Paper Money - Vol. XLIII, No. 2 - Whole No. 230 - March - April 2004

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- 1 99999999 1 \ r:',.....L.N \ • 1,4.0...... , -,=-- - '41'4 CONnlit 111401M X AMR 61°4' - _I... • - , k ,,,,., 0......,,,...m... roT11111:1111,1"31.11,11DEN11,1.0 + 1.1i......,----..Z.-.■-..----...---- . „--- PilLIVIIR 7E IIITIII`IlrallarE P P Official Journal of the Society of Paper Money Collectors VOL. XLIII, No. 2 WHOLE No. 230 MARCH/APRIL 2004 WWW.SPMC.ORG Money + Manpower + Magazine + Momentum + Mobilization = Society of Personally Motivated Collectors An open letter to SPMC members .. . Friends, you are witnessing something truly historic that you all have a stake in. Under the umbrella strategy SPMC 6000: Rebuilding a Great Society for a New Century' our board took stock, reflected on results of our recent mem- ber survey, and voted more pages for our successful magazine, putting even more "bang" into your hobby bucks. To demonstrate this for you, we staked out the increase in this issue by printing these "bonus pages" as the green section (with its outstanding NBN, modern small size notes articles, plus winners from last year's M4 E$$ay Contest) in the magazine's center. Without the Board's action, your magazine would include only the normal "great stuff" appear- ing on the standard pages. The rest would still be on the Editor's shelf indefinitely. Heretofore Paper Money's extra large "special issues" have been possible due to increased topical advertising revenue. This time around the increase is partially offset by a strategic partnering between SPMC and dealer Mike Abramson, and the rest by anticipated growth in membership resulting from SPMC 6000 recruiting efforts. Here's where you come in -- we need to grow Society numbers. More members mean more benefits for us all. YOU are our best recruiting tool. We've put the carrot out there. To further incentivize YOUR efforts, Society President Ron Horstman has OKed a new program to reward recruiters: Members (officers excluded) who sign up at least two new members from now until year's end are eligible for a free vintage BEP or ABNCo souvenir card (see details p. 97 and check out p. 158 too). We're betting you like our new directions and will be excited to tell your friends about how they are "missing out." More members mean even more great SPMC benefits and programs in the future. It's literally true, we ARE rebuilding SPMC a member at a time and that's something we all have a stake in. -- Fred Reed, Editor to" Stephen Goldsmith Scott Lindquist 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! Autographs; Manuscripts; Photographs; International Stocks and Bonds. D IANA H ERZOG President, RM. 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. US. Federal ear National Currency; US. Fractional Currency; Small Size U.S. Currency; US. MPC. MARTIN G ENG ER KE Author of U.S. Paper Money Records and American Numismatic Auctions as well as numerous articles in Paper Money Magazine, the Essay ProofJournah 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. Small Size US. Currency; Canadian Banknote Issues; US. Coins. SCOTT L I N DQ U 1ST BA, Minot State University, Business Administration/Management. Contributor to the Standard Guide to Small Size U.S. Paper Money 6° 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. Auction Calendar February 6-7th, 2004: Stocks and Bonds — Strasburg, PA March 15th, 2004: Coins, Paper Money — New York City April 29th, 2004: Autographs — New York City July 24th, 2004: Coins, Paper Money, Stocks & Bonds—New York City October 21-22nd, 2004: Strasburg Currency and Stock and Bond Auction — Strasburg, PA 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 Antique Stocks and Bonds; US. Coins; Paper Money. STEPHEN GOLDSMITH Executive Vice President, RM. Smythe & Co., Inc. BA, Brooklyn College. Contributor to Paper Money of the United States, Collecting U.S. Obsolete Currency Financial Histmy, 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. US. Coins and Medals. JAY E RL ICH MAN Contributor to A Guide Book of ( '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. Ancient Coins and Medals. THOMAS T ESOR I ERO Proffesional Numismatist for 38 years in New York. Ancient Greek and Roman coins, medieval, world gold and silver, paper money. Long time member of the New York Numismatic Society, involved with the Membership Committee. Member: ANA, ANS, AINA, FRNS. We buy, sell, and auction the very best in Antique Stocks and Bonds, Autographs, Banknotes, Coins, Historic Americana, and Vintage Photography 2 Rector Street, 12th Floor, New York, NY 10006-1844 TEL: 212-943-1880 TOLL FREE: 800-622-1880 FAX: 212-312-6370 EMAIL: WEBSITE: THE FIRST NATIONAL BANK OF ELGIN NEBRASKA REBUILDING A GREAT SOCIETY FOR A NEW CENTURY TMWILL PST TOT. BESPEP OXDENIANDTWENTY DOLL 5 4 B 4T SU 5 Our Columnists Return gJtil 7,14, 3 ,.. IA...., Ana Mol ToRap Pon:WO Oil 11381 th SECITIERBITISITROF.T T T. TOESSITIOOMP IsigNAMMOYEIMIKOMPIER,44\ SPMC 6000 Upper Sa ndusky. 0. November 25" 1862. aY nu: m0.0 4.-PARIr 4v,,- --' jmorwfid m NI' IV' /nor Pollawr.— 4UNDS PAPER MONEY • March/April 2004• Whole No. 230 81 D ER PA flE\Y Official Journal of the Society of Paper Money Collectors VOL. XLIII, No. 2 WHOLE No. 230 MARCH/APRIL 2004 WWW.SPMC.ORG A CHOICE UNCIRCULATED 1913 $50 GOLD CERTIFICATE REALIZED $6,325 A CHOICE UNCIRCULATED 1899 $5 SILVER CERTIFICATE REALIZED $6,440 A CHOICE UNCIRCULATED 1862 $2 LEGAL TENDER NOTE REALIZED $4,370 pence. in Sir- Pried by B. FRANKLIN, evd I). HALL. "4. - x!S' .3u3t.1 772 First National Bank. , agings,m7,--, „ u'atm irme6;41." AN UNCIRCULATED LAZY DEUCE ON KANSAS, ILLINOIS REALIZED $7,475 A CHOICE UNCIRCULATED PENNSYLVANIA SIXPENCE NOTE REALIZED $2,070 PLAN TO PARTICIPATE • FIND OUT ABOUT CONSIGNING YOUR PAPER MONEY to one of our upcoming sales. Call Rick Bagg or John Pack, toll-free 866-811-1804. • BE A BIDDER IN OUR AUCTIONS. Send us an invoice for $500 or more and receive a free copy of our next catalogue. If you send us an invoice for $5,000 or more, we will send you all of our auction catalogues, free of charge, for one year. 82 March/April 2004 • Whole No. 230 • PAPER MONEY AMERICAN NUMISMATIC RARITIES' Iti1111C111.1. ' SAL BRINGS OVER $4.2 MILLION IN NEW YORK 8 ...................'aa"-'''... H. ^-- -, L.,..,:_ . H683A PAII.MR111.6XIIMIg .4 • , imirrriltdiikliii* H 8 H683A ___ ,L..— '-` H 8 50 -.. ,',,..2.4,-r,!-- --4,r....rn ,,Y..■.-- , ,. A VERY CHOICE EF 1918 FEDERAL RESERVE BANK NOTE REALIZED $10,350 !! ff,!" // if 0 If bore' .-=,- .. r>3212 - . ,, I ,, 4#4" I, t 46 Ilk — - 1 d,,y, 1 . 1' R. 1. CHOICE UNCIRCULATED 1896 EDUCATIONAL $5 REALIZED $9,200 '11/<1, i/ 15% buyer's fee. PO BOX 1804 • WOLFEBORO, NH 03894 • TOLL-FREE: 866-811-1804 • FAX: 603-569-3875 WWW.ANRCOINS.COM • AUCTION@ANRCOINS.COM 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 Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515-2331 C) Society of Paper Money Collectors, Inc., 2004. 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 • Ads are accepted on a "Good Faith" basis • Terms are "Until Forbid" • Ads are Run of Press (ROP) • Limited Premium Space Available 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 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 2004• Whole No. 230 83 Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XLIII, No. 2 Whole No. 230 MARCH/APRIL 2004 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379 Visit the SPMC web site: IN THIS ISSUE FEATURES J.R. Powell's Multi-State Notes 85 By Ronald J. Benice Carrie McBride, National Bank President 92 By Karl Sanford Kabelac Mascerated Currency Follow-up: Shredding Popular ......... • • • . 93 By Leslie Deerderf Private Fractional Scrip -- Mavericks & Other Idiosyncrasies 94 By Wendell Wolka Fractional Currency Manuscript Notes 96 By Benny Bolin On This Date in Paper Money History 99, 101 By Fred Reed The Paper Column: Oklahoma Was Too Uncivilized to Host a National Bank 104 By Peter Huntoon Collecting Paper Money "By the Numbers" 113 By Mike Abramson M4 E$$ay Contest Winners: "My Most Memorable Money" By Christof Zellweger (Winner) 130 By Terry A. Bryan (Runner-Up) 131 By Susan Renee Cohen (Runner-Up) 132 By John J. Nyikos (Runner-Up) 133 By Steve Whitfield (Honorable Mention) 134 By Dave A. Brase (Honorable Mention) 135 Blockade Runners of the Confederacy 136 By Austin Sheheen The Paper Column: A Floating Transfer of Charter Number 146 By Peter Huntoon The Buck Starts Here: The Smallest (Note-issuing) Countries . . . 150 By Gene Hessler Notes from [up] North: Hone Your Collecting Instincts 151 By Harold Don Allen Interest Bearing Notes: "Wish You Were Here" 152 By Dave Bowers SOCIETY NEWS McNeil pens 'break-through' CSA book 93 SPMC Librarian's Notes: A Library Without Walls, A Book Without Covers 148 By Bob Schreiner President's Column 154 By Ronald Horstman SOCIETY OF PAPER MONEY COLLECTORS INC. -W/.a.r4 471.2: 84 March/April 2004 • Whole No. 230 • PAPER MONEY Society of Paper Money Collectors The Society of Paper Money Collectors (SPMC) was orga- nized in 1961 and incorporated in 1964 as a non-profit organiza- tion under the laws of the District of Columbia. It is affiliat- ed with the American Numismatic Association. The annual SPMC meeting is held in June at the Memphis IPMS (International Paper Money Show). Up-to-date information about the SPMC and its activities can be found on its Internet web site . MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for member- ship; other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 18 years of age and of good moral character. Their application must he signed by a parent or guardian. Junior mem- bership numbers will be preceded by the letter "j," which will be removed upon notification to the Secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES—Annual dues are $30. Members in Canada and Mexico should add $5 to cover postage; members throughout the rest of the world 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 as avail- able. Members who join after October 1 will have their dues paid through December of the following year; they also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. Dues renewals appear in the Sept/Oct Paper Money. Checks should be sent to the Society Secretary. OFFICERS ELECTED OFFICERS: PRESIDENT Ron Horstman, 5010 Timber Ln., Gerald, MO 63037 VICE-PRESIDENT Benny Bolin, 5510 Bolin Rd., Allen, TX 75002 SECRETARY Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515-2331 TREASURER Mark Anderson, 335 Court St., Suite 149, Brooklyn, NY 11231 BOARD OF GOVERNORS: Mark Anderson, 335 Court St., Suite 149, Brooklyn, NY 11231 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 Tom Minerley, 3457 Galway Rd., Ballston Spa, NY 12020 Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 Fred L. Reed Ill, P.O. Box 793941, Dallas, TX 75379-3941 Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515 Steven K. Whitfield, 879 Stillwater Ct., Weston, FL 33327 Wendell Wolka, P.O. Box 1211, Greenwood,IN 46142 APPOINTEES: PUBLISHER-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 Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 1929 NATIONALS PROJECT COORDINATOR Arri "AJ" Jacob, P.O. Box 1649, Minden, NV 89423-1649 WISMER BOOK PROJECT COORDINATOR Steven K. Whitfield, 879 Stillwater Ct., Weston, FL 33327 BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items 60-Page Catalog for $5.00 Refundable with Order ANA-LM SCNA PCDA CHARTER MBR HUGH SHULL P.O. Box 761, Camden, SC 29020 (803) 432-8500 FAX (803) 432-9958 SPMC LM 6 BRNA FUN PAPER MONEY • March/April 2004 • Whole No. 230 85 Introduction C ROSSOVER NOTES, ISSUED BY A BANK OR MERCHANT in one state for use in another state, are frequently encountered by collectors of obsolete bank notes and scrip. This article presents a biographical sketch of the remarkable life of J. R. Powell and describes two issues of his scrip that are explicitly valid in five and six states, respectively. Georgia. Florida. Alabama, Mississippi, Louisiana, Texas J.R. Powell's Multi -State Notes By Ronald J. Benice James R. PowellCrossover Notes Typically, crossover notes were issued to be payable in two states for some legitimate or fraudulent purpose. For example, in 1842 banking in the Florida Territory was extremely limited due to a series of bank failures brought about by mismanagement or outright fraud. The few remaining banks were on the brink of failure. The United States Congress had stepped in and annulled several bank charters approved by the Territorial Legislature and revoked the Legislature's ability to approve new banks without Congressional approval. This created an opportunity for the Bank of St. Marys in neighboring Georgia to issue notes in the Florida Panhandle town of Apalachicola (as may be seen on Page 86 following). J. R. Powell James Robert Powell (right, courtesy Alabama Department of Archives and History) was born December 7, 1814, in Powellton, (Courtesy Alabama Department of Archives and H istory) —NaiginNagiSMW-- ( r 1111 ') — APALACHICOLA. FL. 1. 1. agri (4 Clar L__ ff 7/r EMISON, FICKLIN, POWELL & CO'S MAIL EINE 411' Four- c) r a c its ix a at EAVES . Montgomery Daiiy at G o'clock P. M., for. Renton and Selina, thence by Railroad to Marion and Uniontown. From Stark'', by stage daily, via fireensboro,' Eutaw, Clinton and Gainsville, to tialus• ville branch R. R., thence by Railroad is tulie6 , iu Oalna• •Ille Junction on Mobile t Ohio It. R., at Oreetiabors,' connecting with a Line of Four Horse Coaches daily except S unday to Tuskaloosa. From Uniontown daily except Sunday, In Two Horse Hacks for Praitleville, Demopolis, Belmont, Itlufrport and Livingston to Lauderdale Springs fin Mobile Ohio R. R. Through lickets to Jackson, MIAs *II tio " to Vicksburg, Miss *I: ou The. Tian). a Coaches are equal to auy in the Con. federacy, and the Drivers competent and reliable. Office at Montgomery Hail. OEO. P. FLOYD, inay14-dtf a gent. 86 March/April 2004 • Whole No. 230 • PAPER MONEY Apalachicola, Florida bank note issued by the Bank of St. Marys in Savannah, Georgia. John G. Winter's portrait is on the note. An 1862 advertisement provides insight into Powell's business inter- ests. Note the stagecoach and rail- road vignettes. Brunswick County, VA. His family was part of the Virginia aristocracy. When he was 17, his father faced financial ruin from speculation in Alabama lands ceded by Indians. So, in 1833 James went to Alabama where wealthy family friends could help him and worked as a farmer, teacher and hotel operator. In 1836 he moved to Wetumpka, 12 miles northeast of Montgomery and began a career as a mail contractor and stage owner. Starting with a contract as a mail rider on the Pony Express route between Nashville and Montgomery, he com- peted fiercely for stage routes and mail contracts. He merged with competi- tors, bought them out, or drove them out of business with price cutting. One interesting incident occurred when John G. Winter (see the banknote illustrated above) personally tried to prevent Powell's stages from using his plank road, but backed down when confronted by Powell's men with shotguns and axes. Powell and his competitor-partner Robert Jemison, Jr. are credited by historians for develop- ing the extensive stage system in the southeast in the 1850s. He also served as a county sheriff and legislator and as a state senator before the Civil War. By 1860 he had interests in stage lines that owned more than 4,500 horses and mules. So, when the southern states seceded, Powell outfitted an entire cavalry troop with horses and mules. When the end of the Confederacy was near, he arranged to surrender the city of Montgomery and spare it any damage by Union troops. His home became General Wilson's headquarters. After the war, Powell contracted with John C. Calhoun, grandson of the famous statesman, to hire labor and operate the plantations he had bought. In 1870, he visited Birmingham, England, and returned to Alabama to help John T. Milner found the city of Birmingham, AL. From 1871 to 1875 Powell was president of the Elyton Land Company that developed the city. In 1873 he became mayor and was known as the "Duke of Birmingham." After resigning from Elyton Land in 1875, he retired to his plantation in Washington County, MS where he had 4,800 acres of cotton on the Yazoo River. Unfortunately, he was shot to death by a drunken former employee, Charles P. Robinson, on December 9, 1883. His funeral was in Montgomery. The citizens of Birmingham felt their city was his monument. fige've UMW VMMI C1 ..g o NEW DMUS.; JAN11AR.V 15, 1862. S...11eceivablo a(As, Iona a am. ', X. 'ate it' Goottriti ktississip pi ritititstania. ' Vi^hItA.^ I "././V■ 'f0P1:. ,`. N./i PAPFR MONEY • March/April 2004• Whole No. 230 87 J. 1-t. POW ELL., Gomorit1. tCJc XXL/X1.m1 as ssilc. 21 11.0) Forwarding iViercliant. MONTGOATEItY, ALA. W ILL attend strictly to the selling of every deloriplion of Merohand'se, and to the Roc:Cetus and Forwarding of all freight by titcamboata, Railroads, c r otherwise. As the Railroads have diteontinued the system of through freights, the funds recessary to pay tx• penses at this place must be forwarded with every ship- =WMor Office In the Montgomery Insurance Building. April 17, 15G2•dAwly The Picayune, New Orleans; Register, Mobile; Confed- eracy, Atlanta; sun, Columbus; Republican, Ravarnal.; Conecitutimalbst,,Angustai Mercury, Cbarleston; *s la- ter, Knoxville; kxstniner, , Richmond; kspreso, Peters- berg; Advertiser, Chattanooga; will please copy the above one month, and *sad bill to this office for collec- tion. Another 1862 advertisement with a pointing finger vignette. J. R. Powell Issues The first J. R. Powell issue was dated January 15, 1862, in four denomi- nations: 5-, 10-, 25 and 50-cents. These notes were valid in five states: Georgia, Florida, Alabama (Rosene 249-1,2,3,4), Mississippi and Louisiana. He also issued a $3 note, but it was only good in Alabama. The notes are all signed Powell and Taylor. The 50 note is rare and was not described by Rosene. It bears an eagle vignette and is the same size and format as the 100 note illustrated here. The author is unaware of any surviving whole 50 notes. (Above) 100 J.R. Powell note with train vignette signed by Powell and Taylor. The five-state validation appears on the far left. It reads: "Receivable For Stage Fare in Georgia, Florida, Alabama, Mississippi and Louisiana." The 25c and 500 notes are in a different size and format. The five-state "Receivable For Stage Fare in Georgia, Florida, Alabama, Mississippi and Louisiana." .411.1iii4 .1 er - O'cuti Lke, eat 1", alt8 htIndy //hen ANE POLMS Pr le i•/HI-wiled. /- 88 March/April 2004 • Whole No. 230 • PAPER MONEY Ng: PI 2tkiAlel"'g41'1i/rimy' /Ai* inieeze or lb./Hu/if)* iirigtvivirtert 1 ,„ E4 A , ( • validation appears on the left and their vignettes are a stagecoach on the 250 and a different train on the 50t. The key individual in Powell's rise in the business community was Abner McGehee, a long-time family friend and distant relative. McGehee provided early financial support and introduced Powell to many business and political leaders. McGehee was involved in building roads and railroads around Montgomery. Of particular interest is a plank road between Montgomery and Snowdoun built by John G. Winter and William Taylor, who married Abner McGehee's daughter. Powell's first scrip was signed jointly with Taylor. The business relationship with Taylor was short lived. Powell moved his office into the Montgomery Insurance Building and placed the following notice for sever- al months starting on March 18, 1862, in the Montgomery Advertiser: Powell's Change Bills.—The change bills of POWELL & TAYLOR will be redeemed at the Montgomery Insurance office, the funds being deposited there upon which they are issued. The utility of Powell's multi-state scrip was real. Powell owned the stage lines from Montgomery to Huntsville in Alabama, from Decatur, Alabama to Rome, Georgia, from Montgomery to Columbus and Aberdeen, Mississippi. He owned a large share in lines in Florida, Louisiana and Texas. He had a monopoly on mail routes connecting New York with New Orleans, Texas and beyond. By the late 1850s he was involved in lines with annual revenues of $1,240,000. After war broke out and Union blockades disrupted some mail routes, Powell developed alternate routes using steamboats and railroads. Towards the end of the war, he started selling his stagecoach interests and investing in land. Montgomery Insurance Company Scrip Montgomery was chosen as the Confederacy's provisional capital because of its central location, adequate accomodations and extensive transportation routes (thanks, in part, to James R. Powell). On February 11, 1861, the Montgomery Insurance Building on Commerce Street became the new - ficAntrAita44i14itens' ivn all fnu n hotifsdin.4 and Team: nod tor Pdaive en iMorlda, Al Dams, Ali n.pgat of them. TWO ') DOLLARS PAPER MONEY • March/April 2004• Whole No. 230 89 Government Building. Jefferson Davis was a frequent guest in the Powell home at Moulton and Church Streets. On May 20, 1861, the government voted to move the capital to Richmond in July. Shortly after the redemption notice (cited opposite) for the J. R. Powell notes, a new issue of notes appeared, apparently issued by the Montgomery Insurance Company and signed by J. R. Powell alone. Although Powell's office was in the company's building, he was not an official nor principal of the com- pany. And the insurance company did not operate any stage lines nor mail routes. These notes were larger and were issued in higher denominations than the earlier notes. And, with the addition of Texas, they were now valid in six states. Also, with Powell's mail route contracts, they were good for postage as well as stage fares. The six-state notes come in five denominations: $1-, 2-, 2.50-, 3-, 4- (Rosene 242-2, 3, unlisted, 4, 5). These notes are found with an interesting variety of overprints and vignettes. $1. The eagle vignette and the five central lines of text, from "Montgomery Insurance" to "multiple is presented" are in brown ink. The denominations in the top corners and the large central "ONE" are overprinted in green. The list of valid uses and states and the lower corner vignette are overprinted in red. Some were issued with train vignettes; others with stagecoach vignettes. The lower overprint exists with and without a finger pointing to the final word "them." $1 note with railroad vignette at bot- tom, finger pointing to "Receivable" but no finger pointing to "them." $2 note with stagecoach vignette and pointing finger at beginning of lower legend. TWO `,. ,IOntloittetti Atinitgomery, Alabaana. gy.tha 7di, /so. rir 2,P,/, / die Seatet, -NAT C4j,i1 101:' I . )7, vitterei h72.6 j Receivable forlerao■ ARA on It I lAliel In Georgia, Florida, maaippt, Lthaisloba and Texas; and for Postage on moat of the rb fitesensteel. iinem, Ws , — Lt) .44 $2. The steamboat vignette and central text are in blue ink. The upper over- prints are in red. The lower overprints come in both red and green varieties, vignettes may be either trains or stagecoaches, and notes come with or without a second pointing finger. HALF „-) DOLLARS $iontiltunist1 \I, )111;zota 50 $11ta11rc ((outpant, ritvvo 4 ,wha ;t116. , iT inilt, Khcr tSilaD rt is!) niulliOle hoenird. LOU* wow MA TIOC.41, , and r Posise 1,.*t them, a fiea Citorn girt, Florida, Afaban,a, 51-0 • a ill tin/ 4 .e(net. 90 March/April 2004 • Whole No. 230 • PAPER MONEY $2.50 with train vignette and pointing finger only at beginning of lower legend. (Courtesy Currency Auctions of America) $2.50. Same steamboat, blue ink and red overprint as $2. Lower overprint is red with train and one finger on the only note I've seen. Ph THREE Yx THREE 'cf. t2=1'.1) DOLLARS 2-7 , 11 .610111C 11! ,41 wuraart Tompaitaiigfit ) 1 ;' al, i, t ) r i gf ea te. e.:: iff j.:* L:4 cialrni ),/,. ,. sli Roo for SnAris Pane on all Lines in Georgic. Florida, Alabama, WINNE L.11lit'ei • 14.1. uwana and Texas; and for Postage an M .11,,am; 'Ea dam'- r r C2- 1 1 , - - e- 6 - ej : , a. 12- r7-:!' ' $3 note with train vignette and pointing fingers at beginning and end of lower leg- end. $3. The railroad vignette and central text are in green ink; the upper over- prints are brown. The lower overprints are red with either railroad or stage- coach and either one or two pointing fingers. $4 note with stagecoach and two fingers. lootlantrq Olottrantr Tompaity'.° •Montgomery, "T__T in lilt cutte,nv fu hen • ru ,v.:■ Alolt FAUS on al Untie II, , k Texan; P• Poiosane • 0 m i/;c efern4 1i"esl i • ilreJenisd, •igia;(11,3! ..1 .1 Am, a; •tta •• • LA oaf $4. The safe and dog vignette and central text are black, upper overprints are green, lower overprints are red with railroad or stage and one or two fingers. MYLAR D® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 4 3/4x3 3/4 $18.50 $33.50 $150.00 $260.00 Colonial 5 1/2 x 3 1 /18 19.00 35.00 160.00 290.00 Small Currency 6 5/8 x 2 7/8 19.50 37.50 165.00 310.00 Large Currency 7 7/8 x 3 1 /2 22.00 41.00 184.00 340.00 Auction 9 x 3 3/4 24.00 44.00 213.00 375.00 Foreign Currency 8 x 5 27.50 50.00 226.00 400.00 Checks 9 5/8 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 1 /2 $14.00 $61.00 $100.00 $226.00 National Sheet Side Open 8 1/2 x 17 1 /2 15.00 66.00 110.00 248.00 Stock Certificate End Open 91/2 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 Mylar® Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp. Melinex Type 516. DENLY'S OF BOSTON P.O. Box 51010, Boston, MA 02205 • 617-482-8477 ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163 PAPER MONEY • March/April 2004• Whole No. 230 91 Conclusion Besides living an illustrious life, James R. Powell left us an interesting numis- matic legacy. Competition for these notes is intense. They are sought by col- lectors of six states, by collectors of insurance company notes, and by collectors of notes with railroad and stagecoach vignettes. References Armes, Ethel. The Story of Coal and Iron in Alabama. Birmingham Chamber of Commerce (1910). Crane, Mary Powell. The Life of James R. Powell and Early History of Alabama and Birmingham. Brooklyn: Braunworth & Co. (1930). Lewis, W. David. Sloss Furnaces and the Rise of the Birmingham District. Tuscaloosa: University of Alabama Press (1994). Mears and Turnbull. The Montgomery Directory for 1859-'60. Montgomery: Advertiser Book and Job Printing Office (1859). Montgomery Advertiser, various issues (1861-1862). Owen, Thomas McAdory. History of Alabama and Dictionary of Alabama Biography. Chicago: S. J. Clark Publishing Co. (1921). Rogers, William Warren, Jr. Confederate Home Front: Montgomery During the Civil War. Tuscaloosa: University of Alabama Press (1999). Rosene, Walter, Jr. Alabama Obsolete Paper Money and Scrip. Society of Paper Money Collectors (1984). United States Statutes at Large, Chapter 231, "An Act to disapprove and annul certain acts of the Territorial Legislature of Florida," July 1, 1836. I Collect FLORIDA Obsolete Currency National Currency State & Territorial Issues Scrip Bonds Ron Benice 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 01PrAt---> "ASOEGUPEO /{ r. T N r rrA r‘ir. 7 REOE THE UN THEN NEBRASKA WILL PAY TO THE BEARER ON DEMAND THE FIRST A000034A NATIONAL BANK OF ELGIN In TEN 1 )0 LEAR S A000034A B000076A SEDMIETITPENITEDITTATESHONDSDEPOSITEDIVITOTTINTREASIIINDOF wreixwmgRAMPAWAmPgiok NEBRASKA WILL PAY TO THE DEARER ON DEMAND TWENTY DOLLARS B000076A 4. hte. 1)....:$4. 41ffilik■- B NATIONAL BANK OF ELGIN THE FIRST 92 March/April 2004 • Whole No. 230 • PAPER MONEY Carrie McBride, National Bank President By Karl Sanford Kabelac First National Bank of Elgin Series 1929 Type 1 National Bank Notes with facsimile signatures of Carrie McBride as president. The $10 note is one of 2,676 issued, the $20 note one of 588. (Courtesy Gerome Walton) C ARRIE (LOGAN) MCBRIDE WOOD WAS BORN IN THEDakota Territory in 1870. Her family moved when she was a child to Ponca, Nebraska, and it was there that she married Willis McBride in 1890. They lived in Madison, Nebraska, where he was first in the real estate and abstract business until 1899, and then in the lumber, grain and livestock busi- ness. In 1905, he bought a controlling interest in the First National Bank of Elgin, Nebraska, and they moved to Elgin where he became president of the bank. Elgin, which then had a population of about 500 residents, is in Antelope County in the northeastern part of the state. It is about 150 miles northwest of Omaha. The First National Bank had been founded in 1900, suc- ceeding the Bank of Elgin. It received charter #5440. McBride was the second president of the bank, serving for 18 years until his death in 1923 at the age of 55. He was an active civic and business leader in the community. His widow, Carrie McBride, then became president of the bank. She served until the bank, affected by the national depression, closed in November, 1930. The local newspaper noted that it had suffered a steady withdrawal of deposits for a number of months, but expressed the hope that there would eventually be very little, if any, loss to the depositors. At its close, the bank had a circulation $50,000, and had begun to issue Series 1929, Type 1 notes in both ten and twenty dollar denominations. In 1934, Carrie McBride remarried and moved from Elgin, first to Iowa and later to California. After the death of her second husband, she returned to Elgin where she died at the age of 95 on December 31, 1965. Bibliography and acknowledgments Willis McBride's obituary is found in The Elgin Review, August 31, 1923, and Carrie McBride Wood's obituary in the issue for January 6, 1966. The closing of the bank is noted in The Elgin Review for November 7, 1930. I am greatly indebted to Gerome Walton, both for obituaries of the McBrides and for the illustra- tions of National Bank Notes. Also of assistance in research was Bob Wilkinson of the Antelope County GenWeb project. The Signers of Confederate Treasury Notes 1861-'65 A Catalog of their Signatures ' ,O.. , *arab Pelot IN GENUINE UNITED STATES CURRENCY PRINTED AT THE 0 GRAVING ANG PAPER MONEY • March/April 2004• Whole No. 230 93 McNeil pens 'break-through' CSA book D URING THE U.S. CIVIL WAR, AS CONFEDERATE FINANCEplunged from feeble to fragile to failure, the Confederate Treasury employed nearly 400 women and men to hand sign its currency "for Register" or "for Treasurer." Signers averaged about 1,800 notes per day! "There are a substantial number of people alive today who can claim one of these signers as an ancestor," SPMC member Mike McNeil claims. Mike should know. He has spent the last several years deciphering CSA signature data, col- lecting examples, and now has penned a most useful, detailed and splendidly illustrated book The Signers of Confederate Treasury Notes 1861-'65: A Catalog of Their Signatures [together] With a Catalog of the Notes Signed by Sarah Pelot. In his youth, McNeil's grandmother proudly presented to him a note signed by her grandmother, Sarah Pelot, a South Carolina matron. This keepsake lan- guished until two score years later, when he discovered a second note signed by Pelot (his own great, great grandmother) at a local coin show. Thus began an odyssey during which McNeil amassed a collection of hun- dreds of Pelot-signed notes, AND importantly re-interpreted and made accessi- ble Thian's Register of the Confederate Debt signature listings, AND assembled full color illustrations of virtually all CSA note signers, AND packaged all this won- derful historical information (and more) in a very readable, hardbound full color book available for $49 pp from its author at POB 2017, Nederland, CO 80466. Admittedly specialized, the book's first printing was limited. However, it is a big plus, worthy of one's time and money. Don't wait. -- Fred Reed, Editor + Mascerated currency follow-up: shredding popular By Leslie Deerderf T READ WITH INTEREST BERT COHEN'S ARTICLE I on mascerating currency recently (Nov/Dec 2003 Paper Money). When I was collecting U.S. currency in the 1970s, I bought the items enclosed as novelties. Mr. Cohen's article mentions these shredded currency pens and bags but for younger Society members, thought they might like to see them. Since I don't collect U.S. currency now, I am unaware if similar items are still being made. I bought mine from dealers Harry Jones and Harry Foreman. The package that reads $150 is a plastic bag about 3 3/4 by 4 3/4 inches. I also have a shred- ded currency "pil- low" (unprinted, shown in part below right) that measures about 10 x 14 inches. I have four varieties of the pens. They are all plastic, about seven inches long, with gold stamping and green or black end caps, but how they contain "$2,000" in cur- rency is a mystery to me. .,_4 . , 1 .... i•_■1!" '1■.7..INZFIr .„1,7,-,- oryirg , rtiv- I itt -r r 1 m.,' ,.., ) j rATTTINTI-4-"Irr