Paper Money - Vol. XLII, No. 2 - Whole No. 224 - March - April 2003

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VOL. XLII, No. 2 WHOLE No. 224 MARCH/APRIL 2003 p p 117 PAr)flEY A. A Official Journal of the Society of Paper Money Collectors WWW.SPMC.ORG TtairjaaallUir t, 7/47//i7 voasslitugolii , :63filt‘ rri • 1S-a ■SISCASIN.11•11L. SU MIC01.111:1•11111,110 PSIISIIPS,W=C CP CP 11 tganik05521140FatMeniek 319. -., ..3- -. 'R.A. v7caryat2 *ME Wherea.s, it is believed that JOHN A. LAWRENCE, of Troy, N. Y., is heir at law to a large Estate in England, called V Thieiwaley Estate." And whereas, and Lawrence is desireme of recovering possession thereof, and in order to accomplish the same in obliged grainy money by issuing Strips, which are to be the first lien on said Estate. _ Now therefore, for and in consideration of -eri-..-...' Dollars tope in heti paid, I hereby agree m pay the bearer of thi, cgrip .1.--.^.- -.4-..-..- .f Dollars out of the first moneys received from said Estate, and I do further agree to expend said moneys received for said Scrips for recovery of 'gold Estate. Dated, Troy. January aa, 1856. ■W1344111 DC •••■ na.a. 110:•.11: /On 2L7LIIM asiwastasint DNS P LOOKING BACK AT A CENTURY OF PAPER MONEY COLLECTING OUR READERS REPORT MORE 19TH CENTURY SCRIP SCAMS MOO WITH DAVE BOWERS MBOO • ELECTIONS • NEW CONFEDERATE DISCOVERY • • OUR COLUMNISTS RETURN • & MORE . . . ESTABLISHED 1880 Life Member 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 sg, A Currency. DO UGLAS 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 G ENGERKE Author of U.S. Paper Money IP- 4 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. DIANA HERZOG 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 L I NDQUIST 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. Ancient Coins and Medals. 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 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: INTERNET: WWw s myth II A 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 fID 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 ( Original illustrations are preferred. Scans should be grayscale at 300 dpi. Jpegs are preferred. Inquire about other formats. ADVERTISING • All advertising copy and correspondence should be sent to the Editor • All advertising is payable in advance To keep rates at a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork or addi- tional production is required, the advertiser will be notified and billed accordingly. Rates are not commissionable; proofs are not supplied. Advertising Deadline: Copy must be received by the Editor no later than the first day of the month preceding the cover date of the issue (for exam- ple, Feb. 1 for the March/April issue). With advance approval, camera-ready copy, or elec- tronic ads in Quark Express on a MAC zip disk or CD-Rom 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 • March/April 2003 • Whole No. 224 81 a one Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XLII, No. 2 Whole No. 224 MARCH/APRIL 2003 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379 Visit the SPMC web site: IN THIS ISSUE FEATURES Paper Money & the Collecting of It 83 By Q. David Bowers 'Twas Ever Thus: Additional Scam Artists Leave Paper Trails 104 By Barney W. Hill & Anonymous Mismatched Suffix Error Series 1999 $1 FRN: How Rare Is It? 108 By Francis X. Klaes Three Sub-Varieties of the Confederate T-35 Indian Princess Exist . . .110 By George B. Tremmel Reference Works on Paper Money 114 By Steve Whitfield About Texas Mostly: Engraved Vice President Small Size National 116 By Frank Clark The Buck Starts Here: Female Note Engravers Few But Talented Group 118 By Gene Hessler The Paper Column: Hey, Doctor this Proctorsville Plate! 119 By Peter Huntoon Part 4: More Additions to "A Catalog of SPMC Memorabilia" 124 By Fred Reed SOCIETY NEWS Information & Officers 82 Research Exchange: 106 Wismer Catalog Update 114 By Steve Whitfield, Wismer Project Coordinator President's Column 120 By Frank Clark Money Mart 120 Want Ads Work For You 121 SPMC Election: 5 Candidates Vie for 5 Seats 122 Deadline for George Wait Prize at Hand 124 Librarian's Report 126 By Bob Schreiner Editor's Notebook 126 Ad Index 127 Important Notice: If you have not paid your 2003 dues, please do so today. Your subscription has expired! You won't want to miss our next special issue. 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 82 March/April 2003 • Whole No. 224 • 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- Jiii•a cliZ, tion under the laws of the District of Columbia. It is affiliat- ed with the American Numismatic Association. The annual SPMC meeting is held in June at the Memphis IPMS (International Paper Money Show). Up-to-date information about the SPMC and its activities can be found on its Internet web site . MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for member- ship; other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or guardian. Junior mem- bership numbers will be preceded by the letter "j," which will be removed upon notification to the Secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES—Annual dues are $30. Members in Canada and Mexico should add $5 to cover postage; members throughout the rest of the world add $10. Life membership — payable in installments within one year is $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 dues paid through December of the following year; they also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. Dues renewals appear in the Sept/Oct Paper Money. Checks should be sent to the Society Secretary. SOCIETY OF PAPER MONEY COLLECTORS INC. 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 Wendell A. Wolka, P.O. Box 1211, Greenwood, IN 46142 LEGAL COUNSEL Robert J. Galiette, 3 Teal Ln., Essex, CT 06426 LIBRARIAN Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515-2331 MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 PAST PRESIDENT Bob Cochran, P.O. Box 1085, Florissant, MO 63031 1929 NATIONALS PROJECT COORDINATOR David B. Hollander, 406 Viduta PI, Huntsville, AL 35801-1059 WISMER BOOK PROJECT COORDINATOR Steven K. Whitfield, 879 Stillwater Ct., Weston, FL 33327 ottingyiet„. „\ti -I 1.440:autio iSSLITREA Up , t 14 hitiZ031f4A-.-111-4* Ut: 4)1•1111t111 MAI II II 111r11{S ("4 4 "=t211Z■VaLl4lAWMt Above: It's amazing, but true, that when desirable notes like the $10 National above were issued, nobody was interested in collecting them EVEN if they could afford to do so. Author Q. David Bowers takes a highly personal look at the "whos," "whys," and "hows" that this situa- tion has changed dramatically over the past century and a half. V7p. :J.": ....mem.? 0i,, .14, ale ■•■•,17 p1,44,7464 :4.1,14ra, TAtt, mai, taw (.((mak teiM Lstr .7.1,(n.r4( asa Dnilvy s.. Rtettri, Wiaa PAPER MONEY • March/April 2003 • Whole No. 224 83 Paper Money & the Collecting of it By Q. David Bowers A Bit of History HE COLLECTING OF UNITED STATES COINS BEGAN to be a popular pastime in a significant way in 1857, when the old copper large cent was discontinued and the new, small copper- nickel Flying Eagle cent took its place. All of a sudden (really, it happened within the space of just a few months) hundreds of citizens desired to pluck one coin of each different date from circulation. In practice, most were able to build a set dating back to about 1816, except for the very elusive 1823. Earlier dates beginning in 1793, while not unknown, were few and far between, and when seen they were apt to be worn nearly smooth. Thus, in the late 1850s the field of professional numismatics took form, with John K. Curtis of New York City being the first dealer of prominence, soon joined by Augustus B. Sage, Edward Cogan, Alfred Robinson, W. Elliot Woodward, and a dozen or so others. By the middle years of the Civil War in the 1860s, rare coins were a dynamic area of collecting interest. Not so with United States currency. Numismatists and Paper Money: The 19th Century In the 1860s, when changes to the American currency system were occur- ring at an almost mind-boggling rate, there was virtually no interest in collect- ing such paper money, although, in time, some numismatists began to save Postage Currency and Fractional Currency notes. So far as the writer knows, not a single collector aspired to save a crisp new Demand Note, or an Interest Bearing Note, or a Legal Tender Note when such currency first appeared in the channels of commerce. Regarding National Bank Notes, while some bank officials may have saved notes as souvenirs now and then, there was absolutely no numismatic interest. And, if during the Original Series period of the 1860s some collector had wanted to form a set of one each of every note-issuing bank of a particular state, there was no source of information available. No one had UNITED STATES NOTF.S FrAcrA:zi• et.A• rift r+ ATr, rivrA A utr,s in;_rA:1* sr 7115 ck)1r , r.gE t*.V/211) 12:4 SE) JO HX JAI KNOX , monlaz/via VInt trOwl.:0+ , o o-vtrtl, ,v■ rtivr.101....4,1 Vv. Iviiivoskruel• v,,y, 84 March/April 2003 • Whole No. 224 • PAPER MONEY Dave Bowers has been a numismatist since he first learned in 1952 that it might be possible to find a "treasure" in pocket change—a 1909-S V.D.B. cent that at the time might be worth—gee whiz!—as much as $10. He never did find one, but he did go on to enjoy coins, tokens, medals, and paper money immensely and to become a professional numismatist. In this article Dave reflects upon the evolution of interest in collecting paper money, via remarks he wrote in 1999 in connection with his firm's sale at auction of the Harry W. Bass, Jr., collection of paper money (with many gems from the Schermerhorn and Philpott collections in particular), here updated and expanded. One of Dave's greatest interests is in the history of paper money, and at present he is carefully studying the issues con- nected with New Hampshire, from colonial times to 1935, with the thought of creating a book, with David M. Sundman as co-author. It was recently announced that the imprimatur of the Society of Paper Money Collectors will appear on the title page. At right, Bowers and Sundman "arm wrestle" over a desirable note. the slightest clue, other than seeing a note in person, as to whether a given bank issued notes and, if so, in what denominations. In the meantime the American Journal of Numismatics, launched in May 1866, always had articles on coins, sometimes articles on autographs, occasion- ally notes on other collectibles, sometimes an item on colonial currency, but not about what today we call large-size federal notes. Just to think—while highly respected dealer W. Elliot Woodward, called "the lion of the day" by the Journal, was excited about tokens, large copper cents, and even Indian arti- facts, he was probably spending "Lazy 2" notes! Reflecting a general lack of interest in the numismatic sector concerning currency, even as late as 1894—by which time the collecting of coins had reached a high order of sophistication—a popular book published by J.W. Scott & Co., a guide viewed as essential to numismatists, did not include feder- al issues, except for Fractional Currency. The reference is to Scott's Standard Paper Money Catalogue, which, in keeping with 19th-century tradition, also had a long subtitle, "Including Colonial and Continental Notes, Old Bank Bills, Issues by Merchants, Corporations, Etc., Confederate Bills, U.S. Fractional Currency," and with the further sub-sub titles, "Illustrated, Fourth Edition; carefully revised and corrected, all attainable specimens being marked with the price at which they can be obtained from the publishers," no mention was made of Legal Tender Notes, Demand Notes, or anything else. Even the sec- tion relating to Fractional Currency occupied just 2 + pages. In fairness to the Scott Standard Paper Money Catalogue, quite a bit of space was devoted to obso- lete paper money, including 6+ pages to private and other notes issued within the state of Virginia. In 1885, United States Notes: A History of the Various Issues of Paper Money by the Government of the United States, by John Jay Knox, deputy comptroller of 16iburet tIontillta 131113nakta. D.C. Wismer W.A. Philpott, "Mr. Phil" PAPER MONEY • March/April 2003 • Whole No. 224 85 currency at the Treasury Department, was published. Knox was "one of us," a numismatist who in another connection is remembered as the most important single figure in the creation of the trade dollar denomination. Knox was a col- lector all his life, but what he had in the way of federal paper money I don't know (but would like to find out!). While I am on the subject of accomplished numismatists who wrote about currency, I'll mention C.F. Childs, who at one time owned the "Sultan of Muscat 1804 dollar." In a later era, in 1947, his book, Concerning U.S. Government Securities: A Condensed Review of the Nation's Currency, Public Debt, and the Market for Representative United States Government Loans 1635-1945, reached print—however, it was not intended for a numismatic audience (although Gene Hessler, researcher par excellence on U.S. bonds and securities no doubt enjoys his copy), as there is little to excite collectors. The masterpiece of research by John W. Adams, United States Numismatic Literature, Volume I, Nineteenth Century Auction Catalogues, describes the great publications of that era, enumerating each by the categories it contained, including large cents, half cents, colonials, and other disciplines, among which is U.S. paper money. Within each classification, a catalogue with high quality material for a specialist in that area would be given an "A," one with medium content a "B," and one of at least modest significance a "C." The aforemen- tioned master cataloguer of the early part of the period, W. Elliot Woodward, whose publications are so highly desired today, was active from 1860 to 1890. Not one of his catalogues had even a mention of paper money in Adams' evalu- ation, not even a gentleman's "C"! Ditto for the entire corpus of Chapman brothers catalogues from the 1870s to the 1920s! In fact, only a few stray men- tions of currency are given in Adams' entire text. To put it another way, a ref- erence library of 19th century auction catalogues containing significant federal currency notes, face values from $1 upward, could be carried in one hand! Numismatists and Paper Money: 1901-1952 A decade or two later, in the early 20th century, interest in large-size fed- eral notes remained negligible. Farran Zerbe, in his traveling exhibition, "Money of the World" (which later became the Chase Bank Money Museum and, still later, was dispersed with most things going to the Smithsonian Institution), was one of the few interested in the subject. However, much of his display was focused upon obsolete notes, not federal issues. A giant in the field of paper money was David C. Wismer, of Hatfield, PA, whose monthly (with a few exceptions) series on paper money commenced with the June 1922 issue of The Numismatist and concluded years later in November 1936. Again, his inter- est was in obsolete currency issued by banks prior to 1866, not in federal notes. An early entrant to federal currency was George H. Blake, who in 1908— it was about time—published the first listing of United States paper currency. The circulation was not wide, and interest languished, although from then through the 1930s a number of specialists were drawn into the field. In August 1911 at the American Numismatic Association convention in Chicago a rare "set" of the first Legal Tender Notes was displayed, ranging from $1 to $500 denominations. Whether this was at all exciting to viewers at the time is not known! What were these—early serial numbers, proof impres- sions, a matched set of some sort, or what? Similar to Sherlock Holmes' curi- ous case of the giant rat of Sumatra, the details today are only available to the imagination. In the 1930s, Blake was tapped by the heirs of Virgil M. Brand—his brothers Horace and Armin—to appraise Brand's holdings of currency. Blake then offered the appraisal price less 10% to buy it. Horace was warm to the idea, but Armin was not, and later the notes were marketed through B. Max Mehl. Unfortunately, no listing of the currency is known to exist. What trea- I plc!tictits* ff)1.0.11,11.4tigat - - 14431934 S ra UNITED STATES PAPER MONEY LtAt . OP t7SITER • Albert A. Grinnell mes _ LAMA March/April 2003 • Whole No. 224 • PAPER MONEY sures must have been involved, since Brand was the most acquisitive of all numismatists in the general span from 1890 until his passing in 1926. Meanwhile, larger denomination notes had been spent (read this and weep; the same thing happened to many of Brand's high-denomination gold coins). George Blake was also in contact with Col. E.H.R. Green. (I have some old Blake correspondence that I will have to find one of these days.) In the 1920s when the new Series of 1929 six-subject note sheets were printed, Blake was instrumental in having Green amass a quantity. Albert A. Grinnell, who was born in New York, became a principal of Grinnell Brothers Music Stores in Detroit—a chain which sold music boxes, phonographs, player pianos, and much more—simply loved paper money, and formed a truly immense collection. He seems to have been particularly active from about 1911 through the Depression years of the 1930s, when with virtual- ly no competition he acquired many National Bank Notes and, with only a few other collectors in the field, bought many Legal Tender, National Bank, Coin Notes, Silver Certificates, and other items. In June 1943, B. Max Mehl sold some coins and other items from the Grinnell cabinet, somewhat misleadingly indicating that this was the most extensive collection of United States currency, which it was, but Mehl was not the person selling it! There must have been a disagreement between Grinnell and Mehl, because the main paper money collection was consigned to Barney Bluestone, a Syracuse, NY, professional numismatist who had been a coin deal- er since about 1926 and a second-tier coin auctioneer since 1931. Bluestone did indeed handle many fine items in his own time, but his catalogues were not particularly memorable, and only the most dedicated scholar is apt to know much about him today. Sold in a series of seven sales from 1944 through 1946, the Grinnell Collection auctions attracted only about a half dozen active bid- ders at each event. William Donlon later recalled that the only buyers on hand were F.C.C. Boyd, Harley Freeman, James Wade, Richard Saffin, and Herman K. Crofoot, in addition to Donlon himself. Of course, these names were in themselves a formidable line-up. In this instance, it is probably correct to say that the Grinnell Collection is more famous in retrospect—it has achieved legendary status among modern scholars—than it was during the time of the sale itself. And, its status in history is certainly justified. Today we can only reflect upon the treasures that were offered, playing to an audience that numbered just a handful of bidders. Today in the early 21st century we can only read and, perhaps, weep at what the Grinnell Collection contained, this being but a sample: 35 National Gold Bank 8 6 Notes have stories to tell: (top) A $1 note on the Lake Bank of Wolfborough, Nov. 7, 1864, signed by cashier Abel Haley and president J.M. Brackett. The town name should have been spelled Wolfeborough, with an "e," since it was named for colo- nial hero Gen. John Wolfe. However, this misspelling appears on Lake Bank notes as well as those of its successor. Once common, Lake Bank bills are rare today as nearly all were redeemed for face value. The state of New Hampshire had very few "broken" banks, fortunate for depositors but unfortunate for numismatists today! Most obsolete NH notes are elusive now. (bottom) This $5 Series 1882 Brown Back note of the Lake National Bank of Wolfborough delighted the late John Hickman when the author showed it to him 20 years ago—it was the first reported from the bank. Today, perhaps a half dozen others exist, including one turned in for face value at another local bank in October, 2002! This , note is signed by cashier Charles Parker, and vice president I.W. Springfield. Since Springfield was owner of a local textile mill, he could easily sign bills because the bank's president lived in another state). NO. NORTH TONAWAN A N Y. ./‘7 1927 trtsatt 84 Compang 50 -302 iiaii.raxt:s. pAy TO nit ORDER OF c-'vicrak310 Ri 00 as. D LL.A rf MI TIC NC/I 1) 1)10): RAI NO. i1.1 RANK NOTE REPORTERS A2■71) COUN1TRIEIT DETECTORS 1826-1866 Ax W71.11.111 o ort.tun. Unite S C213%80001A rn C..82840,-.1011 PAPER MONEY • March/April 2003 • Whole No. 224 87 Notes, one $100 "Watermelon" Coin Note of 1890 and two $1,000 "Grand Watermelon" Coin Notes, 3,300 National Bank Notes (including 750 from Grinnell's home state of New York and 260 from his adopted state of Michigan), and 43 examples of major currency errors, including two sheets of notes with $10 faces and $5 backs which, offered in the final sale, realized $3,550 each, or probably as much as a 1913 Liberty Head nickel would have been worth at the time! In the meantime, Colonel E.H.R. Green, who began collecting coins during the World War I era, and who at one time owned all five known 1913 Liberty Head nickels (and, well-known in the philatelic field, all 100 of the known 1918 24c inverted air mail stamps), also became a serious collector of currency, old notes as well as the earlier-mentioned items that George Blake persuaded him to acquire, these being six-subject Series of 1929 serial number 1 sheets. However, Green made the mistake—as a number of others did—of stor- ing many (but not all) of his notes in transparent cellulose acetate holders (the same sort of material that was used in the early days for motion picture film). These holders chemically reacted with the notes, and made them brittle. As a result, when his estate was evaluated after his death on June 8, 1936, it was found that many prized notes—including great rarities—had literally crumbled to fragments, chips, and dust. It took eight armored trucks to move all of the valuables in his estate to a vault in the Chase National Bank, New York City, for safekeeping. Eric P. Newman, a law student in St. Louis, desired to obtain a St. Louis Refunding Certificate issued in the 1860s, and wrote to the Chase National Bank to see if he could purchase the Green specimen. He was advised that this was not possible, but it was possible to buy an entire group of currency in which the St. Louis rarity would be included! This opened the door to many purchases, which were originated by Newman and from which many coins and notes were then sold through St. Louis dealer Burdette G. Johnson. (This is from a recollection given by Newman at a testimonial dinner tendered for him at the Explorers' Club, New York City, by the American Numismatic Society, October 25, 1996). Johnson was in the right place at the right time in the 1930s, for earlier in the decade he was one of two appraisers (Henry Chapman was the other) of the Virgil M. Brand estate. There is a fortunate postscript to the above, in that the six-subject 1929 sheets were too large to fit into the cellulose acetate holders and were thus spared from the chemical effects. However, upon the disposition of Green's estate there was scant numismatic interest in such things, and while some were saved, more were destroyed (the story is nicely told by Don C. Kelly in his book on National Bank Notes). In Chicago, cosmetics baron Alden Scott Boyer formed a large and impressive collection of federal money through the $100 denomination, then Robert H. Lloyd to Albert A. Grinnell William Donlon .1.1611011.0... /J. 74.11,1 1.1.1., ,1911:011,M14110, iiiittwint'illaint *OM. DDI4) ktr. Aubrey Bebee Dr. John Muscalus PA ITR '1\1()NI t )F TliF N LIE D A (0.1,re 1,11,04 ,FD owot Lnnena MOTZ6 • romcloomou. cunWHIV, 1112E man, • nnICASCIMPOSIA6a STAMPS C01.1.1011, ANI,Onnoantu Connfnct inain.0 nen, on PAM 70.11 ,,Poefal FIIIBMERG 88 March/April 2003 • Whole No. 224 • PAPER MONEY circa 1932 sold it to B. Max Mehl, who in turn sold it to James M. Wade of New York City, assistant cashier of the Chase National Bank. In 1956, the Wade Collection was bought en bloc by Aubrey and Adeline Bebee; many notes from this holding are now in the ANA Museum in Colorado Springs. In a related numismatic context, after William H. Woodin's widow died in 1941, Wade brokered hundreds of Woodin's pattern coins in a transaction with F.C.C. Boyd. Although at one time Woodin served as Secretary of the Treasury (Roosevelt's first man in the job), I am not aware that he collected paper money. By the way, Boyer at one time was president of the American Numismatic Association and, further, he was one of the first hobbyists to systematically col- lect California gold ingots by various assayers and, separately, coin-operated pianos and orchestrions (in the early 1960s I was able to acquire a few pieces from Boyer's holdings). T. James Clarke, a paper box manufacturer in Jamestown, NY, and also an ANA president, gathered many fine 1861 and later federal notes as part of his display which ranged from colonial days onward. The 1940s and 1950s brought a new wave of enthusiasts. In New Jersey William T. Anton, Sr., exhibited many scarce and rare notes and was justifiably proud of them. Bill Donlon, who was in the amusement business in Utica (as a theatre owner and also proprietor of an arcade on Sylvan Lake), was another aficionado, later publishing a book on this subject. I recall visit- ing with Bill in Utica circa 1963 and going to the storage building at his amusement park—where he invited me, as a collector and restorer of such things, to help myself to any old, inoperative machines he had! Louis S. Werner, the New York dealer, typically had some interesting notes in stock and in the 1950s was one of relatively few to display such pieces in his bourse cases at conventions. Nearly all were Legal Tender, Silver Certificate, and other issues, not often National Bank Notes—although certain varieties such as the "Lazy 2" Nationals were popular back then. Dealers and Others Perhaps spurred by the backwater of the Grinnell Collection and the availability of notes on the market, more and more dealers added currency to their offerings. Meanwhile, Texas became a focal point of interest with Amon G. Carter, Jr., in Fort Worth, sparing no effort to put together a tremendous holding, perhaps to continue the family numismatic traditions without dupli- cating what his father had done (rare coins). In time, the Carter Collection became known as the finest of its kind. In Dallas, Robert F. Schermerhorn and W.A. Philpott, Jr., were central to the specialty. Probably some readers today can remember when Philpott used to preside over a bourse table with "gem" quality notes. He beat the drum for ultra-quality in an era when many others did not care. Some of his adver- tisements in The Numismatist are worth re-reading today in this context. Harry X Boosel 1873 - 1873 1 Oct 73 Dear Bob, When I worked in Washington D.0 -- 1936- 1939, the Treasury Dept. had available and would sell you at face value, many of the large size bills and notes. About 1938 I purchased two 1923 $1 Silver Certificates (one a *), two 1917 $1 notes and two 1917 $2 notes, which I still have! I also got a couple of $10s with the Buffalo and a couple of the $5s with Onepapa. Also some small $ Red Seal Notes and later some uncut sheets -- all are long since gone. I do not recall if they had larger denomina- tions (they must have had) but they did not interest me since my annual salary at that time was $1260-$1440. Regards, Harry P.S., All were Crisp Unc! Never issued. --Harry X Boosel to Robert H. Lloyd Harley Freeman ' A6'21-itt, 313.01941-"44119,,i F114 lit NUL( 11011 1.11S A62113> ayill.111011141. -rf ...II:- Grover Criswell Chuck O'Donnell PAPER MONEY • March/April 2003 • Whole No. 224 89 DOUBLE DENOMINATION NOTE ott%erao, t10.00 Iles erne Federal limlerie. Crian Line- in plaatie Helder with Title. Immediately your collection in in the "111ue Ribbon Clads," ab well as giving you unlimited plenAare and ormillge in ,,t1 ,11.1" ti(0117ThilTlity- Only a few of the rillETIV17 .% nutntrudint COneetinnA t`ontnin nu+ great raritiesi. Truly the -king of Shoo' PiereIrs,- it i% ;mum fur Dab .. hotter airmail certified died. or money order. ,F7,3.4,10 In 1962 Aubrey Bebee offered this rare gem in Numismatic Scrapbook magazine. Today as I write these words, I find it interesting—but true—that I could dearly love a First National Bank of Gonic, NH, "Lazy 2" note in just VG grade, but I would have a hard time admiring a 1901 $10 "Bison note" in the same condition. The same dichotomy exists with coins: I could fall in love with a rare VG-grade Gustin & Blake Hard Times token from Chelsea, Vermont, but I would be hard pressed to get excited about an 1891-0 silver dollar in the same grade (which I expect to see Mint State). In the field of currency, such aspects as good margins and centering, bright seals and serial numbers, and crisp Uncirculated condition are desirable to collectors of "type notes," and, perhaps, essential to some, but National Bank specialists are content with whatever grade they can find—unless the vari- ety exists in quantity. Returning to the Lone Star State, in Texas Tom Bain was early in the currency game as were, by the end of the 1950s, Bob Medlar, John N. Rowe III, and Mike Brownlee. In Cleveland, Stanley J. Roy seems to have built a fine collection (at one time in the 1970s he told the writer that the Carter holding was the "Hertz" of paper money cabinets, while his was the "Avis," reflecting an advertising campaign of the time in which the Avis car rental company was proud of being "number two" in its field). Stanley J. Roy could also spin a good story—such as his being an aviator in World War I in France and in World War II an undercover agent in the Caribbean! Of course, Amon Carter's biog- raphy is in some instances stranger than fiction—many anecdotes could be related. What else to mention about the early days? Sometimes, paper money col- lections "disappear," perhaps when the owners desire to sell them for cash, no records kept. Such was the case with a marvelous holding of colonial and early federal notes carefully assembled by an old-time New England numismatist. Later, I learned that his heirs, eager to get what they thought was the very best price and, at the same time, to avoid taxes, sold them to a Midwestern dealer (not even a currency specialist) who offered "fast, confidential cash!" Probably, they realized a tiny fraction of the market value of what they owned. THE Book (1953) A sea change in the hobby occurred in 1953 with the publication by Robert Friedberg of Paper Money of the United States. For the first time in a popularly circulated work, notes were arranged in order by legislative autho- rization (Demand Notes, Legal Tender Notes, Compound Interest Treasury Notes, etc.) and within those series by years and signature combinations. Values were given. Illustrations were provided by those active in the field at the time, including Robert Schermerhorn, Stanley James Roy, and William A. Philpott, Jr., among many others. The Friedberg book was immediately accepted, and subsequent editions were published at intervals, typically of three or four years. Bob Friedberg was a numismatic dynamo from the 1930s onward and worked with his brother, Jack, in the management of the Coin and Currency Institute, Inc., published several other books and, most absorptive of his time, operated leased coin Eric P. Newman Matt Rothert 19-9 •I I H 1 ,, • \I 0\* (Al.‘111., UNITED STATES LARGE SIZE PAPER MONEY 1861 to 1923 IA A gtrui Its... Eassn A tIONS •DESCRIVTIII ,: , • tl I t"Trt..Vrtlir.t0 March/April 2003 • Whole No. 224 • PAPER MONEY shops or boutiques in 41 department stores. Another of his trade styles was the Capitol Coin Company, operated in the 1940s, which was a supplier to King Farouk of Egypt. At the time, Farouk was the god from whom all blessings flowed, money-wise, and to have the king as a client was tantamount to having a good business year. The "Playboy King," as he came to be known, had as his foremost numismatic supplier Hans M.F. Schulman, but a handful of other dealers got their share, including Friedberg. When the first edition of Bob Friedberg's book came out, few people gave a whit about National Bank Notes, and, accordingly, very little space was devoted to them. For an interesting exercise, if you have a numismatic library in depth, check the various later editions and see how the listings have expand- ed tremendously! (At the same time there has been little change in, for exam- ple, Legal Tender Notes.) Writers and Researchers The Paper Money of the United States book opened the floodgates to a rip- tide of interest, and after 1953 the hobby of currency collecting became widely recognized. There was a lot of work to do, as reflected by Robert H. Lloyd, who in January 1934, in an article in The Numismatist, "Collecting Paper Money," rued such listings as "$1 bill, red seal, Unc." The type of note, signature combina- tion, date of issue, and other information was not provided! Lloyd reminded prospective cataloguers that: "Signature combinations are of major importance and run throughout the series. Comparatively few issues are found with only one set of signatures, while some issues have a dozen or so." SPMC recently acknowledged Lloyd's contributions by according him its coveted Honorary Life Membership. He further stated that currency should be described as "United States Note," "Silver Certificate," or in some other appropriate manner. Numismatics was still in the antediluvian era -- especially the paper oney collecting side of it -- perhaps further forward than in the days of Woodward and the Chapman brothers, but hardly with any degree of sophistication! Evolution of Paper Money Collecting Then came changes. Over the years, especially since the 1950s, much attention has been paid to federal paper money. Students such as Douglas B. Ball (amazing stuff he has unearthed!), D.O. Barrett, Colin R. Bruce III, Elvira Clain-Stefanelli, Courtney Coffing, James J. Curto, Grover C. Criswell, Herman K. Crofoot, Richard Doty (now in 2003 the curator of the National Numismatic Collection at the Smithsonian), Jack Fisher, John J. Ford, Jr., Dennis Forgue, Martin Gengerke (who kept a data base on many varieties of notes), Nathan H. Goldstein, Ted R. Hammer, Warren S. Henderson (who years ago sent me Xerox copies of his Wolfeboro notes—it isn't right that he should have Wolfeboro notes that I don't own! Or, perhaps it is. Oh well!) emerged. Others like Gene Hessler, John Hickman (ever eager to learn about a newly discovered note on some obscure bank, and a ready listener), William R. Higgins, Jr., Carroll E. Hilliard, Richard T. Hoober, Peter Huntoon, Don Jensen, Charles M. Johnson, Don C. Kelly, Theodore Kemm, Chet Krause, Frank A. Limpert (whose notable work, United States Paper Money Old Series, 1861 -1923, was published in 1948), and the aforementioned Robert H. Lloyd added to the hobby's pool of information. To the list can be added William Logan, Clifford Mishler, Waldo C. Moore (prolific contributor to The Numismatist in the early 20th century— combining great information with a pleasing style of writing), John Morris 90 MYLAR D ® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 43/4 x 3 3/4 $18.50 $33.50 $150.00 $260.00 Colonial 51/2 x 3 1/16 19.00 35.00 160.00 290.00 Small Currency 08 x 2 7/E{ 19.50 37.50 165.00 310.00 Large Currency 778 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 95/8 x 4 1 /4 27.50 50.00 226.00 400.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 83/4 x 14'/2 $14.00 $61.00 $100.00 $226.00 National Sheet Side Open 81/2 x 17 1/2 15.00 66.00 110.00 248.00 Stock Certificate End Open 9 1/2 X 12 1 /2 13.50 59.00 94.00 212.00 Map & Bond Size End Open 18 x 24 54.00 235.00 385.00 870.00 You may assort note holders for best price (min. 50 pcs. one size). You may assort sheet holders for best price (min. 5 pcs. one size) (min. 10 pcs. total). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar D® is a Registered Trademark of the Dupont Corporation. This also applies to uncoated archival quality Mylarx 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-HI-DENLY • FAX 617-357-8163I 941 927 8765 I COLLECT FLORIDA • Obsolete Currency • • National Currency • • State & Territorial Issues • • Scrip • • Bonds • Ron Benice 4452 Deer Trail Blvd. Sarasota, FL 34238 This is the Place Prospect Street School Gymnasium70 233 Prospect St., at corner of High St. 70 Willimantic, Conn. TABLES Sun., March 30, 2003.9 a.m. - 4 p.m. TABLES 30th Annual Show70 TABLES Bourse & Exhibition Public Invited Free Admission The "Biggest" little ...CI' oe•coin and paper money show in New England 70 TABLES PAPER MONEY • March/April 2003 • Whole No. 224 91 for COIN & PAPER MONEY COLLECTORS in the Northeast to get a jump on the Convention Season. Join us again this year for the largest gathering of Coin & Paper Money Dealers and Collectors in the New York/ New England Area. Bourse info C. John Ferreri (860) 429-6970, (860) 429 0043 Fax Visit our new and larger venue . ..... MEI MI MIMI MIM INNI MI NMI ..... INN IMM HEWITT-DONLON CATALOG UNITED STATES SMALL SIZE PAPER MONEY VAVATIONS-DESCRIPTIONS-ILLUSTRAT/ONS PRICE $360 92 March/April 2003 • Whole No. 224 • PAPER MONEY _ • )1rDLY.BC.,Laal1aiL istokutetask,,,- , • What collectors have learned over the years is that "the thrill of the hunt" with paper money extends past filling date/mint holes in folders to the history, lore and romance of the time and period in which these notes cir- culated. Above is an "authentic, actually used in com- merce" $3 bill from the Wolfborough Bank, 1837. Almost immediately after opening, this bank ran into deep trouble, and then sharpers took over--and printed and circulated vast numbers of bills with no backing. The bank's building, constructed in the 1830s, looks about the same today (except for the signs and wires!). Bob Medlar (who once owned a $5-$5-$5-$5 sheet of Series 1875 notes on Laramie, Wyoming Territory), Thomas F. Morris, Dr. John Muscalus (publisher of little monographs on vignettes, and a frequent attendee of coin shows years ago), Dwight L. Musser, Ed Neuce, Eric P. Newman, Dean Oakes, Charles O'Donnell, Leonard M. Owen, J. Roy Pennell, Jr., Robert V. Polito, J.E. Ralph (of the Bureau of Engraving and Printing), Robert M. Ramsey, and Wayte Raymond. Also, briefly noted are Matt Rothert (collector and author who in 1955- 1957 was responsible for having IN GOD WE TRUST added to currency; one of the first notes he sent me, personally autographed, is framed and on my office wall), Fred Schwan, Neil Shafer, Austin M. Sheheen, Arlie R. Slabaugh, Glenn Smedley, Steve Taylor, Louis Van Belkum (pioneer in the study of National Bank currency; his 1968 study, National Banks of the Note Issuing Period 1863-1935, did much to change collector focus from Treasury signature com- binations to geographical locations, as Don Kelly reminded me the other day), George W. Wait (who over 20 years ago wanted me to do a book on New Hampshire currency, but I demurred at the time, as my schedule would not permit), Doug Walcutt, Gerome Walton, M.O. Warns, John Waters (early associate of John Hickman), Bob Wilhite, and others—and this is just a short list of writers and researchers on paper money subjects from the formative years through the early 1980s—each helped to spread the word or to leave an impression on me—either from knowing them personally or being aware of their accomplishments. Of course, any off-the-top-of-my-head list such as this is "dangerous" since it is almost a given that once I see it in print I will remember some super- obvious name that was important to me years ago! My deep apologies to any- one omitted. Just write a "letter to the editor" and give credit where credit should have been due! Lee Hewitt's Nunzismatic Scrapbook published occasional informative as well as newsy articles on paper money. And, it is only proper to mention the late, lamented Essay Proof journal, which dealt with vignettes (stamps, currency, securities, etc.), and the very much alive monthly Bank Note Reporter, the last being one of many fine products of the Krause Publications empire. This peri- PAPER MONEY • March/April 2003 • Whole No. 224 93 MEMPHIS COIN CLUB'S 27th ANNUAL INTERNATIONAL PAPER MONEY SHOW June 13, 14, 15, 2003 Cook Convention Center -••• GE STAMP PRINTERS 255 N. Main Street, Memphis, TN 38103-1623 Discount on Selected Airlines, call toll free: 1-800-426-8326 or IMPS@MMWORLDTRAVELCOM Office Hours 10 a.m. - 6 p.m. CST Monday through Friday Offering up to 10% off airfare (subject to availability) Paul Whilnah, Owned & Operated by PRW, Inc. Convention Hotel: MEMPHIS MARRIOTT DOWNTOWN 250 N. Main St., Memphis, TN 38103/ 901-527-7300 Sleep Inn • 40 N. Front St. • (901) 522-9700 Commemorative Souvenir Cards U.S.P.S. Temporary Postal Station Auction by R. M. Smythe & Company Fantastic Paper Money Exhibits Society Meetings f/AT-P/A".7 "Noq.,-(17 1 1,,Li Al) .1 'NOCINO1 For bourse information and reservation cards, write: Mike Crabb, Box 17871, Memphis, TN 38187-0871 Phone (901) 757-2515 AMC EXHIBIT CHAIRMAN Martin Delger 9677 Paw Paw Lake Dr. Mattawan, MI 49071 Phone 616-668-4234 After 6:00 p.m. Dr. Albert Pick 6 ' 6 60-66 06 .6 .(.17..0.? -6 60-4 '--, PUBLIC AUCTION SALE Fl Coins & Currency hit. s. U!iI RH, • RA PIT: Milo...94 • COMA • CRAnINEN APR.. I IT 'T ,iuderren BOTNI BROAD t esAJ,I STS. ■14.1. ATIELIINIn. NIA •• • NTSBIDOCISsoN COLLECTION 1 ITLCIRIDA R era TOpx reaRNATILL •• .IART 1 he Essa y•Proof Journal March/April 2003 • Whole No. 224 • PAPER MONEY94 Texas was a hotbed of paper money enthusiasm in the 1950s, 1960s and 1970s. Two of the pioneers there were Amon Carter (left) and John Rowe (right) odical was launched by Grover Criswell in January 1973 and has served paper money collectors/dealers well ever since since. Harry Jones, who advertised in the very first issue, is still prominent as a dealer today. Austin Sheheen, Fred Schwan, George Wait and his associate Mayre Coulter, and a host of others have contributed to printing and reprinting valuable items, and I could men- tion many additional names. To the preceding group of names can be added many fine dealers who took up paper money as a specialty, collectors who mounted displays and exhibits, and organizers of shows and conventions. NASCA was a pioneer in combining useful historical information with numismatic data in its auction catalogs. Today's auction catalogues are a far cry from what Robert H. Lloyd observed in the 1930s, and often they contain excellent illustrations, rarity information, and other useful data. Evolution of this hobby continues, and although now in the early 21st century we have some old-timers remaining, a great many new names of cur- rent dealers and collectors -- familiar to you all, who regularly appear in the pages of this magazine and elsewhere, but whom it would be unfair for me to single out here -- could be added to any list that might be made up today in 2003. Society of Paper Money Collectors Formed At the American Numismatic Association Convention in Atlanta in August 1961, local coin dealer Blaise Dantone hosted a party at his fine home. w . , ......n. ...<. , .I I Paper i ,,._..,2 i iNotey „ ........—__ ... ... A Currency - NM +, worts socoL, ,f _- --,, / .' Taper Money Cellecrors -:-..----._ certifif$ that .. ----- ... . iR a meatfias fur the yrd r 18 . SS SPMC has played a major role in the evolution of paper money collecting. Shown are its founder Texas dealer Hank Bieciuk, its first journal and first membership card. SPMC continues to promote the hobby four decades later. ; J 1 WIS, I — .. i ., .....—, ef Pope, Mas, Carlasr,.! s- KA PAPER MONEY • March/April 2003 • Whole No. 224 WANTED: NATIONAL BANK NOTES Buying and Selling Nationals from all states. Price lists are not available. Please send your want list. Paying collector prices for better California notes! WILLIAM LITT P.O. BOX 6778 San Mateo, California 94403 (650) 458-8842 Fax: (650) 458-8843 E-mail: Member SPMC, PCDA, ANA 95 CSA PAPER MONEY WANTED By Criswell Variety R9s, R1Os and R1 ls. • Collector building CSA currency collection by variety. Also CSA bonds. • Interested in correspondence with other collectors. • Working on the rarer varieties - paying premium prices. Also high grade R8s. Long time variety collector (30 years) -- U.S. Large Cents, Bust Halves, now CSA paper money and bonds. Member EAC, JRCS, SPMC. From long time Louisiana family Pierre Fricke, P.O. Box 245, Rye, NY 10580 914-548-9815 eBay "armynova" ALEX PERMS 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 a 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, PCINI, SPMC, FCCB, CCCC P.O. Box 246 • Lima, PA 19037 Fax: (610) 891-1466 Phones: (6101 565-1110 • (610) 627-1212 E-mail: In Arizona (520) 544-7718 • Fax: (520) 544-7T/9 Neal Shafer MAIL. BID SALE Research and Personal Collection WILLIAM P. DONLON UTICA. NEW YORK . MAY 22, 1971 96 March/April 2003 • Whole No. 224 • PAPER MONEY / Better reference works and more professional cataloging have made the hobby of collecting paper money more interesting and fun for everyone. Today its possible to find dozens even hundreds of other individuals interested in the types of notes which also attract your attention. So, for example, within the broad field, the proliferation and growth of special interest groups (SIGs) devoted to such specif- is genres of paper money such as military cur- rency, fractional currency, checks, bonds and shares, national and regional paper monies, error notes, emergency notes, ration items and even food coupons "spread the gospel" keeping likeminded collectors in touch. .,1 .- --- > ,t,,w THE FAR! ;}' MAK MONTY Oi. .AlkILRICA 1 . 1,AillaV44' ..'1' '.71'rth , $r •, ... miliva i ' N. . _II ) 'N101 -, . "04 1`; ii.,- -,.1 xr f4i frowf.--: . ..- , •.n-:-. 1 i W k This clashed with a scheduled get-together of currency enthusiasts who had hoped to meet the same evening to lay the groundwork for a special interest group. Dantone invited the currency people to come to the festivities, and among the clinking of glasses, laughter, and other good times, the Society of Paper Money Collectors was formed. A steering committee composed of H.R. (Hank) Bieciuk, chairman, Dr. Julian Blanchard, James J. Curto, Eric P. Newman and Glenn B. Smedley, was charged to launch the group, which it did. Since that time, the SPMC and its aptly named journal, Paper Money, have served as a focal point for research articles, advertisements, news and gos- sip, and other information relating to the hobby. I can only admire my back file of issues (created under the aegis of Barbara Mueller and Gene Hessler), and current issues as well, under the editorial overview of Fred L. Reed III, for all of the information at my fingertips. Recalling the 1950s and 1960s It might he relevant to mention some of my own experiences. I collected my first paper money in the 1950s, later focused upon obsolete notes, and in recent times have tried to acquire interesting currency from New Hampshire, from colonial times to present. National Bank bills were in no particular demand on the market, and often coin buyers would pay their invoices with National Bank Notes—saying, in effect, "I've held these for years, and perhaps you can find someone who would appreciate them." Strange to relate to day, but true then! I must tell this story: Some time ago I visited a personal friend who in the early 1960s began collecting currency, including National Bank Notes, in an era in which relatively few others did. Many years ago I gave him as a gift a $100 Gold Certificate. All such Gold Notes were worth face value back then, were around in some quantity, and were usually turned in at a bank for face value, the legality of owning Gold Notes not being well defined (later, Amon Carter encouraged legislation to "legalize" them—of which I could say much, but will not do so now). During my recent visit he took out his bills, which he had not examined for 20 years, and showed me the $100 Gold Certificate, and reminisced about it. Then, I spied in a holder in his collection a $1 Original Series bill from the Great Falls National Bank of Great Falls, NH, and suggest- ed that he should part with it, in view of my interest in New Hampshire notes being greater than his—and I made him a four-figure offer. He handed the bill to me and said, "Take it—with my compliments!" Which I did! Grover Criswell was once on the "I've Got a Secret" television program, the secret being that he was a millionaire—in Confederate paper money! ea _I I am interested in consigning my currency to one of your upcoming auctions, please contact me. I 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). q 1 would like a one-year subscription to all your Auction Catalogs. Enclosed is $70 for the year. q I would like a FREE copy of your video "Your Guide to Selling Coins and Currency at Auction." q Fill in your e-mail address below for free, comprehensive e-listings, news, and special offers. America's #1 Numismatic Auctioneer ITA Numismatic Auctions, Inc. CURRENCY AUCTIONS OF AMERICA PAPER MONEY • March/April 2003 • Whole No. 224 97 1, When the time to sell comes, you wantjhe highest price. eriod. We invite your participation in future Currency Auctions of America - Heritage Auctions. Currency Auctions of America, America's most respected currency auctioneer, 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 . 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 website membership of 70,000+ numismatists •online interactive bidding and paper money search engine capabilities at and . • full color, enlargeable images of every single-note lot posted on the Internet •all CAA catalogs are available in CD-ROM format as well as online • lead-times shortened between consignment deadlines and sale dates •greater financial resources for cash advances to consignors and for purchases r 1 Name Address C,ty State Zip Daytime 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 2003 CAA-HERITAGE Schedule: CSNS - May Cincinnati - September .cci\Clik) 04,A -TA0 ALLEN MINCHO 1-800-872-6467 Ext. 327 LEN GLAZER 1-800-872-6467 Ext. 390 1414110::ei, KEVIN FOLEY 1-800-872-6467 Ext. 256 JASON W. BRADFORD 1-800-872-6467 Ext. 280 Steve Ivy Jim Halperin Greg Rohan Heritage Plaza, 100 Highland Park Village, 2nd Floor • Dallas, Texas 75205-2788 • 1-800-US COINS (872-6467) • 219-528-3500 • FAX: 214-443-8425 • e-mail: • • e-mail: SPMC 02/03 Peter Huntoon I loiklay RiVert.941. AN Noe. he...or ••■■•••• A.•■■••■041•A ..I.C7•to.soTpax ..1.0ralNiaGokra.te. SP. lama.= 98 March/April 2003 • Whole No. 224 • PAPER MONEY "From money to muffins"— the Great Falls National Bank of Great Falls, NH, which issued the Original Series $1 note men- tioned by author Bowers in his commentary (shown on Page 92) is a bakery today. Although styles of dress and modes of trans- portation have changed (note the woman in the large bonnet with the child in the foreground of the woodcut at left) in the last century plus, very little else about the "look" of this building has except for its product! Afterward, he extracted an 1861 $1000 Montgomery note from his pocket and wowed the audience with the fact that once again it was worth its face value! Grover had more Confederate bills than could be easily counted, and in addi- tion in other series he loved weird denominations such as $4 and $7 bills from various places. In the 1950s and 1960s there was a tremendous quantity of obsolete notes available—bearing the imprints of state-chartered banks, of glass factories, of railroads, and other issuers. Criswell had untold quantities of such bills, as did Tatham Stamp & Coin Co. of Springfield, Mass. (until 1958, when the owner committed suicide). It was not uncommon to see bundles of "remainder" notes, dozens to, sometimes, hundreds or even more (as with the Canal Bank of New Orleans) sheets. Herman K. Crofoot, of Moravia, NY, dearly loved Francis E. Spinner, Fractional Currency, and the endless memorabilia that Crofoot possessed from the Spinner estate. One time in the 1950s or early 1960s, I believe, all of this was up for sale, but no buyer could be found, and it ended up in the Smithsonian—which, in retrospect is great. Crofoot was an attendee at the old Empire State Numismatic Association conventions held at the Hotel Syracuse in upstate New York and had many interesting stories to tell. In another venue I recall driving across west Texas with John N. Rowe in his Thunderbird in 1961, and stopping to see Bob Medlar, who at that time lived in Lubbock (he later moved to San Antonio, where he set up shop in a store on the first floor of a hotel a stone's throw across the plaza from the Alamo). The object of our quest was rare currency, and I acquired an unusual early Texas note plus a Legal Tender $5 with serial no. 1 (later, I realized that more than one Legal Tender Note had a number 1 serial). In this exact same year, 1961, a person at the Treasury Department who was redeeming for face value "old bills" decided to cut out the state seals from the back of Original, 1875, and 1882 series of National Bank bills—and pasted them on a map (which I later bought, complete with the Idaho, Colorado, and other nifty ellip- tical seals in green and brown—but bittersweet to think, now, that the notes themselves were destroyed). Even within the hobby it was quite common for someone to have a $10- $10-$10-$20 or other sheet on a "rare bank," and cut it apart into four notes, thus maximizing the market value (today, I wince when in another field collec- 99PAPER MONEY • March/April 2003 • Whole No. 224 Saturday, November 22 10AM-6PM Sunday, November 23 10AM-1PM ($5 Pass Valid Thursday-Sunday) Wednesday, November 19 2PM-6PM (Professional Preview $50 Registration Fee) Thursday, November 20 Noon-6PM Friday, November 21 10AM-6PM St. Louis is calling... 11:1 1 suit oNLY IN 1 , 1 tr.lo ,T•11, NY I NITYls s-rkyr1 A171.1u.LIF irrsay r•mtumoo.4.1 .4 L(.3 I'LkSUNNEL IkrOfirOACI. APPIJYASIS RCM, Utlic19.1..Nryo, 13 --!‘.4ttztv47,92L1114 — • T11 OR ('TOLONIA, I. CINQUANTE CENTIMES 720 Ihimmf.T/itiaco.gruco - • ' /. • '1E.11111001, 151; Cr On • •114.... t5 ir jr. National and World Paper Money Convention c I a Thursday-Sunday, November 20-23, 2003 St. Louis Hilton Airport Hotel 10330 Natural Bridge Road, St. Louis, MO 63134 Rooms: $94 (Ask for rate code DDC) Call (314) 426-5500 • 75 Booth All Paper Money Bourse Area • Society Meetings • Bureau of Engraving and Printing Booth • BEP Souvenir Card Show Hours: Future Dates: 2004 November 18 -21 2005 November 17 -20 2006 November 16-19 • Educational Programs • Complimentary Airport Shuttle • Lyn Knight Auction Bourse Applications Kevin Foley • P.O. Box 573 • NIilwaukee, WI 53201 • E-mail: kfoley2@wixr.coin • 414-421-3484 • Fax: 414-423-0343 Chet Krause by Abert Fmk • Grre, to. ■SaC • CoUlea • ae•270:01%.<1.0.:e.e • 0•••• ISO Cr....,....0.0••• won° Final March/April 2003 • Whole No. 224 • PAPER MONEY100 John Hickman Jim Haxby tors and dealers cut apart yearly volumes of Hanger's Weekly to pluck out the Winslow Homer illustrations, etc.). In the 19th century various towns often had debating societies. Here is a good subject for a modern debate should the SPMC ever want to have one at a convention. The Carroll County National Bank of Sandwich, NH, issued 1,500 sheets of 1865 $5 Original Series notes, four subjects to a sheet. Today in 2003 not a single note is known, nor are any reported of other denominations. Debate: "Resolved: If a sheet of such notes were to be found, it should be cut apart to delight four different specialists in New Hampshire currency." What do you think? Are you pro, with the argument that in this way sev- eral people will be happy? Or, are you con, feeling that the sheet itself is worth preserving as a treasure, and once cut apart it cannot be undone? As I write these words, I don't know which side I would take! The 1970s to Date In the early 1970s my company was, I believe, Lyn Knight's single best retail customer—Lyn had access to many fine bills, and we had many clients who wanted to buy them. In that era I donated a collection of more than 500 different varieties of obsolete $3 bills to the ANA Museum in Colorado Springs. In 1974, the first edition of Gene Hessler's Comprehensive Catalog of United States Paper Money was published and contained much historical infor- mation not readily found elsewhere; ditto for his related book, United States Essay, Proof and Specimen Notes. His book on bank note engravers is another one I frequently use, for it contains information not available in any other sin- gle source. If I want to know about Abner Reed, or the Jocelyn family, that is where I look first. Since the 1970s, The Currency Dealer Newsletter has served to furnish monthly price quotations, especially on "type" notes. It was perhaps a logical jump from that point to the staging of specialized conventions (especially the International Paper Money Show held in Memphis), devoted to paper money, and the formation in 1985 of the Professional Currency Dealers Association (PCDA). The PCDA quickly became the paper money equivalent of the longer-established (since 1955) Professional Numismatists Guild and has done much to advance interest in the field, including the publication of informative, indeed enticing, pamphlets. Meanwhile, Krause Publications of Iola, WI, put out regular editions of its guide, Standard Catalog of U.S. Paper Money. A new step in the evolution of the hobby has been the formation by Jess Lipka of the Currency Grading and Authentication Service in the late 1990s. As with all changes, not everyone agrees that there should be third-party grad- ing services (since then, other services have appeared), and there is continuing discussion as to what is and is not proper "cleaning" and "conservation" of notes. I have been a collector of autographs, etc., for a long time. In that field it is perfectly proper to conserve or repair an item, but with currency it seems to be a no-no and few will openly admit doing it! Still unresolved is what to call a paper money collector. Syngraphist has been suggested as have notaphilist and scripophifist, but none of these roll off the tongue easily, and syngraphist sounds faintly naughty! Years ago in the 1950s the informal term was rag picker, but that is not heard much these days. Hank Bieciuk, of Kilgore, Texas, often referred to himself as a "rag picker." While a complete library of significant 19th-century federal paper money auction catalogues could be carried in one hand, today it would take a large box, and two hands to carry it, to cover just the catalogues of the past 25 years. Or, perhaps an 800-pound gorilla would be required just to lift the pile. How far we have come! Some of the productions of Lyn F. Knight, Currency Auctions of America, and R.M. Smythe—to mention just three of many fine Alabama Large Size P...),„,-1$36''' 'se:gems', trnsu If Hltrl'ItITII{S "" 4,„ „, yd 'NLIVA.14..J.01a Top Prices Paid David Hollander 406 Viduta Place Huntsville, AL 35801-1059 As advertised in Paper Money in 2002 issues Don't Miss Out Hurry Limited Time opportunity Make Your Mark! PAPER MONEY • March/April 2003 • Whole No. 224 101 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: CO-AUTHOR WANTED Leave YOUR mark on paper money collecting. FOREVER Now YOU can have YOUR name on Fred Reed's new work Show Me the Money: The Standard Catalog of Movie, TV, Stage & Advertising Prop Money as its Co-author! Imagine YOUR name on the cover and title page of an instant 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, Dept. M/A 2433 NW 48th St., Oklahoma City, OK 73112 0.1 .11 t 411 UNITED STATES OBSOLETE BANK NOTES 1782-1866 Limes 4Haxby ...41>;44 We've come a long way baby. Today specialty paper money titles abound, not so in days gone by. Gene Hessler Don Kelly plov 1977 $15.00 SIXTH EDITION 111[41 THE Ilti4 STANDARD HANDBOOK of MODERN UNITED STATES Ci PAPER :tiff )NE1 119 102 March/April 2003 • Whole No. 224 • PAPER MONEY currency auctioneers—are in themselves works of art and history. All along—for many years—I have been collecting paper money periodi- cals and books and have enjoyed reading them for news of long ago—especially for obsolete currency and "broken" banks. I have in my library a complete run of Niles' Weekly Register, from 1811 on—an early day version of the Wall Street Journal—with lots of information about new banks springing up in Ohio, Kentucky, and elsewhere, the rise and fall of the Second Bank of the United States, and more. Ironically, my set is the one that used to be in the Federal Reserve System's reference library—but in the infinite wisdom of its caretaker about 30 years ago it was tossed out, "because no one had used it lately" (and, indeed, the little slips for checking the book out are not stamped!). I have a full microfilm set of Banker's Magazine and Statistical Register—which is endlessly fascinating (although a bit clumsy to use in this form). In many ways I enjoy source material as much as the currency itself. Li. . . what a fine heritage we all have to draw upon . . ." Today, in 2003, we all have the magic of computer imaging to let us see in full living color many wonderful pieces of currency. I can keep my own col- lection in the bank and with the touch of a button pull up a bright, colorful Original Series note on the screen, or, for that matter, a postcard or stock cer- tificate (which I also collect) relating to banks. What fun! To me, to read is to learn is to enjoy. Just before completing this article I spent the best part of a week looking through Peter Huntoon's latest manu- script on the subject of National Bank Notes and making suggestions. I became excited as all get-out, all over again! In fact, I've been invited to be a contribu- tor, in a small way to the new book, and am arranging a chronicle of circulating specie (silver and gold coins) vis-a-vis paper money from the 1860s to 1935, covering the National Bank currency period. As you may know, the situation is not particularly simple. In New York City in 1865 federal currency was every- where and not a silver quarter or gold half eagle was in sight, while in San Francisco in 1865 gold coins were in abundance, silver coins were less com- mon, and not a single Legal Tender or National Bank Note was to be seen! What a fine heritage we all have to draw upon—the contributions of researchers, collectors, and dealers from generations ago, down to the exciting research and discovery still going on today! • I a....i - oridaN4 orals, Os. s etes, r ens In Stock for late livery a Gold, Silver, and P1 u Products Call for Quotes 80 E 7 3 0 1 0 The South's oldest and largest co of p sin 1967 Top prices paid for all National Bank Notes, ollections, d Estates Large Inventory of National Bank t otes for sal See Our Website at or ei us at wym WILLIAM YOUNGER AN INC Your Hometown Currency Hea ers WANTED 95 South Federal Highway, 3, oca Raton, FL 33432 P.O. Box 177, Boca Raton, L 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 Ic ce of_441, PAPER MONEY • March/April 2003 • Whole No. 224 103 EARLY AMERICAN NUMISMATICS P.O. Box 2442 • La Jolla, CA 92038 • (858) 459-4159 • Fax (858) 459-4373 • UNITED STATES COINS AND CURRENCY • INDIAN PEACE MEDALS • COLONIAL CURRENCY • OBSOLETE CURRENCY • ENCASED POSTAGE STAMPS • FRACTIONAL CURRENCY • REVOLUTIONARY WARz e/1-nt e , • CIVIL WAR & GREAT AMERICANA Subscribe to Receive our Beautiful, Fully Illustrated Catalogs Only $72 for a Full Year's Subscription of Six Bimonthly Issues Visit Our Website: www• 104 March/April 2003 • Whole No. 224 • PAPER MONEY Additional Scam , Artists kelpie Paper Trails 'Twas Ever Thus By Barney W. Hill & Anonymous ECENTLY I WAS PUZZLING OVER 11Nwhether the content of my latest paper money acquisitions, "Lawrence Scrip," sounded more like the scam I heard about on NBC's Dateline or the scam I heard about on the CBS Evening News. * The main dif- ference was that my scam artist had the idea 146 years earlier. * Note: many reports have been circulating about unscrupulous parties claiming to have been in govern- ment and/or military in places like Nigeria, or function- ing as business agents for foreign governments in Africa or Asia offering large sums for help in moving cash deposits into personal bank accounts in the U.S. Apparently the scams involve duping the recipients -- often by e-mails via the Internet -- into revealing per- sonal banking data, which the scam artists use to empty the recipient's bank accounts. -- Editor When my November/December 2002 issue of Paper Money arrived, it magically fell open to Page 362. I learned that Libero Zampieri was working on solving this same problem 15 years ago. Like Zampieri's, my scrip also promised purchasers proceeds from the recovery of estate an for helping to finance the purported heir's activities to secure the inheri- tance. Our Editor asked for additional examples or informa- tion on similar items, so I am snding these. My "Lawrence Scrip" is printed on tissue-thin off-white paper. The serial numbers and signatures are written in brown ink that has almost faded away. The amounts are written in dark blue (almost black) ink. Serial Number 233 (on the $3 scrip) is heavily foxed. The scrip is printed on oversized paper: dimensions of both within the ornate border are 6 3/8 inches by 3 3/16th inches. Denominations are for one dollar (top) and three dollars (bottom). "Whereas, it is believed that JOHN A. LAWRENCE, of Troy, N.Y. is heir at law to a large Estate in England, called 'The Townley Estate.' "And whereas, said Lawrence is desirous of recovering possession thereof, and in order to accomplish the same is obliged to raise money by issuing Scrips, which are to be the first lien on said Estate. Now therefore, for and in consideration of ( Dollar(s) to me in hand paid, 1 hereby agree to pay the bearer of this Scrip ( ) Dollars out of the first moneys received from said Estate, and I do further agree to expend said moneys received for said Scrips for recovery of said Estate." "Dated, Troy, January 30, 1856." (signed)) John A. Lawrence Below: $1 Lawrence Scrip Bottom: $3 Lawrence Scrip YOrtdastel‘Caeek-e.serehrfe 311).-- - 1,4 \Jklritgig2 W2[11). Whereas, it is believed that JOHN A. LAWRENCE, of Troy, N. Y., is heir at le law to a large Estate ii, England, rolled The Townley Estate." I And wherein,. said Lawn:nee is desirous of recovering possession thereof, and in order to ■I■7 vompiigh the n,rii, in ohlig,d to rains, money by issuing Scrips, which A. are to be the first lien on said Estate. A Now therefore. for and in consideration of 4,4,-4-- botjurit to rue in hand paid, I hereby agree to par the bearer a this scrip e,.< -,--., , --47, i l Dollars out of the first moneys received Crom said E5IIIII!, and I do further agree to expend said money, received for said Script for recovery of said Estate.1. • , Dated, Troy, January 30, 1.,,,A. .4 ...-• . •: i././.ti ' . , FL ._ _ t‘....fottal.tt3tt;i31 ,3444R1144tstelPite44,444k1Adtalak2lAtalatiallattigISa0JMIO1aJo% I 1941I.,Pa Editor's Note: The article on scam scrip also elicited a follow up by frequent contributor Joaquin Gil del Real on one of the main promoters of such nefarious prac- tices. Joaquin's illustrated article on Carlos Ponzi will appear in a future issue of Paper Money. Also, see fac- ing page an example of "Brown Scrip" submitted by a Society member who wishes to remain anonymous. And, while I have the soap box, a variation on this type of scheme was also recently observed by your Editor while contract cataloging for a major currency purvey- or. The scrip appeared to be a land deed for a portion of a large tract in Texas, but untangling the tortured 19th century legalize apparently only qualified the purchaser to pay for a portion of a survey of the land! • 3114._._4.,i'.- LD jirqqsijigr.s. aqsaupo Wherei4, it is believed that JOHN A. LAWRENCE, of Troy, N. Y., is heir at law to a large Estate in England, called it Thisipwaley Estate." IAnd whereas, said Lawrence is desiroon of recovering possession thereof, and in order to accomplish the some is obliged tcz raise mon, by issuing, Scrips, which are to he the first lien on said Estate. Now then fore, for and in consideration of -61,., .. Dollars to,rne in hand paid, 1 hereby tiros to pay the hearer of rid:if:46p -'—el,f7.--,-- ,_ -4------....00 Dollars out of the first moneys received Irmo liaid Estate, and I do further agree to expend said moneys received for said Scrips for mcovery uf "Said Estate. is Dated, Troy..1Aromry :11), td- t. t . _ /, .../ . ,'• •,../e.,"...,.---.........-_- ovitelmrt-olista-344.cel.t.11.1 8;101 B 1? 0 IT e 1? C P . • <>"%73111trit. 00.000 000. • r!F ! • ! :11:05% N 4.att.:i 11. .!rntitl“ (.1114 tc, •. “taile% •11, : 44,1,1 t' I to rake' AtUNIc7.. ^ .,!! aft" ' 1•c (qv .t 1 ..../extv . • u. . 1a. 1.4 Br-% .tgens us siartaxat,I, . ilrautira 11 oat al tla. :oat taara.'ax bare of IMF. ar un• ; and I hrithar a ., far menvcry 0' I. id •111:r. PAPER MONEY • March/April 2003 • Whole No. 224 "Brown Scrip" was a variation on the scheme. Whereas the "Lawrence Scrip" (facing) promised to pay 100-to-one upon successful recovery of the estate, "Brown Scrip" 's payoff was less mag- nanimous -- only 100-to-5 -- according to this example sent in by a collector who wishes to remain anonymous. Hand over-dated "1867," no designated payee was filled in at the time of sale, but it apparently was foisted off on an unwitting "investor," since it bears a hand-cancelled five-cent Internal Revenue Stamp which would not have been necessary unless a transaction had been consummated. 105 New Hampshire Notes Wanted: Obsolete currency, National Bank notes, other items relating to New Hampshire paper money from the earliest days onward. Dave Bowers P.O. Box 539 Wolfeboro Falls, NH 03896-0539 E-mail: r Always Wanted Monmouth County, New Jersey Obsoletes — Nationals — Scrip Histories and Memorabilia Allenhurst — Allentown —Asbury Park — Atlantic Highlands — Belmar Bradley Beach — Eatontown — Englishtown — Freehold — Howell Keansburg — Keyport — Long Branch — Manasquan — Matawan Middletown — Ocean Grove — Red Bank — Sea Bright — Spring Lake N.B. Buckman P.O. Box 608, Ocean Grove, NJ 07756 800-533-6163 Fax: 732-282-2525 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 106 March/April 2003 • Whole No. 224 • PAPER MONEY Research Exchange: a service for SPMC mezikers Collectors Researching Variety of Paper Money Fields Seeking Assistance from Their Peers on Many Topics I have been investigating these notes for a long time and have found out nothing! I really do need some help. If you can help me please con- tact Joaquin Gil del Real, 546 M/ Niagara St., Burbank, CA 91505 or gildelreal • BANK OF HOWARDSVILLE, Bank of Scottsville, Bank of Esmont, Stissing National Bank, Pine Plains Bank -- I am Interested in acquiring historical information about any of these banks and their obsolete and national issues. Please write Alec Pandaleon, P.O. Box 764, Millbrook, NY 12545 • 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 or John Glynn, 41 St. Agnells Lane, Hemel Hempstead, Herts HP2 lax, 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 or C. John Ferreri, PO Box 33, Storrs, CT 06268 • Can anyone explain? Mrs. E. F. Sell was president of the FNB of Fairfax MN from 1915 to 1952. But the three Series 1929 notes on the bank that I know about all have Albert G. Briese's signature as president. (He was the vice president.) Does any- one know why? Does anyone know of a Series 1902 or Series 1929 note with her signature? Karl S. Kabelac, 105 Raleigh Street, Rochester, NY 14620-4121 or Waterman Lilly Ormsby. For a future article in Paper Money, I am looking for a photograph or other illustration of 19th century bank note engraving genius Waterman L. Ormsby. Contact Robert McCabe, do Toxicology, 5426 NW 79th Avenue, Miami, FL 33166 or • Macerated Money. Wanted any information that would help in publishing a book on items made between 1874-1940 out of chopped up U.S. currency. Who made the products, where sold, etc.? Any help appreciated. Contact Bertram M. Cohen, 169 Marborough St., Boston, MA 02116-1830 or • New York County and town Civil War bounty bonds information wanted. Also information on railroad and turnpike bonds and financing. Contact or Don Farr, 19701 SW 110th Ct #837, Miami, FL 33157. --k2r4.7r" 3400"ii4g7:0 r;,"( teg r -r-- -0 1 A. INVIVNIFIC - — 4$11111423$811101019 .2-. 1890 $1,000 "Grand Watermelon" Note 4assou>,' 9,..011111L..4.,•• ,.F417(gpng.11., lAnS $500 1880 Legal Tender cfaillERM" ,Lulatula re..•••• WAYAll gfg. widulmilVareastnrt Ill.a.asm 4427 vtur.t.11 ,oRigtma Serial #1 Washington Brownback 0001Viiitta•Aly* WlitilfB010110/?...01filt4 G91(1 Cot!! 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 aclatowlege receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. whit Currency Auctions PAPER MONEY • March/April 2003 • Whole No. 224 107 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 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: • Great Commission Rates • Cash Advances •Expert Cataloging •Beautiful Catalogs Call or send your notes today! If your collection warrants we'll be happy to travel to your location and review your notes 800-243-5211 Mail notes to Lyn Knight Currency Auctions P. 0. Box 7364, Overland Park, KS 66207-0364 1882 $1,000 Gold Certificate A Collectors Universe Company Nasdaq: CLCT 19 I. Box 7:931.1ivimEnd Park. KS 119207 • 800.240-5211 • 90-3:38.3770 • Fax: 913-338-4754 • E-mail: • 108 March/April 2003 • Whole No. 224 • PAPER MONEY Mismatched Suffix .Error Series 1999 SI MN' How Rare is It? By Francis X. Klaes TN SEPTEMBER 2001, I DIS-covered a currency error on Series 1999 $1 Federal Reserve Notes. I acquired a note with mis- matched serial numbers, but it was more interesting than most because the numerals were the same but the suffix letters did not match. The left serial number was C67638573E, but the right serial number was C67638573I. I also obtained several other normal notes with the C-E block letter combination, which was the intended one. They confined the error to the range 67,600,001 to 67,800,000 from Run 11, position C3. Further research since then has confined the error to a narrower 15,000-30,000 note range. To my knowledge 12 of these error notes have turned up thus far. It appears that Run 11, postion C3, began normally, but then during this run in position C3 the suffix letter changed in the right serial number from an "E" to an "I". Before the run was completed, the "I" was changed back to NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 117060 Carrollton, TX 75011 SPMC NEW MEMBERS - 11/19/2002 10552 John Sternweis, 3515 N. Bryan Ave, Shawnee OK 74804 (C, Large, Nationals, Gold Certificates), Website 10553 Mike Cooper, 4115 Winterburn Ave, Pittsburgh, PA 15207 (C, Fractional & Obsoletes), Frank Clark SPMC NEW MEMBERS - 12/31/2002 10554 John R. Snell, 1520 Gordon, McPherson, KS 67460 (C, Foreign & US), John Wilson 10555 Craig Watanabe, Box 29933, Honolulu, HI 96820- 2333 (D, Hawaii Related), Bob Cochran 10556 Robert E. Shelley, 5920 Beverly Hill #35, Houston, TX 77057 (C, Fractional), Website 10557 Robert Rickel, 2901 St. Charles Ln, Sioux Falls, SD 57103 (C, U.S. Large Size), Website 10558 Thomas S. Elsroth, 1 Tulip Court, Mahopac, NY 10541 (C, Large, Small, Fractional, Colonial, Continental, Checks, BEP Products, Canadian Obsoletes), Website an "E." According to Stephen M. Sullivan's U.S. Error Note Encyclopedia, such a mismatiched suffix letter error has not been seen previously except in the Silver Certificate $1 Series 1935E, where the left serial number suffix letter is missing. I would like to hear from other collectors who also have found this error. Please write Francis X. Klaes, 13 Primrose Path, Hatfield, MA 01038 or via e-mail at v 10559 John Reichley, 550 Pleasant Ave, Leavenworth, KS 66048 (C, Military Related Currency), Frank Clark 10560 Joseph J. Schneider, 189 Guymard Tpke, Mt. Hope, Middletown, NY 10940-7107 (C, Fractionals), Benny Bolin 10561 Stev;n B. Dana, PO Box 1662, Falls Church, VA 22041 (C, Fractionals), Benny Bolin 10562 Thomas Lapka (C), Website 10563 Gregg Bercovitz, 10831 Roycroft St #75, Sun Valley, CA 91352 (C & D, U.S. Large, Small and Obsoletes), Website 10564 Steven Matsil, PO Box 479, Oceanside, NY 11572 (C, Fractionals, Web Notes, Fancy and Low Serial Numbers), Website 10565 Chester Grusinski (C), Frank Clark 10566 Keith Gover, PO Box 457, Canby, OR 97013 (C, Fractionals), Benny Bolin 10567 Harris I. Darling, PO Box 607, Worthington, MN 56187 (C), Benny Bolin 10568 Mark Jacobson, 11491 Chandler Blvd, North Hollywood, CA 91601 (C, Fractionals), Benny Bolin LIFE MEMBERSHIP LM339 A. Chris Gould, converted from 9263 REINSTATEMENT 7670 Michael Nurembert (C), Tom Minerley 10253 Anthony Iurica (C), Frank Clark PUBLIC AUCTION SALE .ATAIEIRICUTA COLONIAX, ANTI FEDERAL cOK S5 BIF.DALS APED r,""likRT54.7, fist,* 1 , CrPabeura PU IC COIN AUCTION 66' 1111i Vel'tial . y Sale Sa (Private :Iluseum Collection of United States •iite ‘Paper Alone) , .• orpNow OCTOBER 16, 2001 123 WEST 57Ih STREET, NEW YORK, N.Y. PUL-eLIC AUCTION A_MIERICANA SALE COLONIAL AND FEDERAL COINS, MEDALS AND CURRENCY fecauring Selections from the Hain Family Collection Part II January 15, 16, 17, 2002 S.64,96, 125 WEST 575, STREET, NEW YORE, N.Y 10019-22K PAPER MONEY • March/April 2003 • Whole No. 224 109 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. 123 West 57th Street New York, NY 10019 ® Telephone (212) 582-2580 FAX: (212) 245-5018 e-mail: Visit our Web site at pga/ESsiosk NUMISMRSis 511175 • iNe Larry Stack Harvey StackTom Panichella STACK'S NUMISMATISTS Auctions — Appraisals — Retail SINCE 1935 Figure 1 Figure 2 Figure 3 Figure 4 110 March/April 2003 • Whole No. 224 • PAPER MONEY NE OF THE "GEMS" OF ANY CONFEDERATE CURREN- cy collection is the T-35, "Indian Princess" $5 note, produced in 1861 by Hoyer & Ludwig of Richmond, Virginia. A scarce note, of which only 7,160 were printed, it is usually found today in worn Higher grade specimens command a five-figure price on the rare occasions when they are offered for sale. In September 1996, a unique counterfeit of the Indian Princess note was discovered in the Raphael P. Thian collection at Duke University (see Paper Money, March-April, 1997). During a subsequent study of the differences between the counterfeit and its genuine counterpart, an interesting observation was made - the genuine note, previously cataloged as a single variety T-35/271, has at least three sub-varieties. The differences, though minor, occur with the central "Five Dollar" banner and in the lower left vignette. With some T-35 notes, the "Five Dollar" banner is placed so that the upper loop of the letter "V" in "Va.", below the banner, is truncated. Five Three Sub-Varieties of the Confederate T-35 Indian Princess Exist By George B. Tremmel condition. inverted "U" flourishes appear immediately above the banner (Figure. 1). On others, the banner is placed higher so that the "V" loop in "Va." is not truncat- ed, but the three small inverted "U" flourishes are covered, leaving only the two larger flourishes (Figure 2). The second variation is seen in the hat of the overseer in the lower left vignette. On some notes the hat brim has a missing piece or "notch." On other notes, the overseer's hat brim is whole (Figures 3 and 4). The occurrences of the two variations do not appear to be correlated. The study's population of 25 Indian Princess notes showed the following occurrences of the two features: Truncated "V" Hat Brim Notch Present 16 8 Absent 9 17 25 25 The two above features were exhibited in three combinations in the study population - Truncated "V" with Notch, Truncated "V" with No Notch and Full "V" with No Notch. (No notes exhibiting the Full "V" with Notch were observed, though they possibly may turn up in the future.) The occurrences of the three combination in the study population were: Truncated "V" with No Notch 8 Truncated "V' with Notch 8 Full "V" with No Notch 9 PAPER MONEY • March/April 2003 • Whole No. 224 Collectors! E-Z! Numismatic eNewsletter Its FREE! and Simple! s MST! Get all the hot hobby new t.,0%,VrtN5.7' 7 Standard Catalog of World Coins, 1701-1800, third edition For FROM THE EDITOR The results are in, a winner of the Coin of the Year contest was :hosen.You can read What makes one coin better than another? Each of us should take jon that question: what makes one coin more interesting than another to you? The process of deciding is highly sub q-..tive. But,find a if you sat down to select your own coin of the year, y way to rate them—artistic style, size-appropriate dethey innovation—whatever your preferences clear. If you made this a group activity, you of core sensibilities regardi • s. We should all give it a shot. program considers coins of t time. Pick your top coin or time, or state qu could have winner possibilities are man Try this at a monthly co and your friends' coil to widen the fiel• it we won' vao. ChrnA•Y 17014•0• Log on to Go to Coins and Paper Money category Click on any of the five numismatic publications. A pop-up box will appear and Id you subscribe immediately: Bank Note Reporter Numismatic News World Coin News Coins magazine Coin Prices 700 E. State St., Iola, WI 54990-0001 800-258-0929 Hours: M-F 7am-8pm, Sat. 8am-2pm CST ,;,!;.:4-4.....--1,.,,t,...,a.;,,,,.,.:.,11.,4.1.Y.' • 1 4...i4i41 -1,41,...4*"tiaATI=.," XL;z1 - 4:41,i. 4 .41;N:.= -3•1ri...1.-AAP=4 riii.a , i'' ''' ( ""•■lor II'./ . , . ' t:';.0 .„ ,, .,. ,,,,.„ b e.„„„; , / / . /// / / /A.' ////t. ' I 4i • 4//'i' //// ( /di( if A...JW '■ y i '', ,,,, afv, / / 4/ ''',/,/////y 1/////r /// '7%/1/ V /j ////' / , ,, l'Tia p.,-Ci-tillAtereA / / ////77, . .' / /_,....,_(/////.% ./////////:/:'/ /:(//114;// 't / -... --.7 5. ..-- ://///((// , FIVE. DOLLARS 4 . . /44,/if i 7.5 /1/40/1:/i/i 7 /f ///ifir/:( 112 March/April 2003 • Whole No. 224 • PAPER MONEY Figure 5 Figure 6 Figure 7 While these differences probably are not significant enough to merit sep- arate variety designations for the T-35 type, they do merit a sub-variety identi- fication for the CR-271 variety. One recommended approach would recog- nize, that since the Truncated "V" occurs in 16 out of 25 notes, the first two sub-varieties (A and B) should reflect that. This leaves the Full "V" with No Notch as sub-variety C. In summary, then: Truncated "V" with No Notch CT-35/271A (Figure. 5) Truncated "V" with Notch CT-35/271B (Figure. 6) Full "V" with No Notch CT-35/271C (Figure. 7) Future editors of Confederate currency catalogs are certainly free to identify the T-35/271 Indian Princess sub-varieties as they see fit, but for the sake of completeness, their existence should be noted. PAPER MONEY • March/April 2003 • Whole No. 224 113 Acknowledgement The author is grateful to Hugh Shull, of Camden, SC for commissioning the original study and for his assistance in acquiring images of many of the notes that were examined. Sources Criswell, Grover C. Comprehensive Catalog of Confederate Paper Money. Port Clinton, Ohio: BNR Press (1996). Tremmel, George B. The Confederate Indian Princess Counterfeit - A Collector's Discovery," Paper Money, Society of Paper Money Collectors (No. 188, March-April, 1997), pp. 35-37. • 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: INSURANCE For The PaperMoney Collector Your homeowners insurance is rarely enough to cover your collectibles. We have provided economical, dependable collectibles insurance since 1966. • Sample collector rates: 53,000 for S14. S10,000 for $38, $25,000 for $95, $50,000 for $190, $100,000 for $278, 5200,000 for $418. Above 5200,000, rate is $1.40 per $1,000. • Our insurance carrier is AM Best's rated A+ (Superior). • We insure paper money, paper ephemera. manuscripts, books. autographs and scores of other collectibles. "One-stop" service for practically everything you collect. • 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 collectibles. • Detailed inventory and/or professional appraisal not required. Collectors list items over $5,000, dealers no listing required. • See our website (or call, fax, e-mail us) for lull information, including standard exclusions. Collectibles Insurance Agency P.O. Box 1200-PM • Westminster MD 21158 111111111111111 E-Mail: VISA" 41t. Call Toll Free:1-888-837-9537 • Fax: (410) 876-9233 More Info? Need A Rate Quote? Visit: See the online application and rate quote forms on our website 114 March/April 2003 • Whole No. 224 • PAPER MONEY Wismer Catalog Update By Steve Whitfield SPMC Wismer Project HE LAST TIME I UPDATED THE STATUST_ of the SPMC's Wismer project was about five years ago. A few good paper money reference books have been published since that time, but, at the rate we are going, we will need until nearly 4000 AD if we are ever going to complete this project. It is the same problem as always. These are volunteer works by peo- ple who are busy with their lives. Also, many states do not have a designated, volunteer author who is currently known to SPMC. Even for the books that have been completed, sev- eral of which have become valuable collectibles them- selves, much new information and many new notes have surfaced, so they are no longer current. Catalog updates were published in Paper Money for Iowa and Kansas many years ago, but they were exceptions to the rule. Complete revisions and expansions have also been writ- ten for Mississippi and Kansas, but we are experiencing technical problems in getting them into print. The good news is that Kentucky finally got published and the Historical Society of Maryland has published a state volume. New York Scrip by Gordon Harris has also been privately printed. Five years ago I also wished for several other cate- gories of currency related catalogs to be completed. Many of those have been done, including a volume on Sutler Scrip and a recent book on advertising "Look-a- Likes" by Bob Vlack. I also did an article for Paper Money with some new information on Labor Exchange notes. (See Vol 37, Whole #197, pg 147.) Two other catalogs I hoped to see were a volume on Railroad Scrip and Depression Scrip Issues before 1932. We are still waiting on the last two, but I believe they are being actively worked on. As of now, here is the status of record for the vari- ous states, as I know it. REGION AUTHOR(S) STATUS NEW ENGLAND CT John Ferreri, Roger Durand ME* * Geo. Wait MA NH Q.D. Bowers, D. Sundman NH K. LaFond (scrip) RI* * Roger Durand VT* Mayre Coulter * Published by SPMC as part of the NORTHEAST Ni* George Wait NY John Glynn (banknotes) Coordinator Reference Works on Paper Money By Steve Whitfield OVER THE PAST 30 YEARS I HAVE WATCHEDas many paper money reference books were researched, written and finally published. From the days when there was very little information about the paper notes we love to collect, to today, when one can pick up a refer- ence work on almost any aspect of the paper money field, we have come a long way. The more information made available, the more interest is generated in the hobby and the better for us all. To be a serious paper money collector one must have a paper money reference library. From Type Notes to Nationals, from Depression Scrip of the 1930s to Coal Company Scrip, and from Colonial Currency to Obsolete Bank notes; there is some information available, and in many cases a lot of information available, to help the collec- tor both new and old. Of course, I have purchased all of these reference works as they became available and eagerly await more of them. Most recently I received delivery of the new Advertising Scrip book by Bob Vlack, from R.M. Smythe. The most eagerly awaited, yet to be published ref- erences, are the future state Obsolete Note catalogs that will hopefully be produced by the Society of Paper Money Collectors, or by individual publishers. We really don't care as long as the information gets into print. Volunteers are solicited. Several books, still needed by the hobby, have been in the works for many years. They include a book on large size Depression Scrip (notes issued before the 1930s), and a catalog of Railroad Scrip, which several long time collectors are working on. Another possible topic for a paper money reference, might be "Federal Legislation Authorizing, Prohibiting or Affecting the Issuance of Paper Money." We all know about the 1865 legislation that taxed Obsolete Notes out of existence, but there were many other currency related laws. For example, I have run across a number of references to merchants taking out a "Banker's License" during the Civil War and paying the Tax Collector for the privilege. What was that? Could anyone be a banker, with all its associated rights and privileges just by paying a tax during the Civil War? What were the details? There are many subjects that could make a worthwhile contribution to available Paper Money Reference material. All it takes is time and effort to do the research and get it typed. I suspect that publishers are eager to produce any worthwhile reference manuscript presented to them. And, even if budding authors have to publish their own works at the local Kinkos, I'll wager there is a market in the hobby that would at least cover expenses. And think of the satis- faction at being referred to as the author and resident expert of this or that paper money topic! + In progress Completed Vacant (Est. 2004) In progress Completed Completed Wismer Series Completed In progress PAPER MONEY • March/April 2003 • Whole No. 224 115 New Hampshire Bank Notes Wanted Also Ephemera 4 fi e.„ „, X ligICOMLII anill-- 2 .1 ////)/( ,// 77/ /77/////w, //' /7/7/f / *{.44/ I449 c • P VC 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 P.O. Box 539 Wolfeboro Falls, NH 03896-0539 E-mail: N.vrahrooi. • .0 MO. •01-1, NiT1011A PAH 'It VfliNeiN 'reptis • t% .110.1.S0. .0.1• TEN toolLs.t.stft C000689„ 116 March/April 2003 • Whole No. 224 • PAPER MONEY NY Gordon Harris (scrip) Completed PA* R.T. Hoober Completed MID-ATLANTIC DE Terry Bryan DC MD Pub'd by MD Hist. Society VA Charles Affleck WV (included in Virginia) LA Vacant MS* L. C. Leggett Completed Kraus Update ready NC Vacant SC Austin Sheheen In progress TN Paul Garland (d) (banknotes) Completed (scrip) Vacant 7X* Bob Medlar (d) Completed In progress Vacant Completed Completed Completed Completed Completed MIDWEST AR* Matt Rothert (d) IA* Dean Oakes KS* Steve Whitfield (Revision ready) MO Eric Newman In progress NE See Walton & McKee Completed OK* Maurice Burgett (d)Completed NORTH CENTRAL IL IN* Wolka, Schramm & Vorhies Completed Earl Hughes Completed OH* Wendell Wolka (Est. 2004) MI W. Lee, L. Falaterin progress MN" Rocky Rockholt Completed WI Chet Krause Completed SOUTH AL* Walter Rosene Completed FL* Harley Freeman Completed GA Vacant WESTERN & PACIFIC STATES AK AZ CA Colorado HI ID MT NV NM ND SD OR Dick Naven In progress Utah (See Al Rust) WA Dick Naven In progress WY Vacant Note: Some auction catalogs have included excellent repre- sentative state collections, such as CA, IL and MO. We need volunteer authors for the following states: (1) MA , (2) DC, (3) GA, (4) LA, (5) NC, (6) CA. Anyone interested in volunteering please notify me at Steve Whitfield, PO BOX 268231, Weston, FL 33326. liffit (See book on AK tokens) (See Hal Birt's Book/Pamphlet) Vacant (See Mumey classic) In progress H. Wigington (d) PM Vol 12 #46, pg 55 (See Book Sweet 16) Engraved Vice President Small Size National MHERE ARE VERY FEW ENGRAVED OFFI- cer signatures besides president and cashier on small size National Bank Notes. However, I would like to share with you one that is in my collection. It is a $10 Type 1 on The Herring National Bank of Vernon, Texas (charter #7010). As you can see in the right hand corner of the note, the engraved signature is of one Les Johnson with a rather prominent "V" after his name which makes this a vice president's signature on a small size National. However, all small size notes on this bank do not have this signature combination with the extra "V" for vice president. This is the only note observed by the author that has the engraved vice president signature for this bank. The bank is still in business today. It was founded by Colonel C.T. Herring in 1899. The building is shown from a vignette on an early 20th Century check. v We are proud to continue the numismatic legacy begun in 1933 Specializing in Quality and Rare U.S. Currency U.S. Large Size Fractionals U.S. Small Size Nationals National Gold Bank Notes Kagin's -- an established name for conservative grading of quality notes. We specialize in building U.S. currency collections of premium quality and rare notes. Favorable terms to suit your individual needs. 98 Main Street #201 Tiburon, CA 94920 1-888-8KAGINS Call Judy BUYING AND SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Certificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. Foreign Notes from over 250 Countries Paper Money Books and Supplies Send us your Want List . . . or .. . Ship your material for a fair offer LOWELL C. HORWEDEL P.O. BOX 2395 WEST LAFAYETTE, IN 47996 SPMC #2907 (765) 583-2748 ANA LM #1503 Fax: (765) 583-4584 e-mail: website: PAPER MONEY • March/April 2003 • Whole No. 224 117 Why? Why do the leading paper money dealers advertise in PAPER MONEY? Because they are the LEADING DEALERS & They intend to remain THE leaders! • You can be a leader too • • Advertise in PAPER MONEY • Buying Carl Bambara Selling United States Currency P.O. Box 524 .r.6.0mm •i New York, N.Y. 10116-0524 Itirj&A Phone 212 989-9108 I) 0 \t 0 R IS THE #1 WHOLESALE SOURCE OF Paper money (historical & modern), notgeld, coins (Chinese, Roman, modern, etc.), tokens, stamps checks, Primitive monies, etc. Wholesale list is available on request Please contact us at: P. 0. Box 2, Ridgefield Park, NJ - 07660 - USA Toll Free: 1-800-775-8480 Telephone: 1-201-641-6641 / Fax: 1-201-641-1700 E-mail: / Website: DO YOU COLLECT FISCAL. PAPER? The American Society of Check Collectors publishes a quarterly journal for members. Visit our website at or write to Coleman Leifer, POB 577, Garrett Park, MD 20896. Dues are $10 per year for US residents, $12 for Canadian and Mexican residents, and $18 for those in foreign locations. THE BUCK Starts Here A Primer for Collectors BY GENE HESSLER March/April 2003 • Whole No. 224 • PAPER MONEY118 Female Note Engravers Few But Talented Group 4EN CONTINUE TO DOMINATE THE VI security engraving field, however there have been and continue to be female picture and portrait engravers. This area of security engraving requires an apprenticeship of seven to ten years. The only female pic- ture and portrait engraver to work for the National Bank of Austria was Maria Laurent (b. 1938). In addition to a number of attractive Austrian postage stamps, Mrs. Laurent engraved the portraits of Carl Ritter von Ghega on the 20 schilling note P(ick) 142, and Wolfgang Amadeus Mozart on the 5000 schilling note P153. Maria Laurent studied at the Vienna Graphic Art School and the Academy of the Applied Arts in Vienna. Maria Laurent She retired in 1993. Armandina Lozano came to the U.S. from Mexico in 1983. In addition to her studies in Mexico Ms. Lozano studied at Thomas De La Rue in England and the Engraving School at La Banca de Italia in Rome. From 1978-1982 she engraved at the Banco de Mexico. Armandina Lozano joined Jeffries Bank Note Co. in Los Angeles in 1983; this company was acquired by United States Bank Note Corp. in 1989. The portrait of Jenny Craig on her company stock certificate was engraved by Ms. Lozano. Canceled stock certificates may be available from dealers who specialize in canceled stocks and bonds. One of these certificates should be available for a few dollars. This extremely talented and dedicated artist now works as a free-lance engraver. If you send priority mail and used the $2.90 stamp before rates were increased, you used a stamp that was engraved by Armandina Lozano. (See Paper Money No. 165 for more about Ms. Lozano.) Further south in Latin America, Brazil in South America to be precise, there is another female security engraver -- Dalila dos Santos Cerqueira (b. 1950). She received her art training in Sao Paulo and Rio de Janeiro. In addition to her work as a picture engraver, this irtist is also a letter engraver and a medalic sculp- tor. Dalila dos Santos Cerqueira contributed to the picture engraving work of the following bank notes from Brazil: 1000 mil cruzados, P213; 10,000 cruzados, P215; 50,000 cruzeiros, P204; and 100,000 cruzeiros, P205. She shared the engraving of the latter note with the recognized engraver, and one of her teachers, Czeslaw Slania. Although she is no longer employed by the Swedish Postal Service, Majvor Franzen-Matthews engraved a number of postage stamps between 1967 and 1980. Some other colleagues at the Postal Service, i.e. Zlatko Jakus, Martin Morck and Czeslaw Slania also engraved bank notes. Therefore, it is possible that this blond Scandinavian could also have engraved bank notes. There are at least two more female engravers, both Scandinavian, who will he dis- cussed here in the future. There have been and undoubtedly are female security designers. The most recognized is Martha Morris (1865-1913). She was the sister of famed secu- rity designer Thomas F. Morris, who designed the backs of the popular 1896 Silver Certificates, or Educational Notes. At 19 Martha Morris joined American Bank Note Company. In 1887 she and her brother moved to the Homer Lee Bank Note Company. Seven years later the female designer moved to the International Bank Note Company, and remained there for seven years. Two of her designs were created for railroad companies: the B&O Railroad (1898), and the Jalapa Railroad & Power Co. (189_). In 1960, 30 years before the velvet revolution in Czechoslovakia and 33 years before the country was divided, a 10 korun, P88, was issued. The face and back designs are credited to Maria Medvecka. This note is readily available for about $5 or less. Ms. Medvecka (1914-1987) received her higher education in Bratislava and Vienna. She was, at the time this note was issued, the only female Slovak painter to be declared as a National Artist. (Copyright story reprinted by permission from Coin World, May 27, 1996.) - •gtkiK,` t-t 10: 141.)1,41*--r . „, !I; r .11 1 Ir. OrriA, 4:5 . pima") arab die tiollarT F,414.4.u;:r.t, -"NrA_J. 4 :Ulitit .R.44.3,-, kfr:1 4 7:11,0„, Pr110140 tllilitliteRtskilmikfrant 14441tini. Itiaza lily alum') Dothmi PAPER MONEY • March/April 2003 • Whole No. 224 119 Hey, Doctor this Proctorsville Plate! THE APPROVAL DATES ON THESE TWOproofs are one day apart, June 5 and 6, 1885, yetthey are from the same 10-10-10-20 Series of1882 Brown Back A-B-C-A face plate prepared for THE PAPER COLUMN by Peter Huntoon The National Black River Bank of Proctorsville, Vermont (charter #1383). This is a red flag! When this pair came together while sorting the Vermont proofs recently, all work ceased while we tried to figure out what had happened. Obviously there was a problem that caused a second proof to be made. Study the June 5th proof to see if you can see it before proceeding. Don't see it Hint: look for the tiny hand that someone drew on the $20 that points to the problem! That's it, the script version of Proctorsville is misspelled Acknowledgment Preparation of this article was partially supported by the National Numismatic Collections, National Museum of American History, Smithsonian Institution, Washington, DC. The assistance of James Hughes, Museum Specialist, is grate- fully acknowledged. Sources of Data Bureau of Engraving and Printing, 1875-1929, Certified proofs of national bank note face plates: National Numis- matic Collections, Smithsonian Institution, Washington, DC. -52== Proctersville on all four subjects! spot this one. Unfortunately the error was caught just after the plate was approved, and was repaired immediately. No errors were printed from it, depriving us of a most unusual engraving error. The repair was rather easily accom- plished. A new, flat intaglio steel die was engraved with the cor- rect script spelling and hardened by heating, from which a new soft steel roll was made using a transfer press. The roll, with the image in relief on is surface, was in turn hardened, and next used four times to press the correct spelling onto each of the subjects on the plate, again using a transfer press. The transfer process simulta- neously obliterated the misspellings and left the corrected version in their place. Someone had a keen eye to The PRESIDENT'S Column By FRANK CLARK March/April 2003 • Whole No. 224 • PAPER MONEY120 I WOULD LIKE TO ANNOUNCE THElappointment of industrious Wendell Wolka as our Advertising Manager. Wendell has held virtually every position in SPMC, and I know he will do a good job. Wendell will be working with our Editor Fred Reed to improve our advertising services to our valued advertising partners. I also want to thank each adver- tiser in Paper Money and all of our wonderful members who have renewed their dues for another year. Each member MUST help in spreading the word about what a wonderful organization we belong to. Paper money collecting has really exploded in the last few years, but our membership has not. So, if you know a fellow collector, ask them to join. In 1980, an SPMC member asked me to join, and I have loved it ever since. A wealth of information can be gleaned from the pages of Paper Money and from talking with other members of SPMC. More members mean an even better organization and more each of us get out of it. v Frank Comprehensive Paper Money Index PAPER MONEY will accept classified advertising on a basis of 15e per word (minimum charge of $3.75). Ad must be non-commercial in nature. Word count: Name and address count as five words. All other words and abbreviations, figure combinations and initials count as separate words. No check copies. 10% discount for four or more insertions of the same copy. Authors are also offered a free three-line classified ad in recognition of their contribution to the Society. These ads are denoted by (A) and are run on a space available basis. 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: (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 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 8942 3-1 649 (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 Ti). 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 (228) By George Tremmel Now For Sale Includes complete listing to all issues of the SPMC journal Paper Money 1962-1999 • 130-page Hard Copy only $12 • • Hard Copy & Floppy Disk only $13 • (searchable) Make checks payable to SPMC Mail to: Robert Schreiner POB 2331 Chapel Hill, NC 27515 -2331 WANTED KANSAS. Obsoletes -- Checks -- Drafts. S. Whitfield, 879 Stillwater CT, Weston, FL 33327 (234) SOUTH BEND, INDIANA. Obsolete paper money from South Bend or St. Joseph County wanted. Bob Schreiner, POB 2331 Chapel Hill, NC 27515-2331; email: (228) WANTED. Civil War scrip of EDWARD D. EACHO, Richmond, Virginia. Please contact Ken Latimer, 1385 Belmont Rd., Athens, GA 30605, e-mail I a ti m er@vetuga .eclu (225) EVANSVILLE INDIANA NATIONALS WANTED. Most large size and the following smalls: #2188 Type II $20; #12444 Type I $5 (McCurdy president) Type II $5. Thanks! Dave Grant, 1229 Red Oak Plantation, Ballwin, MO 63021 (225) CONWAY MASS WANTED. Large and small Nationals from the Conway National Bank, Conway Massachusetts. Contact Stephen at (508) 785-0725 or (224) 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) AUTHORS RECEIVE FREE CLASSIFIED AD. Authors of arti- cles in Paper Money can request a free 3-line ad. WOW! (PM) EXPAND YOUR COLLECTION. Classified ad rates are low, low, low in Paper Money's "Money Mart." (PM) PAPER MONEY • March/April 2003 • Whole No. 224 121 rWANT ADS WORK FOR YOU R SPMC Founding Fathers were a smart breed. They knew Collector-to-Collector Want ads work. That's why they created "Money Mart" so they could place THEIR WANT LISTS before the rest of the members of our Society Up to 20 words plus your address in SIX BIG ISSUES only $20.50/year!!!! * * Additional charges apply for longer ads; see rates on page opposite -- Send payment with ad SPMC's Founding Fathers built some great paper money collections that way Now YOU be a smart guy/gal too. Put out your want list in "Money Mart" and see what great notes become part of your collecting future, too. (Please Print) L ONLY $20.50 /YEAR ! ! (wow) BUY ALL U.S. CURRENCY Good to Gem Unc. 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 1001 Des Moines, Iowa 50309-2316 (515) 243-7363 Fax: (515) 288-8681 At 83 It's Still Fun - Currency & Coin Dealer Over 60 Years I attend about 15 Currency-Coin Shows per year Collector Since 1928 Professional Since 1933 Founding Member PNG, President 1963-64 ANA Life Member 103, Governor 1983-87 122 March/April 2003 • Whole No. 224 • PAPER MONEY SPMC Election: 5 Candidates Vie for 5 Seats A S PROVIDED FOR IN THE SOCIETY BYLAWS, A .C1"Call for Nominations" for SPMC Board of Governors can- didates was published in the JAN/FEB 2003 issue of Paper Money, page 75. Five candidates qualified for the four vacant seats open on the SPMC Board. In addition to the four seats becoming open due to expiration of board members' terms announced in that issue, President Frank Clark has since announced he is stepping down from the Board of Governors with the expiration of his term as President effective at the June meeting, but intends to remain a member of the Executive Board as the Society's immediate Past President. Since five candidates have qualified for five vacant seats on the Board of Governors, no general election is necessary. The Society Secretary will cast a single ballot for each of the five candi- dates qualifying for the election. Each candidate has provided information and a photo as shown. Candidates have been listed at random by the Editor. Benny Bolin A current SPMC Board Member, Benny is a Registered Nurse, and Trauma Program Manager at Baylor University Medical Center in Dallas, TX. He holds a BS in Biology from Baylor University; AD in Nursing from El Centro College; and an MS in Management from University Texas at Dallas. Married to Kim for 21 years, the couple has a son Brandon, 10 years old, who "has been to Memphis every year since birth," Bolin notes. Benny began collect- ing coins (mainly large cop- pers) at age 8, 38 years ago. He sold his entire coin col- lection in 1982 and began collecting Fractional Currency and South Carolina obsolete notes, fis- cal paper and stocks/bonds. SPMC #6795, Bolin is also a member of the Dallas Coin Club, TNA, FCCB, and ASCC. He edits both the TNA News and FCCB Newsletter. Bolin has exhib- ited at Memphis since 1985 with multiple awards including the "Julian Blanchard Award" in 1998 for South Carolina proofs. He won the "People's Choice Award" at ANA mid-winter in Dallas in 1992, and "Best of Show" at TNA three times. Bolin has served as TNA exhibit chairman. He is an author of many articles on fractional and SC obsoletes in Paper Money and 77\h1 NC7VS. He won the TNA Tidwell literary award three times, and also received the TNA Presidents' award in 1995. His major research projects include Spencer Morton Clark and CSA watermarked paper. Benny's goals: "I currently feel that SPMC is like all other hobby clubs, suffering from collector apathy and time constraints. I hope to inspire people by leading by example to do more for the hobby and contribute in some way." Mark B. Anderson Current SPMC Treasurer and Board Member, Mark Anderson has been a paper money collector since the age of I1. While he would admit to other acquisitive tendencies, such as some coins and stamps, paper money has always been his principal focus. He began col- lecting when he received, to him, an unusual hill in change on a bus in 1967. Curiosity about the note begat accumula- tion of others like it, and with time, collec- tions of Spanish, Swedish, and United States paper money. He today collects each country by type and also has several spe- cialized collections, including Swedish pri- vate bank notes, Spanish Civil War currency, and Wisconsin National Bank Notes. Within the first year of his collecting, Mark's father, Burnett, became interested in coins. This led to the elder Anderson's long second career with Krause Publications. Until Burnett's death in 1998, father and son often traveled to shows and auctions togeth- er. A 26-year veteran of commercial banking in the metropolitan New York market, most recently as Executive Vice President and Senior Managing Director of the Commercial Markets Group for Citibank, N.A., he finds that the lessons of history, particularly economic, political and social, can be learned and illustrated with the stories that paper money tells. "As the world of banking evolves at an accelerated pace, the issues and needs remain con- stants; only the tools are changing," the veteran banker opines. Mark has a BA in Economics received from the University of Rochester in 1977, and an MBA in Finance and Accounting awarded by the same school in 1978. He succeeded Tim Kyzivat as SPMC Treasurer six years ago, and is standing for reelection for another term. Mark is a longtime member of the SPMC (member #7300) and the IBNS. Judith Murphy Past President and current Board Member, Judith Murphy is LM#262/HLM #11 of SPMC. She was the first woman Vice- President and President of the Society. In recent years, Judith has been responsible for con- ducting highly suc- cessful SPMC region- al meetings around the country. She has also held high offices in several regional and state numismatic orga- nizations, including the Blue Ridge WORLD PAPER MONEY specialized in Poland, Russia & E.Europe ATS notes Free Price List Tom Sluszkiewicz P.O.Box 54521, Middlegate Postal BURNABY, B.C., CANADA, V5E 4J6 I PAPER MONEY • March/April 2003 • Whole No. 224 123 I Numismatic Association, and is a current Board Member of the North Carolina Numismatic Association. Judith was named a "Numismatic Ambassador" by Krause Publications, and has received the "Glenn Smedley Award" from the American Numismatic Association. She and her husband Claude are fre- quent attendees at convention bourses. They live in Winston- Salem, NC. Tom Minerley Tom Minerley has been an SPMC member since 1987 and most recently served as Society Secretary. He has attended all Memphis shows since that time, exhibiting in about half of them. At last year's Memphis show, he received the PCDA Hickman Award for his display of National Bank Notes. Tom has also attended most St Louis Paper Money shows during that time. Minerley is the author of several arti- cles in Paper Money, contributed to John Hickman's National Bank Note census for New York State, and advised author Ruth Roerig for The History of Ballston Spa National Bank. Tom "would like to see the general membership involved in creating a state-by- state registry database Announcing Paper Money's Upcoming Specialty Publishing Program September/October 3rd International Currency Special Issue January/February 1st U.S. Obsolete Currency Special Issue May/June 2004 3nd U.S. National Bank Note Special Issue Reserve your advertising space now Full Page rate $300 Half Page rate $175 Quarter Page rate $100 Contact Editor NOW Deadlines are July 15th (International Ads) & Nov. 15th (Obsolete Notes) respectively of available NBN to give the average collector real-time and updatable census information upon which to make intelligent buy- ing decisions and develop collecting strategies." Ron Horstman Ron Horstman is a current member of the SPMC Board. A native of St. Louis, Horstman collects obsoletes and Nationals from that area. SPMC life member #12, he was accorded Honorary Life Membership in the Society in 2001 in recognition of his many contributions to SPMC since he joined in 1964. Ron has written for Paper Money and other publications. A recent con- tribution to this magazine detailed his search for the location of a rare Missouri scrip note. A major article on a Missouri banker will appear in our next issue. Horstman is also a LM of the Missouri Numismatic Society, and Honorary Life Member #1 of the PCDA. He has served as General Chairman of PCDA's St. Louis show since 1986 and was instrumental in secur- ing SPMC co-sponsor- ship of that annual event, at which he has presented education forums several times in recent years. STOCKS & BONDS MONTHLY MAIL BID SALES RR's, Mining, Banking, etc. etc. Something For Everyone FREE LISTING I RICHARD T. HOOBER, JR. I P.O. Box 7917, North Port, FL 34287 Phone or Fax (941) 426-2620 r I I I I BAN INDONESIA ADMIT 014( SPMC BREAKF),1T JUNE 14, 210* SERATUS RUPIAH ...... 124 March/April 2003 • Whole No. 224 • PAPER MONEY Part Itz More Additions IQ A Catalog of SPMC Memorabilia By Fred Reed Y DAD WAS FOND OF QUOTING AN OLD V1, German proverb to the effect that "Man proposes; God disposes." And I've found out over the years that even the best laid plans often go awry, "aft gang a'glee" in the words of Scots' poet Bobby Burns. Anyway, non-profit organizations like SPMC are NOT immune from the working out of "Murphy's Law," and last year's Memphis members' breakfast souvenir ticket proves the wisdom of all these explanations. By now I should have confused you, Dear Reader, suffi- ciently well enough to go on with my story.... Each year about 100 stalwarts get up really early one of Anmna Terr.tory aKtltd :oat ater anvertrnant la:en :wade prtv ate rank roar. nbar,atr. Ye, a ahcrtage of Soon. rurrer.ey eaused a nn,b, or trader. Ana rr.rehants mime thei+mynarrip.c.g.11se Lord & one dt:Car note reprodneed above. Dr. Char:. II. Lord and %Y.1k SiTharna migrated Tarritnr, in ilia liaCL'a Ir75 UHT opened the firm bank in the terrttorr tkittAt thr> oiret..i•lorob kirn • thrir.a.m.reantile lire...,, 11075a,d IR79 lard & WI!liana is.nard Krill in S. In. 25.1160-Mu and on. dor. dem:mina:ions. The noteawere printed by Thaintetainery. Stationer, New York City. AS was common pr.:flea ,nthoae dare, dpAig/1 rru engird from another bar knot. mm pany'. ark. Model fa■ th. TraLan. to Site left fro, an miginal die. tea, by th• Csmiranaa: Bank Note Company. ra+a- for-Arr.."' into the Bark Iota Comp•ty. Nett. York the first days of the Memphis show to convene, meet up with old friends, chow down on some eggs or a pastry and whoop it up when the Tom Bain raffle prizes are awarded by perennial emcee par excellence Society Vice President Wendell Wolka. Typically member John Wilson comes up with some kind of souvenir ticket and board member Judith Murphy collects loot for the breakfast tab, while Treasurer Mark Anderson and helpers sell the raffle tickets and "strong arm" donations for the raffle. These shindigs raise a few bucks for Society coffers. Past year's souvenir meal tickets have been the subject of three installments of this series, which commenced with a look back all the way into the dark mists of SPMC history in our big 40th Anniversary Commemorative Issue in January 2001. 2002 Memphis SPMC 2002 Souvenir Breakfast Ticket All was in readiness again last year. Ticket data was duly rubber stamped on cut down 1983 ANA souvenir cards with an impression of a $1 merchant scrip note of Lord & Williams, Tucson, Arizona Territory, which had previously served as the base for the 1995 Memphis souvenir breakfast ticket. However, somewhere on the way from Ohio to Memphis, Buckeye Wendell turned right instead of left and relocated his domicile in Indiana becoming a transplanted Buckeye known as a Hoosier. While packing for his move the tickets were "misplaced." Thus, those tickets became the "ones that never were." We illustrate the face/back of one (#001 above) that luckily had been retained by President Frank Clark when he signed the hatch of tickets before the mishap. A second specimen (#020) was sent to Bank Note Reporter for illustration purposes. The hack has a statement from an ABNCo officer. Well, ever resourceful, Mr. Wolka came up with a substi- tute a few days before the affair, acquiring 100 rupiah Bank of Indonesia notes from a wholesaler, another rubber stamp from Kinko's ["Official Overstamper for SPMC") (note the differ- ing legend) and arrived at the show with a suitable replace- ment. In September, the original tickets re-appeared in one of the boxes packed for his move. These will be, according to Wolka, garishly overstamped with "REISSUED 2003" or some such notation for future use. Sure, sure . . . let's see if you can hold on to them this time, Wendell. Deadline for George Wait Prize at Hand AS ANNOUNCED IN THE NOV/DEC 2002 PAPERMoney, 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 support 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's award went to Forrest Daniel for his manuscript on small size Treasury Notes used to finance the War of 1812. A copy of the rules may be obtained from the Editor for a SASE, or via e-mail at 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 kttlai PCDA, SPMC 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 Pons 4501 Connecticut Avenue NW Suite 306 Washington, DC 20008 (202) 363-6650 Fax: (202) 363-4712 E-mail: Member: SPMC, FCCB, ANA 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 archivai te tools for seriomoollectors 1 SOVEREIGN" MYLAR SLEEVES 81. ENVELOPES 1 Sovereign - Currency Storage - E -mail: in the Archivalware i i Just one of the categories Catalog. 40 full color pages of Archival Collectibles 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: PAPER MONEY • March/April 2003 • Whole No. 224 125 126 March/April 2003 • Whole No. 224 • PAPER MONEY Reference Books Sought NEWER REFERENCE BOOKS ON A VARI-ety of paper money subjects are missing from the SPMC Library, which has been neglected for much of the past decade. Authors or publishers of reference books/catalogs published during this period are encouraged to donate examples of their volumes to update our revitalized library. Donations to this worthy project are tax deductible for the cover price of the work, and books may be shipped directly to the SPMC Librarian. Write First. Donors will be acknowleged in a future issue of Paper Money. v Librarian's Notes chreiner, Librarian THERE ARE A COUPLE OF NEW BOOKS TOreport. How to Identify Prints by Bamber Gascoigne is a widely-respected book from the art world that will interest people who want to understand the printing technologies that are used to make paper money. Written in encyclopedia format, it covers more printing techniques than most of us have ever heard of much less understand. Highly recommended for the specialist or anyone who is curious about how images are put on paper. A donation from Bowers and Merena via Steve Whitfield is More Adventures with Rare Coins, by Q. David Bowers. Subtitled "Fifty Favorite Numismatic Stories," its focus is hardly paper money, but it is never- the-less very interesting. The SPMC Library can now provide copies of arti- cles from Paper Money. This service, unlike borrowing materials, is available to anyone, not just members. There is a 25 cents per page charge plus actual postage. This copy service is limited to items from Paper Money. You may borrow our Paper Money Index, compiled by George B. Tremmel, and complete through 1999 to help determine your needs. A few printed copies of this index are also still available for sale: $12 for the index or $13 for the index plus an electronic, searchable copy on floppy disk. Being able to search the electronic version is very handy. We will buy the paper money-related books that you want. Your suggestions are always welcome. We also welcome donations of materials. You will receive a tax receipt. Please write before you ship material. Library materials are available to members for the round trip cost of insured postage. Please address bor- rowing requests and other inquiries to Bob Schreiner, SPMC Librarian, POB 2331, Chapel Hill, NC 27515- 2331, email .00 The Editor's Notebook Fred L. Reed III Columnists You Can Rely On One of the best read areas of any publication is its columns. Why else would newspapers and magazines pay big bucks for talented writers with viewpoints to offer. The same can be said of us here at Paper Money. We pay the "big bucks" (figuratively, not really) to a small number of talented niche writers who have proven over the years that he/she can "come through with goods" over and over again. Over time, the names of our columnists have become familiar to our regular readers, who have come to regard their favorites as "friends." The names of our recent columnists have become household hobby names on many Main Streets across the SPMC landscape. Frank Clark's "About Texas Mostly," Bob Cochran's "Bank Happenings," Forrest Daniel's "The Green Goods Game" and "Money Tales," Gene Hessler's "The Buck Starts Here," and Peter Huntoon's "The Paper Column" have each contributed to many readers' enjoyment of Paper Money for sometime now. With such a strong cadre of established columnists, some readers may have noticed that columns have appeared only sporadically in recent issues of this journal. Rest assured that the fault, Dear Reader, lies not at the feet of the talented pens listed above. The fact, however, is that over time a large backlog of material accumulated at Paper Money, as our talented and prolific feature writers (including the five columnists above, by the way) churned up more than we could responsibly, financially publish. So we adopted a strategy of "growing" the magazine by publishing larger issues. The size of a regular issue grew, as did special intermittent topical issues permitting us to responsibly bring the publication to its present robust size. Now is the time to once again re-energize our regular columns. The plan is to publish most colum- nists three times a year in the smaller, general issues (M/A, J/A, N/D) and also space permitting in the larger topical issues (J/F, M/J, S/O) when a column is "on topic" for the particular genre presented in the special issue. So sit back and enjoy your "old friends" who come back strong in this issue. I'm sure they'll continue to delight you on a regular basis once again. And also stay tuned for other developments as this magazine seeks to continually refine its presentation to serve your col- lecting interests in a beneficial, informative and enjoy- able way. HARRY IS BUYING NATIONALS — LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS PROOF FEDERAL NOTES HARRY E. JONES PO Box 30369 Cleveland, Ohio 44130 1-440-234-3330 9airev 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 • March/April 2003 • Whole No. 224 127 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 AD INDEX AMERICAN SOCIETY CHECK COLLECTORS 117 BART, FREDERICK J. 125 BENICE, RON 91 BOMBARA, CARL 117 BOWERS & MERENA GALLERIES IBC BOWERS, Q. DAVID 105 BOWERS, Q. DAVID 115 BUCKMAN, N.B. 105 COHEN, BERTRAM 113 COLLECTIBLES INSURANCE AGENCY 113 CURRENCY AUCTIONS OF AMERICA 97 CURRENCY AUCTIONS OF AMERICA OBC DENLY'S OF BOSTON 91 EARLY AMERICAN NUMISMATICS 103 FRICKE, PIERRE 95 HARRIS, GORDON 127 HOLLANDER, DAVID 101 HOOBER, RICHARD T 123 HORWEDEL, LOWELL C 117 HUNTOON, PETER 101 JONES, HARRY 127 KAGIN, A.M 121 KAGIN'S 117 KNIGHT, LYN 107 KRAUSE PUBLICATIONS 111 KYZIVAT, TIM 125 LITT, WILLIAM 95 LITTLETON COIN CO. 128 MANSFIELD NUMISMATIC SOCIETY 91 MEMPHIS COIN CLUB 93 PARRISH, CHARLES C. 127 PERAKIS, ALEX 95 POL1S, JAMES 125 POMEX, STEVE 117 PROFESSIONAL CURRENCY DEALERS ASSN. .. 93 ROB'S COINS & CURRENCY 105 RUBENSTEIN, J&F 101 SHULL, HUGH 82 SLUSZKIEWICZ, TOM 123 SMYTHE, R.M. IFC STACK'S. 109 UNIVERSITY PRODUCTS 125 YOUNGERMAN, WILLIAM, INC. 103 (left to ng. ht) Josh Caswell, Jim Reardon, Butch Caswell and Ken Westover Littleton's experienced team of buyers. 128 March/April 2003 • Whole No. 224 • PAPER MONEY Last Year Alone... Littleton Spent More Than $14 Million on U.S. Coins & Paper Money! We can afford to pay highly competitive buy prices because we retail all the notes we buy. David Sundman, President ANA Life Member #4463; PNG #510; Socie07 of Paper Money Collectors LM#163; Member; Professional Currency Dealers Association Over 150,000+ Littleton Customers Want Your Notes! Wide Range of U.S. Notes Wanted! • Single notes to entire collections • Early large-size notes to high denomination small-size notes •All types including Legal Tender Notes, Silver & Gold Certificates and more •Very Good to Gem Why You Should Consider Selling to Littleton •We buy for our retail customers — so we can pay more •Fair appraisals and offers • Fast confirmation and settlement •We pay finder's fees and make joint arrangements •Over 56 years experience buying and selling coins and paper money Contact us: Buyer Phone: (603) 444-1020 Toll Free: (800) 581-2646 Fax: (603) 444-3501 or Toll-Free Fax: (877) 850-3540 Facts D97 CoinNet NHO7 Dun & Bradstreet #01-892-9653 money to Littleton. Please contact me regarding my Name Coin Company Dept. BYA302 1309 Mt. Eustis Road Littleton, N.H. 03561-3735 L 771Y ES I'm interested in selling paper• collection or holdings. Fill out this coupon and Fax Toll Free to 1877) 850-3540, or Mail to: Address City/State/Zip Daytime Phone Best time to call Littleton ,1" .4C9 101 , 7/,*;/ ,.„ , 04W iia7iNiffilit*2CZ:400; „„/,„,„ ; . 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. Impressive $100 Treasury or Coin Note, realized $138,000 Choice VF 1861 Montgomery Issue $100, realized $25,300 Unique Territory of Dakota, National Bank Note, Serial #1, realized $55,200 It's Easy to Consign! Selling your collection will be a pleasant and financially rewarding experience. From the moment we receive your consignment we will take care of everything: insurance, security, advertising, worldwide promotion, authoritative cataloguing, award-winning photography, and more—all for one low commission rate, plus a buyer's fee. When you do business with Bowers and Merena, you do business with a long- established firm of unsurpassed professional and financial reputation. Over the years we have sold over $350,000,000 of numismatic items and have pleased more than 30,000 consignors. Just contact John Pack, our auction director at 800-458-4646 to discuss your consignment. It may well be the most financially rewarding decision you make.ll'eakneken. ,Veze /ricer 3$ National Bank Note Pair, Serial #1. realized $15,525 [1. REALIZE TOP MARKET PRICEFOR YOUR PAPER MONEY! Let Our Success be Your Success! Consign with Bowers and Merena Galleries Today! Buy Online, Bid Online, Books Online! BOWERS AND IV ERENA GALLERIES A COLLECTORS UNIVERSE COMPANY—NASDAQ: CLCT Box 1224 • Wolfeboro, NH 03894 • 800-458-4646 • In NH 569-5095 • FAX 603-569-5319 • e-mail: PM0901A CURRENCY AUCTIONS OF AMERICA - HERITAGE Make our Success Yours at C.S.N.S. ROSEMONT MAY 2002 $3,582,057 CURRENCY AUCTIONS 00.fa,ANl warCA_ HERITAGE AGE Vosua•i FUN, ORLANDO JANUARY 2003 $3,922,498 I I 2003 CAA-HERITAGE Schedule: CSNS - May Cincinnati - September4z..17`-ct\(:) Ct CTS ALLEN MINCHO 1-800-872-6467 Ext. 327 FUN, ORLANDO JANUARY 2002 $3,037,025 CURRI. NC ACCCIONS • CINCINNATI SEPTEMBER 2002 $1,759,762 I CSNS, ST. LOUIS - , I I i CALL 2T°°30 114A tMAKE HISTORY WITH CAA-HERITAGE I 1 I I I I I I - - - KEVIN FOLEY JASON W. BRADFORD 1-800-872-6467 Ext. 256 1-800-872-6467 Ext. 280 _ LEN GLAZER 1-800-872-6467 Ext. 390 CURRENCY AUCTIONS OF AMERICA 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 • e-mail: • • e-mail: SPMC 02/03