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Ns ,s soo mazr,00 cll.° rC RESP ABILITt LINdITe tEET A LAwliww1;s; 4; Ldre PrOUR Ii'AlifOliTISSEMENT lTIONS A LOTS,DU CANAL D PANAMA, thil,SON DU 26 JUIN 1888 E 72Q PUBLIQUE DEUX MILLIONS YOBLIGATIOIVS A LO mos par an des yables reznestrfellenlent les ler Deceutbre et ler juin de cheque eandle 'sables par, Jote. ou a 400 francs deux U13 deial Ouorinatun de 99 arta 711 DE TITRES GARANTIS PAR LE GOUVERNEMENT IS DEPOT DE RENTES FR NCS ET LE PAIEMENT DES LOTS SERONT GARAATIS PAR UN 1\T ° I, 0 9 , 3 3 2oat/.477N zaratateiveiselle du Canal Interocdanique a ecaisst.;. dev-r' •itre v•e • '• • • • • , • tompagnie glei:eurxseire°31,:e.seat dinss•les•• • • • • • nal Interoc iaietne • nt es lots ,tines du prospec Part:DENT.DIRECTEIM L Jo OIRE PORTEU FRANCA R 4lICUNE GARANT1E 011 flESPONSABILITE DE L'ET4T GOCIA . . e uereirmai qe sur chic • . • 10. • • . 300. 4 cs de tc; • • HIGhteFINA OIVFORMNENT AUX PRESCRIPTIONS OE LA 1.01 DU 21 11141 183$P4R LA LW DII 8 JU N 1888, stoE 114Y835 "CANAL OfTEROC EVIIQIIiVESDE #44/VAI\A MBINIEg RE DREAMS; 1131 titigr Wrz. .SUeCESSES; Vicf KiBIG . ,.. ESdu au ro Aroveftbre FRANCS 1888r+ u 7111411RE • • • lt. *0 10 CIF tieduire :/ntêrets A 4 0 . • F /, au 5 no- ont — rsernent net. . . vernbre 4888, impiess dQuits• .s c"" TIMBRE VERSEMENT DE 45 M IA's*" dry I au fl S tE)F r ESTABLISHED 1880 Our Outstanding Team of Experts Can Help You Get the Most for Your Collection 125 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! UM31D) YEARV 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. U.S. Federal er National Currency; U.S. Fractional Currency; Small Size U.S. Currency; U.S. MPC. MARTIN GENGERKE Author of U.S. Paper Money Records and American Numismatic Auctions as well as numerous articles in Paper Money Magazine, the Essay Proof Journal, Bank Note Reporter and Financial History. Winner of the only award bestowed by the Numismatic Literary Guild for excellence in cataloging, and the 1999 President's Medal from the American Numismatic Association. Member: ANA, SPMC. Small Size U.S. Currency; Canadian Banknote Issues; U.S. Coins. SCOTT LINDQUIST BA, Minot State University, Business Administration/Management. Contributor to the Standard Guide to Small Size U.S. Paper Money U.S. Paper Money Records. Professional Numismatist and sole proprietor of The Coin Cellar for 16 years. Life Member: ANA, CSNS. Member: PCDA, FCCB, SPMC. U.S. and World Coins. ANDY LUSTIG has been dealing in U.S. and World coins since 1975, and has attended more than 2,000 coin shows and auctions. His specialties include U.S. patterns, pioneer gold, and rarities of all series. He is a co-founder of The Society of U.S. Pattern Collectors, a major contributor to the 8th Edition of the Judd book, a former PCGS grader, and a co-founder of Eureka Trading Systems. Member: ANA, GSNA, CSNS, NBS, ANUCA, FUN, ICTA, and USMexNA. Please call for our auction schedule. 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. U.S. and World Coins. NI RAT LERTCHITVIKUL has been dealing in U.S. and World coins since 1976. Area of specialties include U.S. and World coins. Nirat has been a contributor to many world coin catalogues, and has authenticated world coins for third party grading services. Founder of Seaclassic.com website. Member: ANA, FUN, NAT, PCSG, NGC, GSNA, CSNS 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. Ancient Coins and Medals. THOMAS TESORIERO 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. 2 Rector Street, 12th Floor, New York, NY 10006-1844 TEL: 212-943-1880 TOLL FREE: 800-622-1880 FAX: 212-312-6370 EMAIL: info@smytheonline.com WEBSITE: smytheonline.com cda “31.114711.111., Stephen Goldsmith N 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 Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515-2331 0 Society of Paper Money Collectors, Inc., 2005. 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. 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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 • July/August 2005 • Whole No. 238 241 Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XLIV, No. 4 Whole No. 238 JULY/AUGUST 2005 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379 Visit the SPMC web site: www.spmc.org IN THIS ISSUE FEATURES The Financial Career of Ivar Kreuger, "The Match King" 243 By Don Rocco Financing the French Panama Canal, A Portfolio 249 By Joaquin Gil del Real Isthmian Collectors Club celebrates 30th anniversary 251 By Robert J. Karrer Smithsonian Curator calls attention to Keatinge-Ball anomaly 255 By Dick Doty About Texas Mostly: Jefferson Lottery Ticket 275 By Frank Clark On This Date in Paper Money History 276, 278 By Fred Reed Phone call results in shopping bag find 280 By Bob Andrews Series 1995 $1 "B" Star Notes 282 By Francis X. Klaes An Early Florida Advertising Note 286 By Ronald J. Benice Collecting Stock Certificates of the Panama Rail Road 290 By Albert Irizarry "The Clever Minkies" and the Pi Note 306 By Donald Noss Jr. Notes from Up North: Varied Challenges 'Down Under' 308 By Harold Don Allen The Buck Starts Here: Some Anniversaries 310 By Gene Hessler Interest Bearing Notes: What's In a Name? 311 By Dave Bowers The Paper Column: $1 FRN Intermediate Back Plate 1821 312 By Peter Huntoon SOCIETY NEWS Dealer reports major obsolete currency theft 261 Ohio National Currency Collectors Assn. takes shape 285 National Bank Note Title Project 289 President's Column 314 By Ron Horstman New Members 316 SPMC Librarian's Notes 318 SOCIETY OF PAPER MONEY COLLECTORS INC. 242 July/August 2005 • Whole No. 238 • 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 he found on its Internet web site www.spmc.org . MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for member- ship; other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or guardian. Junior mem- bership numbers will be preceded by the letter "j," which will be removed upon notification to the Secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES—Annual dues are $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 Robert J. Kravitz, P.O. Box 303, Wilton, CA 95693-0303 Tom Minerley, 3457 Galway Rd., Ballston Spa, NY 12020 Robert R. Moon, 201 Baxter Court, Delmar, NY 12054 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 APPOINTEES: PUBLISHER-EDITOR Fred L. Reed HI, 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 Bob Cochran, P.O. Box 1085, Florissant, MO 63031 BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items 60-Page Catalog for $5.00 Refundable with Order HUGH SHULL ANA-LM SPMC LM 6 SCNA P.O. Box 2522, Lexington, SC 29071 BRNA PCDA CHARTER MBR PH: (803) 996-3660 FAX: (803) 996-4885 FUN PAPER MONEY • July/August 2005 • Whole No. 238 243 "The Match King" -- Both Genius and Swindler The Financial Career of Ivar Kreuger By Don Rocco T HERE IS AN OLD SUPERSTITION THAT SAYS THAT three on a match is unlucky. There are those who ascribe this to occurrences in World War I: if a match was kept lit for three ciga- rettes, the third person to light up was often killed by an enemy sniper who had spotted the light. There are others, however, who feel that the only one who could have started this superstition would be Ivar Kreuger, who did so in order to sell more matches. Does anyone have a match? Sure you do! In the United States alone the quantity of books of matches distributed free of charge is unimaginable. Add to this the output of wood- en matches, and you can easily see that control of this industry would be very lucrative. Ivar Kreuger apparent- ly realized this in 1913, and with his usual calm logic saw himself controlling the world's supply of matches. Here was a product that everyone used, in good times and bad, and Ivar Kreuger was to become the "The Match King," for at the height of his career between 1927-1930 he controlled, directly or indirectly, three quarters of the world's output of matches. How Ivar Kreuger managed to achieve this phe- nomenal financial success is the story of his life and to describe it fully would take many hours. What we can try to do is to bring out some of the highlights of his career so as to better understand this financial "giant" or some might say "swindler." Ivar Kreuger's road to financial success began at the early age or 20 when he made his first trip to America. 1 Even at this young age, Kreuger had the unusual ability to adapt himself to any type of situation. His first job was as a real estate salesman. He worked for six weeks and finally sold a small lot on which he made a $50 commission. 2 There is a story that during this period he was living with a Dutch family. Ivar Kreuger 1880-1932 A ROVE, Ivar Kreuger in 1896, Z-la lad of sixteen with a passion for cherries, a contempt for money, and no particular brilliance in the studies he had just completed at the Kalmar Grammar School in Sweden, Left, Ivor Kreuger in Brit- ish Militia uniform during his res- taurant-keeping interlude its South Africa in 1954. Below and to the left, Kreuger (seated, left) and his partner Toll (standing) during site early days of his career as a builder in Stockholm. Below and to the right Kreuger leaving the U.S. in Iggo, arriving in imp. Right, Kreuger near the end of his ranter. Left: American.Stpldtsb T.'rwt Exrbegs. It,. A71,1{4114, idirh Excbangt. I 930 (below) 244 July/August 2005 • Whole No. 238 • PAPER MONEY A quaint "Biography Written by the Kodak," photo gallery depicting the life and times of the controversial financial manipulator's career. The previous occupant of his room had been an architect and Kreuger had found in his drawer the incomplete plans for a small house. One evening, a man came to the house asking for the architect explaining that he had prepared some sketches for him for which he was willing to pay fifty dollars. Kreuger told him to come back in a few days, and he would have them ready. His engi- neering background enabled him to finish up the simple sketches and he col- lected the fifty dollars. 3 These abilities to improvise and to make quick deci- sions were to become dominant characteristics in Kreuger's career. Kreuger exhibited amoral character qualities from his youth. In addition to his seeming absence of any sense of "right" and "wrong," he was willing to adopt whatever means were available to reach his ends. 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LEE. /JIB SIMEON-FRU ST COMPANY. eg -133s trawl, '-• .173.4,..... --' PAPER MONEY • July/August 2005 • Whole No. 238 245 own purposes without their knowing it. He never appeared to feel any guilt about what he did. This was true not only as a youth, but even when he was fal- sifying the balance sheet of his huge empire. One of his schoolmates once said It isn't that Kreuger cheated more than the rest of us but that he just did it better". 4 Kreuger made a second trip to America at the age of 31. This trip was more successful, and he got a job with a construction firm in New York. His main task was to go over construction plans to see if there were any errors made in calculation. For this, he was paid fifty cents an hour. He did well at this job, and soon won a promotion for discovering a vital error in a set of plans. 5 Kreuger was fascinated at this point in his life with the organization and methods of big business. He visited the stock exchange and noted its oper- ation carefully. He studied the history of the Rockefeller Oil Trust and read biographies of such men as Daniel Drew, Jay Gould and Commodore Vanderbilt. A Swedish friend, of that period, recalled that while visiting him Kreuger used to speak about the importance of winning confidence in business relation- ships. Kreuger developed an almost hypnotic influence over people, and applied it sometimes ruthlessly to gain his own ends. Yet at times, he also seemed to derive great pleasure from going out of his way to help others. Once when a position was offered to him in England, he turned it clown and got the job for a friend of his. 6 In 1903, he got a sub-contracting job in South Africa, a place he was attracted to chiefly by the romance of it, and the reports of good speculative opportunities. With the three hundred pounds that he had, he opened a restau- rant and made a success of it. He also made about 1500 pounds in a gold spec- ulation. 7 Late in 1905, Kreuger returned to America for the third time, and after several job offers was hired by the Consolidated Engineering Company. In this Kreuger & Toll stock certificate depicting Promethus stealing fire from the gods and bringing it to benefit mankind. Imprint: American Bank Note Co. B-AKTIE ( KREUGER (5( TOLL COMPANY) .copporuk1C0 ACCORDING TOME LAWS OA SWEDEN *Ammon.. iow rAnetLAI. t wL omier. A. Ma 0.0. A. 01 ,... IN TWO 0VANI OZN ...110 1 wor. Ito ...Amon. V 1.1. ANTIZA Amy Lotsrlio.t. ■ ALLA wva,■tm. 141%"cs%....;1. raW.N.: ....*:1;11.174'' :0 WM.,. AV it. ...IN. ANTI. ...irr .1. TNz 'A- a. 3.1.60.„,..... ZNA.,117 ..T .. 1.11111.„..51•011..n.r•••■•• • VIM MR MUM AL, TA. • • theopiliA,n volt elatwvws,A048 Oita 4011appit voos som tilrfu iitbetah belappet fôr 14- '2V B.aktie i Aktiebolaget Kreuger & med 100 kronor, tillfarsakras having paid in full th ONE "B" Share of 100 Swedish Crowns in the Kreuger & Toll Company 109 Swedish Crowns Holder of tlr, mPanT r 4-. • NOVAeYV bi u MA. ZOO rnlat.n.. gm"mla ms• ma *Just oaarvtnurt is NOT LIMO.... *VOW purr... NM Lawn onn• .04T RIseammusvx ww. awrAmew a* MRS IN• Mt. OM Warn-tn.. .ax IVIN 1■171.10.. sery• •ertm. sow &AN vtaaroWw.... Moms. 07.... 71. Ne7 Ni Ve. LI.. 70 ANT 0.7.4TION• TMANZI...0 • •00 NB NOT 1 WY... . T1. RRRRR TO 1.1.1701•0ZeTtN.T.M.A.0 .0 at •••••..• 7177.01 .00.110.1..•11.11/10.11 DV. .00.10 PM 01.0- July/August 2005 • Whole No. 238 • PAPER MONEY246 A stock certificate issued by Kreuger & Toll, Inc. in 1928. role, he was chief engineer in the construction of New York's Flatiron Building, as well as the Plaza and other hotels. In some of their constructions they began to use reinforced concrete, a new type of building foundation requiring a special kind of steel invented and patented by Julian Kahn. When Kreuger visited Kahn, Kahn developed a liking for him and suggested that Kreuger should explore the possibilities of applying the new building methods in Europe. 8 On May 18, 1908, Kreuger started a partnership with Paul Toll, who was also interested in introducing the new building material to Europe. The firm of Kreuger and Toll had a total capitalization of $2,500. The new building technique caught on very rapidly, and within four years Kreuger and Toll had gained a rep- utation as the best building company in Sweden. 9 From here on, the pace of Kreuger's life quickened. In 1913 after much delib- eration he accepted an offer by certain Swedish bankers to become President of the United Match factories, which con- sisted of nine match plants. Kreuger undoubtedly realized from the beginning the possibilities of gaining control of much more than just the Swedish match industry. 10 Kreuger made an immediate stir in the match business just as he had in con- struction. The Trust was capitalized at one million dollars. Immediately he went to work to build the trust into a smoothly operating organization. In three years he developed this company into an organiza- tion which cleared a half million and declared a 12% dividend. He then pulled off a merger with another large Swedish match combine. The new company was called the Swedish Match Company. Kreuger had been so persuasive in arguing for the merger that he had man- aged to overvalue the shares of his trust and, in effect, his smaller company swallowed the larger. This was his first big venture in inflating values, which henceforth was to become his prime tactic. His old company, Kreuger and Toll, was now split in two. Half was Kreuger and Toll construction, while the other Kreuger and Toll, Inc. became a diverse financial holding company, that in reality was a pyramid scheme which could be used any way Kreuger wanted. The capitalization of Kreuger and Toll had grown to five million. The interrelation of Kreuger and Toll and the Swedish Match Company began when Kreuger transferred 120,000 shares of Swedish Match Company (1/4 of the total) to Kreuger and Toll, crediting Swedish Match two million for them. 11 The state of disruption in the world market following World War I gave Kreuger the opportunity to expand in Europe. In Belgium, Austria, Finland, Switzerland and most other European countries, Kreuger bought control, usu- PAPER MONEY • July/August 2005 • Whole No. 238 247 ally directly, of the leading match companies. Although the profits of his main company, the Swedish Match Company, remained the same during this period, the name of Ivar Kreuger was rapidly becoming known. Almost over-night an unknown Swede of 40 had become one of the new breed of European master industrialists. During this period of his emergence as a business giant, Kreuger was also successfully speculating in many private deals. In 1918 he speculated in the dol- lar, and this brought him a two to three million dollar profit. During this same post-war period, he bought control of a German chemical concern which two years later was merged into the huge I.G. Farben Trust. Kreuger got approxi- mately fifteen times his investment in this company. 12 , 13 Kreuger's accounting practices were, to put it mildly, unconventional. His essential philosophy of accounting was that a balance sheet existed mainly to paint pictures for the public. He had an almost poetic approach to annual reports. He usually wrote them himself, and he believed that the function of figures was not to reproduce a situation as it existed but to create an impression of it as he wished to portray it. His basic theory was that neither events nor cycles should retard progress. Rising profits -- whether they existed or not --accompanied by ever soaring dividends -- even if they came out of capital -- were necessary in order to keep the customers happy and the credit coming. As part of this policy, he believed in secrecy in his operations and in the books or his company. So many of the pertinent figures relating to his operations were kept in his head that he juggled them and used them as needed. Only his phenomenal memory enabled him to get away with this practice. In line with this secrecy, Kreuger found it neces- sary to hire accountants who were unquestionably loyal to him alone. He usually selected men who were almost totally ignorant of professional accounting practices. 14 During the period of 1919-1929, Kreuger continued to expand his operations. During this time he raised roughly $650 million dollars mostly from securities he floated and partly from loans from banks. Most of the investments in these securities came from American investors who were only too happy to hop on the Ivar Kreuger bandwagon. During these booming pre-Depression years, Kreuger over- extended himself to the tune of about $200 million, for at the time or his death by suicide in 1932, the net assets of his companies came to but $200 million dollars which was half of what the statements he drew for them were claiming. The shrinkage was due in part to the low market value of 1932, but most of it was the result of Kreuger's having paid large dividends out of capital for so many years. Many of the millions he got his hands on simply disappeared and were never traced. Apparently a good part of the money he squandered by spec- ulating in the market at a time when the market was sinking to an all time low. This was one of his last futile attempts to extricate himself from the mess he had created. Finally a good portion of these millions were doled out as bribes to public officials in countries where Kreuger was already selling matches or where he hoped to sell them in the future. The ones who lost the most when Kreuger died and his gigantic fraud was discovered were the ones who trusted him the most: the partners of the firm of Lee, Higgenson and Company who were responsible for the sale of the various Kreuger securities in the United States. These men had trusted him to the extent that until the very end they accepted his word for everything. All of Below: "The Match King." his statements and reports were accepted as gospel, and no investigation was ever carried out by them. Also on the losing end were the small investors in Europe and America who looked at Kreuger as the genius who could do no wrong. A Fortune magazine investigation turned up fake Italian bonds, which were among the "props" Ivar Kreuger had used to bolster his paper financial empire prior to his crash. Princeton University houses an archives of doc- umentary evidence tracing the rise and fall of the worldwide Kreuger corporate pyramid scheme. I; t I. ! 1 ,l lq Ili•, • I • • '; ,."..-r . .....t.....t.:- • ..........x.._, 2-' • '7... ...-..Ai ri • AMMINISTRAZIONE AUTONOMA DEI MONOPOLI DI STATO , I k ;44 ... . . 14/41wie, k ,047 ros:,../ d,.., 41 . Ai ilf."•/.4., ',€2..../ rid: Yaliew . I' /....f..”./die,.._ - ••••■ hi . 1.....0,44 /AO ., . • IL DIR TORE ENERALE ••..-. -7- . 7.--. 7....----.-;.-:-..7:- 7..7-- 7-:-...-z-..-rl. -:7z7-,.-; .77...-7.-.:-.-...-- -..:-...,.:.77. -.7...?. Lee, Higgenson and Company, who were so taken in by Kreuger, were no different from any other banking and investment house of that day. Anything that worked was good business. This included mysterious foreign subsidiaries that were set up in quaint pocket- book countries to avoid taxes, which everyone was trying to do, and managerial secretiveness, loose company laws, and lax accounting prac- tices at home and abroad. It would seem that bankers should at least have been aware of the extent to which Kreuger was weakening his organization by buying up his own unsold securities, but even that was fairly common practice. Kreuger was playing the old Ponzi game -- paying dividends out of capital and trusting to more capital to keep the ball rolling. 15 None of this is an excuse for what happened; it simply serves to place Kreuger in his time, but because his turned out to be the biggest swin- dle, Kreuger became the greatest object lesson which largely led to the subsequent reform in accounting and company direction both in the United States and in Sweden. Ivar Kreuger died by his own hand on Saturday, March 12, 1932, at his home, Numero Cinq Avenue Victor Emmauel III, in Paris. The Swedish Match Company, which he created, is today alive and quite well. So, the next time you strike a match, think of Ivar Kreuger -- both the genius and the swindler. REFERENCES 1. MacLeish, Archibald, "The Times Were Right for Ivar Kreuger," Fortune, Volume 101, February 11, 1980, pg. 58-72. 2. Stoneman, William H, The Life and Death of Ivar Kreuger, The Bobbs-Merrill Company, Indianapolis, 1932, pg. 46. 3. Churchill, Allen, The Incredible Ivar Kreuger, Rinehart & Company, Inc., New York, 1957, pg. 47. 4. Churchill, pg. 29. 5. Churchill, pg. 54. 6. Churchill, pg. 55. 7. Churchill, pgs. 54-56. 8. Churchill, pgs. 57-59. 9. Sparling, Earl, Kreuger's Billion Dollar Bubble, Greenberg Publishers, Inc., New York, 1932, pgs. 112-129. 10. Shaplen, Robert, Kreuger, Genius and Swindler, Alfred A. Knopf, New York, 1960, pgs. 39-41. 11. MacLeish, pgs. 60-64. 12. Shaplen, pgs. 44-50. 13. MacLeish, pg. 64. 14. Wantoch, Hans, Magnificent Money -Makers, Desmond Harmsworth, London, 1932, pgs. 242-256. 15. MacLeish, pgs. 60-66. 248 July/August 2005 • Whole No. 238 • PAPER MONEY PAPER MONEY • July/August 2005 • Whole No. 238 249 Financing the French Panama Canal A Portfolio By Joaquin Gil del Real Introduction p ANAMA IS GEOGRAPHICALLY ONE OF THE MOST strategic regions on earth. Because of this, she has been a prize for competing global interests for the past five millenia. Almost as long, the creation of a short sea route connecting the Atlantic and Pacific Oceans has been the dream of governments, financiers and commoners alike. Eventually the United States government stepped forward with money, materiel and manpower to complete the Canal, thus securing for this country its seat at the table of global power. Before then, however, the venture already had a long history, so it's not surprising that a chronicling of the financ- ing of that dream's eventual realization would be of genuine interest to a broad cross-section of paper money and scrip collectors from Panama to the States to Europe and the Far East. Leslie M. Shaw, United States Secretary of the Treasury, signing the check purchasing French Canal assets in Panama and putting the United States gov- ernment in the Panama Canal building business. The Isthmus of Panama is a narrow, curved strip of land going east to west, cover- ing 29,157 square miles. It is bordered on the north by the Caribbean Sea and on the south by the Pacific Ocean. The coastline extends some 720 miles in the north and 1050 miles in the south. In the west it is bordered by Costa Rica and in the east by Colombia. Width ranges from 50 miles to 150. Average rainfall May to December ranges between 60-110 inches in the Caribbean coast and 45 —90 inch- 250 July/August 2005 • Whole No. 238 • PAPER MONEY Treasury Warrant of the United States Treasury for $40,000,000 to J.P. Morgan Special Disbursing Agent for purchase of Panama French Canal assets, signed by Leslie M. Shaw, Secretary of the Treasury, May 9, 1904. This is the warrant Shaw is shown signing on the previous page. Ferdinand de Lesseps 1805-1894 es in the Pacific. It is hot, humid and quite tropical. 1 Known primarily for its Canal, most people are surprised to learn that the Canal does not lie east to west, but rather northwest to southeast. The Isthmus was first explored by Rodrigo de Bastidas in 1501. Columbus landed on the north coast the following year. On September 25th, 1513, Vasco Nunez de Balboa discovered the Pacific Ocean, and in his report to King Ferdinand he recommended a fortified trail from ocean to ocean. He added as an afterthought that one Alvaro de Saavedra, who made the crossing with him, had suggested that a strait connecting the two oceans should be sought. 2 In 1527 Hernando de la Serna and Pablo Corzo explored the Chagres River. The following year Antonio de Galvao and Francisco Lopez de Gomara named the Ithmus of Tehuantepec, Nicaragua and Panama as sites for the construction of an interoceanic canal. 3 There would be many more references regarding a canal. It would be more than three centuries, however, before advances in science and technology would make thoughts of an interoceanic canal more than a dream. Unprecedented advances were shrinking the globe. The first transatlantic cable was inaugurated on July 28, 1858; the first transcontinental cable on October 25, 1861. The first safety elevator had been invent- ed by Otis in 1853, and the Gatling gun in 1862. Great engineering prowess had been accom- plished. The transcontinental railroad in the United States was completed on May 10, 1869. The Suez Canal was inaugurated in November of the same year, and in December of the following year a seven mile tunnel cut through the Alps con- necting Switzerland and France. 4 What else of such grandeur was left? Count Ferdinand de Lesseps: Man of Vision - Man of Action By the last quarter of the 19th Century, geography was the fashion, and the Societe de Geographic de Paris was a favorite meeting place for the men of position. In summer of MYLAR D® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 4-3/4" x 2-1/4" $20.50 $37.00 $165.00 $290.00 Colonial 5-1/2" x 3-1/16" $21.00 $38.50 $175.00 $320.00 Small Currency 6-5/8" x 2-7/8" $21.50 $41.00 $182.00 $340.00 Large Currency 7-7/8" x 3-1/2" $24.00 $45.00 $200.00 $375.00 Auction 9 x 3-3/4" $26.50 $48.00 $235.00 $410.00 Foreign Currency 8 x 5 $30.00 $55.00 $250.00 $440.00 Checks 9-5/8 x 4-1/4 1 ' $30.00 $55.00 $250.00 $440.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 8 3/4" x 14 1 /2" $18.00 $80.00 $140.00 $325.00 National Sheet Side Open 8 1/2" x 17 1/2" $19.00 $85.00 $150.00 $345.00 Stock Certificate End Open 9'h" x 12 '/2" $17.50 $75.00 $135.00 $315.00 Map & Bond Size End Open 18" x 24" $70.00 $315.00 $570.00 $1295.00 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 • July/August 2005 • Whole No. 238 251 THE ISTHMIAN COLLECTORS CLUB (ICC) IS celebrating its 30th anniversary this year. Originally founded on Panama Canal Day, August 15, 1975, as a stamp club, it has evolved through the years into a true "collectors" group. ICC is devoted to spreading the "gospel" on all manner of Panama and Canal Zone collectibles. Members' interests range from paper money, coins, medals and tokens, to all man- ner of stamp and postal history, as well as picture postcards, books and mementos of the construction of the Canal and the country. With an international membership of nearly 200, the ICC welcomes those interested in any aspect of isthmian col- lectible. Dues are a modest $8 per calendar year for U.S. addresses. Members receive 10 issues of an 8-10 page newslet- I Collect FLORIDA Obsolete Currency National Currency State & Territorial Issues Scrip Bonds Ron Venice 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Benice@Prodigy.net ter ICC Journal via first class mail. In a recent issue of the journal, its Editor paid high accolades to SPMC member Joaquin Gil del Real, calling Society member and frequent Paper Money contributor Joaquin "perhaps the greatest expert on Panama paper money ... and a recognized chronicler of local history with a long list of pubished articles to his credit." The issue also included articles on divided and undivid- ed back postcards, spurious Panama railroad tickets (an updat- ed version will appear in a future issue of Paper Money), night- club, bar and entertainment collectibles, a postal cover, news and advertising. For more information contact ICC Journal Editor Bob Karrer at 17 Wentworth St. Charleston, SC 29401-1625 or email at bkarrer@bellsouth.net . 252 July/August 2005 • Whole No. 238 • PAPER MONEY 1i0tiyetE eletablis sitivans steles passes les on Oclobre eg NoventbrejeSty, of deposes ea l'elude Or tif• CHA AfrETIER DE RITES, S Puri, 4723 po oAYITBL SOO:LA.1, 307000,000 nrc P`1245.-ZSCIES 0540'6' l'"A 't'ljti:"4 17111,4- cr. E.0coned(100,,000 l500 Ude,. ettaCtlee PAR : DE FO DAT. UR AU . P LE PRESENT TITRE DONNE DROIT cif one part de. Tin Neuf Alitheme dans les Quints pour ,97ent, C,4 dust:Fogdateu nes ”Arurs) or les produits nets nu Nnefices de rEntreprise. UN DIAINISIRATLU Ft, .r.41. ,r xi •x• a , 7.1:,,57 `1: 1 tA e' ' 'NtkUT■!er'rTi7M7,i ':=,N21L'Igspgr,ht 1 t 7 er:1# Pii ; /conked r to Conceit &administration 'ro .41.0-; I oul'','■11. om do „do,,moo id d edda l 6 po Les Actions venni. alaurout drui qu'S la portion du , , drvene exnt e ur roo mu espitalm ciulmIg , : ! aura ad remboursi, tout re au procaine 5 ojo do icur i 5 pour too du capital retalrourad," sera scrod au fond a qui sera dit , ellam,rortoissentnat /lentil edam question sous Particle 63 nt partaad a , pan aAar. 66 La ttribuic Eunae 15:114. ficlaices deSiglItS WU Panicle 7aux el.d d essu tu a" 61 ou 00 . benefices annuels de 'neomycin . reprarontic par rircs ddsignes : dor till. speciaus dant lo Conseil &administration determine le roturc'et la forme. EnEn none ins prisenre Statute stiputerout ciropres, dl c per ILL reserves y "Waldo au profit duo dircraes peracilvies dont les ropitaux et la cotinours auront serui Is dein. de Is prorote &nitro, oro "It■:!.00Leeprod I de 14 p ‘1rourd dacqU Panicinon stipulde see profit par lc goineraement des Etats-Unia de Colombic aux termes de la loi de concession; Ids depeascs Wen treticn et d'explointion, Ica frals d'ecinuel,eation e =1;tifsTaTcalc'g Cgpr'll'n'tnutaV:Peiati Tatte 'd cor arectes; antra cenUemcs peur cont du capital rocia applyable au Conde dlunontss 'em nt conautue sou I al G3 ciropolf; Is proltrementd'ne vroptieme au "x• as* a - B les benefic , a .pa , flf ga= , Anr g ,l -ifl-VesPO' 7: d? ' beneft Plr .AUVai ?tud21 capital et par p t clorou aq tcro .f tootetals P Pod , as Le t surolums ores ,rotecnt eta "ro 'ce„t„ aux It 1 15 ?our loop ani Pen Figure A. Founders Share: yellow/brown, 9,000 issued, 270 mm 327 mm. 1875 at an international congress held under the patronage of the Societe, interest in an interoceanic canal across Central America was manifested. The speaker was Ferdinand de Lesseps, conqueror of Suez and France's "National Hero." He declared that two issues on this matter needed to be solved. First: to determine what was the best route; and second: what type of canal, sea level or with locks. Several explorers presented their experiences and reports were presented on American expeditions to Nicaragua. Since 1870, the United States had surveyed both Nicaragua and Panama, and had preferred the Nicaraguan route. 5 In 1875 Ferdinand de Lesseps was 75 years old, in good health and great- ly admired. The Suez Canal in which he had been instrumental had been financed by France (through thousands of small investors) and Egypt. The Frenchman was neither an engineer nor a financier, but was the driving spirit of the enterprise. Upon completion, he occupied the position of Chairman and President of the Suez Canal Company. Referred to as "The Great Frenchman," he was thought to be able to accomplish anything. Within several years, England, guided by the Rothschild Banking house, acquired financial control of the Suez Canal, thereby protecting its overseas empire in the East. De Lesseps, although still head of the company, saw his influence greatly reduced. His "enterprise," the pride of the French people, had suddenly become British. 6 During this period the American Interoceanic Canal Commission pub- lished its decision of favoring a canal in Nicaragua. Panama was barely men- tioned. Shortly thereafter, the Societe Geographic announced it would spon- STERN. Gra r. FARIS. KJZPASNI GUATUAISI AUSTRAUE AV4P1CMG BF LC CL, PAU 1130.1511.1 P CHILI ti %CAME'S ' GLSTAR■G•A ORGIUAARA .1:1ATZOR yule i•ORPL• Rota GUATINAVI NORCURAIS Pt MOTH 111”0 ,110 etre, . ERSCLLE t „ , • le) E IIKARAGUA OPMCZ PAYS-BAS 001nauw PORTUGAL ALS. Staltd9 &poses charim DETIfiEsWbkuie dikis les 20 Clabbre et 29 Novembre 1560. CiiintaiSodiAt Inniin__,_00,000 DE rRANCS DIVISt EN 600.000 ACTIONS DE soo FRANCS. ction de entA cents' .franz au LIBtREE DE DEUX CENT CINQUANTE 02 00.4. • f 111."714 '0105 009ktwillr 1, '0'", • Pr ciAptfort : I "A' 0 YecAiridlid-Diarteur. ig,k6e YJn ,Weltninistratrar: r SirlAGAVAP SALVAGOP a au totx t1V0QUIC URUGUAY. VIKALUA • '1.0/0 CSPAGNE EGCUPS caLommt MILK'S% untl.tiC ■FPAHCO 73 . IT4'1‘ priv, mg!. zi.d41 V.Ju..r>f: Ceti des a la So mais el actions TROISIEME VERSEMENT Action_,; NTIERA ille actions (noo civile, Facut e n'a droit qu'a un r portant les numaros ENT LIB 10,000) qut n de i'artiol venu egal 0,001 a SOO OURTRItmE VERSEMENT paxtigt rembnis celui des autres 00q. PAPER MONEY • July/August 2005 • Whole No. 238 253 17,0 011004, 1pou.-110.1.1.0 ur.cul,. 1 , I VI. — .2 , 17•'• sor an International Congress so as to evaluate the building of a Central American canal. 7 Concurrently the Turr Syndicate was formed, whose official title was Societe Civile Internationale du Canal Interoceanique du Darien. It was a small syndicate that included well known figures, strictly for profit and made itself available to the Societe for exploration, survey and all matters perti- nent to the consideration of the canal. Lieutenants Lucien Napoleon Bonaparte Wyse and Armand Reclus were dispatched to survey a possible route in Panama for a canal. While there, Wyse went to Bogota and negotiated a concession from the Colombian government. Their so-called survey was no more than a perfunctory exercise, and what was presented to De Lesseps in Paris was a sea level canal that basically followed the route occupied by the Panama Rail Road. 8 The Congress International d'Etudes du Canal Interoceanique convened in Paris in May of 1879 hosting leading engineers, explorers, economists and naval officers, in all some 136 delegates. All the invitations had been personally issued by De Lesseps himself, so not surprisingly it was heavy with Frenchmen who numbered 73. The most important committee, the Technical Committee, was personally chaired by De Lesseps himself, and of the 52 delegates assigned to it more than half were French. To make matters short and clear, it was a committee of one: De Lesseps. Of all the reports made, most were serious presentations by people who had garnered their information and experience in the field. None was seriously Figure B. Founders Common Share: blue, only 10,000 issued, 210 mm X 403 mm. allisilumw.. tiii ve!is 254 July/August 2005 • Whole No. 238 • PAPER MONEY p P. CotlifT4 tAMnLLEli USTIMUE Altritiemt atZIOut iseuvitt STEFIN .Grave,r. PARIS !.) 40C,i) f. Ar7 7,1,71 re 'I V,I.(CAT11. 1p,T, )7, 7)71.A?„) .„, nifast)g vensEmteit 4ift 'aut., C17: L.(1111:1L. Mr AU IrCAPASLIA NM. nz rwa 84 s! r2 ?IMO,RUSt Figure C. Common Share: blue, 590,000 issue, 210 mm X 403 mm. considered other than the Wyse Report, which came up short on facts. After a week of behind-the-scenes maneuvering, a vote on Panama (Wyse) or Nicaragua (American) was taken and the Panama route was chosen. The Wyse route was the French route. De Lesseps had made himself felt, and he had had his own way. 9 Shortly thereafter De Lesseps organized a private syndicate of rich friends and bought out the Turr Syndicate (Wyse concession) for $2,000,000. This group was to be considered the "Founders" group, which was to receive "Founders" shares at bargain prices, plus many other benefits once a company was legally organized. This company would be tasked to build the Panama Canal. The Compagnie Universalle du Canal Interoceanique de Panama was incorporated on March 3, 1879. In August of that same year, the company independently offered its shares to the public in Europe and America. The offering was a failure, much to the surprise of De Lesseps. Later that same month, all money was returned. (There are no known certificates of this offer- ing.) Examining the reasons for this failure led to the conclusion that — in com- mon jargon — "the rails had not been properly greased." 10 Having corrected the shortcomings of their initial efforts, in October/November 1880 the Compagnie again offered 590,000 shares of com- mon stock. The first 10,000 were reserved for the "Founders" group. This offering was a grandiose success. The issue was oversubscribed to double the amount available. The French masses had put their hands into their savings so PAPER MONEY • July/August 2005 • Whole No. 238 255 Smithsonian Curator Dr. Richard Doty Calls Our Attention to Another Keatinge & Ball Note Anomaly O NE OF PAPER MONEY'S PRINC1- pal goals is to serve as a "marketplace" of ideas, discoveries, information exchange, etc. and to record these tidbits for posterity -- to put them on record for today's collec- tors and those a 100 years from now. That's why we have regular items like "Research Exchange," and that's also why Reader Feedback is so important. The late Brent Hughes "kicked off' this "treasure hunt" message string when we published his article (posthumously) on CSA printers Keatinge & Ball's private notes in our Jan/Feb 2005 issue. Hughes, "Mr. Confederate," was wise enough to know that many collaborators on an enigmatic subject make for better research and challenged members to put on record additional data on these enigmatic K&B notes. He asked for reports of # data. Last issue Bryn Korn and Les Lewis did just that, prompting Dick Doty's query. What's going on?, Dick wonders. SI's $2 K&B note No. 3, Plate A (above) is the same as one of those shown last issue in Ms Korn's possession. Any ideas or higher #s to report? Announcing the Confederate Paper Money Condition Census Project •Building a census and provenance of the top CSA currency rare varieties. •Updates to be published as supple- ments to new Collecting Confederate Paper Money book by Pierre Fricke. •Do you want to be remembered 100 years from now by future collectors? •Privacy and anonymity maintained at your request. Long time rarity and variety collector (32 years) — U.S. Large Cents, Bust Halves, now CSA paper money and bonds. Member EAC, JRCS, SPMC. From long time Louisiana family. Please write to - Pierre Fricke, P.O. Box 245, Rye, NY 10580 pfricke@attglobal.net ; www.csaquotes.com ; eBay — "armynova" WANTED: NATIONAL BANK NOTES Buying and Selling Nationals from all states. Price lists are not available. Please send your want list. Paying collector prices for better California notes! WILLIAM LITT P.O. BOX 6778 San Mateo, California 94403 (650) 458-8842 Fax: (650) 458-8843 E-mail: BillLitt@aol.com Member SPMC, PCDA, ANA NPANE4P4 UtvA OUR 334 INEQU ICI URU CUM. 41Ntturut NC ENSURER COLD MINS WELPAMPE FRANCO C^M Ntt ivrRs c124.2 ulpos4701;• I a1,8 I 0 e •Socièlei ..7tiorzyme-C tviiss::114414c**5(:7?00 110]:;327 Autoristte paiY AI SmbldeYdivbrale du 29 43.411 •ationSINATEuicENTs,t fillies 54 Ramboursable au pair art Anneos: AUSTRAUI AUTKTCU C a ttcIQ u t a°uv!E l • aets iu tsmai RCN g CIINA11■CA OAR JOE quAYPEA CCYPEC • NEAT CIE 4 CAPAPAIA EAAIN PAYE SAW 3• govIS PR R saig 5TERN Gravevr. MILS. IttiT*122214743 ip*Saida►scit le IS Jaille1 1.1813 obt Cava. , COMMON ritiOrraRiELIA 8 CANAL. 011011101011E DE DAM OBLNATION ielget811, - Coupon dir31110:804eds4avit Is 15 danvfer .11198 *DAL INTENCEAVIQUE: :PAIIIIIA OBLIGA11014 11° 111122CMIk. - Coupon de 12 fr. GO Cchierne is 15 JuIllet 11191 ice r intiVirSilm—m Will tit A DE MINA OBLIGATI...d:11° MIAMI& Caapan de 12 re:diedefibant le 15 lin-vier INT VONYPAGNitt 4:NIVNIU3ELLN 26ANNIE tNIVERHELLII YE• tAllki4l:111178011411101JE .DE,i'AtthMA , oilkfavrioN Coupon 4. gidilIVINfidhditan 1111, eo i891f ..: 256 July/August 2005 • Whole No. 238 • PAPER MONEY Figure D. First Bond Issue: rouge with black lettering, 250,000 issued, used to buy Panama Rail Road, September 1883. as to participate in the project for a greater France led by none other than the "Great Frenchman" Ferdinand de Lesseps. Allotment of shares was made to 102,230 applicants, of whom 16,000 were women. Eighty-two percent of the issue was absorbed in France. 11 Upon examination, the Wyse Concession was valueless unless permission was obtained from the Panama Rail Road to use its right-of-way. Trenor William Park, a lawyer and President of the Panama Rail Road (and owner of 15,000 shares) was no slouch. The lightly built Park had the physical appear- ance of a young adolescent, however he was a "robber baron" of the first mag- nitude and he bushwhacked De Lesseps. Park knew that De Lesseps had to have the railroad, and so offered it in 1879 for $200 a share. This offer was rejected by De Lesseps since the shares were selling below $150 a share. 12 Times do change, however, and on June 29, 1882, at the annual shareholders meeting, the following bond issues were approved: 1. Bond Issue of 250,000 bonds of 500 francs at 5% so as to buy the Panama Rail Road; 2. Bond Issue of 600,000 bonds of 500 francs at 3% for working capital; and 3. Bond Issue of 387,387 bonds at 4% also for working capital. ,;,PMG 7÷--- PAPER MONEY • July/August 2005 • Whole No. 238 257 • BUY, SET ,L & COLLECT A R IN A WORLD THAT'Srpu AND JUST AUTHENTICATION EXPERT GRADING ENCAPSULATION IMAGING INTEGRITY IMPARTIALITY Certification. Standardization. Protection. Professional and impartial paper money grading and encapsulation gives you a collecting environment that is stable, liquid and free of fraud. Paper Money Guaranty (PMG), the newest independent member of the Certified Collectibles Group (CCG), combines accurate, impartial and knowledgeable graders with proven processes and standards for the care and evaluation of your notes. Many of these standards have been established for years at our independent affiliated company, Numismatic Guaranty Corporation (NGC), the largest, most respected company in the authentication and grading of rare coins. And, as with coins, each of our paper money experts is prohibited from buying and selling notes to ensure impartiality. Most importantly, behind it all is the passion and respect for the hobby that we bring to work with us each and every day. To learn more about PMG, contact your local dealer, visit www.PMGnotes.com , or contact Glen Jorde, Grading Finalizer, at 877-PMG-5570. 1,43MG PAPER MONEY GUARANTY LAI ...., hic4 64.,....., ril mi, . cot.i!! : ..,,t_21. ? s ELF. sim'eal I!. 1 1 . * mi. . ". - - 7-111 „ ‘ 1 en'ill- • A, LA VA* _., • II ,I. . , Iv, c At '.:,...:4:■ .., t . : .1, I r• MI*1•11111 I AI?... a le' ... i I — j ORrsi ""I'VrAwn•II‘ttiitif. 0.- ,,.. i IQ_ 300.000M irA .0 00 a "tt4, IA°- wuulAi.: IOX DZ GO O. 60 0 ,OBLIGATI „ , riSOO par l'Avusin1,160 Gertoitte*ts Jukrt 1882. f i i A ON de ernbousable au pair en Anne() ..-, 0,248,9 .g 5 -PARIS. le 1•' octabra 1384 leilesiden rtrieur• —,-;,..91 j.G .1 ANTIa;OGRTEPa A . ge... div STERN. GraVeLr. PARIS Rut RACAII 'MMUS RUSTRAU C AUTAI CNC MD QUI. 160t vat SSPAGHC CoutonSDL CCLDM al irnamsti al* ...14 PANCC1 '83E5 •onus 9CN1 N Ei COSMO. 033330( CQUATCVA CCMPit At CANAL INTEROCUNIQUE 133 DE PANAMA OBL/G . N. 0.24 8,985 de 7 fr. 50 felfent le IS IOW AL INTEROC2ANIQUElao DE PANAM ' `""-- °BG. Ne 4124 ” 8 5U 7 0. BO eeheeer le IB acmafig CANAI; fri'i'ElicititiaiMUE 32 . DE PANAMA OBLtc 141,19,24 a 98 5 a.. COUpun ele7 fr, 50 &Vent to 15 OCTEISRE,1800 CANAtiotili_ .*pw"Oreamo glUE1—. Onue. No 04248, 985 t'pgym de 7 fr. 50 AKUSM.W.45..1111110.11099 CANA UNIQUE [31 DrP411,,,144 ' 4,34.11,i0-8 5 t:■•c..7.9 de 7 f 50 taanu le $ . 111thIL 4 CANALOTEROCEANIQUE128 erg PANAMA - Ostic, N4248,985 Oar.. a* 1 15 VW AL 1NTENQOANIQUE 27 DE • PANAMA Onuo. Na Ct$48.995 de17 fr. SO &MtOO le. Ire Hilt OBLIG. Ng Ale 7 fe.. APOITEROCEANNWE 2 PANAMA — 5 1.1444apt b 4fllffIL tRrI 258 July/August 2005 • Whole No. 238 • PAPER MONEY Figure E. Second Bond Issue: green, 600,000 issued, used for working capi- tal, October 1883. The Panama Rail Road, which had cost $7,407,535 was purchased at more than $291 a share, or more than $20 million. The nails in the coffin of the French Panama Canal were beginning to add up: Excessive payments for the Wyse Concession, excessive organizational expenses, and now, for the Panama Rail Road, even before the first shovel of dirt flew. The second bond issue was placed with no problem at all. 13 The third issue was more difficult. Of 387,387 bonds, only 318,245 were initially sub- scribed, and the rest took some 18 months of offering, sometimes at great dis- counts, before they were all placed. Another bond issue authorized in 1885 for 362,613 bonds at 4% was only subscribed for a total of 141,517 bonds. Things were beginning to not go well. That year an uprising took place on the Isthmus. The rebels in Aspinwall (Colon) burned the city, and the fire destroyed the railroad's headquarters and the Compagnie's docking facilities and repair yards. 14 For its next financing, the Compagnie changed its format. Whereas for- merly the bonds had been for 500 francs, they would now be for 1,000 francs. Yi0.00(00*',(1):8 (e.0)ft OD; 4,CAD41,D. (4) r/ ;://///'THE BANKOF ST, >77. 'II fr. /e/i 4/.// .1/ //' 0 00 MISSOURI St. Louis Welcomes You to the 20th Annual National and World Paper Money Convention Thursday-Saturday, November 16-19, 2005 (Free Admission) St. Louis Airport Hotel, 10330 Natural Bridge Road, St. Louis, MO 63134 Rooms $104.00 Call (314) 426-5500 c a • 75 Booth All Paper Money Bourse Area • Lyn Knight Auction • Society Meetings • Educational Programs • Complimentary Airport Shuttle Bourse Applications: Kevin Foley P.O. Box 573 Milwaukee, WI 53201-0573 414-421-3498 E-mail: kfoley2@wi.rr.com Show Hours: Wednesday, November 16 2PM-6PM (Professional Preview--$50 Registration Fee) Thursday, November 17 Noon-6 PM Friday, November 18 10AM-6PM Saturday, November 19 10AM-6PM Future Dates: 2006 2007 November 15-18 November 14-17 PAPER MONEY • July/August 2005 • Whole No. 238 259 260 July/August 2005 • Whole No. 238 • PAPER MONEY Figure F. Third Bond Issue: black with black lettering, 387,387 offered; only 318,245 subscribed, September 1884. Ninety-one percent of the "new series" offering of August 6, 1886 (458,802 of the 500,000), bonds offered were subscribed. This near success revitalized the efforts of De Lesseps. 15 In March of 1887, De Lesseps revisited Panama (he had been there in 1879-80). Now he was more tactful, diplomatic, amiable and kind. However, the sixth bond issue (second of the "new series") on September 15, 1887, wit- nessed only a 50% partial sale. Of the 500,000 bonds offered, only 258,887 were subscribed. 16 By now signs of difficulties and problems were manifest. In the seventh bond offering on March 14, 1888, of 350,000 units, only 89,890 were subscribed. 17 By June of 1888 the Canal was being attacked by the press, and there was growing government opposition. The Compagnie requested a government approved lottery bond issue, though without government guarantee, the impli- cation being that the prestige of France was behind it. As previously, the prop- er "rails" were greased, and the required vote obtained. In the lottery bond Cr.n. Mf/4/1•717e. erreeedvetX Alabama Large Size WNW., 7167-"c'" 1.1.0• • • On OranininiOrnrros, „am- 463C4, Aroma' NAti(?).74411. Top Prices Paid David Hollander 406 Viduta Place Huntsville, AL 35801-1059 Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals Peter Huntoon P.O. Box 60850 Boulder City, NV 89006 702-294-4143 PAPER MONEY • July/August 2005 • Whole No. 238 261 Dealer reports major obsolete currency theft LAST ISSUE, WHEN AN SPMC MEMBER A Lincoln (nut) asked readers for info on this First National Bank of Idaho, Boise City, IT note #130, he (and we) little suspected the informtion we would receive. The collector was asking because the unissued remain- der purported to be a private note by a NATIONAL BANK (the first one in Idaho Territory) which dated from c. 1867 after the laws taxing private circulation had passed. A noted dealer in obsolete currency reports that this very note (#130) in Very Fine condition, as well as three other "major obsoletes" (totalling five figures in value) were stolen from his inventory. They "vanished from our stock, probably at the Baltimore show" earlier this year, he wrote. Thus the request for info now takes on more poignan- cy. A substantial reward is offered; so be on the lookout. Contact the Editor, who will forward info to authorities. + CNA) IK . *1/4".1 t N. r :.+,‘,:.', 41:.i;Vi r'jZt VIZ ITAV 014 NIL '4'4 414'4'7 11I i 11 el I rlfriAlliria IANTIU151 AUSTAAU C AUTRICHE B[1.0.0 801.1V LI • • : No ; • '.. • ' • 0 litrotifidum 013404,, INTEROCERNWE N° 0.4 2 2,4 6 3 t. 0,4:g2,4 , IBBth ILT MC WI • CNITI CI CCSTA (MUM [QUA 11 • W ▪ AWA TORII/EGG IXTZ-MB • 0.000 PORTIJOAt MIMIC 262 July/August 2005 • Whole No. 238 • PAPER MONEY Figure G. Fourth Bond Issue: black with black lettering, 362,613 offered; only 141,517 subscribed, April 1886. issue of June 26, 1888, of two million authorized only 802,119 bonds were sub- scribed. 18 On February 4th, 1889, the Compagnie declared bankruptcy. After the failure a group of investors, interested in the continuation of the project, formed the Societe Internationale D'Etudes for a financial feasibility study to continue the construction of the canal. The study indicated that the financial resources needed to continue and finish the project were enormous and recom- mended to abandon any new efforts. 19 By 1892 the Panama Scandal burst over France. In May the Societe D'Etudes et de Publication pour favoriser L'achevement du Canal de Panama was formed to continue the studies of the previous Society D'Etudes, their objec- tive being to consider the means of liquidation of the works and/or for protect- ing the interests of the shareholders and bondholders. One of the results was the naming of a liquidator and attorney to represent the bondholders. 20 These last mentioned were instrumental in organizing the Compagnie I EARLY AMERICAN HISTORY AUCTIONS Sign Up to Receive Our Fully Illustrated Catalogs Free Online or Only $72 for a Full Year Subscription of Six Bimonthly Printed Catalogs AUTOGRAPHS • COINS • CURRENCY • AMERICANA • MAPS Every Auction Lot is Now Available for Online Viewing... www.EarlyAmerican.com staxiikwEimit , - (114,1,13,--fijEttagggikqUitAtomp Consign Your Important Material • Phone Dana Linett Today! EARLY AMERICAN • P.O. Box 3507 • RANCHO SANTA FE, CA 92067 (858) 759-3290 OR FAX (858) 759-1439 • Auctions@EarlyAmerican.com WANTED 0 In Stock for a Gold, Silver, and Pl Call for Quotes 80 The South's oldest and largest co Top prices paid for all National Bank Notes, Large Inventory of National Bank See Our Website at Williamyoungerman.com or el orida onals, ens livery Products 7 3010 op sin ollections, otes for s 1967 d Estates ey@aol.com WILLIAM YOUNGE Your Hometown Currency Ilea INC ers 95 South Federal Highway, 3 oca Raton, FL 33432 P.O. Box 177, Boca Raton , L 9-0177 (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 PAPER MONEY • July/August 2005 • Whole No. 238 263 July/August 2005 • Whole No. 238 • PAPER MONEY _ -41) 11i 11-. iivr ' •••• . 00A04•4•1,117',Z % .1 41 $14 Vw ; z . . - ',""twitlansworar", HIMMUMEnortimestw -amit.ve r, ALLEXASIO (ANTILLIII MIST ALI AUTO ICHt 8 LOIQU I EOUVIL1 [EPA ORPOI•• COLO OIL WM= IS L•0.11111 teOANCII IIIS*1107• SALVADOR ■DU 0 II tit184,8E4 OR COAT VIIISZOCIA • ooze e nonyme- 7911-,41f,139"."9 .; 264 Figure H. Fifth Bond Issue: face value increased to 1,000 francs, beige with black lettering, 500,000 offered and 458,802 subscribed, August 1886. Nouvelle de Canal de Panama on October 31, 1894, to replace the original Compagnie. As such, the original Wyse Concession was extended by the Colombian authorities for another 10 years to October 31, 1904. 21 Some work continued in Panama. United States Completes the Project On November 3rd, 1903, in a bloodless undertaking and with the con- nivance of the United States, Panama separated itself from Colombia. U.S. President Theodore Roosevelt who saw the Canal as a key to this country's exerting its military might worldwide sent war ships to back the coup. The rest is history. On May 4, 1904, the United States purchased all rights to the Canal for $40 million (see pages 249 and 250). The ceremony took place at the offices of the Compagnie in Panama City. Lt. Mark Brooke signed the appro- priate documents on behalf of the United States. 22 r Buying & Selling All Choice to Gem CU Fractional Currency Paying Over Bid Please Call: 916-687-7219 ROB'S COINS & CURRENCY P.O. Box 303 Wilton, CA 95693 TO POSTAGE FRACTIONAL CURRENCY • First new book on Fractional Currency in 25 years. • All the regular issue notes in all 8 grades with the rarity of all the notes. • Four pages in color. • Helpful hints and what to look for. • PCDA Literary Award Winning Book PAPER MONEY • July/August 2005 • Whole No. 238 265 $29.99 & $3.00 S&H 1SCHILI CIIIN 00917,1004 CAPLAMN I.4UAMA Itlent L&PAONI tiA000011 431.0■1014 rAnateAt akeeNe ^A1'AOCP SUIDEN Iver0.1 El u, AY u0A • ..- tit& _IP easyif'7 ,ii I 1 V e w.44 -43.4eivi .; ...79.—mirsv... 7., i 01 toeoW . ai4g, I-L- ArTIM CIAL VA rA,$ • • 1011101004 ▪ sate[ a MAW MONOUIVi♦ N ilAt • M?ONN Coup de 7 fr. SO 61661,46 iS SEPITIORE I L CANALI INTEROCEAM ,,DE PANAMA iY gi) 081.1.0. N" 134,055Lut Cduport de 7 ir 416/44ant k 15 DECO% E1A 5., CANAL INTEROCEANIQUE 2 6 b E PANAMA 4/1 'OBLIG. N. *434,0 56 Csi Conperm ef. fr 60 erne.. IN IS MARS Mb CANAL INAENOC.EANIGUE DiAlivvrtAm A 4"._i rtr 06IAG. N. J.* w..) Coupon Le 7 tr. SO iehiant tea CAMIANTEROCgANIQUE9 'DE PANAMA "'" Chstm. No 134, 055 Coupon de 7 ,[t 1:4,4zhauls iStErlitillt* CANAL arrnoctwou DE PANAMA e7At. OECEAWIE 18 CANAL INTER0IA1ZN - BE DE PANAMA 4.1.1 no °out, No 0 5 5 itfiThEioct.ANI P. • PANAMA- . Osuq., N. 2 POtrpun de 7 Fr. 80 kellawn 6 de 70, 6044icaut:e 15 Sur STERN Graveur PARIS 266 July/August 2005 • Whole No. 238 • PAPER MONEY Figure I. Sixth Bond Issue: beige with black lettering, 500,000 offered and only 258,887 subscribed, July 1887. There was no need for the private funding of the past as evidenced by the bonds and shares displayed here. The United States Treasury was now financ- ing the Canal project. Many of the assets of the Compagnie, which had contin- ued digging on a very modest scale, were invaluable to the Americans. Lands, bridges, buildings, wharves, piers, waterworks, roads, shipyards, hospitals and much materiel and supplies were rehabilitated and used. All property of the Panama Rail Road was transferred and received by the United States. French dump cars were reused, and dredges were restored. French surveys, studies and engineering were found to be of the best quality and of much use to the Americans. 23 French errors were avoided and much was learned from their mistakes. PAPER MONEY • July/August 2005 • Whole No. 238 267 ght Currency Auctions Deal With Th Leading Auction Co pany in U.S. Currenc 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 ogo 0 Xs. —-.1-11 ,11-1 W13) —.NH 79 f2 cazaatra56 w MX:111X2agallbil 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 will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. ,vnJ(niyht Currency Auctions P.O. Box 7364, Overland Park, KS 66207 • 800-243-5211 • 913-338-3779 • Fax 913-338-4754 Email: lyn@lynknight.com • support@lynknight.com www.lynknight.com PAGNIE UNIVERSE "E * * &&• 11.1• r • _.1 I I a at). • ao, • 41,:, ,,, el Iiivaz•lw7a. .1 lilt %AM •V EEEIETE lifilitntlE AU CAPITAL OE 300 e11Luots 00 RANCE ET SOCUTE CtVILEVANDRTISSEDIEl T pEsOBLIGATIONS DUCANAL DE PANAMA 4.11EaC146marss 6,18,0itresfonab51l16tintiltrAlii Doclite ISS VON DE 350.000 OBLIGATIONS toriPv yopti.giabve 00,04,2 8`ii2:heittetrs85- 3! S Fi I -au riA -7.000-fratu , nil mia-k awaite athelk, etribmir. per de e .. e frane-- oement. rtisserndni, Intrtle 0ii tont ruwai 'ittP:Present *Mint, oat Ur :,101'n .a,alr M. aampeUer de ,flibes It son 0 r.1,6,OP, i Perk- le 3 Mar, . . ,..1* i N° , i 0. -4,WF:. W . , LE ESIDEN1-01AEGTEt 130,411111111STR0TEOR EL D6 Jli , I4V-f.9 al,==.641 44,t4A.4f 4. et:di rrica, 1. 268 July/August 2005 • Whole No. 238 • PAPER MONEY Figure J. Seventh Bond Issue: beige with black lettering, 350,000 offered and 89,890 subscribed, March 1888. The canal was opened to traffic in August of 1914. According to the Canal Museum: "By August 15, 1914, the Panama Canal was officially opened by the passing of the SS Ancon. At the time, no single effort in American history had exacted such a price in dollars or in human life. The American expenditures from 1904 to 1914 totaled $352,000,000, far more than the cost of anything built by the United States Government up to that time. Together the French and American expenditures totaled $639,000,000. It took 34 years from the initial effort in 1880 to actually open the Canal in 1914. It is estimated that over 80,000 persons took part in the construction and that over 30,000 lives were lost in both French and American efforts." The Canal continued in American control until December 31, 1999, when it was turned over to Panama. REFERENCES 1. The New Encyclopedia Britannica, Micropedia, 15th Edition, Vol. 9, Encyclopedia Britannica Inc., 1997. 2. Cameron, Ian, The Impossible Dream, 'William Morrow & Co., New York, 1972, pg. 18. Mack, Gerstle, The Land Divided, Alfred Knopf, New York, 1944, pg. 27. 3. Mack, pgs. 27-28. 4. Kane, Joseph Nathan, Stephen Angovin & Janet Podell, Famous First Facts, The H.W. Wilson Company, New York, 1997. 5. McCullough, David, The Path Between the Seas, Touchstone Books, Simon and Schuster, 1977, pgs. 19-86. 6. Ibid. 7. Marshall, Logan, The Panama Canal, L.T. Myers, 1913, pgs. 91-99. 8. Ibid. A clause in the Colombian concession prohibited any work on the route used by the railroad unless an agreement had been made. Join the Club and Submit Your Currency Directly! PCGS Currency Collectors Club Details* 1-Year Membership (Domestic)...Only $99 1-Year Membership (international)...Only $129 • Whitman's The Official Red Book: A Guide Book of United States Paper Money • Sample note graded by PCGS Currency and preserved in a tamper-evident, sealed holder • Direct Submission Privileges • A voucher for five complimentary Grading Submissions. Turnaround time approximately 15 business days. (All currency must be submitted at the same time.) "Offer subject to change, LIMITED TIME OFFER FOR EXISTING PCGS COLLECTORS CLUB MEMBERS 1-Year Membership for ONLY $79 (Domestic) $109 (International) Offer expires June 30, 2005. Must be postmarked on or before 6/30/05. JOINING THE PCGS CURRENCY COLLECTORS CLUB IS QUICK AND EASY. Enroll by phone (800) 447-8848 • Enroll online at www.pcgscurrency.com • Enroll by mail or fax using the form below: rIrre" YES! Sign me up and send my Membership Packet! 111 1 YEAR — GOLD MEMBERSHIP $99 (Domestic) $129 (International) ❑ Yes, I am a current PCGS Club member: ❑ Check if new add., !BILLING INFORMATION:I Save Me 520! ONLY 579 wmcoo s109 Name (Offer expires 6/30/05( must be poOrnorked on or before 6/30/05.) Address City State Zip CountryPlease Print: 'METHOD OF PAYMENT:' State ❑ Check enclosed for $ Please make check payable to: PCGS Currency Country ❑ Charge my: ❑ Visa ❑ MasterCard ❑ American Express Credit Card No. If paying by credit card, please provide billing address for card or your order may be delayed. Exp. Date Name on Card: Signature Mall to: PCGS — P.O. Box 9458, NEWPORT BEACH, CA 92658 • (800) 447-8848 • Fax: (949) 833-7660 2005 Collectors Universe. Inc. 508401 - Paper Money 0505 The Official -RED BOOK Wed StatMosey CI, tribe Settireler 9/71/110 :rtee,; 1.1 \11,;, 01,1,, - i . '11 . 7. , Federal Currency Complete 1861 to ;Jou, („,„pikdo krtbur L. and Ira S. Vriedberg introdudion and Narrative ky DUCTS A Guide 13ool. o 1 CURRENCY A Division of Collectors Universe Nasdaq: act Name Address City Zip Phone ( E-mail PAPER MONEY • July/August 2005 • Whole No. 238 269 ITRI E , ,tiAhff A PAMIR 0516 RN mnr:i 1869 C09101 WIIIIR[9111111Ilf L[5 HIRES Of PRINONONT SEM PART MIDRAGE 0015 fEVRIE8 1880 4.0 4.• •■•■• f 4 s COMPÁG*IE uriry erts-ELLE DU CANAL I Societe anonytita au capital de. TROIS CENTS MILLION ele Fr soGIETE CIVILE AVEC RESPONSABILITE LIMITEE A LA ICISE SOLI LE POUR L AMORTISSEMENT DES OBLIGATIONS A LOTS DU CANAL DE PAN1UNA, EMIS ETON DU 20 JUIN 1888 EMPRUNT AUTORISE .coNFoRmEmENT , AUX PRESCRIPTIO E LA LOI DU 21 MAI 1836, MAIS SANS , AUCHNE GABANTIE OU .FIE; All BI 1TE DE L'ETAT EMPRUNT DE 720 'mILLIoN LOI DU 8 JOIN '1 . SOUSCRIPTION PUBLIQUE A DEUX MILLI LIGATIONS A LOT e ream 8. 0.. 1.9•08m bermetriellaymn• 1•• 4, cab de cheque onn8a INTEROCEAR . • cictcout.mbin par dm loM an • 400 h1.111, dam Ma • `T A ‘p; 1E REMBOURSEMENT A 400 FRANCS ET LE PAIEMENT OES LOTS SERONT IAA E DE BEVIES FRAN : ou DE TIMES GARANTIS PAR LE GOUVERREE ?PIS TITRE PROWSOIRE 0,4"& la 5ar la aomme de Gm francs, Is Compagnie Universe& do Canal Itiaree DE UNE ont..toavriotr- ,,, Lc complement du capital, suit acio (rains, devra etre versa aux Apoqua4 as" IeA des obligations en tieretuent Ebert., la past de to Ccitipagnit UnivcrsclIc du Co,01 et cella de la SociEs6 d'Asttortissetnent de . , . . . . . cane desniete sotunle taut a cre i assurer le Fitment des lots, et A constiuSerlvtalhal ci1 61 c900. tracts de tomes Ies dons fcgiCitricrent'liberica conicrrtnErnev aux terrael do preepeetus de Pereirlicaryisalas Ra t Paris, le 26 Join i$4E PAR OELENNT1011/ LE PRESICENT•OINECTEllil, R NEGOCIABLE ON IAEINBAE Oil CONSEIL on 10 soettst max, _Ty?' IQUE No 0,158,183 It VERSEMENT OE AS FRANCS tit■oo Nownere 0889 . 391 a1 as v: nfirtql'e :L Yr: n4AY ',Cy stt,fffiT, Quinif uec VERSE/AENT OE 45 FRANCS f as YO Aaa rag 7001! SU 46. taddt. a .1 q. 1.0 505, 08•3, pas „ . ' . 130 co oar Ix S ca. isa5 2 VERSEMENT OE SO FRANC des so, 15 .4aIR ?MS "Ta" :::: ' • IV.. " .113 atr/14 :7,2„ Cedut • i Vert./.. 80 1001 119 3 rear 0 s6,4 44.7- 49134 pow L Comm,I• IiirsT vosmitm-60 FR des "raiiMilk`cicbto :880 dem ID pou.l 00109 . 48 18 pour 13 Cam T9.41. 59 18 Rest a GYPTIE ad. 43 Nad 270 July/August 2005 • Whole No. 238 • PAPER MONEY 111MINIPAVP Figure K. Lottery Bond: red on red, 2,000,000 offered and only 802,119 subscribed, June 1888, 249 mm X 345 mm. 9. Ibid. 10. Simon, Marion J., The Panama Affair, Charles Scribner & Sons, New York 1971, pgs. 27-48. 11. Ibid. 12. Bishop, Joseph Bucklin, The Panama Gateway, Charles Scribner & Sons, New York, 1913. 13. Simon, pgs. 54-60. 14. Simon, pgs. 63-68. 15. Simon, pgs. 69-71. 16. Simon, pgs. 72-75. 17. Simon, pgs. 72-75. 18. Simon, pgs. 75-81 19. Bunau -Varilla, Philippe, Panama: The Creation, Destruction and Resurrection, Constable & Co., London, 1913. 20. McCullough, pgs. 240-241. 21. Lindsay, Forbes, Panama and the Canal Today, L.C. Page & Co., Boston, 1910, pgs. 80-82. 22. Castillero, Ernesto J., Juan A. Susto, "Rincon Historico," Mundo Grafico, 13 Mayo 1944, Panama. 23. Lindsay, pgs. 79-82. Editor's Note: The bond and share catalog (figures L, M, N, 0, P) continues on pages 272, 274 and 275 following. INSURANCE For The Paper Money Collector Your homeowners insurance is rarely enough to cover your collectibles. We have provided economical, dependable collectibles insurance since 1966. • Sample collector rates: $3,000 for $14, $10,000 for $38, $25,000 for $95, $50,000 for $190, $100,000 for $278, $200,000 for $418. Above $200,000, rate is $1.40 per $1,000. • Our insurance carrier is AM Best's rated A+ (Superior). • We insure paper money, paper ephemera, manuscripts, hooks, 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 full information, including standard exclusions. Collectibles Insurance Agency P.O. Box 1200-PM • Westminster MD 21158 E-Mail: info@insurecollectibles.com Call Toll Free:1-888-837-9537 • Fax: (410) 876-9233 More Info? Need A Rate Quote? Visit: www.collectinsure.com See the online application and rate quote forms on our websiteotC...1151 mom VISA Buying & Selling Quality Collector Currency • Colonial & Continental Currency • Fractional Currency • Confederate & Southern States Currency • Confederate Bonds • Large Size & Small Size Currency Always BUYING All of the Above Call or Ship for Best Offer Free Pricelist Available Upon Request James Polis 4501 Connecticut Avenue NW Suite 306 Washington, DC 20008 (202) 363-6650 Fax: (202) 363-4712 E-mail: Jpolis7935@aol.com Member: SPMC, FCCB, ANA U.S. CURRENCY Is Buying Everything "Still Paying Top Dollar for Rare Confederate" U.S. Type, Obsoletes, Nationals, and of course, Santa Notes 404-229-7184 U.S. CURRENCY ()A * ft, Box 631250, Irving,TX 75063 ME BER Kent Robertson, owner .tgeb-NitviNtstWilskiisbti#:~iitLkiko 1 PAPER MONEY • July/August 2005 • Whole No. 238 271 • TIMBRE is 11; '3&--.4a4A4.44;;;;;;;1=X-.MI.awzooge.satilgstlriatotaawdVLA • rt O - S -4; July/August 2005 • Whole No. 238 • PAPER MONEY272 N. 0,870,490CE TITRE PROYISOIRE DEVRA ETRE HAUGE A PARTIR DU 16 OECEMBRE 1889 CONTRA UN TORE !MINIX :LES TITRES KFINITIESPRENORONT SEALS PART All TIRAGE DU 15 rtviiffitTaft , 43/A4.1 • COMPAGNIE UNIVERSELLE DU CANAL INTER PANAMA Societe anonyms au capital do TROIS CENTS MILLION! do Frans SOCIETE CIVIL; AVEC RESPONSABILITE LIMITEE A LA MIRE SOC1ALE PCUR L'AMORTISSEMENT DES. OBLIGATIONS A LOTS DU CANAL DE PANAMA, EMISSION DU 26 JUIN 1888 • EMPRUNT DE 720 MILMONS EMPRUNT AUTORISE CONFORMEMENT AUX PRESCRIPTIONS BE LA LOI 1:111 21 MAI 1836, PAR LA LOI DU 8 JUIN 1888, MATS SANS AUCUNE GARANTIE DU RESPONSABILITE PE L'ETAT SOUSCRIPTION PUBLIQUE A DEUX MILLIONS D'OBLIGATIONS A LO 1"'"'"'s,s` LUTZ?' Rai Zret.:717:111Tr'r"r taaslisilqr."6WifttItt *b*"" """ LE NEMSOUASEMENT A 400 FRANCS ET LE PAIEMENT DES LOTS SERONT MANTIS PAR Ull!RPOT DE RUMS FRA OU OE TITRES GARANTIS PAR LE GOUVERNERENT FR or . 4' 'DO 'Pet;._ CANAL P-ri I}EEEFOC UE • . DE • StN AO' TITRE PROVISO1FiE AU . PORE •=1■1GOCIABLE N° 0,870,490 ....... DE UNE OBLIGATION LIBERBE DE 440 FRANCS Sala sem, de GO francs, la Compagnie Uni•erselle du Canal Iniereedatique a encalsed 50. . L.•.-50666 Civile d'Amortissement . . . . .... . . .. . . . . . . . . . . , . . . _ . .. , . . . . . .. „ . 10. . te complement du capital, sort300 francs, deem Pere vend no fpoques et .das les proportions indiquies cl-contru, de rare slue sus assent< des obligations entlemment liberLes, la part de la Conapagnie Universelle du Canal InterocAnigue soli de . 300. . et <elle de la Socitsf Girlie d'Anaortissement de . . . . . . . .,, ,TL - I-l.,;.- . . . . . . . 00, . carte derniEre somme duns destinec A assurer4piemens dos lots, et 5 con met le capital dlarnorlissertlis4 k- A. 460 francs de . tonics les obliga- tions reguliLrement libiries conformSment mes du prospectus 44 rtIniiIMOn et clefmtuts dt4 Sooty Civic, Pori; k 26 Juju 1888 `‹ PAR DELEGATION, 4ZP LE P DENT•DIRECTEUIL 11 ADMINIMINIEDRt ,LEIng toy SSE,L 6r.• VERSEMENT RE 45 RCS Ou .r fl“ IO 'lad( r 9 , 46 10 ./7 .4 .0 .1 Ad, . . . .... 260 • 2 BO CONTROTE dn.. 7 60 p6.163.03 .666.et: pot, Comm.. Rem o SURE It=tat QUITTANCE 10 Mr1111F.S CV 20 o VERSEMENT OF dot f au to 74 :7" rtip. FRANCS' ad$ liMBRE CCHTROLE 4.• VERSEMENT OE 45 FRANCS du f au fo Fivrier ■889 —:' ;'&17;771i ; ; " " ; timm aas. f 66 tnuntra r 40 44 7 60 pm,. 3. Vie. 30 ea • Ten. 43 64 Nol• VERSEMENT DE 45 FRANCS do 5 au so Afai rdSo I an so /6.4,11 . /... . 6 U. IS.. adv • Vomememe ne. 40 10 .CONTROLE a nni • 00 ,6,6, • tt 36 GO pur /• CompArnie. 30,1233 a TIMBRE QUITTANCE JO CENTIMES fr=1= QUITTA 0 CRUMB let '5%13-,Spv$S$76 •••••••■•••••••••••■•......4416•636.6...4.6.1.3.46443664446614 666...• (Above) Figure L. Ninth Bond Issue: red on red, open subscription, 1,800,000 offered and all subscribed to 1908, July 1889. (Right) Figure M. Societe Internationale D'Etudes: black on black, 20,000 bearer shares limited to 100 members owning 200 shares each. 0rere.. d r soth anniversary edition PROM COLONIAL TIMES TO THE PRESENT THE STANDARD REFERENCE WORK ON PAPER MONEY A COMPLETE ILLUSTRATED GUIDE WITH VALUATIONS • Large size notes • Fractional currency • Small size notes • Encasedpostage stamps • Colonial and Continental currency •Confederate States notes Am+, G Arthur L. and Ira S ' Friedberg BASED ON TIRE ORIGINAL WORK eyRoBERt FRIEDBERG www.PaperMoneyoftheUS.com PAPER MONEY • July/August 2005 • Whole No. 238 273 Always available wherever numismatic books are sold. Paper Money of the United States 17th edition by Arthur L. and Ira S. Friedberg based on the original work by Robert Friedberg (1912-1963) The one and only standard reference on United States currency was completely redone for its 50th anniversary. Improved and updated with all the information the collector of paper money needs at your fingertips. This indispensible classic includes: * Large Size Notes * Fractional Currency * New: Prices for most large size notes and fractional currency in up to five states of preservation * Small Size Notes * Encased Postage Stamps * Uncut Sheets * Colonial and Continental Currency * The Confederate States of America * The Treasury Notes of the War of 1812 * The universally-used Friedberg Numbering System. The world's standard method for describing U.S. currency * More than 8,100 notes * A price history chart (1953 - date) * A complete listing of note-issuing National Banks * A complete listing of all signatures on U.S. currency * A directory of leading paper money dealers * A twenty page color section featuring the fabulous multimillion dollar currency collections of the American Numismatic Association in Colorado Springs and the Federal Reserve Bank of San Francisco * More than 800 photos on 332 pages * Hard cover, sewn binding. 8 1/2 X 11 inches * ISBN 087184-517-2 * $42.50 * A must for every dealer, collector and library. Contact any paper money dealer, or clip and mail the coupon below. Call and place your order now. THE COIN & CURRENCY INSTITUTE, INC. P.O. Box 1057, Clifton, NJ 07014 (973) 471-1441 • Fax (973) 471-1062 info©PaperMoneyoftheUS.com Please rush me the 17th (2004) 50th anniversary edition of Paper Money of the United States at $42.50 each. No. of books: @ $42.50 New Jersey residents: 6% sales tax Shipping & handling (per order) $4.75 GRAND TOTAL Call toll-free 1-800-421-1866 Li Check enclosed Please charge my: ❑ VISA ❑ MasterCard ❑ Discover i7 American Express Account No Exp. Date Signature Name Address* City Phone No 'Please provide the billing address for your credit card if different from shipping address. St Zip July/August 2005 • Whole No. 238 • PAPER MONEY PANAM _tC,ANAL, SOCTF1T it I:YET -UT:1MS MT DE P -CTIBLIO.A_TION7S I OUR I.A‘Ok ISAR Dihstvaraninr tAteum Paithiu SOCIETE EN PARTICIPATION CONSTITUEE SUIVANT Eartisisird h Paris, It 9 itiqi 189Z BUREAU DE LA PARTICIPATION 14, EVE TAITBuUT. RAIDS PART B2NEFICIAIRE Petulant ciroit A un trate millieme des Benefices scams conformement aux articles 7 it suivants des litre MI Vorteur Paris, it .11x mai mil hhii Ceni .4i444.4 rifiian 274 ti ,0-.?-4-4.17,NakaV .7r7:147.X',,f1-71r.pi= 7.77.:Trr p7,01-.7 e.‘,4 + + ++ + ^-^ + + +—+---+ + • ,! 4-4 .1. + suv, COMPAGNIE NOUVELLE oreis4,, 757 (Above) Figure N. Societe D'Etudes et de Publications: light orange and red lettering, 30,000 bearer shares issued. (Below) Figure 0. Compagnie Nouvelle du Canal de Panama: green lettering on beige, 650,000 shares issued October 20, 1894, 356 mm X 410 mm. 8,,c1s1.1 Son 9.90.ono rcs$o■ e aorlyrne 7failerAt. Wee.(4, 17. ■ e!le.iee;"111,%'7713/46 C ((14-?1: . / ( 4 .11,1:d" /PP 4e.r"j RtratersiatliertasiessamtlIvnvurti / orr:e.i.uu LNI7070/4.7-1:14,EZ By FRANK CLARK Jefferson Lottery Ticket April 1826 H ERE IS A FANTASTIC PIECE OF AMERICANA. PAPER MONEY • July/August 2005 • Whole No. 238 275 Figure P. Check made out to American Contracting and Dredging Co. for $228,234 on A. Seligman & Co., New York, June 8, 1886. v the lottery were all of Jefferson's lands, except for Monticello. However the lot- tery failed and even Monticello was lost. Heart broken, Thomas Jefferson died shortly after the failed lottery on July 4, 1826 -- 50 years to the day of one of man's Radio commentator Paul Harvey has made a career out of greatest achieve- telling us the rest of the story. Of course, most of us have been ments -- the familiar with Thomas Jefferson's immense accomplishments Jefferson-authored since young ages, but how many of us know about his unfortu- Declaration of nate death? Here is the rest of the story. Independence. This is a ticket from the lottery that was hoped would Now you restore former President Thomas Jefferson's financial health. know the rest of the His debts were over a $100,000 at the time. The proceeds of .story. amEtrEnsoit LOTTERY. t). ,..t.'‘, 21.3,,.,6 , „ .., -....,, c-- lir Richard Anderson. as. el) — . rd- ." ri ›* 't.; LiataPtina ilitilligniaaaiimosoasermassassodwavesat .t° ,' ° ° ° •ZitlaZICHICi CV CO 0 45. .*.;,.-4 "' l'-'-- t'..a Vhity Norb4n. NI:halal, ass',,, q ,,,,Do" ft,;.,„ .v,, conn,....... ...e:9099.11,50,4ina,o$,-b:,,,,,,-, 42 ?•=2 .4.-7.6 ':;':::, ' ' '7:4, DU Jam Broth borough, tV" .t SIASAGER0 This Ticket trill entitle the holder thereof to such prize as may , m U tie drawn to as numbers in the JEFFERSOX LOTTEI2 r. E .,.; 8 iichrizond, April, 1826. ttri n ra :I CU c 1' m l'004e Aranota% (•/‘ akti 276 July/August 2005 • Whole No. 238 • PAPER MONEY On This Date in Paper Money History -- July 2005 By Fred Reed © July 1 1883, Tennessee issues Certificates to retire outstanding Bank of Tennessee notes; 1907, Congress suspends interest on Refunding Certificates; 1936, BEP letter engraver Edward Mitchell Weeks begins engraving large copy of Declaration of Independence; July 2 1810, Robert Toombs, who appears on some Confederate bonds, born; 1867, Laban Heath receives patent for counterfeit detection; 1931, SPMC member & columnist Harold Don Allen born; 1999, Senate confirms Treasury Secretary Lawrence Summers; July 3 1819, Bank for Savings opens in New York City; 1863, Union general George Meade (FR 379a-d) triumphs at Battle of Gettysburg; 1908, Artist and banknote engraver John Hay born; 2003, Philadelphia Fed opens "Money in Motion" exhibition; July 4 1826, Currency subject Thomas Jefferson dies; 1836, Congress approves new U.S. Treasury Building (FR 1700); 1862, RI grocer William Newton circulates stamps past- ed on paper for change; 1977, Confederate Treasury Notes author Philip Chase dies; July 5 1575, "Bad money drives out good," namesake Sir Thomas Gresham records Will; 1864, William Pitt Fessenden takes office as Treasury Secretary; 1927, Rochester, NY Numismatic Assn. adopts rules of conduct drafted by collector-evangelist Billy Sunday; July 6 1535, Thomas More, who asked "penny for your thoughts" dies; 1785, Continental Congress makes dollar unit of account; 1835, Chief Justice John Marshall (FR 372-375) dies; 2004, Durham, NC hosts "Confederate Currency: Color of Money" exhibit; July 7 1863, George B. Isham, Burlington, VT patents bill and currency cash box; 1880, French national lottery completes funding for Statue of Liberty; 1976, Society of Bearded Numismatists formed by SPMC's Grover Criswell and Jack Veffer; July 8 1816, Alexandria, D.C. emits municipal fractional change notes; 1862, William Painter patents improved counterfeit detector; 1965, Fractional Money author Neil Carothers dies; 2004, Treasury rejects plan to merge Mint and BEP; July 9 1766, Engraver Jacob Perkins born; 1828, Gilbert Stuart whose Athenaeum portrait of George Washington was engraved for U.S. currency dies; 1868, 14th Amendment to U.S. Constitution repudiates Confederate and southern states indebtedness; July 10 1832, President Andrew Jackson vetoes extension of Second Bank of United States; 1867, Oil City Burough circulates municipal $6 "checks"; 1929, First current sized U.S. currency circulates; 1978, SPMC amends catalog standards for reference books; July 11 1804, Treasury Secretary Alexander Hamilton (FR 1-5, 41) dies in duel with Aaron Burr; 1836, President Andrew Jackson issues Specie Circular, 1910, Silent film The Almighty Dollar debuts; 1967, New Zealand switches to decimal currency system; July 12 1849, Dolley Payne Madison, who appears on U.S. obsoletes, dies; 1862, ABNCo. wins medal in London for excellence in currency notes; 1882, Congress requires NB charter number appear six times on note faces; July 13 1861, Congress forbids commercial intercourse with south; 1919, Writer Burnett Anderson born; 1946, Last delivery 1934A $50 FRN; 1994, Cathy Minehan becomes Boston Fed president; 2004, Treasury previews "nexGen" $50s in Atlantic City; July 14 1819, "Bank Note Exchange" commences in New York American, 1862, Treasury Secretary Salmon P. Chase advises Congress to monetize postage stamps for small change; 1969, ANA institutes summer numismatic seminar at Colorado Springs; July 15 1816, Inventor Abel Brewster patents "forgery guard" for banknote plates; 1864, some Compound Interest TNs bear this overprint date; 1929, First small-sized Series 1929 National Currency issued; 1979, Harry Clements becomes BEP Director; July 16 1863, first NB organized in DC (FNB Washington #26); 1934, U.S. Treasurer Katherine Davalos Ortega born; 1951, Congress grants U.S. Secret Service permanent authority; July 17 1695, Bank of Scotland granted monopoly; 1861, Congress authorizes Demand Notes (FR 1-15); 1989, $100 FRN Redesign and Exchange Act of 1989 (HR 2914) Introduced for currency conversion within 10-days; 2005, Smythe offers Schingoethe Sale part 3; July 18 1837, DC's National Hotel circulates bit-denom. scrip; 1862, Chicago City Railway advertises stamps for sale as currency; 1887, CSA Secretary of State Hunter, who appears on $10/$20 notes, dies; 1944, Last delivery Series 1934A HAWAII $20 FRN; July 19 1801, Treasury Secretary Robert Walker (FR 1308-1309) born; 1905, ABNCo hires outside accounting firm; 1973, Check Collectors Round Table founded; 2003, SPMC columnist Harold Don Allen receives CNA's J. Douglas Ferguson Award; July 20 1820, Tennessee Legislature establishes second Bank of the State of Tennessee at Nashville; 1873, Treasury Secretary determines that term United States Notes will replace Legal Tender Notes; 1934, First delivery of Series 1934 $5 SC; July 21 1746, NY Colonial Currency (FR NY113-115); 1861, Confederate currency subject Thomas Jackson earns nickname "Stonewall" at Bull Run; 1873, Jesse lames commits world's first train robbery at Adair,IA; 1945, BEP releases last $500 and $1000 FRNs; July 22 1620, Protestant Pilgrims embark from Delft Haven, Holland (FR 440-451) invoking Divine protection; 1902, Register of Treasury Lucius Chittenden dies; 1987, SPMC updates New Member Recruitment program; July 23 1775, Continental Congress appoints Richard Bache, Stephen Pascall & Michael Hillegas to supervise printing $2 million currency; 1885, Union general and President Ulysses S Grant (FR 226 -236) dies; 1946, End of Vinson -Julian combined tenure; July 24 1846, Banker, Comptroller of Currency and paper money author A. Barton Hepburn born; 1861, Act provides for employment of clerks to sign for CSA Treasurer and Register; 1862, Boston inventor John Gault files patent for stamp preserving brass case; July 25 1761, SC Colonial Currency (FR SC79-81) bears this date; 1924, Emanuel "Jim the Penman" Ninger dies; 1957, BEP commences printing $1 SCs with IGVVT on back; July 26 1845, Florida revokes charter of Union Bank of Florida, Tallahassee and repudiates so- called Faith Bonds pledged by State; 1846, Congress authorizes treasury notes to finance war with Mexico; 1918, BEP changes from four to eight subject note sheets; July 27 1694, Royal Charter given to the Bank of England; 1778, Francis Hopkinson becomes Treasurer of Loans; 1957, Young dealers Jim Ruddy and Dave Bowers, as Penn-NY Coin Co. conduct auction; 1979, first of the Apostrophe Auction Sales commences; July 28 1830, Banking author Charles Franklin Dunbar born; 1957, End of Humphrey-Priest combined tenure; 1969, Amended IMF articles of agreement become effective; July 29 1871, CSA ambassador and Erlanger Loan negotiator John Slidell dies; 1968, French farce Men, Woman & Money (a.k.a. Kiss the Other Sheik) released in U.S.; 1980, Pancho Villa's paymaster & currency printer, Dr. Alberto Francisco Pradeau dies; July 30 1849, Engraver Jacob Perkins dies; 1956, Presidential signature marks "In God We Trust" as national motto; 1984, SPMC Board considers book proposal by Fred Reed; July 31 1619, Virginia's Assembly sets legal tender value of wampum; 1830, Philadelphia lot- tery dealer Robert Bicknell publishes counterfeit detector; 1868, first use of name BEP; (// /4i//11/,`V WaUftif4toss4 Cash: PAPER MONEY • July/August 2005 • Whole No. 238 277 New Hampshire Bank Notes Wanted Also Ephemera I am continuing a long-time study on currency issued by banks in New Hampshire, including state-chartered banks 1792-1865, and National Banks circa 1863-1935. Also I am studying colonial and provincial notes. I would like to purchase just about anything in colonial and provin- cial notes, nearly everything in state-chartered notes, and items that are scarce or rare among National Bank notes. I am not seeking bar- gains, but I am willing to pay the going price. I will give an immedi- ate decision on all items sent, and instant payment for all items pur- chased. Beyond that, I am very interested in ephemera including original stock certificates for such banks, correspondence mentioning cur- rency, bank ledgers, and more. With co-author David M. Sundman and in cooperation with a special scrip note project by Kevin Lafond, I am anticipating the production of a book-length study of the subject, containing basic information about currency, many illustrations including people, buildings, and other items beyond the notes themselves, and much other informa- tion which I hope will appeal to anyone interested in historical details. All of this, of course, is very fascinating to me! Dave Bowers Box 539 Wolfeboro Falls, NH 03896 e-mail: qdbarchive@metrocast.net More people will read this page more frequently than any other page Put your business name/logo here Special Rates Apply; Contact the Editor 278 July/August 2005 • Whole No. 238 • PAPER MONEY On This Date in Paper Money History -- Aug. 2005 By Fred Reed © Aug. 1 1770, Explorer William Clark (FR 114-122) born; 1862, Congress prohibits private small change substitutes after this date; 1894, Senate Finance Committee compiles coin/currency statistics and coinage laws since 1792; 1979, Chuck O'Donnell presents "A Review of U.S. Paper Money" at ANA St. Louis convention educational forum; Aug. 2 1785, Congress initiates standard of weights and measures; 1813, Congress taxes bank notes 1-2 percent; 1861, Mississippi memorializes CSA Congress to declare notes legal tender; 2004, Smithsonian Hall of Monetary Historiy exhibition taken down; Aug. 3 1803, Philadelphia Bank organized; 1862, NY printers sell small envelopes to keep monetized stamps clean; 1920, BEP extends G.F.C. Smillie's BEP contract for two years; 1993, Money Man documentary about J.S.G. Boggs premieres on U.S. TV; Aug. 4 1790, Congress mandates Great Seal to appear on U.S. Loan Certificates; 1886, Congress authorizes additional SCs, including small denoms; 1932, Frank Capra film Money (a.k.a. American Madness) debuts; 1979, End of Blumenthal-Morton tenure; Aug. 5 1861, Congress withdraws stipulation that U.S. obligations must bear Treasury Department seal; 1861, Federal government enacts its first income tax; 1961, Fidel Castro issues decree invalidating pre-revolutionary Cuban currency; Aug. 6 1776, Co-Treasurer George Clymer resigns; 1789, Bank of North America emits bills with printed signature of cashier Tench Francis; 1838, Artist Walter Shirlaw, Electricity Presenting Light to the World (FR 268-270), born; 1928, First 12-note sheets printed; Aug. 7 1861, Treasurer William A. Julian born; 1898, Mr. FUN Robert L. Hendershott born; 1929, BEP closes down production facility for large size currency; 1979, SPMC prexy Wendell Wolka warns board of complacency in member recruitment/retention; Aug. 8 1899, Lucy Pickens, who appears on Confederate $100s, dies; 1953, Treasury Secretary Fred Vinson dies; 1964, Fred Reed becomes CWPS Currency Director; Aug. 9 1817, Friedrich Koenig/Andreas Bauer establish printing machine company in Bavaria (forerunner of Giori); 1836, Colonial money author Alexander Del Mar born; 1861, CSA Rep. James A. Seddon's motion making treasury notes legal tender, fails to pass; Aug. 10 1821, CW financier/government bond agent Jay Cooke born; 1846, Congress estab- lishes Smithsonian Institution; 1848, Tromp l'oei I currency artist William Michael Harnett born; 1914, Charles S. Hamlin begins tenure as first Fed Chairman; Aug. 11 1794, Currency/Mint Engraver James B. Longacre born; 1864, Beginning of Colby- Spinner tenure; 1967, J. Roy Pennell resigns as SPMC Secretary; 1967, SPMC presents first Awards of Merit to Harley Freeman, Barbara Mueller & Nathan Goldstein; Aug. 12 1823, St. Augustine, FL OKs scrip signed by mayor and treasurer; 1858, First Hawaiian bank, Bishop & Co. opened by Charles Bishop and William Aldrich; 1930, Currency speculator George Soros born; 1969, 1st BEP numismatic souvenir card; Aug. 13 1861, Robert Tyler becomes CSA Register of the Treasury; 1959, Swedish film Hot Money Girl debuts; 1971, BEP Director James A. Conlon tells SPMC Bureau favors $2 note, opposes multi-colored bills; 1971, SPMC Board approves junior memberships; Aug. 14 1734, General Thomas Sumter, who appears on South Carolina notes, born; 1901, Ernest Ashton Smith publishes his monumental History of the Confederate Treasury; 1970, Bank of Scotland introduces 5-pound note depicting poet Sir Walter Scott; Aug. 15 1723, Bristol, CT court issues warrant for note forger Mary Butterworth; 1942, only HAWAII notes valid; 1971, Dollar floats, first peace time wage/price controls; Aug. 16 1841, President Tyler vetoes Third Bank of United States bill; 1869, Third Issue Fractional Currency ceases; 1969, First class of numismatic luminaries elected to ANA Hall of Fame includes D.C. Wismer; 1994, Newsgroup rec.collecting.coins created; Aug. 17 1837, Virginia Governor John B. Floyd, who appears on state notes, dies; 1948, Israeli Parliament passes Bank Note Ordinance Act; 1979, SPMC Board establishes Best of Show Award; 1988, End of Baker-Ortega combined tenure; Aug. 18 1862, CSA President decries northerners supplying troops with counterfeit CSA notes; 1928, A.A. Grinnell, D.C. Wismer, George Blake, John E. Morse, Elmer Sears exhibit paper money at ANA show; 1972, Nathan Gold award presented to Dr. Arnold Keller; Aug. 19 1817, Gregor MacGregor emits Amelia Island notes; 1861, CSA TNs payable after peace; 1870, Bernard Baruch born; 1966, Herbert Eccleston nets SPMC Lit Award; Aug. 20 1722, First engraver of American paper money John Coney dies; 1862, CSA Treasury Secretary Memminger recalls Hoyer-Ludwig $20s/$50s/$100s due to counterfeiting; Aug. 21 1754, Colonel "Bloody Ban" Banastre Tarleton, depicted on Confederate Currency, born; 1862, First issue of Postage Currency; 1964, Forrest Daniel receives Ben Douglas Literary Award ($10 gold piece) for best Paper Money article; Aug. 22 1862, Spencer Morton Clark (FR 1236-1239) becomes Chief of National Currency Bureau; 1903, BEP ships first small size currency (Philippine pesos) to San Francisco; 1978, SPMC Board abandons plans for a unified paper money grading system; Aug. 23 1824, Banknote designer Henry Herrick born; 1888, BEP Director Alvin Hall born; 1919, Polish one, 20 and 500 marks depicts Queen Jadwiga; 1975, Eric P. Newman's "As Phony as a Three Dollar Bill" receives Heath Literary bronze medal; Aug. 24 1874, First National Bank chartered in Florida (FNB of Florida, Jacksonville #2174); 1958, SPMC member Wayne Homren born; 1967, Abbie Hoffman and Hippie radicals toss dollar bills from NYSE visitors gallery, creating mayhem below; Aug. 25 1774, NY Water Works Colonials (FR NY167-170); 1917, ANA President H.O. Granberg displays proof/essai notes up to $5,000 at Rochester Memorial Art Gallery; 1977, Byron Johnson tells SPMC that ANACS will begin authenticating paper money; Aug. 26 1842, Treasury sets FY at July 1 through June 30; 1912, Congress appropriates funds for additional 12 currency laundering machines; 1961, French film Counterfeiters of Paris premieres; 1976, SPMC Board ratifies Syngraphic Liaison Group membership; Aug. 27 1865, Comptroller of Currency Charles Dawes born; 1937, Treasury Secretary Andrew Mellon, founder of National Gallery of Art, dies; 1965, Dealer Mike Brownlee donates Texas notes for charity raffle at SPMC banquet (forerunner of Tom Bain auction); Aug. 28 1792, Presbyterian Congregation, Troy, NY issues scrip 1p to 4p; 1909, Publisher John Oliver Amos born; 1946, BEP engraver Kenneth Kipperman born in Lodz, Poland; Aug. 29 1780, Treasury Secretary Richard Rush born; 1861, CSA Act requires postmasters take CSA notes in payment; 1938, Treasury Secretary Robert E. Rubin born; Aug. 30 1801, Colonial paper money enthusiast Joshua I. Cohen born; 1891, Register of Treasury Glenni W. Scofield dies; 1929, First delivery Series 1928 $100 FRN; 1947, Documentary film The Amazing Mr. Nordill about a counterfeiter released; Aug. 31 1860, Early FC collector Henry Russell Drowne born; 1963, Tonga Post Office ends sale of original round gold coin stamps; 1964, Federal Food Stamp Act provides for commodity redistribution to poor; 1984, Russ Rulau retires from Krause Publications; 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 A.rattlittt*tiateN First Nalicatal Bunk- arriestnerm-4 awn, AN UNCIRCULATED LAZY DEUCE ON KANSAS, ILLINOIS REALIZED $7,475 47 4 six 1' le 1 Bt, 4 a3.A AO ;AG cot. au in. for vt■ in.rcevince nf noco.dirg At an Aft ol A4mbly. one r of the keen of" ot1,7,115c';`,G,.. 0.16 Dry or 7orr,rtr Sixwen.y.x. pence. Six- in in:r1 11 11 B. FRANKLIN, •mi D. HALL. G 176+. "!S 'o suaI 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. PAPER MONEY • July/August 2005 • Whole No. 238 279 AMERICAN NUMISMATIC RARITIES' BRINGS OVER $4.2 MILLION IN NEW YORK ' 50 Hp .,.., ,,.. - Ha ...,. ,,, Hb83A IMEMPilii.k..16.11M4A '41:3174gg.??32341' . vii&r..-PiKiiRSil,i4.. iv . . A VERY CHOICE EF 1918 FEDERAL RESERVE BANK NOTE REALIZED $10,350 1.' "n----',ii . Ir=21m4 •1: 1 ' 946 • .ti f . 4. 4\ .1=1:maLgrAii 1 CHOICE UNCIRCULATED 1896 EDUCATIONAL $5 REALIZED $9,200 . 1l/ hIghlighl, or here nrclude the 15% buyer's fee. NUMIS PO BOX 1804 • WOLFEBORO, NH 03894 • TOLL-FREE: 866-811-1804 • FAX: 603-569-3875 WWWANRCOINS.COM • AUCTION@ANRCOINS.COM s. 280 July/August 2005 • Whole No. 238 • PAPER MONEY Phone Call Results in Shopping Bag Find By Bob Andrews T WO SUMMERS AGO A WOMAN CALLED ME ASKING IF I WOULD APPRAISE AND SELL a long time older collection of coins and paper money. Of course I was elated when she drove up to my house ten minutes later. She brought in a heavy plastic shopping bag that must have weighed thirty pounds or more. There were copious rolls of cents, etc., but the "piece de resistance" came out last -- the notes! I'll give a partial listing, particularly the ones I was able to buy: six notes on the Cape Ann Bank of - :41,71%e///.7 • -7/114 1■4113PIONALCIIICICENClit stalif0510/111FOSTAUSIIPOSOP05ITEDNIINTIll THELSURFROr THE CAPE ANN NATIONAL BANK OF GLOUCESTER a MASSACHUSETTS WILL PAY TO THE BEARER OR DEMAND FIVE DOLILVIIS E013475A / E013475A E PAPER MONEY • July/August 2005 • Whole No. 238 281 Gloucester, Mass., which included four obsoletes ($1, $3, $5 and $10), a First Charter $1, and a Series 1929 $5. The four obsoletes were all signed and punch cancelled, and were in unusually nice condition of preservation consider- ing their age. I wrote to Don Kelly about these notes and he asked for the plate number and serial number of the First Charter $1. I sent him xeroxed copies of the $1 and $5, and found they had been previously unreported. That pleased me. The collection also included one hundred and sixty-one $1 Silver Certificates, of which I kept 17 of the gems, including 1928, 1928A, etc. Other small size notes included several North African notes. I kept a $5 note and a Star $10 note, also in nice condition. The Star notes are rather scarce in this series. I also kept a F-40 Red Seal $1 note in C.U., with a slight counting crease on bottom right, but negligible; and a gem C.U. Series 1917 $1 note F-37. The ink, embossing and centering are about as nice as they come. The seller told me she had no interest in keeping the collection. I prepared a documentation of the items and prices and we came to an agreement. In conclusion, don't give up hope of someday finding elusive notes to add to your collection, They are out there and do show up when least expected. 282 July/August 2005 • Whole No. 238 • PAPER MONEY Letter to the Editor Series 1995 $1 "B" Star Notes with Duplicate Serial Numbers By Francis X. Klaes Dear Fred: Enclosed, please find three pages that I would like to share with readers of Paper Money. They concern Series 1995 $1 "B" Star Notes, run 1 (par- tial) that was printed with a 10,000 sheet and a 20,000 sheet issue. These two issues have the numbers in the range of 00,000,001 thru 00,320,000 duplicated. The chart will identify which group a particular note is from. The 20,000 sheet issue was printed in September, 1995. I do not know when the 10,000 sheet issue was printed. After speaking with various collectors, I contacted the Bureau of Engraving and Printing about this and did not receive a response. I would like to thank Kim Fisher and Peter Huntoon for their assistance. I would like to hear from other collectors who have found any notes from 00,000,001 - 00,320,000 in this "B" Star group. Please write: Francis X. Klaes, 13 Primrose Path, Hatfield, MA 01038. Sincerely, Francis X. Klaes (signed) front plateB 0 C)-019) * 50, - ONE 1111011ruguit TIER OrilAgit (fflgkaggiffS41 B 00170390 * :MS LP41.7:01 %UN WIRIVIN MOO) WIPAVERM41 normal 2 plate position PAPER MONEY • July/August 2005 • Whole No. 238 283 normal plate position serial number 10,000 Sheet Printing opposite plate pos. 10.000 Sheet Printing 20,000 Sheet Printing 10,000 Sheet Printing 20,000 Sheet Printing Pos. Serial Number Range Pos. Serial Number Range AI 00,000,001/00,010,000 A3 AI 00,000,001/00,020,000 B1 00,010,001/00,020,000 B3 BI 00,020,001/00,040,000 C1 00,020,001/00,030,000 C3 C1 00,040,001/00,06%000 D1 00,030,001/00,040,000 D3 DI 00,060,001/00,080,000 E1 00,040,001/00,050,000 E3 E I 00,080,001/00,100,000 F1 00,050,001/00,060,000 F3 F1 00,100,001/00,120,000 G1 00,060,001/00,070,000 G3 GI 00,120,001/00,140,000 H1 00,070,001/00,080,000 H3 H1 00,/40,001/00,160,000 A2 00,080,001/00,090,000 A4 A2 00,160,001/00,180,000 B2 00,090,001/00,100,000 B4 B2 00,180,001/00,200,000 C2 00,100,001/00,110,000 C4 C2 00,200,001/00,220,000 D2 00,110,001/00,120,000 D4 D2 00,220,001/00,240,000 E2 00,120,001/00,130,000 E4 E2 00,240,001/00,260,000 F2 00,130,001/00,140,000 F4 F2 00,260,001/00,280,000 G2 00,140,001/00,150,000 G4 G2 00,280.001/00,300,000 H2 00,150,001/00,160,000 H4 H2 00,300,001/00,320,000 A3 00,160,001/00,170,000 Al B1 CI DI E I Fl A3 00,320,001/00,340,000 B3 00,170,001/00,180,000 B3 00,340,001/00,360,000 C3 00,180,001/00,190,000 C3 00,360,001/00,380,000 D3 00,190,001/00,200,000 D3 00,380,001/00,400,000 E3 00,200,001/00,210,000 E3 00,400,001/00,420,000 F3 00,210,001/00,220,000 F3 00,420,001/00,440,000 G3 00,220,001/00,230,000 G1 G3 00,440,001/00,460 000 H3 00,230,001/00,240,000 HI H3 00,460,001/00,480,000 A4 00,240,001/00,250,000 A2 A4 00,480,001/00,500,000 B4 00,250,001/00,260,000 B2 B4 00,500,001/00,520,000 C4 00,260,001/00,270,000 C2 D2 C4 00,520,001/00,540,000 D4 00,270,001/00,280,000 D4 00,540,001/00,560,000 E4 00,280,001/00,290.000 E2 E4 00,560,001/00,580,000 F4 00,290,001/00,300,000 F2 F4 00,580,001/00,600,000 G4 00,300,001/00,310,000 G2 G4 00,600,001/00,620,000 H4 00,310,001/00,320,000 H2 H4 00,620,001/00,640.000 opposite plate pos. 284 July/August 2005 • Whole No. 238 • PAPER MONEY Serial Number Duplication The $1, Series 1995, "B", star notes, partial run 1, has been duplicated. (A full star note run has 100,000 sheets). One printing was 10,000 sheets (320,000 notes); The other was 20,000 sheets (640,000 notes). The first 320,000 numbers have been repeated. The easiest way to determine which group a particular duplicated note is from, is to check the data below for plate position, plus front and back plate numbers. The only other possibility could be, that when the 32 note sheet is cut in half vertically, the wrong half sheet could be put in place of the normal side, before the serial number is printed. This places the normal serial numbers, with the opposite plate pos., A3/H4, for example, instead of Al/H2. (When printing serial numbers, the left half of the sheet, Al/H2, is normally used in one side of the numbering machine, and the right half of the sheet, A3/H4, is normally used in the other side). printed: printed: 9 - '95 10,000 Sheet Printing Plate Numbers 20,000 Sheet Printing Plate Numbers IN GOD WE THEST back plate number PAPER MONEY • July/August 2005 • Whole No. 238 285 Face: 33, 114, 128, 143, 363, 364, 369, Face: 32, 43, 4, 51, 403, 404, 405, 406 372 Back: 24, 64, 121, 521, 522, 525, 541, Back: 299, 304, 313, 503, 514, 516, 517 576, 579, 580, 581 note: These front and back plate numbers are not com- plete, but do show the range of the numbers that were used. NIM=" TM■1■11■1 1` M1■11=111111111011■11111 Ohio National Currency Collectors Association (ONCCA) takes shape AFTER SOME INFORMAL DISCUSSIONS, DON Kelly and Wendell Wolka have decided that it might be time to pull together collectors who are interested in Ohio National Bank Notes to form an informal organization which, at least for now, will be known as the ONCCA, the Ohio National Currency Collectors Association. Don and Wendell have emphatically indicated that this will be an informal group with no officers or dues. "This group will probably convene from time to time throughout the year at various shows in Ohio," Wolka said. "Perhaps [we'll meet at] other regional shows such as the Central States Numismatic Society show or even at the American Numismatic Association shows when they occupy Midwestern venues," he added. ONCCA's primary goals are to: 1) Provide a forum for collectors to share their experi- ences, their enjoyment, and their expertise. 2) Collect/distribute information regarding Ohio National Bank Notes, the bankers who ran the banks and the communities where they operated from 1863 to 1935. Meetings will be informal gatherings devoted to (a) shar- ing collecting experiences; (b) show and tell sessions; (c) iden- tifying projects to gather/organize/share information for the benefit of all. Don Kelly has indicated that he will make his census of more than 15,000 Ohio nationals and database of bank officers available for free for online access by members. The group's inaugural meeting was held in conjunction with the Ohio State Numismatic Association show in Columbus May 21, 2005. "So if you have an interest in, or even a passion for, Ohio National Bank Notes, why not plan to join us and see what develops," spokesperson Wolka enthused. "Bring along your favorite note and story and we'll have a great time at our next get-together!" For more information contact Wendell Wolka (pur- duenut@aol.com) or Don Kelly (Don@donckelly.com). Top right: Florida's first advertising note. Bottom right: $5 1862 Legal Tender Note. ZNErAiXaMOZLIE2===3. ))1? 43967 , ./i/7///4://///( / /// (///// —139631MELr, ) CIOWEIZiiVEZRZiriaT42-412 ,f-.0 tat A.'rxv.r.v.rxr I ,rivz PCF11%;.4, llrE PS FIVE, 111. 1.71,4%,FIr h j. <4. Yira.van v,/7/,1/1/b1/.■ka: 286 July/August 2005 • Whole No. 238 • PAPER MONEY An Early Florida Advertising Note By Ronald J. Benice Introduction 44 A DS THAT LOOK LIKE PAPER MONEY" WERE FIRST catalogued by Robert A. Vlack in An Illustrated Catalogue of Early American Advertising Notes published in 2001. He covered 19th century advertisements that resembled bank notes, but were not printed on real bank notes or copies of real bank notes. Notably absent from the catalog were any notes from Florida. Subsequent to the catalog's release, a Florida advertising note resembling the 1862 United States $5 and $10 legal tender notes was discovered. This article describes the Florida note, and tells the fascinating story of the issuer and his business establishment. Oipresetitttlion of this , ,we will allow you a discop of FIVE PER CENT on a CASH purchase made of us, tinting to Three Dollars and upwards. Only one bill will be taken on each purchase - PAPER MONEY • July/August 2005 • Whole No. 238 287 Above top: Back of B. Genovar note. Above: Back of $10 1863 Legal Tender Note. The Discovery Note It is appropriate that Florida's first advertising note is from America's first city, St. Augustine. It was issued by B. Genovar, a dealer in groceries, liquor and tobacco on Charlotte Street in St. Augustine. The face design mimics the $5 1862-1863 United States Legal Tender issue. The denomination is changed from 5 to 3; the date is changed from March 10, 1862, to May 10, 1869; and the legend on the treasury seal now reads "Novelty Ad. Co. Pub. Peoria Ill." The back design mimics the $10 1862-1863 Legal Tender issue. Bartolo Genovar Bartolo Genovar was born in St. Augustine on December 8, 1846. He was born in a house at the corner of Charlotte and Cuna Streets that had been in the Genovar family since the days of the Spanish regime. His father, Frank, owned a large plantation, but died when Bartolo was only nine years old. On August 6, 1861, Bartolo Genovar, not quite 15 years old, enlisted in Company B of the Third Florida Infantry, the "Florida Independent Blues" whose motto was "Any fate but submission." He served with the unit in Kentucky and Tennessee, but was honorably dis- charged on November 1, 1862, when it was discovered that he was underage. He unsuccessfully attempted to enlist in another unit in Lake City, Florida. He was captured in 1863 and held as a prisoner at Hilton Head, South Carolina. He became sick and, after taking an oath of allegiance, was permitted Bartolo Genovar (Photo courtesy William T. Baker, Jr.) 288 July/August 2005 • Whole No. 238 • PAPER MONEY View of Charlotte Street, circa 1880. The Genovar sign over the street (inset) lists furniture, clothing and orange wine among many other items. (Photo courtesy St. Augustine Historical Society) to return to Union-occupied St. Augustine for medical treatment in January 1865. In December, 1866, Bartolo Genovar opened a small store on Charlotte Street at Baya Lane selling cigars, liquor and animal feed. He prospered and, in 1876, moved to a newly constructed large building on Charlotte Street. The business became known as Genovar's Emporium and sold almost everything. There was even a theater upstairs. He owned a 500-tree orange grove and made orange wine that was considered the best in the state. Genovar continued expanding his business interests and civic involve- ment. He operated a line of sailing vessels between New York and St. Augustine. He bought large tracts of land outside St. Augustine and developed a potato farming community that he named Elkton in honor of his membership in the Elks. (An Elk emblem can be seen in his lapel in the accompanying pho- tograph.) He served on the City Council and became president of the Board of PAPER MONEY • July/August 2005 • Whole No. 238 289 County Commissioners. He built an opera house on St. George Street. By the turn of the century he was one of the wealthiest citizens of St. Augustine. When Henry M. Flagler started developing Florida's east coast, he picked Mr. Genovar as his St. Augustine representative. Eventually a freeze ruined the orchard and the Depression brought hard times. In 1934 Genovar belat- edly applied for and was granted a $480 per annum state pension for Florida soldiers. Bartolo Genovar died on Friday morning May 4, 1945, at his home on Treasury Street, just three blocks away from where he was born 98 years earlier. Bibliography Florida Civil War Pension Files at Department of State, Tallahassee. Hartman, David W. and Coles, David. Biographical Rosters of Florida's Confederate and Union Soldiers 1861 — 1865. Wilmington, NC: Broadfoot Publishing Company (1995). St. Augustine Examiner. November 13, 1869. St. Augustine Record. May 4-8, 1945. St. Augustine Weekly Press. January 1, 1876. Vlack, Robert A. An Illustrated Catalogue of Early American Advertising Notes. New York: R. M. Smythe (2001). Webb, Wanton S. Webb's Historical, Industrial and Biographical Florida. New York: W. S. Webb & Co. (1885). 1869 advertisement for B. Genovar's store. National Bank Note Title Project I have completed a list of the more than 13,800 bank titles actually used on the National Bank Notes issued from the 12,632 issuing banks. This listing includes every detail including the use of apostrophes, commas, hyphens, &/and, use or omission of "The" or "of," redundant states in title blocks, etc. The Smithsonian proofs provide virtually complete cov- erage for the Series of 1875, 1882 and 1902 issues. Proofs of Series of 1929 logotype plates were not saved by the Bureau of Engraving and Printing, so they are not available at the Smithsonian. Missing are proofs from Original Series only, and Series of 1929 only, issuing banks. The titles in these situations were obtained from organization certificates or charters in the National Archives. In the cases of title changes made during the Series of 1929, the titles in my list are from the reported titles in the Annual Reports of the Comptroller of the Currency. Before this project is complete, it is necessary to verify the titles obtained from the organization certificates, charters and annual reports against actual issued notes. It is also important to compare the titles that appear on Series of 1929 notes against those on the large size issues. I am seeking the help of advanced collectors who have good collections of 1929 notes, or copies of 1929 notes, issued in their states or region. What I would like you to do is care- fully compare the titles I have assembled against those on the notes, and provide a list of discrepancies. The types of things that you can expect to find are mis- takes, such as omitted words. Occasionally you will discover articles such as "of" incorrectly used in place of "at" or "in." You also will discover interesting discrepancies involving the substitution of "&" for "and," and variations in the use or non-use of apostrophes, hyphens and commas. You even may discover variations in titles between differ- ent Series of 1929 logotype printings for what should be the same title. If you are game, contact me by e-mail, and I will send a complete list of the titles for your state. Once you supply the corrections or discrepancies, I'll send you a revised listing. Collectors who already have collaborated on this project have been rewarded by discovering title errors, as well as obscure varieties. Certainly you will gain enormous insights into the notes from your state in the process. My list will provide you with a tremendous amount of information about notes you have never seen. Contact me at Peter.huntoon@att.net 290 July/August 2005 • \A/hole No. 238 • PAPER MONEY Colle Cates By Albert Irizarry T HE HISTORY OF THE RAIL ROAD ACROSS THE Isthmus of Panama is inextricably linked to the westward expansion of the United States as it occupied the continent to Panama's north. Events in the north have shaped and reshaped the railroad's viabili- ty for a century and a half. Stocks from the various periods in the railroad's development and from the several companies running this rail line illustrate this saga and have an interesting story to tell as well. Thomas Jefferson, President of the United States 1801-1809, purchased Louisiana from France in 1803. He then commissioned his personal secretary Meriwether Lewis to explore the area. 1 So the famous Lewis and Clark Expedition from 1804 to 1806 went up the Missouri River and ended at the Pacific Ocean, reaching the Columbia River in Oregon in 1805. 2 By 1811 John Jacob Astor had a fur trading post in Astoria, representing American interests in the area. In 1819 Spain ceded its claims to territories north of California to the United States. 3 Jedediah Smith, "the Knight in Buckskin," explored the area of Oregon, California and the Sierra Nevada 4 The 1846 Buchanan-Packenham Treaty with Great Britain defined the bound- ary line of the United States and Canada west of the Rocky Mountains. In the same year, war was declared on Mexico and by the Guadalupe-Hidalgo Treaty of 1848 ending the conflict, California was ceded to the United States. 5 From a Report of the Isthmian Canal Commission, Washington, 1899-1901, we read: ". . .the requirements of travel and commerce demanded better meth- ods of transportation between the Eastern States and the Pacific Coast, but there were other reasons. . . .the establishment and maintenance of Army Posts and Naval Stations. . .mail facilities. . .the importance was so manifest, that the Government. . .negotiations were entered. . .with Republic of New Granada to secure a right of transit across the Isthmus of Panama." 6 PAPER MONEY • July/August 2005 • Whole No. 238 291 * * * * * * * * * * * * * * * * * * * * * * * * ** NUMISMANIA RARE COINS * P.O. BOX 847 -- Flemington, NJ 08822 * * Office: (908) 782-1635 Fax: (908) 782-6235 * * Jess Lipka, Proprietor * * * * * * * * fr ----- 'AL-4 - Naitoanicninr.r.m.YA: • -: .;,-----. * * iiV --i-3-- iliiiiiiiiiiinnuncA • 2029 _N. , s t_ * —A, * 10 A.z, * 0 * c9A0 ar. iestl a ,7.,.iniillicm, 6439 * * to ' ,„„„,,, „,t ,,„,,,„,,,„„,„;.„„„,,,,, * * wifAxr writimpikmiw * • .o/e4iewe A 11.1 z z Lull t lei /0/./* -- _,- ,:, — * r WHIM * j . . • * 1 .1 e , * ** TROPHY NATIONALS * Buying All 50 States, Territorials, Entire State and * * Regional Collections, Red Seals, Brown Backs, * * *Statistical Rarities, New Jersey. * * * Also Buying Coin Collections and Type * * * * NO DEAL TOO LARGE! ************************* NOBODY* * * * PAYS MORE* * * * ,:r11114i ; ,v1,11Mglhaillt WINN , "111111 :111;11 t9,■ ; riVF47- ‘s14.1,t3Sh , 292 July/August 2005 • Whole No. 238 • PAPER MONEY Frontispiece of Illustrated History of The Panama Railroad by F.N. Otis, MD, New York: Harper & Brothers (1862). At that time travel to the West Coast could be: (1) By land: walking, on horseback, wagon, mule, through plains, moun- tains, generally unexplored and definitely hostile country. Only some 1,500 miles. (2) By sea: down the East Coast of South America, through the Straits of Magellan, up the West Coast of South America, Central America until you ////4/./ ///// 7/ ONE HUNDRED DOLLARS/r -reX, ("A de;,, ,/ wmiscar,/i... • .././. 4,7r a./1.14/ ,/ ;./41• ,(' )',//,(; (yY/teK/ ////// e/aVelf-t,/ - - _ __Sea , Officers and Directors of the Panama Railroad. DAVID HOADLEY, President. JOSEPH F. JOY, Secretary. GEORGE M. TOTTEN, Chief Engineer. HENRY SMITH, Treasurer. WM. PARKER, General Superintendent. 1:0)IIMMUE0310. WILLIAM II ASPINWALL, HENRY CHAL'NCEY, EDWLN BARTLETT, WM. FELI.OWES, GOUVERNEUR KEMBLE, SAMUEL W. COMSTOCK, WILLIAM WHITEWRIGHT AUGUST BELMONT, EDWARD CUNARD, JOSEPH W. ALSOP, THEODORE W. RILEY, JOHN STEWARD, DAVID HOADLEY. PAPER MONEY • July/August 2005 • Whole No. 238 293 reach your destination. Approximately 13,000 miles and lasting four-five months. (3) By sea and land: by ship to Chagres, then by dug-out, cayuco or bongo (native boats) to Gamboa. From there, by mule, foot or porter to Panama City, accompanied by alliga- tors, mosquitoes, bugs, jungle animals, and a rainy, humid, hot jungle. Only some 5,000 miles and 25 days. 7 By mid-century, the land mass of the United States reached from the Atlantic to the Pacific. Manifest Destiny had been achieved. In 1848 in order to make these new acquisi- tions more accessible, Congress authorized contracts for the establish- ment of two mail lines: one from New York and New Orleans to Chagres on the Atlantic; and the other from Panama to California and Oregon on the Pacific. Initially there were no takers. Financial inducements, how- ever modest, 8 were sufficient to interest venture capital of the time. -William Aspinwall secured the Pacific contract and George Law the Atlantic one. Though not showing great prospects, Aspinwall foresaw that the steamship lines would be part of a greater plan, that of a railroad across the Original stock certificate, dated January 15, 1853. Imprint: Lambert & Lane, No. 18 Wall St. Approx. 22 X 15 cm. July/August 2005 • Whole No. 238 • PAPER MONEY 1 5 Sipa E or $ o• _ , SLFS fthe afid-al Stock of the 'an alRail Ito 1! atkikl d' One /Wm( d d011ars erfek kwn.clirahle \-... A-- on the)looks of the nip a titer' office in fhb. fAtri on the sorirnekr of this \ k Attome)- -1 294 Hein E Isthmus. Together with Henry Chauncey and John L. Stevens, he entered into a contract with the authorities of New Granada for the purpose of building a railroad from the Atlantic to the Pacific. The contract gave them the exclusive privilege of a railroad, a guarantee that all public lands were to be used gram- itously and a grant of 250,000 acres of land. This contract was to run 49 years. Three per cent was to be paid the Government of New Granada upon all dividends declared. The work was to be done within eight years. Up to this time the only assumption on the feasibility of the project was based on the advantage of shortening of the route from east to west. 9 The site chosen for the Atlantic terminus of the rail- road was the Island of Manzanillo in Bahia Limon or Navy Bay. This was purchased from Captain Daniel George, a Cuban of English extraction, for the then princely sum of $1,000 pesos. 10 Work began in May of 1850, with great cli- matic and engineering difficul- ties, and was completed in January of 1855, reducing trav- el across the Isthmus from four days to four hours. 11 To appreciate the benefits of the railroad, we quote from David McCullough's book Path Between the Seas. "'I have no time to give Stock certificate, dated August 20, 1869, signed by David Hoadley, long- time president of the company. Notice the revenue stamp at left of the certifi- cate. Imprint: Benjamin F. Corlies, 31 Nassau St., N.Y. Approx: 19 X 10.5 cm. Below: "Departure for Panama" from Otis (1862). a UNITED STATES POSTAL SERVICE .11 PAPER MONEY • July/August 2005 • Whole No. 238 295 4 41110. *MIP * SIP The next great international stamp show to be held in the USA is less than year away! WASHINGTON 2006 11=1111111111111111111111•1111W INNIIIIIMIS11111111111111111111/ World Philatelic Exhibition The show will be held under patronage of the Federation Internationale de Philatelie (FIP), in the new state-of-the-art Washington Convention Center with 500,000 square feet in one hall and 30 meeting rooms. Tens of millions of dollars worth of stamps and covers! Only once every ten years in the United States 3,800 competitive exhibit frames from 60 countries 180 stamp dealers from 15 countries U.S.and other postal administrations Ceremonies, autographs Fi rst Day Cover exhibits Daily show postmarks $2 million Queen Elizabeth II Collection Beginner and youth activities National Postal Museum tours Society meetings and seminars World's rarest stamps and covers New U.S. stamp issues and first days Hawaiian Missionary "Dawson" cover Register now (it's free) Membership applications, show registrations and special rate hotel reservations are now being accepted. For more information and to sign up, visit our web site at www.washington -2006.org Admission will be free, but registration will be required: do it in advance to save time. The exhibition Bulletin and exhibit entry froms are available from the designated commissioners listed on the web site. Some dealer booth space is still available Vendor applications are being accepted. Request a vendor application from Washington 2006, Post Office Box 2006, Ashburn, Virginia 20146-2006 See you there! July/August 2005 • Whole No. 238 • PAPER MONEY is entitled Pan amph, ail on/r or 61, 710°6; o Co Cerftfiettt v 'ma ,* t oftheapita Stork of the • •. o of One huirdird dollar.v eirch, transliwae. Iport* • thr 1- 0//irt in this C16; on the sttrtrider of this 114 Conies. 5INas3au Silt. 296 Stock certificate, dated February 2, 1871, also signed by David Hoadley, with a revenue stamp imprint at the center of the certificate. Imprint: Benjamin F. Corlies, 31 Nassau St., N.Y. Approx: 18.5 X 10.5 cm. reasons,' a Massachusetts man wrote home after crossing Panama before the railroad was built, 'but in saying it I utter the united senti- ment of every passenger whom I have heard speak, it is this, and I say it in fear of God and love of man, to one and all, for no consideration come this route. I have nothing to say for the other routes, but do not take this one.' "From another traveler, C.C. Cox, in October of 1855, on his return from California wrote: 'At Panama we disembarked from the good ship and entered the cars of the Panama R.R. and in about three hours reached Aspinwall. . . .I don't remember the temperature. . .but the heat was oppressive. My companions, ever thoughtful. . .had secured a bucket of ice water, and various bottles of ice cold drinks. . .and with the novelty of the trip, the wonderful scenery, the flora and fauna that abounded. . .and the frolicsome little apes. . .and the marvelous luxuri- ance of the equatorial region, all tended to make this passage across the continent pleasing and interesting. 12 An interesting experience of a small revolution in progress can be gleaned in J.M. Guinn's reminiscences in To California via Panama in the Early '60s, Historical Society of Southern California, Los Angeles, Volume 5 (1900), pgs. 13-21. The original capitalization of the Panama Rail Road was 50,000 shares at $100 each, or $5,000,000. When the last rail was laid on January 27, 1855, the project had cost $140,000 per mile, or $7,000,000. Much was needed and much had to be done. Regardless, the Directors established tariff rates that seemed prohibitive. First Class passage was $25 gold; Steerage, $10 gold; and if you wanted to walk the rails you paid $5 gold. Surprisingly demand was so great that listed rates were adopted as permanent. Money flooded in and the Panama Rail Road became a financial success. Dividends were 15% on average and went as high as 44%. At one time the stock was the highest priced issue on the New York Stock Exchange. 13 Harlan J. Berk, Ltd. "The Art & Science of Numismatics" 31 N. Clark Street Chicago, IL 60602 312/609-0016 • Fax 312/609-1305 www.harlanjberk.com e-mail: info@harlanjberk.com A Full-Service Numismatic Firm Your Headquarters for All Your Collecting Needs PNG • IAPN • ANA • ANS • NLG • SPMC • PCDA BUYING AND SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Certificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. Foreign Notes from over 250 Countries Paper Money Books and Supplies Send us your Want List ... or . Ship your material for a fair offer LOWELL C. HORWEDEL P.O. BOX 2395 WEST LAFAYETTE, IN 47996 SPMC #2907 (765) 583-2748 ANA LM #1503 Fax: (765) 583-4584 e-mail: lhorwedel@insightbb.com website: horwedelscurrency.com PAPER MONEY • July/August 2005 • Whole No. 238 297 R-U Ritin' a Buk? I can help you... I enthusiast-media.com ltd We write right!" Books, Magazines, Newsletters That Connect with Readers Fred L. Reed Ill Publishing Consultant/Editor 5030 North May Avenue # 254 Oklahoma City, OK 73112 E-mail: freed3@airmail.net Buying Carl Bombara Selling :" United States Currency P.O. Box 524,„ Thrmn New York, N.Y. 10116-0524 raltiti Phone 212 989-9108 We are proud to continue the numismatic legacy begun in 1933 Specializing in Quality and Rare U.S. Currency U.S. Large Size Fractionals U.S. Small Size Nationals National Gold Bank Notes Kagin's -- an established name for conservative grading of quality notes. We specialize in building U.S. currency collections of premium quality and rare notes. Favorable terms to suit your individual needs. 98 Main Street #201 Tiburon, CA 94920 1-888-8KAGINS www.kagins.com Call Judy July/August 2005 • Whole No. 238 • PAPER MONEY SHARES or to p t) v of One hitudr if E tkRiiot.)ilias;saattit dal /6011 ' 01/1/1" frandinfae le• a' thisr I' 0/ /heir offr,(..e In this 41(441", (44414: 298 Passage across the Isthmus was not without its pitfalls. As the mule trea- sure trains were originally robbed, so were the first trains that used what rails were available prior to completion. The Isthmus was full of "adventurers" of every level of society, who were not adverse to "easy money." Such were mat- ters, that in July of 1854, the Governor authorized a small group of private citi- zens, led by Ran Runnels to: "Give chase and capture those murderers, thieves and others . . ." methods used by the "Isthmian Guard" were so effective that within a year the need for the "extra legal" organization ceased and was discon- tinued. 14 On May 10, 1869, at Promontory Point, Utah, the Central Pacific Rail Road joined up with the Union Pacific Rail Road, and the United States had its own transcontinental railroad. The Panama Rail Road suffered the loss of much business, American traffic accounted for 15% 15 of the company's income. Panama did enter into an economic decline. Errors by the Directors of the Company further eroded the operating revenues, and caused a break with the British Pacific Steam Navigation Company, which moved its facilities from the Island of Taboga to Callao, Peru. In November of that same year another event presaged changes that would further affect the Panama Rail Road's future. The greatest engineering feat since completion of the Panama Rail Road was completed with the official opening of the Suez Canal. This greatly shortened the sea lanes between Europe and East Asia, since it was no longer necessary to travel around Africa or west around South America to reach the Orient. The "hero" who accomplished this was the Comte Ferdinand de Lesseps. By 1879 interest was being created in a canal across the Isthmus of Panama too. Who else but the Great de Lesseps to lead this enterprise! That year a limited survey of a canal route was purchased from Lt. Lucien Napoleon Bonapare Wyse and his group (this survey having been based upon an 1857 map prepared for the Panama Rail Road Company), and the Compagnie Universalle du Canal Interoceanique de Panama was formed. Soon it became apparent that the best route for a canal was that being uti- lized by the Panama Rail Road, which owned the right of way, and the only way Stock certificate, dated September 11, 1872, signed by Bellows as president, with a much larger revenue stamp imprint at the center of the certificate. Imprint: Benjamin F. Corlies, 31 Nassau St., N.Y. Approx: 18.5 X 10.5 CM. PAPER MONEY • July/August 2005 • Whole No. 238 299 CHECK THE "GREENSHEET" GET 10 OFFERS THEN CALL ME (OR WRITE) FOR MY TOP BUYING PRICES The Kagin name appears more often than any other in the pedigrees of the rarest and scarcest notes (U.S. Paper Money Records by Gengerke) BUY ALL U.S. CURRENCY Good to Gem Unc. I know rarity (have handled over 95% of U.S. in Friedberg) and condition (pay over "ask" for some) and am prepared to "reach" for it. Premium Prices Paid For Nationals (Pay 2-3 times "book" prices for some) BUY EVERYTHING: Uncut Sheets, Errors, Stars, Special Numbers, etc. Pay Cash (no waiting) - No Deal Too Large I can't sell what I don't have A.M. ("Art") KAGIN 505 Fifth Avenue, Suite 1001 Des Moines, Iowa 50309-2316 (515) 243-7363 Fax: (515) 288-8681 At 85 It's Still Fun - Currency & Coin Dealer Over 60 Years I attend about 15 Currency-Coin Shows per year Visit Most States (Call, Fax or Write for Appointment) Collector Since 1928 Professional Since 1933 Founding Member PNG, President 1963-64 ANA Life Member 103, Governor 1983-87 ANA 50-Year Gold Medal Recipient 1988 July/August 2005 • Whole No. 238 • PAPER MONEY300 1.1"‘ *et,' 1 ) 11411111111 41rei4' thiti er W1471.4.1; f&-edIttim rrtiilitwie G :vial'Vidir' krikkir h////dret/ ito UPS ,:t;e4(iraitktqiihIr is /his City: en /hi s;irisvote)i . left was to buy the Panama Rail Road Company. When the Compagnie Universalle was founded in 1879, the shares of the Panama Rail Road were offered to the Compagnie at $200 per share. However at the time the shares were selling on the Exchange at $140 to $150, and the offer was refused. Trenor Park, President of the Panama Rail Road, and one of the great "robber barons" of the era, apparently instructed officials of the rail- road to employ dilatory tactics on the French. De Lesseps finally agreed to the purchase, although the price had risen slightly. The Purchase Contract of June 10, 1881, indicates that 68,534 shares of the 70,000 outstanding had been acquired at $250 per share plus $41 for "other" assets. Overpayments and general mismanagement affected the company. By December 14, 1888, the Compagnie Universalle was in receivership. In 1894 a new contract was negotiated with the Colombian authorities extending the canal concession to 1904. 16 On November 3, 1903, Panama — with United States aid and the con- nivance of railroad personnel — effectively "separated" itself from Colombia. (Upon gaining independence from Spain on November 28, 1821, Panama in its Declaration of Independence had of its own free will joined Gran Colombia.) On April 16, 1904, the United States government bought all the assets and rights necessary to complete the Panama Canal from the Compagnie Universalle for $40,000,000. The transfer took place on May 4, 1904, in Panama with Lt. Mark Brooke representing the United States and Admiral John G. Walker representing the Isthmian Commission. 17 The Panama Rail Road continues active even to this day. After the Torrijos-Cartier Treaty of September 1977, the railroad was turned over to Panama in 1979. By 1996 the Kansas City Rail Road won a bid for the Panama Rail Road, and since then has invested more than $80 million in upgrading and modernizing the system. Certain facts stand out regarding the Panama Rail Road: (1) It was the first transcontinental railroad in the world. (2) It was the shortest transcontinental railroad in the world, slightly less than 50 miles. Stock certificate, originally dated April 8, 1870, signed by Hoadley with the small revenue stamp imprint at the cen- ter of the certificate. Imprint: Benjamin F. Corlies, 31 Nassau St., N.Y. Approx: 18.5 X 10 cm. Note: Through the auspices of the United States Trust Co. of New York acting as trustee, an unknown quantity of the Panama Rail Road Co.'s stock certifi- cates issued between 1862-1881 were overprinted in purple with the follow- ing text for the purpose of transferring the company to the ownership and control of the Compagnie Universelle du Canal Interoceanique de Panama: "THE STOCK REPRESENTED BY THIS CERTIFICATE IS HELD BY THE UNIT- ED STATES TRUST CO. OF NEW YORK, AS TRUSTEE, SUBJECT TO THE PROVISION OF AN AGREEMENT DATED JUNE 10, 1881, MADE BETWEEN T.W. PARK AND OTHERS OF ONE PART, AND THE UNIVERSAL INTEROCEANIC CANAL ASSOCIA- TION OF THE OTHER PART, AND THE SAME CAN BE TRANSFERRED ONLY IN ACCORDANCE WITH ITS TERMS." It is believed those terms included reversion of ownership in the railroad back to the original owners if the Compagnie Universelle did not com- plete the canal with a specified time. 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It had a gauge of five feet, and (4) It was the roughest transcontinental railroad in the world. Of this latter statement, this author can attest having ridden the rails on many occasions. Panama Rail Road $1000 bond SPECI- MEN. Imprint: American Bank Note Co. New York. Approx: 33 X 23 cm. 302 July/August 2005 • Whole No. 238 • PAPER MONEY . , 4etitttro (TmL.;t Citnivint Unit, ,:.) h li I' ll G . 1 i 1 i I c,) . ik /l „,,,,,,, /,,,/,”„ /,,,,,/,,„„/„„„,,,„, - .---, - -Das- Aliguitateilt eliettee- z---- ,/,:/;, 4,,,,/„;,;,,,,, ,,,/,..„/ ,,,/ //,, ..),////,(0,,,,/, i/7/,//,/, ify///7„,,,,,o(///,7„k,/,/;,„, /„„„,„,/, le a.4 ,-/Pv/rOi ,,, /,' 4 //i/.// //;;; 7/,/ia. 1/t//4_":4fiil'___, 4 wi..4.,,,, / if I, i , ';',1,.; d'• ',J.:1;w ,', r,„ift/j, , t b firiy:,,zw, , A. , ap,/fi ..iiii; ,!!, 7/,, /hwy. ,/e//0::),;("6671,?/////4,, Z //////9,44 ik b la1 AI/ . '4/. 1 7////, s /1;),,, ,,,fr% ,wej,,,m,„/;il, th,//, iii,,w :1, /ft ? 'II ',..f/Ili/, 141?"4/ "1 7.(. 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PAPER MONEY • July/August 2005 • Whole No. 238 303 REFERENCES 1. Jones, Landon Y., Iron Will, Smithsonian, Vol. 33, No. 5, August, 2002, pgs. 96-107. 2. Webster 's New Biographical Dictionary, Merriam-Webster Inc. Publishers, Springfield, MA 1983. 3. The New Encyclopedia Britannica, 15th edition, 1997. 4. See 1 above. 5. Marshall, Logan, The Story of the Panama Canal, L.T. Myers, 1913, pgs. 32-33. 6. Ibid, pgs. 33-34. 7. McCullough, David, The Path Between the Sear, Simon & Schuster, New York, 1977. Wood, R. Coke and Leon Bush, California History, Fearon Publishers, San Francisco, 1963, pgs. 46-50. 8. The United States determined on a policy of subsidizing mail steamers, which would be available for naval service when needed. For this service, from New York and New Orleans to Chagres, the annual subsidy for semi-monthly voyages was $290,000 annually; while from Panama to Oregon, the amount was $199,000 a year. Discovery of gold in California made Oregon fade from the picture. The Panama Route to the Pacific Coast 1848-1869, Kemble, John Haskell, The Pacific Historical Review, Pacific Coast Branch of the American Historical Association, Vol. VII, Number 1, March 1938, The Arthur H. Clark Company, Glendale, CA. 9. Otis, F.N., MD, Illustrated History of the Panama Railroad, Socio-technical Books, Pasadena, CA 1971. Below: Panama Rail Road stock certificate, dated October 20, 1904, issued to Admiral John Walker, chairman Isthmian Canal Commission, and supposedly only issued to directors. Imprint: Unknown. Approx: 26 X 19 cm.. Opposite at top: Panama Rail Road stock certificate PROOF, 188- (dated in pencil August 11, 1881). Note: correc- tion marks at left and center. Imprint: American Bank Note Co. New York. Approx: 28 X 18.5 cm. (Also notice that the vignette is the same employed by Panama's Banco de Perez y Planas and Banco de Panama, 1861-1874, on their banknotes. Opposite at bottom: "Millions by the Barrel : Packing Part of the Panama Canal Purchase Money," drawn by W. Russell Flint from a photograph by Grantham Bain, The Illustrated London News, May 14, 1904. According to that source, workers were securing $6.5 million in gold for the first install- ment of the Panama Canal Purchase, the funds payable by the United States to France. "The whole sum due is three million pounds sterling, and the gold is now being shipped from New York to Paris in weekly installment. The installment packed in the barrels shown amounted to 1.3 million pounds ster- ling." War of al and the first U.ti. Lurrerk 304 July/August 2005 • Whole No. 238 • PAPER MONEY 10. Conte Bermudez, Hector, El Primitivo Due de la Isla de Manzanillo, EPOCAS, 2da parte, Noviembre 1994, Suplemento La Prensa, Panama. 11. The City of Colon was officially founded on March 15th 1852. It was referred to by the Anglo-Saxon community as Aspinwall in honor of the founder of the railroad. On May 20, 1890, the Director General of Postal Services of Colombia advised that any mail addressed to Aspinwall should be returned since the official name of the city was Colon. 12. Reminiscences of C.C. Cox, The Quarterly of the Texas Historical Association, Vol. VI, Number 2, October 1902. 13. McCullough, op cit. 14. Kemble, John Haskell, The Panama Route 1848-1869, University of California, Berkely and Los Angeles, CA 1943. Castillero, Ernesto J., "Ran Runnels en la Ruta del Dorado," Revista Loteria, Vol. II, Numero 23, Octubre 1957. Susto, Juan Antonio, "La Personalidad de Ran Runnels," Revista Loteria, Vol. II, Numero 23, Octubre 1957. 15. Lee, VV. Storrs, The Strength to Move Mountains, G.P. Putnam, New York, 1955. 16. McCullough, pgs. 135-137. 17. Castillero, Ernest J. y Juan A. Susto, Rincon Historico, Mundo Grafico, Panama, 13 Mayo 1944. Coming to a mailbox near you SPMC's Third U.S. Obsolete Notes Special Issue With concentration on War of 1812 currency. One of our most widely collected areas is obsolete currency and this historic issue will be the DEFINITIVE reference for these under-appreciated 1812-1815 notes Your ad is solicited to help secure publication of this unprecedented issue L PAPER MONEY • July/August 2005 • Whole No. 238 305 Letter to the Editor Dear Fred, Please include this Errata in a future issue of Paper Money, re. my comments: "1903-2003 Celebrating a Century of Independence -- Panama -- Crossroads of the Americas; A Numismatic Bird's Eye View," which appeared in Paper Money, September/October 2003, Vol. XLII, No. 5, Whole No. 227, contains certain errors that have been pointed out to me by Mr. Jorge Proctor. Jorge has done extensive, original research at the Archivo General de Indias in Seville, on the first and early mints estab- lished by Spain in the Americas. Jorge's research, which should be published soon, will help clarify many "gray" areas on those early Spanish mints. Certainly, it will "cross the t's" and "dot the i's". My thanks to Jorge for his observations. 1. Panama was discovered by Rodrigo de Bastidas in 1501, not 1502. 2. Columbus visited the north coast of Panama beginning in 1502 and continuing into 1503. 3. The caravel scuttled at the Belen River was La Gallega and not La Vizcaina, which was lost at Portobelo. 4. The mint at Mexico was authorized in 1535. It began minting in 1536: 1/2-, 1-, 2-, and 3-reale silver coins. In 1537 it stopped minting the 3-real coin and replaced it with a 4-real piece. In 1538 it minted an 8-reales, which was short-lived due to the difficulty in manufacturing. Maravedi coins were struck from 1543 to 1552 in denominations of 2- and 4-mar- avedi. A one-maravedi was attempted but not placed into cir- culation. 5. The mint at Santo Domingo was approved by Decree of 3 November 1536, not 1542, which was the year in which the mint started minting coins for the first time. 6. The first coins minted in Santo Domingo were the 4- and "once" (XI or eleven) maravedies. This last was equiva- lent to a 1/4 real (the value of a real was established at 44 mar- avedies in America, so that the "once" (or eleven) meant a one- quarter real, or a 2 1/2 cent coin (which was quite popular in many Latin American countries until the 1950s). Other coins minted were the 1/2-, 1-, 2-, and 4-reale silver and the 1-, 2-, and 4-maravedis. In 1543 a 10 reales coin was also minted for a very short time. 7. The mint at Lima was authorized in 1565 and began operating in 1568. 8. The Potosi mint was establshed in 1574, not 1575, after the mint at La Plata (December 1573 to January 1574) was abolished. Last, but not least, the worst faux pas was of my own care- lessness. Panama obtained its independence from Spain on November 28, 1821, and voluntarily joined Colombia. It sep- arated from Colombia on November 3, 1903. To all my apologies. --Joaquin Gil del Real (signed) References 1. Arauz, Celestino y Patricia Pizzurno, El Panama Hispano, 1501-1821, Comision Nacional del Vo Centenario, Diario La Prensa de Panama, Panama, 1991. 2. Idem. 3. "Lost Spanish Caravel found in Panama may be from 4th voyage of Columbus," Athena Review, Vol.. 3, No. 2, Recent Finds in Archaeology. 4. Nesmith, Robert I., The Coinage of the First Mint of the Americas at Mexico City, 1536-1572, The American Numismatic Society, New York, 1955. 5. Gomez, Miguel Estrella, Monedas Dominicanas 1492-1979, Editors "Amigos del Hogar," Santo Domingo, Republica Dominicana, 1979. 6. Idem. 7. Bischoff, William L. The Coinage of El Peru. Coinage of the Americas Conference at the American Numismatic Society, New York October 29-30-1988. Chamot, Eduardo D., The Early Lima Mint, 1568-1572, Coinage of the Americas Conference at the American Numismatic Society, New York October 29-30-1988. 8. Cunietti Ferrando, Arnald J., Documental) , Evidence Regarding The Las Plata Mint and the First Issues of Potosi, Coinage of the Americas Conference at the American Numismatic Society, New York Oct.ber 29-30-1988. Research Excha e: a service for SPMC members Any SPMC member doing research on a paper money topic is eligible for a FREE listing. Address your memo to the Editor. • New York Obsolete Bank Notes (1784-1865). Researcher requesting info for SPMC state catalog on banking details for NY obsolete notes. All information welcome. At the moment, I am interested in any notes from "The Woodstock and Saugerties General Manufacturing Co." at Saugerties. I am looking for infor- mation when the bank opened, for how long, who the President and Cashier were, year of issue of notes, capital at founding, etc. Will gladly reimburse cost and postage of material received. Contact john©glynn8974.freeserve.co.uk or John Glynn, 41 St. Agnells Lane, Hemel Hempstead, Herts HP2 lax, England • Macerated Money. Wanted any information that would help in publishing a book on items made between 1874-1940 out of chopped up U.S. currency. Who made the products, where sold, etc.? Any help appreciated. Contact Bertram M. Cohen, 169 Marborough St., Boston, MA 02116-1830 or marblebert@aol.com Delaware Obsolete Notes and Scrip. SPMC state catalog researcher seeks information on existing notes, including serial and plate numbers. Records of other Delaware material such as old lottery tickets, vignettes, Colonials and National Currency are also being kept for population statistics. Will gladly pay copying costs and postage for pictures of your Delaware material. Contacts confidential. Contact napknrng@dmv.com or Terry A. Bryan, 189 South Fairfield Drive, Dover, DE 19901-5756 • Abraham Lincoln Research. Author preparing book length study of Abraham Lincoln's image on federal currency, national currency, bank notes, scrip, checks, stocks, bonds and other financial instruments. Desire photocopies of vignettes or unusual uses of the Lincoln image on this material, or in cartoons or other illustrations.. Contact Fred Reed, P.O. Box 118162, Carrollton, TX 75011 or freed3@airmail.net d the n(Pi) Notan ■ ■ 306 July/August 2005 • Whole No. 238 • PAPER MONEY "The Clever Minkies" Pi (3.14 .. .) The World's Most Mysterious Number By Donald Noss Jr.' CPA T HE CLEVER MINKIES" KNEW there was something dif- ferent about this "Radar Note" from the first day they acquired it. But what? And who had time to think about it? Could this note's elegant serial number be disguising one of the most important mathematical relationships in the universe? Perhaps. But then again, maybe not. Who knew? Maybe this 88222288 was the exact purchase , (''` price of Bill Gates' home? Nope, too small a num- ber. But some- thing impor- tant just.xo"'#' had .0' s -.) '‘, -4,-,(1 ,,,' ne' to be ''''.'''. .0-(3-' 22;7'`:(1-4„410 s30..e. lurking •:;.s' ' in that lc serial number. Hmmmmm.. And if some- thing was inside there, how do we find it? This was going to take some serious thought! No number has cap- tured the imagination of people for centuries as much as the ratio of a circle's circumference to its diameter. And that ratio (3.14) is named Pi. Exactly how many uses does this Pi have? Many, many, many! And what on earth does the serial number printed on this dollar bill have to do with Pi ? Maybe nothing. Maybe something. Let's see! Here Is A Little Background About Pi: Archimedes was a Greek mathematician who lived in Italy around 250 B.C. and is generally considered to be the greatest mathematician of ancient times. Among discovering many bold insights and mathematical relationships into the makeup of the physical world, he is credited with being the discoverer of an extremely close approximation of Pi (3.14). He did not name Pi, but he proved that the ratio of a circle's perimeter to its diame- ter is the same as the ratio of the circle's area to the square of the radius. He directly discovered the procedure to approxi- mate Pi as between 3 + 1/7 and 3 + 10/71 (universally known as 3.14). Not an insignificant feat and more than just useful to the existence of modern civ- ilization. In addition to that, he was especially proud of his discovery for finding the volume of a sphere showing that it is two-thirds the volume of the smallest cylinder that can contain it. Countless equations use Pi as a component. Abstract topics like continued fractions, logarithms of imaginary numbers, and periodic functions. At Archimedes' request, the figure of a sphere and a cylin- der was engraved on his tombstone. It is safe to say that the value of Pi in mathematics cannot be overstated. Now Back To The Serial Number On This Dollar Bill! 88222288. First of all, as you will see, we have a superb Radar Note here. In fact, if we add all the 2s together we get 8. Interesting! Five 8s in disguise? There's more. You can just feel there is something unique about this 8-digit serial number! A little further analysis easily recognizes CC PAPER MONEY • July/August 2005 • Whole No. 238 307 (to the 320th decimal) 3. 1415926535 8979323846 2643383279 5028841971 6939937510 5820974944 5923078164 0628620899 7," 8628034825 3421170679 8214808651 3282306647 0938446095 5058223172 5359408128 4811174502 8410270193 8521105559 6446229489 5493038196 4428810975 6659334461 2847564823 3786783165 2712019091 4564856692 3460348610 4543266482 1339360726 0249141273 7245870066 0631558817 The Clever Minkies Copy n ght 1999 Donald Noss Jr that the sum of the first two 8s = 16. last two 8s. It is also easy to recognize that if we multi- ply the inner 2s by each other we get a total of 16. In fact, you can make a total of 16 in dif- /. divide 256 by 16 again, guess what? Hot dog, another 16. How about taking one of the 8s and mul- tiplying by one of the 2s or adding the sum of all the 2s to any 8. More 16s. No matter how we look at this serial number, we are bombarded by the number 16. Now, how will 16 help us find Pi? Well, maybe it doesn't and this was a useless exercise. We better get lucky or this will never see the light of day let alone get published. Let's think a little deeper here. Hmmmmiumm. Now what? Could Pi actually be hiding inside that long serial number? If so, where and how will we find it? Consider this! Just by chance, if we take the 16th root of 88222288 and round off the answer to 2 decimal places, guess what? YEP! BINGO! Pi (3.14) Incredible! There we have it. That tricky Pi has been hiding in that long radar note for a long time. INCREDIBLE!!!!!' We knew it had to be there, somewhere! So, do we stop here? Perhaps! But then again, maybe not. What else is there to do? This was a really neat number manipulation exercise. At least "The Clever Minkies" thought it was fun. But could there be even more than we thought hid- den in all those 16s? "The Clever Minkies" thought a lit- tle more and then a lit- tle more...and then a little more. And finally, guess what? Bingo Again! Try this! The 16th letter in the Greek Alphabet is - Yep. 4:0 You guessed it! Just what we've been after all this time: Pi. The magical 3.14! © 2005 Donald Noss Jr. All Rights Reserved note: "The Clever Minkies" image was created by Donald Noss Jr. It is a Registered Trademark. Likewise for the this note many ferent ways. Try This: There are four 8s and four 2s in this serial number. If we multi- ply the four 8s P. 44:1, N I Op 16 r,, , 4,./together we get 4,096. „..1', r, (, - . 0 %k If we multiply the four 2s Qt. 4;i i kt7. together we get 16. Then, if we lit —11-I: St,„ C'S III V 0? divide 4,096 by 16, we get 256. Now ‘..7. At-, ' t Cwhat? We can't stop here. Well, if we glii6;1:11 sS's 5 13 14::re",tr, July/August 2005 • Whole No. 238 • PAPER MONEY308 Notes from North of the Border By Harold Don A n Varied Challenges 'Down Under' FOR MANY A MODERN, INDUSTRIALIZED nation, it should be possible, even desir- able, to accept a "longitudinal" approach to collecting, organizing and displaying folding money... sampling over the decades from merchant scrip, commercial bank issues, government legal tender, and the more recent central or reserve bank releases. Works well for, say, Canada or Sweden. For Australia, however, its another story indeed. At the more recent time extreme (R), Australia can be a pleasure to explore numis- matically, the innovative and highly successful polymer (plastic) of Note Printing Australia (in increasing service internationally) combining with imaginative themes and superbly executed graphics in domestic note designs. A worthwhile yet manageable challenge can readily be defined, whether in terms of polymer releases, since 1988, or more extendedly "Australian dollar" denomina- tions, since currency decimalization in 1966. A fair ..111”1.1.1111,3 ft. / Z//1///// -TWatill:941S %I 7/ I:// (7. range of signature varieties (some distinctly scarcer than others), and prefixes, replacements and such, should tempt the note collector choosing to assemble "modern" in greater detail. Formed by the political union of six Australian states, and its Northern Territory, in 1901, the Commonwealth of Australia provided distinctive trea- sury notes in pounds Sterling ("Australian Notes") from 1913, with releases in the'name of the Commonwealth Bank of Australia, from 1923, and of the Reserve Bank of Australia, from 1960. Such notes, by and large, are collectible today, with significant premiums identified primarily with higher face values and so-called "invest- ment grades." Fifty or more Australian commercial banks of issue had served the Commonwealth and its states through 1910. Note issues at that point were ordered discontin- ued, with any "balance outstanding" to be subject to prohibitive taxation. Such notes today are incredibly scarce. From 1910 (1893 in Queensland), quantities of remainder notes of such commercial banks were over- printed ("superscribed") as treasury issues. These over- prints also are scarce. Two such items we are privileged to illustrate. The first is an issued, unredeemed 1 pound on the Bank of Adelaide, South Australia (L), with two hand signatures, and the date (on plate) "1st June 1893." The second is p. a superscribed 5 pounds (opposite top), also on a note of the Adelaide bank. The overprint reads as follows: "Australian Note. Payable in Gold Coin at the Commonwealth Treasury at the Seat of Government." Overprint signatures are of "Jas. R. Collins, Accountant," and "Geo. T. Allen, Secretary to the Treasury," names and titles that would appear on subsequent Treasury Notes. Also on hand for illustration is an undated (1923) Australian Note for "Half a Sovereign," issued in the name of the Commonwealth Bank of Australia, a King George V portrait Istilwaimill ,g10111111111111111 AMU /II, MANAGER 6::MWO RWM0310 00010 rr )1 II11_ II 11 /I /I OF ADELAIDE // ///' % .7/;"1 . /1'%I . //i ////// (7 ;01. I 40,3$61-' .0 LOWS.•ft, I /1?.. WAV 4 o,c itk of . lia/ter,ler if^:■ .4k.411 .,,commoNwEmatitiextrsw 7 6 49 t 0 - _ l (P.-,14AttM.) 4007/0 .7/(7)?' . - ,E349 hong/ / HALF SOVEREIGN -19 The Treasure emmo ditivaugralia .k,ioneiar. 4foisito, . - ‘!;-'•. ,Pro' iseq.16i.ii(gth* *Pe. = 1 =c1":- ‘‘ iiarli -1,:t ,:so-v- Box litqatifjoilithi - and for 4114070 iew of , 0,-. Commwm pailh ApAoi:. fristreal .er I .i ‘. -; ....-'. - f ' \ f , ' '..". ■ 42:)e, -7.A.:AL.,.r-. ., ., a-F '- ' .'• - - I ' ) ;6.d. 14e.,......--y -a. m rn PAPER MONEY • July/August 2005 • Whole No. 238 309 note (above). Dame Mary Gilmore features on a recent (1993) Reserve Bank $10, a circulating polymer release. Australian currency is avidly collected within the country, I'm reliably informed. A study of the more recent note releases and of the significance of their graphics -- literature is accessible -- will suggest why this is increasingly true internationally as well. Notes from Australia are varied, colorful, and very collectable. One needn't be a king to appreciate their rarity and value, or a rocket scientist to marvel at their technological artistry. raiiTtiTrEf.12Dcablir:-;Isr. A Primer for Collectors BY GENE HESSLER APRIL 12 Mag A A4199753 National Bank of Liberia $5, P19, depicts Joseph Jenkins Roberts July/August 2005 • Whole No. 238 • PAPER MONEY310 Some Anniversaries* THE FIRST BANK OF ENGLAND NOTES were printed in 1697; the bank was established in 1694. The first notes were deposit receipts with a promise to repay. The earliest known example of paper money from the Bank of England is payable to bearer and is dated 1699. A rare note dated 1797 sold for $75,000 in 1993. The £1 note no longer circulates in Great Britain; it was replaced by a coin. The first paper money issued by the Massachusetts Bay Colony preced- ed the first Bank of England notes by four years. The first government paper money in the Western world was therefore issued on what would become American soil. To accommodate freed American slaves who longed to return to Africa, the American Colonization Society settled Liberia in 1822, 175 years ago. The Society introduced paper money that circulated until 1880. These notes are extremely rare. After 1880 U.S. paper money was used. and it was declared legal tender in 1943. Fifty years ago the country was declared an inde- pendent republic. The National Bank of Liberia introduced $5 notes, P(ick) 19 in 1989; the face bears a portrait of J.J. Roberts, the first president of Liberia. A second type of $5 note was issued in 1991, P20; the arms of Liberia replaced the portrait. Both notes are green and were printed by Thomas De La Rue in London; either should cost no more than $8. Liberia has recently issued higher denominations of their own paper money. Joseph Jenkins Roberts (1809-1876) was born of freed slaves, although he had some white ancestry. After * note: this article originally appeared on the anniver- saries of the events chronicled. his wife died, Roberts and his widowed mother went to Liberia in 1829. Following his first term as president, Roberts was elected again in 1849, 1851 and 1853. Three years later he became the first president of the new College of Liberia. In 1871, at age 63, Roberts was again elected president of Liberia; he served until January, 1876, and died on February 24 of that year. In 1847 the long trek of the Mormons ended in Utah when the religious group settled in Salt Lake City under the leadership of Brigham Young, who had suc- ceeded Joseph Smith. It was necessary for this religious community to create and issue its own paper money, or scrip. This was issued by the Deseret Currency Association and the Deseret University Bank. The Deseret National Bank of Salt Lake City, which grew out of Mormon banking, was chartered as a National Bank in 1872; the earliest notes bear the signature of Brigham Young, the first president of the bank. The year 1997 marked the 50th anniversary of the discovery of the Dead Sea Scrolls at Wadi Qumran. Israel issued a 10 lirot, P32, in 1958 with a back design that paid homage to the ancient scrolls, some of which were written as early as 22 B.C. An example of this note is available for about $7. Louis Pasteur was born 175 years ago, and if he would have lived for two more years, 1997 would have been the 100th anniversary of his death. Although he is responsible for other discov- eries, this French chemist is primarily known for the process that took his name: pasteurization. The 5 franc note, P78, that displays his portrait cir- culated in the late 1960s and early 1970s. This attrac- tive and popular note will cost $20 or more in gem con- dition. However, a circulated example can be found in dealer's bargain boxes for $1 or $2. About 20 years ago on television, Geraldo Rivera hosted the opening of the supposed heretofore unopened vault that had belonged to Al Capone, who died 50 years earlier. This non-event took place as a television camera documented the occasion; it was treat- ed with the importance of the Dead Sea Scrolls discov- ery. Collectors watched and hoped to see stacks of small-size National Bank Notes. Instead, the camera zoomed in to show an empty vault. I guess big Al did take it with him. (Copyright story reprinted by permission from Coin World June 23, 1997) ) "Li? 41.11.11 ilt; hit Itt -4 S 441 43earinv N otes By Dave Boikeirs .e• PAPER MONEY • July/August 2005 • Whole No. 238 311 What's in a Name? NUMISMATIC NOMENCLATURE IS INTEREST- ing. Today, numismatist is the generally used term for a collector of coins, tokens, medals, or paper money. Not so in the 1860s, or 140 years ago, when numismatologist was stan- dard. When I first started collecting paper money, in the form of obsolete notes of New England plus others that interested me, there was no term for specialists in such. Rag picker was often used, including frequently by Amon Carter, Jr., whose paper money was second to none. However, even though that name ended up as the title of a little magazine, somehow it was not appreciated by everyone. Today, we are all too 4.∎\ sophisticated to be called rag pickers, I suppose. Similarly, the selling of rare coins is no longer a hobby business, but is an industry. Pretty soon, art historians will start saying that Michelangelo was part of the art industry, and per- haps Willie Mays should be an icon in the baseball industry, rather than the sport. As a stick in the mud, I will continue to call myself a professional numismatist in the profession, not the industry, of buying, selling, and auctioning coins, paper money, and other such things. If others wish to introduce themselves grand- ly and importantly as indus- trialists, so be it. Besides, a hobby can be fun. I am not sure that an indus- try can be. Heaven knows, in today's messy world we all can use a hobby to provide enjoyment. As to what paper money collectors should be called, a number of proposals have been made. Syngraphist has been suggested, but in a recent conversation with Peter Huntoon he mentioned that he had never heard anyone say that he or she was a syngraphist, nor had I—and I think we both come into contact with a heck of a lot of paper money people. Upon ask- ing a dealer friend if he ever intended to use the term, he said that syn sounded either sinful or synthetic, and he would have no part of each. Okay, then how about notaphilist, another proposal? At first blush, this seems to mean not a philist, whatever a "philist" is. Perhaps Philistine offers a clue, not unreasonably, for in the early 20th century, dealer Thomas L. Elder pub- lished a magazine called the Numismatic Philistine. However, I suspect that the philist means someone who is a phile (from dear or beloved in Greek), as in bibliophile, or someone who enjoys something, in this instance books. Anglophiles enjoy England and the pomp and ceremony of monarchy, audio- philes aspire to have some Bose equipment around the house, and an oenophile likes rare vintages in bottles. Accordingly, a not-a-philist might be someone who dislikes something, and, heaven knows, we want everyone to like paper money! And, I won't even mention scripophilist, except that it sounds like a town in ancient Greece, misspelled! The late Harvey Roehl said that at a discussion among railfans the use of other terms to describe people who liked railroads came up, and ferroequinologist was mentioned, meaning a "specialist in iron horses." While "ologist," as in numismatologist, is clumsy in itself, when added to another arcane term, such as numisma, the result is not too satisfactory. However, if simplified, as in gemologist, it is easy to understand, as coinologist would be. And, coinology would open up new worlds of clarity! Simpler would be just "ist," as in artist, rather than artol- ogist. Those who are realistic, or who think they are, are realists, not realo- gists. People who collect meteors are called meteoricists, not because it is simple, but because the more logical meteorologist was already taken—by those who study weather (which has little to do with meteorites, which equally easily can fall in winter or summer, etc.). Coinist is too short, and I prefer coinol- ogist. Similarly, col- lectors of bits of postal paper who are burdened with being called a philatelist might prefer stampologist. So, what conclusions are to be made? I am not sure. It would be fun to have a quick, easily pronounced name for paper money collectors. What do you think? * (note: The late Fred Reinfeld's 1952 book Coinometly is my oldest and dearest collecting companion. It was my first numismatic mentor. Editions of 1954 and 1960 occupy trea- sured spaces on my numismatic bookshelves today. -- Editor) by Robert and Fre( .71- rore COINOMETRY V. Masters 1 Reinfeld r1y on on I 1 , 1 Coinologist? Coinometrist? What's in a name? * 312 July/August 2005 • Whole No. 238 • PAPER MONEY $1 FRN Intermediate Back Plate 1821 VERY INFREQUENTLY, A PANTOGRAPH operator will inadvertently dial in the wrong set- ting and etch plate numbers of the wrong size on a plate. This happened on a 32-subject $1 back plate used to print Series of 1974 Federal Reserve Note faces. The Series of 1974 case involved plate 1821. What makes 1821 so interesting is that the error occurred only on the right half of the sheets (left half of the plate). Those 16 subjects ended up with undersized numbers it THE PAPER COLUMN VI\ by Peter Huntoon that are halfway in size between the micro numbers used on the early small notes and the numbers now in use on notes printed at the Washington plant. The left half of the sheets had normal macro num- bers. It is therefore possible to obtain pairs of 1821 notes, one with the intermediate error and the other with standard numbers. PLATE SERIAL NUMBER Two numbers are engraved on modern Bureau of Engraving printing plates. One is called the plate num- ber by Bureau personnel and represents the count of the plate within the larger overall sequence of all currency plates. It is engraved on the margin of the plate and gets trimmed away when the notes are separated. The other number is called the plate serial number which in the case of backs is a running count within a specific denomination. This is the number that is neatly engraved within the border of each of the notes. The plate under consideration was plate number 8007 carrying serial 1821. It was a curved plate made to fit a four-plate Giori printing press. The plate was cer- tified for use November 29, 1974, and went into pro- duction shortly afterward. ETCHING PLATE SERIAL NUMBERS The plate serial numbers are added by an engraver using a pan- tograph machine. This is accom- plished when the plate is still flat by coating the surface with a protec- tive tar emulsion. Using a stylus, the pantograph operator traces the desired numbers from a template, and the machine mechanically reduces and inscribes the images onto the nickel surface by cutting through the emulsion to expose the nickel underneath. The process is done a few subjects at a time. Next, an acidic salt solu- tion is placed over the coated area, and an electrode with a low current is placed into the solution. The cur- rent causes the acid to etch the numbers into the nickel. Once numbers are etched on all the subjects, the remaining emulsion is then cleaned from the surface. The etched in numbers can now hold ink. The plate is then chrome plated and rolled into the desired curved shape to fit on the press. PLATE 1821 USE Back 1821 was used to print $1 Series of 1974 Federal Reserve Notes for several districts. Undoubtedly stars were produced for some districts as well. The intermediate numbers occur on the right half of backs of the sheets which means they are mated with the notes on the left side of the faces. They therefore occur on notes printed from quadrants 1 and 2. Tommy Wills, a collector friend from the Dallas district, discovered that notes from 1821 were being released in his area during July, 1975, and supplied some nice examples. They included K70000088A E2 -E92 Above: Comparison between the normal 1821 plate number (top) on the left half of the sheet, and intermediate size number (bot- tom) on the right half. Below: A second generation offset face is mated with an interme- diate 1821 back plate on $1 FRN Series 1974 C56343792A. YOU WON'T WANT TO MISS OUR NEXT THREE SPECIAL TOPICAL ISSUES -- 6'7416141 PwYlplertll riel5 rag/0.4 FRAM • PAPER MONEY • July/August 2005 • Whole No. 238 313 with an intermediate 1821 from the right side of the plate, and K73337333A C3-C92 with a normal 1821 from the left side. Tom Conklin won a $1 Series of 1974 FRN with serial C56343792A that contained a second generation 85% offset of a face on the back. The note had been donated to the Torn Bain raffle held at the SPMC breakfast at the 2001 Memphis International Paper Money Convention. By chance, the offset occurred on an intermediate back 1821. He was sitting next to me, and knowing of my interest in such things, immediately offered this interesting error on an error to me. IF YOU COLLECT OR SELL OBSOLETE NOTES, FRACTIONAL CURRENCY, NATIONAL BANK NOTES DO YOU COLLECT FISCAL PAPER? The American Society of Check Collectors publishes a quarterly journal for members. Visit our website at http://members.aol.com/asccinfo or write to Coleman Leifer, POB 577, Garrett Park, MD 20896. Dues are $10 per year for US residents, $12 for Canadian and Mexican residents, and $18 for those in foreign locations. New Hampshire Notes Wanted: Obsolete currency, National Bank notes, other items relating to New Hampshire paper money from the earliest days onward. Dave Bowers Box 539 Wolfeboro Falls, NH 03896-0539 E-mail: qdbarchive@metrocast.net Always Wanted Monmouth County, New Jersey Obsoletes — Nationals — Scrip Histories and Memorabilia Allenhurst — Allentown — As-belly 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 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 • 314 July/August 2005 • Whole No. 238 • PAPER MONEY The President's Column By Ron Horstman THOSE ATTENDING THE SOCIETY'S MEETING at the Central States Numismatic Convention in St. Louis were presented with an excellent program about World Bank Notes by Wendell Wolka. We have tentatively sched- uled an "Old Timers Forum" for our meeting at the PCDA show in November. If you are interested in learning about how the hobby has evolved and what the future holds, it would benefit you to attend this presentation. The B.E.P. souvenir cards are being cut up and sold as proofs or printer's samples; one recently brought $195 at auc- tion. Since these have no disclaimer on the back, as the ABN cards do, they can be quite deceptive while in a holder. The cards are printed on heavier stock and show recent cuts on the borders. Members are advised to remove the notes from the holder and carefully examine them before purchase. The sad thing is that someone may pay a large amount of money for one of these and put it away, not realizing it is only a cut-up souvenir card worth about $5. Many years later, they may realize their poor choice. By the time you read this, Memphis 2005 will be history; but those who attended the breakfast and general membership meeting will have added much to their visit. We will be elect- ing new officers this year, as well as a couple of new Board members. For those who choose to be more than bystanders in the Society, consider throwing your hat in the ring in future elections. This will probably be my last message to you as President, but I plan on serving as a governor for a few more years. It has been an honor to have been President. Thank you for the opportunity to have served the Society and its members. Ron SPMC member Dick Doty at the Smithsonian Institution would like to know if "any of the brethren or sistern know who was the bloke at the lower-left of the Citizens Bank of Louisiana ten-dollar bill, usually remain- dered, red back. c. 1860, the famous DIX note? I've got a German correspondent who is doing serious' research on,,„ that and other notes of the period, and he'd really like to know. All response9T4eWylifFA '110:1101.1,AliS Atlthough this•ndividualis iitidentified in Haxby, I have long believed the fellow is Louiliana Governor Andre Bienvenu Roman (March 5, 1795-A, 26,1 866)4who appears on the famous Citizens Batic of Louisiana $10 DIX note. Roman was a state representative, and Speaker of the Louisiana House of Representatives before becciniing gov- ernor 1831-1835 and 1839-1843. He was also a Secession delegate. Since my source for this ID is obscure, can any Paper Money reader bring forth a definitive portrait of Mr,,,Roman or YOUR candidate for the fella, and we'll share it'with Doctor Doty and his German friend. -- Editor f $ money mart 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. Special: Three line ad _kr six issues = only $20.50! (wow) SHAWNEE AND KINGFISHER Oklahoma Nationals wanted #9998 and #6416 with George McKinnis signature. Large size #9954 and #5328. Carl Cochrane, 12 Pheasant Dr., Asheville, NC 28803, e- mail cicochrane@p [rodigy.n et (243) WANTED SMALL SILVER CERTIFICATES. $1.00 1928D and 1928E; $10 1934A, 1934B and 1934D; 1953A and 1953B. George W. Taylor, PO Box 242, Georgetown, TX 78627-0242 (238) EUREKA SPRINGS, ARKANSAS Banknote wanted. Also any relat- ed contemporary banking material. Martin Roenigk, 75 Prospect Ave., Eureka Springs, AR 72632. (479) 253-0405. mroenigk@aol.com (239) KANSAS NATIONALS WANTED. Goodland #14163, Olathe #3720, Pleasanton #8803. A.R. Sundell, Box 1192, Olathe, KS 66051 (236) 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: spmclm69@cs.com (234) LINCOLN PORTRAIT ITEMS. Collector desires bank notes, scrip, checks, CDVs, engraved/lithographed ephemera, etc. with images of Abraham Lincoln for book on same. Contact Fred Reed at P.O. Box 118162, Carrollton, TX 75051-8162 or freed3@airmail.net (245) WANTED. Canadian Chartered Bank Notes. Wendell Wolka, PO Box 1211, Greenwood, Indiana 46142 (234) 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: rcschreiner@mindspring.com (234) PAPER MONEY BACK ISSUES FOR SALE. Issues from the 1970s and 1980s. Send me your wants for quote freed3@airmail.net (237) WANTED. OBSOLETES AND NATIONALS from New London County CT banks (Colchester, Jewett City, Mystic, New London, Norwich, Pawcatuck, Stonington). Also 1732 notes by New London Society United for Trade and Commerce and FNB of Tahoka Nationals #8597. David Hinkle, 215 Parkway North, Waterford, CT 06385. (249) WAREHOUSE FIND. Civil War Encased Stamps: the Issuers and Their Times (0/P 1995) by Fred Reed, 560 pages, autographed, $66 post- paid & insured. P.O. Box 118162, Carrollton, TX 75011-8162 (239) GOT MY WISH. Another Lincoln check for my collection. Now what's your excuse for NOT advertising in "Money Mart"? (A) WANTED RADARS, REPEATERS, low and fancy serials 1928- 1963 also Large Size 8 digit radars and repeaters. Logan Talks, 14 Misty Cove Ln., Hilton Head Island, SC 29928 (243) MASSENA, NEW YORK #6694 bank notes wanted, large or small size, also obsolete and related materials to Massena banks. John White, P.O. Box 3183, Spring Hill, FL 34606 (243) POTSDAM, NEW YORK #868 and #5228 bank notes wanted, large and small size, also obsoletes and materials relating to Potsdam banks, John White, P.O. Box 3183, Spring Hill, FL 34606 (243) PAPER MONEY • July/August 2005 • Whole No. 238 315 rWANT ADS WORK FOR YOU 1 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) r Announcing Paper Moneys Upcoming Specialty Publishing Program September/October 3rd Obsolete Currency Issue January/February 2nd Fractional Currency Issue May/June 6th U.S. National Bank Note Issue SPMC's special 80-page issues of its award-winning journal Paper Money are the place to have YOUR ad seen Reserve your advertising space now Full Page rate $300 Half Page rate $175 Quarter Page rate $100 Contact Editor NOW Deadlines are July 15th (Obsolete Currency) & Nov. 20th (Fractional Notes) L 1 July/August 2005 • Whole No. 238 • PAPER MONEY316 NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 11 7060 Carrollton, TX 75011 SPMC NEW MEMBERS - 05/25/2005 10951 Dr. Ben A. Carlsen (C), Tom Denly 10952 Joseph Fong (C), Website 10953 David Hasert (C & D), Frank Clark 10954 Arthur Wenzel (C), Frank Clark 10955 Gary Wycker, PO Box 1141, Pittsford, NY 14534- 1141 (D), Website 10956 Harold B. Rice (D), Wendell Wolka 10957 Traci Poole (C), John Drew 10958 Joel S. Foltz, 1 Denbo Dr, Neptune, NJ 07753-2513 (C, Colonial to Present), Wendell Wolka 10959 Robert Kirby, 38 Lessay, Newport Beach, CA 92657 (C, US Large), Tom Denly 10960 Chris Twining, 210 Bardwell St, Belchertown, MA 01007 (C & D, World), Website 10961 Mansco Perry III, 1547 Blackhawk Lake Dr, Eagan, MN 55122 (C, Fractional, Confederate, and US Type), Website 10962 Robert E. Lipert (D), Frank Clark 10963 Michael Brox (C), Emmett Harralson 10964 B. Tim Hanigan (C), Fred Reed 10965 Tom O'Neill (C), Fred Reed 10966 Bill Schmidt Jr. (C), Fred Reed 10967 Bill Crockett (C), Fred Reed 10968 Warren Heistand (C), Fred Reed 10969 Len Ourts, PO Box 1869, Vernon, TX 76385 (C), Website 10970 Leonard Bischoff, 3600 El Hogar CT, Bakersfield, CA 93311 (C), Website 10971 Loren Gatch, 2701 Walnut Rd, Norman, OK 73072 (C, Scrip & Private Currencies), Wendell Wolka 10972 John Powers, PO Box 67, College Grove, TN 37046 (C & D, Tennessee Nationals), Greg Culpepper 10973 Vicken Yegparian (C & D), Website 10974 Jeremy Harger, 12402 SE 160th St, Renton, WA 98058-4720 (C, US ), Tom Denly 10975 Mark Lee, 23100 Ave San Luis #351, Woodland Hills, CA 91364 (C, Colonial), Wendell Wolka 10976 Richard Gratton, 350 E. Ohio Ave, Southern Pines, NC 28387 (C), Website 10977 Robert Schnee (C), Website 10978 Fred Spagna Sr., PO Box 77434, Baton Rouge, LA 70879-7434 (C, Legal Tenders, MPC, Obsoletes, Colonial), Wendell Wolka 10979 Dennis R. Basala (C), Website 10980 E.B. "Brad" Sawyer, 1029 Wynngate Dr, Chesapeake, VA 23320 (C, Obsoletes & Confederates), Website 10981 Craig Adams, 6267 S. Yorktown Place, Tulsa, OK 74136 (C, US, Obsoletes, Foreign), Arri Jacob 10982 Mark Haviland (C) Tom Denly 10983 Bob Read (C) Tom Denly 10984 Daniel Oliveira, 422 S. Garfield St, Tacoma, WA 98444 (C, US Large & Small), Tom Denly 10985 Leonard Leonardi, 6608 NW 109 Ave, Parkland, FL 33076 (C, U.S. Large & Fractional), Rob Kravitz 10986 Ralph E. Williamson, 8202 IH-35 North Suite 490 (C, US, German, French), Arri Jacob 10987 Ed Regan (C), Wendell Wolka 10988 Brian Lavin, PO Box 2215, Methuen, MA 01844 (C & D, U.S. Large & Small), Website 10989 Christopher A. Flaat (C), Website 10990 Kurtz Hersch, 26804 S. Egyptian Trail, Monee, IL 60449-9465 (C, United States, France, Great Britain, Canada, Mexico), Wendell Wolka 10991 Ronald Jackson (C & D), Torn Denly 10992 Philip Driver, PO Box 99488, Raleigh, NC 27624 (C & D, U.S. Large & Small, Nationals), Bob Cochran REINSTATEMENTS 7476 Mike W. Thompson, 732 E. Highland, Red Oak, TX 75154 (C & D, Texas & Confederate), Frank Clark 8617 Christian Blom, PO Box 7619, Arlington, VA 22207 (D), Steve Goldberg LIFE MEMBERSHIP None SPMC 6000 Honorees (sponsors of at least 2 new members since March 1, 2004) Bryn Korn Andrew Korn Tom Denly Allen Mincho Robert S. Neale Paul Burns Frank Clark Bob Cochran Judith Murphy Arri Jacob Wendell Wolka Fred Reed Ron Horstman Rob Kravitz Remember, all members (except Board members/officers) who recruit two new members receive a souvenir card free from the Society as a "thank you." With the holidays com- ing up, why not give a gift that family and friends will really enjoy -- their own member- ship/subscription to SPMC & Paper Money -- only eight cents a day, a real bargain! L You are invited to visit our web page www.kyzivatcurrency.com For the past 5 years we have offered a good selection of conservatively graded, reasonably priced currency for the collector All notes are imaged for your review NATIONAL BANK NOTES LARGE SIZE TYPE NOTES SMALL SIZE TYPE NOTES SMALL SIZE STAR NOTES OBSOLETES CONFEDERATES ERROR NOTES TIM KYZIVAT (708) 784 - 0974 P.O. Box 451 Western Springs, IL 60558 E-mail tkyzivat@kyzivatcurrency.com 3.7117, PAP111.1 LIMY, •• • PAPER MONEY • July/August 2005 • Whole No. 238 317 United States Paper Money --special selections for discriminating collectors-- Buying and Selling the finest in U.S. paper money Individual Rarities: Large, Small National Serial Number One Notes Large Size Type Error Notes Small Size Type National Currency Star or Replacement Notes Specimens, Proofs, Experimentals Frederick J. Bart Bart, Inc. (586) 979-3400 PO Box 2 • Roseville, MI 48066 E-mail: BartIncCor@aol.com 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 NBUCKMAN@OPTONLINE.NET WANTED! Information on W.L. Ormsby and the New York Bank Note Company circa the 1840s- 1860s, personal information about Ormsby, examples of his paper money (will buy the bills or would be delighted to correspond and receive copies, and anything else). I am planning to do a monograph on Ormsby. Dave Bowers P.O. Box 539 Wolfeboro Falls, NH 03896 Qdbarchive@metrocast.net Buying & Selling Quality Collector Currency • Colonial & Continental Currency • Fractional Currency • Confederate & Southern States Currency • Confederate Bonds • Large Size & Small Size Currency Always BUYING All of the Above Call or Ship for Best Offer Free Pricelist Available Upon Request James Polis 4501 Connecticut Avenue NW Suite 306 Washington, DC 20008 (202) 363-6650 Fax: (202) 363-4712 E-mail: Jpolis7935@aol.com Member: SPMC, FCCB, ANA 318 July/August 2005 • Whole No. 238 • PAPER MONEY Technologies for Publishing ANYONE WHO READS THIS COLUMN KNOWS that one of my repetitive themes is "Get it Published!" If you don't, your work will be lost. Many of you are outstand- ing researchers, a trait that I unfortunately don't share. But I do have a few other qualities. One is that I understand better than most some technologies that can aid publication. George Tremmel is a good researcher. His book Counterfeit Currency of the Confederate States of America is the standard, the result of both long collecting experience and fas- tidious archival research. George recently asked me if I would collaborate with him to publish the albums of Raphael Thian that are in the Duke University Library. Duke bought the papers of Raphael Thian from his son in the 1940s. They are unique and have already been an important research source for several studies, including George's book and Michael McNeil's recently self-published The Signers of Confederate Treasury Notes 1861 - '65. The Thian material is readily avail- able: Take time off work or away from family, travel to Durham, NC, stay in a never-inexpensive motel, sit in the SPMC Librarian's Notes By Bob Schreiner, Librarian 1)()1) ,,,,pnic .()rp, Special Collections Room, and take copious notes. Thian's five unique albums constitute about 1,500 pages of material. Of course this kind of archival research is never easy, but the barrier of difficult access can be daunting. George intends to do something about that for the Thian material. Because of his long-standing good relationship with the Duke Library and his past contributions to cataloging and interpreting the Thian material for Duke, he has received permission of pub- lish the Thian albums. That's where I come in. I have the equipment and knowledge to convert the paper records to a CD. It will be similar to the CD that George and Tom Carson produced ear- lier, Correspondence of the Treasury Department of the Confederate States of America, 1861 - 65, although the albums are primarily note examples, not text. George and I have finished our fourth day at Duke doing the photography. We now have image editing and other tasks before we finally produce the CDs. Like Correspondence, this will be in PDF format, proba- bly spanning multiple CDs. Here is my primary point: Some of you will choose to self-publish your research or at least provide a publisher with "camera-ready" copy. The technology to help with this is often neither expensive nor difficult to learn. Sometimes it just takes a little introduction to get started. I am thinking of writing—often with others—a series of articles focusing on "do-it-yourself' techniques for publishing material about paper money: Books, CDs, web sites. How George and I are publishing the Thian albums may be a good place to start. New library books include: Roger Durand's Interesting Notes about Portraits III; Don Kelly's fourth edition of National Bank Notes; Gene Hessler's second edition of U.S. Essay, Proof & Specimen Notes; Edward and Joanne Dauer's American History as Seen through Currency; and J.W. Schuckers' Finances and Paper Money of the Revolutionary War. Thanks to Roger and Don for their donations! Partnering Produces Results Your paper money Society has reached out to other col- lector groups in recent past as part of our SPMC 6000 strate- gy to "partner" resources for the good of both groups. Some of those efforts have been spectacularly successful. Our first Fractional Currency Special Issue partnered with the Fractional Currency Collectors Board produced an award- winning issue and new members for both groups. A second Fractional Currency issue is planned for this coming January, and from the work already done towards it, that issue will be splendid also. Congratulation to SPMC Vice President Benny Bolin and his colleagues at FCCB for their efforts. The current issue was undertaken in part with members of the Isthmian Collectors Club, who specialize in col- lectibles of Panama and the Canal Zone. What you see are definitive articles on the Panama Railroad which celebrates 150 years in January, and the French Canal efforts 125 years ago, and the 30th anniversary of Panama Canal Day, August 15th, 1975 -- which incidentally marks the 30th anniversary of the founding of ICC. Happy anniversary to ICC! These articles evidence the isthmus of Panama as one of the most strategic land masses on the globe and the prize jewel of many nation's aspirations for centuries, esp. our own country's. The isthmus saved California's gold seekers addi- tional months at sea or overland hardships during the ante- bellum western gold rushes. Its position allowed Teddy Roosevelt to implement our strategic two-navy manifest des- tiny. In these clays of rocket ships and the internet, we some- time overlook its continuing strategic and economic impor- tance to our country, but its crossroads position as this hemisphere's back door cannot be overlooked. Paper Money thanks the ICC and its members for their participation in making this issue of our publication a grand success. We likewise congratulate SPMC member Joaquin Gil del Real and our authors for wonderfully illustrated, definitive articles which are classics in their respective genre. Admittedly our attempts to "partner" with other groups have met with somewhat indifferent success thus far. Several groups (I won't name them for obviously reasons) initially were very high on the idea, but it takes work to pull it off -- hard effort. Paper Money's standards are that high! which quite frankly not everyone is up to. That is another reason to commend FCCB and ICS for their members' efforts. If you belong to other collectors organizations and would like to see your specialty highlighted in these pages, and have the perseverance to put in the effort contact the Editor. We're ALWAYS looking for excellent material. + HARRY IS BUYING NATIONALS — LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES 7379 Pearl Rd. #1 Cleveland, Ohio 44130-4808 1-440-234-3330 e •••1•PP - maim MEMBEI PAPER MONEY • July/August 2005 • Whole No. 238 319 MACERATED MONEY Wanted information on U.S. Chopped up Money. RARE, FREE MASCERATED POSTCARD FOR USEFUL INFORMA- TION 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 r I I I I I I I I I I I P L A N A H EAD If you want YOUR ad to appear in the next issue of Paper Money, don't wait; make arrangements now. Non-contract ads run on a space available basis; don't be left out in the cold! AD INDEX AMERICAN NUMISMATIC RARITIES 279 AMERICAN SOC. OF CHECK COLLECTORS 313 BART, FREDERICK J. 317 BENICE, RON 251 BERK, HARLAN J. 297 BOMBARA, CARL 297 BOWERS & MERENA GALLERIES IBC BOWERS, Q. DAVID 277, 313 BUCKMAN, N.B. 313 COHEN, BERTRAM 319 COLLECTIBLES INSURANCE AGENCY 271 CURRENCY AUCTIONS OF AMERICA OBC DENLY'S OF BOSTON 251 EARLY AMERICAN HISTORY AUCTIONS 263 FRICKE, PIERRE 255 HOLLANDER, DAVID 261 HORWEDEL, LOWELL C. 297 HUNTOON, PETER 261 JONES, HARRY 319 KAGIN, A.M. 299 KAGIN'S 297 KNIGHT, LYN 267 KYZIVAT, TIM 317 LITT, WILLIAM 255 LITTLETON COIN CO. 320 NUMISMANIA 291 PAPER MONEY OF THE UNITED STATES 273 PCGS CURRENCY 269 PMG, PAPER MONEYY GUARANTY 257 POLIS, JAMES 317 REED III, FRED L. 297 ROB'S COINS & CURRENCY 265 ROBERTSON, KENT 271 SHULL, HUGH 242 SMYTHE, R.M. 276, IFC ST. LOUIS PAPER MONEY SHOW (PCDA) 259 WASHINGTON 2006 295 YOUNGERMAN, WILLIAM, INC. 263 Have a Question?--clip and save If you have a question about the Society, contact the appropri- ate officer for help. Please include a self-addressed, stamped envelope (SASE) with your inquiry. Correspondence sent without this courtesy cannot be answered. Or you may inquire via e-mail. Postal addresses are listed on page 322. • Application for membership: Frank Clark or frank_clark@spmc.org • Status of membership, address change , non-receipt of magazine, or about the library or the SPMC web site: Bob Schreiner or bobs@spmc.org • Inquiries about regional/annual meetings: Judith Murphy or judith@spmc.org • Matters relating to Paper Money articles or ads: Fred Reed or frecl@spmc.org S. I I I I I I I a 320 July/August 2005 • Whole No. 238 • PAPER MONEY "...I didn't worry about selling my mother's coin collection. Littleton's reputation is well deserved." Inherited coins or paper money? Thinking of selling your own collection? For over half a century, thousands of folks just like you have counted on Littleton Coin Company to provide accurate appraisals and the industry's best pricing. We treat you and your collection with the respect you deserve. And as the nation's leading supplier, we buy more and pay more - from single coins to entire collections. So if you're thinking of selling, there's no need to worry. Call the team of experts at Littleton and put our more than 100 years of combined experience to work for you. Call 1-800-581-2646 or E-Mail coinbuy@littletoncoin.com Littleton [ip3e [0319t Mt . B8 F Eustis Road Coin Company Littleton NH 03561-3735 Fax: 1-877-850-3540 ■ Dun & Bradstreet #01-892-9653 Celebrating 60 Years of Friendly Service www.lialetoncoin.com 02005 LCC, Inc R.L., LANCASTER, NH rnr-- • Elk '10,70" MO. ,6110 "••••■•••,..1/ "." "1711: 711k lottrunentlalg Realize Top Market Price for Your Paper Money! Let Our Success be Your Success! Consign with Bowers and Merena Galleries We offer you the incomparable and very profitable advantage of having your material presented in our superbly illustrated Grand Format 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 some of the most well-known names in the entire hobby. 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 Mark Borckardt, our auction director at 800-458-4646 to discuss your consignment. It may well be the most financially rewarding decision you make. Buy Online, Bid Online, Books Online! www.bowersandmerena.com •o n.o BOWERS AND MERENA GALLERIES When great collections are sold... Bowers and Merena sells them! A Division of Collectors Universe NASDAQ: CLCT 1 Sanctuary Blvd., Suite 201, Mandeville, LA 70471 • 800-458-4646 985-626-1210 Fax 985-626-8672 info@bowersandmerena.com • www.bowersandmerena.com Len Glazer Consignment Director Ext. 390 Len@HeritageCurrency.com Allen Mincho Consignment Director Ext. 327 AllenM@HeritageCurrencycom David Lisot Consignment Director Michael Moczalla Ext. 303 Consignment Director DavicIL@HeritageCurrency.com Ext. 481 MichaelM@HeritageCurrency.com Dustin Johnston Consignment Director Ext.302 Dustin@HeritageCurrency.com NCAUSM ltlt ',OCR- /66//r tttt, lir, lit "0111.111 SESSION 5 tst No matter whatyou collect in the field of paper money, Heritage Currency Auctions of America . hasyou covered. Consign now for our upcoming September Long Beach Signature Auction September 23-24, 2005 Consignment Deadline: August 4 Call Tod: 1-800-872-6467 Ext 222 HeritageCurreng.com HERITAGE CURRENCY /111CTIONS (IF AMERICA HeritageCoins.com • A Free Online Community of 150,000 Registered Bidder-Members — Worldwide To consign to one of our upcoming sales, please contact the Heritage Consignor Hotline 1-800-872-6467 ext 222) 24 hour voice mail 3500 Maple Avenue, 17th Floor • Dallas, Texas 75219-3941 214-528-3500 • FAX: 214-443-8425 e-mail: Consign@HeritageCurrencycom Heritage Numismatic Auctions, Inc.: California 3S 3062 16 63, Florida AB 0000665, and Ohio 2001014318. Currency Auctions of America: Florida AB 2218; Illinois 044000217 and Ohio 2001014317. Auctioneers: Leo Frese: Ohio 62199772599, Florida AU 0001059. California 3S 3062 16 64, New York City; Day 1094965, Night 1094966; Samuel Foose: Texas 00011727, California 3S 3062 16 65, North Carolina 7642, Illinois 041000914, Florida AU3244, and New York City; Day 0952360, Night 0952361. Scott Peterson: Texas 00013256, Florida AU3021, and North Carolina # 7627: Bob Korver, New York City Day 1096338 and Night 109634. 2120