JANUARY/FEBRUARY 2003VOL. XLII, No. 1 WHOLE No. 223 OUR FIRST EVER11,STAGE- CUIZRENt'Y t IRMA-An-rultR trim A_sSis• AL171111.TAIW,117.7A FRACTIONAL CURRENCY SPECIAL ISSUE Ork. !97'F•j, 1 044: -Ale . — iT t 1- POST WE I( t -z L PE 4111W w Official Journal of the Society of Paper Money Collectors WWW.SPMC.ORG ESTABLISHED 1880 Our Outstanding Team of Experts Can Help You Get the Most for Your Collection You've spent years putting together an outstanding collection, and now you are ready to sell. Will the people who handle the disposition of your collection know as much about it as you do? They will at Smythe! Confederate Currency and Bonds; Continental and Colonial Currency; Obsolete Bank Notes; International Currency. DOUGLAS BALL BA, Wooster; MA, Yale; MBA Columbia; PhD, University of London. Author of the books Financial Failure and Confederate Defeat and Comprehensive History and Catalog of Confederate Bonds. Dr. Ball has written more than 50 articles for Bank Note Reporter and has received the Heath Literary Award for Numismatic Articles. Recipient of the Numismatic Ambassador Award 2001, bestowed by Numismatic News. Member: ANA, SPMC. U.S. Federal & National Currency; U.S. Fractional Currency; Small Size U.S. Currency; U.S. MPC. MARTIN GENGERKE Author of U.S. Paper Money Records and American Numismatic Auctions as well as numerous articles in Paper Money Magazine, the Essay Proof Journal, Bank Note Reporter and Financial History. Winner of the only award bestowed by the Numismatic Literary Guild for excellence in cataloging, and the 1999 President's Medal from the American Numismatic Association. Member: ANA, SPMC. Autographs; Manuscripts; Photographs; International Stocks and Bonds. D IANA HERZ OG President, R.M. Smythe & Co., Inc. BA, University of London; MA, New York University— Institute of Fine Arts. Former Secretary, Bond and Share Society; Past President, Manuscript Society; Editorial Board, Financial History. Board Member: PADA. Small Size U.S. Currency; Canadian Banknote Issues; U.S. Coins. SCOTT LINDQUIST BA, Minot State University, Business Administration/Management. Contributor to the Standard Guide to Small Size U.S. Paper Money & U.S. Paper Money Records. Professional Numismatist and sole proprietor of The Coin Cellar for 16 years. Life Member: ANA, CSNS. Member: PCDA, FCCB, SPMC. Why do so many collectors and major dealers consign to Smythe's Auctions? • Competitive commission rates • Cash advances available • Expert staff of numismatic specialists • Thoroughly researched • Flexible terms and beautifully illustrated • Record breaking prices catalogues U.S. Coins and Medals. JAY ERLICHMAN Contributor to A Guide Book of U.S. Coins and A Guide Book of British Coins. Assembled and managed investment portfolios of U.S. coins. Employed by the Federal Trade Commission as an expert witness on consumer fraud. Member: ANA, PCGS, NGC. Antique Stocks and Bonds; U.S. Coins; Paper Money. STEPHEN GOLDSMITH Executive Vice President, R.M. Smythe & Co., Inc. BA, Brooklyn College. Contributor to Paper Money of the United States, Collecting U.S. Obsolete Currency, Financial History, and Smart Money. Editor, An Illustrated Catalogue of Early North American Advertising Notes; Past President and Board Member, Professional Currency Dealers Association. Member: PCDA, ANA, SPMC, IBSS, New England Appraisers Association. f 11 Ancient Coins and Medals. 1 JOHN LAVENDER BA, University of Georgia, Classical History. Former Managing Director at Atlantis, Ltd. Former Numismatist and Web Media Manager at Classical Numismatic Group, Inc. Specialist in Ancient Coinages and related Numismatic Literature. Owner, NUM_LIT-L and Moneta.org. Member: ANA, ANS, RNS. Ancient Coins and Medals. DAVID VAG I BA, University of Missouri—Columbia. Author of Coinage and History of the Roman Empire; columnist for The Celator; Numismatic News, and World Coin News. Editor of the Journal for the Society for Ancient Numismatics; . twice received the Numismatic Literary Guild's "Best Column" award. A recipient of the American Numismatic Association's Heath Literary Award and the Presidential Award. Member: ANA, ANS. We buy, sell, and auction the very best in Antique Stocks and Bonds, Autographs, Banknotes, Coins, Historic Americana, and Vintage Photography 26 Broadway, Suite 973, New York, NY 10004 - 1703 TEL: 212-943-1880 TOLL FREE: 800-622-1880 FAX: 212-908-4670 E-MAIL: info@smytheonline.com INTERNET: www.smytheonline.com wvor Mita. SOCIETY OF PAPER MONEY costecirotta Life Member sieumanism Stephen Goldsmith Scott Lindquist 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., 2003. 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 $6 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 (fred@spmc.org). Original illustrations are preferred. Scans should be grayscale at 300 dpi. (pegs 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 • January/February 2003 • Whole No. 223 1 Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XLII, No. 1 Whole No. 223 JANUARY/FEBRUARY 2003 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379 Visit the SPMC web site: www.spmc.org IN THIS ISSUE FEATURES 'Father of U.S. Fractional Currency': General Francis E. Spinner .. . . 3 By John and Nancy Wilson Served Fractional Term, Honored on Fractional Note: Samuel Dexter .. 16 By Torn O'Mara Musings on Milt 20 By Benny Bolin Fractional Currency Collectors Use Two Catalog Numbers 24 By Fred Reed Inverted and Mirrored Plate Number Fractional Notes 25 By Rick Melamed Notes from the Vault: An Examination of Holdings in the NNC . . 33 By Tom O'Mara A Fractional Currency Dealer's Story 50 By Robert J. Kravitz Gleanings from My Fractional Currency Archive ..... 48, 62, 66, 70, 76 By Fred Reed Fractional Currency Errors 52 By Benny Bolin A Misnomer Postage Currency Mystery Finally Solved 63 By David Cassel The First U.S. Government Currency Engraving Error 68 By Jerry Fochtman SOCIETY NEWS Information & Officers 2 About This Issue 12 Wanted One Volunteer to Serve as Ad Manager for PM 15 President's Column 72 By Frank Clark Money Mart 72 Paper Money's Upcoming Publishing Program/Ad Deadlines/Ad Rates . 73 New Members 74 Letter from the Editor 74 Nominations Open for SPMC Board 75 Deadline for George W. Wait Prize Nears 76 Librarian's Report 78 By Bob Schreiner Editor's Notebook 78 SOCIETY OF PAPER MONEY COLLECTORS INC. 2 January/February 2003 • Whole No. 223 • PAPER MONEY Society of Paper Money Collectors The Society of Paper Money Collectors (SPMC) was orga- nized in 1961 and incorporated in 1964 as a non-profit organiza- tion under the laws of the District of Columbia. It is affiliat- ed with the American Numismatic Association. The annual SPMC meeting is held in June at the Memphis IPMS (International Paper Money Show). Up-to-date information about the SPMC and its activities can be found on its Internet web site www.spmc.org . MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for member- ship; other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 18 years of age and of good moral character. Their application must he 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 $30. Members in Canada and Mexico should add $5 to cover postage; members throughout the rest of the world acid $10. Life membership — payable in installments within one year is $600, $700 for Canada and Mexico, and $800 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 clues 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 1211 , Greenwood, IN 46142 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 Bob Cochran, P.O. Box 1085, Florissant, MO 63031 Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231 Ronald L. Horstman, 5010 Timber Ln., Gerald, MO 63037 Arri "AJ" Jacob, P.O. Box 1649, Minden, NV 89423-1649 Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941 Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515- 2331 Steven K. Whitfield, 879 Stillwater Ct., Weston, FL 33327 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 Vacant LEGAL COUNSEL Robert J. Gal iette, 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, 879 Stillwater Ct., Weston, FL 33327 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 PAPER MONEY • January/February 2003 • Whole No. 223 3 `Father of U.S. Fractional Currencu' General Francis E. Spinner By John and Nancy Wilson, NLG G ENERAL FRANCIS ELIAS SPINNER WAS BORN ON January 21, 1802, in German Flatts (now Mohawk), Herkimer County, N. Y. He was the oldest of nine children. His father, the Reverend John Peter Spinner, served with the Fort Herkimer Reformed Church (erected in 1729). His mother was Mary Magdalene Bruement Spinner. Coming from a very intelligent, hard work- ing family, he was destined to become one of the most famous Americans who ever lived. The young Spinner also attended four district schools in Mohawk Valley. Though he attend- ed these schools during his youth, his education actually came from reading and learning skills from others. Following a period when he lived in Amsterdam, N.Y., and worked as a saddle maker, as a teen, Spinner worked in Albany, N. Y., for a small candy manufacturer and wholesaler. In Albany, he was very fortunate to be given access to the private library of Peter Gansevoort. While using the library, he was also privileged to receive an education in bookkeeping and the handling of money. He also was a shareholder in the village library. In 1824, he moved back to Herkimer, N.Y., and set up as a merchant. In 1826, Spinner married Caroline Caswell, and they had five chil- dren. Around 1826, Spinner was appointed a Lieutenant in the 26th Regiment, New York State Artillery. He was appointed to the rank of Major- General in the 3rd Division of Artillery in 1834. General Spinner served with dignity and efficiency during his time in the militia. Spinner also helped to raise the Lafayette Guards. Figure 3 is a very rare Militia form (ca. 1834) signed by Spinner as a Major General. Spinner served as a Deputy Sheriff in Herkimer County in 1829, later becoming Sheriff (1834-1843). While serv- ing as Sheriff he perfected his famous signa- --...)ture to foil counterfeiters from trying to copy it. In 1839, he was one of the founders lki., ^I* of the Mohawk Valley Bank. The bank was organized under the Free Banking Act. He 70.0446-.....A^ served the bank as director, cashier and president. Though he resigned most of his positions with the bank in 1856, he served as its president while serving in Congress. Figure 4 is a check issued on the Mohawk Valley Bank, State of N. Y., dated July 9, 1855, in the amount of $300. Imprint at bottom is Danforth & Huffy, New autograph York & Philadelphia. He also served an appointment to the New York State Hospital Building Commission. From 1845 to 1849, he was Auditor of the Port of New York, under President Polk's administration. Figure 1: a proof vignette of General Francis E. Spinner Figure 2: Spinner's famous Spenserian 4 January/February 2003 • Whole No. 223 • PAPER MONEY atifintitris of Officers elected to 111 vacancies in the c liffele—ftf 4 . of the Militia of the Stale of Ally-rock, u the command of firtgadier—fivoreer4d- a: 1;1. 'e*rttfy the above to be it tru eturn. \Th Oriver,40-oorreh • Figure 3: A militia form signed by Spinner as Major General. Figure 4: Spinner signed this check as an officer of the Mohawk Valley Bank. Spinner started out his political career as a Democrat, identifying himself with the anti-slavery wing of the party. He was elected as a Democrat to Congress, for the 7th district of N. Y. (Herkimer and Lawrence counties), in 1854. Problems with the Speakership of the House caused him to switch parties and join the Whig-Republican group. He was reelected by a huge Republican majority to the 35th and 36th Congressional sessions. He became a strong sup- porter of Lincoln for President. He even organized a Mohawk political group called the "Wide-Awakes," who with their band and banners held political rallies from 1855 to 1861. In 1861, President Lincoln appointed Spinner as Treasurer of the United States. Spinner served in this position from March 16, 1861, to June 30, 1875. Spinner, along with Secretary of the Treasury, Salmon P. Chase, and Spencer M. Clark, was instrumental in forming the first National Currency Bureau (headed by Clark), which was later to become the Bureau of Engraving & Printing. During Spinner's 14 years of service as Treasurer, many advancements were made ■• 4 WAILS LIMO Ir.TUILM ' 11//1// 1 / $ -•-••■ .--,...,-.1-7.- 'A--,--- i ' ‘• ' ' " ' ' * - . -') •'' - ) C.t. oi2 ''..,' -1// ' //T'//(Yr /r. / //r .. r .. 11 . ■ h i / CO ti alt )4 1 AI et tit . kt l 1 , • - (// /4/.../, 4 ///e (-if/4 / vet-c . ---) ////,/./ /////: ( // lit,//// .....--43C----: - 1A ItEl LIVABLE FOR ALL VISITED STATES STO 4111 WS • -aci--/c7)a,[ c -7-17191 ei-pee is issues ffry ipti e c-ltos•eci .Ve/rooZ,..s s4, a I -1%1) . CILP-2.43 S 6 .2 • f • W L< CA. fa; tL S 6 •,..7)-1 si 6? —44.1— 4 1, vto 5PAPER MONEY • January/February 2003 • Whole No. 223 in the department and other areas over which he was responsible. Improvements in the paper, ink and anti counterfeiting devices improved greatly during his term. Some of these inventions are still in use today. Treasurer Spinner has the great distinction of having his signature placed on some of this country's earliest large size bank notes and U. S. Fractional Currency. Figure 5 is a Third Issue, U. S. Fractional Currency 50-cent note with Spinner's portrait and "autograph" signature. For the record, clerks in the Treasurer's office learned how to do Spinner's auto- graph and hand-signed the issue(s) for him. It really is unknown whether he actually signed any of these notes himself. The copies are so perfect one cannot tell the difference. His signature can he found on all other class- es of U.S. currency issued between 1862 and 1875. A rare CDV (carte de visite) of an older Spinner is shown near the end of this article at Figure 10. The CDV has his name inscribed at bottom. His image was also engraved. Figures 1 at the beginning of this article and Figures 7-8 are three types of Spinner portrait die proof vignettes. A fourth die proof of Spinner is also in our collection. On lower left below the vignette of Spinner is the name Chas. Bart (born 1823, died 1892). Burt was a picture and portrait engraver. For the record, no die proof vignette of Spinner is known that matches exactly with the Third Issue 50-cent note with his portrait on it. Figure 8 is a close up view of the CDV of an older Spinner. It has his name at the bot- tom. Spinner developed his ornate signature (please see an excellent article by the late Brent Hughes tracing the development of Spinner's autograph in Paper Money, Vol. #14 (1974), No. 59, pp. 236ff) to help make it harder for counterfeiters to successfuly copy his name. General Spinner was an object of personal curiosity to all sight-seers who visited Washington. It's not hard to image, Dick and Dolly fresh from their farm asking the General, "Please, sir, will you just show us how you make it -- that queer name?" He stabs the old pen with three points down into the pudding-like ink which sticks to the bottom of the broken-nosed pitcher, and proceeds to pile it up in ridiculous little heaps at cross angles on a bit of Figure 5a (above): An "autograph" Third Issue U.S. Fractional note, pur- portedly signed by Spinner. Figure 5b (below) Detail. Figure 6: An old envelope listing U.S. Fractional Currency issues. )1f..0 ..rfr IS es !"1 Co 47e • -Ty i'e 7o flo' n fitri?' es. e p tic. in j r :191% cr e„ .501- 4' 2:4-1 1•c1i • Ilaff WV& Life Member Mimiume RES CIO) VISA ESTABLISHED 1880 6 January/February 2003 • Whole No. 223 • PAPER MONEY How Did Smythe Get Double and Triple Greysheet for Many of the CertiWed and UncertiWed Coins in Our Nebraska VII Sale? The following 10 coins are highlights from a recent R. M. Smythe Coin Auction held at the Algonquin Hotel in New York City. "Nebraska Part VII" (along with other major consignments) set numerous records as bids were often shouted from the auction Xoor. Phone bids that came from as far as California were also executed during the 840-lot sale. ITEM DESCRIPTION PRICE REALIZED GREYSHEET LISTING 1849-D $1Gold Ch. AU $3,960 AU $1,000 1856-D $1 Gold PCGS AU 58 $11,000 AU $5,750 1899 $21/2 PCGS PR 65 $18,700 PR 65 $10,100 1846-0 $5 NGC AU 58 $4,400 AU $2,300 1852-0 $20 AU $2,475 AU $1,300 1921 Peace $1 Ch. BU $7,700 MS-63 $225 1794 50 cent VG $3,575 VG $1,900 1802 50 cent EF $4,180 EF $1,700 1822 50 cent PCGS MS-63 $3,520 MS-63 $1,250 1911 25 cent Gem Proof $4,180 PR-65 $1,250 How DID WE DO IT? It wasn't easy. We carefully catalogued every coin, illustrated the feature items using digital photography, and showed the lots in New York City. We made the dealers and collectors who came to the auction feel right at home, and we provided telephone bidding for those who couldn't be there in person. 1911 25 cent Gem Proof Realized $4,180 IF YOU ARE THINKING OF SELLING, YOU OWE IT TO YOURSELF TO SPEAK TO US We'll do everything we can to get you great results, and do it in a warm, friendly atmosphere. Call and ask for Jay Erlichman, Stephen Goldsmith, Tom Tesoriero (U.S. Coins), David Vagi, John Lavender (Ancient Coins), Douglas Ball (CSA, Obsolete and Colonial Currency), Martin Gengerke, Scott Lindquist (Federal Currency), Diana Herzog or James Lowe (Autographs). 1852-0 $20 AU Realized $2,475 1802 50 cent EF Realized $4,180 1899 $21/2 PCGS PR 65 Realized $18,700 We will be attending most major coin and currency shows. Scott Lindquist or Tom Tesoriero will be behind our table, buying, selling and accepting consignments. Please visit our gallery at 26 Broadway, in the heart of Manhattan's Financial District, near the new home of the American Numismatic Society, the Museum of American Financial History, the Statue of Liberty, and the New York Stock Exchange. We look forward to seeing you soon. For Upcoming Smythe Auctions Visit Our Website at www.smytheonline.com 26 Broadway, Suite 973, New York, NY 10004-1703 TEL: 212-943-1880 TOLL FREE: 800-622-1880 FAX: 212-908-4670 E-MAIL: info@smytheonline.com INTERNET: vvvvw.smytheonline.com PAPER MONEY • January/February 2003 • Whole No. 223 7 If You Collect Currency, Coins, or Stocks and Bonds, You Won't Want to Miss These Important Auctions! JANUARY COIN AND CURRENCY SALE This important auction will feature United States gold, silver and copper coins, some dating back to the late 18th century. In addition, 19th and 20th century coins, many in Choice to Gem Uncirculated, will be offered. Also included will be foreign lots, medals and other fine numismatic material. Ron Guth, Auctioneer, New York License #111214/111212. SALE DATE: January 13, 2003—New York City. Viewing will take place in New York and January 7-9 in Orlando, Florida. Just one of the exciting coins Smythe will sell in this auction 1842-0 $10. Only 27,400 of these pieces were struck, with perhaps 200 surviving in any condition. The specimen offered in Smythe's January auction, although once cleaned, has sharper details than any known specimen. To receive a catalogue for this sale ($25), call our subscription desk at 800-622-1880. "ABSOLUTELY THE INEST STOCK AND BOND S OW IN NORTH AMERICA, B R NONE." The February Strasburg Stock, Bond and Currency Show and Auction, now in its 16th year, is acclaimed as the most important event of the year for collectors and dealers of stocks, bonds, financial documents and related ephemera. R.M. Smythe & Co. Firm License: Pennsylvania AY 0001861 SALE DATE: February 6-9, 2003, Strasburg, Pennsylvania. An historically significant item included in this sale 1141.;:ggia:2461. y#0 9441 .VC, iiiTizliCit—snaiilc. °mums. Pttpt, An excessively rare Northern Pacific Railroad bond signed by Jay Cooke, "financier of the Civil War". Also included in the sale will be a comprehensive collection of stocks and bonds with imprinted revenue stamps and an extensive offering of American Bank Note Company stock and bond specimens. To receive a catalogue for this sale ($25), call our subscription desk at 800 -622 - 1880. For information regarding table sales at this show please contact Show Chairman Kevin Foley at 877-210-1727. "Absolutely the finest stock and bond show in North America, bar none. I recommend it without reservation to every serious collector and dealer." — Scott Winslow, dealer 26 Broadway, Suite 973, New York, NY 10004-1703 TEL: 212-943-1880 TOLL FREE: 800-622-1880 FAX: 212-908-4670 E-MAIL: info@smytheonline.com INTERNET: www.smytheonline.com 4:)44,4 Life Member 1-.E..,-,, !te: , ,„ ''',. ''''. Itkollh-■ = VISA' Mtnimnama N oVU 8 January/February 2003 • Whole No. 223 • PAPER MONEY Figure 7: Another engraved vignette of Spinner during the time he was Treasurer of the United States. Figure 8: An engraved vignette of Spinner as a mature man based on the CDV shown following. paper. The two visitors, who are speechless, accept the autograph, and cannot wait to get home to show-off the signature of the Treasurer of the U. S. Treasurer Spinner is very well known as the person who was most instru- mental in the development of U. S. Postage and Fractional Currency. This is how it happened. When Fort Sumter was attacked by the Confederacy on April 12, 1861, President Lincoln issued a call to arms. This impending Civil War caused everyone to hoard specie. All types of make shifts for money were used by businesses and individuals: postage stamps, scrip, tokens, encased postage, postage currency envelopes and others. None of these specie replacements worked well. In order to alleviate the problem, President Lincoln signed an Act in July, 1861, authorizing stamps (with glue on them) as money. A run on the post office soon exhausted supplies. When they stuck together and became unmanageable, almost everyone wanted to redeem them at the post office. At first, Postmaster General Blair refused to redeem them, but later after negotiations, they were redeemed. The prob- lem continued with everyone screaming for a circulating specie. Treasurer Spinner was quite aware of the shortage of specie, and the many non legal tender replacements that were in cir- culation. For that matter, the entire Treasury Department was under a lot of pressure to come up with an answer. Finally, Treasurer Spinner came up with a wonderful idea for a circulating specie replacement. He took unused five- and ten-cent stamps, pasted them on Treasury paper with his signature, made them a uniform size and circulated them around the Treasury Building. Officials liked his idea, and thus the First Issue of Postage Currency came into existence. Unlike the circulating postage stamps with adhesive that had circulated earlier, these notes were uniform in size and had no glue or adhesive on them. They were issued in 5-, 10-, 25- and .50-cent denominations. The Act passed in 1861 authorizing stamps as money was used to produce this issue. Though issued ille- gally, an Act in 1863 legitimized this First Issue, and authorized a Second Issue of U. S. Fractional Currency. U. S. Postage and Fractional Currency had five different issues between 1862 and 1876. Denominations of 3-, 5-, 10-, 15-, 25- and 50-cents were circulated. Not all issues used all denominations. Figure 6 is a rare envelope containing information about the amounts issued. This item was purchased from Hy Brown about 12 years ago along with other envelopes and ephemera. Some experts feel the information on this envelope isn't precisely correct. While at the Treasury, Spinner was credited with bring- ing women into government service. First he hired women to cut sheets of notes apart, then as clerical workers, and finally to detect counterfeit notes in the Redemption Division of the Treasury Bureau. Spinner stated that "most females were doing better and more work for the $600 per year then a lot of the male workers who were being paid twice that amount." He also said, "A man will examine a note systemati- cally and deduce logically, from the imperfect engraving, blurred vignette or indistinct signature, that it is counterfeit, and be wrong four cases out of ten. A woman picks up a note, looks at it in a desul- tory fashion of her own, and says: 'That's counterfeit.' 'Why?' 'Because it is,' she answers promptly, and she is right eleven times out of twelve." Out of great love and appreciation for Spinner, the women workers had his statue cast in bronze. According to legend, one night Spinner lay restless in his bed having a strong impression that something was wrong at the Treasury. Getting up quick- ly, he headed for the Treasury building and came across a guard who was on his , /* /.7 // r ) L i'r7/ tce 7-C 49‹ (.0adaits PAPER MONEY • January/February 2003 • Whole No. 223 9 way to wake him up because someone had left the vault door open. The next day Figure 9: A Treasury Warrant signed he moved to a small room at the Treasury. On a daily basis, he made sure that by Spinner and Register of the Treasury the vault doors were locked. Out of this, he received the nickname, The watch- Colby. dog of the Treasury." Figure 7 is a rare Treasury Warrant dated 1866, and signed by Spinner and Register of the Treasury S. B. Colby. The ABNCo N.Y. imprint is at bottom. The only blemish on Treasurer Spinner's record occurred when Superintendent of the National Currency Bureau, Spencer M. Clark, placed his own portrait on a five-cent Third Issue Fractional Currency note. Spencer Clark was instructed to place William Clark's (of the Lewis and Clark expedition) image on the note. Some fascinating information regarding the Spencer M. Clark inci- dent can be found at the Bureau of Engraving & Printing web page, which can be found at: http://www.bep.treas.gov/document.cfm/18/114 Almost all collectors of fractional currency know that Spencer Clark placed his own likeness on the five-cent note instead of William Clark. We didn't real- ize that when Spencer Clark mentioned to Spinner the name of Clark that he thought Freeman Clark was going to be on the note. Spinner evidently didn't even know that Spencer Clark was given directions to place William Clark on the five-cent note. He absolutely played with words with Spinner regarding the Clark name. Most of the following information will be found on the BEP web page mentioned above. We think it is fascinating reading: Without consulting Treasurer Spinner, Spencer Clark ordered that his por- trait go on the 50 cent Third Issue fractional currency note. It appeared that the Treasurer was pleased with having his portrait placed on the note and approved it. Other portraits and designs were approved as they were getting set to go. Spinner asked Clark whose likeness was going to be on the five-cent Third Issue note? Clark said how about Clark? Spinner said excellent, thinking that Spencer Clark was going to place the portrait of the Comptroller of the Currency Freeman Clark on the note. It is evident that Spinner didn't even realize that the Clark that was supposed to go on the note was William Clark of the Lewis and Clark expedition. In any case the mistake wasn't noticed until large quantities of notes had been produced. Needless to say complaints and criticisms regarding this egotistical act by Spencer Clark came from all areas of government. Due to Spencer Clark's action, Congress passed an Act on April 7, 1866, prohibiting the use of portraits of any living person on U. S. paper money. The Act is still in force today. Unfortunately, this Act prohibited the release of the fifteen-cent Grant and Sherman note which was almost set to be released. The Congressional Act of January/February 2003 • Whole No. 223 • PAPER MONEY10 May 16, 1866, authorized an issuance of five-cent nickels. The Act was passed so the government could withdraw from circulation as many of the Spencer Clark five-cent notes as they could. The Act also forbid the issuance of paper money in denominations less than ten-cents. All of this is very fascinating reading, and as you can see almost every celebrity of the times had his por- trait placed on notes before the Act was passed. When it is all said and done, it is good that the Act was passed in 1866. We don't think living persons should be placed on U. S. Government fiscal paper. This honor should be given to great Americans who are no longer with us. Spinner loved flowers, mineral specimens and crystals and often gave these as gifts. He was a friendly, humble, generous and kind gentleman to both rich and poor alike. In a letter, he is quoted as saying that "great wrong and sorrow can grow out of one sharp retort." During his Washington years, he also spent time in Mohawk, N.Y., which was his official residence. He vaca- tioned in Jacksonville, Florida during the winter months. Late in life, his eyes started failing him and he developed cancer. Right up until he died in Florida on December 31, 1890, Spinner was always happy and in fine spirits. He was buried in Mohawk, New York. His ornate signature is engraved on his tombstone. Figures 11 and 12 show two Spinner checks. The top one is dated 1890 and payable to Spinner for personal expenses. Since Spinner was virtually blind and dying of cancer, it is hard to believe that he could even write a check such as this. The bottom check, dated 1852, is on the Mohawk Valley Bank. This holograph (entirely hand-writ- ten) check is payable to Spinner and signed by him as Treasurer at the bottom. Figure 12 shows the backs of the checks in figure 11. Both are Figure 10: A CDV (carte de visite) enlarged view of an elderly Spinner. endorsed by Spinner. We have spoken to a Buffalo, N.Y. collector/dealer Norm Peters, who he told us that about 13 years ago he was able to purchase 5,000 checks on the Mohawk Valley Bank signed by Spinner. He said that he went to a local antique dealer in the Mohawk Valley area and was able to purchase these 5,000 Spinner checks from the bank. They all were in a large box. The antique dealer told Norm that someone found the checks in a dump in Mohawk Valley, brought them to him and asked if they were worth any money? The antique dealer bought them all. The person then went back to the dump and found that they had been bulldozed over and buried. He dug around and found some more and sold them to the antique dealer also. It was told to Norm that the Mohawk Bank evidently cleared out there storage area and disposed of the old checks and other documents. The bank has been sold several times over and we don't know what name it holds today. Norm told us that he only has a few remaining from the 5,000 checks he purchased from the antique dealer. He said that he sold 1,500 to one person for $12 a piece years ago. Norm didn't say what he paid for the large hoard, but it had to be less than the $12 he sold the 1,500 for. This information is very impor- tant to collectors of Spinner checks. It appears that about the time this hoard was It 1E4' EIVA1P &TEO • MIN sr •.IPS " • '1:MS11E110MT `•' ASSISTANT J-49,PR .90 'DI/Etat:MATED DEPOSITARIES #=7:ff c:? 51.*is /%1%;V;ih f4,77T474P44:6;S• /1.YY/1,/, ,....;,...,;:-..._.„... P 15.; . -..4,,,,,,,,,,/ 4 , 74, ,e, ,i,, . ,/ , /// //e. / 1 , • , / ., , (flit ?... .,„..... . if , i 4. ' , ■ 7 r" '<Li , . ,-1.0.,7,..-. !".."...A.......--- PAPER MONEY • January/February 2003 • Whole No. 223 11 The members of the Fractional Currency Collectors Board (FCCB) would like to THANK the Society of Paper Money Collectors (SPMC) for publishing this special fractional currency issue of Paper Money. This ad paid for by the following members of the FCCB Tom O'Mara Robert Laub Benny Bolin Howard Cohen Jerry Fochtman Len and Jean Glazer Art, Don and Judith Kagin Robert Kravitz Fred Reed John and Nancy Wilson Come join us—visit our website www.fractionalcurrency.org 12 January/February 2003 • Whole No. 223 • PAPER MONEY About this Issue For several years now Paper Money has published large 80-page topical issues. These issues have presented a great deal of original research and been welcomed by advertisers and readers alike. Given the success of past topical issues on Worldwide Paper Money, National Bank Notes, and Confederate Currency, collectors of U.S. Fractional Currency clamored for the opportunity to see their specialty represented by a Special Issue of Paper Money. Members of the Fractional Currency Collectors Board, a 19-year old organization devoted to the research and preservation of these precious mementoes of the U.S. Civil War era, took up the challenge. We are proud to offer this collaboration between FCCB and SPMC. Members of FCCB (many of whom are active in SPMC too) have done a wonderful job with their articles and advertising support to bring this special issue to our membership at large. If you are interested in this unique currency, you are encouraged to join FCCB too. Our members who already belong to both groups enjoy the unique perspectives of each. Dues are modest and include receipt of an informative newsletter edited by SPMC Governor Benny Bolin. Details are listed on Page 17. If other specialty syngraphic organizations or informal groups of specialty paper money collectors and dealers would like a special issue of Paper Money devoted to their collecting interests, they are urged to contact the Editor to see if it can be arranged. PAPER MONEY • January/February 2003 • Whole No. 223 13 JACKSONVILLE LA e,./eal_ 72A,c 18?& NA, FIRST NATIONAL BANK OF FLORIDA, ./ACICSONVILLI: . PAY TO THE ORDER O'',,yezet,./(71.... critctC jytit,44 L A.1.10 L LA R S t 14-14-4 &tt.0 1„, found more Spinner checks from the bank were coming onto the market place. It is now apparent that this hoard came from that Mohawk Valley dump. Because of that one person who brought the checks into the antique dealer many collec- tors of Spinner checks were able to add one to their collections. Today, Spinner checks have been dispersed over a wide area, and we see no hoards of Spinner checks today. We constantly search for Spinner checks in many different areas. We just don't see any hoards of these checks for sale via price lists, dealers stocks, or auctions. Paper Money auction trends have Spinner Figures 11 & 12: Two Spinner checks at various stages of his career. The bottom (earlier) check is a holograph item, entirely hand-written. 14 January/February 2003 • Whole No. 223 • PAPER MONEY Note: John Wilson is President of the American Numismatic Association. His wife Nancy is a former ANA Governor. signed checks selling between $50 and $125. Spinner letters sell for between $50 and $300 depending upon content. Cut out autographs and envelopes with Spinner on them sell for between $25 and $50. Treasury checks such as the one in this story sell for much more as do other earlier documents when they are sold. Spinner vignettes sell for $60 to $125 with CDVs much more. We hope this information helps you in pursuit of Spinner items. We consider General Spinner one of the most important Americans who ever lived. His life was dedicated to the advancement of civilization and not to personal honors, awards or pats on the back. When one considers the words: honest, ethical, great work habits and dedication, we come up with the name Francis E. Spinner. Few gave as much for his country as he did. General Spinner's life involvement was in governmental service (in many capacities already mentioned), law enforcement, banking, as a merchant, community volun- teer and probably others, too. This dynamo and tireless worker was also involved in railroads, manufacturing and canals. We're very sure that General Spinner was very instrumental in the early industry and growth of the Mohawk Valley. Out of all famous Americans who ever lived, his autograph is one of the most avidly sought by numismatists and others worldwide. Spinner autographs and ephemera are available as cut out signatures, on checks, personal letters, envelopes, government correspondence or documents, banking correspondence or documents, and other ephemera. Some very rare Spinner personality auto- graphs are also available on U.S. Fractional Currency. We want to credit Herman K. Crofoot, who wrote a one-page article on Spinner, for some of the information in this story. Mr. Crofoot was an avid collector of Spinner material. His collection of Spinner items now resides in the Smithsonian Institution Collection. According to him, the earliest Spinner autograph is dated in 1825, when Spinner was 23-years-old. The last signature was made six weeks before he died of face cancer, at the age of 88. Probably early 20th Century numismatists nicknamed General Francis E. Spinner, The Father of Fractional Currency." The Fractional Currency Collectors Board (FCCB -- the initials are taken from the name of F. C. C. Boyd who was a major, early fractional currency collector), of which we are Charter Members. This organization is dedicated to the advancement of U. S. Postage and Fractional Currency of which General Spinner played a large part. As long as the world has the FCCB and other numismatists, the name General Spinner will live on forever. BIBLIOGRAPHY Bowers & Ruddy Galleries, Inc. -- American Auction Association. The Matt Rothert Collection. Hollywood, CA (November 16-17, 1973). Clemmer, Mary. Ten Years in Washington or Inside Life and Scenes in Our National Capital as a Woman Sees Them. Hartford, CT: The Hartford Publishing Company (1882). Friedberg, Arthur L. and Friedberg, Ira S. Paper II/Ioney of the United States, 16th Edition. Clifton, NJ: The Coin and Currency Institute, Inc. (2001). Friedberg, Milton R. The Encyclopedia of United States Fractional & Postal Currency. Long Island, NY: NASCA -- Numismatic and Antiquarian Service Corporation of America (1978). Glazer, Len and Jean -- Fractional Currency Inc.. Auction Sale No. 2 in New York City. Forest Hills, N. Y. (June 17-18, 1980). Hessler, Gene. The Engraver's Line. Portage, OH: BNR Press (1993). Hessler, Gene. U. S. Essay, Proof and Specimen Notes, Portage, OH: BNR Press (1979). Krause, Chester L. and Lemke, Robert F. Standard Catalog of United States Paper Money, 20th Edition. Iola, WI: Krause Publications, Inc.(2001) Rothert, Matt. A Guide Book of United States Fractional Currency. Racine, WI: Whitman Publishing Company (1963). MYLAR D® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 4 3/4 x 3 3/4 518.50 $33.50 $150.00 $260.00 Colonial 5 1/2 x 3 1/16 19.00 35.00 160.00 290.00 Small Currency x 2 7/8 19.50 37.50 165.00 310.00 Large Currency 7 7/8 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 95/fi x 4 1 /4 27.50 50.00 226.00 400.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 8 3/4 x 14 V2 $14.00 $61.00 $100.00 $226.00 National Sheet Side Open 8 'h x 17'12 15.00 66.00 110.00 248.00 Stock Certificate End Open 9'/2 x 12'/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 Dv is a Registered Trademark of the Dupont Corporation. This also applies to uncoated archival quality Mylar® Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp. Melinex Type 516. DENLY'S OF BOSTON P.O. Box 51010, Boston, MA 02205 • 617-482-8477 ORDERS ONLY: 800-1-11-DENLY • FAX 617-357-8163 I COLLECT FLORIDA Obsolete Currency National Currency State & Territorial Issues Scrip Bonds Ron Benice 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Benice@Prodigy.net As advertised in Paper Money in 2002 issues Don't Miss Out Hurry Limited Time opportunity Make Your Mark! PAPER MONEY • January/February 2003 • Whole No. 223 15 CO-AUTHOR WANTED Leave YOUR mark on paper money collecting. How? YOU can have YOUR name on this new work as its Co-author! Imagine YOUR name on the cover of a paper money classic! This is a limited-time patronage opportunity, so you must act now. For a fee of only $ X5,000, YOU can secure YOUR numismatic legacy for all time. Write Robert F. Welch, Agent, 2433 NW 48th St., Oklahoma City, OK 73112 Wanted One Volunteer to serve as Ad Manager for Paper Money This is an important, but not time-consuming posi- tion. Successful applicant should be organized, service-oriented, and a strict respecter of deadlines. Computer skills and internet access mandatory. Ad manager will be responsible to send out annual ad renewal billings and follow up with clients. Graphic arts skills helpful, but not mandatory. Good rapport with paper money dealers is VERY helpful. This is NOT a high pressure sales job; however, initiative and good follow through in pre- senting Paper Money's positive sales message to prospective clients is required. Ad Manager will work with the Editor to assure timeliness of ads, payments, and other details as assigned. If you can help your Society and help your Society's Journal continue to meet members' needs, have the time, and the right stuff, contact the Editor now. Secretary of the U.S. Treasury for a mere 63 Days January 1, 1801 - March 3, 1801 16 January/February 2003 • Whole No. 223 • PAPER MONEY Served Fractional Term, Honored gn Fractional tligte_ Samuel Dexter BY TOM O'MARA Washington, Jefferson, Clark, Sherman, Grant, Fessenden, Spinner, Justice, Liberty, Columbia, Lincoln, Stanton, Dexter, Meredith, Walker, Crawford...who are they? These are the portraits that can be found on the 24 different Postage Currency and Fractional Currency note types that were issued during a 14-year period from 1862 until 1876. These notes were issued in five series during this period and in the following denominations — 3, 5, 10, 15, 25, and 50 cents. Yes, U.S. paper money in denominations less than one dollar was issued. Many of you may be aware of this emergency money, which came about as a result of the onslaught of the Civil War and the corresponding suspension of specie payments by most banks in the United States. Coins of all types began to be hoarded as well as melted down since their intrinsic value surpassed their face value due to inflationary pressures present in the wartime economy. This led to a shortage of change in the United States and ground commerce to a halt. Although various forms of makeshift change entered the business channels, the U.S. government eventually stepped in and issued paper money in denomination less than one dollar to meet the small change crisis. Hence, 14 years of U.S. fractional and postage currency. Back to our list of allegorical symbols (Justice, Liberty and Columbia) and portraits (Washington, Jefferson, Lincoln, etc.) - who are they all? Most are readily identifiable. There are Presidents, Generals, early developers of our U.S. paper money (Clark, Fessenden, Spinner) and a number of significant senior cabinet officials from U.S. history (Stanton, Meredith, Walker and Crawford), but who is Dexter? Even those political science and U.S. history college majors out there who have some recollection of almost every name on the list are probably scratching their heads thinking "Dexter??? Shoe company president? Don't really know this fellow." Don't fret. That diploma hanging on your den wall was not for naught; this one is a tough call. Samuel Dexter was a cabinet official during President John Adams tenure, yet not a very historically significant one. He did serve as both Secretary of War and Secretary of the Treasury, although both in an interim capacity and neither for very long. It could be said that he excelled at being "interim". He served as interim Secretary of War from June 12, 1800, until December 31st of the same year, not quite six months. He then filled in as interim Secretary of the Treasury from January 1, 1801, until March 3, 1801, a scant 63 days until the next Presidential adminis- tration started. Once during this period he was Secretary of State for a few hours. That's three cabinet positions in nine months. I don't believe there are too many others who could claim a similar distinction and am looking for help from you readers on this. What other U.S. cabinet official has held multiple posts with a total of nine months served? That list would surely be short; but, throw in the criteri- on that he also has been honored by having his portrait on U.S. currency or coinage. I believe Samuel Dexter is it, but am willing to be proven wrong by any reader. FOR 31.1. 1' "Elk liTES I AM1 . • PAPER MONEY • January/February 2003 • Whole No. 223 17 WHO ARE WE? The Fractional Currency Collectors Board (FCCB) is made up of men and women who are interested in the study and collecting of fractional cur- rency. Current membership exceeds 200, and includes the best known col- lectors in the hobby. HOW DO I JOIN? Dues are $15.00 per year after the first year dues of $30.00, which covers the expense of the books. It less expensive first year option is available for only $20.00, which would cover membership dues and expense of the "Simplified Encyclopedia" only. Send requests for membership to Bill Brandimore, Membership Chairman, 610 Fifth Street Dept. PM, Wausau, Wisconsin 54401. Or visit our website at www.fractionalcurrency.org . "/"/ errbvii■er.i7 WHY JOIN? Membership in the FCCB allows for the needed interaction with other collectors of fractional cur- rency and provides a vehicle for sharing of hard to find informa- tion and references. Newsletters are published on an as news indicates" basis and include new information and articles on frac- tional currency. The FCCB also maintains a website as an online resource regarding Fractional Currency. Each member gets a copy of the revised Encyclopedia and a copy of the new beginner's "Simplified Encyclopedia" upon joining. 8112TIZEIE1=1:=131 Fourth Issue 50( note (Friedberg 1379) portraying Samuel Dexter Below: Detail January/February 2003 • Whole No. 223 • PAPER MONEY Meanwhile, who was Samuel Dexter? Samuel Dexter was born May 14, 1761, in Boston, MA. He was the son of Samuel Dexter, merchant, and Hannah (Sigourney) Dexter. In 1777, at the age of 16, Samuel was admitted to Harvard College. He graduated four years later with highest honors. He then studied law under Levi Lincoln in Worcester, MA. After three years, he was admitted to the Massachusetts bar. In 1786, at the age of 24, Samuel Dexter married Catherine Gordon, daughter of William Gordon. William Gordon was well known in Connecticut, having served as a state legis- lator, U.S. Congressman and State Attorney General. In 1788, Dexter and his bride settled in Boston, where he began to express an interest in politics. He was elected as a representative from Charleston to the state House of Representatives and served for two years. His constituents and political allies were very satisfied with Dexter's performance. With their backing, he sought out and became a Massachusetts U.S. Congressman serving from 1793 until 1795. Dexter's political acumen grew. He successfully cam- paigned for U.S. Senate and eventually served as Massachusetts Senator from March 4, 1799, until May 30, 1800. During this period, Dexter had become an important member of the Federalist Party, which was under political attack by the Jeffersonian Republicans. Federalist President John Adams asked Dexter to fill in as interim Secretary of War. He resigned from the Senate to serve as interim Secretary of War for six months (first cabinet position), and then as interim Secretary of the Treasury for 63 days (second cabinet position) until Thomas Jefferson was inaugurated as our country's third President. His brief appearance as U.S. Secretary of State occurred during his brief stint in Adams' cabinet. Dexter actually filled in as temporary Secretary of State during the swearing in of John Marshall as Chief Justice of the U.S. Supreme Court (that makes a third cabinet position)! Dexter was diligent and although he only served in interim positions, he took his responsibilities very seriously. As a political ally of President Adams, he was offered a foreign embassy position, but turned down this political appointment and finished out his term. He was succeeded as Secretary of the Treasury by Albert Gallatin, who served in this role over the next 15 years under two different Presidents, Jefferson and Madison. Dexter returned to Massachusetts where he oversaw a successful law practice in Roxbury. He retained many important cases and every winter jour- neyed to Washington, D.C., to argue them before the U.S. Supreme Court. He also spent much of this time with his wife and their only son Franklin. In 1813, Dexter was awarded an honorary LL.D. degree by Harvard College in recognition of his years of public service. He also was deeply involved in the temperance movement and became the first President of the first temperance society formed in Massachusetts. Although Dexter was a senior member of the Federalist Party, during his 15 years away from national public service, he often found himself more com- fortable maintaining positions held by Jefferson's Republicans. During debates over the War of 1812, he sided with President Jefferson's war policies and openly advocated war with England. He believed the war was a just one and opposed the Federalist party line against it. Although this independent political thinking brought him into conflict with the Federalist Party at times, he politely refused to become a card-carry- ing member of the Democratic-Republican Party. The Democratic- Republicans would have loved to have had him publicly denounce the Federalists and join with them, but Dexter wouldn't. In fact, although never 18 57464 4.74, -at Oglittir-a041 / f / Vr re ”1:.1 Err lin: irr-u th.,,iwy •64,06-11,49ERSI, PAPER MONEY • January/February 2003 • Whole No. 223 19 becoming a member of the Democratic-Republican Party, they nominated him to be their candidate for Governor of Massachusetts in 1816. Dexter responded by publishing a speech to the electors highlighting his irreconcilable fundamental differences with the Democratic-Republican Party. In spite of these efforts, the Democratic-Republican Party continued with his name on the ballot. The election was very close and was even recounted. Dexter lost by fewer than 2,000 of the 47,000 total votes cast. On May 3, 1816, at the age of 55, Samuel Dexter died of scarlet fever. He was attending his son Franklin's wedding in Athens, NY at the time. Just think, had he been elected Governor of Massachusetts against his will, he also would have held that office for less than nine months, too! Dexter's tenure as Secretary of the Treasury, although short, could best be summarized as being the last in a string of Federalists who held that posi- tion. The first three Federalist Treasury Secretaries -- Hamilton, Wolcott, and Dexter — are well known for effectively setting the country's long-term financial course. Although Dexter's role in shaping those treasury policies was minimal, he did a fine job acting as custodian. In fact, many students of the great first Democratic-Republican Treasury Secretary Albert Gallatin maintain that much of the foundation of his success was rooted in his Federalist predecessors' work. Some of the Federalist accom- plishments were the restoration of the country's credit, reduction of revolu- tionary debt, and the implementation of a revenue system that included cus- toms duties, excise taxes and some direct taxation. Much of the treasury's func- tional administrative lines, which still exist today, were established under these first Federalist Treasury Secretaries. So finally, of all those famous people honored by adorning our U.S. paper money, the question of "Who is Dexter?" can now be answered: He was a well-connected Federalist lawyer, who served in many important roles for short periods of time. Most of his appointments were for only a fraction of the time a typical cabinet member would serve. . .so actually, he is the pelfrct person to be hon- ored on a U.S. Fractional note. A man who served in two (possibly three) cabi- net positions for very fractional terms was -- 70 years later -- honored on the 50-cent 4th issue Fractional Currency note! SOURCES Katz, Bernard S., and Vencill, C. Daniel. Biographical Dictionazy of the United States Secretaries of the Treasury — 1789- 1995. Westport, CT: Greenwood Press (1996). An unissued c. 1880s U.S. Treasury check with vignette of Samuel Dexter. Note: the author is the President of the Fractional Currency Collectors Board. Milton R. Friedberg 20 January/February 2003 • Whole No. 223 • PAPER MONEY Musings on Milt By Benny Bolin T ODAY'S FRACTIONAL CURRENCY COLLECTORS OWE many thanks to many people who came before us, Doug Hales, Martin Gengerke, Mike Marchioni, old time collectors, Matt Rothert, Thomas Cunningham and many, many more. However, we owe an extreme debt of gratitude to one man, Milton Friedberg. While many people have left their distinctive marks on our hobby, none have been more everlasting than his. Milt has made an indelible impres- sion on all of our lives and I would like to devote some space in this special issue of Paper Money to him. While General Francis Spinner can be called the "father of fractional currency," Milt can be called the "father of fractional currency collecting." Milt began collecting stamps with his father at an early age and received his first postage currency pieces in 1945 when his father gave him a few circulated notes. His clad told him that he might want to find out more about the notes as not much was known about them then. His fervor truly began when the notes resurfaced in 1960. Milt met Lester Merkin who encouraged further research and the rest is history. He began accumulating more notes and cataloging them and eventually his Encyclopedia of United States Fractional & Postal Currency was born. It was edited by Martin Gengerke with assistance from the staffs of Numismatic and Antiquarian Service Corporation of America and Coin World, printed by Amos Press and published by NASCA in 1978. It was truly a landmark in our hobby. But Milt continued researching, writing, exhibiting and collecting until his massive collection was sold by Currency Auctions of America at the 1997 F.U.N. show in Orlando. Milt truly loved those "little pieces of paper" and displayed an affection for them unmatched even today. I don't remember much about when I first met Milt at the IPMS in Memphis in 1984. But, I remember our next encounter. It seems at that show, I fell in love with those "little pieces of paper" as well and with the idea of exhibiting them. I decided to do an exhibit at the 1985 IPMS on Spencer Morton Clark. Not having much information on him, I wrote Milt and brazenly asked him for all the information he had. Milt wrote me back and essentially told me all he knew was in his book, so if I needed more, I should do some research and find it myself. Therein began my first real research project. BUYING & SELLING I frea r 410 , lio•' • ACT IMP :WAR. '111 i V 4;:l. • A.4. or mtates' 4s v U.S. Fractional Currency Call or Write for Free Catalog Rob's Coins & Currency P.O. Box 303 Wilton, CA 95693 916/687-7219 Robert J. Kravitz, SPMC LM 294 • ANA LM 5361 PAPER MONEY • January/February 2003 • Whole No. 223 21 22 January/February 2003 • Whole No. 223 • PAPER MONEY Right: SPMC Awards Chairman Wendell Wolka presents Milton R. Friedberg the Society's Nathan Gold Lifetime Achievement Award during ceremonies at the SPMC Membership Meeting at the 1998 Memphis IPMS. Right: Bank Note Reporter Editor David Harper names Friedberg one of Krause Publications' "Numismatic Ambassadors" during an FCCB meeting at the 1999 Memphis Show. After researching Clark, I wrote an article on him and submitted it to Bank Note Reporter, fully expecting my very first attempt at writing to not only be published, but to win awards and accolades unprecedented! When the Editor sent it back to me with a yellow sticky note saying it would be better with a little more detail, I fired it off to Milt thinking he would set that editor straight! But, in his own way, Milt returned it to me and "suggested" I follow through with the editor's recommen- dations and do more research. Two years later, a very comprehensive history of Clark was published and years later would be referenced by Brent Hughes — truly a personal milestone! Milt had a way of taking me under his wing and teaching me Milt-esque ideals. When I took over for his as Editor of the FCCB News and lamented once too often about the lack of member input, in his own less than subtle way he told me to "quit whin- ing and get to editing!" Milt had like effects on others as well. He was an early member of this Society (#1370), meaning he joined in 1965. He immediately set out submit- ting Fractional Currency articles to our journal Paper Money, based on his research and discoveries, winning a Literary Award in 1969. Milt was a founder of the Fractional Currency Collector's Board devoted to the study and col- lection of U.S. fractionals in 1984, declined to be its first President, but served instead as its first Treasurer and newsletter Editor. Early members will recall fondly his missives that were both personal and personable. Milt served on the Board of Governors of the Society of Paper Money Collectors from 1988-91 and 1992-99. In the 1990s his "Catalog of Enveloped Postage Stamps" was serialized in Paper Money in 11 installments over a three year period, further keeping our little pieces of paper continually on the hobby's forefront. Finally, in 1998 SPMC and Bank Note Reporter honored Milt with a well-deserved Nathan Gold Lifetime Achievement Award for his many contributions to this fine hobby. After he stepped down from the SPMC board, he encouraged me to run. I told him I had no idea how or what to do if I got elected. He said "just follow Judith's (Murphy's) lead." When President Frank Clark appointed me to fill an unexpired vacant term in 2000, I did! I am sure Judith is still regretting him saying that! Milt was a true collector's collector. When he sold his unprecedented PAPER MONEY • January/February 2003 • Whole No. 223 23 collection in 1997, many people wondered at his decision to sell it all at once. Many felt he could get much more money for it if he broke it up and sold it in different auctions, but Milt wanted it sold as a whole. He viewed it as a col- lection and not an investment. Through the generosity of oth- ers, I was able to attend that remarkable sale, and it was and still is a milestone in my hobby life. Truly seeing a legacy passed on to others was very rewarding. Throughout the years, Milt has been a mentor, confidant, inspiration and above all else, a true friend to me. For only the second time since 1984, Milt was unable to attend the IPMS last summer. While that show is truly incredible and enjoy- able, there was a void in not being able to see Milt there. Milt — I and many others whose lives you have touched wish you well and God-speed on your recovery from your stroke. Thank you for all you have done for us and our hobby and for me personally! The author is a member of the SPMC Board of Governors and Editor of the Fractional Currency Collector's Board Newsletter -- Editor Longtime fractional currency dealer Len Glazer annually sponsors the FCCB exhibit awards at the Memphis IPMS. Above: Milt poses with honorees at the show (from left) Doug Hales, author Benny Bolin, and Bob Laub. FRACTIONAL CURRENCY FOR BOTH THE TYPE COLLECTOR AND VARIETY SPECIALIST BUYING and SELLING Quality Collector Notes Specializing in forming Choice-Gem CU variety collections Free Price List available upon request Auction representation services available Check my Bank Note Reporter ad on Page 16 in February, 2003 to view all of my new purchases from FUN/CAA James Polis 4501 Connecticut Avenue, N.W. Suite 306 Washington, D.C. 20008 (202) 363 — 6650 E-mail: Jpolis7935@aol.com Member: PCDA, SPMC, FCCB, ANA .. . - ... This note was purchased from a paper money dealer at a Memphis International Paper Money Show many years ago as Friedberg 1374, a fairly common but desirable Lincoln type note. In reality, the specimen is Milton 4R50.1d, a scarcity with brown seal, further enhanced by lustrous, pronounced fibers atypical of this issue. 24 January/February 2003 • Whole No. 223 • PAPER MONEY Fractional Currency Collectors Use Two Catalog Numbers Both Named for a Friedberg, Differ in Approach & Origin By Fred Reed C OLLECTORS OF U.S. POSTAGE & FRACTIONAL Currency often employ two different catalog numbering systems to describe items in their collections. Both systems were invented by illustrious catalogers with similar names, in fact the same surname FRIEDBERG, and this may confuse "outsiders" who don't share specialists' rapt interest. Paper money collectors in general are very familiar with Friedberg numbers, the system identifying all federally issued U.S. currency, which has appeared in Paper Money of the United States, one of the standards of our hobby. That volume, pub- lished by Coin and Currency Institute, has gone through numerous editions since originally penned by New York coin dealer Robert Friedberg in 1953. Notes were numbered sequentially from the first Demand Notes of the Civil War to the largest denominations of small size Federal Reserve Notes being issued today. Friedberg's opus is cur- rently still in print in its 16th edition, of course, revised since Friedberg's death by his sons Ira and Arthur. Over the years, the book has become just what Robert Friedberg intended it to be - - a standard reference in our hobby. Friedberg numbers have largely withstood more recent approachs by other modern catalogers just like Art Friedberg predicted to this writer in the late '70s, when the sale of his dad's Brasher doubloon brought a world record coin price, "just because we own the numbers." However, when Milton R. Friedberg (no relation) began assembling his large reference collection of fractionals, he noticed many items which did not match published catalog descriptions so he was forced to expand his personal cataloging system to accommodate these varieties and oddities. Out of Milt's personal collecting system grew the idea for a definitive listing of these small notes. Fortunately for the hobby, Milt found champions for the project in Herb Melnick and Doug Ball of Numismatic Service Corporation of America (NASCA), the leading U.S. obsolete currency purveyor of the 1970s. NASCA underwrote publication of Milt's catalog: thus a new book was born Milt's The Encyclopedia of United States Fractional & Postal Currency (1978). The work has now gone through five editions, but the 1st ed. was edited, laid out, and printed by Amos Press, parent company of Coin World, which I served then as News Editor. Milt's new work took 150+ pages to list fractionals com- prehensively, whereas Paper Money of the United States devoted less than a dozen pages to the series. PMUS listed about 150 types and varieties; Milt listed more than 1,200. PMUS had photos of a basic type set of notes; the new work had more than 500 illustrations! Milt also provided a great deal of rarity and pricing information based on census and auction data. He thoroughly updated the pioneering fractional works of Valentine, Limpert, Raymond, Rothert and others. Obviously Milt's approach was revolutionary. However, Robert Friedberg's numbers were already so well established in the hobby that Milt Friedberg faced a dilemma with his new system. If he called his cataloging system Friedberg numbers, he was inviting confusion and trouble. So ever the pragmatist, Milt called his taxonomy "Milton Numbers." His numbers were comprised of 5-6 descriptive alpha-numeric entries: (A) the issue (their are five issues of PC and FC) (B) the type of note (regular issue, proof, specimen, die proof, essay, artist's design, counterfeit) (C) the denomination (3-, 5-, 10-, 15-, 25- or 50-cents) (D) the engraved surface (if other than a regular note; i.e. face or reverse [back]) (E) the major group (F) the sub-variety Thus a note that might appear in a dealer's listing as Friedberg 1374 (the Lincoln 50- center) took on the specialist's label in Milt's comprehensive sys- tem for this field as 4R50.1a-d (for Fourth Issue, Regular note, 50e, and sub-variety based on paper composition and fibers). Specialists use these Milton num- bers almost exclusively, although I've heard novices -- myself included -- try to call them Friedbergs. I mentioned earlier that Milt's book was printed in Sidney, Ohio, at Amos Press, where NASCA's ad rep Jeff Williams was project coordinator for the work. Jeff recruited me to the project while I was on the Coin World staff. I can't pretend I contributed much to this pioneering effort, other than spelling, consistency, grammar and style. Heck, I was really not much more than a glorified proof reader, however, when the books came off the press and bindery, Milt -- a fellow Buckeye -- and Herb Melnick joined Jeff and me for a brief ceremony at Coin World's offices mark- ing the occasion. Milt graciously signed a copy to me "with thanks for your help," which I still treasure in my library. I also have a picture of the occasion somewhere in my archives, that I wish I could have located to illustrate this story. I'm sure it will turn up someday. When it does it will be worth publishing in these pages as a milestone event in the evolution of paper money collecting. In the meantime, I can echo Benny Bolin's sentiments on a longtime friendship with a truly remarkable and major contributor to this hobby. I never met Robert Friedberg, but I've known Milt for a long time now. Milt helped me with my encased stamp book, and to me my Milton-numbered notes will always be the "other" Friedbergs. The author is a 18-year member (#55) of FCCB. PAPER MONEY • January/February 2003 • Whole No. 223 25 Inverted and Mirrored Plate Number Fractional Notes By Rick Melamed 0 ne of the interesting ways to collect fractional currency is by plate numbers. Plate number notes refer to a specific fractional note, . which has the numerical sheet designation on the note. When the fractional sheet was cut into individual notes, there would be instances where a single note with a plate number (usually) in the margin would arise. Notes with plate numbers are generally not worth a premium; though they sometimes get mentioned in auction descriptions or dealer's ads. For plate num- ber collectors it's of interest. Plate number interest can be refined to encompass collecting and cataloging inverted and mirrored plate number notes. When attempting to find out more information, it wasn't long before discovering that it's been an area that has had scant research. Beside the Valentine reference published in 1924 and occasional auction catalogs, there has been no other research dedicated to this subject mat- ter. A brief description of how the sheets were comprised and posi- tion of the plate numbers is necessary: • 50 and 100 2nd issue notes were printed in sheets of 20, 25 and 50. • 25c and 500 2nd issue notes were printed in sheets of 20, 25 and 40. • All 2nd issue notes shared the same general plate numbering sequence (from 1 to 345). • Each 3rd issue fractional sheet had it's own numbering sequence starting with 1. • 3rd issue 500 notes were generally produced in sheets of 12, but there were occasions when the sheets were made of 30 notes. • All 2nd issue wide margin specimens as well as wide margin 30, 50 and 100 specimen notes were printed in 2 vertical columns of 5 notes. • The 150 and 250 wide margin specimens were printed in sheets of 8 (3 vertical and 5 horizontal). Plate numbers were generally, but not always, placed in the intersection of the lowest left quadrant. Interestingly, inverted and mirrored plate numbers were placed at the intersection of the upper right quadrant. 2nd issue plate #151 was located at the bottom of the sheet and was in mirror image Many thanks must be given to Martin Gengerke for his important research on fractional plate numbers first published by the SEVIC in 1972 (Paper Money, Vol. 11, Whole Number 42, Page 80). Previously to Martin's article being pub- Figures 1 and 1A 26 January/February 2003 • Whole No. 223 • PAPER MONEY SECOND ISSUE FRACTIONAL PLATE NUMBERS Plate Type Plate Type Plate Type Plate Type Plate Type Plate Type Plate Type 1 25¢ back 51 54 face 101 5(t back 151 50c back 201 25¢ face 251 25¢ face 301 54 face 2 5¢ face 52 104 face 102 10¢ back 152 25C face 202 25¢ face 252 25¢ face 302 10¢ back 3 5¢ face 53 254 face 103 10¢ back 153 5¢ back 203 25¢ face 253 25¢ back 303 5¢ face 4 5¢ back P 54 254 face 104 SC back 154 54 back 204 25¢ face 254 25¢ face 304 5¢ back 5 5¢ face 55 504 face 105 5¢ back 155 10¢ back 205 10¢ face 255 25¢ face 305 104 face 6 54 back 56 104 face 106 10¢ back 156 54 face 206 25¢ face 256 25C back 306 10¢ back 7 5¢ face 57 10¢ face 107 54 back 157 5( face 207 25¢ back 257 25¢ back 307 5¢ back 8 25¢ back 58 SC face 108 .5c face 158 5¢ back 208 25¢ back 258 25¢ face 308 10¢ back 9 25¢ face 59 50¢ back 109 SC face 159 5¢ back 209 25¢ face 259 251 back 309 10¢ face 10 5¢ back 60 5c face 110 5¢ back 160 10¢: face 210 25¢ face 260 25¢ back 310 104 face 11 25e face 61 251 back 111 5c back 161 101 back 211 25q face 261 25¢ face 311 104 face 12 54 back 62 50c back 112 5¢ back 162 5¢ face 212 25¢ face 262 25¢ back 312 10¢ face 13 10¢ back 63 5¢ face 113 50¢ face P 163 50c back 213 25¢ face 263 25¢ back 313 10¢ back 14 10C face 64 504 back 114 25¢ back 164 10C face 214 25¢ face 264 25¢ back 314 5¢ back 15 25¢ back 65 104 face 115 5¢ back 165 5¢ back 215 25¢ face 265 254 face 315 10¢ face 16 50¢ back 66 10¢ face 116 25¢ back P 166 10c face 216 25¢ back 266 25¢ back 316 10¢ face 17 504 face 67 50¢ face 117 25¢ back 167 10¢ back 217 25¢ face 267 25¢ back 317 10¢ face 18 50¢ back 68 10¢ back 118 SC face 168 104 back 218 25¢ face 268 25C back 318 5¢ back 19 50¢ back 69 5e face 119 50¢ back 169 10¢ face 219 25¢ back 269 254 face 319 10¢ back 20 10¢ back 70 25¢ back 120 254 face 170 5¢ back 220 25q- face 270 25¢ face 320 104 face 21 50¢ back 71 10C face 121 50¢ face 171 104 face 221 25¢ face 271 25¢ back 321 104 face 22 25¢ back 72 5¢ face 122 504 face 172 5¢ face 222 254 back 272 104 face 322 10¢ back 23 50¢ face 73 25¢ face 123 50¢ face P 173 10c back 223 254 face 273 se face 323 10¢ face 24 25¢ face 74 504 back 124 50¢ back 174 54 face 224 254 face 274 104 back 324 10e face 25 25¢ back 75 50¢; face 125 25q, face 175 54 face 225 25¢ back 275 10¢ face 325 104 face 26 50¢ face 76 254 back 126 25(c face 176 10¢ face 226 ne back 276 25¢ face 326 10¢ back 27 50¢ back 77 25¢ back 127 504 back 177 5¢ back 227 25¢ face 277 25¢ face 327 10¢ back 28 25¢ back 78 5¢ back 128 25q back 178 54 back 228 25¢ face 278 5¢ back 328 104 back 29 10¢ back 79 5¢ face 129 25q face 179 10¢ face 229 5q back 279 25¢ face 329 10¢ back 30 254 face 80 10¢ back 130 50¢ back 180 25¢ face 230 25¢ back 280 10¢ face 330 10¢ face 31 50¢ face 81 SC back 131 25¢ back 181 104 face 231 25¢ back 281 5q back 331 10C face 32 50¢ back 82 10c back 132 504 back 182 104 face 232 5¢ face 282 104 face 332 10¢ face 33 10¢ face 83 25c face 133 so(J back 183 10c face 233 25¢ face 283 5c back 333 10¢ back 34 25¢ back 84 10¢ face P 134 50¢ back 184 10¢ face 234 25¢ face 284 104 back 334 54 face S 35 251 face 85 10c face 135 25¢ back 185 10¢ face 235 25¢ face 285 5¢ face 335 5¢ back 36 50¢ face 86 5¢ back 136 25¢ back 186 50: face 236 5¢ face 286 25C back P336 10¢ face S 37 25¢ face 87 50¢ back 137 254 face 187 5¢ face 237 25¢ face 287 5¢ face 337 10¢ back S 38 50¢ back 88 104 back P 138 25¢ back 188 10C face 238 25¢ face 288 25¢ face 338 5¢ face 39 504 face 89 25¢ back 139 50¢ back 189 10¢ back 239 251 face 289 10¢ face 339 25¢ face 40 50¢ face 90 50¢ face 140 50¢ back 190 5¢ back 240 54 face 290 104 face 340 5¢ face 41 50¢ face 91 5¢ face 141 25¢ back 191 5¢ face 241 25¢ face 291 104 face 341 50¢ face S 42 5¢ face 92 5¢ back 142 10¢ face 192 10¢ face 242 25¢ back 292 10C back 342 50¢ back S 43 50¢ face 93 104 back 143 10¢ face 193 5¢ back 243 5¢ face 293 5¢ back 343 5¢ face 44 104 face 94 254 face 144 10¢ back 194 54 face 244 25¢ back 294 25¢ face 344 5¢ face 45 504 face 95 50¢ face 145 10¢ face 195 5¢ back 245 25¢ face 295 5¢ face 345 25¢ back S 46 50¢ face 96 10¢ face 146 104 face 196 5¢ face 246 5¢ back 296 5¢ face 47 254 face 97 10¢ face 147 10¢ back 197 10c face 247 25¢ face 297 10¢ face 48 25¢ face 98 se face 148 10¢ back 198 104 face 248 25¢ face 298 10¢ face 49 254 face 99 25¢ face 149 10¢ back 199 104 face 249 254 back 299 10¢ face 50 25¢ face 100 10¢ back 150 54 face 200 104 face 250 25¢ back 300 5c back P- Note cut from plate proof S - Plate for wide margin specimen lished, it was believed that several fires destroyed all the early records. Fortunately an old journal was discovered. Martin was able, by all appearances; to submit a complete listing of plate numbers for 2nd and 3rd issues. The listing for 4th and 5th issue fractionals was incomplete. His article is mandatory reading for any plate number enthusiast, even if it's for the first picture shown on the opening page. The picture depicts a Grant Sherman 150 reverse that has been modified to the 25e denomination with an inverted plate #18. With the permis- sion of the SPMC, the listing of plate numbers is reprinted in this article. A complete listing of plate numbers helps to identify notes with incomplete plate numbers or plate number notes with questions as to identification. Recently while attending a show, a couple of fractional friends and I discovered an FR1245 with a '99' on the obverse. We puzzled if it could be an inverted '66'. Fortunately with the plate number listing we deduced that it was in fact an Figures 1B and 1C iii,AA•rrt E THIRD ISSUE FRACTIONAL TWENTY FIVE CENT PLATE NUMBERS Plate Desc Plate Desc Plate Desc 1 back P 51 face 101 back 2 back 52 face 102 back 3 back 53 back 103 back 4 back 54 back 104 back 5 back 55 face 105 back 6 back 56 back 106 back 7 back 57 back 107 face 8 back 58 back 108 face 9 back 59 face 109 face 10 back 60 back 110 face 11 hack 61 face 111 face 12 back 62 face 112 face 13 back 63 back 113 face 14 back 64 face 114 face 15 back 65 hack 115 face 16 back 66 face 116 face P 17 back 67 face 117 face 18 back 68 back 118 face 19 back 69 face 119 face 20 back 70 face 120 face 21 back 71 face 121 back 22 back 72 face P 122 back 23 back 73 face 123 back 24 back 74 face 124 back 25 back 75 face 125 back 26 face 76 face 126 back 27 face 77 face 127 face 28 face 78 face 128 face 29 face 79 face 129 face 30 face 80 back 130 face 31 face 81 face 131 face 32 face 82 back 132 face 33 face 83 back 133 face 34 face 84 back S 134 face 35 face 85 face S 135 face 36 face 86 face 136 face 37 face 87 face 137 face 38 face 88 face 138 face 39 face 89 face 139 face 40 face 90 back 140 face 41 face 91 face 141 face 42 face 92 back 142 face 43 face 93 face 143 face 44 face 94 face 144 face 45 face 95 face 145 face 46 back 96 face 146 face 47 face 97 face 48 back 98 face 49 face 99 face 50 back 100 face Plate 144 had the letter 'a' 7mm to the lower right S - Plate for wide margin specimens P - Note cut from plate proof PAPER MONEY • January/February 2003 • Whole No. 223 27 inverted '66'. A second occasion where the listing of plate numbers proved invaluable concerns a Spinner FR1339. The note purchased appeared to contain plate number '19' on the reverse. Or could it have been an inverted plate number `61'? The plate number listing indeed proved, without a doubt, that the note was a regular plate '19'. The theme is clear. . . better and more accurate identifica- tion through good research. To further the incomplete and sometime inaccurate research begun by Valentine, this research focuses on inverted and mirrored plate number notes. On rare occasions the engraver would sometimes etch the plate number inverted (upside down — see Figures 1, 1A, 1B, 1C and 9 and 9A). Anti in even rarer instances the engraver would perform the etching process in reverse and would engrave a plate number that printed on a sheet in a 'mirror image' (see Figures 3 and 3A). THIRD ISSUE FRACTIONAL TEN CENT PLATE NUMBERS Plate Desc Plate Desc Plate Desc 1 back 46 back 91 face 2 back 47 back 92 face 3 back 48 face 93 face 4 back 49 face 94 face 5 back 50 face 95 face 6 back 51 back 96 face 7 face 52 face 97 back 8 face N 53 face 98 back 9 face N 54 face 99 back 10 face N 55 back 100 back 11 face N 56 face 101 back 12 face N 57 back 102 back 13 face N 58 face 103 face 14 face N 59 face 104 face 15 face 60 back 105 face 16 back 61 face 106 lace 17 back P 62 face 107 back 18 back 63 face 108 face 19 back 64 back 5 109 back 20 back 65 back 110 face 21 back 66 face S 111 face 22 back 67 face 112 face 23 face P 68 face 113 face 24 face 69 face 114 face 25 back 70 back 115 face 26 face 71 face N 5 116 face 27 back 72 back 117 face 28 face 73 back 118 face 29 back 74 face 119 face 30 back 75 face 120 face 31 face 76 face 121 face 32 back 77 face 122 face 33 face 78 face 123 face 34 back 79 face 124 face 35 face 80 back 125 face 36 face 81 back 126 face 37 face 82 back 127 face 38 face 83 back 128 face P 39 face 84 back 129 face 40 back 85 back 130 back P 41 face 86 face 131 back 42 back 87 face 132 back 43 face 88 face 44 face 89 face 45 face 90 face S - Plate for wide margin specimens N- Plates without engraved signatures P - Note cut from plate proof THIRD ISSUE FRACTIONAL PLATE NUMBERS Third IssueThree Cent Plates Plate Types 1-28 Backs 29 - 61 Faces, light curtain 62 - 68 Faces, dark curtain 69 Wide margin face, dark curtain 70 Wide margin back 71 Wide margin face, light curtain Variety without pearls - plates 32 and 35 Plate 69 had one sample note cut out Third Issue Five Cent Plates Plate Desc Plate Desc Plate Des 1 back 21 obv 41 obv 2 back 22 obv 42 obv 3 back P 23 obv 43 obv 4 back 24 obv 44 back 5 back 25 obv 45 obv 6 back 26 obv 46 obv 7 back 27 obv 47 back 8 back 28 back 48 back 9 back 29 obv 49 hack 10 back 30 obv 50 obv 11 back 31 back 51 hack 12 back 32 obv P 52 obv 13 back 33 back 53 back 14 obv P 34 back 54 obv 15 obv 35 obv 55 obv 16 obv 36 back 56 back 17 obv 37 obv 57 back 18 obv 38 back 58 back 19 obv 39 obv 59 back 20 obv 40 back 60 back 61 Face, wide margin 62 Back, wide margin, one note cut out P - Note cut from plate proof 28 January/February 2003 • Whole No. 223 • PAPER MONEY THIRD ISSUE FRACTIONAL PLATE NUMBERS ..tr rLsike Faces and Type 1 Backs Plate Desc Plate Desc Plate Desc Plate Desc I back 26 face 51 face 76 face S 2 face N 27 back 52 back 77 face 3 face N 28 back 53 face 78 face 4 back 29 back 54 face 79 face 5 face 30 back 55 face 80 face 6 hack 31 face 56 back 81 face 7 face 32 back 57 face 82 face 8 face 33 back 58 back 83 face 9 back 34 face 59 face 84 face 10 back 35 back 60 face 85 face 11 back 36 back 61 back 86 face 12 back 37 back 62 face 87 face S 13 face 38 face 63 face 88 back S 14 face 39 face 64 face 89 back 15 back 40 back 65 face 90 back 16 back 41 back 66 back 91 back 17 face 42 face 67 face 92 back 18 back 43 face 68 back 93 face N S 19 face P 44 back 69 face 94 back 20 back 45 face 70 back P 21 back 46 back 71 back 22 back 47 face 72 back 23 face 48 face 73 face 24 back 49 face 74 face 25 back 50 back 75 face N - No engraved signatures S- Plate for wide margin specimen P - Note cut from plate proof .1c Spinner Face Plates Plates numbered from 1 to 56, #'s 1 and 42 had no signatures, and Plates 41 and 42 were for wide margin proofs. Note cut from proof of plate #1 Sjk Type 2 Back Plates Plates numbered from 1 to 31; plate 21 was for wide margin proofs. Proof of plate 10 had 1 note cut out. Figures 2 and 2A And in a very unusual case, there exists a Fessenden Proof with a 90 degree rotat- ed plate number 13. This exists because the sheet layout of 15 and 250 proofs. The 8 subject sheets were laid out 5 horizontally and 3 vertically. The 3 vertical notes, laid end to end, were perpendicular to the 5 horizontal notes — so when the sheet was cut, it became possible that one of the vertical notes picked up the horizontal plate numbers (see Figures 2 and 2A). Apparently since plate numbers were never meant to be seen by the general public and their inclusion was not associ- ated with any design elements, there is no consistent standard of plate number designs. This would explain why plate num- bers varied in size, crudeness of design, mirrored or inverted. It's been pondered whether a 2nd party might be responsible for engraving the plate number. Fractional experts have wide and varied opinions. A request to the BEP historian to research this question was submitted and to date no response has been received other than they are still trying to come up with a definitive answer. It would be not a big stretch to envi- sion master engravers focusing on plate design and not con- cern themselves with the plate number accounting. It's the opinion of the author that an apprentice would have handled the mundane process of etching and recording plate numbers. That would help explain inverts, mirroring or crude plate FRACTIONAL PLATE NUMBERS Auxiliary Numbering System for Wide Margin Proofs Plates 1 to 8 are second issue, others third issue Plate # Type 1 5 face 2 10¢ face 3 106 back 4 25¢ face 5 50¢ face 6 50¢ back 7 5¢ back 8 25¢ back 9 10¢ face, engraved signatures 10 3¢ face, dark curtain 11 10¢ hack 12 25¢ back 13 25¢ face 14 3¢ back 15 50¢ back , type 1 16 50¢ Justice face, engraved signatures 17 50¢ Spinner face, engraved signatures 18 5¢ face 19 5¢ back 20 21 50¢ back, type 2 15d Grant & Sherman Plates Plate # Description 1 Wide margin backs, 8 subjects 2 P Wide margin faces, no signatures, 8 subjects 3 Wide margin faces, engraved signatures, 8 subjects 4 P back, 12 subjects 5 back, 12 subjects 6 face, 12 subjects 7 face, 12 subjects 8 back, 12 subjects 9 back, 12 subjects 10 face, 12 subjects 11 face, 12 subjects 12 back, 12 subjects 13 back, 12 subjects 14 back, 12 subjects 15 P back, 12 subjects 16 face, 12 subjects 17 face, 12 subjects 18 face, 12 subjects 19 P face, 12 subjects P - Note cut from plate proof PAPER MONEY • January/February 2003 • Whole No. 223 29 number design. Recent research has increased the catalog of inverted plate number notes started by Valentine. A large percentage of the examples discovered were on 3rd issue and 4th issue notes. Letters to the Editors of BNR and the FCCB newslet- ter, requesting research help, has yielded positive results. What's odd is that, even though plate number notes are quite prevalent among 2nd issue notes, discoveries to date show only two regular 2nd issue notes with the error. One advanced collector possesses three 2nd issue wide margin specimens with inverted and mirror plate number (2 of them are spectacular: FR1283SP-WM-Obverse and FR1232SP-WM-Reverse which each have a 3 digit mirrored plate numbers). Time will surely reveal more examples. Since the placement of plate numbers is usually on the margins, there are problems in cataloging these notes; a lot of the examples are partial plate numbers (see Figures 5 and 5A). Sometimes there is enough of the numeral(s) present on notes to make a definitive categorization. However, if the placement of the plate number is in the note's furthest corner one cannot be sure if the plate number is a single, double or triple digit (see Figures 6 and 6A). Also, since there can only be one plate note for each side of a sheet, the same plate num- ber can show up on any one of 4 Friedberg numbers on a Justice or Spinner note (notes with '1-a'; '1', 'a' or nothing). Valentine has at time mis-cataloged some of his listings. One example that proves a Valentine mistake in cataloging concerns FR1342. Valentine cites an example with inverted plate number 87. According to Figures 3 and 3A Figures 4 and 4A January/February 2003 • Whole No. 223 • PAPER MONEY30 the BEP plate number charts, 3rd issue plate number 87 was reserved for wide margin specimens and not a regular issue Spinner note. Another Valentine reference, which appeared successful- ly disputed is FR1226 with inverted plate number 2. It seems inverted plate number 2 was on an inverted reverse. Please reference lot 802 from the CAA Milt Friedberg sale (1/97) although this specific note did not contain the inverted "2"): "Lot 802 FR1226. Milton 3R3.1b 30 Third Issue Inverted Back — Extra Fine. A lovely and very rare 30 invert, the note is well mar- gined on both sides, clean bright and beautifully printed. It has only a few light folds, none of which break the ink. At the time the Encyclopedia (ref: Milton Friedberg Encyclopedia of Postage and Fractional Currency) was printed, only four examples were known, and we believe only one other has surfaced since then. In the 1924 Valentine book, the author claims the inverts are from plate number 2, a misconception apparently created because the plate number on plate 2 was inverted." After completing research, some interesting conclusions and observations can be made. One of the anomalies discovered centers on the mirror image plate #21. This specific plate was used for sheets of Justice notes with the green reverse. The added distinction is that this plate was used for notes with the A-2- 6-5 surcharge and without the surcharge. Justice note FR1358 (without A-2-6-5 surcharge) and FR1362 (with A-2- 6-5 surcharge) evidence this. It's not significant, but inter- esting to note. Although inverted plate number notes are most preva- lent on Justices and Spinners, there is no evidence of exam- ples on the regular issue red back variety; only green reverses show this. So far there is only a record of one red back speci- men note with a mirror plate number, that being the FR1251SP-WM-Reverse with mirror plate 11 (no joke — the "11" has a little flag on top — see Figure 4 and 4A). Why there are so few red back examples is a mystery. Hopefully in time evidence of more red back notes will come out. The inverted "11" also shows up on the FR1255SP-WM - 3rd issue 100 Wide Margin specimen green reverse. Several examples are known to exist, the most recent as of this writing being lot# 744 of the January 2002 CAA/FUN Auction. Another fascinating example is Valentine 42o. This is a Friedberg FR1362 with inverted surcharges and inverted plate number 18. This is a double error in that the surcharges and the inverted plate number are 2 separate processes. This is noted in the Valentine book although I have not seen the example. Other Valentine referencse worth highlighting are FR1255 and FR1256 with inverted and mirrored plate number 83. This is another unseen example (Valentine 40 & 40b). There also exist an FR1255 with inverted 83 (not mir- rored). This lends one to believe that this entry by Valentine may be incorrect. A favorite discovery is FR1267 — 150 4th issue note with mirror plate #5 on the face (see Figures 8 and 8A). This came from the 9/01 CAA auction - lot 5310 and is a complete plate number; the fact that it was in Gem condition was an added bonus. There is a reference to this note in Valentine's book (Fractional Currency of the United States Volume 2, page 25 — Valentine #51A). Although a second example resides in a collection of an advanced collector, the fact that this could be the very note that Valentine catalogued nearly 80 years ago gives one a moment to reflect on the history and provenance of fractional notes in general - cool stuff indeed!! Included in the listing of notes is a contribution from Tom O'Mara of proof notes contained in the Smithsonian Institution's Figures 5 and 5A Figures 6 and 6A Figures 7 and 7A PAPER MONEY • January/February 2003 • Whole No. 223 31 Inverted and Mirrored Plate Number Notes Friedberg # Inverted Plate # Position Reference 1226 2 Face Private Collection 1230 28 (900 rotated) Face Private Collection 1245 66 Face Private Collection 1255 inverted 83 Back RM Collection 1255 inverted & mirror 83 Back Valentine Reference 1256 inverted & mirror 83 Back Valentine Reference 1256 6 partial Face Private Collection (could be plate #26, 36, 56, 76, 86, 96, 106, 116 or 126)" 1259 20 Face RM Collection 1259 82 Face RM Collection 1259 21 Face lot 688 - CAA 1/97-RM collection 1259 62 Face RM Collection 1259 4 Face RM Collection 1259 34 Face lot 898 CAA 2/02-RM Collection 1259 33 Face Valentine Reference 1267 mirror 5 Face #5310 CAA 9/01 & Valentine reference 1269 4 Face Private Collection 1271 7 Face RM Collection 1294 partial 48 Back Private Collection 1301 mirror 6 Back Private Collection 1303 10 Face #702, NASCA 5/77 1303 partial 54 unknown Private collection 1316 partial 3 unknown Private collection 1331 partial 6 Back #5270 CAA 9/01-RM Collection 1332 32 Back RM Collection 1332 32 Back RM Collection 1334 32 Back RM Collection 1335 44 Back Private collection 1336 32 partial Back #819 CAA 2/02, #145 1/95 1336 partial 44 Back #16691 CAA 1/03 1337 partial 44 Back Private Collection 1358 mirror 21 Back RM Collection 1360 29 Back RM Collection 1360 68 face RM Collection 1362 mirror 21 Back lot 873 CAA 2002 RM Collection 1362 12 Back Private Collection 1362 w/inv surcharge 18 Back Valentine Reference 1363 32 Back RM Collection 1363 partial 20 Back #16744 CAA 1/03 1363 22 Back RM Collection 1363 partial 2 Back Could be pl# 12,22,32,52,72,92 RM Collection 1363 32 Back RM Collection 1364 29 Back Valentine Reference 1365 20 Back RM Collection (2) 1365 12 Back Valentine Reference 1365 29 partial Back RM Collection 1368 32 Back lot 884 CAA 2/2002 1369 29 Back Private Collection 1369 32 Back RM Collection 1371 mirror 21 Back Private Collection 1371 29 Back Several Exist 1371 42 Face Valentine Reference 1376 21 Face Private Collection 1232SP-WM-FACE 4x Partial Private collection (2nd digit is not definable) 1232SP-WM-FACE mirror 334 partial Private Collection 1232SP-WM-BACK mirror 335 Private Collection 1251 SP-WM-REV 11 Several Exist 1255SP-WM-REV 11 Several Exist 1283SP-WM-FACE mirror 339 Private Collection 1294SP-WM-FACE 13 (90 0 rotated) Private Collection CFT1295 mirror 51 back Counterfeit - private collection The following is a list of proof notes, as submitted and cataloged by Tom O'Mara, from the Smithsonian Institution's holdings: DENOM DESCRIPTION IMPRESSION NUMBER PROOF PLATE# 3( 3rd Issue Backs 145346C 6 3( 3rd Issue Backs 145347C 2 3( 3rd Issue Backs 145349C 9 3( 3rd Issue Backs 145362C 24 10( 3rd Issue Green Backs 145544C 107 10( 2nd Issue Face 71 25( 2nd Issue Face 238 25t 2nd Issue Back 219 25( 2nd Issue Back 222 25( 2nd Issue Back 234 25( 2nd Issue Back 226 1 240 1 240 1 240 1 240 6 245 8 247 10 247 11 247 11 247 11 247 11 247 PACKAGE SCHEDULE NUMBER NUMBER INVERT or MIRROR Invert Invert Mirror Invert lower left corner = wrong corner Invert in wrong corner note = plate #'s on this 2nd issue 25( 4x5 note sheets in bottom 4 corner convergence 9 only is backwards upside down--all #'s backwards Invert written Figures 9 and 9A 32 January/February 2003 • Whole No. 223 • PAPER MONEY holdings. Tom cataloged 11 different examples of mirrored and inverted plate number notes; this is an extremely valuable addition to the census. Additionally Tom has contributed a scan of an FR1301 with a mirrored plate #6 on the reverse. Because of the large top margin the full mirrored plate number was captured. A very interesting note (see Figures 7 and 7A). This article is respectfully submitted as a work in progress. Using Valentine as a starting point (since he wrote the only reference that distin- guished plate, inverted and mirrored plate numbers) I've laid out all the inverted plate number notes referenced in his book as well as discoveries from recent research. I'd like to thank the following people for their help: Peter Huntoon, Rob Kravitz, Martin Gengerke, Torn O'Mara, Bob Laub, Art Paradis, Fred Reed, Bob Schreiner, Milton Friedberg and Mike 1VIarchioni; their expertise and encouragement are greatly appreciated. I also want to thank the staff at Stack's and R.M. Smythe for allowing me access to their libraries of auction cata- logs to assist in my research. Also many thanks have to be given to Bob Schreiner and Fred Reed of the SPMC for their help in research. If I've missed any notes, please send me an email (riconio@yahoo.com ) or call me at (212) 534-1030, and these updates will be added to the census. Figures 8 and 8A References: Friedberg, Milton R. The Encyclopedia of United States Fractional & Postal Currency, 5th Edition (1997). Friedberg, Robert. Paper Money of the United States, 15th Edition (1998). Gengerke, Martin, "Fractional Currency Plate Information," Paper Money, Vol. 11 No. 2 Whole No. 42 (Second Quarter 1972). Milton R. Friedberg Collection, January 10, 1997, Currency Auctions of America catalog. Schultz, Walter F. Schultz's Checking List for Fractional Currency" (1935). Valentine, D. W. Fractional Currency of the United States. Volumes 1 & 2 (1924) + POSTAGE CURRENCY designs were based on the then current U.S. five- cent and ten-cent postage stamps. PAPER MONEY • January/February 2003 • Whole No. 223 33 Notes from the Vault: An Examination of the U.S. Postage and Fractional Currency holdings in the National Numismatic Collection by Tom O'Mara T HE NATIONAL NUMISMATIC COLLECTION (NNC), which is housed in the Museum of American History at the Smithsonian Institution in Washington, D.C., is a treasure chest of coins, currency and medals of the world. The holdings are exten- sive and many ordinary and extremely rare coins and notes are represented. There are regular issued circulated examples as well as many proof, experimen- tal, and unadopted varieties of coins, currency and medals. Over the years, much groundbreaking research has been achieved in a variety of numismatic disciplines using the NNC's treasure trove as its source. Whether researchers were examining coin die varieties or National Bank Note original plate proof impressions, great strides in numismatic insight and knowledge have been gained and documented. In 1999, at the International Paper Money Show in Memphis, I had the privilege of listening to James Hughes, Museum Specialist from the National Numismatic Collection, speak at the Society of Paper Money Collectors' Annual Meeting. Jim gave a presentation on the NNC's vast holdings of National Bank Note plate proof impressions. It was a very informative presen- tation as many never before seen designs were displayed. Additionally, the presentation triggered my recollection from research by Milton R. Friedberg and Martin T. Gengerke that there were many U.S. postage and fractional currency notes held at the Smithsonian Institution. The famous Herman K. Crofoot Collection of U.S. Postage and Fractional Currency, as well as fractional currency plate proof impressions which had long been held at the Bureau of Engraving and Printing (BEP) (alongside the National Bank Note proofs Jim was highlighting in his presentation) were held at the NNC. Later that day I spotted Jim Hughes examining the fractional currency exhibits on the bourse floor and we struck up a conversation. One thing led to another, and eventually he asked if I would be willing to visit the NNC and examine both the Crofoot Collection and the plate proof impressions first hand. I was ready to go even before he finished the invitation, however, I thought two sets of eyes would be necessary so I recruited long time fractional collector and researcher Doug Hales to join me. Unfortunately, we only had two days to spend going through the hold- ings, but with Jim's assistance in early preparation for our visit, we made a fair amount of headway. We viewed as many notes as we could in the short time we were there, and also made a list of notes we thought should be pho- tographed and shared with the fractional collector community whose resources and time limited their ability to view them directly. This article will highlight a number of the interesting pieces we examined in the holdings, most of them from the Crofoot Collection. We will share our findings on the plate proof impressions in another article. Very few researchers have seen this rare material before, and although some has been documented in Notice "& DESIGNATED" top left - this was changed to "AND DESIGNATED" in final design. •1— / Y1, 40 .0 ' I — /'(1,S7 I/1 /. 0'41'N kyjp,v/ a, 1 1 P:n "NIC. ) • ", f,1,;',/.• 34 January/February 2003 • Whole No. 223 • PAPER MONEY Milton R. Friedberg's Encyclopedia of U.S. Postage and Fractional Currency, noth- ing can make understanding more illustrative than the following photographs and descriptions. First, a word on the Herman K. Crofoot Collection. Since many of the extraordinary and unique pieces in the NNC are pedigreed to this collection, how did it come about? General Francis F. Spinner, who is known as the "Father of Fractional Currency," kept many proofs, experimental and issued notes with him when he returned to upstate New York after his years of service (1861-1875) as United States Treasurer. He shared his fractional currency knowledge and collection with his neighbor, Mr. Thomas Cunningham, who was born June 6, 1828, and died December 30, 1910. Upon Spinner's death, the collection passed to Mr. Cunningham and later to his neighbor and fellow fractional collector Mr. Herman K. Crofoot of Moravia, NY. In the early 1960s the Crofoot Collection was donated to the Smithsonian Institution and now resides in the NNC. This is the sequence of events that enabled many of the early, unique, and rare postage and fractional currency artist designs, essays, and experimental notes to have been preserved and saved for today's collector. AVe now share a number of them with you. ORIGINAL POSTAGE CURRENCY DESIGNS It is widely accepted and documented that the original idea for the design of U.S. Postage Currency came about when the Treasurer of the United States, General Francis E. Spinner made prototypes of four denominations (5-, 10-, 25- and 50-cents) by pasting various combinations of the 5 (Scott #76) and 10 (Scott #68) cents U.S. postage stamps then in use on U.S. Treasury letterhead. Various artist designs and essays were prepared prior to approval and sign off on the final designs that would become U.S. Postage Currency. The fol- lowing four notes are examples of artist designs, which are partially drawn or hand pasted notes. These notes combine both hand drawn and cutout printed design pieces pasted on cardboard. For example, on the 5-cent note (shown following), the center stamp vignette, the "5" on dies to either side, and the four corner scroll works, are pasted-on printings, while the borders and word- ing are hand drawn with a watercolor type ink. Highlights include the use of "Postage Stamps" across the top of the design and the absence of the "National Bank Note Co., N.Y." imprint along the bottom of the note. These four examples are early artist mock-ups and were close to the final design, but not exactly. The next step in the design process was to pre- You can see on this 10-cent artist design that the top left corner paste on scrollwork fell off over the years. Also, notice the "X" on the dies at either side of the center vignette, which was later changed and became a "10" in the final issued design. PAPER MONEY • January/February 2003 • Whole No. 223 Notice the heavily filled in fields at the top corners ... different from final design. The center "50" on die and part of the border scrollwork are pasted on print- ings. 35 q , --- . u ,. , ,.----, v'j l ''' 0 i'lli oX i,I' l :VI. , •• '‘'''IVIAN'i'l'I'''' _ -- A') , ,E, i'l /SIT:NAN 1%:,-- OP '114ii 1 ,, I '„S , /4. eve :e.:e aid; 14.11: PIAN1:1111; ;*) 0E10 14 T. ,.) dt/if ' iexPt7, Af' /e.y.r/hm, - Weselrewerekh ,/it ///1////,tr /11'. 1/111.:r f•Verti• /ev.E.v / • kv,(V. 4 /VW Ovvi) .11 1 01 11 VOSTAGE '---"MtsuRat *0044-4 R,1. . s oidesig,AW.te 1;!..17.41N POSItalle tir '10: • U 1111-63. AS0g, thamthiy/fip/// ///c -kre4x, 36 January/February 2003 • Whole No. 223 • PAPER MONEY pare plates and print some test notes, or essays. These four essays were designs printed as tests in note form, but not necessarily the final adopted design. In addition to the First Issue artist designs, essays, and plate proofs dis- played here (many seen by most for the first time), we uncovered many other interesting partial and unfinished proofs in various stages of development, from other fractional series. Notice the four essays above and following are almost as adopted except for the use of "Postage Stamps" across the top. These essays are printed from completed engraved plates. Note the word "Stamps" on all four denominations has been crossed out by hand in pencil with an "X", and some notations can be seen handwritten in the borders. On the 50-cent note, the first two letters "CU" of "CURRENCY" are visible in the border, indicating that someone senior in the BEP or Treasury Department was giving final review to this essay and determined, with the stroke of a pencil, that the government would be issuing "Postage Currency" NOT "Postage Stamps". Just think what we would be collecting were it not for that penciled notation. Additionally, still no "National Bank Note, Co. N.Y." imprint at this stage yet. (Alt to right) Josh Caswell, Jim Reardon, Butch Caswell and Ken Westover Littleton's experienced team of buyers. PAPER MONEY • January/February 2003 • Whole No. 223 37 David Sandman, President ANA Life Member #4463; PNG #510; Societe of Paper Money Collectors LM#163; Member, Prffessional Currency Dealers Association 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. 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 coinbuy@littletoncoin.com Dun & Bradstreet #01-892-9653 S r I'm interested in selling paper money to Littleton. Please contact me regarding my •collection or holdings. Name Address Littleton City/State/Zip Coin Company Dept. BYA3OZ Daytime Phone 1309 Mt. Eustis Road Littleton, N.H. 03561-3735 coinbuy@littletoncoin.com Best time to call L Fill out this coupon and Fax Toll Free to (877) 850-3540, or Mail to: POSTAC:C- CCU 14 14:N4' - it NISH F D ti.; vy By s lif-AStitr i,,, II ) - ' 0711i.e.S7G 1: 11721,711/491/1Areinf.:itRIASIV0,7171113f:C.S. I believe these were as close to the final essays prepared for the First Issue of U.S. Postage Currency and with only a few minor adjustments we would have a final design. The changes were: "STAMPS" to "CUR- RENCY" and adding "NATIONAL BANK NOTE, CO. N.Y." imprint. INTAILESTA:MATl-- ----...:Itjs SHLDONIN By in 4 SRL-- ssisTAN %Stiltrks (13).-twirld1:.1.749.1:17/71:,74 zoNPatur itimswarrno:Ex. i1f* 4 S' 11 GE &V 7/: (1)VE Finally, we have this 50-cent plate proof, which is an impression of the final adopted design. iftk: Ppc -.Yr? ✓ , A- l MGR\ -24.);":3946\"4 —As-411-"k4:1444Isisr,ANT-r01-t■-"-- 416° ij ONLY aT HE DESIGNMED 9)11 OSlT%ltxES OF TH ' ATIVIE,11111.6" FYilit - -■ -"--- - -PfAVE1GIE ;.1773iTtiV 6„. L ■ -Aillat..1 Walla . A S7r g VOST PIT 38 January/February 2003 • Whole No. 223 • PAPER MONEY PAPER MONEY • January/February 2003 • Whole No. 223 39 LEN & JEAN GLAZER Fractional Currency has been great fun for 30+ years There's always room for a few more folks Come on in An unfinished proof in stage of develop- ment! Progress proof. (NATIONAL BANAL N OTE. c roe' T.:w Ric) Finished plate proof. .14%/1 % //.s'hid t.///(4/ (///////: -)437..5,41%/(47%Prils7/ NATIONAL ISAINIL re cam. c riEw1MICIK 40 January/February 2003 • Whole No. 223 • PAPER MONEY Finally, here are some artist designs and progress proofs for designs that were NOT adopted as final designs for U.S. Fractional Currency. Alabama Large Size , le,ro ..1.1421311111S.- :1741-. 1 M* Olf SItt•I'lliTlItS ,14338 z%/x,z , ,0041-g-Ilt ///(2% (4 Nzi tit )1i2tIlla IkQV Top Prices Paid David Hollander 406 Viduta Place Huntsville, AL 35801-1059 111C; *1" """ ,..m.nr. ftroomiltivarr r C) P i ft'tj ".4teridio"t:t".44. " 1""iliol: 65...79 ri Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals Peter Huntoon P.O. Box 60850 Boulder City, NV 89006 702-294-4143 PAPER MONEY • January/February 2003 • Whole No. 223 41 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: Miagold@aol.com 42 January/February 2003 • Whole No. 223 • PAPER MONEY Progress proof. /)/7 .//47// 7/ //%77// /1/1/74/ V$.1/1/71/// 7%; ; 177/7 /..1 .;%/;,77.fr. 17./1//774777:27 //777.73.7.6071%ilka. VW/. is 1 e ‘,411.-- ,, TREASURER Finished plate proof. iONAL HAMS. NI own NEw VCIlf, In conclusion, I would like to acknowledge and thank Jim Hughes (Museum Specialist) and Douglas Mudd (Museum Photographer) both of the National Numismatic Collection, National Museum of American History, Smithsonian Institution, in Washington, DC for their time and assistance in availing the NNC's holdings to Doug Hales and myself for review. Without their assistance, these truly special, rare, one-of-a-kind fractional currency proofs and essays would not have been viewed by the many who thoroughly PAPER MONEY • January/February 2003 • Whole No. 223 43 enjoy the study of fractional currency. REFERENCES CITED AND SOURCES OF DATA: Friedberg, Milton R. The Encyclopedia of U.S. Postage and Fractional Currency, 6th Edition. New York: NASCA (2000). Herman K. Crofoot Collection of U.S. Postage and Fractional Currency. National Numismatic Collection, Smithsonian Institution, Washington, DC. •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• •• ••• c>, •.t.„ • 0,0 •• California Census so.k.s.c., No ‹.. •• 4, .,.e No • • Over 12,225 Notes and Counting! <, 0.i.- +4e, •• •A MUST for Ad)" • • • EVERY COLLECTOR, DEALER & AUCTION HOUSE! • • • • Why use information in a "Guide" that is 5+ years old? • • California is one of the HOTTEST Nationals Markets. • • •YOU need this information. Dealers and Auction Houses • • •use it to get better prices, shouldn't you?• • • Carson Valley Currency & Coins, Inc. • • • • PO Box 8140, Gardnerville, NV 89460 • • 775.265.5053 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • ■QPkwsori siettkiny or $71,9/Yllill fpr 111%/111,11".L to ',wk. orewgrinviorposstiwer (rtlempThig /e iwx.c am/ Unita/1m or I 4 a/tem/ion of lids tmh . rind evert/ mrseir havliv /, ,ystssi,e, W nr impoision nt,iile in inriht/iun i oli/ or. 'v papir ',hub' rots= 1 hilion itt/ I Ihix mole. MW.1. ■joati/ ,111/ fir/ .S711:1/4'1 : floe not ;:erert/tioi lho-Theo fool imio7:■7#/- tow/ noi,dmillov Milton # 3AD5R.1 44 January/February 2003 • Whole No. 223 • PAPER MONEY • UNITED STATES COINS AND CURRENCY • INDIAN PEACE MEDALS • COLONIAL CURRENCY • OBSOLETE CURRENCY • ENCASED POSTAGE STAMPS • FRACTIONAL CURRENCY • REVOLUTIONARY WAR • CIVIL WAR & GREAT AMERICANA •(‘Ce of _ ,, P Ago,. 2PS .4' /-t. •„ b , 't,..,. F--1.., -7a t. ehate.Qtkietef'3.. hrt,[77 ITS*11= ltatri u eJlmanri RARE COINS/ CURRENCY Since 1967 PAPER MONEY • January/February 2003 • Whole No. 223 45 EARLY AMERICAN NUMISMATICS P.O. Box 2442 • La Jolla, CA 92038 • (858) 459-4159 • Fax (858) 459-4373 Subscribe to Receive our Beautiful, Fully Illustrated Catalogs Only $72 for a Full Year's Subscription of Six Bimonthly Issues Visit Our Website: www.EarlyAmerican.com WANTED I Collect Florida Nationals, Obtsoletes, Script, Tokens \ In Stock for iminediate Delivery 'all Gold, Silver, and Platinum . Products all o r uuotes The South's oldest and largest co shop sink 1967 Top prices paid fur all National Bank Notes, ollectionsAcd Estates Large Inventory of National Bank i otes for salel See Our Webs i te at Williamyoungerman.com or el us at wymey@aol.corn WILLIAM YOUNGE N INC tYour Hometown Currency Hea ers 95 South Federal Highway, Su3 3, oca Raton. FL 33432 P.O. Box 177. Boca Raton. FL 29-0177 (mailing) (561) 368-7707 (in Forida) • (800) 327-5010 (outside Florida) (800) 826-9713 (Florida) • (561) 394-6084 (Fax) Members of FUN, CSNA. ANA and PNG 46 January/February 2003 • Whole No. 223 • PAPER MONEY 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: BillLitt@aol.com Member SPMC, PCDA, ANA .N..01,10 . 74=4 - • X :Ltsiff.g.f.V.:..7.,re 131.3 IX 10 .:.1.TEN) PAPER MONEY • January/February 2003 • Whole No. 223 47 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 seeking bar- gains, but I am willing to pay the going price. I will give an immedi- ate decision on all items sent, and instant payment for all items pur- chased. Beyond that, I am very interested in ephemera including original stock certificates for such banks, correspondence mentioning cur- rency, bank ledgers, and more. With co-author David M. Sundman and in cooperation with a special scrip note project by Kevin Lafond, I am anticipating the production of a book-length study of the subject, containing basic information about currency, many illustrations including people, buildings, and other items beyond the notes themselves, and much other informa- tion 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.com UNITED STATES TREASURY. NEW-YORK, Nov.13th, 18E32. This will entitle the holder to re- ceive i eh9rige fbr United States Notes Dollars in POSTAGE i RRENCY, each Tuesday and F until further notice. . JOHN J. CISCO, ;! (e"We.1",-4,11("2 Asst.Treas'r.If. S. F014410 94c 6 48 January/February 2003 • Whole No. 223 • PAPER MONEY Gleanings from My Fractional Currency Archive - 1 By Fred Reed U .S. POSTAGE CURRENCY WAS AN EMERGENCY issue arising from the necessity for the government to provide a small circulating medium of exchange after virtually all silver fractional coins were hoarded early in the Civil War. At the time these notes were authorized, there was no Bureau of Engraving and Printing. The federal government was contracting out for the printing of its currency, its stamps, its revenue stamps, bonds and other obligations. The amount of security printing that was necessary to support the war effort outstripped the capacity of the private printing firms with which the government was contracting. Thus the issue of these small value notes was greatly delayed, exacerbating the small change crisis across the north- ern states. As collectors, we know this lack gave rise to private, municipal, corporate and state fractional notes -- a polyglot medium of uncertain value. Even postage stamps circulated during these distressing times! When shipments of Postage Currency were finally made available in fall 1862, the quantities dribbled out far-out- stripped by demand. In order to expedite circulation of the notes, Assistant U.S. Treasurer John Cisco printed up Postage Currency permits entitling the holder to acquire notes (if they were available) up to $30 in value on either Monday and Thursday or Tuesday and Friday. The Tuesday-Friday permit was originally published in The Numimatist many years ago. The Monday-Thursday per- mit was acquired in the 1980s by my friend and fellow SPMC member Ernie Keusch, who permitted me to publish it for the first time in my encased postage stamp book. If any other per- mits survived, the Editor would like to hear about them. UNITED STATES TREASURY. NEW-YORK, Nov. 13th, 1802. This will entitle the holder to re- , ceive in exchange for United States Notes Dollars in POSTAGE CURRENCY, each Monday and Thursday until further notice. , ' JOHN J. CISCO, , /1 Ass t. Troas' U. S. Buying Carl Bombara Selling United States Currency P.O. Box 524 New York, N.Y. 10116-0524 Phone (212) 989-9108 liAl ■ M. : A41■:‘: .1 •:: 1 N I% I Nftt WO 71 rillralC: (.01A I- it.,..Lit.d.ct MI MAIMED 111111111S $500 1880 Legal Tender Serial Washington Brownback /5Ze G131491►1 1882 $1,000 Gold Certificate PAPER MONEY • January/February 2003 • Whole No. 223 49 Lyn Knight 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 1890 $1,000 "Grand Watermelon" Note 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 We strongly recommend 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 note(s), 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. Currency Auctions A Collectors Universe Company Nasdaq, CLOT P.O. Box 73111. Overland Park. KS 66267 • 800-243-5211 • 913-338-3779 • Fax: 913-338-4754 • E-mail: lynIknight@aol.com • wvivlynknight.com 50 January/February 2003 • Whole No. 223 • PAPER MONEY T FIRST TIME I SOLD MY FRACTIONAL CURRENCY COLLEC- tion was in 1976. I had been collecting since 1965, when my grandpa gave me my first note, a Crawford (Fr. 1381). Grandpa said it was Bob Hope's dad! I took it to three coins stores to find out it was William H. Crawford, who served as both Secretary of the Treasury and Secretary of War. From 1971-1984 I managed the Coin Place in St. Louis and from 1974-75, my dad's auto parts store. My dad let me "go!" My hair was long and I refused to get it cut. I was making a living playing professional foosball (table soccer). Yes, there was professional foosball competitio, and I was making $200 to $500 per week at it. The money was not always steady, so I made up my mind to sell frac- tional currency via mail order and at coin shows, too. There was already someone (Len & Jean Glazer) doing it, so I knew it would work. In May of 1976, I sent out my first price list containing 99 notes. Some of the notes were; Fr. 1268 in VF ($25); Fr. 1312 in VF ($30) and a Fr. 1253 in Gem New ($70). I was now in the business of selling fractional currency. That same year, I sold a Gem New Fr. 1331 to Don Kelly for $35, and a New Fr. 1331 to Carlson Chambliss for $30. At the first International Paper Money Show in Memphis in June 1977, I sold six fractional currency vignettes from the Rothert sale to Len Glazer for $200; an original pack of Fr. 1381 notes in New to Harry Forman for $650; a Fr. 1246 that I did not know had an inverted "S" to Mike Marchioni, as well as many other notes. I sold fractional via mail for the next two years, then returned to work in my dad's auto parts store. Since I then had a full time job, I started collecting frac- tional currency again. Prices went crazy in 1981 when investors and not collectors A Fractional Currency Dealer's Story By Robert J. Kravitz took over the market and peaked in 1986. My dad sold his auto parts store and I moved west to Sacramento, CA and got yet another job managing an auto parts store there. In 1991, I got a call from an old customer who tracked me down. He knew I had saved a lot of wide margin Grant/Sherman notes and made me a great offer for them. I needed the money, so I sold them. Once again, I started selling fractional at the expense of my collection! I started setting up at coin shows and joined the Fractional Currency Collectors Board. In 1993, I put out my second mail order list. There was not a lot of inter- est in fractional in the 1990s except when there was a big collection sold, includ- ing Alan May in 1992, Herman Halpern in 1993, Wayne Leichty in 1994, Martin Gengerke in 1995, and finally the Milt Friedberg sale in January 1997. With the sale of Milt's amazing collection, a lot of interest in fractional began. So, I decided to do my first full-page ad in Bank Note Reporter. I was able to sell most of the notes in the ad. In September 1997, things changed at work, so I quit. I had just moved into a new house, had two house payments and no job. Luckily, I was also selling large size currency. With the sales of two more major fractional collections, Dr. Wally Lees's (1999) and Mike Marchioni's (2000), interest in fractionals began to skyrocket. Now the problem was finding quality material to sell. I sent out my first real catalog in 2000. I listed 123 different notes, many rare and scarce. I was able to sell 75% of the notes in the catalog. More new collectors are coming to the conclusion that fractional currency is till a bargain when you compare the rarity to the price, especially if you compare them to large size. The Fr. 1296 is a great example. With only 12 known, in gem it has sold for $4,200. Had this rarity and condition been a large size note, it could easily have surpassed $100,000. The fractional currency market is very strong, the best ever. Many new collectors are getting the fractional bug. More and more dealers are stocking fractionals as well. Fractional is truly on the crest of a wave! PUBLIC AUCT AlkeIIERICANA ION skLE COLONIAL AND IFEDIFIlIAL 4414.COINS,MIEDALSAND CIRrolreNCY 5:assuring The Masa 01D4huaxall Pales& a. :if PUBLIC COIN AUCTION 60 1' A nniversary (Private „Aluscum Collection (hated Slates •Thre 'Paper _Alone) , OCTOBER 11,, 2001 123 WEST 57th STREET, NEW TOM N.Y. PUBLIC AUCTION SALE AMERICANA COLONIAL AND FEDERAL COINS, MEDALS AND CURRENCY fir.tam,g Selections from the Hain Family Collection Part II January 15, 16, 17, 2002 jijm :23 WEST 57th MEET. NEW YORE. NY. 10019-2280 123 West 57th Street New York, NY 10019 ® Telephone (212) 582-2580 FAX: (212) 245-5018 e-mail: info@stacks.com Visit our Web site at www.stacks.com PROFESS IS NEL NUMISMRTISTs cum) • I N G STACK'S NUMISMATISTS Auctions — Appraisals — Retail SINCE 1935 Larry Stack Harvey Stack Tom Panichella PAPER MONEY • January/February 2003 • Whole No. 223 51 America's OLDEST COIN Auction House Is Also America's OLDEST CURRENCY Auction House a When you think of selling, you must think of Consignments are now being accepted for our upcoming 2002/2003 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 Prices Realized Over $7.3 million, including $500,000 in currency. Above: normal; at right with pearls missing 52 January/February 2003 • Whole No. 223 • PAPER MONEY Fractional Currency Errors By Benny Bolin T IKE ALL PAPER MONEY SERIES, FRACTIONAL CURREN- cy has its share of errors. Either from the scrutiny fractional curren- cy received during its printing, or due to the small numbers still 4 extant, none of these errors are numerous. However, with very few exceptions, these are not widely collected and many command only very small premiums. This article is intended to introduce collectors to the field of errors which may be found on fractional currency. ENGRAVING ERRORS: There is only one true engraving error in the frac- tional currency series. This is on third issue, three-cent notes with the light background. Two plates of these notes (plates 32 & 35) were engraved missing the two small pearls below the diamond under the center of Washington's por- trait. INVERTED "S": An error thought by many to be an engraving error and having the appearance of it is the second issue twenty-five cent note with the bronze reverse "S" surcharge in the upper left corner upside down. The bronzing of this series of notes (and also third issue notes) was clone by sprin- kling bronze water glass powder over glue that had been applied by a plate PAPER MONEY • January/February 2003 • Whole No. 223 53 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 83 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 4104 1..1171' ••-"" • • 1116111kGE- C sjoisn poky ny ----Tiir tV7/DESICtiTEW DEM, InTos-7-+Trimucicmattr-r- 54 January/February 2003 • Whole No. 223 • PAPER MONEY which had rubber dies on it. Evidently, when the plate was assembled, the "S" was inserted upside down. Interestingly, this same plate seems to have been used to print both experimental notes and regular issue notes since this variety exists in both. There are less than 10 regular issue notes and 8 experimental notes known with this error. Correct (left) Invert (right) DOUBLE DENOMINATION: Double denominations in fractional curren- cy are very rare and less than 10 total double denomination notes for the series are known. All known double denominations are on second issue notes. Collectors are warned to be wary of some of these since many second issue notes were printed on fiber paper, which is easily separated. MISALIGNMENTS: Probably the most common error in fractional curren- cy is the misaligned note. These errors were made when a sheet already print- ed on one side was fed into the press off-register, causing one side or the other to be off center. This creates notes that have a piece of the adjacent note design on them. The key in this error is that one side will be centered fine, but the other side will be off alignment. Since the large majority of these notes are only minimally misaligned, the error generally detracts from the desirability and value of the note instead of enhancing it. i1 11^11^ ,f fr, a AIM/ %;:. . -.--- t I I ill • • vz4., SS 1%1 1.4”/I POLL. vi ,vp11/111:5 „ :; - • ;;;SII/1;/17.1'1'''I.V;1.: /1"'"/ PERFORATION ERRORS: Some first issue fractional currency (Postage Currency) was made with perforations between the notes like postage stamps to facilitate the separation on notes on sheets. Completely printed sheets were fed into perfing machines to achieve this. Sometimes, the perforations were incomplete (missing vertically or horizontally). These errors exist today, but are very rare. At other times, the sheets were off-register when they were fed into the per- forating machine making a note that had some of the perforations done at an angle as this note at left shows on its left side. PAPER MONEY • January/February 2003 • Whole No. 223 55 INK SMEARS: There are relatively few ink smears known in fractional cur- rency. Due to the printing method employed in printing these notes. Thus this is not a common error. The author knows of two full back ink smears in addition to the two smears shown above. PRESS BED SMEARS: Many fractional currency notes (like the one above) have press bed smears. These occurred when the sheet was pulled off the plate and dragged over residual ink. These smears are not considered errors and detract from the desirability and value of the notes. Collectibles INSURANCE For The Paper Money Collector ; Your homeowners insurance is rarely enough to cover your collectibles. We've provided economical, dependable collectibles insurance since 1966. • Sample collector rates: $3,000 for $12, $10,000 for $32, $25,000 for $82, S40,000 for $132, $60,000 for $198, SI per $1,000 above 560,000. • 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. WM= VISA" ft • 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: info@insurecollectibles.com More Info? Need A Rate Quote? Visit: www.collectinsure.com Or Call Toll Free:1-888-837-9537 • Fax: (410) 876-9233 ***FURNISHED ONLY Ali* ASSISTANT 4 RERa • Ti',... • owyl.tin ae.ianwar- 4, atoll 0 M 3?/""/ v, ,,,, ' ..,,,,, 1 '.W11 -17(Pfl Q YB :1,11.1 1;1111 1Sa, er/..?4,7N? ill.i.-11.0pie \-.\■ ,.s-___H'elZ.,4 , ?OIL r. j.;,,,,,,, , January/February 2003 • Whole No. 223 • PAPER MONEY INSUFFICIENT INKING: When fractional currency was printed, ink was applied to the plate and then the sheet was laid on top and printed. If the oper- ator wiped too hard and removed too much ink, an insufficient inking situation would occur with light or totally absent details in that area. Due to the prob- lems associated with wear on a note, this type of error is very difficult to certify in notes that are not in Uncirculated condition. INVERTS: Inverts are the kings of fractional currency errors, in desirability, number and price. Almost all of the different series of the first three issues of fractional currency have inverts of some type. The first issue notes with inverts merely had the back inverted in relation to the front. The second and third issues have inverted surcharges, inverted back engraving and totally inverted backs (actually inverted fronts). Tom O'Mara very nicely chronicled these dra- matic errors in Paper Money several years ago after displaying them at a Memphis show. With the exception of the first issue five-cent invert, all frac- tional currency inverts are considered rare and most have less than 5-10 exam- ples known. The inverted pair is rare as not many inverted multiples are known. The fifty-cent experimental is one of four known and the five-cent with the inverted reverse engraving is one of only two known. 56 Mgt- 111 77Jt.lti,eritl:KY4 ■;_".1 ties ig,41100 - TUE First issue with inverted reverse Second issue inverted back engraving PAPER MONEY • January/February 2003 • Whole No. 223 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: lhorwedel@insightbb.com website: horwedelscurrency.com Always Wanted Monmouth County, New Jersey Obsoletes — Nationals — Scrip Histories and Memorabilia Illenhurst — Allentown — Ashug Park — Atlantic Highlands — Belmar Bradley Beach — Eatontown — Englishtown — Freehold — Howell Keansburg — Keyport — Long Branch — Manasquan — Matawan Middletown — Ocean Grove — Red Bank — Sea Bright — Spring Lake N.B. Buckman P.O. Box 608, Ocean Grove, NJ 07756 800-533-6163 Fax: 732-282-2525 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: barndoor@bowersandmerena.com Fax: 603-569-5319 57 r 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 L Right: Second issue inverted back surcharge Right: Second issue inverted back surcharges pair of notes Below: Second issue inverted back surcharge ha) c\s‘.‘4::.'1■• orrea-6‘scr. 58 January/February 2003 • Whole No. 223 • PAPER MONEY OFFSET TRANSFERS: Offset transfers occurred primarily by stacking sheets of still wet notes on top of one another. The two second issue notes here have the image from the front on the back. The third issue ten-cent note has the offset of the front "10" surcharge on the back. 7-7 PIC s I r 4 I • S'• r F011 ;is" rrt • ',..,: stja, A very dramatic non-error is shown (left) of a first issue note with a second issue "25" denomination back surcharge on it. Obviously, this is not a BEP product, but resulted from the notes being stacked either wet or under pressure. The author also has a green back justice note that has a red back transfer. We stock a large inventory of high quality fractional notes Below is just a sampling. Please call with specific wants. 1228 5c Very Choice CU $299 1241 10c Very Choice CU $325 1279 25c Gem CU $550 1311 50c Choice CU $110 1245 10c Choice CU $95 1286 25c Choice CU $188 1322 50c Very Fine+ $55 1253 10c Gem CU $325 1295 25c Gem CU $288 1297 25c Gem CU $435 1328 50c Very Choice CU $315 1343 50c Gem CU $555 1269 15c Gem CU $250 1307 25c Very CH CU $110 98 Main Street #201 Tiburon, CA 94920 1-888-8KAGINS www.kagins.com Call Judy Buying Carl Bombara Selling United States Currency P.O. Box 524 New York, N.Y. 10116-0524 Phone 212 989-9108 AP.I .RIS • • You can be a leader too • • Advertise in PAPER MONEY • PAPER MONEY • January/February 2003 • Whole No. 223 59 Why? Why do the leading paper money dealers advertise in PAPER MONEY? Because they are the LEADING DEALERS & They intend to remain THE leaders! r 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 NEW YORK STATE SCRIP AND PRIVATE ISSUES 1,300 listings, 800 photos $38.95 (plus sales tax if applicable) Gordon L Harris 5818 S. Terry Rd. Syracuse, NY 13219 DO YOU COLLECT FISCAL PAPER? The American Society of Check Collectors publishes a quarterly journal for members. Visit our website at http://members.aol.com/asccinfo or write to Coleman Leifer, POB 577, Garrett Park, MD 20896. Dues are $10 per year for US residents, $12 for Canadian and Mexican residents, and $18 for those in foreign locations. fax: 336-699-2359 e-mail: MurphAssoc@aol.com www.murphyenterprises.com 60 January/February 2003 • Whole No. 223 • PAPER MONEY Left to right: misaligned "10"; Missing "18"; Extra bronze blob. BRONZING ERRORS: Notes of the second issue and some third issue notes had bronze surcharges and other designs applied as anti-counterfeiting mea- sures. This bronzing was actually silica water glass that was sprinkled over glue that had been applied to the sheet. Many errors resulted from this technique, including misaligned or missing designs. Collectors need to be wary of second issue fifty-cent notes without the bronze corner "18-63" surcharge as no gen- uine examples are known to exist. CUTTING ERRORS: Cutting errors of the first and second issue and the third issue three-cent notes are highly suspect for manufacture outside the BEP since large multiples and even full sheets of these notes are readily available. One type of cutting error that is a BEP product is a "butterfly fold." This occurs when the sheet is folded during cutting and a "bow-tie" or "butterfly" shape exists after. Again, these could be suspect on the aforementioned issues, but on other notes, especially the fourth and fifth issue notes, they are probably genuine. 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: Marblebert@aol.com / /.3. /13:1• /la irolzp.117,11? PAPER MONEY • January/February 2003 • Whole No. 223 61 GUTTER/INTERIOR FOLDS: Gutter or interior folds have a blank, unprinted white streak that interrupts the normal design of the note. These happen when the sheet has a wrinkle in it at the time of printing. After print- ing, when the wrinkle is straightened out, the white streak is visible. These errors range from very small to large. One example of a first issue note with five gutter folds is reported. The author's favorite is the Spinner note nick- named "Excedrin headache 25/25." FOLDOVER ERRORS: There are two fold over errors in fractional currency known to the author. These errors happen when the paper is folded over and one side is printed on the folded over area. When the paper is unfolded, the design is on the wrong side and a blank area on the other side remains. SEAL ERRORS: Fractional currency was the first U.S. paper money to have the Treasury Department seal imprinted on it. Two types of seal errors are known; the misaligned seal and the missing seal. Misaligned seals happen like all other misalignment errors due to off-register placement of the sheet before the seals were printed. Left: normal seal placement; Right: misaligned seal (too low). Abe A er°1104,13, ,ILINIT71 ay :WW1. =IV • /%0?,, • //,,/,/,/ by///,:"6:qa,mt Sihr...A itath: cat/re • • lEttgOttrotOig*:::sir-- •7cr, "±".:=3 —IND mnit crzt=cr L.- • I TMTEEDAT. .._.. -='.... ... ..—"-r2, 1 Tin f:=1-1 coL:=3. V:17.::: La CL:. c ci=mtl. ;!;',.:74:NS10 .:15 A 1110T. :Vatted etett:s Troops Called LIU) Oftedee to • Czell tab r.:xetteenent. TTIE COLLECTOR 1:11-4.13IIILSR5 svookso. t ts.a% Tro. Cor-r/led is Stag Distnhtin ud AFpals to CAT ty costteil is Etsce NO MORE CURRENCY TO HE DIOTRIe∎ UTED TO-DAY. TM Assivert Dear limed be Gove;roseoe SPECIAL itizgrnio or orrrT rmoramorii TO mule ENLAIR.OIRD Diller/ORION SY TEM . T.11118TESS etty teattstes opiate& emit Ms Las zaftig as tam A. yes- :* and mete is lata• a de re re Eiom, Iola to .t.7, the being 0; the * Int% 711., ar', 3 i 1. 3 e t 7 I CC e • 62 January/February 2003 • Whole No. 223 • PAPER MONEY Fewer than five known notes are known with genuine missing seals. However, many have had the seals removed by chemicals, scraping or erasing as have these two shown above. The ten-cent note is interesting in that Schultz and Valentine listed it in the early fractional reference books as a genuine no seal note. It was not until the Joers collection (of which this note was a part) was purchased by Milt Friedberg that it came to light that it was an altered note. As with anything, whatever is made can be made wrongly. Fractional cur- rency errors are disdained by some and loved by others. No matter how they are viewed, they are truly a fascinating subset of fractional currency. The author is indebted to Dr. Fred Bart whose book, A Comprehensive Catalog of United States Paper Money Errors was the primary reference for this article, and for sharing his vast knowledge and selling many of the notes pictured to the author. v Gleanings from My Fractional Currency Archive - 2 By Fred Reed THE INABILITY OF THE FEDERAL GOVERNMENT to meet the public's need for the promised Postage Currency was widespread especially in the hinterland. Initially when quanti- ties of notes became available, the large Eastern cities of New York, Philadelphia and Boston were the favored destinations for quantities of the government's small change notes. These delays in fall 1862 gave rise to emergency tokens and store cards, especially in Cincinnati. Such "hard money" copper and brass pieces were of more seeming value than the "worthless paper trash" which circulated everywhere, but proved inadequate to fill the needs of the time for the higher values. Dribbles of government small change bills were dispatched to post offices and subtreasuries for disbursement, but long lines of overcharged customers and inadequate supplies created a riot situa- tion in Cincinnati, as reported in the Cincinnati Daily Enquirer November 5th, 1862: The Small Change Panic in Cincinnati 5,000 Citizens Demand Postal Currency at the Custom-House Yesterday Apprehensions of a Riot .. . I published a two-part story on this fractional currency riot in Coin World Nov. 2 & Nov. 9, 1988. It was reprinted in the FCCB Newsletter in 1988 and 1993. The story also caught the eye of the Bicentennial Committee of the U.S. Postal Service in Washington, D.C. When they published the official history of the Cincinnati post office 1994, they requested permission to reprint the article in the book. Permission was granted. No fee was paid, but they did send me a copy of the very fine and large book. PAPER MONEY • January/February 2003 • Whole No. 223 63 A Misnomer Postage Currency Mystery Finally Solved By David Cassel © S INCE I PUBLISHED MY BOOK, UNITED STATES PATTERN Postage Currency Coins in 2000 surveying the U.S. pattern 10-cent coins of 1863 and related issues dated 1868-69 which were produced for the planned redemption of the fractional currency which had commenced during the Civil War, I have been up-dating my manuscript with additional data. For this special issue of Paper Money, I decided to write an original article on one of the most puzzling aspects of my research, the Koulz's Alloy ten-cent pattern coins of 1869, Judd 716/Pollock 795, an alloy of silver, nickel, and cop- per. From a technical standpoint, I'll stand pat with my Chapter 9, which deals with the Postage Currency related pattern dimes of 1869. My continuing research in this area has studied not only the coins, but also more so, the man...or, better, the misnomer. But first, let me lay the groundwork by restat- ing a portion of Chapter 9, which deals with the Koulz's Alloy pattern coins. The following passage will setup my up-date: "A supposed German chemist, Koulz was the inspiration for both the first reverse design, `SIL.9' over 'NIG. l' above a line which is over the date '1869' and second reverse design elements, `SIL.' over WIC.' over 'COP.' above a line which is over the slightly curved date `1869: An effort to garner some addi- tional information on Koulz, proved fruitless. Regretfully, this cataloguer with the help of numisma- tists in Germany and the United States, using the facilities of libraries, encyclope- dias, and the Internet could come up with not a single reference to Koulz, not even his first name, except that in the 600 page German lexicon, Koulz may not be a German name." 64 January/February 2003 • Whole No. 223 • PAPER MONEY "'What little we know originated in a booklet entitled Suggestions to Congress of the Finances of the United States submitted to the Chamber of Commerce of New York, by H. E. Moring, in 1869. This is where the earliest pattern book reference to Koulz is found in the Adams and Woodin United States Pattern, Trial, and Experimental Pieces, published in 1913 and reprinted in 1959. Dr. Judd, Andrew Pollock and now this cataloger essentially restate what, according to Andrew Pollock III, in United States Patterns and Related Issues was offered: `In 1869 the Mint experimented with an alloy consisting of 41% copper, 33% nickel, and 26% silver. The alloy was invented by the German chemist, Koulz, and promoted by a New York chemist [and Metallurgist, Stefan] Krackowizerl. Dr. Judd in his pattern book quotes the commentary of W. E. DuBois who describes the alloy as follows: 'Mr. Eckfeldt made a small bar, and gave it three meltings. It rolled down with great difficulty, splitting and crack- ing in spite of all the precaution and annealing. Mr. Barber made a reverse to try it under the press (using the dime head for the obverse,) and a faint impres- sion was produced in the steam press. The metal is totally unfit for coinage, and the color is bad.' Director Pollock considered the `Koulz's alloy' coinage at some length in his Annual Report of the fiscal year ending June 30, 1869. `Under the coining press it was barely possible to produce a feeble impression, on account of the intense hardness, and danger both of breaking the dies and flawing the planchet. In short, nothing could be more unfit for coinage.'" "With the obverse designed in 1836 by Christian Gobrecht and re- designed in 1859 by James B. Longacre, dimes were created with the dateless Seated Liberty obverse die created during the transition period of 1859-1860. Note the broken "S" serif of the first "S" in "STATES." William Barber designed the reverse in 1869. Another interesting mule was created. Once again, a coin having a common die element with the Postage Currency coins was created. 1869 would be the year that the dateless obverse element of the Seated Liberty Postage Currency ten-cent coins would see its final appearance with two different reverse designs, each, rather plain." Now, the fun begins. As previously noted, no supporting evidence of Koulz (the man) was ever found despite the exhaustive effort of many previous writers, and the additional efforts of my numismatic friends and myself. However, there is no denying that the rare pattern coins attributed as Koulz do exist. Reluctantly, we concluded the name Koulz may have been a simple typo- graphical error that originated in 1869 with the publication of Suggestions to Congress of the Finances of the United States submitted to the Chamber of Commerce of New York, by H. E. Moring. We did find a plethora of informa- tion on a Montchal Ruolz. Montchal Ruolz was born in Paris in 1809 and died in Neuilly-sur-Seine in 1887. Note the similarity in the spelling of Koulz and Ruolz. Note also how easy a letter "R" might resemble a letter "K". A drop of water, for example, on the top of the "R" could blur the letter into looking like a "K". Note also how simple it would be to transpose "uo" with "ou", especially if a writer in English were translating the work of a Frenchman. Consider how easy it might have been for the author Moring or his stenographer to have heard the name Ruolz and mistaken it for Koulz. Of the highest consideration is how H.E. Moring may have interpreted the name if it had been seen in old German script. Old German script was in common use in 19th Century Germany and not so com- mon in 19th century America. The life span of an individual 1809-1887 certain- ly is consistent with the design and striking of a coin in 1869. Consider also, that author H.E. Moring in 1869, referred to Koulz as a German chemist. As you will see, Ruolz was a French chemist. A French biography stated Ruolz was a scholar and savant who presented at the Opera-Comique in 1830 with F. Halevyl. In 1835 through 1839 Ruolz PAPER MONEY • January/February 2003 • Whole No. 223 65 composed operas, cantatas, and melodies. Apparently, he was not all that suc- cessful as a composer as his brief career, prompted by a reversal of fortune, led him to study in the field of chemistry. It is in the field of chemistry that Ruolz became famous. Ruolz discovered in 1841, the process for gilding and silver plating metals by the action of "pile voltaique." He gave his name, "Procedure Ruolz" to these processes by which he could with great ease apply silver or gold to an object by first dissolving silver or gold into cyanide of potassium. In 1855 while serving in the French Artillery, he discovered how to make steel and how to transform phosphorous metals. French inventor, Henri-Catherine, Count of Ruolz, Montchal, composer and chemist, obtained as many as 17 patents in addition to his basic one of 1841 and one of these additions, the 12th, relates to the nickel-plating of copper, brass, bronze and iron, using a nickel-chloride solution. Montchal Ruolz had studied electrolytic gilding and, on finding that process satisfactory, he general- ized it by applying it to the electro-deposition of other metals, such as silver, platinum,... 1 Before long an unbelievably large number of trade names (some of which were the registered trademarks of the makers) had been coined for this alloy; these are set out in the table below. Actually it was not until the present century that these copper-nickel-zinc alloys came to be know as nickel-silver, but that designation has been included in this list for the sake of completeness. "A (partial) list of trade names for Nickel Silver follows: " ,Nickel orei- de, ......, `Ruolz's alloy, ....., White metal, .... 2 A French Patent: 10,472, 1841- for what is referred to as "Ruolz's alloy" was granted in 1841. 3 What is known as "Neusilber" (German Silver) is referred to by many des- ignations including "Ruolz's Alloy. 4 Ruolz is defined in a glossary as "A gilded or silvered metal named after the inventor of the process who was a French chemist." The Frenchman Ruolz perfected the Galvanic Process in 1839. 6 An abandoned process by the end XVII and early XVIII century for metal plating consisted in the placement of gold or money leaf on a support that was a plate of copper. Then this metal plate disappears and is replaced by the gal- vanoplastie. It is a process that consists in depositing the metal on a support and employs the use of electrolysis. The process was discovered in 1840 by Ruolz." 7 In still another source, the history of plating deals with Ruolz, "In 1842 Ruolz succeeded in depositing metallic alloys from solutions of mixed salts." 8 "Instructions on electrotype copies of Daguerreotype pictures and Magneto electric and Galvanic gilding and silvering was according to the processes of Elkington [sic], Roulz [sic], and Fitzeau." 9 According to Patent Materials: "In 1843, Bunsen, a German invented a new electric battery, and two years afterward (1845), Elkampton [sic] and Ruolz dis- covered electro-metallurgy. " Most compelling is a German website "Schmucklerikon" (jewelry dictio- nary): "Argent Ruolz / Argent Francais 37% kuper, 25% nickel, 33% silber," (Dictionary definition of argent - Archaic silver; figuratively, whiteness, silvery; white; shining.) 11 Apparently, no recognition from "Schmucklerikon" was given the name Koulz when defining "Ruolz's Alloy," which is not too dissimilar to the 41% copper, 33% nickel, and 26% silver, as suggested in H. E. Moring's publication. Recall also that coin # 44 (Judd 716 / Pollock 795) in United States Pattern Postage Currency Coins tested by electron microscopic analysis contained: 27.4% copper, 42.1 % nickel, and 30.4% silver. Other "Koulz's Alloy coins have vary- ing proportions of copper, nickel and silver. The actual coin design specified only "SIL., NIC., COP." No attempt to quantify the relative amounts of the metals was offered on the pattern coins. . L order of the NY. !A. j . WA DS WO:ITT!. Secretary. ('Times copy and eb. 17.0 ,antrar.1 POSTAGE CUB.,RENCY. I: CD ."L7 . PIT.,71;30118 HLIT.t.T.11Y 750- i. TTITIL'D not to ineleee meney to Ite throngh the Peat•or.:ce nor in any ether war. for Postage Currency. My pre-tent enpoly i3 about ult. havezed. The labor of opening theee lettere and re- Vorninr, them f ry great. I bare not the Currency to nr.,,,nly the one-hundredth part of the demand. It r.Nocu T. CAI/SON, Deponitary, WOULD AGAIN CALL Tar etteatfen of our renders to the ten,. Shee 66 January/February 2003 • Whole No. 223 • PAPER MONEY Another possibility regarding Suggestions to Congress of the Finances of the United States submitted to the Chamber of Commerce of New York, by H. E. Moring, in 1869, New York chemist Krackowizer may have either descended from a person who lived in Krackow, Poland, or may be someone pulling our leg, perhaps a "Wizekracker." We have an overwhelming amount of information published on a scientist, inventor, chemist, with a specialization in metallurgy by the name of Montchal Ruolz. And, if one discounts the first mention of Koulz's Alloy, Suggestions to Congress of the Finances of the United States 1869 and subsequent mention of Koulz's Alloy, which undoubtedly stem from the first mention, we must con- clude that the name Koulz was substituted for the name Ruolz. Later mention of "Koulz's Alloy" can be found in United States Pattern Trial, and Experimental Pieces (1913 and 1940) by Adams and Woodin, United States Pattern, Experimental and Trial Pieces (1959, 1965, 1970, 1974, 1977, and 1982) by J. Hewitt Judd, M.D., Scott's Comprehensive Catalogue and Encyclopedia of U. S. Coins (1971) by Don Taxay, and United States Patterns and Related Issues (1994) by Andrew W. Pollock III, and possibly others. We have no other information on Koulz, not even a first name. Ruolz rules for me. Thanks to my research staff Andreas BOhm, Wolfgang B6hm, Gunther Gonder, Alan Meghrig and Claire Shull. Footnotes: Nickel an Historical Review by F. B. Howard-White (1963), page 107. 2 Ibid, page 273 3 Ibid, page 285; Ruolz, Montchal, H.-C. de. Comptes Rend. (1841) pages 13, 998-1021. 4 250 Jahre Nickel, Nickel als Mlinzmetal (250 Years Nickel, Nickel as Coin Metal) by Eberhard Auer, Siegfried Muller, and Rainer Slotta, page 42. 5 "Treasures-in-Time" a glossary of jewelry terms is available on the Internet. 6 "A Technical Dictionary of Printmaking," Andre Begun, found on the Internet, www.polymetaal.nl 7 (No title) found on the Internet, www.antiquaires-contact.com 8 (No title) found on the Internet, www.nbplating.condearly 9 "The Daguerreian Society" found on the Internet at www.daguerre.org 10 "Patent Office Reform," Scientific American, vol 62 new series (Jan 1890 — Jun 1890), Feb 8, 1890, page 83. 11 "Schmucklerikon" (jewelry dictionary) found on the Internet, www.beyars.com Gleanings from My Fractional Currency Archive - 3 By Fred Reed D ESPONDING TO THE POSTAGE CURRENCY RIOT 1\.in Cincinnati, an exasperated U.S. paymaster, Depository Enoch T. Carson, complained bitterly that he had not one per- cent of the demand for the small notes at hand. Two days after the riot he placed this small notice in the Cincinnati Daily Enquirer: POSTAGE CURRENCY NOTICE "Persons are hereby notified not to inclose money to me through the Post-office nor in any other way, for Postage Currency. My present supply is about exhausted. The labor of opening these let- ters and returning them is very great. I have not the Currency to supply the one-hundredth part of the demand." Carson's plight and that of the citizens of the Queen City did not get much better soon.after, 'although soldiers dispatched for the purpose suppressed any further violence. PAPER MONEY • January/February 2003 • Whole No. 223 67 Congratulations to Fred Reed, the SPMC, and the FCCB for compiling this Special Issue devoted to Fractional Currency!! Tom O'Mara Collector - United States Fractional & Postage Currency Want to discuss Fractionals....Open to discussion TFXILOM@aol.corn 68 January/February 2003 • Whole No. 223 • PAPER MONEY The First U.S. Government Currency Engraving Error By Jerry Fochtman Full view of 2nd Issue 250 Fractional Currency note showing the S-18-63 corner surcharges. p RIOR TO 1863, ALL PRINTING OF U.S. CURRENCY WAS done by outside contractors. Spencer M. Clark, who was a Civil Service Engineer and been appointed to the position of Chief Clerk on the National Currency Bureau (the predecessor of the Bureau of Engraving & Printing), felt that the price paid to the security printing companies to produce U.S. currency was excessive. So Clark developed a plan for the National Currency Bureau to produce U.S. currency at a lower cost than the government was paying outside firms. Secretary of the Treasury, Salmon P. Chase accepted the proposal and authorized Clark to produce the new "Fractional Currency" that had recently been authorized by Congress. This would become the second issue of what is known as "Postage & Fractional Currency". The Second Issue of Fractional Currency was produced from October 1863 to February 1867. During that time many developments occurred which had a profound impact on our modern day currency. Furthermore, counterfeit- ing was widespread and Clark felt he could reduce this by incorporating tech- niques into the currency making it more difficult to copy. As such, many "firsts" occurred during this time, including things such as the development of special paper used exclusively for U.S. Government obligations; incorporating an iden- tifying fiber in currency paper; and the use of intaglio engraved plates for the printing of currency along with the use of bronze surcharges to prevent photo- copying. However, there were other "firsts" that occurred which were not intentional. This includes the first National Currency Bureau printing errors that reached general circula- tion. Printing errors occurred when a sheet of notes was fed into the press incorrectly or printed with the wrong engraved image on one side. Although rare, there are several examples of notes where the sheet was printed incorrectly resulting in the reverse engraving or surcharge values being inverted. There are PAPER MONEY • January/February 2003 • Whole No. 223 69 also rare examples where the surcharge value on the reverse does not match the engraved value on the face of the note. There is even one known note where the face value, reverse engraved value and the reverse surcharge value are all different (i.e., a triple denomination note!!!). Although these various printing errors have been observed in most all denominations of the Second Issue Fractional notes, only one specific note has the honor of containing the first "engraving error" by the National Currency Bureau to reach general circulation. That dis- tinction belongs to the Second Issue, 25c note with the S-18-63 sur- charge on the reverse (FR-1286). The letter "S" on a surcharge plate was engraved incorrectly, resulting in an Inverted "S": Having been fortunate to acquire a 25c Regular Issue Inverted "S" for my collection, I was interested in learning just how many exam- ples still existed and possibly who owned these notes. In talking with various collectors and dealers, the estimated number of regular issue Inverted "S" notes ranged from a low of 7 upwards to 18 notes. Furthermore, there have been a large number of auctions in the last several years that have included Inverted "S" notes. It became obvious that some of the same notes were being placed up for sale in different auctions. Furthermore, many prior auction cat- alogs mentioned the existence of other copies. Given this high rate of turnover and the catalog references to 1, 2 or up to 4 other examples of this note at different points in time it became difficult to determine just how many examples existed. In order to develop an accurate census of this variety, it would be necessary to trace each note through all its transfers of ownership and develop a pedigree of the note based upon its initial identification as an Inverted "S" variety. Only then would I be able to determine that a specific note was not counted more than once in the census. After many months of research into auction catalogs, locating and talking with current and former collectors, along with close compar- isons of pictures and scanned images of notes, I've succeeded in locat- ing and identifying 14 individual notes with an Inverted "S" surcharge. Of these, 9 were discovered in the last 20 years with 5 in the last 4 years alone. The foremost reference on postage and fractional currency is Milton Friedberg's book entitled "The Encyclopedia of United States Postage & Fractional Currency". This variety is cataloged as Milt 2R25.3g. Milton Friedberg also established a Rarity Guide for postage & fractional currency, which ranges from R1 (fairly common with > 1,250 examples) to R8 (2-3 examples), to RU (unique). Applying this guide to my research, the current rarity level for this variety is R6, with 13 to 30 known examples. As more collectors become aware of this engraving error and examine their holdings other examples may surface. The value of the variety may grow as well simply because of growing interest by error note collec- tors wishing to have an example of the first U.S. Government engraving error in their collection. At a recent sale an EF example of this variety was sold for $300, with a copy tied for finest known bringing just over $3,000 at auction. Clearly a sleeper when compared to the sale of other notes with engraving errors. In addition to the regular issue notes released for circulation, the National Currency Bureau conducted experiments with various inks and papers along with the development of various counterfeiting measures. In doing so, the same engraved plates were used in producing these experimental notes, many of which still exist today as cancelled notes. As such, this same engraving error has been Top: Regular Issue with correctly positioned "S" Surcharge. Note posi- tion of the lower loop of the "S". Middle: A clear Inverted "5". Note position of the lower loop of the //SI/ . Bottom: A Blurred Inverted "S". tered for compo it i011. The special corresp. Mott rd tht New York rib, P3 says tt )Isar.. Steinways' ethbosernent by the Jurors is ent- phatt e, rant ,dreed. r and Tunic in the faint than that of any Etetapott nether." MAGIC POCKET BOOKS, with elastic band. for the new Pont's, Currency. made and .old wholerale and retail by it, NOW & HA P1:041D. Pathfinder <Ace. 2,i Court Street, rat ton, Mass. Agents want“1. Ftample sent, IsKt.Its r, r1r,cellq. TO CONS1JIVIPTIVES.—You will get the Recipe has been specially designed. It is merely a box, A, made of tin, having partitions corresponding in number to the different denominations of the bills, these boxes have a wire, a, extending through them on which tin cylinders, B, are suspended. The money 70 January/February 2003 • Whole No. 223 • PAPER MONEY Above: Full view of 2nd Issue 25C Experimental Fractional note show- ing an Inverted "S" in the S-18-63 surcharge. Top: Close-up View of the Inverted "S" found on experimental notes: The number of experimental notes with the S-18-63 surcharge is considerably smaller than regular issue notes produced for general circula- tion, with a rarity estimate of R4 (70-200 examples). Of these, only 5 experimental notes (Milt 2E25F.60 have been identified with the Inverted "S" in the reverse surcharge. And although there are far fewer experimen- tal note examples of the Inverted "S" (rarity R7: 4-12 examples) and despite the fact that these examples are in better condition than their regular issue counterparts, the last one sold at public auction went for slightly over $850. At this year's SPMC show in Memphis, one of the exhibits included 11 of the 14 known regular issue Inverted "S" notes along with all 5 of the known experimental varieties. This allowed visitors to actually see literally the entire census of notes containing the first engraving error by what was later to become the Bureau of Engraving and Printing. I continue to collect information on this variety of notes, including cataloging the pedigrees of the known examples. If you have a note, either regular issue or the more rare experimental variety, suspect you might have one, have indeed previously owned one of these notes or perhaps know any history of this note please feel free to contact me so I might include the information in my census of this unique variety. I can be contacted at jfochtman@bradmark.com or evenings at 281/361-8948. A special thanks to Mike Marchioni, Tom O'Mara, Paul Burkhard, Martin Gengerke, Milton Friedberg, Rocky Rockholt, Doug Hales, Bob Laub, Dr. Wally Lee, Rob Kravitz, Howard Cohen, Benny Bolin, Tom Werner, Mrs. Doris Croxon (Newport Balboa Savings and Loan) and the Boy's Town History Museum for their assistance in researching this unique part of our currency his- wry. Gleanings from My Fractional Currency Archive - 4 By Fred Reed L'xr~-tri ttrtiMMIS `,..**" 1-411(....ii• cA16-4=1 1 IA -9* ..xe›gz.,,,A "ktif..., _._: _.:_ii.....4.,. ,01 1. 11.... 3 A .:,tJ (I SNOW'S 'POSTAGE CURREN CY HOLDER SNOW'S PATENT CURRENCY-HOLDER. Improved Currency-holder. The substitution of the postal currency for the sticky stamps, as a means of giving fractional parts of a dollar in business transactions, is a desirable improvement. Riches take wings, it is said, and the proverb is literally true in handling the present " change ;" it is inconvenient, not tosay mortifying, to see it scattered in the air like snow-flakes when one is engaged in distributing it. To prevent any such disaster and expedite settlements of the kind in question, the currency-holder, herewith illustrated, O VER TIME, THE federal government supplied enough of its Fractional Currency (the successor currency to its Postage Currency of fall 1862) to meet the demands of commerce. The appearance of these small change expedi- ents, however, occasioned a flurry of inventive genius to make the best of a bad situa- tion. Following on the heels of a line of postage stamp envelopes (which were cata- loged by my friend Milt Friedberg), the Boston firm of Snow and Hapgood, 22 Court Street, marketed a "magic pocket book" for the small change notes in late 1862. The following spring it sold a patent currency holder for these notes, and also marketed a stamp can- celling device for revenue stamps. v PAPER MONEY • January/February 2003 • Whole No. 223 71 You're Invited to the... 9th ANNUAL CHICAGO PAPER MONEY EXPO Sponsored by BANK NOTE REPORTER Thursday, Friday, Saturday, February 20-23, Holiday Inn — O'Hare - 5440 North River Sunday 2003 Road, Rosemont, Illinois The Chicago Paper Money Expo is sponsored by Krause Publications, the World's Largest Publisher of Hobby Related Publications, including Bank Note Reporter & the Standard Catalog of United States Paper Money. For more info about this show and others, visit our Web site at www.collect.com mil hitbrUsern tkank unqted -,. ° a ----1 .:: - , , C 0 3 012S .." 7.."'''', - ', .r "t riov II ThrOht - POund ' si,, .1'4. CO:ii 2R1 * 100 Dealer Bourse Area * Auction by Lyn E Knight * Society Meetings * Educational Programs * Complimentary Airport Shuttle Free Set orihree Collectable Stock Certificates to all Paid Registrants 07,72$77,-Fj.,=,:-_ .''Y,,,, v E A. , ° L./ , 17., ; 10 0 ', L ,—t : y) i I . , er • f , ap •Eraalor.mr.kt3A.Cts•LZEDJES1,335PE,.sou -s, 1 •gq•Smr.': - ' a.- •, -:=. - ,Z.*, .,=,,,,,,,,A:: N295,385. 0 renekjatESligKa t ••._.RIMMEMBIMBIL , , ii, , mom. x. , 11 S 1 D I' TAM _ - ,iiiiiiii. :•- ■ VA:2:- ' '.. A' ' • 4- - .' - ' ,'' TIMCC boalitts u,,:-.-.1J;r,,,,:.,,,s9,1".7:gcs4 ,13.4 ,.L.cc.....32, L44insi .u imlz- 4 ;1 . .1 .31.kipli, _ -■11-,-,12! ' wmpa-L..... _ 7 +7.1 ::,....4 -V... t L . 03147..- - 40 , 'S - --1, a , '''' - ' . ' ' '' .' '.17L Show Hours Thursday, February 20 2 pm - 6 pm Saturday, February 22 10 am - 6 pm (Professional Preview - $50) Sunday, February 23 10 am - I pm Friday, February 21 10 am - 6 pm (3 day pass Friday-Sunday $3.00) Hotel Reservations Please call the Holiday Inn O'Hare directly at (M7) 671-6350 and ask for the special Chicago Paper Money Expo rate of $99 S/D. Iknerse Julio mallow Kevin Foley P.O. Box 573 Milwaukee, WI 53201 (414) 421-3484 • FAX (414) 423-0343 E-mail: kfoley2(iijwisr.com January/February 2003 • Whole No. 223 • PAPER MONEY72 The PRESIDENT' Column By FRANK CLARK IHOPE ALL OUR MEMBERS AND THEIR LOVED lones had a wonderful time over the holidays and the New Year. This issue of Paper Money greets 2003 with a special issue on U.S. Fractional Currency. This is a very fascinating area of paper money collecting. Whether you collect Fractional Currency or not, you probably have at least a few pieces of it in your collection as a whole. I have a basic denomination type set in my collection and this helped me bridge the gap between being a coin collector and switching to the great hobby of paper money collecting. Also, a couple of my better books in my syngraphic library deal with this subject. Often I have found myself perusing these books because this is a paper money speciality I can cer- tainly learn more about. I am looking forward to reading the Fractional Currency articles so that I can learn more. I want to thank our authors and the Fractional Currency Collectors Board for writing and supporting our special issue on this sub- ject. SPMC can always use volunteers to serve in several capac- ities. Right now we are looking for an Advertising Manager to work with our Editor. At Memphis, we always need judges to judge exhibits and also volunteers to man the SPMC table to sign up new members, answer questions, etc. There are also several committees that could use general members besides governor serving on them. We would be delighted to see a lot more participation from the membership. We could use volunteers at local shows to give a program on a field of paper money and handout Paper Money magazines and applications. If your local club puts on a show, just ask the show chairman if you can schedule a program; he/she will probably let you. Any member can take applications to his/her local club which could result in signing up a new member or two. Despite all our efforts there are many, many more paper money collectors than members in SPMC. A lot of times, the prospective member has just never heard of SPMC or does not know how to join. More members mean a stronger orga- nization and the more and better benefits we can provide. If you need applications, just write me or have the prospective member write me for an application. Additionally, an application can always be obtained by logging on to our website - www.spmc.org . I have felt strongly towards SPMC for many years and I hope you do to. So, if you know a fellow paper money collector, please ask that person to join. I have said it before and I will say it again, "Membership is the lifeblood of any organization." Keep your dues current, sign up a new member, patronize our advertisers, and use our library and our other benefits. The more you put into SPMC, the more you will get out of it! Frank PAPER MONEY will accept classified advertising on a basis of 15c per word (minimum charge of S3.75). 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. BANK HISTORIES WANTED. Collector seeking published histo- ries of banks which issued Obsoletes and/or Nationals. Also seeking county/state/regional banking histories. Bob Cochran, PO Box 1085, Florissant, MO 63031 e-mail: spmclin69@cs.com (228) LINCOLN NATIONAL BANK. Collector desires notes, photos, postcards, checks, memorabilia, metal coin banks, banking histories, publications, or what have you? from Lincoln National Banks or Lincoln State Banks or insurance companies, or other corporations named for Abraham Lincoln for use in forthcoming book. Please contact Fred Reed at P.O. Box 118162, Carrollton, TX 75051-8162 or frecd3@airmail.net for immediate purchase (228) NEVADA NATIONAL BANK NOTES WANTED. Any bank, denomination, we buy it all! Better California's also wanted and pay- ing "stupid" money for the note. Arri Jacob, P.O. Box 1649, Minden, NV 89423-1649 (228) 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 (228) WANTED. Anything related to Ohio banks or banking prior to the end of the Civil War including bank notes, scrip, documents, checks, drafts, stock certificates, correspondence and the like. Collector prices paid for material that I need. Please write first, including a photocopy of the items being offered and your desired price. You may also use e-mail and JPEG scans if that's easier. Wendell Wolka, PO Box 1211, Greenwood, Indiana 46142 (228) WANTED. Fractional Currency Errors / Manuscript Notes; encased postage currency cases; South Carolina railroad paper items. Benny Bolin sincbb@sbcglobal.net (228) WANTED KANSAS. Obsoletes -- Checks -- Drafts. S. Whitfield, 879 Stillwater CT, Weston, FL 33327 (228) SOUTH BEND, INDIANA. Obsolete paper money from South Bend or St. Joseph County wanted. Bob Schreiner, POB 2331 Chapel Hill, NC 27515-2331; email: rcschreiner@mindspring.com (228) WANTED. Civil War scrip of EDWARD D. EACHO, Richmond, Virginia. Please contact Ken Latimer, 1385 Belmont Rd., Athens, GA 30605, e-mail latimer@vet.uga.edu (225) CONWAY MASS WANTED. Large and small Nationals from the Conway National Bank, Conway Massachusetts. Contact Stephen at (508) 785-0725 or alexisd@gis.net (224) WANTED NATIONAL BANK NOTE. Raymondville, Texas Charter #12789 $5. Ralph Osborn, 380 Concord St., Vidor, TX 77662-6002 (223) CANDOR NY WANTED. Looking for FNB of Candor NY #353 note from the first sheet ($5 T2 serial number 1-6). Al Kaminsky, 7461 Brighouse Court, Alexandria VA 22315-3835 (223) 20th CENTURY U.S., articles relating to modern small size U.S. cur- rency are especially needed for publication in Paper Money. If you col- lect this material, try your hand at authoring an article too! (PM) EXPAND YOUR COLLECTION. Classified ad rates are low, low, low in Paper Money's "Money Mart." Send your ads now. PAPER MONEY • January/February 2003 • Whole No. 223 73 Coming to a mailbox near you SPMC's First Ever U.S. Obsolete Notes Special Issue One of the most widely collected areas for SPMC members is U.S. obsolete currency and the historic heritage of the Society's Wismer Project is a great testament to these diverse uncurrent notes WANTED: Your outstanding research & insightful commentary for this issue We know -- when history repeats itself -- this Special Issue will fill overflow with interesting material. If YOU want your byline to keep good company in this issue -- run to your mailbox and pitch me an idea or a manuscript now Announcing Paper Money's Upcoming Publishing Program May/June 2nd U.S. National Banknote Issue September/October 3rd International Currency Issue January/February 1st U.S. Obsolete Currency Issue SPMC's special 80-page issues of its award-winning journal Paper Money have become the "hot ticket" in the hobby Reserve your advertising space now Full Page rate $300 Half Page rate $175 Quarter Page rate $100 Contact Editor NOW Deadlines are March 15th (Nationals) & July 15th (International Ads) respectively L 74 NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 117060 Carrollton, TX 7501 1 SPMC NEW MEMBERS - 10/7/2002 10516 Vanessa Dykstra, 19985 High Meadow Dr, Monument, CO 80132 (C, Colorado Notes) Frank Clark 10517 Roy T. Epperson, 4938 Spyglass Dr Apt 7, Panama City Beach, FL 32408-6922 (C, Large Confederate, Obsoletes) Frank Clark 10518 Thomas A. Holland, 11 Town Hall Square, Falmouth, MA 025-10 (C & D, All, Foreign, Large, Small, Nationals, Confederate) Bob Cochran 10519 Lloyd McCracken Jr., 1316 Greene 737 Rd, Paragould, AR 72450 (C, Arkansas Notes & Obsoletes) Frank Clark 10520 Philip Stewart, 24355 Seagreen Dr, Diamond Bar, CA 91765 (C, Confederate & Large) Website 10521 Alan Faden, 2090 Street Rd, Bensalem, PA 19020-3702 (C & D, All, US & Foreign) Bob Cochran 10522 Bob McCloy (C) Fred Reed 10523 Joseph A. Bianco (C) Frank Clark 10524 Raymond L. Billing (C) Website 10525 Paul Tick, 10303 Lennox Dr, Corning, NY 14830, (C, Fractional, Merchant Scrip) Website 10526 James C. Wheeler, 5019 Bluebird Branch Ct, Midland, TX 79705, (C, Large & Nationals) Lyn Knight 10527 Dane C. Isaacs (C & D) Website 10528 Bob Baker, PO Box 431624, Houston, TX 77243 (C & D, Nationals, MPC, Large, Small, World, All) Bob Cochran 10529 Nick Economopoulos (C & D) Bob Cochran 10530 Ron Herzfeld, (C) Tom Denly 10531 J. R. Carl (C) Tom Denly Letter from the Editor Dear Readers: I am sometimes amazed by the generosity and resourceful- ness of our Society's membership. For several years now we have run our "Research Exchange" which is a free listing in which members can ask research questions or solicit research needs from the other members of the Society. At first it was well used, but lately has become thin. A while back I reported in these pages the tremendous amount of assistance I had received from a "Research Exchange" listing requesting infor- mation on fiscal items bearing portraits of Abraham Lincoln for a book I'm working on. Our readers came through in a big way for me then, and their help was of great value to my research. Last issue, you may recall, I wrote an extended, illustrated article requesting information on identifying individuals depict- ed on theatrical prop money for another book which is in progress: Show Me the Money! The Standard Catalog of Motion Picture, TV, Stage & Advertising Prop Money. Granted the amount of space devoted to the inquiry was much larger than a listing in "Research Exchange," but I'm sure you'll agree with me that the response on the part of dozens of our readers was overwhelming. To the date of this writing, I've already heard from Doug Ball, Lee Poleske, Carmen Valentino, Arthur Aron, William Herzog, Peter Robin, Brian Gibbons, Ken Latimer, January/February 2003 • Whole No. 223 • PAPER MONEY 10532 B. A. Plante (C & D), Frank Viskup 10533 Brooks M. Burr (C) Tim Kyzivat 10534 Loren A. Polston (C) Tom Denly 10535 John Hlatky (C) Frank Clark 10536 Jonathan Bulkley (C) Tom Denly 10537 Chip Nimsgern (C) Website 10538 Donald Kampschroeder, 1608 Madison Ave, Washington, MO 63090 (C) Frank Clark 10539 Daniel Bertholf (C) Website 10540 Tom Carson, Box 71, Stilwell, OK 74960 (C, OKlahoma Nationals), Frank Clark 10541 Jeff Muller (C) Website 10542 Ethan A. Columbia (C), Larry Jenkins 10543 Gene Kelso (C) Phil Pollard REINSTATEMENT 7406 Paul Edward Saylor III, 105 Pembroke Ct, Exton, PA 19341-2906 (C, Small Size), Website 9675 Alan John Lasecki Sr., 415 W. Old Main St Apt 14, Yellville, AR 72687-7957 (C, Silver Certificates, Small Size), Frank Clark SPMC NEW MEMBERS - 11/14/2002 10545 Thomas E. Sparling (C) Website 10546 Robert P. Zampieri, 4032 Waterbury Place, Charlotte, NC 28210-7328 (C, VT & FL Obsoletes, Nationals, Canada, Fractional, MPC), Frank Clark 10547 Joseph W. Holt (C) Tom Denly 10548 Rino G. Canzanella, PO Box 514, Perrineville, NJ 08535- 0514 (C, US & Canada - All Types), Website 10549 Debra Bell, PO Box 293973, Phelan, CA 92339 (C, US Small, CSA, Obsoletes, Fractionals), Website 10550 Celeste Kenny, PO Box 1732, Falls Church, VA 22041 (C, MD & VA Obsoletes, CSA, Fractionals, World War II), Website 10551 Joseph B. Doyle (C) Frank Clark LIFE MEMBERSHIP LM338 Jamie J. Yakes converted from 10254 Also, Gene Hessler, David Gladfelter, Michael Downey, Rick Ferris, Tim Cooney, Terry Bryan, John Gavel, Paul Homer, Karl Kabelac, David Bergeron, Morris Lawing, Noel Williams, Steve Jennings, Bruce Spence, John Conway, Crutch Williams, W. R. Weiss Jr., Robert Neale, and Art Goldstein. All had fine suggestions. Most identified a variety of the por- traits. A number of the individuals even sent illustrations as documentation. Here I must especially thank Dr. Kenneth Latimer for the prodigious amount of effort Ken went through to document a great number of the portraits for me. However, the point here is more than to "thank" all these individuals (who will also be acknowledged in the book of course). It is also to point out a real membership benefit many of you are not availing yourself of. Our members are tremen- dously knowledgeable and most willing to help a fellow collec- tor. If you have research questions/needs in your areas of inter- est why not use the free "Research Exchange," and give our readers a chance to point you in the right direction. You also should feel free to write a more formal article like I did last issue, of course. Both my "Research Exchange" and my "Who Am I?" article brought me information I probably never could have stumbled onto by my lonesome self. The process cost me nothing but my annual membership dues and a little bit of time. You've already paid your dues. These pages are your direct link to the paper money collecting community. Please avail yourself of these wonderful opportunities. I know I'm glad that I did. Regards, Fred Checks, Checks, Checks! Add to your check collection Acquire collateral material for your National collection Revenue Stamps 86 Imprints Thousands of Checks r*-14141110, -441silt') „ Exonumia and Bank History Books Now Selling on Ebay! Ebay Seller ID: opme@teleport.com We still service want lists OREGON PAPER MONEY EXCHANGE 6802 SW 33RD Pl. Portland, OR 97219 503-245-3659 Fax 503-244-2977 Email: opme©teleport.com WORLD PAPER MONEY specialized in Poland, Russia & E.Europe ATS notes Free Price List www.atsnotes.com ats@atsnotes.com Torn S I uszkiewicz P.O.Box 545 2 1, Middlegate Postal BURNABY, B.C., CANADA, V5E 4J6 tf PAPER MONEY • January/February 2003 • Whole No. 223 75 Official Notice: Nominations Open for SPMC Board THE FOLLOWING SPMC GOVERNORS' TERMS EXPIRE IN 2003: Mark Anderson Ron Horstman Benny Bolin Judith Murphy If you have suggestions for candidates, or if the governors named above wish to run for another term, please notify Nominations Chairman Jimmie Ranes, P.O. Box 118333, Carrollton, TX 75011-8333. In addition, candidates may be placed on the ballot in the following manner: (1) A written nominating petition, signed by 10 current members, is submitted; and (2) An acceptance letter from the person being nominated is sub- mitted with the petition. Nominating petitions (and accompanying letters) must be received by the Nominations Chairman by March 20, 2003. Biographies of the nominees and ballots (if necessary) for the election will be included in the May/June 2003 issue of Paper Money. The ballots will be counted at Memphis and announced at the SPMC general meeting held during the International Paper Money Show. Any nominee, but especially first-time nominees, should send a portrait and brief biography to the Editor for publication in Paper Money. r ......... ..... I Coming: Everything You Wanted to Know About Grading, But Didn't Know Who to Ask I I with Doug Ball (Colonials), Martin Gengerke (U.S. notes), Mary Mericle (MPC) & surprise guests I I Chicago Paper Money Exposition Feb. 21-23 2003 (check show schedule for details) I Co-sponsored by SPMC/IBNS Everyone Welcome I ....... MI =II NMI MINI MI ....----NMINMI =I MIN NM 'MI MI MI 11111M MI STOCKS & BONDS MONTHLY MAIL BID SALES RR's, Mining, Banking, etc. etc. Something For Everyone FREE LISTING I RICHARD T. HOOBER, JR. I Phone or Fax (941) 426-2620 P.O. Box 7917. North Port, FL 34287 r I I I 76 January/February 2003 • Whole No. 223 • PAPER MONEY Deadline for George W. Wait Prize Nears AS ANNOUNCED IN THE NOVEMBER/ December 2002 issue of Paper Money, the deadline for applications for the 3rd annual George W. Wait Memorial Prize is March 15th, 2003. The Wait prize(s) is/are awarded annually to sup- port the research and publication of book length paper money works. The prize fund is $500 per year which may be awarded to a single worthy project or divided among multiple projects at the discretion of the awards committee. The prize commemorates the achievements and legacy of SPMC founding father and author George W. Wait and was instituted upon his death. Two individuals have thus far been awarded the Wait Memorial Prize. Both received the maximum award. 1st annual Wait winner was Robert S. Neale for his work on the antebellum Bank of Cape Fear,NC. Last year the award went to Forrest Daniel for his man- uscript on small size Treasury Notes used to finance the War of 1812. Complete rules appeared on page 364 of the Nov/Dec issue. A copy of the rules may be obtained from the Editor for a self-addressed stamped envelope, or via e-mail by contacting him at fred@spmc.org Gleanings from My Fractional Currency Archive - 5 By Fred Reed SNOW AND FIAPGOOD WAS NOT THE ONLY company to cater to the marketplace for small change para- phernalia. Various companies introduced custom wallets for these notes too. The one shown below was discovered by Byron White in 1981. "U.S. Currency" is embossed in gold on the outside closing flap of the leather pouch. A similar wal- let was discovered at about the same time by Bob Kincaid, one of the major contributors to my encased stamp book. I under- stand Bob gave the item to longtime SPMC member and frac- tional currency collector John j. Ford shortly after finding ft.+ ALEX PERAKIS COINS & CURRENCY WE HAVE TO BUY and are willing to pay substantially over green sheet bid for certain issues WE BUY IT ALL from VG to Superb Gem Specializing in: • United States Large & Small Type Notes •Large and Small Nationals • Obsoletes •Fractional Notes [a large selection) All Want Lists are cheerfully accepted and conscientiously pursued for the beginning, as well as the advanced collector. Krause Publications Customer Service Award Recipient 115 consecutive years) ALEX PERAKIS Member ANA, PIMA, SPMC, FCCB, CCCC P.O. Box 246 • Lima, PA 19037 Fax: [610) 891-1466 Phones: [610) 565-1110 • [610) 627-1212 E-mail: alperakis@AOL.com In Arizona [520) 544-7778 • Fax: [5201 544-7779 Archivalware Sovereign Currency Storage - Just one of the categories in the Catalog. 40 full color pages of Archival Collectibles ,archivaitmare tools for senors collsittOr Storage and Exhibition products. Send for your free copy & receive sam- ples of our 4 mil Mylar Currency Envelopes. Request your free Catalog Tel: 1.800.628.1912 Fax: 1.800.532.9281 E-mail: infoguniversityproducts.com ---- .kiti:14 :;, .. 07:4-41•4;.1 PAPER MONEY • January/February 2003 • Whole No. 223 77 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 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: BartIncCor@aol.com 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 Polis 4501 Connecticut Avenue NW Suite 306 Washington, DC 20008 (202) 363-6650 Fax: (202) 363-4712 E-mail: Jpolis7935@aol.com Member: SPMC, FCCB, ANA SOVEREIGNTM MYLAR SLEEVES ENVELOPES January/February 2003 • Whole No. 223 • PAPER MONEY78 Research Exchange,. a service for SPMC members • 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, 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 john©glynn8974.freeserve.co.uk or John Glynn, 41 St. Agnells Lane, Hemel Hempstead, Herts HP2 7ax, England • 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 johnnybanknote@webtv.net or C. John Ferreri, PO Box 33, Storrs, CT 06268 SPMC Librarian's Notes By Bob Schreiner, Librarian The SPMC Library — a service for members — is open for business. The library consists mainly of a collection of books on paper money and related topics. We also have a complete collec- tion of Paper Money. The Library is intended to serve your interests in paper money by providing materials that you may not wish to own. SPMC will underwrite the costs of the materials, but we ask that members pay the costs of shipping. Members may borrow books for the cost of media rate mail and insurance for both directions. Items may be kept for six weeks. Requests should be sent to the Librarian at the address below. Include your USPS mailing address and SPMC member number. Requests may be made in writing or by e-mail. You may request a list of library holdings by topic for the cost of a self-addressed, stamped envelope. Be sure to indicate the topics you are interested in. Those with Internet access may soon find the entire catalog online at the SPMC website at www.spmc.org . We also provide an article copy service, limited to articles from Paper Money. The cost for this service is 25 cents per page, with a minimum of three dollars, postage to U.S. addresses included. A few copies of the Paper Money Index, complete from 1962 through 1999, are still available for $12 for the paper copy, or $13 for the paper copy and a searchable floppy disk, again postpaid to U.S. addresses. The Index was compiled by member and author George B. Tremmel. Your suggestions are always welcome, and in fact needed if we are to maintain a quality specialized collection. Do you have books to donate to the Library? Donations of relevant material are always welcome. You will receive a tax receipt. Please write before you ship material. Future columns will provide updates on new purchases and brief reviews of selected items. I always welcome your inquiries and comments. Please address them to Bob Schreiner, SPMC Librarian, POB 2331, Chapel Hill, NC 27515-2331, email: spmclibrarian@earthlink.net . • Fred L. Reed 111 fred@spmc.org Classified Ads Produce Results Paper Money's classifed ad section "Money Mart" is one of the venerable institutions of this Society. Founding Fathers recognized that collector-oriented want ads work. Why else would veteran col- lectors like Society Presidents Bob Cochran, Frank Clark and others advertise their wants year-in and year-out in "Money Mart." For a relatively few cents your wantlist goes out to ALL collectors and dealers who make up this wonderful organization. Ofttimes, truly unique items turn up in the responses -- items you as a collector would probably never have found so easily beating the bourse trail to show after show. Check out Page 72. "It's absolutely the truth when I tell people I acquired three of my BEST notes EVER through a 'Money Mart' ad," past President Cochran emphasized. "An SPMC member contacted me, and I eventually wound up with three WONDERFUL notes and a long- time friend as a bonus," he added. Understand, Paper Money IS NOT in competition with shop owners, show promoters, and our wonderful dealer members who peddle their wares on Main Streets across this country -- but we do offer an interesting supplement to "normal channels" via auction, commercial ads, the internet and the like. Personally, I completed my collection of back issues of Paper Money through "Money Mart." I also have picked up interesting and inexpensive items that way. So have my friends Bob and Frank, and -- I'll bet -- hundreds of other members who have advertised in "Money Mart" in years past. So place YOUR ad in "Money Mart." Rates are low. Responses are exciting. Until you advertise, you'll never know what you're missing. Mea Culpa; Mea Culpa Just about the time I think I'm really hot stuff, I screw up roy- ally -- keeps me humble which is a good thing. The foulup, howev- er, is not -- so if you noticed that the column headers last month on the annual index were out of whack -- it's the Editor's fault, not the Compiler's. They should read: Yr. Vol. No, Pg. So if I caused any of you readers any inconvenience, I'm sorry. While I'm airing dirty linen, it seems a gremlin appeared in the pre- vious issue too, and the correction notice in last issue disappeared altogether during the editing process. Meticulous researcher and writer, our own Gene Hessler, contributed an article for the International Special issue in which two gentlemen's names were rendered incorrectly: Page 319, lines 6 & 9. should read Max Svabinsky; and Page 321, line 2 should read Frantisek Sedlacek. The error is the Editor's not the Author's. We really do endeavor to get things right. In fact, the trademark of my corporation (enthusiast- media.com ltd) is "We Write Right"Tm But, all of this goes to prove, I really do need some help here at the PAPER MONEY executive offices. The crew -- me and my goldfish -- have run out of available hands and/or brain power evidently. So if you can fill the bill for the Ad Manager's position that we've advertised in these pages for the past six months with no volunteers, step up and help us get things right! Ad appears on Page 15. Me and the fish will save you a choice parking spot right near Paper Money's front door. 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 • ••■riP- mitiou M MBER 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 • January/February 2003 • Whole No. 223 79 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: Steve@Pomexport.com AD INDEX AMERICAN SOCIETY CHECK COLLECTORS 59 BART, FREDERICK J 77 BENICE, RON 15 BOMBARA, CARL IBC BOWERS & MERENA GALLERIES IBC BOWERS, Q. DAVID 47 BOWERS, Q. DAVID 57 BUCKMAN, N.B. 57 CARSON VALLEY CURRENCY & COINS 43 COHEN. BERTRAM 60 COLLECTIBLES INSURANCE AGENCY 55 CPMX 80 CURRENCY AUCTIONS OF AMERICA 80 DENLY'S OF BOSTON 6-7 DENLY'S OF BOSTON 15 EARLY AMERICAN NUMISMATICS 45 FCCB MEMBERS 11 FRACTIONAL CURRENCY COLLECTORS BOARD 17 GLAZER. LEN & JEAN 59 HARRIS, GORDON 59 HOLLANDER, DAVID 41 HOOBER, RICHARD T. 75 HORWEDEL, LOWELL C. 57 HUNTOON, PETER 41 JONES, HARRY 79 KAGIN, A.M. 53 KAGIN'S 59 KNIGHT, LYN 49 KRAUSE PUBLICATIONS OBC KYZIVAT, TIM 77 LITT, WILLIAM 46 LITTLETON COIN CO. 37 MURPHY, CLAUD & JUDITH 59 O'MARA, TOM 75 OREGON PAPER MONEY EXCHANGE 75 PARRISH, CHARLES C. 79 PERAKIS, ALEX 76 POLIS, JAMES 23 POLIS, JAMES 77 POMEX, STEVE 79 ROB'S COINS & CURRENCY 21 ROB'S COINS & CURRENCY 57 RUBENSTEIN, J&F 41 SHULL, HUGH 2 SLUSZKIEWICZ, TOM 75 SMYTHE, R.M. IFC STACK'S. 51 WELCH, ROBERT F., AGENT 15 UNIVERSITY PRODUCTS 77 YOUNGERMAN, WILLIAM, INC. 45 When the title to sell comes,. you want the highest price. Period. 2003 CAA-HERITAGE Schedule: FUN - January CSNS - May Cincinnati - September ALLEN MINCHO LEN GLAZER KEVIN FOLEY 1-800-872-6467 Ext. 327 1 -800-872-6467 Ext. 390 1-800-872-6467 Ext. 256 Allen@HeritageCurrency.com Len@HeritageCurrency.com KFoley@HeritageCurrency.com America's #1 Numismatic Auctioneer ERITA. Numismatic Auctions, Inc. ,Z4 N G C 1 64•, tem CURRENCY AUCTIONS OF AMERICA 80 January/February 2003 • Whole No. 223 • PAPER MONEY We invite your participation in future Currency Auctions of America - Heritage Auctions. Currency Auctions of America, America's most respected currency rauctioneer, is 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 have greatly increased with more frequent CAA-HERITAGE auctions at conventions around the country, and twice-monthly sales on the Internet at www.CurrrencyAuction.com . CAA founders Len Glazer, Allen Mincho, and Kevin Foley, three of the top currency experts in the world, will continue handling all consignments, grading, and cataloging. CAA-HERITAGE has been able to offer more material, hold more auctions, and have greater access to potential bidders through Heritage's huge customer base, worldwide marketing expertise, financial strength, and advanced technology. This gives CAA-HERITAGE the unmatched ability to attract potential con- signors 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 100,000 names and web site membership of nearly 60,000+ numismatists • online interactive bidding and paper money search engine capabilities at www.CurrencyAuction.com and www.HeritageCoin.com . • full color, enlargeable images of every single-note lot posted on the Internet • 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 ea 7 I am interested in consigning my currency to one of your upcoming auctions, please contact me. ❑1 would like a copy of your next Auction Catalog. Enclosed is a check or money order for $30, (or an invoice for $1,000 from another currency company: Fax or Mail a copy to CAA). 1 would like a one-year subscription to all your Auction Catalogs. Enclosed is $70 for the year. ❑ I would like a FREE copy of your video "Your Guide to Selling Coins and Currency at Auction." ❑ Fill in your e-mail address below for free, comprehensive e-listings, news, and special offers. Email Name Address City. slate. Zip Daylime Phone Evening Phone FOR FASTER SERVICE, Call 1-800-872-6467 CURRENCY AUCTIONS OF AMERICA- HERITAGE Heritage Plaza, 100 Highland Park Village, 2nd Floor Dallas, Texas 75205-2788 214-528-3500 • FAX: 214-443-8425 -I L Heritage Plaza, 100 Highland Park Village, 2nd Floor • Dallas, Texas 75205-2788 • 1-800-US COINS (872-6467) • 214-528-3500 • FAX: 214-443-8425 www.HeritageCoin.com • e-mail: Bids@HeritageCoin.com • www.CurrencyAuction.com • e-mail: Notes@CurrencyAuction.com SNAG 09/02 sTATESo,t4tft---,„-,,t 0,&•,ar 1 -- .1;, 1 01 I ID (:). / (Asw Iii ,:grittgo ,1104ittor ;15,. 101 ' MONTGOMERY, 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. Choice VF 1861 Montgomery Issue $100, realized $25,300 Unique Territory of Dakota, National Bank Note, Serial #1, realized $55,200 Its 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.lleehawken, New Jersey $5 National &Hi: Ceria/4-/realized S 5,525 ItolovWvitc.swe . 0.1 -44IMISSELS. .,a.umauxuArwtm4rAir.re atall012 a`sa° 3°4, • 44/ 2,1";67 112 'w-` 128co ,iVaum.aarucuuesautats,u, 7101,4676670111$ %A....4...6.,;!tinrwiliszs 3/' G W.13 A.D.W. 17B11199 ■ AtALitt•Nimi.tittimtite,' IKE 4...1 Ira .111111 Impressive $100 lirasury or Coin Note, realized S138,000 Buy Online, Bid Online, Books Online! www.bowersandmerena.com 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 www.bowersandmerena.com • e-mail: auction@bowersandmerena.com PM0901A [112 REALIZE TOP MARKET PRICE FOR YOUR PAPER MONEY! Let Our Success be Your Success! Consign with Bowers and Merena Galleries Thday! Si Pleas, registe Use, It 00,1 ThAhcl yo to info Sae! this I 10 Go to www.collect.com • Register & go to "View Online Issues" in My Corner • Fill in required subscriber information •You're ready to go! Bank Note Reporter • Numismatic News • World Coin News • Coins Krause Publications delivers your subscription online! 11`41roo z,„„, Hon. , Now you can access online the vital coin and paper money information you want. Read every issue right from your computer. You'll find: • 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. Now available free to all subscribers Here's how to accessgati: informa— Take advantage of this special! Call Toll Free 800-258-0929 S at - 8pm at 8am - 2pm CT Offer ABA7CB Or subscribe online at www.collect.com Bank Note Reporter - 12 issues, $35.00 Numismatic News - 52 issues (includes 12 issues of Coin Market) World Coin News - 12 issues, $25.98 Coins Magazine - 12 issues, $25.98 This year, we celebrate 50 years of service to the coin and paper money market worldwide.