printers for CSA Faced No Easy Task, Bank Note Reporter, October, 1995, p. 28. Bank Note Printers Were Ready for Union Government, Bank Note Reporter, July, 1994, p. 23. Beginners Face Various Rebel Collecting Options, Bank Note Reporter, April, 1994, p. 18. Ben Boyd, the Pampered Counterfeiter, Paper Money, S/0 1992, Vol. 31, No. 161, p. 166. `Bogus Counterfeits' Tell Tale of Wartime, Bank Note Reporter, March, 1991, p. 14. Bogus Note's Vignette Defies Laws of Physics, Bank Note Reporter, January, 1996, p. 37. Brains, Good Locks Foil Many Burglary Attempts, Coin World, May 12, 1971, p. 32. Brothers from Maryland Guard the Gold (original not submitted), Washington Times. Cagey Counterfeiter Met Up with Secret Service, Bank Note Reporter, March, 2000, p. 44. Cardboard Currency, Paper Money, 3rd Quarter, 1971, Vol. 10, No. 39, p. 104. Careless Shipping Ends $10, Bank Note Reporter, November, 1991, p. 16. Chats About Checks, Paper Money, January, 1975, Vol. 14, No. 55, p. 26. Chats About Checks, Paper Money, March, 1975, Vol. 14, No. 56, p. 56. Chats About Checks, Paper Money, November, 1975, Vol. 14, No. 60, p. 295. Chemical Printing Saved the Confederacy, Bank Note Reporter, January, 1998, p. 46. Clement Comer Clay: Confederate Senator and Agent, Bank Note Reporter, May, 1990, p. 6. Col. Jackson's Great Railroad Heist, Washington Times. Collecting of Confederate Currency Began Early, Paper Money (unpublished). Collector Offers Ideas on Burglary Protection, Coin World, April 7, 1971, p. 55. Computer Shorthand Lists Confederate Notes, Bank Note Reporter, February, 1994, p. 16. Confederacy Hangs a Counterfeiter, Washington Times. Confederacy's Forgotten Advisor (B. G. Lamar), Washington Times. Confederacy's Reluctant Vice President, Washington Times. Confederate $1 of 1862 Was Tough to Copy, Bank Note Reporter, March, 1997, p. 38. Confederate Congress Got New Paper Currency Flowing, Bank Note Reporter, June, 1994, p. 36. Confederate Hobby Expanded Over 50 Years, Bank Note Reporter, October, 2000, p. 26. Confederate Manouvrier Note Caused Crisis, Bank Note Reporter, February, 2001, p. 44. Confederate Printers Feisty and Determined, Bank Note Reporter, June, 1991, p. 28. Confederate Treasury Copes With Disaster, Bank Note Reporter, January, 2001, p. 54. Conspiracy Theorists Pick Judah Benjamin, Bank Note Reporter, July, 1999, p. 28. Copies of the Type 19 Confederate Note: Counterfeits or Facsimiles? Paper Money, J/F 1995, Vol. 34, No. 175, p. 10. Counterfeiter Ulrich Changed His Evil Ways, Bank Note Reporter, July, 2000, p. 51. Counterfeiters Caused Great 'Payne' to CSA, Bank Note Reporter, January, 1997, p. 30. Counterfeiters Have Always Been With Us, Bank Note Reporter, May, 1998, p. 40. Counterfeiting Once Posed Significant Threat, Bank Note Reporter, December, 1999, p. 18. Counterfeits of the Confederate "Indian Family" Note, Paper Money, J/F 1993, Vol. 32, No. 163, p. 6. Counterfeits of the Type 20 Confederate Note, Paper Money, N/D 1993, Vol. 32, No. 168, p. 179. Counterstamped Notes are Confederate Relics, Bank Note Reporter, May, 1993, p. 22. CSA Counterfeit $50, Bank Note Reporter, February, 1988, p. 6. CSA Economy Lost Steam Despite Plans, Bank Note Reporter, November, 1996, p. 36. CSA Mystery Man: A Determined Search Ended 50 Years of Mistaken Identity, Bank Note Reporter, February, 1989, p. 6. CSA Note Printers Used Elements at Hand, Bank Note Reporter, May, 1996, p. 30. CSA Notes Show Building That Never Was, Bank Note Reporter, July, 1997, p. 32. CSA Printers Used Elements at Hand, Bank Note Reporter, May, 1996, p. Nearly Eluded Feds, Bank Note Reporter, June, 2000, p. 40. Davis Heirs Have No Claim to Coin, Coin World, May 15, 1995, p. 25. Development of the Spinner Signatures, Paper Money, September, 1975, Vol. 14, No. 59, p. 236. Did CSA Issue $500 as a Memorial to Jackson? Bank Note Reporter, October, 1997, p. 34. Did General Sherman Burn Columbia? Washington Times. Document Demonstrates Confederate Desperation, Bank Note Reporter, May, 1999, p. 34. Don't Try for Heroism, Should Burglars Strike, Coin World, May 12, 1971, p. 9. Duncan Made Money But Overlooked Mere Civility, Bank Note Reporter, August, 1995, p. 30. Duncan Shut Down After Getting Out of Hand, Bank Note Reporter, April, 2001, p. 70. Englishment Printed Much Confederate Currency, Paper Money (unpublished). Erlanger Bonds: Enrichment for One, Bank Note Reporter, December, 1989, p. 6. 1 _2214.; '4,A4(.4) if .4,-- fk:-41:///4,r//(e // _a ,-A*,/57.°A,,teezie :Cr/e(rivw , ./k,. /-0,i-Oyfeeme'e*--/a(a.(//i/f/ 11/e ' - - 77/earitto 1.141t.0-; 77? //i/ynAlitjultm..k/i/////'i .14-16 6 114 A, TREAS . 21131:11MISCI11111631343031DIMIMEMA 162 May/June 2002 • Whole No. 219 • PAPER MONEY During the years after this event, I tried to learn all I could about Confederate currency. Gradually I was able to reconstruct the events which led to the notes being in Mrs. Geiger's attic. Even in the chaos of the Civil War, the Confederate Treasury Department kept meticulous records. The employees also seemed to keep everything. Even if a Confederate note had been redeemed and cancelled by cutting part of it away, the Treasury kept it in storage. When Richmond had to be suddenly evacuated near the end of the Civil War, most files were left behind for lack of transport. Many were later destroyed by drunken mobs or in the great fire which ensued, but a mass of records survived. The assassination of President Lincoln changed everything. Secretary of War Edwin Stanton became convinced that Jefferson Davis and his closest associates had conspired to kill Lincoln, and also that evidence of that belief might be found in the Confederate records. Stanton ordered the Union mili- tary in Richmond to assemble all the "Rebel Archives" and ship them to Washington. The Union Treasury Department also got involved. Secretary McCulloch wanted the archives to support his claims to Produce Loan cotton which the defeated Southerners were trying to hold on to. Figures 5. The Thian album in the Geiger hoard contained this outstand- ing specimen of CSA Type 27, serial number 6636, in Very Fine condition. Known as the "Liberty, Shield and Eagle" note, it was printed in black on fair quality paper by the lithographic firm of Hoyer & Ludwig in Richmond, VA. The vignette at left is considered incomplete because the shield should have displayed a Confederate flag rather than being left blank. Perhaps for this reason the printing was limit- ed to only 8,570 notes, all of which went into circulation. Considered the second rarest Confederate note, it is very difficult to find today in any con- dition. In Very Fine condition, it would probably sell in the $15,000 range if offered in the present market. In early summer of 1865, a train left Richmond hauling four hundred and ninety boxes and barrels of paper items, plus a hundred and twenty bags of undelivered mail. If an envelope contained a coded message, it might have great value as evidence of conspiracy. A "Rebel Archives Bureau" was established with Francis Lieber and his son G. Norman in charge. It took two years for the bureau's employees to examine everything. Then the Liebers had the unpleasant task of reporting to Stanton that they had found nothing to implicate Davis or any other Confederate official in the murder of Lincoln. With the powerful Secretary of War wallowing in his disappointment, the Washington bureaucracy looked at the mountain of paper and began to treat it as a colossal white elephant. No department showed any enthusiasm to even store the stuff. Apparently a large part of the currency ended up in file cabinets at the Treasury Building where Mrs. Geiger's grandfather worked. In 1885 he hauled home more than 15,000 notes, plus two complete Type Set albums. The Treasury Department had other matters to attend to. One day in the summer of 1979, I received a telephone call from Mrs. Geiger's daughter. She told me that Mrs. Geiger had passed on several years before and that she had inherited the album. She and her husband loved to travel and had managed to visit a large number of countries, but China had been closed to American tourists. Now President Nixon had managed to open PAPER MONEY • May/June 2002 • Whole No. 219 163 Erlanger Used Confederacy to Make Millions, Bank Note Reporter, May, 1997, p. 39. Explore Your Notes With a Magnifier, Paper Money (unpublished). Fair Ticket Currency, Coin World, December 15, 1961, p. 40. Faithful Duty Earned 'Watchdog" Moniker, Bank Note Reporter, August, 1998, p. 30. Female Riding Deer, Bank Note Reporter, June, 1986, p. 6. Fiery Alabama Senator Bumped Off Note, Bank Note Reporter, April, 1993, p. 18. Fiery Robert Toombs Was Spark for South, Washington Times, April 8, 1995. Fifth Issue 50-cent Immortalizes Crawford, Bank Note Reporter, February, 1999, p. 36. First Confederate Notes Weren't War Issues, Bank Note Reporter, 1995, p. A6. First Confederate Notes Weren't War Issues, Numismatic News, June, June, 1995, p. A6. First Confederate Paper Was Printed in New York, Bank Note Reporter, August, 1994, p. 16. First Richmond Notes Prized by Collectors, Bank Note Reporter, December, 2000, p. 54. Fractional Currency: Legacy of Civil War, Bank Note Reporter, May, 1994, p. 18. Fractional Issues Ended With Postwar Phaseout, Bank Note Reporter, September, 1995, p. 24. Frank Leslie's Confederate Note and Its Progeny, Paper Money, M/J 1993, Vol. 32, No. 165, p. 90. Fred Biebusch, Counterfeiter's Money Man, Paper Money, J/A 1992, Vol. 31, No. 160, p. 133. G. W. Rains. the Man Historians Forgot, Washington Times. George Alfred Trenholm, Financial Wizard of the Confederacy, Paper Money, J/F 1986, Vol. 25, No. 121, p. 13. Georgia Doctor Suddenly Prints Paper for South? Bank Note Reporter, June, 1995, p. 24. Georgia Had Its Fill of (Now Scarce) Darien Notes, Bank Note Reporter, December, 1998, p. 61. Georgia's Great Locomotive Chase, Washington Times. Georgians Try to Stop Sherman (Slaves Enlisted by Agents), Washington Times. Hanclstamps Increase Confederate Note Value, Bank Note Reporter, February, 1996, p. 34. 'Havana' Confederate Counterfeits Remain Puzzle, Bank Note Reporter, June, 1999, p. 66. Henry Cole, King of the Coney Men, Paper Money, N/D 1992, Vol. 31, No. 162, p. 181. Herman Haupt's Remarkable Bridge, Washington Times. Hoard of Confederate Notes Emerges in Auction, Bank Note Reporter, October, 1998, p. 66. How a "Mystery of the South" Was Solved, Paper Money, 4th Quarter, 1973, Vol. 12, No. 48, p. 189. How Dixie Got Its Name, Paper Money, M/J 1986, Vol. 25, No. 123, p. 120. How Dixie Got Its Name, Washington Times. How the SPMC Logo Came to Be, Paper Money, J/F 2001, Vol. 40, No. 211, p. 18. How the Union Army Was Disbanded, Washington Times. Hoyer & Ludwig Save the Day for Confederacy, Bank Note Reporter, Decmber, 1994, p. 32. Hunter Never Made It Off of CSA Notes, Bank Note Reporter, August, 1996, p. 37. I Was Only Following Orders (Miles. Jailer of Davis), Washington Times. Immigrant Became Criminal Mastermind, Bank Note Reporter, May, 2000, p. 52. Indian Princess Note Rarity with Murky Past, Bank Note Reporter, February, 1995, p. 26. Ingenuity on the Home Front (Fractional Currency), Washington Times. Is a Confederate Treasury Buried in Danville? Bank Note Reporter, October, 1999, p. 60. J. P. Benjamin and the Lincoln assassination, Washington Times. Jacob Ott, Champion Printer of Counterfeit Currency, Paper Money, J/F 1993, Vol. 32, No. 163, p. 12. James A. Seddon -- Gentleman at War, Bank Note Reporter, September, 1990, p. 12. Jay Cooke, Patriot Banker, Paper Money, November, 1974, Vol. 13, No. 54, p. 262. Jefferson Davis Recalled as Image on Bank Notes, Bank Note Reporter, January, 1992, p. 8. Jefferson Davis Versus Governor Brown (Georgia), Washington Times. Jefferson Davis. Secretary of War? Washington Times. Jefferson Davis's CSA Half Dollar Surfaces Again, Washington Times. John B. Floyd. Patriot or Traitor? Washington Times. John B. Floyd: Traitor or Patriot? Numismatic News, August 21, 1990, p. 154. John B. Floyd -- Traitor or Patriot? Bank Note Reporter, August, 1990, p. 12. Joseph E. Brown: Feisty Georgia Governor, Bank Note Reporter, July, 1989, p. 16. Josiah Gorgas Delivers the Goods, Washington Times. Judah Benjamin Was Known for His Brains, Bank Note Reporter, April, 1997, p. 56. Judah P. Benjamin -- the Great Escape, Bank Note Reporter, July, 1990, p. 18. Keatinge Honored Memminger on CSA Notes, Bank Note Reporter, July, 1996, p. 26. Keatinge Put CSA VP on $20 Note, Bank Note Reporter, June, 1996, p. 55. Keatinge's Fast Adaptation Didn't Help CSA, Bank Note Reporter, December, 1996, p. 43. Last Shot of the Civil War (S. S. Shenandoah), Washington Times. Life and Death of a Confederate Engraver, Washington Times. Lincoln Saves Man Who Tells of Bribes, Washington Times. Little-Known Engraver Made 'Field Artillery Vignette, Bank Note Reporter, September, 1997, p. 51. "Long Bill" Brockway King of the Counterfeiters, Paper Money, N/D 1994, Vol. 33, No. 174, p. 191. Long-Lost Confederate Note Tells Intriguing Tale, Bank Note Reporter, October, 1994, p. 22. Longest Serving U. S. Marine, Washington Times. Louisiana Note Gave Name to Song, South (Dixie), Bank Note Reporter, June, 1993, p. 22. Lucy Pickens Became 'Queen of the South,' Bank Note Reporter, August, 1997, p. 30. Man With Unique Name CSA's Forgotten Advisor, Bank Note Reporter, April, 1998, p. 45. Manouvrier $5 Caused Counterfeit Confusion, Bank Note Reporter, December, 1997, p. 61. Memminger, Capitol Appear on CSA $5 Note, Bank Note Reporter, June, 1997, p. 52. Mistakes Surrounded Confederate $1 and $2, Bank Note Reporter, February, 1997, p. 48. Moneta and the Confederate Treasury, Paper Money, J/A 1991, Vol. 30, No. 154, p. 110. Montgomery Notes Start Confederate Series, Bank Note Reporter, November, 2000, p. 42. North Carolina's Renegade Governor, Washington Times. Note Printers Got the Gold, Bank Note Reporter, May, 1989, p. 6. Notes of Confederacy Attracted Many Fakers, Bank Note Reporter, April, 1992, p. 14. Old Man River Won't Be Tamed (Vicksburg Canal), Washington Times. P.T.G. Beauregard -- Man of Action, Bank Note Reporter, October, 1990, p. 8. Paper Issues by Civil War Sutlers, Paper Money, M/J 1995, Vol. 34, No. 177, p. 83. Paper Money and You, Paper Money, J/A 1991, Vol. 30, No. 154, p. 121. Paper Money Counterfeiters and Mr. Stanton, Paper Money, S/O 1994, Vol. 33, No. 173, p. 161. Passer of Illegal Notes Sentenced to Hang, Bank Note Reporter, February, 1998, p. 44. f r) , fi , 0,1 .11L0' 1.-4-1ti_.L.L.:!!_r_cL.4 • - • • 8„) 8 164 May/June 2002 • Whole No. 219 • PAPER MONEY China and she and her husband were anxious to visit the Great Wall and other attractions. To finance their trip, she wanted to sell the album. She had kept my name and telephone number all those years and still remembered our visit with her mother. I made an appointment to go to the home where I was able to examine the notes under magnification during daylight hours with plenty of light. I soon found that circulation had caused the damage with which all col- lectors are familiar. The poor paper on which many Confederate notes were printed had not helped the situation. There were numerous needle holes from the days when packs of notes were sewn together to prevent thefts during ship- Figures 6 and 7 (above and follow- ing). A very brief examination of the more than 15,000 Confederate notes in the Geiger hoard led the author to believe that most of them were $10 and $20 bills like these two from the huge February 17, 1864, issue. More than nine million of the $10 and four million of the $20 notes were printed. Many were still on hand when the war ended. They were still so com- mon in 1950 that dealers often bought large lots for 12-15 cents each, hoping to retail them at 50 cents each. ment. Most of the notes had been folded one or more times as Southerners used them in daily transactions. There was some corrosion at the signatures caused by the acid-laden ink used by government clerks in signing the notes for issue. Several notes had been pasted in scrapbooks or file folders and residue of the adhesive was present. And of course many notes had suffered from careless scissors as clerks had cut the notes apart from the printed sheets. Collectors want decent margins whenever they can be found. The very rare T-35 "Indian Princess" note graded only Very Good because it had many serious defects from heavy circulation. There were stains, foxing (fungus damage), folds and breaks in the paper and worn edges. Collectors consider themselves lucky to own this note in any condition, so I was not surprised. Nevertheless, all the great rarities were there, so I was delighted to make the owner an offer which more than paid for their trip. I drove home with the precious album, fulfilling a dream of nearly 30 years. Fortunately I had recently retired and now had plenty of time to restore or stabilize the damaged notes. As I cut away the sewing thread from each album page, I discovered that it had cut tiny slits in the bottom edges of most of the notes. These could be easily restored, of course. After a few days of intense effort, I finally had the notes restored and sta- bilized. Since each note had to be placed in a modern inert holder for protec- tion, the album itself had become only a keepsake. I filled all the needle holes and other minor flaws and put it away. Today it is a much sought after item. Now the fun began as I selected better notes from my collection to upgrade my Type Set. The four Montgomery Notes remained, of course, as did the "Indian Princess" and several other rarities. The issues of 1864 and 1863 could easily be found in near Uncirculated condition. Many of the 1862 and 1861 were also available with a little searching. All of these were substitut- ed for the album specimens. When I finished this process I had a very attrac- tive Type Set to look over on cold evenings. PAPER MONEY • May/June 2002 • Whole No. 219 165 Pierre Beauregard, Confederate Man of Action, Washington Times. Pink Ink: Caught Red-Handed, Bank Note Reporter, October, 1986, p. 18. Politics. Profits and Patriotism (Cameron), Washington Times. Poor Financial Decisions Doomed Confederacy, Bank Note Reporter, March, 2001, p. 68. Popular Notes Created by Civil War Necessity, Bank Note Reporter, November, 1994, p. A6. Popular Notes Created by Civil War Necessity, Numismatic News, November 1, 1994, p. A6. Porter's Bogus Boat ("Black Terror"), Washington Times. President Davis Portrait Was Worth the Wait, Bank Note Reporter, October, 1996, p. 47. Puzzling "Silent Battles", Washington Times. Railroad-Bank Hybrids Sprang Up in Georgia, Bank Note Reporter, November, 1998, p. 42. Rebel Bankers Lose Their Gold, Washington Times. Robert E. Lee's Good Right Arm (Stonewall Jackson), Washington Times. Robert Toombs Fghts for South, Bank Note Reporter, December, 1992, p. 28. Robert Toombs. Georgia's Embattled Confederate, Washington Times. Salt Remained Vital Commodity During Civil War, Bank Note Reporter, August, 1999, p. 56. Sam Upham's Confederate Notes; the Saga of a Lawful Counterfeiter, Paper Money, J/0 1976, Vol. 15, No. 4, p. 188. Sam Upham. Yankee Scoundrel, Washington Times. Sherman's March Ended Note Issuance, Bank Note Reporter, May, 1991, p. 28. Sherman's March in Effect Ended CSA Issues, Bank Note Reporter, March, 1998, p. 37. Signers: South Kept Crew Busy, Bank Note Reporter, March, 1990, p. 12. Shoeing Mules Assembly Line, Washington Times. Some Counterfeits of the Clipper Ship and Sailor Confederate Note, Paper Money, S/O 1993, Vol. 32, No. 167, p. 149. Some Outstanding Counterfeits of the Type 16 Confederate Note, Paper Money, M/A 1994, Vol. 33, No. 170, p. 47. Some Troublesome Counterfeits, Paper Money, M/A 1992, Vol. 31, No. 158, p. 56. Sooner Checks, Paper Money, Paper Money, J/F 1978, Vol. 17, No. 73, p. 36. South Carolina's Revenue Bond Scrip, Paper Money (unpublished). South's Attempts to Curb Counterfeiting, Washington Times. Spencer Clark's Portrait Result of Treasury Gaffe, Bank Note Reporter, January, 1995, p. 36. Spinner Did Deserve the Name 'Beloved Bureaucrat,' Bank Note Reporter, March, 1995, p. 29. Spinner's Worst Day Came in June of 1870, Bank Note Reporter, November, 1999, p. 50. Story of Confederate Vignette Ends in Death, Bank Note Reporter, February, 1993, p. 18. Sutler, His Scrip Is Colorful, Coin World, December 22, 1961, p. 16. 'Sweet Potato' Note Born of Carolina Folklore, Bank Note Reporter, April, 1996, p. 39. Take Up the Chase of the 'So-Called Essay Notes,' Bank Note Reporter, November, 1995, p. 32. Tales of the Secret Service: Charles F. Ulrich, "Boss Cutter," Paper Money, M/J 1991, Vol. 30, No. 153, p. 90. Tales of the Secret Service: Thomas Ballard, Genius Counterfeiter, Paper Money, S/O 1991, Vol. 30, No. 155, p. 141. The Amazing Escape of John C. Breckinridge, Washington Times. The Blue Ridge Railroad Company, Paper Money (unpublished). The Building That Never Was (Columbia Capitol), Washington Times. The Case of the Cagey Counterfeiter, Paper Money, ivl/J 1989, Vol. 28, No. 141, p. 90. The Confederate 'Sweet Potato Dinner' Note, Paper Money (unpub- lished). The Confederate Treasure Train, Washington Times. The Confederate Treasurer's Report, Paper Money, M/A 1986, Vol. 25, No. 122, p. 58. The Controversial Civil War Sutler, Washington Times. The Counterfeit Notes of Winthrop E. Hilton, Paper Money, J/F 1994, Vol. 33, No. 169, p. 10. The Dentist Who Printed Confederate Money, Paper Money (unpub- lished). The Determined E. Kirby Smith. CSA, Washington Times. The Great Confederate Money Theft (Manouvrier Notes), Washington Times. The Hidden Engraving on the Fractional Currency Shield, Paper Money, Paper Money, January, 1972, Vol. 11, No. 41, p. 23. The Humorous Side, Paper Money, M/J 1974, Vol. 13, No. 51, p. 120. The Hunt for Jefferson Davis (reward split), Washington Times. The King of Confederate Portraits, Paper Money (unpublished). The Magnificent Confederate Montgomery Notes, Paper Money, M/J 1994, Vol. 33, No. 171, p. 93. The Mysterious Winthrop Hilton, Washington Times. The Nearly Perfect Counterfeit Note, Paper Money, M/A 1993, Vol. 32, No. 164, p. 51. The Night We Found the Treasure, Paper Money, M/J 2002, Vol. 41, No. 219, p. 158. The Private Issue Notes of Keatinge & Ball, Paper Money (unpub- lished). The Queen of the Confederacy (Lucy Pickens), Washington Times. The Rarest Confederate Treasury Note, the $10 Manouvrier, Paper Money, M/J 1975, Vol. 14, No. 57, p. 119. The Saltville Massacre, Washington Times. The Search for the President's Baggage, Washington Times. The Sharp Banker Comes Calling (Erlanger), Washington Times. The Sinking of the "Sultana," Washington Times. The 'Snag Boat,' Paper Money, M/J 1983, Vol. 22, No. 106, p. 155. The Story of the Erlanger Confederate Bond, or How the Frenchman Took Richmond, New England Journal of Numismatics, 1986, Vol. 1, No. 2, p. 12. The Treasure, Paper Money, N/D 1986, Vol. 25, No. 126, p. 226. The Union Blockade -- Success or Failure? Washington Times. The Versatile Counterfeiter, John Peter McCartney, Paper Money, N/D 1990, Vol. 29, No. 150, p. 187. They Owed Their Souls to the Company Store, Bank Note Reporter, March, 1994, p. 28. Thomas Ballard Received Title 'Prince of Coney Men,' Bank Note Reporter, January, 2000, p. 54. Troubles Plagued CSA Treasury Note Bureau, Bank Note Reporter, November, 1997, p. 44. U.S. Civil War Proved Need of Currency to Secure Victory, Bank Note Reporter, September, 1994, p. 30. Upham's 'Fac-Similies,' Bank Note Reporter, November, 1988, p. 8. Upham's Facsimiles Plagued Confederacy, Bank Note Reporter, January, 1999, p. 42. W&A Notes Reminders of Great Train Chase, Bank Note Reporter, April, 1999, p. 60. Was 'Stonewall Jackson' assassinated? Bank Note Reporter, June, 1998, p. 42. Was Stonewall Jackson Assassinated? Washington Times. Watch Out for Facsimiles, Paper Money (unpublished). Watchable Treasurer Spinner Captured the Public's Fancy, Bank Note Reporter, June, 1989, p. 28. Were Saboteurs Sabotaged?' (burning of New York hotel), Washington Times. West River Bank Notes, Coin World, December 8, 1961, p. 82. What Happened to CSA 'Chemicographs?,' Bank Note Reporter, March, 1996, p. 20. When Confederates Invaded Vermont, Washington Times. Which Confederate Note Is the Rarest? Paper Money (unpublished). Yankee Enigma -- Benjamin Butler, Washington Times. Yankee Spies and Rebel Pursuers in 'The Great Locomotive Chase,' Washington Times National Weekly Editon, September 2 8- October 4, 1998, p. 28. Yankee Upham Pricked the Southern Pride, Bank Note Reporter, December, 1995, p. 32. Zeb Vance: North Carolina's Guardian, Bank Note Reporter, February, 1990, p. 12. •:• VO'',01 1.1tr9'1AtrA 1: r ricATif OVA'," t 471 ■21.47// M(?./4(,e1,0/7/(i.?:///771i(5'6 , TWENTY DOLLARS': in, r_ 166 May/June 2002 • Whole No. 219 • PAPER MONEY Later on, my wife and I moved back to our native South Carolina where aged parents needed our assistance. These were the days when the market was described as "soft," with none of the frenzy that we see now. The circum- stances were such that I felt it was the time to sell, so I sold my Type Set. We are all familiar with the market which has developed within the last decade. Had I been able to anticipate the great appreciation in value of rare collectibles during this time period, I would not have sold, but that's water over the dam. About 10 years ago I began to see the beginning of what I call the "con- dition era" in paper money collecting. People with lots of money to spend on their hobby want only Gem Crisp Uncirculated notes, those that are called perfect. I have found that there are not many perfect Confederate notes around because of the way they were printed and processed. If slightly less than perfect, the note is graded Choice Crisp Uncirculated. Another tiny defect drops the grade to Crisp Uncirculated. Further down the scale we find just plain Uncirculated followed by Almost Uncirculated. I would have great difficulty buying notes under these circumstances because grading is a subjective thing. I can imagine an argument between a buyer and seller over whether or not a Confederate note is perfect. Guess which one believes the note is Gem. I still have a few of what we used to call "common" 1864 issues, notes that I bought for 50 cents each in the early 1950s. There are no "common" Confederate notes any more. Too many well-heeled collectors chasing too few notes have created a booming market today. It would not be realistic for me to try to assemble another Type Set, but I like to read about those who do. Fortunately it is still possible to find small groups of notes if one is per- sistent enough. Confederate notes were hidden in strange places. Every time I drive by an old building or home being demolished, I wonder what might be concealed in those old walls. Paper money collectors find it easy to fantasize about such things. The odds are high that they won't find a treasure, but it can happen. I know, because it happened to me. Wanted: Articles of Distinction Paper Money's Special Issues Are Becoming "the Talk of the Hobby" Future special issues are planned on Nationals, 20th Century U.S., and Fractional Currency Wanted especially now are feature articles on international (worldwide) topics for our annual Fall International Special Issue If you've been working on a masterpiece, this could be your opportunity Contact the Editor Now I. a PAPER MONEY • May/June 2002 • Whole No. 219 167 New Hampshire Bank Notes Wanted Also Ephemera I am continuing a long-time study on currency issued by banks in New Hampshire, including state-chartered banks 1792-1865, and National Banks circa 1863-1935. Also I am studying colonial and provincial notes. I would like to purchase just about anything in colonial and provin- cial notes, nearly everything in state-chartered notes, and items that are scarce or rare among National Bank notes. I am not seek- ing bargains, but I am willing to pay the going price. I will give an immediate decision on all items sent, and instant payment for all items purchased. Beyond that, I am very interested in ephemera including original stock certificates for such banks, correspondence mentioning cur- rency, bank ledgers, and more. I am anticipating the production of a book-length study of the sub- ject, containing basic information about currency, many illustra- tions including people, buildings, and other items beyond the notes themselves, and much other information which I hope will appeal to anyone interested in historical details. All of this, of course, is very fascinating to me! Dave Bowers Box 1224 Wolfeboro, NH 03894 Telephone (603) 569-5095 Fax (603) 569-5319 E-mail: barndoor@bowersandmerena.corn 168 May/June 2002 • Whole No. 219 • PAPER MONEY Collecting Community Remembers Brent Hughes THE PASSING OF BRENT HUGHES IS Asad event for many connected with SPMC. At the time of his death Mr. Hughes held the lowest original SPMC membership number, and Brent had participated in the Society in a variety of ways. Brent was active in SPMC in its early years but not so much in recent years. Most know him from correspon- dence and his articles alone. Your present Editor was for- tunate to correspond several times with Brent when I was preparing the 40th Anniversary Issue of Paper Money last year. We we delighted to solicit details about his design- ing of the SPMC logo, which still serves this Society well four decades later. We were further overjoyed when we were able to coax a recent photo out of the somewhat shy Hughes. He was worried over the picture. Finally after several inquiries, Brent went down and had several taken. "Here you choose," he told the Editor. After that we had several more pleasant exchanges of correspondence, about the Award of Merit SPMC Governors voted Hughes at the Editor's suggestion, and increasingly about additional Confederate currency arti- cles the energetic researcher was preparing. Having dealt with hundreds of freelancers over the years, I can truth- fully say that Brent was one of the most professional I have ever encountered. His materials were impeccably prepared, and his artwork -- especially his original art- work -- splendid. Past Paper Money Editor Gene Hessler also knew Brent through his correspondence. "Brent Hughes and I never met," Hessler noted, "however, from his submis- sions to Paper Money during my editorship, a correspon- dence developed. So, I felt as though I knew Brent: a warm, generous and scholarly gentleman." One who knew him better than most is Bank Note Reporter Editor and SPMC member David Harper, for whom Brent wrote nearly 100 articles. "Thanks for giv- ing me this opportunity," Harper said. "I will miss Brent. He leaves a gap in the hobby's ranks that will be very hard to fill. The highest compli- ment I can pay him from the point of view of Editor of Bank Note Reporter is that he was a professional at all times and very easy to work with. As a hobbyist, I can say that he knew his stuff when it came to Confederate paper money, and he had fun with it. He told wonderful stories of the South's wartime experiences that never failed to interest me, and I know my readers also found his work very appealing," Harper added. Longtime South Carolina paper money dealer Hugh Shull knew Hughes very well. "Brent was one of my longest and dearest friends in the hobby," Shull recalled. "I'll always remember him as being a true gentleman and always a pleasure to deal with. "My favorite recollections are having Brent come to our annual South Carolina state show each year to visit with all his friends, and to look for CSA counterfeits for his collection," he remarked. "I don't have any anecdotes about Brent, but consider myself fortunate to have known him," fellow Confederate currency researcher George Tremmel said. "I first began corresponding with Brent in the early '90s and exchanged letters several times a year, primarily about Confederate counterfeit currency and Sam Upham. He generously shared his information, insights, as well as copies of his extensive collection. "I always looked forward to seeing him at the annual SCNA show in Greenville, SC. In his last letter to me earlier last year, he suggested that, perhaps, we might col- laborate on an update of the Sam Upham story. I thought it was a great idea, and now wish we had taken the time to do it right away." Longtime SPMC Secretary Bob Cochran, who had a common interest in researching counterfeiters with Hughes, had high praise for the man. "This man treated me very well over the years. Like most everyone else, I never met him in person, but did have the chance to talk to him on the phone a few times. He was, at least to me, a true gentle man, a wonderful writer, and a distinguished historian. If you look at his collection of articles that appeared in BNR, I think they truly deserve consideration for being published as a separate tome." Austin Sheheen, a past SPMC President, called Brent Hughes his friend. "I knew him, respected him and con- sidered him a friend," Sheheen wrote. "He was a very learned and knowledgeable person in the paper money field. He also restored banknotes with great care, pride and expertise. I think [this was] a carryover from his days with the FBI. His integrity was unquestionable and his friendship was a great gift that I am lucky to have had," Sheheen added. "I never met him and always wished I could have," SPMC Governor Benny Bolin said. "I really enjoyed his articles. One of the highlights of my collecting life was when he referenced one of my articles in one of his!" Bolin added. SPMC Treasurer Mark Anderson, a collector princi- pally focused on Nationals, and not an active collector of Confederate materials, nevertheless enjoyed Hughes' many articles. "I never had the good fortune to meet Mr. Hughes. However, he was a prolific and talented contrib- utor to SPMC's journal, and epitomized the kind of pur- suits for whom the Society was founded. His articles seemed informative and interesting to both expert and non-expert, and I found myself drawn into the real histo- ries of real people, which he told with the help of the notes. "While still not a Confederate 'collector,' I have now found myself owning a few; his work opened my eyes to much of their mystique. The table of contents of our journal will never be quite the same without his byline," Anderson concluded. -- Fred Reed • g Vt4Y-raigE—,..j° tfkl, HUNDfiED 11011ARS Att...vismaattsop ••77UtilaSit.ta A427 1890 $1,000 "Grand Watermelon" Note $500 1880 Legal Tender Serial #1 Washington Brownback toon,411hitto,-*310. Gol d''Co We strongly reconunend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the 'toilets), for your records. We will acknowlege receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. ht Currency Auctions PAPER MONEY • May/June 2002 • Whole No. 219 169 Lyn Knigh Currency Auctions Deal With The Leading Auction Company in U.S. Currency If you are buying notes... You'll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful "grand format" catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: • Great Commission Rates • Cash Advances •Expert Cataloging •Beautiful Catalogs Call or send your notes today! If your collection warrants we'll be happy to travel to your location and review your notes 800-243-5211 Mail notes to Lyn Knight Currency Auctions P. 0. Box 7364, Overland Park, KS 66207-0364 1882 $1,000 Gold Certificate A Collectors Universe Company Nasdaq: CLCT Box 7364, Overland Park. KS 66207 • 800-243-5211 • 913-338-3779 • Fax: 913-338-4754 • E-mail. • www.lynknight.corn May/June 2002 • Whole No. 219 • PAPER MONEY170 Wooden Certificate Marks GWTW Premiere AS A CHILD LIVING IN ATLANTA I HEARD stories about the 1939 - premiere of the movie Gone With The Wind in Atlanta told by my grandmother and great- grandmother. This also inspired me to read the book at a very early age. In the FUN 1998 auction conducted by Currency Auctions of America, I saw a wooden nickel that was a sou- venir of the premiere of Gone With The Wind. Some people call these wooden flats, but captured the city in 1864. The two main stars of the movie, Vivien Leigh and Clark Gable along with his wife, Carole Lombard, attended the premiere. The front of the Loew's Grand had been converted to look like Tara, the home of the heroine in the movie, Scarlett O'Hara played by Miss Leigh. The Gone With The Wind "wooden certificate" is very symbolic of the movie and of Atlanta. As can be seen in the illustration, the portrait on the front is that of Scarlett along with the information that it is a sou- venir of the world's premiere in Atlanta of Gone With The Wind. It is dated December 14-16, 1939. ATLANTA JUNIOR CNr.MACA DEMAND,. SLIM Cr 5c roe VALLI. n ett IF PPcSIC NT50 ON OR OEPONE JANIT• ART ILIAC VOID ATTERRAN. UAAT I 1040 AT JUNI. OTT CHANCIER or commEncE OP, WITM TME WINO COMMIT TEE 5♦ YRE5 1" 6 The denomination of one wooden nickel is displayed in bold lettering. Its back is simi- lar to the $1 Silver Certificate back of the period, with the shell-like frames encompassing Five Points and Tara instead of the Great Seal of the U.S. The movie and denomination are also depicted. The obliga- tion clause reads: since it is shaped like currency I prefer the term of "wooden certificate" instead. I knew my grandmother could tell me more about it than was listed in the catalog, so I bid on it and got it. Here is what I learned from her and other sources about the souvenir and the premiere of Gone With The Wind. The movie's premiere took place at the Loew's Grand Theater on Dec. 15, 1939. The Loew's Grand was just a half mile north of Five Points, which is in the heart of downtown Atlanta. It was said that this was the most important event in Atlanta's history since William Tecumseh Sherman had "Atlanta Junior Chamber will pay to bearer on demand the sum of 5c for value received if presented on or before January 1, 1940. Void after January 1, 1940. Atlanta Junior Chamber of Commerce Gone With The Wind Committee by Pres Herbert Hayes and Sec Murray Howard Jr." This "wooden certificate" must have been a fund raising project for the Atlanta Junior Chamber of Commerce. The item is nicely done. It measures 5x2 inches and is printed with green ink. Finally, Herbert Hayes was the head of the Atlanta chapter of the Motion Picture Bureau that rated films locally for many years in each city. • PUBLIC COIN AUCTION miversary Sale A 'Private SVIaseant Collection of Itnited States li ,pe 'Paper _Money I ll l b. 200/ PUS sT OnleMetelit 123 WEST 5715 STREET, NEW YORK, N.Y. puBLIC AUCTION SALE AMERICANA COLONIAL AND FEDERAL COINS, MEDALS AND CURRENCY kumring Selections from the Hain Family Collection Part II January 15, 16, 17, 2002 12 ST STREET, NEW YO R. Y. 7,001,-225 , , Larry Stack Harvey Stack PAPER MONEY • May/June 2002 • Whole No. 219 171 America's OLDEST COIN Auction House Is Also America's OLDEST CURRECY Auction House When you think of selling, you must think of Consignments are now being accepted for our upcoming 2002 Auction Schedule Contact Harvey or Lawrence Stack for consignment information. 2001 AMERICANA SALE Prices Realized nearly $4.5 Million, including $850,000 in banknotes. 66th ANNIVERSARY SALE Private Museum Collection of U.S. Type Notes Prices Realized $300,000+. 2002 AMERICANA SALE Featuring Nearly 700 Lots of Colonial, Obsolete and Federal Currency. STACK'S NUMISMATISTS Auctions — Appraisals — Retail SINCE 1935 123 West 57th Street New York, NY 10019 ® Telephone (212) 582-2580 FAX: (212) 245-5018 e-mail: Visit our Web site at Tom Panichella 172 May/June 2002 • Whole No. 219 • PAPER MONEY Missouri's Confederate Government "Rises Again" By Bob Cochran AN ARTICLE APPEARING IN THE APRIL 14, 1995, ISSUE OFthe St. Louis Post-Dispatch contained an interesting story. A local lawfirm had sued the State of Missouri for failing to redeem two"bonds" held by the firm's clients. According to the article, the items "look like Missouri bonds, complete with the signature of a 'governor — An estimate of the value of the "bonds," based upon their face value of $20, plus ten percent interest since 1862, would have been in excess of $19 million! The article further stated that the law firm filed a class-action suit against the State for failure to redeem these bonds when they were presented for pay- ment. A representative of the law firm indicated that their research had shown the bonds to be legitimate issues of the State of Missouri. However, represen- tatives of the Missouri Attorney General's staff held a different opinion -- that the "bonds" were worthless. The State officials pointed out that one of the "bonds" bore the signature of Governor C.F. (Claiborne Fox) Jackson, and was dated January 1st, 1862. They reminded the court that Jackson was the Governor of Missouri when the Civil War broke out in 1861. Jackson tried to lead Missouri into seceding from the Union; when that failed, he fled the capital at Jefferson City and later established a Confederate government "in exile." By January, 1862, when the "bonds" were issued, a pro-Union Governor of Missouri was in office; the "bonds" in question were "issued by a man with- out public office who was in insurrection against the U.S. government." The Fourteenth Amendment to the U.S. Constitution eliminated the payments of any debts incurred by the government of the Confederate States of America, and any of the various governments of the states which seceded from the Union. A clause in the Constitution of the State of Missouri also repudiates any claims against the State by the Confederacy. Nevertheless, the law firm asked U.S. District Court Judge Charles A. Shaw to overturn "Article IV, Section 52" of the State constitution. In review- ing the suit, Judge Shaw pointed out that Article IV, Section 52 "establishes the state department of higher education." The judge later ruled in favor of the State, and dismissed the lawsuit. Claiborne Fox Jackson, Governor of Missouri C.F. Jackson, a capable politician, occupied the Missouri Governor's chair when South Carolina seceded from the Union in 1861. Jackson, born into a family in Kentucky with deep roots in Virginia, secretly agreed with the Secessionists. He forced the Missouri legislature to hold a convention in St. PAPER MONEY • May/June 2002 • Whole No. 219 173 CHECK THE "GREENSHEET" GET 10 OFFERS THEN CALL ME (OR WRITE) FOR MY TOP BUYING PRICES The Kagin name appears more often than any other in the pedigrees of the rarest and scarcest notes (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) and condition (pay over "ask" for some) and am prepared to "reach" for it. Premium Prices Paid For Nationals (Pay 2-3 times "book" prices for some) BUY EVERYTHING: Uncut Sheets, Errors, Stars, Special Numbers, etc. I can't sell what I don't have Pay Cash (no waiting) - No Deal Too Large A.M. ("Art") KAGIN 505 Fifth Avenue, Suite 910 Des Moines, Iowa 50309-2316 (515) 243-7363 Fax: (515) 288-8681 At 82 It's Still Time - Currency & Coin Dealer Over 50 Years I attend about 25 Currency-Coin Shows per year Visit Most States (Call, Fax or Write for Appointment) Collector Since 1928 Professional Since 1933 Founding Member PNG, President 1963-64 ANA Life Member 103, Governor 1983-87 ANA 50-Year Gold Medal Recipient 1988 "■3' i,////di.'"eVI,44 6211/ -4///P/ei/ JEFFERSON CITY .Ianuaryl!!1862 174 May/June 2002 • Whole No. 219 • PAPER MONEY State of Missouri $10 issue dated January 1st 1862 countersigned by C.F. Jackson. Louis and take a vote whether or not Missouri would remain with the Union, or join the Confederate States of America. Unfortunately for Jackson and other Southern sympathizers, most of the Missouri legislators were pro-Union. On March 4, 1861, an announcement came from the attendees that there was "no adequate cause to impel Missouri to dissolve her connection with the Federal Union." Missouri Saved For the Union St. Louis was home to sympathizers for both sides. Pro-Union support- ers, mostly German immigrants, organized a group called The Wide- Awakes;" the pro-South group was known as the "Minute Men." Neither group had any formally-issued arms, but both groups knew where they could find plenty of rifles, pistols, and ammunition. The Federal Arsenal, located just south of the city, housed some 60,000 muskets! One pro-Union St. Louisan, Francis Blair, recognized the danger of the situation and took immediate action. Blair was a lawyer, newspaper editor, and member of Congress. Additionally, his brother, Montgomery Blair, was a member of President Lincoln's cabinet. Francis Blair didn't have full confidence in the military capabilities nor the personal feelings of General William S. Harney. Harney was Commander of the Army's Department of the West, with Headquarters in St. Louis. Francis Blair contacted his brother in Washington and requested addi- tional Federal troops be dispatched to St. Louis to reinforce the small garrison at the Arsenal. Eighty regular Army soldiers under the command of Captain Nathaniel Lyon were rushed to St. Louis via steamboat from Fort Riley, Kansas. Blair soon found out that Lyon also hated the Secessionists. On April 15, 1861, President Lincoln issued a call to the states for volun- teer troops. Missouri was requested to furnish four regiments of infantry, a request which Governor Jackson refused. When he heard this news, Captain Lyon smuggled a large quantity of the muskets stored in the St. Louis Arsenal to a safe place across the Mississippi River in Illinois. Blair offered Lyon the services of the "Wide Awakes," an offer quickly accepted. These home guards were immediately equipped with arms and provisions from the Arsenal's sup- ply. A militia camp for the Confederate sympathizers was established in St. Louis, and named Camp Jackson after the Governor. Captain Lyon and Francis Blair weren't too worried about the approximately 700 militiamen at Camp Jackson, until they discovered that some large guns and cannon cap- tured by Confederates at a Federal arsenal in Louisiana had been smuggled into the camp. General Harney "conveniently" received orders which took him away PAPER MONEY • May/June 2002 • Whole No. 219 175 from St. Louis for a short period of time. As soon as Harney left, Lyon and Blair proceeded with their plans to capture the Confederate militia camp. Captain Lyon, accompanied by the "Wide Awakes," surrounded Camp Jackson and demanded its surrender within one-half hour. The commander of Camp Jackson was Brigadier General D.M. Frost, a West Point graduate. Frost recognized the futility of his situation and agreed to Lyons' terms. The "Minute Men" stacked their arms, and were marched through large crowds as prisoners of war to the Federal arsenal, under the guard of the "Wide Awakes." A riot soon broke out, ending only when the militiamen fired into the crowd. Some estimates indicated that 28 citizens in the crowd were killed. When this news reached the Secessionist legislature in Jefferson City, the group passed -- in fifteen minutes' time -- appropriation bills aimed at building and equipping a massive state militia. Upon his return to St. Louis from his "mission," General Harney agreed to a proposal from Governor Jackson that the State of Missouri would not arm further. This agreement enraged Francis Blair. He arranged through his Washington connections to have General Harney relieved of command. Harney's replacement was Nathaniel Lyon, who also received an immediate promotion to the rank of Brigadier General. Currency Issues of Missouri's Confederate Government The following description of the first issue of notes by Missouri's Confederate government is taken from the book, Confederate and Southern State Currency, by Grover C. Criswell: "On October 21, 1861, C.F. Jackson, who had retired from Jefferson City into Southern Missouri, called an extra session of the state legislature to con- vene at Neosho, Newton County, Missouri. That legislature adjourned from day to day for want of a quorum until October 28, when it passed an act of secession, voted ten millions dollars for defense, and authorized the issuance of defense bonds for that amount." "This act did not become law until November 5, at which time the legisla- ture had moved to Cassville, Barry County. This bill provided for three com- missioners, any one of whom might sign the defense bonds when issued." No description of the "bonds" was contained in the 1995 Post-Dispatch article, but the statement that the items bore the signature of "a governor" raises some interesting possibilities. The act of November 5, 1861, created two designs of "bonds" and since they are known to exist, the same act may have authorized the issuance of three denominations ($20, $50 and $100) of "Requisition for Missouri Defence Bonds." The Issues Dated "Jan.Y 1st, 1862" The notes of the first design are all dated "Jan.Y 1st, 1862" and are found in denominations of $1, $2, $3, $5, $10, and $20. Except for a few varieties, all of these notes are quite common. Although they are not specifically identified as "bonds," each clearly states that "Three Years after Date, The State of Missouri will pay (the specified value) to the bearer, plus 10% interest." They are quite similar in appearance to circulating notes of the period, probably by design. One note in my collection bears the imprint "A. Malus N.0." Another states "A. Malus Eng., N.0." This second note is printed on the back of unused drafts imprinted "New Orleans." I haven't found any other contemporary issues of southern notes from this firm. Obviously the exiled "Missouri government" was convinced that the Confederacy would win the Civil War. These "bonds" were probably used to pay the operating expenses of that exiled "government," and the Missouri vol- unteers serving in the Confederate forces. A $10 note dated January 1, 1862, (illustrated) bearing number 5370 has the signature of a "Commissioner" with the countersignature (in ink) of "C.F. R E C IVA B L: '11147 WY-44EftTri:11 ALI_DUEs-to f14 E 176 May/June 2002 • Whole No. 219 • PAPER MONEY State of Missouri $3 issue dated January 1st 1862 countersigned by C. F. Jackson (engraved signature). Jackson." No doubt a note exactly like this one was the basis of the lawsuit against the current government of the State of Missouri. A $3 note (also illustrated) printed on blue-tinted paper bears the same countersignature of "C.F. Jackson," but the signature is engraved on the plate. Also, the portrait in the center of the note is that of Claiborne Fox Jackson himself. I speculate that the pen signature on the $20 bond is an actual signa- ture of C.F. Jackson, as it matches quite closely the engraved signature on the $3 note. My basis for this assumption is that if they were going to engrave Jackson's signature on the a plate, would they not use Jackson's actual signa- ture as the basis for the engraving? I further speculate that by the time these notes were ready to be signed, Jackson had plenty of free time on his hands. Missouri Defence Bonds The second design created by the act of November 5, 1861, are the well- known "Missouri Defence Bonds." These were printed in denominations $1, $3, $4 and $4.50. These do NOT state that interest will be paid, and the issuance date is blank, except for "186-." I have seen hundreds of Missouri Defence Bonds, but never have I seen one that was legitimately filled out. Criswell states, "Although it is generally supposed that these notes exist unsigned only, several signed pieces are confirmed. Such pieces, if genuinely signed, are very rare. Collectors should be aware of fake signatures." Not withstanding the fact that no $20 denomination of Missouri Defence Bond was created, no countersignature of the Governor was required on these notes. The signature locations are identified as "Treasurer of the State of Missouri" and one of the commissioners acting on behalf of "The Fund Commissioners of the State of Missouri." Requisitions for Missouri Defence Bonds The final reminder of Missouri's "Confederate" government are Requisitions for Missouri Defence Bonds. These were printed in denomina- tions of $20, $50 and $100. Again, unissued items are quite common. Interestingly, these items were designed to be provided to volunteer soldiers serving in the Missouri State Guard. According to the obligation, "This requisition when presented with oth- ers of the same denomination to the amount of One Hundred Dollars to the Fund Commissioners will be funded in Missouri Defence Bonds for that sum payable three years after date and bearing interest at the rate of ten per cent per annum payable semi-annually." These requisitions DO bear a spot for the signature of the "Governor of the State of Missouri," as well as a spot for one of the fund commissioners, indicating that the Requisition was exchanged for a like amount of Defence Bonds. The Fractional Store at CSA C 4rrency All Notes Issued by the Confederate States of America in 1861 - 1865 Color Photos for all Notes up OW Counterfeits Pricing Updates via the Internet Vance E. Poteat The First CSA Currency Web Site Now the First CSA Currency E-Book PAPER MONEY • May/June 2002 • Whole No. 219 177 WANTED fractional Note, AM/ 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: URL: www.fractionalnotes.corn I COLLECT FLORIDA Obsolete Currency National Currency State & Territorial Issues Scrip Bonds Ron Benice 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 178 May/June 2002 • Whole No. 219 • PAPER MONEY Comparison of the autograph signa- ture of C. F. Jackson (top) and engraved signature of C.F. Jackson (below). Other Missouri Civil War Era Paper Issues Missouri was truly a "divided state," in that its residents served in the Confederate "Missouri State Guard," and in the "Enrolled Militia of the State" defending the Union, and "bonds" were issued by BOTH governments to pay the soldiers for their services. Union Military Bonds were issued in various denominations over a peri- od of several years; survivors have been recorded with engraved dates of 1863, 1865 and 1866. Since these bonds were issued by the "winning side," an over- whelming majority of them were redeemed. In fact, they were redeemed to such an extent that the surviving specimens are considered quite rare! An interesting (to me, anyway) postscript to this story deals with Missouri's "War Claim Certificates." These were created by an act of the Missouri legislature on March 19, 1874, for the purpose of settling the claims of those Missourians who served in the Union forces during the Civil War. Criswell explains these items as follows: "At the close of the Civil War the Missouri defense fund was exhausted. No provision was made for the payment of these claims until the year 1874, when the Missouri legislature passed a law entitled An act to audit and adjust the war debt of the state.' This act was approved March 19, 1874. By an agreement with the federal government, claims were to be filed with and passed by the state and then forwarded to Washington. Upon proper proof, the federal government remitted to the state, and the state made settlement with the claimant." "Later the federal government uncovered many irregularities and frauds in connection with claims, and refused to make further payments. This put an end to payment of Missouri war claims. In 1875, when the people adopted a new Constitution, in article four section fifty-two, thereof, the following repudiation of all war time obligations became a part of the state constitution: '...War Debt, payment of: The General Assembly shall have no power to make any appropriation of money, or to issue any bonds or any other evi- dences of indebtedness for the payment, or on account in recognition of any act entitled AN ACT TO AUDIT AND ADJUST THE WAR DEBT OF THE STATE, approved March 19, 1874, or any act of a similar nature, until after the claims so audited have been presented to and paid by the Government of the United States to the State of Missouri." REFERENCES Criswell, Jr., Grover C. Confederate and Southern States Currency. Vol. 1, 4th ed. Port Clinton, OH: BNR Press (1992). St. Louis Post-Dispatch, Sunday, April 14, 1996, pp. 1, 7A. PAPER MONEY • May/June 2002 • Whole No. 219 179 The Rare Photographic Confederate Counterfeits By George B. Tremmel p APER MONEY CIRCULATING IN MID-NINETEENTH century America was printed by one of three methods: relief wood- cut, intaglio or stone lithography. With the start of the Civil War in 1861, the new Confederate States Treasury Department commis- sioned private printers to produce its currency. Reflecting the government's concern about issuing poorly printed notes, the Confederate contract printers initially produced high quality intaglio currency. However, the realities of war quickly emerged. Printing and engraving hardware, materials and experienced craftsmen were in short supply. At the same time the demand for currency to fund a wartime economy grew rapidly. While never resorting to crude woodcut printing, the Treasury was forced to accept notes printed by the high volume lithographic process. Lithographic notes, while generally superior to woodcuts, never reached the quality levels of the early intaglio currency. Unfortunately for the new nation, its currency quickly became the target of counterfeiters located in the North and border states. Civil War counter- feiters, using whatever was available to them, employed all three printing tech- niques. A few enterprising counterfeiters even tried the newest imaging tech- nology -- photography. Invented in 1837, by the time of the Civil War, photography was still in the early stages of experimentation and development. By looking at the processes involved and the notes produced perhaps insight can be gained into why photography, as a Civil War counterfeiter's tool, never was widely adopt- ed. Photographic Counterfeits Only two examples of contemporaneous photographic counterfeits of Confederate notes are known to exist today. They are albumen photographs of the genuine Type 11 and Type 18 notes, cataloged as CT-11/44 and CT- 18/102B, respectively (Illus. 1 and 2). Illustration 1. CT - 11/44 180 May/June 2002 • Whole No. 219 • PAPER MONEY To currency counterfeiters, the key to the successful use of photography was how well the counterfeit image on photographic paper resembled the gen- uine image printed on banknote paper. In the mid-nineteenth century, photo- graphic paper held the light-sensitive ingredients (silver salts) in one of two ways. In one, an albumen mixture (frothed egg whites) was used to hold the light-sensitive ingredients within an emulsion on the paper's surface (albumen print). In the other, photographic paper was treated with common salt which then absorbed the light-sensitive ingredients into the paper itself (salt print). To create a photographic image, the sensitized paper was put in direct contact with a previously exposed and prepared glass negative image of a gen- uine note and both placed into an exposure frame. (No chemical developers were needed.) The exposure frame was a hand held wooden box with hinged doors that were opened to expose the sensitized paper to direct sunlight. As Illustration 2. CT-18/102B sunlight struck the paper, a positive image began to emerge. When the image reached the proper degree of exposure, the paper was removed from the frame and placed into a fixing bath, washed with water and dried. The positive photographic image of the note either now was contained within the emulsion (albumen image) or within the paper itself (salt image). The image was not directly on the paper's surface, as it would have been if made by one of the three printing methods. This was a key telltale of photo- graphic counterfeit notes. Making matters worse, images from sunlight expo- sure often varied in contrast, tone and sharpness from that of the original. Images also tended to fade as residual silver salts in or on the paper reacted with sulfur compounds in the air. To an alert recipient of these notes the dif- ferences in appearance were obvious. While this description has been of the process for making a positive image on paper, the upstream steps of photography, such as preparing the col- lodion wet-plate negatives and camera operation, were also complicated and time consuming. Collotype Counterfeits A second process involving photography was used to produce at least two other Confederate counterfeits, the CT-36/276 and CT-44/339A, also unique specimens (Illus. 3 and 4.) This was a printing process called collotyping. As with normal photog- raphy a glass negative photographic image of a genuine note was first pre- pared. Instead of being contact-printed on paper, however, the negative was placed in contact with a sheet of light-sensitive gelatin. When exposed to light the soft gelatin hardened beneath the lines of the image, but the non-image areas remained soft. The hardened image attracted oil-based ink and repelled 10(1 PAYMENT OF A LI. Dt' I :F; I: N ' I' 17.0011T _O4Tr_77,0116a. itti fiLitradirD ezdey - aZirao (.4 aed 11)764- littOtter k0, . PAPER MONEY • May/June 2002 • Whole No. 219 181 water, while the soft non-image area attracted water and repelled oil-based ink -- a perfect medium for lithography. The gelatin was inked and its image placed on special paper and then transferred to a lithographic printing stone. From this point on, the trans- ferred image was printed by the normal lithographic technique. After com- pleting their counterfeits by either of the above techniques, the counterfeiters ink-traced the serial numbers of their spurious notes to make them appear more like their genuine counterparts. Ironically, of the four notes mentioned, only the CT-18 has its signatures also ink-traced. Why were photographic and collotype counterfeits so few in number? In all likelihood the notes were experimental issues produced by oppor- tunistic photographers and/or printers exploring the viability of these new imaging methods. They apparently concluded that these new, but slow, expensive and inexact processes were not worth it and continued counterfeit- ing the old fashioned way. Contemporary Description of a Photographic Counterfeit In the October 16, 1861, issue of the New Orleans Bee, the discovery of a photographic Confederate counterfeit appeared. The article gave a descrip- tion of the note at the time it was passed and observed that both the image and paper gave away its true nature. The note described in the New Orleans arti- cle is the rare CT-11 known today, the very same note. Counterfeit Confederate Notes. -- Yesterday morning a respectable citizen of this city presented at the counter of the Bank of New Orleans a counterfeit $5 Confederate note. It was dated July 25, 1861, letter B, No. 42,597, Richmond plate. As an imitation, it was almost a perfect one, at least very accurate, for it was photographed, and the signatures could not be better counterfeited. It would not have been detected had the paper used by the counterfeiters been as white as that of the genuine notes. However, at second sight, one could easily remark the blurred appearance of the figures. Of course, the gentleman who offered it did not know it was valueless. But, after all, it did not prove to be worthless to him, for the clerk of the bank gave him five dollars for it, wishing to keep as a thing to be carefully examined. Certainly students and collectors of today must feel a kinship with that unnamed New Orleans bank clerk who was curious enough to save this rare photographic counterfeit for future study. Acknowledgment The author is grateful to his friend, neighbor and fellow researcher, Ned Lea, for his input to this article and for the pictures of the CT-11 and the two col- lotype notes from his personal collection. Illustration 3. CT-36/276 MZ 17■04,//*/- /he 417////fre(41 4/ 6713ver,froVera ,Or -7/.047' st,iPlifkkIkhers 182 May/June 2002 • Whole No. 219 • PAPER MONEY Illustration 4. CT-44/339A Sources "Counterfeit Confederate Notes." New Orleans Bee, October 16, 1861. Criswell, Grover C. Comprehensive Catalog of Confederate Paper Money. Port Clinton, Ohio: BNR Press (1996). Gascoigne, Bamber. How to Identify Prints. New York, N.Y.: Thames and Hudson Inc. (1995). Towler, J., M. D. The Silver Sun Beam: A Practical and Theoretical Text-Book On Sun Drawing And Photographic Printing. New York, N.Y.: Joseph H. Ladd, Publisher (1864). Tremmel, George B. It, Too, Passed - The Counterfeit Currency of the Confederate States. Raleigh, N.C.: Unpublished manuscript (2001). Van Monckhoven, D. A Popular Treatise on Photography; Also A Description of and Remarks on, the Stereoscope and Photographic Optics, Etc., Translated by W.H. Thornthwaite, Ph.D., F.C.S. London: Virtue Brothers & Co. (1863). Hessler to Sign Special Edition at Memphis Paper Show ONE HUNDRED NUMBERED COPIES OFThe Engraver's Line, the NLG award-winning encyclopedia of bank note engravers by former Paper Money Editor Gene Hessler, have been prepared by the author. The book and supplement includes five engrav- ings, four signed by the engravers. Engravers represented in the new special edition differ from those who signed their work in the original special edition when this book was first published, Hessler said. As line engraving is being replaced by mechanical and computer-imaging methods, The Engraver's Line pays homage to artists from an era that has all but disap- peared. This encyclopedia of paper money and postage stamp art and biographies was first released in 1993, including a special edition with signed engravings. Recently, different engravers suggested that the author prepare a second special edition. The result: 100 copies of the original edition with signed engravings for those who appreciate the art of security engraving. The Engraver's Line, with 444 pages and more than 500 illustrations, is the first major composite listing of designers and engravers of bank notes and postage stamps. Some of the most beautiful bank notes were designed and engraved by major American artists like F.O.C. Darley, Asher B. Durand, Walter Shirlaw and Kenyon Cox. However, their paper money art is sel- dom mentioned in art studies even though these designs were seen and handled by more people than those who saw their work in art galleries and museums. The book has been highly praised by professionals in the field. The special edition with engravings is priced at $145; regular edition, $85. Books may also be ordered by mail. For each book, add $5 for postage and insurance. Send check or money order to: Gene Hessler, PO Box 31144, Cincinnati, OH 45231. For a copy of the supplement only, send $5. Outside the U.S. write for particulars. Requests for a specific numbered copy will be honored, if possible, but cannot be guaran- teed. Specify if you wish the book to be signed by the author and to whom. In addition, while supply lasts, those who purchase any edition, regular or special, will receive an additional sheet of engravings created at American Bank Note Company. These will be mailed separately to mail pur- chasers. The author will be at the BNR Press table in Memphis to sign copies. 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 1-888-8KAGI NS Call Judy ***NATIONALS! NATIONALS!*** LOOKING FOR A SPECIAL NOTE/ WE STOCK A NICE SELECTION. WANT LISTS REQUESTED. BUYING - CONTACT US FOR FAIR OFFER. SPECIALIZING IN ILLINOIS AND MIDWESTERN NATIONALS VISIT OUR WEB PAGE AT: WWW.KYZIVATCURRENCY.COM IMAGES OF ALL NATIONALS UPDATED REGULARLY WITH NEW NOTES TIM KYZIVAT P.O. BOX 451 WESTERN SPRINGS, IL 60558-0451 708 - 784 - 0974 MPFIR NIONES COLLECTORS ) cJI 42 INC 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 6778 San Mateo, California 94403 (650) 458-8842 Fax: (650) 458-8843 E-mail: Member SPMC, PCDA, ANA PAPER MONEY • May/June 2002 • Whole No. 219 183 Claud & Judith 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: L J r 184 May/June 2002 • Whole No. 219 • PAPER MONEY This illustrated speci- men was in a Christie's sale in 1982; it was part of the legendary Alexandre Vattemare collection. The arch-like overprint was erroneously inverted on this piece. One Image, Three Representations By Gene Hessler National Bank Note Company vignette America as it appeared on an issue of the Confederate States of Ameirica. I N THE 19TH CENTURY WHEN SECURITY-PRINTING COM- panics were competing for work, each country selected engraved images from the company's archives, or a piece of artwork was presented to the company to be engraved for the paper money of the individual country. Consequently, if the former choice was made, it is possible to find the same engraved subject on the notes of several countries. When the Civil War on American soil began in 1861, the National Bank Note Company (NBNCo) was one of the competing security-printing compa- nies in the United States. The company had just printed a $1000 Interest-bear- ing Treasury Note (H1393b) for the U.S. Treasury Department; it was issued under the Act of March 2, 1861, and had an engraved image of America on the face. Fort Sumter was attacked on April 12, 1861, the spark that ignited the Civil War. No government, with longevity or in the state of rebel- lion, can function without money. The first CSA emission, the Montgomery issue of the Confederate States of America (CSA) soon appeared with dates of May and June 1861, all printed by the NBNCo. The $100 denomination (Slabaugh 2) had the same image of America that was used on the federal 1861 $1000 Interest-bearing Note. The portrait of Andrew Jackson on the $50 U.S. Interest-bearing Treasury Note (H945b) was also used on the $1000 CSA note (Slabaugh 4). Other subjects from this CSA issue can be found on numerous obsolete notes. However, here the focus is on America, a subject on the contempora- neous federal $1000 and the CSA $100 notes. It was only a matter of months before it was clear that the northern com- pany could no longer conduct business with the enemy. The CSA would rely .1., on southern printers for future bank note issues, including the Southern Bank Note Company, the southern branch of American Bank Note Company taken over by the CSA and moved to Richmond. In 1872 the NBNCo image of America was resurrected when the Stockholms Enskilda Bank of Sweden placed an order for bank notes with the NBNCo. A female image that could represent Sweden was needed. An olive wreath replaced the liberty cap on America; the shield with the stars and stripes was replaced with a three crowns, which represented Sweden since 1364. The Tx• • . t011113r.i7irfallAlttaiglrliSILInE111:.1..5 , P11.11Blkiletadail01•XS: , ; z. • 1 4;riflEANIft: PAPER MONEY • May/June 2002 • Whole No. 219 185 Arms of Sweden are more complex today. A lion, a symbol of the Folkung dynasty since 1200, was added at the feet of Svea, the title for the symbol of Sweden on the 100 riksdaler, PS507. From records he has observed, Mark Tomasko says America could be the work of engraver J.P. Ourdan, even though the engraver did not officially join NBNCo until 1862. The image of America can be traced to the central figure of The Progress of Civilization by Thomas Crawford. This frieze is on the pediment of the Senate wing of the U.S. Capitol Building. Crawford is also the creator of Freedom, the statue that stands atop the U.S. Capitol Building. Freedom, as most readers know, can be found on the $5 Demand Notes (H242) and U.S. Notes (243-244b). A rose by any other name might smell as sweet. However, an engraving with or without alterations could become an image that represents another country. Sources Hessler, G. Comprehensive Catalog of U.S. Paper Money. Port Clinton, OH: BNR Press (1997). Mueller, B. (With contributions from Walter Allan.) "Standing Liberty Bank Note Vignette," The Essay Proof journal, No. 182 (1989). Pick, A. Standard Catalog of World Paper Money. Vol. 1. Iola, WI: Krause Publications (1995). Slabaugh, A. Confederate States Paper Money. Iola, WI: Krause Pub. (1998). Confederate States of America $100 Montgomery issue. (Illustration cour- tesy George Tremmel) Stockholms Enskilda Bank of Sweden 100 riksdaler note. (Illustration courtesy Mark Anderson) The PRESIDENT' Column By FRANK CLARK IHOPE EVERYBODY ENJOYED OUR SPECIAL ISSUE on National Bank Notes! I certainly did, and we follow it with another special issue on Confederate currency. I am very excited about this issue, too, and can't wait to delve into it! At this time, I would like to introduce SPMC's latest Honorary Life Member: Mr. Forrest Daniel. Mr. Daniel has contributed greatly to our Society through his many writings, and he was the inspiration for the SPMC logo design. He has also served SPMC in a variety of positions. From 1970-76 he was a member of the Board of Governors, including positions as Awards Chairman (1971-75), Life Member Chairman (1975), and Nominating Chairman (1975). During his tenure on the Awards Committee, the entire system of Society Awards was unified and upgraded. A prolific author, Forrest has penned nearly 140 articles published in this magazine. These contributions have earned Daniel an incredible 10 Literary Awards, including the very first SPMC Literary Award in 1964. He has also been named a Bank Note Reporter- SPMC Nathan Gold Lifetime Achievement Award winner. Now, I am proud to announce Mr. Daniel is also the win- ner of SPMC's 2nd Annual George Wait Memorial Award. (See related story on Page 194) Congratulations, Forrest! The International Paper Money Show in Memphis will be June 14 - 16. We will have our traditional SPMC breakfast and Tom Bain Raffle on Friday June 14 at the convention hotel at 7:30 a.m. If you have not done so and want to attend, mail a check to Governor Judith Murphy for $12.00. This is a fun occasion that I look forward to every year. Also, at our general meeting on the next day, Chet Krause and Clifford Mishler of Krause Publications will be our speakers. Their topic is "50 Years of Collecting and Communicating." This should be an excellent program. Please put these items on your Memphis agenda. I would suggest always attending the Memphis show on that Friday, so that on Saturday you can attend the society meetings you want to. The education and camaraderie is time well spent. There has been some discussion on SPMC setting grad- ing standards. Your Board of Governors discussed this at length, too. It was decided that grading is a subjective matter, and that we could not be the "grade police." Anyway, every major currency book has grading standards in it. If you collect currency, you will need to educate yourself by reading, observ- ing, joining clubs, asking questions, etc. Please learn how to hold a note and manipulate it toward a light source in order to grade it properly. If a note and price does not meet your stan- dards, you can always pass on it. If you want to buy "slabbed" notes, that is your choice, too. This is a hobby and you can take it in any direction you want. Paper money has brought me much fun and enjoyment through my many years of collecting and I love it! I hope you love it, too. Frank May/June 2002 • Whole No. 219 • PAPER MONEY $ money mart PAPER MONEY will accept classified advertising on a basis of 15¢ per word (minimum charge of $3.75). Ad must be non-commercial in nature. Word count: Name and address count as five words. All other words and abbreviations, figure combinations and initials count as separate words. No check copies. 10% discount for four or more insertions of the same copy. Authors are also offered a free three-line classified ad in recognition of their contribution to the Society. These ads are denoted by (A) and are run on a space available basis. GEORGE BOND deputy secretary Continental Congress, signer of Continental Currency. Need biography or biographical sketch. Forrest Daniel, 416 North 13th St., Bismarck ND 58501. (A) HELP ME TURN UP THESE NOTES. NB of Commerce of Dallas #3985 ($5, $10 T2), and North Texas NB in Dallas #12736 ($10, $20 T1). Frank Clark, POB 117060, Carrollton, TX 75011-7060 (A) POYAIS banknotes and stock certificates wanted. Ron Benice, 4452 Deer Trail Blvd., Sarasota FL 34238, (941) 927-8765. (A) WHITEHALL, NY WANTED. Looking for material pertaining to Whitehall, NY including Nationals, obsoletes, city or private scrip, ad notes, etc. Jeff Sullivan, POB 895, Manchester, MO 63011 (A) WANTED THOMASTON NATIONAL BANK #3964. Any Condition. Send photocopy and price asked. Bill Lonergan, 3054 N. Peoria Ave., Simi Valley, CA 93063. (219) MOVIE PROP NOTES, also 'TV, Stage & Advertising Prop Notes wanted for new catalog. Send photocopy and price asked. Fred Reed, PO Box 118162, Carrollton, TX 75011-8162 (A) EXPAND YOUR COLLECTION. Classified ad rates are low, low, low. Send ad copy and check payable to SPMC to the Editor, PO Box 793941, Dallas, Texas 75379 -3941 (A) 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 • (searc hable)r Make checks payable to SPMC Mail to: Robert Schreiner POB 2331 Chapel Hill, NC 27515-2331 186 Checks, Checks, Checks! Add to your check collection Acquire collateral material for your National collection Revenue Stamps 86 Imprints Thousands of Checks 1/1 /7Sz naisbgniAbil Zze _ Ati OAS 1-'" A.7% yolei Exonumia and Bank History Books Now Selling on Ebay! Ebay Seller ID: 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© WORLD PAPER MONEY specialized in Poland. Russia & E.Europe ATS notes Free Price List atsra) Tom Sluszkiewicz P.O.Box 54521, Middlegate Postal BURNABY, B.C., CANADA, V5E 4J6 PAPER MONEY • May/June 2002 • Whole No. 219 187 I STOCKS & BONDS MONTHLY MAIL BID SALES RR's, Mining, Banking, etc. etc. Something For Everyone FREE LISTING I RICHARD T. HOOBER, JR. I P.O. Box 7917, North Port, FL 34287 Phone or Fax (941) 426-2620 r I I I I I I I WANTED COLONIAL/CONTINENTAL BANKNOTES Any Quantity, Any Condition. Ship in confidence to: Steve Pomex (Member ANA, SPMC, IBNS) PO Box 2, Ridgefield Park, NJ — 07660 Tel: 201-641-6641 / Fax: 201-641-1700 Email: DO YOU COLLECT FISCAL PAPER? The American Society of Check Collectors publishes a quarterly journal for members. Visit our website at 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. United States Paper Money --special selections for discriminating collectors-- Buying and Selling the finest in U.S. paper money Individual Rarities: Large, Small National Serial Number One Notes Large Size Type Error Notes Small Size Type National Currency Star or Replacement Notes Specimens, Proofs, Experimentals Frederick J. Bart Bart, Inc. (586) 979-3400 PO Box 2 • Roseville, MI 48066 E-mail: 188 May/June 2002 • Whole No. 219 • PAPER MONEY SPMC Board Meeting St. Louis, MO November 17, 2001 Tom Minerley, Secretary Attendees: Frank Clark, President; Benny Bolin, Torn Minerley, Fred Reed, Mark Anderson, Judith Murphy, Gene Hessler, Bob Schreiner, Roger Durand, Ron Horstman. Non-Attendees: Wendell Wolka, Steve Whitfield, Arri Jacob, John Ferreri, Bob Cochran Meeting started 7:30 A.M. A report on the web site from Wendell was read into the record. The SPMC web site has reached the 100,000 hit level and is currently the leading recruiter of new members. The site was recently updated and plans are in the works to acid the current library holdings to the site to make them available to members. Mark Anderson reported that $12,871 in annual dues and advertising revenues have been received in the recent quarter, but added that there have been several large distributions involved in closing out the fiscal year, totaling $4,816. He reports that Dover Litho is very appreciative of SPMC's abili- ty to make prompt payment, and that he'd like to keep the good relationship we have with the publisher going, as it bene- fits both them and us. Frank questioned Mark as to whether the life member- ship account was being handled separately, but was informed that to maximize the investment benefit, all funds are co-min- gled for that purpose, but can be segregated on paper. Judith stated that she did not want to see the LM fund raided for general membership purposes, but Fred pointed out that the funds are necessary to pay for LM services. The board adopted a motion (Murphy, seconded by Reed, approved unanimously) to expend $250 to fund sending out second notices to the members who have yet to renew membership for 2002. Judith requested a copy of the non-payees as of December 1 in order to help motivate members she has con- tact with to renew. (Anderson, seconded by Schreiner, approved unanimously) In his Editor's report, Fred reports SPMC has received two recognitions from the numismatic community, the ANA Best Publication Award (2001 Publication Award to Paper Money First Place Outstanding Specialty Numismatic Publication) and the Numismatic Literary Guild Best Club Publication (Paper Money, January/February 2001) presented to the Editor. Fred noted that while SPMC has received both these awards in the past, this was the first time it received both in the same year. Mark, seconded by a unanimous applause from the Board, praised Fred and Gene for bringing up the standards of the magazine to the award-winning level. Fred passed around gallery proofs of the upcoming issues, noting that the issues through the first half of the year had been completed. Fred noted that the March/April issue would be a special topical issue dealing with National Currency, the May/June issue would focus on Confederate currency, and the September/October issue would be the 2nd annual interna- tional issue. Fred noted that he has a formidable amount of material awaiting publication, but said that material for the "special" issues would be moved to the front of the line. As an example, he noted the response from the Fractional Currency Collectors Board for the upcoming January/February 2003 issue which will focus on fractional currency. The FCCB has shown a great deal of enthusiasm for the project, and has cooperated in getting its members to prepare and submit material. Future issues, the Board was told, will also include one specializing in military payment certificates. The Board unanimously accepted the Editor's report. Bob Schreiner gave his report on the status of the adver- tising in Paper Money. He had prepared a pamphlet with Fred to be sent to potential advertisers, not so much to sell ad space as much as to helping design them. Bob notified the Board that he desires to give up the advertising work to focus atten- tion on becoming the Society librarian. Judith suggested that Fred place a notice in PM seeking a volunteer to replace Bob and split the duties between two people, but Fred persuaded the Board that it would be better for continuity and good order that one person be found to carry on and that he would seek out such a person. Bob said he would continue his duties on an interim basis, assisted by Judith. Fred reports that he currently is dealing with about 50 advertisers and a new solicitation would be going out shortly. On membership, Frank stated that the web site was cur- rently the leading source for new memberships and advised the Board of this thoughts that the recent September 11 ter- rorist attacks might have an adverse impact on new/renewed membership. Gene recommended utilizing the ANA's Web site for free club postings as a possible venue for attracting new members. Frank said he'd refer web questions to Wendell. Later Frank learned that SPMC is already listed in at least two places on the ANA web site, and we are linked from the ANA to the SPMC web site. On the current Wismer project, author Guy Kraus has not communicated to Frank why his Mississippi bank note book is still unfinished. Not knowing for certain, Frank told the Board that he'd been told that there was some problem with the scans and that it was "in the works." One of the paper money dealers was doing some production work on the book, but commercial interests might be interfering with its progress. Frank said he'd follow up with the author once again. The other Wismer project, on Ohio notes, is currently scheduled for publication in 2003. Gene suggested an SPMC price support for the Ohio book, a subsidy to members as the cost of the book will most likely be over $100. On publishing material, Fred recommended checking out the possibility of sending materials to commercial publishing houses as a possible alternative for SPMC funding the entire costs. Bob suggested the chairman keep in touch with authors on at least a quarterly basis to keep publications on schedule. Gene recommended that we explore the possibility of a joint venture with the Ohio State Historical Society for that book, but Frank reported that they are not into book publishing, as relayed by Wendell. On regional meetings, Judith stated that her report was delivered in Memphis to Wendell, but since everything at Memphis membership meeting went poorly, nobody noticed. The meeting in Memphis, from all indications, was unfortu- nate. The Board meeting ran too long and over ran the gener- al membership meeting. Mark wants to see a more compact Board meeting and a scheduled break between it and the gen- eral membership meeting. Judith, commenting on the suc- PAPER MONEY • May/June 2002 • Whole No. 219 189 cessful pre-meeting held Friday night in St. Louis, stated that she'd like to see this method continued to help the general flow of Board meetings in the future. Going through the regional meetings attended this quar- ter, Judith noted the Blue Ridge show, the ANA (chaired by Wendell) and the Strasburg show which, in spite of September 11, still had a good turn out. Judith will supply a list of speak- ers to Frank for him to send letters of thanks. Paper Money Education Committee (PMEC). Mark pre- sented a formal proposal to alter the way SPMC handles requests for funding projects, etc. He recommended the establishment of a sub-committee to streamline the process of the ideas coming to the Board for action. He recommended the committee be chaired by Benny and include Arri and Judith, and have as a permanent member, but not as chairman, the sitting Treasurer. Fred asked whether the current Wait project would be a part of this process, noting that the funding is given by the membership directly to that particular project. Mark thought that perhaps it could be looked into as the goals are similar. He was willing to see the two melded into one, even though the proposal had broader goals in mind. Fred made a motion to suspend the Wait committee and fold its' duties into the PMEC. When asked by Benny whether the two funds would be separate, Mark answered that they would- n't be at present, but that he'd be willing to keep separate account on them. Judith recommended that Frank just setup the committee and appoint Benny as chair. Gene recom- mended a vote. Mark made the motion, Fred seconded and it was adopted unanimously. The motion to fold the Wait com- mittee into the PMEC was made by Fred, seconded by Judith and unanimously adopted. Frank named Benny to head the PMEC and select its membership. Old Business The question of membership cards was reviewed. Tom said that since there was a sufficient quantity of old cards to last for quite a while, no action was taken on redesigning the card. Note was taken that new cards hadn't been issued in quite a few years, but Tom pointed out that the cost of mailing 1400 cards was too much if they weren't really being request- ed. The suggestion was made that cards be mailed to any member who requested one and provided a self addressed stamped envelope. (A notice to that affect was placed in PM.) The matter of the library came up again and a lengthy discussion ensued. Benny recommended that SPMC maintain its own library until it reaches the point when its size becomes unmanageable and then revisit the issue. Mark warned that since Bob was enthusiastic about taking over the duties of librarian, a hasty decision to donate the library to ANA might cost us the library, as once the books were donated, there was no guarantee we'd ever be able to get them back. Frank then appointed Bob Schreiner as librarian, with the collection to be maintained at his house for now, with no opposition from the Board. Bob wanted the Board to provide a budget with which to purchase software, work on Web requests, etc., and insur- ance for the collection. Frank said he'd check into insurance to cover things. Judith recommended $1,500 be set aside for expenses, with Mark agreeing to notify the Board for expendi- tures in excess of that amount. On the subject of reprinting the "Best of Paper Money" articles in book form, Fred outlined the categories as (1) obso- letes, (2) world notes, (3) Nationals, and (4) federal currency. He proposed shopping the idea around to some outside pub- lishers to see if there would be any interest in publishing them at no cost to the Society. Bob asked whether the plan would include putting them on a CD, whether it included all articles or just the top articles. Fred said it was to publish the award winning articles. No decision was made on the CD format. Frank introduced the redesigned application form with the check off box for new members to indicate whether to have their addresses/collection preferences listed in any future published membership listings. New Business Fred introduced a proposed increase in the advertising rates, which would generate a profit for each page of PM devoted to advertising. Advertisers are being offered con- tracts for renewal at the old rate through December. In response to a question from Judith, Fred stated that a goal of covering half the PM's publication costs with advertising rev- enue might be doable. Bob S. moved to accept the new rate structure; Bob C. seconded; the motion passed unanimously. ANA building fund was discussed but not acted upon. Mark will see John Wilson to have him put a request for funds in writing and have them forwarded to Benny for the approval process. As Wendell was absent, there was no discussion on the Taylor Memorial project. On the suggestion by a member of paying authors for PM articles, Fred moved instead that in lieu of token gifts for liter- ary awards, monetary awards be made instead, with $300 for first prize, $200 for second and $100 for third. Bob S. second- ed and the motion was passed unanimously. Discussion of Peter Huntoon's request for additional funding to expand and republish his works was hampered by his non-appearance to make any case for the funding. Since a sizeable stock of the first edition of his Nationals book remains unsold, there was little interest in spending more money to reprint it. As the current holder of the existing stock of books is having difficulty selling them, it was decided to allow him to compose an advertisement for inclusion in a future issue of PM to see if there is any interest for the work. Gene made the motion to adjourn the meeting at 10:15, Bob Schreiner seconded, the motion passed unanimously. General Membership Meeting St. Louis, MO November 17, 2001, 11:00 A.M. Attended by approximately 12 members, in addition to the Board. Treasurer Mark Anderson gave a brief review of the financial state of the SPMC. Frank presented the Honorary Life Membership cards to Eric Newman and Ron Horstman. Due to Robert Lloyd's inability to attend, John Wilson spoke on behalf of Mr. Lloyd's contributions to the hobby and accepted his HLM on his behalf. Mr. Lloyd's HLM card will be mailed to him. Voting for the honors had gone as follows: For Newman: Fred made the motion, seconded by Gene and John; 12 yeas, one abstention. For Lloyd: Fred made the motion, seconded by Gene and John; 12 yeas, one abstention. For Horstman: Bob Cochran made the motion, seconded by Steve, Judith and John; 7 yeas, two nays, two abstentions and one requested their vote not be counted. Following the presentations, Mark gave an informative power-point presentation on his grandfather and his affiliation with the National Bank of Grantsburg, WI, which was much appreciated by all in attendance. • 1:,C.,..••1' 0i;70•■ii/tew ,P,//,‘`/;,w /ft/4, 6 ■ 7771ii ( 7•-■ //a/i TWENTY DOLLARS k'•41(//t ( feftr N/A;?4,-/hk/i 1.;rglit:61STF.11;‘, 190 May/June 2002 • Whole No. 219 • PAPER MONEY Did You Know The U.S. Treasury Gave Money Away? By Fred L. Reed Dishonored in their own time; repudiated once and for all by the 14th Amendment to the U.S. Constitution; and even today possessing limited col- lector value, "filthy rags" such as this redeemed and cancelled Confederate $20 issue provide vital historical links to America's past. Many local libraries received such notes three generations ago; why not see if your local library was among them? We would appreci- ate hearing from readers who uncover local caches. Note: A version of this article appeared in Coin World, June 20, 1979, and is used with that publication's permission. A special thanks to Editor Beth Deisher. T HREE GENERATIONS AGO THE U.S. TREASURY Department was the world's largest obsolete note dealer -- on request it would send a library, or similar institution, a dozen or more Confederate notes for purposes of historical display. This donation was free of charge -- no strings attached. Grand Army of the Republic headquarters throughout the country were also recipients of this Treasury largesse, and many such posts proudly displayed framed Confederate note collections in their premises. Treasury Department holdings of the formerly contraband note issues accumulated throughout the Civil War. With the fall of the Confederacy, additional large quanti- ties were captured, until total holdings numbered several mil- lions of notes. From this rather large cross section which fell into Northern hands, select- ed specimens were sent to the requesting insti- tutions. One such recipi- ent was Sidney, Ohio's, Amos Memorial Library in Coin World's hometown. I came across the letter when I was News Editor of that publica- tion in the mid-1970s. The yellowed letter of transmittal was then still retained by the librari- an, although it had long since separated at its folds. Dated Sept. 27, 1912, the form letter is on stationery of the Office of the Assistant Secretary of the Treasury and is signed by Sherman Allen. It reads in part: "ln reply (to your) communication of recent date, and upon the authoriza- tion of Secretary MacVeagh, I inclose an assortment of the notes of the Confederate States of America, which came into the possession of the Union Army about the close of the war, and were turned over by the War Department to the Treasury in 1867, incomplete, however, as to all of the series of notes issued. "ln presenting such specimens of the notes as are now in the custody of the Treasury, the Department is assured that such disposition will be made for their security as will render them of permanent value to patrons of your insti- tution and for historical purposes." The Assistant Secretary also asked for acknowledgement of receipt of the notes. Letters to GAR posts were similar in intent, but more dignified, bearing the signature, and seal of Treasury Secretary MacVeagh, himself. PAPER MONEY • May/June 2002 • Whole No. 219 /1' 4,, A: 4/4;, to /i(it/7/44/wer ///.. /Ve ' y/a...itA.- ///4e. i ,./.4,e/1/.//e I I ,. 1 r 411.1ah,. ' ' A1.•,,,te., 244'.:^_‘t.. k 1 ....1...J' 11.1 1 , '; 1 I titttl ,''''' 7/4,7711._., DOLLARS 4(//, .///e///Nrii/(//, ( / 191 More than one-half million redeemed and cancelled Confederate notes were confiscated at the close of the Rebellion and shipped off to vaults in Washington, D.C. as "evidence." They languished there for nearly a half century until Treasury Secretary Franklin MacVeagh directed specimens to be presented to libraries, Grand Army of the Republic posts and similar organizations for historical purposes. 192 May/June 2002 • Whole No. 219 • PAPER MONEY "Believing that your Post will be interested in receiving specimens of notes issued by the Confederate States of America, for exhibition purposes in the Post headquarters," it begins, "I take pleasure in sending you an assortment of the same." The letter then continues in the same vein, recounting the history of the large note acquisition following the Civil War. It also mentions "the Treasury Department has no complete series of the notes," and requests their proper safeguarding "so as to render them of permanent value to your Grand Army Post as historical relics." According to former Coin World columnist Ted Hammer, one GAR post in Wellington, Kansas, mounted 13 notes it received in 1912 along with its transmittal letter from Secretary MacVeagh. The display hung in the Sumner County, Kansas, courthouse at one time. Evidentally the Sidney library fared a little better in this regard, since I found 15 Confederate notes and the letter of transmittal there 25 years ago. Through the courtesy of Coin World that letter and those notes are shown accompanying this article. Also found were a number of foreign notes, which obviously were acquired by the library under different circumstances. There were also three obsolete Southern notes in the cache, which were possibly part of the Treasury Department gift, athough that is just conjecture absent some additional evidence. The Confederate notes received by the Sidney library comprise a good beginning type set of these issues. All show considerable circulation and virtu- ally all are cut cancelled or cut out cancelled, with the familiar triangular and circular excisions, showing them to have been redeemed by the Confederate government. These notes include: Criswell Type-18, variety-105 $20; and T-20, variety-142 $20; T-28, variety-235 $10; T-30, variety-239 $10; T-33, variety-262 $5; T-36, variety-278 $5; T-37, variety 284 $5. T-42, variety-334 $2; T-52, variety-371 $10; T-53, variety-388 $5; T-57, variety 414/4 $50; T-58, variety 423/5 $20; T-59, variety 439/1 $10; T-60, variety 458/7 $5; and T-68, variety-551 $10. The three other southern notes in the library cache, which may have been among those donated by the Treasury Department, are two Richmond city change bills (Criswell Virginia C-1320 30 cents, and Virginia C-1325 50 cents), and a State of Alabama 50 cent fractional note (Criswell Alabama-4). Even today these notes have modest collector premiums. Three genera- tions ago they were worth mere "pennies" each, thousands of such ragged notes changing hands in common transactions by weight. Their historical value is assured, however, and numerous communities across the United States may have similar assortments of Confederate notes waiting to see the light of day once again. The existence of these collections is a testimony to Treasury Department farsightedness, and they are historical treasures for their local communities. It is not known how long the Treasury Department give-a-way contin- ued. World War I intervened and a contemporary newspaper account, reprinted in The Numismatist, signalled the death knell of the program. "The Final Chapter in the financial history of the Confederate States of America was written in the Treasury Department the other day," the July, 1920, issue of the American Numismatic Association's monthly publication reported. "Sixty mil- lion dollars in Confederate money was destroyed to relieve the congested con- dition of the Treasury vaults. The currency comprised the 'sinews of war' in the Confederate Treasury at Richmond, and was seized by the Federal troops when the Southern capital was captured," the brief article stated. It's somewhat ironic that the wholesale burning of the remaining mil- PAPER MONEY • May/June 2002 • Whole No. 219 193 , 11 - 11114%1,1 41)1 %.11•1.1 1 tig*. 1411: 4,1• 11' Utts7tIsf:',,t, rm. ...■rtrAnt of tl.e n:70:: of VI. Ccof ,Aeratm States cr tnetics, shish atlme Into the ,^ essi n of t'ne tray abnet -0-a close of the war, nn] sere et, eta 1're:ivory In Es.serer, series of notes issued. ttt pre:EntAng Ot nots the Ita.st1:1: of the .11c11 diLr cs1tloti wi.).1 t•) fsr .03 to rAtr ,*.es. yc.ur Red tor histcrir.a! a:itncrledte Very t A form letter of transmittal from the Assistant Secretary of the Treasury to the local librarian,cills for securing the notes "as will render them of permanent value to patrons of your institution and for historidal purposes." lions of Confederate dollars assured the collectibility of the remnant "worth- less paper trash." It' s also true that notwithstanding a Louisville newspaper report on that conflagration, the "Final Chapter" on Confederate finance is as yet unwritten.• 194 May/June 2002 • Whole No. 219 • PAPER MONEY George Wait Award Recognizes Forrest Daniel S PMC's 2ND ANNUAL GEORGE WAIT Memorial Award for outstanding research/publica- tion in any paper money field has gone to Charter Member Forrest Daniel for his manuscript Small Treasury Notes -- 1815: A Prototype Circulating Currency Supplementing the Financing of the War of 1812. "These small Treasury Notes of 1815 were the first attempt by the United States government to issue a cir- culating paper currency," Daniel reveals. "Their issue came only after a desperate attempt to finance the War of 1812 by borrowing money alone. "The notes in denominations of $3, $5, $10, $20 and $50 were receivable for all dues to the Federal Government. They were payable to bearer in fact, although not so stated, and were acceptable for currency usage throughout the nation." Daniel's illustrated, book length manuscript con- centrates on the intricacies of the preparation and circu- NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 117060 Carrollton, TX 75011 SPMC NEW MEMBERS - 02/20/2002 10404 Henry Schlesinger, 415 East 52nd St, New York, NY 10022 (C, Fractional, Errors, U.S. Large), Frank Clark 10405 Harold McEnroe Sr., 4850 North Manchester Ave, Kansas City, MO 64119-4078 (C, U.S. Large, Small & Fractional), Frank Clark 10406 Elizabeth Shaw (C & D) 10407 Randy Parker (C), Frank Clark 10408 Mark Blote (C), Q. David Bowers 10409 David D. Robortaccio, PO Box 1118 Hopewell Junction, NY 12533-5338 (C, Small Size Nationals & Dutchess County, NY) Dieter H. Kaltz 10410 Cameron C. Troilo (C), Tom Denly 10411 Verdie Stanley Jr. (C), Website 10412 Ron Shestokes, 3767 W. 176th St, Torrance, CA 90504-3304 (C, WWII Emergency Notes), Website 10413 Robert J. Lynch (C), Frank Clark 10414 Michael Peuler, 237 Blackberry Dr, Ephrata, PA 17522-9650 (C, Nationals), Frank Clark 10415 G.P. Abell (C), Tom Denly 10416 Phillip J. Simpkins, Jr., PO Box 322, New Castle, DE 19720 (C & D, Fractionals),Website 10417 Frank Syzmanski (C), Frank Clark 10418 Bruce W. Chambers, 191 Glen Pkwy, Hamden, CT 06517 (C, Exonumia, Play Money, Military, Emergency, Notgeld, etc), Website 10419 John Conway, PO Box 155, Alexandria, SD 57311 (C & D, All U.S. & Canada), Tom Denly 10420 Rev. Larry E. Young (C), Website lation of these small Treasury Notes. His research is based on primary sources, including Treasury Department correspondence, providing "the inside story of the small Treasury Notes known only to officials at the Treasury Department," Daniel records. The Wait award was established by the SPMC Board following the death of the author-researcher in his memory. It provides monetary grant(s) of up to $500 annually to support research leading to publication of original book length paper money projects. An announcement soliciting entries appears in this publica- tion annually in the November/December issue. The first winner of the Wait prize was Robert Neale for his book The Bank of Cape Fear of Wilmington, NC. Both Neale and Daniel received the maximum $500 award for their pioneering works. Coincidentally, an article by Neale based on his book is the lead article of the upcoming July/August issue of Paper Money. 10421 Mark Scott (C), Tom Minerley 10422 Edwin Townsend (C), Tom Denly 10423 Hal Shonborg (C & D), Bob Cochran 10424 Michael D. Foster (C), Gene Hessler 10425 Adam Don Masqueda (C), Michael Foster 10426 Tyrel M. Keplinger (C), Michael Foster 10427 Stephen Fox (C), Bob Cochran 10428 Frank M. Hicks (C), Website 10429 Pierre Fricke, 100 N. Ridge St, Rye Brook, NY 10573-2104 (C, CSA, Texas, Louisiana, CSA Bonds), David Moore HONORARY LIFE MEMBER HLM15 Forrest Daniel (formerly #121) SPMC NEW MEMBERS - 03/08/2002 10430 Lawrence C. Erhart, 14 Fawn Dr, Gales Ferry, CT 06335 (C & D, U.S. Large & Obsoletes), Tom Denly 10431 Arthur M. Fitts III (C & D, Obsoletes, Type), C. John Ferreri 10432 Ken Heath (C, Confederate), Website 10433 Claude Cowles (C), Frank Clark 10434 Cathy Hadd, c/o Currency Auctions of America, 100 Heritage Plaza Suite 200, Highland Park Village, Dallas, TX 75205-2788 (D), Fred Reed 10435 Gary G. Pheanis, PO Box 198, Eldorado, OH 45321- 0198 (C, U.S. Large), Frank Clark 10436 Christine J. Stump, 2041 S. Blue Spruce Ct, Warsaw, IN 46580 (C, U.S. & Foreign), Website 10437 Alan Vrooman (C & D), Website 10438 Richard J. Reed, PMB #444, 5824 Bee Ridge Rd., Sarasota, FL 34233-5065 (C & D), Fred Reed 10439 John H. Tittle (C), Website 10440 William B. Keller (C), Website 10441 Rich Kelber, 13503 Vintage P1, Chino, CA 91710 (C, U.S. Small & Errors), Frank Clark 10442 David M. Russo (C), Tom Denly 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 PCDA, SPMC SOCIFI 715) nspEriLynn n ("MRS z "':"-- itilt*Iti 109 000>. sita-yyt,u211----- 43-44 rliitomiami.ommtot,sn I _ • /WED (VW Are You Interested in Rarities? Proof Federal Notes! Specimens -- Essays! Large Size Error Notes! Serial Number 1 Nationals! Uncut Sheets! Harry E. Jones POB 30369 Cleveland, OH 44130 (440) 234-3330 SOVEREIGNTM MYLAR SLEEVES & ENVELOPES Sovereign Currency Storage - Just one of the categories in the Archivalware Catalog. 40 full color pages of Archival Collectibles archivaitmaretools for SefiNIS collectors Storage and Exhibition products. 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Request your free Catalog Tel: 1.800.628.1912 Fax: 1.800.532.9281 E-mail: info PAPER MONEY • May/June 2002 • Whole No. 219 195 Buying & Selling Quality Collector Currency • Colonial & Continental Currency • Fractional Currency • Confederate & Southern States Currency • Confederate Bonds • Large Size & Small Size Currency Always BUYING All of the Above Call or Ship for Best Offer Free Pricelist Available Upon Request James Polls 4501 Connecticut Avenue NW Suite 306 Washington, DC 20008 (202) 363-6650 Fax: (202) 363-4712 E-mail: Member: SPMC, FCCB, ANA Chet Krause Clifford Mishler 196 May/June 2002 • Whole No. 219 • PAPER MONEY Krause, Mishler to Speak at SPMC Membership Meeting on Half Century of Paper Money Collecting/Publishing Aexploring SPECIAL EDUCATIONAL PROGRAM the influences which caused the coin and paper money collecting hobbies to boom and prosper from the 1930s into these early years of the 21st century will be presented on Saturday, June 15, during the 41st anniversary general membership meeting of the Society of Paper Money Collectors. The event will be held in conjunction with the 26th annual International Paper Money Show spon- sored by the Memphis Coin Club. The program "50 Years of Collecting and Communicating" will be presented by Chester L. Krause, founder of Numismatic News, and his longtime publishing associate Krause board chairman Clifford Mishler. Krause (SPMC #9) and Mishler (SPMC LM#142, formerly #294) are both charter members of the Society, and Krause Publications has long co-sponsored the Bank Note Reporter - SPMC Nathan Gold Lifetime Achieve- ment Award, presented at SPMC's annual meetings. Their presentation will detail the formative influ- ences which led to the founding of Numismatic News -- first published on Oct. 13, 1952 -- exploring those influ- ences and the parallels which caused the coin collecting hobby and the publication to boom and prosper over the past 50 years. It will also examine the interplay the growth of publishing communications has had on enriching the numismatic pursuit. Although the duo has presented a similar talk at sev- eral major shows earlier this year in honor of the Company's 50th anniversary, their talk at Memphis will be special, Mishler promises. "We'll be endeavoring to slant this particular presentation somewhat to provide a focus on our paper money activities," the KP chairman said. The pair knows more than their share about the paper money hobby and business. In addition to their monthly paper money tabloid, KP is responsible for a virtual shelf frill of paper money catalogs and references, including Krause's book on Wisconsin notes, the multi- volume/multi-edition Pick catalog of world notes, the Standard Catalog of U.S. Paper Money, and a host of spe- cialized syngraphic books. Krause and Mishler will also offer their visions of the hobby's future and respond to questions from the audience. Those attending the program will have the oppor- tunity to win several interesting attendance door prizes, including a special Numismatic News 50th Anniversary commemorative Capital Plastics holder unit incorporat- ing a proof 1952 Franklin half dollar, a Chester Krause silver medal, a Clifford Mishler silver medal and a Numismatic News/ Krause Publications silver medal. Retired U.S. Mint sculptor- engraver Thomas D. Rogers Sr. designed the medals. The plastic holder will be engraved with the Memphis International Paper Money Show date and other information. Other door prizes to be given out in a drawing include 10 copies of Pioneer Publisher, a new book about Krause Publications' 50-year history. The program will be held jointly with PMCM; check the show schedule for the exact time and place. CCLI Slates Paper Money Appraisal Fair for May 11 THE CURRENCY CLUB OF LONG ISLAND(CCLI) is hosting a free paper money appraisal fair at the Sayville, NY Library on May 11, 2002, from 2-5 p.m., according to SPMC Life Member John Hanik, also publicity chairman for the event. "Old paper money can be worth thousands of dol- lars. Are you sitting on a fortune?" a flyer published by the currency club and posted at the library reads. Club members are providing a service to library patrons. "We invite members of the community, and fellow SPMC members to come to the event," Hanik reports. "The library is on Collins Avenue. The appraisal fair is fun. It's educational. And, it's absolute- ly free," he added. CCLI is a non-profit organization. Information on the club, or additional information on the event, may be obtained from Hanik at PO Box 102, Lynbrook, NY 11583-4040. PAPER MONEY • May/June 2002 • Whole No. 219 Always Wanted Monmouth County, New Jersey Obsoletes — Nationals — Scrip Histories and Memorabilia — Allentown — Asbury Park — Atlantic Highlands — Belmar Bradley Beach — Eatontown — Englisbtown — 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 New Hampshire Notes Wanted: Obsolete currency, National Bank notes, other items relating to New Hampshire paper money from the earliest days onward. Dave Bowers Box 1224 Wolfeboro, NH 03894 E-mail: One hundred years from now, R.M.T. Hunter will still be remembered because his face is on a bill. You, too, can be immortalized and leave your mark on paper money for generations to come. How? Put YOUR name on a standard catalog! A ground-breaking catalog of 1,400 never-before- cataloged notes is about to be released. YOU can have YOUR name on the cover, spine, and catalog numbers of this reference work as co- author! But this is a very limited-time opportuni- ty, so you must act now. For an investment of only $X5,000, you can be remembered for all time. For details, write Robert A. Welch, Agent, 2433 NW 48th St., Oklahoma City, OK 73112 197 mree MASTERPIECES TIM PRUSMACK The Understated Elegance of Confederate Currency Discover historic American Currency that has become time honored and distinctively reflective of the Civil War Period. TIM PRUSMACK'S MONEY MASTERPIECES mirror the dignity and splendor of Confederate-related Currency that brings appre- ciation and long term value to your collection. Make a good collection better with MONEY MASTERPIECES...and show the magnificence of Confederate Currency. TIM PRUSMACK. 4321 Gator Trace Dr., Fort Pierce, FL 34982-6806 Tel: (772) 464-6391 / Fax (772) 464-3461 / To view MONEY MASTERPIECES on line: 198 May/June 2002 • Whole No. 219 • PAPER MONEY Some Byways in Confederate Currency By Dr. Douglas B. Ball F OR QUITE A FEW YEARS NOW, IT HAS BEEN GENERALLYassumed that practically all that is going to be discovered aboutConfederate currency has already been brought to light and that littleremains to be clone. Yet as I hinted early on, when I was doing my Confederate column in the Bank Note Reporter for Austin Sheheen, there are still quite a few areas where further research is needed, or at any rate might produce interesting results. These research areas of interest do not have to be based on notes worth many thousands of dollars each, like a set of Montgomeries or the Eagle and Shield or its sheet mate, the Indian Princess bill. As I suggested, the Type 18 notes opened considerable opportunities for research and collecting without forcing the collector/writer into the expenditure of vast sums of money. One such area that comes readily to mind is posed by the 7.30% Notes, Types 39, 40 and 41. Some years back, I had occasion to point out that numis- matists and philatelists needed to stop treating each other as completely unre- lated hobbies or areas of study. I was able to tell the stamp collectors many things they did not know about Ludwig Hoyer and Charles Ludwig, as well as Dr. James T. Paterson (a dentist). I, for my part, picked up some new facts about these same postage stamp printers which I had not hitherto had any knowledge of. Indeed, my appear- ance before a stamp collectors group, served the doubly useful purpose of not only exchanging information but also encouragement to those of a scholarly character to indulge in further research in relation to the ill-fated Paterson. Although most collectors do not know it, my book, Financial Failure and Confederate Defeat has stirred up a series of debates among historians and econ- omists, which might have been at least partially obviated if the knowledge avail- able to the numismatists had been shared with the two academic disciplines. Just how this came to pass will be covered later in this article. The so-called 7.30% Notes do not, as a group, inspire much interest among the numismatic researchers. The workmanship of the Hoyer & Ludwig and Paterson notes seems to involve mostly research into what the late Philip Chase back in 1947 called dip/ens. This was simply his recondite word for carArd4,;110.44,141//lienhp.d:kbra.19,0/ /iv/a, /MI Arm, 0le 6///etie're71,, etimi, the tY;ydrilf elect - - itineJltMt_ -4111eaia— , YPtihehdeteJ,- alin,,co o/d YkViiiioNd / .Regist, TTaterscrea. C2 Tr ca,ure PAPER MONEY • May/June 2002 • Whole No. 219 199 minor plate differences arising from the fact that no lithographer engraves any- thing exactly the same way twice running. Yet the fact is that the central train vignette of the Types 39 and 40 are different in several key regards, and that this difference reflects the fact that the same two vignettes were in use simultaneously in the North even before the War. Why did Paterson produce notes that were largely the same, one mirror- ing Ludwig's work and the other copying artwork originally made and employed by Waterman Lily Ormsby? I believe that the history of these two types can been accounted for in much the same manner as the Type 28 notes in my article on those bills back in 1972. The legislative background of the 7.30% Notes is briefly as follows. Secretary of the Treasury Memminger asked the first Congress for authority to issue interest bearing notes in lieu of $165 million of 10 year 8% bonds, autho- rized by the Act of April 12, 1862, which he assumed, correctly, could not be sold. The Confederate Congress responded with an Act passed on April 18, 1862, which called for the issue of notes of not less than $100 denomination to bear 7.30% interest per annum. The object of this expensive expedient was to get people to exchange their non-interest bearing treasury notes for these notes which they would hopefully not circulate but would lock up, thus reducing the general circulation. For a variety of reasons, including the inability of the printers to produce enough circulating notes to meet the Treasury's need to pay, clothe and feed the army, coupled with the rapid inflation which made holding on to the notes profitless except in December of each year, such notes did in fact circulate and did little to halt the rapidly escalating inflation. Only the banks held such notes as an interest bearing reserve against their deposits. .filoyer 8,-11 -adiAdo ElLinnontlYa. Shortly after the Congress passed the enabling legislation, Memminger contracted with Hoyer & Ludwig, to produce the requisite notes. The first of these, from two plates and with the Hoyer & Ludwig imprint in the lower left corner, were dated May 5-9, 1862, sheet numbers 1-2500. (Figures 1 and 2) This short run occurred because Memminger ordered the printers to move to Columbia, SC to get out of the way of the military operations going on around Richmond. Since Hoyer and Ludwig refused to move, their contracts, govern- ment equipment, and workers were given to J. T. Paterson, who moved them either to Columbia or to Augusta, GA Paterson's home town. Paterson continued the issue of the Type 39 notes under his own imprint Figure 1 Figure 2 lit/V/4/1 T n_ 4.110Vir.,6,/lint<7i/e/YhelAie//f/W///,' /./.67 // .7e1 YI(//,5. 1//l d //////e Fr...IA.,, I rlj 71 :'477/1e/ /' OMR I .‹ /6 is /lea 1 Laffit;74707 / 7 , z %-lithmond idg2 /4,' Treasurer 200 May/June 2002 • Whole No. 219 • PAPER MONEY Figure 3 (right) Figure 4 (far right) which appeared to the left of center at the bottom of each note. (Figure 3) There was an hiatus on the further issue of these bills between May 9th and June 4th, when the Paterson imprinted notes made their appearance. The issue of the notes in this second format continued until July 15th, when the imprint was switched to the right center of each note. (Figure 4) These notes of the third major variety then continued from mid July to mid-August, 1862, when their further issue ceased. The issue figures for the Type 39 note varieties would seem to be approximately as follows; 2500 sheets for the Hoyer and Ludwig imprinted bills; 20,800 sheets of the Paterson name on the left side of the note. The residue of the type, comes to about 14,000 sheets with the Paterson name on the right. Figure 5 Figure 6 So far as the Type 39 notes are concerned, it should be noted of this and the subsequent Type 40 that the sheeting of both types, with one exception is very doubtful. The only sheet we can identify with certainty is that with the so-called "elongated A," (Figure 5), of which there is only one plate letter "a" to "h" for the notes with this distinguishing feature. The others do not fall into any clear category because the size of the letters outside the "A" vary apparent- ly even on the same plate. Moreover, because packs of notes have surfaced, proving that the sheets were cut up and then reassembled one plen to the pack, all with the same serial letters; (for example letters "Ah" or whatever), no infor- mation can come from that source. Shlfrs t e17 Pti/se / Strtlrs s'■■•••■• • PAPER MONEY • May/June 2002 • Whole No. 219 201 For unknown reasons, Paterson's workmen then prepared a new master plate with the diffused steam vignette (Type 40) and put it into production. This type ran from mid-August until October 25th. (Figure 6). The issue of this type then ceased except for numbers 65001 to 69900, which were issued as an after thought (left over heretofore unissued stock?) on two dates in January, 1863. These issues, 31,200 sheets and 4,900 sheets respectively, are marked by the appearance of notes printed on Confederate watermarked papers. These last appeared on the notes dated in late August and early September 1862, but notes on unwatermarked paper appear among and after those noted. The block letters watermark variety is much more common than is that with the script let- ters. The comparative crudity of the Hoyer & Ludwig-Paterson type notes led to numerous complaints being made to Memminger with the observation that such notes simply made counterfeiting easy. Indeed, there are a number of counterfeits of these notes. The Secretary therefore instructed the steel and copper plate engraving firm of Keatinge & Ball to prepare notes to be issued under the Act of April 18, 1862. There is no correspondence in the National Archives pertaining to this subject, but the first notes engraved by Keatinge made their appearance on August 26th, 1862. (Figure 7). We would be safe in assuming that the order was probably placed at least a month earlier. Contrary to Memminger's expec- tations, these notes were also counterfeited. Although these were the first two color notes made in the South since the Manouvriers and the Hoyer & Ludwig Type 17 bills, very few inverted face tints or tints printed on the backs of notes have appeared. (My collection contained only one of each type.) Evidently, a real effort was made to weed out any error notes before they were circulated. The presence today of notes with brown as well as orange face tints is not an error on the printers' parts, but merely the results of oxidation. The new 7.30% Notes besides being engraved on steel came four to a sheet and not eight as had been true of the lithographed bills. The supervision of the printers was still somewhat lax and Keatinge made two obvious errors on plate one; there was no "The" in the curl over "C" in "Confederate" and the date, which had to be partially hand filled in at the top, was missing and there was no "186". There were approximately 1800 sheets of these printed, almost all of which were apparently issued from Charleston, to judge by the issue date stamps on their backs. This issue is somewhat clouded by the existence of a few notes in the 1800 range with the errors corrected and a few of the uncorrected notes with number ranges above 1800. In any case, these minor errors were swiftly cor- rected and notes from plate lA with the corrections soon appeared. Two more Figure 7 Figure 10 Figure 11 202 May/June 2002 • Whole No. 219 • PAPER MONEY Figure 8 (right) Figure 9 (far right) plates in the style of this plate were ultimately put into service as well as four plates of the sub-variety, as Phil Chase pointed out long ago. The difference between the two sub-varieties lies in the fact that the scrolls (called by Criswell Scroll I and Scroll II) are mirror images of one another. (Figures 8 and 9). There are also minor deviations about whether the line at the right runs under "Except Export Dues". And there is also the dou- ble "For Treasurer" variety, which apparently lasted only a few sheets before it was discovered and corrected. How or why this occurred is unknown, but the usual bill padding scheme of charging for a new plate because of minor changes does not seem to have operated here. It must also be noted that the issue of these notes with the plates com- mingled, went on until the end of 1862 and into January of 1863, when their issue ceased. The cessation of issues was certainly not affected because the limit on this note issue had been exceeded. The 167,600 sheets of the Type 41 notes and the 69,900 sheets of the Types 39 and 40 bills emitted only came to $122 million whereas with only $3.222 million of the April 12, 1862, bonds sold, a total issue of over $160 million was permissible. It should also be noted that while the notes bore a date on the face when they were prepared for sale by the Treasury Note Bureau, many notes bear on the back a handwritten or stamp date indicating when the notes were paid out of the Treasury. This was done to reduce the interest expense between the two days. (Figures 10 and 11). A second point comes from the fact that at the time the Congress autho- rized these notes as an afterthought, the legislation failed to cover the impor- tant point of when the interest was to be paid. By a further Act at Memminger's request, the date was set on January 1st of each year until "six months after the Ratification of a Treaty of Peace between the Confederate States and the United States," when the notes became payable. These provi- sions show two other deficiencies in the legislation. Firstly, it would obviously be impossible for the Confederate Treasury to pay off all these notes and the regular issues within six months of peace. The retirement of the notes would PAPER MONEY • May/June 2002 • Whole No. 219 203 Figure 12 (left) Figure 13 (below) Figure 14 (right) - v4ruED P' d arprr="1;,"..., raF,70 7 t gaz), t . ILAJA.3:1 tNTEREST PA ID TO IFJANUAlfY 186'5. ATJACKS13/4! clearly have to be put off for years. Many Southerners were aware of this, and it undermined their confidence in the govern- ment's credit. Second, the inevitable inflation was not anticipated and no effort was made to issue notes in higher denominations to inhibit their circulation. Such a course was strongly urged in various letters to the Secretary. As a corollary to this point, since the notes were issued in lieu of April 12, 1862, Act bonds, the notes should have been made fungible in such bonds as a sure fire means of getting them out of circulation. As a result, there was no legal means of funding these notes into bonds until the Act of November 28, 1864, another example of the too little and too late operations of the Confederacy's finances. In many ways, the backs of these notes are more interest- ing than the faces, since each has its own story to tell. Also, there are so many different hand notations and stamps that I can only skim over the surface of the topic in this article. Many notes are hand issued in towns located all over the Confederacy by army disbursing officers. Other notes bear locally made or Treasury ordered stamps made in Richmond. Such issue stamps for Richmond, Charleston, Jackson and Montgomery (Figures 12, 13 and 14), were actively used and made by a die sinker called Baumgarten in Richmond, who was a prominent member of his congregation. It was not until recently that the Montgomery stamped notes came to light. There are even counterfeit stamps for Jackson, put on the backs of counterfeit notes! There are also philatelic stamps on the backs of some notes. Two varieties are available for Charleston, SC. (Figures 15 and 15A-Figure 15 detail inverted). In addition there exist stamps for Jackson, MS; San Antonio, TX; Lenoir, NC; and Shelbyville, TN. Most of these are dated in 1863. There is a scattering of others, without any place being named. Nor should we forget the red numbers used as validation stamps for Savannah, GA dated from Septmeber, 1862, to April, 1863, which appear on the note faces of interest and non-interest bear- ing notes alike. They were placed on the notes to assure the recipient that the Savannah Depositary office guaranteed their authenticity. What is important for the economic historian is the inter- Figure 15 (below) Figure 15A (below, Figure 15 detail inverted) 'ERE 5' PA I a, Yf3 1TSAftiLIARY 0;344. AT A glf74, ihrMits PST MOTO AT SAYAN N A H W./AMA RV 1863, INTENtsT PAlo IftJANFIcerkm, Al 101.17, M • 4r,litt.kf ,s0 u 1 Figure 16 right) Figure 17 (far right) $,T PA if, 4VAkilARY 1835• A,T.JAcK410, Letter to the Editor F IRST OF ALL, MY COMPLIMENTS ON THEMarch/April special issue on Nationals. Quite an enjoy- able and informative set of articles from authors who are clear- ly passionate about National Bank Notes, their history and the history of the towns, institutions and people associated with them. The special issue format seems to be working out very successfully. I read with interest "Bank Happenings" and its sketch of the life of William Wallace Crapo, president of the Mechanics National Bank of New Bedford, Massachusetts, and signer of the pictured 1882 $5 National on that bank. Researching the lives of currency signers is something I enjoy, although my personal focus is on Continental Currency signers rather than National Bank Note signers. However, allow me to add two interesting tidbits concerning Mr. Crapo. First, Mr. Crapo has a compelling connection to the his- tory of National Bank Notes. During his third term in Congress — the 46th session — Crapo served on the committee 204 May/June 2002 • Whole No. 219 • PAPER MONEY est paid stamps on the back. There has been a hot controversy of late as to whether such interest bearing notes were a useful tool of Confederate finance by keeping down the total amount of notes in circulation or whether they were too low in denomination and proved to be a highly inflationary and expensive method of borrowing money. If the notes were closely held (Figure 16), (they would obviously be stamped for the same city in 1863 to 1865). This would not be completely conclusive on the subject since the notes could have changed hands within a city. On the other hand, different place stamps proves that the notes traveled, sometimes for considerable distances. (Figure 17) This proves that the notes circulated. Since quite a few of the notes did in fact circulate and since the banks hoarded such notes as part of their cash reserves, disposing of their non-inter- est bearing notes, did that have an inflationary impact on the Confederate economy? The evidence suggests they did have such an impact -- hence my observation at the beginning of this article that numismatics can shed light on historical and economic questions. I contend that there is still quite a lot of research to be done, especially when the results of the processing of the Treasury - Smithsonian Confederate note hoard are published on the 1862 and 1863 notes. on Banking and Currency, and for the 47th session, he chaired the committee. It was Crapo who introduced the bill to extend the charters of the National Banks as they neared expi- ration in 1882. So we have Mr. Crapo to thank, at least in part, for the continued existence of these notes that we all so avidly collect. More information can be found in a biographi- cal sketch of the Honorable William W. Crapo in The Bay State Monthly, Vol. 3, Issue V, October 1885. Second, Mr. Crapo had a famous relative who was named after him. William Crapo's nephew was William Crapo Durant (W.C. Durant), founder of Durant-Dort Carriage Company in 1886 and more familiarly the organizer of Buick Motor Company in 1905, followed by General Motors shortly thereafter, and then a partner of Louis Chevrolet and founder of Chevrolet Motor Company. An excellent summary of W.C. Durant's achievements and troubles (he later spent $90 million trying to make a go of Durant Motors) can be found in the recent R.M. Smythe Strasburg auction catalog (auction #217), on page 160 in the description of a General Motors stock certificate signed by Durant, contained in the Charles A. Leeds Jr. Collection. The certificate and a photo of Durant are pictured there as well. • Mark Rabinowitz SPMC #9518 tE110.. afc6IUalyymfea aelt•SO Can You Identify This Confederate Note? No? PAPER MONEY • May/June 2002 • Whole No. 219 BUYING AND SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Certificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. Foreign Notes from over 250 Countries Paper Money Books and Supplies 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 Fax: (765) 583-4584 e-mail: website: r "When all's said and done, It's NOT how you played the game; It's how game you played." So you're not Friedberg, nor Hessler, nor Kelly, nor Newman, nor Pick, nor Krause, nor Criswell You can still achieve immortality & leave YOUR mark on paper money for generations to come Put YOUR name on a Standard Catalog Add YOUR name to the cover, spine, catalog #s Although you've never seen the note above, it is just one entry in a new ground-breaking catalog of 1,400 never-before-cataloged notes to be published soon. You need only $ X5,000 to Coauthor this book as Patron. To find out how, write Robert D. Welch Agent, 2433 NW 48th St, Oklahoma City, OK 73112 205 Buying & Selling All Choice to Gem CU Fractional Currency Paying Over Bid Please Call: 916-687-7219 ROB'S COINS & CURRENCY P.O. Box 303 Wilton, CA 95693 Research Exchange: a service for SPMC members • Roger B. Taney. I need, if there is one available, a photograph of a note with Justice Roger B. Taney. No one I have asked can even confirm his being portrayed on PM. There are two or so still unidentified portraits on Maryland PM that do not look too much like him, but you never know. Actually, his portrait on currency from any state will do. I also need a good quality picture of duel- ing pistols. Contact or C. John Ferreri, PO Box 33, Storrs, CT 06268 • Can anyone explain? Mrs. E. F. Sell was president of the FNB of Fairfax MN from 1915 to 1952. But the three Series 1929 notes on the bank that I know about all have Albert G. Briese's signature as president. (He was the vice president.) Does any- one know why? Does anyone know of a Series 1902 or Series 1929 note with her signature? Karl S. Kabelac, 105 Raleigh Street, Rochester, NY 14620-4121 or • Milton Hershey of candy fame was an only child or had no sib- lings reach adulthood. Also, he and his wife had no children. He started an orphanage that continues today. Therefore, who is Ezra F. Hershey who signs as president of The Hershey National Bank Hershey Pennsylvania? Contact Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 • Movie Prop Money, also TV/Stage/Advertising Prop Money. Cataloger seeks information and illustrations of all types of the- atrical prop paper money, checks, bonds, stock certificates, etc. Contact Fred Reed, PO Box 118162, Carrollton, TX 75011-8160 or • Waterman Lilly Ormsby. For a future article in Paper Money, I am looking for a photograph or other illustration of 19th century bank note engraving genius Waterman L. Ormsby. Contact Robert McCabe, c/o Toxicology, 5426 NW 79th Avenue, Miami, FL 33166 or • New York Obsolete Bank Notes (1784-1865). Researcher requesting info for SPMC state catalog on banking details for NY obsolete notes. All information welcome. At the moment, I am interested in any notes from The Woodstock and Saugerties General Manufacturing Co." at Saugerties. I am looking for infor- mation when the bank opened and for how long, who the President and Cashier were, year of issue of notes, capital at founding, etc. Will gladly reimburse cost and postage of material received. Contact or John Glynn, 41 St. Agnells Lane, Hemel Hempstead, Herts HP2 7ax, England • Macerated Money. Wanted any information that would help in publishing a book on items made between 1874-1940 out of chopped up U.S. currency. Who made the products, where sold, etc.? Any help appreciated. Contact Bertram M. Cohen, 169 Marborough St., Boston, MA 02116-1830 or • Eastman College Currency. Authors jointly revising current cat- alog of Eastman notes. New listing to appear in Paper Money and subsequently as a separate pamphlet. Wanted xeroxes of unlisted notes, or census data of your holdings. Contributors will be acknowledged or kept confidential, as you desire. Contact Fred Reed, P.O. Box 118162, Carrollton, TX 75011-8162 or Austin Sheheen, P.O. Box 428, Camden, SC 29020 • New York County and town Civil War bounty bonds information wanted. Also information on railroad and turnpike bonds and financing. Contact or Don Farr, 19701 SW 110th Ct #837, Miami, FL 33157. • FNB of Groton, NY (Charter #1083). Wanted illustrations for article in Paper Money. Contact Karl S. Kabelac, 105 Raleigh St. Rochester, NY 14620-4121 or • Delaware Obsolete 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, Colonials and National Currency are also being kept for population statistics. Will gladly pay copying costs and postage for pictures of your Delaware material. Contacts confidential. Contact or Terry A. Bryan, 189 South Fairfield Drive, Dover, DE 19901-5756 May/June 2002 • Whole No. 219 • PAPER MONEY Jo Things Have Picked Up Since Then UDGING BY THE QUANTITY AND QUALI- ty of the articles submitted for this special issue, nfederate note collecting and research is alive and well. The South may not have "risen" again, but devotees of its currency show no signs of flagging interest. We've a good start on a 2nd Confederate issue so if you have an article in the hopper send it in! Our advertisers' support also indicates a healthy mar- ket for these historic items. Things have picked up. In preparing this issue, I'm reminded that infor- mation can turn up in the strangest places. Any numis- matic researcher worth his/her salt could tell you dozens of fortuitous anecdotes of finding information on one subject while on the trail of an entirely differ- ent line of inquiry. I was recently reviewing an old paper money catalog by pioneer dealer and researcher Neil S. Utberg. Utberg was an old time Texas dealer who took time over a Christmas holiday away from his mail order business to collaborate with Carlos Gaytan on The Paper Money of Mexico, 1822 -1964. I was inter- ested in Mexican Revolutionary bancos, largely repudi- ated notes issued south of the border during the Mexican Revolution. These worthless bills turned up in quantity in early Hollywood westerns, and I am in the process of compiling a catalog of movie prop notes. At any rate Utberg's catalog, published in December 1963, is filled with first person reminis- cences on a variety of subjects. On a page labeled "Page Filler Upper!" Utberg records several insights into currency collecting 40 years ago, including this gem which reaches back even further and is on topic for this special issue: NEVER LOOK BACK In 1945 I could have retired for life on $2,000 (I had about $83.45). At that time I handled more paper money of the Confederate States of America than any- one in the world. I was selling $500 Gen. Jackson notes crisp Unc. for $1.50 and could deliver per 1000. I turned down a set of the 1st issues called Montgomery notes at $150 (only had $83.45). Now this set sells for $4000. In 1947 I sold out and left for Texas. I had a total of $110 for the trip ... and things have picked up since then." ..; 206 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 1111.1111 MEMBER 4)n i)o1Lar; • _ !As., 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 PAPER MONEY • May/June 2002 • Whole No. 219 If you are not advertising Your notes in Paper Money You are missing sales Fact: Paper Money Readers Have cash & Want notes for their collections 1 + 1 = $$$$$$ in your pocket Advertise your notes in Paper Money AD INDEX AMERICAN SOCIETY OF CHECK COLLECTORS ... 187 BART, FREDERICK J. 187 BENICE, RON 177 BOWERS & MERENA GALLERIES IBC BOWERS, Q. DAVID 167 BOWERS, Q. DAVID 197 BUCKMAN, N.B. 197 COHEN, BERTRAM 135 COHEN, BERTRAM 154 COLLECTIBLES INSURANCE AGENCY 153 CURRENCY AUCTIONS OF AMERICA 208 DENLY'S OF BOSTON 135 DENLY'S OF BOSTON 136-137 EARLY AMERICAN NUMISMATICS 155 HARRIS, GORDON L. 135 HOOBER, RICHARD T 187 HORWEDEL, LOWELL C 205 HUNTOON, PETER 135 JONES, HARRY 195 JONES, HARRY 207 KAGIN, A.M 173 KAGIN'S 183 KNIGHT, LYN 169 KRAUSE PUBLICATIONS OBC KYZIVAT, TIM 183 KYZIVAT, TIM 195 LITT, WILLIAM 183 LITTLETON COIN CO. 141 MURPHY, CLAUD & JUDITH 183 OREGON PAPER MONEY EXCHANGE 187 PARRISH, CHARLES C . 207 POLLS, JAMES 195 POMEX, STEVE 187 POTEAT, VANCE E. 177 PRUSMACK, TIM. 197 ROB'S COINS & CURRENCY 205 RUBENSTEIN, J&F 153 SHULL, HUGH 130 SHULL, HUGH 145 SILVER PENNY COINS 177 SLUSZKIEWICZ, TOM 187 SMYTHE, R.M. 1FC STACK'S. 171 WELCH, ROBERT A. 197 WELCH, ROBERT D. 205 UNIVERSITY PRODUCTS 195 YOUNGERMAN, WILLIAM, INC 155 207 LCAA Upcoming Schedule: September 2001 - Cincinnati November 2001 - St. Louis - Charity Auction January 2002 - Orlando May 2002 - Rosemont CURRENCY AUCTIONS OF AMERICA Len Glazer 1-800-872-667 Ext. 390 ( ) Allen Mincho 1-800-872-667 Ext. 327 ( ) Heritage Plaza, 100 Highland Park Village, 2nd Floor • Dallas, Texas 75205-2788 • 1-800-US COINS (872-8467) • 214-528-3500 • FAX: 214-443-8425 • e-mail: • • e-mail: G-NGC ERITAGE Numismatic Auctions, Inc. fern America's #1 Numismatic Auctioneer c. AA 208 May/June 2002 • Whole No. 219 • PAPER MONEY ,unprecedented opportunity 'urrency Buyers and Sellers t. Currency Auctions of America joins the Heritage family of companies Currency Auctions of America, America's most respected currency auctioneer, has just become part of the country's largest numismatic auction house, Heritage Numismatic Auctions. Building on the combined strengths of both companies, opportunities for buyers and sellers of paper money will greatly increase with more frequent CAA auctions at conventions around the country, and twice-monthly sales on the Internet at . T TO CAA founders Len Glazer and Allen Mincho, two of the top currency experts in the world, will continue handling all consignments, grading, and cataloging. CAA will be able to offer more material, hold more auctions, and have greater access to potential bidders through r Heritage's huge customer base, worldwide marketing expertise, financial strength, and advanced technology. This gives CAA the unmatched ability to attract potential consignors and bidders, which means more choices for paper money collectors: • more frequent auctions, containing larger amounts of material • access to Heritage's active mailing list of 50,000 names and web site membership of nearly 40,000 numismatists •online interactive bidding and paper money search engine capabilities at and . •full color, enlargeable images of every single-note lot posted on the Internet •selected lots for the September CAA auction in Cincinnati will also be available for viewing through Heritage at the ANA convention in Atlanta in August •all CAA catalogs will be available in CD-ROM format as well as online • lead-times will be shortened between consignment deadlines and sale dates •greater financial resources for cash advances to consignors and for purchases We invite your participation in future CAA auctions. (34 7 I am interested in consigning my currency to one of your upcoming auctions, please contact me. u I would like a copy of your next Auction Catalog. Enclosed is a check or money order for $15, (or an invoice for $1,000 from another cur- rency company: Fax or, ail a copy to CAA). I would like a one-year subscription to all your Auction Catalogs. Enclosed is S50 for the year. q I would like a FREE copy of your video "Your Guide to Selling Coins and Currency at Auction." JI Fill in your e-mail address below for free, comprehensive e-listings, news, and special offers. E-mail Name Address City State Zip Daytime Phone Evening Phone FOR FASTER SERVICE, Call 1-800-872-6467 CURRENCY AUCTIONS OF AMERICA Heritage Plaza, 100 Highland Park Village. 2nd Floor • novas. Texas 75205-2788 214-528-3500 • FAX: 214-443-8425 • e-mail: Len Glazer. Ext. 390 (Len@HeritageCOin. om) Allen Mincho, EXT. 327 (Allen( SNAG 74:11 We offer you the incomparable and very profitable ad- vantage of having your material presented in our superbly illustrated Grand FormatTm catalogue to our worldwide clientele of collectors, investors, museums, dealers, and other bidders. Your paper money will be showcased by the same expert team of cataloguers, photographer, and graphic artists that have produced catalogues for some of the finest collections ever sold. And, the presentation of your currency will be supervised by Q. David Bowers, one of the most well- known names in the entire hobby. Impressive $100 Treasury or Coin Note, realized $138,000 • :St, 1 i) /46 0.44: 10?:4:7140:0.6110.4-4 ,400; / ./;/X////;, / • //, //////, 101., MONTGOMERY. Choice IT 1861 Montgomery Issue $100, realized S2 5, 00 G . .13 AD Unique Territory of Dakota, National Bank Note, Serial #1, realized $55,200 It's Easy to Consign! Selling your collection will be a pleasant and financially rewarding experience. From the moment we receive your consignment we will take care of everything: insurance, security, advertising, worldwide promotion, authoritative cataloguing, award-winning photography, and more—all for one low commission rate, plus a buyer's fee. When you do business with Bowers and Merena, you do business with a long- established firm of unsurpassed professional and financial reputation. Over the years we have sold over $350,000,000 of numismatic items and have pleased more than 30,000 consignors. Just contact John Pack, our auction director at 800-458-4646 to discuss your consignment. It may well be the most financially rewarding decision you make. 7.1.141411 ) 10- allir; - 01 .glorat-,Aflemazzarnmo 'asemieutass z.4.0t5 iii.eilt/44/rop -vow 1286'6yroggi, 4442=2310" ;4arit.a.),tuaaraml, 4NLIMS 4111041111111901111111111 -. oavirefryirustotO MetZ44,4.2.- Weehawken, New Jersey $5 National Bank Note Pair, Serial #1, realized $15,525 BOWERS AND MERENA GALLERIES A COLLECTORS UNIVERSE COMPANY—NASDAQ: CLCT Box 1224 • Wolfeboro, NH 03894 • 800-458-4646 • In NH 569-5095 • FAX 603-569-5319 • e-mail: PM0901 A1 IL REALIZE TOP MARKET PRICEFOR YOUR PAPER MONEY! Let Our Success be Your Success! Consign with Bowers and Merena Galleries Today! BuyTnline, Bid Online, Books Online! i.osea Int Bank Note Reporter • Numismatic Nev — • Vorid Coin News • Coins Krause Publications delivers your subscription online! Now you can access online the vital coin and paper money information you want. Read every issue right from your computer. You'll find: Now available free to all subscribers 0, ha krvv • aa tears a toy vorft • It's faster than mail - no postal delays! • Information is available online only 4 days after issue mails. • You get your mailed copy too. • You're among the first to check Display & Classified Ads. • Every issue of Coin Market is available to Numismatic News subscribers — the most accurate prices at your finger tips! • See every issue online and search every issue for the item you want. PA ,lds I Deal, INher tory I • AlCrral dintiqUe eOlieWhIt*- s 8-11.0-11P - 4 Din Fr Paper Money Pioneer Robert R VanM morial statue unveiledsy RyzinColn designer and sculptor PermMemori al TrYave Rove/stadsanent site onNov l (”. bronzed Plane was.,u,,,,,nveiled at its headlines •More h ■ Magazines Ma Fey coW7leent":ceornt.'i :,nopu,rybasket IF Please egiste use. And y maxim to Here's how to access the information. 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