OFFICIAL JOURNAL OF THE SOCIETY VOL. XLIV, No. 6 WHOLE No. 240 Nov/DEc 2005OF PAPER MONEY COLLECTORS PAPER MONEY „ MI! JO$N W000. Ciat ESTABLISHED 1880 SOW:11" MK:0. MONEY COLLECT011.5cda Stephen Goldsmith Scott Lindquist Our Outstanding Team of Experts Can Help You Get the Most for Your Collection You've spent years putting together an outstanding collection, and now you are ready to sell. Will the people who handle the disposition of your collection know as much about it as you do? They will at Smythe! Autographs; Manuscripts; Photographs; International Stocks and Bonds. 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 6- National Currency; U.S. Fractional Currency; Small Size U.S. Currency; U.S. MPC. pp, T 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. NIRAT 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 PAPER MONEY • November/December 2005 • Whole No. 241 401 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 © Society of Paper Money Collectors, Inc., 2005. All rights reserved. Reproduction of any article, in whole or in part, without express written permission, is pro- hibited. Individual copies of this issue of PAPER MONEY are available from the Secretary for $6 postpaid. Send changes of address, inquiries concerning non- delivery, and requests for additional copies of this issue to the Secretary. MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the Editor. Accepted manuscripts will be published as soon as possible: however, publication in a specific issue cannot be guaranteed. Include an SASE for acknowledgment, if desired. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be typed (one side of paper only), double-spaced with at least 1-inch margins. The author's name, address and telephone number should appear on the first page. Authors should retain a copy for their records. Authors are encour- aged to submit a copy on a 3 1/2-inch MAC disk, identified with the name and version of software used. A double-spaced printout must accompany the disk. Authors may also transmit articles via e-mail to the Editor at the SPMC web site (fred@spmc.org ). Original illustrations are preferred but do not send items of value requiring Certified, Insured or Registered Mail. Write or e-mail ahead for special instructions. Scans should be grayscale at 300 dpi. Jpegs are preferred. . ADVERTISING • All advertising accepted on space available basis • Copy/correspondence should be sent to Editor • All advertising is payable in advance • Ads are accepted on a "Good Faith" basis • Terms are "Until Forbid" • Ads are Run of Press (ROP) • Limited premium space available, please inquire To keep rates at a minimum, all advertising must be prepaid according to the schedule below. In excep- tional cases where special artwork or additional pro- duction is required, the advertiser will be notified and billed accordingly. Rates are not commissionable; proofs are not supplied. Advertising Deadline: Subject to space availability copy must be received by the Editor no later than the first day of the month preceding the cover date of the issue (for example, Feb. 1 for the March/April issue). With advance approval, camera-ready copy, or elec- tronic ads in pdf format, or in Quark Express on a MAC zip disk or CD with fonts supplied, may be accepted up to 10 days later. ADVERTISING RATES Space 1 time 3 times 6 times Outside back cover $1500 $2600 $4900 Inside cover 400 1100 2000 Full page 360 1000 1800 Half page 180 500 900 Quarter page 90 250 450 Eighth page 45 125 225 Requirements: Full page, 42 x 57 picas; half-page may be either vertical or horizontal in format. Single- column width, 20 picas. Except covers, page posi- tion may be requested, but not guaranteed. All screens should be 150 line or 300 dpi. Advertising copy shall be restricted to paper curren- cy, allied numismatic material, publications, and related accessories. The SPMC does not guarantee advertisements, but accepts copy in good faith, reserving the right to reject objectionable material or edit copy. SPMC assumes no financial responsibility for typo- graphical errors in ads, but agrees to reprint that portion of an ad in which a typographical error occurs upon prompt notification. Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XLIV, No. 6 Whole No. 240 NOVEMBER/DECEMBER 2005 15.9%10031-1162 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 First XXth Century Banks of Panama 403 By Joaquin Gil del Real Where's George? Website Tracks Currency Travels in Commerce . . . 412 By Fred Reed Epitaph for a Swindler Charles 'Get Rich Quick' Ponzi 442 By Albert Irizarry "Old Mr. Greenbacks," Salmon P. Chase 453 By Frank Granger Cash available tickets replace coins/currency in gaming dens 454 By Jim Noll Collector Noll's varied tastes lead to new book 460 By Fred Reed Latin paper money book mines ABNCo archives 460 By Fred Reed On This Date in Paper Money History 461, 463 By Fred Reed The Buck Starts Here: Additional Female Banknote Engravers 464 By Gene Hessler The Paper Column: Head-to-Toe Plates on $1 FRBNS 470 By Peter Huntoon SOCIETY NEWS Ron Horstman bids his friend Art Kagin adieu 448 By Ron Horstman George W. Wait Prize Official Announcement 449 The Art Kagin I knew was the genuine article 450 By Fred Reed SPMC members hear from Harold Don Allen 452 By Mark Anderson Annual Index 466 Compiled by George Tremmel Death claims Dolly Criswell 467 President's Column 472 I goofed, please excuse my failure Due to an oversight, ye olde Editor (emphasis on "olde") forgot to include the 2006 annual dues and contributions envelope in the last issue of Paper Money. Mea culpa. You will find the envelope in this issue. If you joined the Society prior to October 2005, and are not a life member please remit your 2006 dues now. SOCIETY OF PAPER MONEY COLLECTORS INC. 402 November/December 2005 • Whole No. 241 • PAPER MONEY Society of Paper Money Collectors The Society of Paper Money Collectors (SPMC) was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affili- ated with the American Numismatic Association. The annual SPMC meeting is held in June at the Memphis IPMS (International Paper Money Show). Up-to-date information about the SPMC and its activities can be found on its Internet web site www.spmc.org . MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for membership; 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 membership numbers will be preced- ed 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 eligi- ble 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 membership 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 available. 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 a fall issue of Paper Money. Checks should be sent to the Society Secretary. OFFICERS ELECTED OFFICERS: PRESIDENT Benny Bolin, 5510 Bolin Rd., Allen, TX 75002 VICE-PRESIDENT Mark Anderson, 335 Court St. #149, Brooklyn, NY 11231 SECRETARY Bob Schreiner, POB 2331, Chapel Hill, NC 27515 TREASURER Bob Moon, 201 Baxter Court, Delmar, NY 12054 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 Wes Duran, P.O. Box 91, Twin Lakes, CO 81251-0091 Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231 Ronald L. Horstman, 5010 Timber Ln., Gerald, MO 63037 Robert J. Kravitz, P.O. Box 303, Wilton, CA 95693-0303 Tom Minerley, 3457 Galway Rd., Ballston Spa, NY 12020 Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941 Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515 Jamie Yakes, P.O. Box 1203, Jackson, NJ 08527 APPOINTEES: PUBLISHER-EDITOR Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941 CONTRIBUTING EDITOR Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231 ADVERTISING MANAGER Wendell A. Wolka, P.O. Box 1211, Greenwood, IN 46142 LEGAL COUNSEL Robert J. Galiette, 3 Teal Ln., Essex, CT 06426 LIBRARIAN Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515-2331 MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 PAST PRESIDENT Ron Horstman, 5010 Timber Ln., Gerald, MO 63037 WISMER BOOK PROJECT COORDINATOR Bob Cochran, P.O. Box 1085, Florissant, MO 63031 REGIONAL MEETING COORDINATOR Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 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 Sine!' Colon (Panama). PAPER MONEY • November/December 2005 • Whole No. 241 403 The First XXth Century Banks of Panama By Joaquin Gil del Real T HE FIRST PRIVATE BANK TO ESTABLISH OPERATIONS IN Panama in the 20th Century was the International Banking Corporation. Originally organized in Bridgeport, Connecticut, in June of 1901, the Bank quickly grew to have many international branches. On August 17, 1904, 1 the Bank registered its Statutes, and opened its doors to the public on the 19th of that same month. Their office was located in front of the Panama Canal building, with Mr. P.G. Eastwick as the first Branch Manager. 2 J.S. Bache (brokers on the New York Stock Exchange) announced on the 21st of November 1915, that it had acquired all of the shares of IBC at $160.00 each. A few days later it was reported that the buyer was the National City Bank. 3 IBC continued operating in Panama, under its own name. It was not until March of 1926 that the branches in Panama and Colon were transferred to the National City Bank of New York. 4 The Bank, today known as Citicorp, is still active in Panama, getting ready to celebrate its 100th anniversary. Though established by Law 74 of 13 June 1904, the Banco Hipotecario y Prendario, 5 a govern- ment bank, did not open its doors to the public until October 12th of that year. The Bank's first Manager was Mr. Albino Arosemena. 6 In 1911, the Law creating the bank was reformed, and the name was changed to Banco Nacional de Panama, 7 which it still carries to this date. The Panama Banking Company, organized under the laws of the State of West Virginia, regis- tered its Statues on March 7, 1905. 8 The bank opened its doors in a locale in front of the Palace of Government. Its Manager was Mr. P.D. Fellinger. 9 Panama Banking Company in Colon. twast Zoot ark%ae f,,FETY DEPos,;°61 BOXES 404 November/December 2005 • Whole No. 241 • PAPER MONEY Unfortunately by 1922 the bank was having problems and the Brandon Family, owners or the bank, assigned its shares to its three creditors, American Foreign Bank (Chase Manhattan), Banco Nacional de Panama and the International Banking Corporation (Citicorp) for liquidation according to the law. 10 The Banco Industrial de Santiago de Cuba formalized its documenta- tion on July 15, 1909 11 beginning operations that same day in an office on Central Avenue, telephone 188, with Mr. Pedro Arias F. as its representa- tive. 12 We were unable to come up with the fortunes of this bank, though it was listed in the 1912/13 Isthmian Tourist Guide and Business Directory, of Ancon, Canal Zone. In the City of Colon, on December 12, 1912, the papers for the Bank or the Canal Zone were protocolized. This bank was also organized under the laws of the State or West Virginia. 13 The bank began operations on November 30, 1912. 14 (This was two weeks before registering its docu- ments, which did cause a small furor.) Its location was on 11th Street, right in front of the Commissary. Ramon Arias F., brother of Pedro of the Cuban Bank, was the Vice-President in charge. In 1915, it opened a branch on Central Avenue of the Capitol City. 15 By February of 1917, the bank was in financial difficulties and beginning the process of liquidation. 16 The First World War did have a negative impact on some banks in Panama. On September 5th, 1913, another West Virginia organized bank, the Continental Banking Corporation, regis- tered its documents. 17 The bank began to do business the following day in an office on Central Avenue in front or the new Railroad Station. 18 Sadly, this institution suffered the same fate as the Bank of the Canal Zone, and its termination began in February of 1917. 19 Seven months after its separation from Colombia, on November 3, 1903, the National Assembly of the Republic of Panama proclaimed Law 84 of June 1904, whereby the monetary unit for the country would be the Balboa. Upon issuance or this Law, Panama communicated to the American authorities its acquiescence to formalize the Monetary Convention with the United States, whereby American and Panamanian coinage would circulate freely throughout the Country at par, including in those areas under U.S. administration. Articles 116 and 117 of the Constitution of the Republic prohibited any Above: Check on the Bank of the Canal Zone, 191-. Below: Bank of the Canal Zone advertisement. PAPER MONEY • November/December 2005 • Whole No. 241 405 private banks from issuing paper money or bank bills. However, in the decade of the 1910s various Panamanian Statesmen recommended the necessity of granting the Banco Nacional de Panama the faculty to issue bank bills, and in January of 1911 the Legislative Assembly passed Law 45 of 28 January 1911 granting powers to the Banco Nacional to issue paper money, i.e. Article 3: The Banco Nacional is authorized to issue Bank notes to the sum of FIVE HUNDRED THOUSAND (B /500,000) in denomi- nations of one, two, five, ten, twenty and fifty Balboas. Nothing ever came of this. During the Presidency of Dr. Belisario Porras, Law 19 of 31 January, 1913, was passed by which the Executive could celebrate a contract autho- rizing the founding of the Banco de Panama, to which was granted the fac- ulty of emitting bank bills. Regardless of all these nationalistic measures the bank bills never did come to fruition, the Republic without doubt having been compromised by the previously mentioned Monetary Convention. The situation reached a humiliating extreme in 1917, when Panama was obligated to comply with the demand of the Governor of the Canal Zone to withdraw one million Balboas in Panamanian currency from circu- lation. 20 On June 31, 1915, Mr. Rolfe Emerson Billing presented for their certifi- cation documents indicating his election as Manager of the Panama Branch of the Commercial National Bank. 21 The branch had begun operations on the 1st of March of that year 22 in a locale that was rented from Mrs. Dolores Icaza de Arias. It consisted of the first two floors of a house on the corner of Sixth and Independence Park. 23 Shortly thereafter Chancellor (Minister of Foreign Affairs) Ernesto T. Lefevre wrote on July 24 to the American Ambassador protesting the instal- lation of banking services, 24 and on May 24th 1916 (the following year) the Commercial National Bank, officially registered its Statutes. 25 (The Commercial National Bank had a strong representation in Washington D.C. and functioned as a depository for funds related to the Panama Canal.) The Commercial Code of the Republic was modified by the National assembly by means of Law 37 on February 27, 1917. Article 5 of the new modification specified that no bank may be established until it has been previously authorized to do so. 26 In compliance with the new Article, the International Banking Corporation obtained its authorization via Decree International Banking Corporation (at left), Cathedral Park, Panama City. ( Original Escritura for International Banking Corporation, August 17, 1904. Nc fo Star and Herald report of the opening of the International Banking Corporation, August 20, 1904 November/December 2005 • Whole No. 241 • PAPER MONEY /&-t-i Q-4 406 • 166/611949.61PRAMIDOI~ • itionmilant) ilinkiag W141'11.11°11 rft. Ott latlermation ot Ike publics, and to aroma eeveret inquiritie that have born mule, wit' wit: seta that the latertatietal Banking( Corpora lion, Oily of Panatna,, whioh began trustee., yee•er4ay, wilt transact a beret backlog' butineee, which in• eludes the reofilving of depoeit t, a rb• loot to oheok, thus leo Waling the Wein.** of the city mero.anta as well as plating at Ste clirp3sel of mere :ante 66$ lh the City of Pana-n%, an oppor tunny to trAbetiot their b5nking butt. Er a • by mail. Further pa r,-Ac uteri way he obtsint'd by aJdree.ing tto Mammals, Interco tioni►l bank ng Oorporation, Oity of Pat.11M • ThA nAtnand fnr th ,4 flAr Ail rif thA 4 e d I tt r ---r we--- -43444;6, --,,, ,l/-ee;azAchtwv/4) ,Ge-e /4" le INTERNACIONAL BANKING CORPORATION LLTABLISED 1,, 1902 SIXTY, WALL STREET. NEW YORK H. T. S. G.,EEN PoLsioc., .m+u {RAMA ES: BOMBAr CACUI TA. CANTON. CEBU COLON EMPIRE C, Z. HA NKOW, HONG HONG 1.100E LONDON MANILA MEXICO CITY PANAA.. PEKING SAN FRANCISCO S A NONA,M SINGAPORE. YOKOHAMA THE PANAMA BRANCH WAS ESTABLISHED IN 1904 CORRESPONDENTS IN ALL PARTS OF THE WORLD. : D.'', Cob. "• transfo... • "; 3- CMFOUF, L-1 3 -, 0,11" He WORLD, J FORSYTH- MANAGER EcT( /RS. Tomas H. Hubbard. Chairman. Chart, B. Alexander, Jan, S. Bache, Coy Garr, Hal,. Fiske, Fronk P. Frazier Linnet Hop:naffs. John R. Heoman. Will/OM Hand., Erskine Hewitt. II,llia T Hincks. Cni,ntle Hod. John Hubbard. Minor C. Keith. Henry P. McIntosh. George H. M fey. Pierre Huh. Was Barclay Po,nas. Willam Sodom,,. Hermann Sielken. Valentine P. Snider Sir Wiliam C. 8. Horne. Janes ,,,:ilberf While TWENTI-THIRD SEMI-ANUAL STATEMENT OF INTERNACIONAL BANKING CORPORATION AT CLOSE OF BUSINESS DECEMBER 31. 1913 ASSETS LIABILITIES Seca - its, and larcianents. eluding bank premises and other real tsl , le of which se- curities aggrefating 5 2.796, 500,00 have. been iodged as cover lor acceptances, den, tits, etc, 1,996,691,69 Ti,,,r Loans and Bill Discoanted 5,921,839.89 &anent, loans and adrinay 9,122,495,72 Bills and rpnlittance.r on hand and in trinaut, including bills lodged as cover againts acce. planet; by London booboos for 53.055.100.00 per contra . 9 754.565,37 Bullion and fiiretl,n money on hung. 540,677.10 Dnyfrone hanks and correspond. en/. 1,654,739,96 Cosh on hand arid in baud deposiPrie , 7,178,433,69 Conlercio/ credit per conlro 4.797,27S.00 Capitol 5, :1 250,000,00 Surplus 3 250,000,08 Profit and lms 773,688,61 Dividend payable M sy 1.1914 Deposits•Inne . . . . . . 11, 03 023030°6, .311,0 , 39471 Deposits-demand 11.092 454,90 Acceptances. hill:4.1d aceonnts payable, including loan, from and acceptances by London bauker,agAints :unity. per contra . . . 6,630,387.93 Note,, is circulation in China . 496.055,00 Dire to hank and hankers . . 19(1,189,94 Corarrcial credit acceptance, 4 797,375,00 9 40.968 687,61 /10.968,637,61 We have ,eamined the hooks and accounts of the Internacional Banking Corporation at its Head Oifice. Now York, San Brancisco. and Mexico Branch., as at December 31. 1913 and have inspected Ilm certified returns from all other branches. We have sati<lied urselves that proper in out opinion the above Balance Sheet s, property drawn up no s to show the true financial position of the Corpor3tinn Occcenbee, 31. 1913. New York, PRICE, WATERHOUSE 9 1 , 0., Mai cl, 26, 1919 Chartered acconAlauts. PAPER MONEY • November/December 2005 • Whole No. 241 407 Left: International Banking Corporation balance sheet from the Boletin Oficial de la Exposicion Nacional de Panama (Panama-Pacific Exposition in San Francisco) held 1914/1915. Note the branches in Panama and the Canal Zone, among more than a dozen worldwide. Below: IBC building in Colon. 408 November/December 2005 • Whole No. 241 • PAPER MONEY International Banking Corporation building in Panama City. American Foreign Bank at left, Panama City. No. 159 of October 1917; The Panama Banking Company, by Decree Number 158; and the Commercial National Bank by Decree 157, all on the same day. 27 Mr. George Schyler Schaefer registered documents on May 29, 1918, relating to the American Foreign Bank Corporation, 28 and on the 1st of June 1918 legalized a General balance sheet of said institution. 29 It received authorization on June 25, 1918, to operate in Panama, having acquired the assets and banking establishments of the Commercial National Bank in Panama and Cristobal, Canal Zone. 30 , 31 By 1925 the Chase National Bank of the City or New York registered its corporate papers 32 and by means of Decree Number 5 of 12 January 1925 obtained all the shares of the American Foreign Bank, reopening as the Chase the following day. In the "Blue Book" of Panama 1916-1917 we came across a reference to the Guabito Banking and Mercantile Company, which was organized on the 14th of October 1916 by a future President of the Republic, Dr. Harmodio Arias M. This bank operated in the Bocas del Toro Province of PAPER MONEY • November/December 2005 • Whole No. 241 409 Panama (Caribbean bordering Costa Rica), which is where the United Fruit Co. was active at this time. Little is known about this operation. 33 Rounding out the first twenty-five years of Independent life of the Republic, we find that on the 1st of November 1928, the Royal Bank of Canada legalizes its documents 34 naming Richard Nathaniel Herman as its Manager. 35 And so ends our review of the first quarter century of independent Panamanian banking. NOTES 1. Archivo Nacional de Panama, Seccion de Notarias, Notaria la, Escritura Numero 372, 17 Agosto 1904. 2. Star & Herald, Friday, August 19, 1904. 3. " ", November 8, 1915. 4. Archivo Nacional de Panama, Seccion de Notarias, Notaria la, Escritura Numero 133, 16 Marzo 1926. Archivo Nacional de Panama, Seccion de Notarias, Notaria la, Escritura Numero 134, 16 Marzo 1926. Diario de Panama, 16 de Marzo 1926. 5. Gaceta Oficial, Numero 32, 30 de Junio de 1904. 6. Asi es nuestro Banco, Imprenta BNP, 1993. 7. Gaceta Oficial, Numero 1326, 16 Enero de 1911. 8. Archivo Nacional de or.,AL LIAN. 44 le • 1 k .01, 11 •q12. - 11020 ;Attlee-411020 . . lidkero veintioohO. - 2 3 4 a - 9 .10 u 12 13 14 16 is 17 18 19 20 21 22 23 24 25 , 28 17 ad 30 En Dr .<1.1 oda (1 ar. Penr114 6, 48 pj.tbi se lbR^ e 2J,iea y usbudere idol sar • . t. otarial del mime n om _424111 re-rit„,r:,,, ..Z., . ..,,,,,/,‘ bre a los trace. ( 1 3) dim 5011ri,.. ' , ) del ides de Enero del silo de /' ''.1 '. mil noveolentos veintioinoo, VW. .df pramor ....; . ...A: L......1/110 ..1..,..' . r oe -. -ante mi, - Alfonso Fdtirep, No M. r. Al I, r, ow - . •.alio° Hilmar° Primero -.1-0-rd4.-e-e2 a .d_gai_iliroaito de Penumil, ook- sr Buhl. ef f pr . var_dri,rrer■16 pAtreannalmeasds_el_arsiiinr_Gitargiet_snhuyl . mayor de edad, oveedo. norte-unierioano. beneuero y veoino de eat,. ni tided, li quien ODLISZCLQ, y Inc pidi6 sue prot000lizura be siguien- tea douumeatoss a saber; 1.- Artioulos de AsooiaoiOn de "The 3has National Bank of the City of New York"; ---2.- Estatutos .de la ek'sreeada Soiiedad; --.- Oertifioudo de prdrroga de le Sociedud; 4 - - eutorizeoidn do la Junta Federal dt; Reserve pare . eote bleaer seoureales en Pansuld; ---5.-Balerwe del eetstio de eidho ob nc:o .1 carer sus negooios el aiez de O.itubre de kil noveiiientos veinti- Q,Uatr0; - 0.---Rasolaulan a a la Junta Liresitiva en le 4 ,$ La . sefija be oentidad de olein mil colares Fora be nogocios eel:Bens° de Pa nama. 1 . - Jolla , auto ntinau.a del. Leoreto Eled utivo giddier° oinoo de Gooe de knero del preetate ea°, expetieo por uonduuto do la rieer_terie de G p_pix r noy justioiapor el noel se autori2.2 e "The Wiese National Bank of the City of New York' , pars yuc. edtablozJa 4ou ausJureelee en le Reitiblioa, una en Panam‘ y (Ara en ..Icadn, y psre 14. a e puede hater nogoiiios ai,ui; - y to.- Jertifii:ado del zdnsul General ice Bengal on Nueva York en el coal oonsta tiuo dish() bepso estd uonssituieo de oonformidat non be lcy federal de loe Estaaos ❑nidgs de Atndr Jou . --Los menuiongi cios °coot entos se egregen al Protocolo y iionstan de veintitrds fojas dtilea lion originalea en Panama, Seccion de Notarias, Notaria la, Escritura Numero 132, 7 de Marzo de 1905. 9. Daily Star & Herald, May 28 and November 9, 1905. 10. Archivo Nacional de Panama, Seccion de Notarias, Notaria la, Escritura Numero 47, 11 de Enero de 1923. 11. Archivo Nacional de Panama, Seccion de Notarias, Notaria la, Escritura Numero 596, 15 de Julio de 1909. 12. Estrella de Panama, 25 de Julio de 1909, 13. Archivo Nacional de Panama, Seccion de Notarias, Notaria la, Escritura Numero 313, 12 de Diciembre de 1912. 14. Star and Herald, November 17, 1912. 15. "Panama en 1915," Diario de Panama, J.D. Arosemena. 16. Weekly Star & Herald, February 12, March 5, 1917. Estrella de Panama, 29 de Mayo de 1917. Original documents relating to the opening of the Chase Manhattan branch bank in Panama City, January 13, 1925. taiitBt20114.,'z'- tuat2.1§, 10 4:ef „ .4 21. -4 p inkftlidEtkETOSSUKatIttrAil 16t NATION, tpkw. SAN .FRLIVIS441 1101,11,..9 r4: „77N9Aitglikc3r, crt‘t U'0 0: ■.1-1 01-11335 7 106 A I J124 U. (14 \ CH13357106 A Acomionce fklWiti;;YD 410 November/December 2005 • Whole No. 241 • PAPER MONEY Annual Report of the Governor of the Panama Canal, Fiscal Year ended June 30, 1917. 17. Archivo Nacional de Panama, Seccion de Notarias, Notaria 2a, Escritura Numero 244, 5 de Septiembre de 1913. 18. Daily Star & Herald, September 6, 1913. 19. " " ", February 16, 1917. 20. Conte-Porras, Jorge, Coleccion Numismatica Panamena, Edicion Oficial, Banco Nacional de Panama, Boletin Cultural, Vol. V, 1982, pgs. 13-20. 21. Archivo Nacional de Panama, Seccion de Notarias, Notaria 2a, Escritura Numero 359, 31 de Julio de 1915. 22. Panama Morning Journal, Sunday, February 28, 1915. 23. Archivo Nacional de Panama, Seccion de Notarias, Notaria 2a, Escritura Numero 535, 22 de Noviembre de 1915. 24. Conte-Porras, Jorge, Calendario de la Nacionalidad, Litograria e Imprenta Lil, S.A., San Jose, Costa Rica 1991. 25. Archivo Nacional de Panama, Seccion de Notarias, Notaria la, Escritura Numero 229, 24 de Mayo de 1916. 26. Gaceta Oficial, Numero 2571, 13 de Mayo de 1917. 27. " " ", Numero 2742, 4 de Octubre de 1917. Notarias, Notaria la, Escritura 28. de Notarias, Notaria la, EscrituraArchivo Nacional de Panama, Seccion Numero 688, 29 de Mayo de 1918. 29. Archivo Nacional de Panama, Seccion de Numero 694, 1st de Junio de 1918. 30. Decreto Numero 88 de 25 de Junio de 1918. 31. Panama Morning Journal, July 10, 1918. 32. Archivo Nacional de Panama, Seccion de Numero 28, 13 de Enero de 1925. 33. Archivo Nacional de Panama, Seccion de Numero 1144, 14 de Octubre de 1916. 34. Archivo Nacional de Panama, Seccion de Numero 608, 1st de Noviembre de 1928. 35. Archivo Nacional de Panama, Seccion de Numero 633, 14 de Noviembre de 1928. Notarias, Notaria la, Escritura Notarias, Notaria la, Escritura Notarias, Notaria la, Escritura Notarias, Notaria la, Escritura IF YOU COLLECT OR SELL FRACTIONAL CURRENCY, NATIONAL BANK NOTES, CONFEDERATE OR U.S. NOTES YOU WON'T WANT TO MISS OUR NEXT ISSUES For the kind of paper money coverage you desire -- read PAPER MONEY TRUST YOUR TREASURES TO THE INDUSTRY'S $5ISS9 Silver Certificate 14.P.M G FOCI'S lerhee j Burke rstrk men GI tlIANTI SA %151,4334119 pp A 64_ Label Features Preservation. Identification. Appreciation. Your notes deserve the best. That's why PMG developed this holder—combining the qualities that collectors value most. The PMG holder... ...Is made from the highest-quality, inert materials. It contains no openings or perforations—guarding against environmental hazards and contaminants. ...Features a large label that displays precise and specific information about your note, including a full attribution, pedigree, and graders' comments, as applicable. ..Accommodates a wide range of currency albums. Your notes take center stage with protective materials that maximize superior visibility. PMG's primary commitment is to provide accurate and consistent grading of paper money—to impart confidence and reliability. This also includes understanding what numismatists want from a holder. And that's why we are bringing a new standard of impartiality and integrity. To learn more about PMG, visit www.PMGnotes.com , or contact Glen Jorde, Grading Finalizer, at 877-PMG-5570. — Join the community www.coMectors-society.corn 4a)MG PAPER MONEY GUARANTY P.O. Box 4755 I Sarasota, FL 34230 I 877-PMG-5570 (764-5570) I www.PMGnotes.com An Independent Member of the Certified Collectibles Group Prominent display of cataloging information and grade Security features such as hologram, bar code, and reiterated grade Generous area for graders' comments PAPER MONEY • November/December 2005 • Whole No. 241 411 412 November/December 2005 • Whole No. 241 • PAPER MONEY Where'sGeorge? Ileksite Tracks Currency Travels in commerce; MOM In 2 years Iv Fred heed D ID YOU EVER WONDER WHERE THAT paper money in your pocket has been, or where it will go next? Well, a New Englander did, and he set up a system to find out. Paper money collectors ponder the "stories" a note could tell "if only it could." By participating in the www.wheresgeorge treasure hunt you too can uncover some of those previously hidden stories. Welcome! to Where' s George? The Great American Dollar Bill Locator. This is the place to find out. The site is the brainchild of Hank Eskin. His creation can help you as a paper money collector learn more about the money in your pocket/ pocketbook / or purse. Hank describes the purpose of his website as a "fun activity." Formally, its mission statement is: "www.wheresge- orge.com at which users enter the denominations, serial num- bers, and series years of U.S. paper money into the database (along with the zip /post code where they are), mark the bills with the Website address and spend the bills, hoping people will see their bills and do the same." Although he owns and maintains the website, Hank had "only" regis- tered 3,588 bills since he started it up November 19, 1998 to 2003. The site went "live" December 23, 1998. The 38-year-old Massachusetts resident has a nearly 32% hit rate (5.5% per cent is the average hit rate; 10% is consid- ered excellent) since then, meaning roughly a third of the notes he has EMSed (entered, marked and spent) since then have been reported to the website one or more times since. A "hit" is the re-registration of a bill in the immense database. Registrants enter its denomination, Series, Serial Number, their postal zip code, and whether they have the note in their possession at the time of the reporting. Eskin credits associate Kendall Chun with the site's name. Hank's off- spring has sprouted into a grass roots movement. The website is attractive, animated and very user friendly. Although called "Where's George?" connoting one dollar notes, the system is also tracking $2s, $5s, $10s, $20s, $50s and $100s in series since Series 1963 (Granahan-Dillon). A companion site Where's Willy? tracks Canadian notes. (The Willy site site is named for Sir Wilfrid Laurier, the first prime This article was written in two parts Part I was written 2001-2003 Part 2 was written late 2005 During that time Where$ George? doubled in size showing the popularity and staying power of its $ubject --Editor 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" $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 9-1/2" x 12-1/2" $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 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 PAPER MONEY • November/December 2005 • Whole No. 241 413 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" I Collect FLORIDA Obsolete Currency National Currency State & Territorial Issues Scrip Bonds Ron Benice 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Benice@Prodigy.net 414 November/December 2005 • Whole No. 241 • PAPER MONEY Map A: Tracking $1 FRN L686...A, Series 1999 Des Mont, • inthanapolip osfirld St. lovil.! et kttcrsoit City a rankle North Atlantic °trait Statc,capl 1 .111..0w Scale :27.060,000 / Albers Equal-Area ProJeCiion tandard parallels 28°30'N and a5°30'tVV 1190111WIIR/1.1G111.10.5iMIEIMMI ROTE vigt LANriglIZA *ME* 93EIVEFIEVN t.46 .1101Aril _ • •1110.- This is the known travel pat- tern of the Anderson bill, although this is not the circulation pattern =.111.- that appears in the Where's George? database. Granting that this self-selective reporting approach is not scientific, it still is interesting and has attracted millions of Georgers. This is "our" bill; discovered by then SPMC Treasurer Mark Anderson at the 2001 Memphis International Paper Money Show. Given to then SPMC Secretary Fred Reed at the SPMC board meeting and "stashed away" for nearly two years. minister of French descent, who appears on the $5 bill.) In addition the website's popularity and success have inspired copy- cat currency tracking sites in Germany, the United Kingdom, the Netherlands, Denmark and Japan. The website is free to registered users, whose identity is password protected. Eskin supports the monster he's created via advertising and the sale of WG? memorabilia, including such necessities as WG? bumper stick- ers, license plate frames, coffee mugs, outerware and boxer shorts. As of 4/30/03 Where's George? was tracking 30,276,861 bills (47,820,792 a/o 2 /23/04; 69,511,464 a/o 9/20/05), totalling $175,515,312 ($242,336,522, and $392,711,659) in cold hard cash. It also claimed 1,791,543 dis- tinct "users" (re. reporters, Georgers). This number was up to 2,278,711 in February, 2004. Today, that number has grown. Although these notes represent a small fraction (less than .04 %) of the estimated 20 billion notes (face value $600+ billion) in circulation, their travels are interesting and should be especially so for paper money collectors. By region in the 2003 tabulation, 11.6 million bills had been entered by Midwest registrants; 10.2 million by inhabitants of the Northeast; 7.5 mil- lion by Westerners; 4.6 million by Southerners. 4 4,40,4411,e_ ..P(9(ofei,i)(00(0%),*xxxcy,r; THE BANK_OF ST LOUIS /7 77/2/:"'7,, , DOLIARS (////7/ ( ///./. /isr/r /1 MIS S 0 UR. Ci7r.> ( -4(.00,014V4 C.X.*(0(4)**-4 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 • 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: kfoley2Owixr.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 • November/December 2005 • Whole No. 241 415 aorgcom November/December 2005 • Whole No. 241 • PAPER MONEY416 The back of "our" bill; spent in Oklahoma City on 4/29/03 at an Albertson's grocery store deli. In 2003 I wrote: "Let's see if it pops up again on the "Where's George" radar screen." Von, it did in nearby Choctaw, OK, 220 days, 13 hours, and 9 minutes later. According to playful calculations at the database, it had traveled the 18 miles at 0.08 "miles per day." The international scope of all this note tracking has not escaped the mass media. Where's George? has been featured in articles by the Associate Press, USA Today, The Washington Post, The New York Times, Business Week, New York Times Magazine, Entertainment Weekly, Playboy, Family Circle, the LA Times, Chicago Tribune, Christian Science Monitor, Pittsburgh Tribune, Tampa Tribune, Orlando Sentinel, Jerusalem Post, The Guardian in London, The Wall Street Journal online, Bloomberg.com , as well as broadcast segments of the Howard Stern Show, National Public Radio, the Kim Komando syndicated computer program, the Canadian Broadcasting Co., MSNBC, CNN and a host of smaller market publications and broadcasts. The site has also sparked its own lingo, which has been chronicled by Georger Jordon Kalilich (better known in the WG? Community as Slowpoke). According to Kalilich his avocation in as a pecquiologist (peh kwee AH luh jist), which he defines as - - n. A person who tracks money on the Internet. [Term coined by Slowpoke.] and the activity as pecquiology (peh kwee AH luh jee) - n. The practice of tracking money on the Internet. [Latin pecunia, money + sequi, follow + logia, science, theory, or doctrine.] [Term coined by Slowpoke.] Community members refer to themselves as "Georgers." The author became aware of the website c. 2000 from a local Dallas TV station report, but it was in mid-2001 that he was baptised into the WG? fra- ternity while attending the International Paper Money Show in Memphis. At the SPMC Board Meeting on June 16th, then Society Treasurer Mark Anderson pulled the note "he'd just received in the hotel coffee shop" at the show out of his wallet and and showed it to me. It was stamped in bright vermillion fore and aft: "ENTER MY SERIAL # TO TRACK MY PROGRESS www.wheresgeorge.com" I briefly told him what I knew (WG? tracks notes by serial number), and suggested I'd write an article on the note for Paper Money. Mark donated the note for the purpose; the author returned to Dallas, Here's a novel approach to expanding YOUR hobby horizons. It's individualized, inexpensive, and intriguing. Scan your notes before you spend them and you can compile a virtual gallery of YOUR WG? "collection" contacted Hank Eskin, the WG? proprietor on June 28th 2001, who was happy to oblige a journalist interested in his brainchild. From the website database, I found out that the note Mark had found had traveled from Lake Elsinore, CA to Memphis, more than twelve hundred miles in the previous year. That travel is shown (roughly) on Map A. However, in the press of other activities, the WG?-stamped note, my war r or. ft , J licn3'tt,tt/.>+w,tu 1%^uiu Tuesday, June 10, 2003 Notification from Where's George? Your bill has Page: 1 been found! Subject: Notification from Where's George? Your bill has been found! Date: Tue, 10 Jun 2003 13:25:45 -0700 From: notify@wheresgeorge.com To: freed3@airmail.net Congratulations F.L. Reed! Your 1999 One dollar bill with serial number J2295---6A has just been re-entered into Where's George?! Click on the link below to see the tracking report http://w w w.wheresgeorge.com/report.php3?key=e9383b441ff44998a93cada2c9ee4573 (You may need to copy and paste the entire link into your browser.) Thanks for visiting Where's George? and be sure to tell your friends! Go to Where's ãeorge? right now: http://www.wheresgeorge.com Cool Link FreshAddress.com - The Free Change of Email Address Directory http://freshaddress.com/home.cfm?froin=wheresgeorge Ever Changed Your Email Address? Don't lose touch with your friends and business contacts. Register for FREE at FreshAddress.com , the Free Change of Email Address Directory. Notification of his first Wheresgeorge? hit was a big occasion for one novice Georger. PAPER MONEY • November/December 2005 • Whole No. 241 417 I almost spent this note at a toll booth on the George Bush tollpike in Dallas when I noticed the very subtle red wheresgeorge stamping upside down at the border of the design. I substituted another bill for payment, returned to Oklahoma City and reported the note on Sept. 9, 2003. It had been entered on Feb. 19, 2003 in Cumming, IA, and re-reported on June 24, 2003 in Yukon, OK. Yukon is right outside OKC, so it is ironic that it had traveled to Dallas and returned to the Yukon area 76 days later. Along the way someone had hand written the message in black ink "Track This Bill At" also in the bottom margin. The note is both well worn and torn. rankforg •kik'. ,a-°- acntn-,,n4. North Atlantic Ocean 3, A601.c. North Ocean --- a Stat$capl Scale 1:27.000. 00 Albers 1:qual-Arch Projetion landard parallels 2$'30'N and 45.30' Sac, Itlk. Map B: Tracking Bill $1 FRN D776...L, Series 1995 November/December 2005 • Whole No. 241 • PAPER MONEY Unawa #, .."""'" Munlpellt", V5,0011411: 1441Ladv1 OW • " b.' -- rvn.11,411 , 1 t?___a, LIU ....m ew. IWO - 418 D776...L Series 1995 7/22/00-4/01/03 Bill D776---L Series 1995 is one of the most recorded notes in the WG? database. In 32 months the bill was observed in 15 locations in four states. "Average" circulation of a $1 FRN, according to government sta- tistics, is 18 months. This note has had no additional hits in the two and one half years since. Has it been retired, or is it still lurking? information from the electronic interview with Eskin, as well as additional data gleaned from the web went into a folder. There it became misplaced, survived an inter-state move and subsequently reappeared nearly two years later, at which time the author resumed the note's story by re-enter- ing data in the WG? database, spending it at a local grocery store sandwich shop for a quick bite before a movie, and hoping to follow its subsequent travels. These "illegal" carries (Memphis to Dallas, and Dallas to Oklahoma City) are also depicted on Map A. Although such side trips obviously occur frequently, the resultant revealed "hits" still map the known travels of notes entered into the WG? database. Bill L6863---2A, Series 1999 also sparked the idea of stamping a quan- tity of additional notes with the WG? data and following their pathways down the streams of commerce in the succeeding months. While "hits" -- in the nature of a parlor game -- seem important to the majority of the WG? Community, currency circulation seems a lot more interesting and worth a followup to this article at some future time. There's no "rules" per se on marking the notes. A hand-written WG? message will suffice, but serious Georgers purchase rubber stamps to speed up the process. I ascertained that the WG? website formerly sold rubber stamps at $15 bucks for marking the bills. These "official" notes sprouted the message: "See where I've been Track where I go next! www.wheresgeorge.com" Wheresgeorge.com has since suspended selling rubber stamps. (I was to learn later, why ... so read on). Other typical messages entered by Georgers, according to the website include: Slate,capi Scale I :2 ' .060,300 Albers Equal-Aron` Proicition tandard parallels 23 . 30'1 and 4$..30' I !. soot mocIs F077...H Series 1999 2/15/01-1/8/03 Map C: Tracking Bill $1 FRN F077...H, Series 1999 se. tu.k. ry <tmik . .r..r$',mos., City PAPER MONEY • November/December 2005 • Whole No. 241 419 "How far does your money go? Find out here: www.wheresgeorge.com " or "Enter, Mark, Spend Track this bill's journey Enter series & serial # at: www.wheresgeorge.com" or "Please report sightings of this bill to: www.wheresgeorge.com " Some veteran Georgers swear by hand-written messages as being more personal, but writer's cramp and available time would seem to limit such an approach to only the most case-hardened. So after some deliberation, I also ventured to a local office supply store and had a similar rubber stamp made up for my own personal use. My message was: "Here Today; There Tomorrow Enter This Note Today On www.wheresgeorge.com Follow Its Future Progress" The rubber stamp cost $25 bucks. Then it was off to the bank to pick up a pack of 100 dollar bills for the purpose of EMS (enter, mark and spend) the three cardinal virtues of the WG? Community. Many WG? addicts stamp all their currency and deal largely in cash even on large purchases to pump up their scores. New users frequently log George F077---H Series 1999 shows a dramatic cross country circulation pattern steming from a trip to Las Vegas with a southern gentleman. This note's recorded history proves that what transpires in Vegas does not necessarily "stay in Vegas"! In 23 months, George popped up on the WG? radar 13 times! Similar to George D776---L Series 1995 (oppo- site), F077---H Series 1999 has fallen off the WG? radar since it reached its last reported location in California. Map D: Tracking Bill $1 FRN L040...S, Series 1999 November/December 2005 • Whole No. 241 • PAPER MONEY COSIS• .Atiama mowtgonsene Pacific OCC-111 North Athittic Ocean State. cap I Scale :2 7.060.00 Albers Equal-Arta Projetition - tandard parallels 28•34YN and 45.30' 4V Ai I .00 , . L040...S Series 1999 2/13/02-3/13/03 420 L040---S Series 1999 George is a restless traveler ... from Las Vegas to Hawaii to Washington, DC to New York and south Florida in a mere 13 months! His itiner- ary compassed more than 9,000 miles at an impressive speed of nearly two miles per hour! on to tell the community they've just purchased their first stamp and are eager to put it to use. This author did too. Such posts will often bring an attaboy, such as "I'm so stamping proud of you," from a veteran. "Georging" is stamping a note, registering it, and releasing it to the streams of commerce in circulation. Georgers have a shorthand acronym for the process EMS (enter, mark, spend). The registration process is colloquially known as "feeding the troll." What kinds of people "feed the troll?" A group of rabid WG? addicts has grown up. In addition to message rings and bulletin boards, Georgefests are held, where Georgers can gather with likeminded hobbyists. A pair of "WG?As" (Where's George? Anonymous) rehab sites have even sprung up where Georgers can share their thoughts and feelings about their WG? addiction. But, what kind of individual creates a money tracking website? Eskin holds an MBA from the prestigious Wharton Business School of the University of Pennsylvania. His "regular" job as a computer consultant and database architect suggested the possibility of the WG? experiment during a lunch break. "I thought, wouldn't it be cool to track bills? A website seemed [to be] the perfect medium," Eskin told USA Today. SpeedRacer, an Ohio man, is a typical aficianado. "I discovered Where's George? by finding a marked bill back in April of 2001. After EMSing 22 bills, I lost interest until finding another marked bill early May 2002. I've been hooked ever since." In the year since his interest renewed, SR had entered 4,527 bills, and recorded a remarkable 20+% hit rate. Many Georgers track their hits with pushpins on large wall maps, until the pushpins fill the available space. Such fans will intentionally pay for items with cash so they can expand their WG? legacy. 95 South Federal Highway,Sy0203 oca Raton, FL 33432 P.O. Box 177, Boca Raton:FL , 29-0177 (mailing) (561) 368-7707 (in Forida) • (800) 327-5010 (outside Florida) (800) 826-9713 (Florida) • (561) 394-6084 (Fax) Members of FUN, CSNA. ANA and PNG 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 i vu4.-- ' .fj;. I ■•■! \ umixesmrfsma Consign Your Important Material • Phone Dana Linen Today! EARLY AMERICAN • P.O. Box 3507- RANCHO SANTA FE, CA 92067 (858) 759-3290 OR FAX (858) 759-1439 • Auctions@EarlyAmerican.com WANTED I I. ctflorida onals, 0 ssoketes, s ens In Stock forionn late livery a Gold, Silver, and P1 num Products Call for Quotes 80 7-3010 The South's oldest and largest co op sin 1967 Top prices paid for all National Bank Notes, ollections, d Estates Large Inventory of National Bank otes for sal See Our Website at Williarnyoungerman.com or el -us at wym ley@aolcom WILLIAM YOUNGE AN INC Your Hometown Currency Headqu. ers PAPER MONEY • November/December 2005 • Whole No. 241 421 ENTE TO T ' WMPYAlhot I 422 November/December 2005 • Whole No. 241 • PAPER MONEY Close-up of Wheresgeorge? text on the face and back of the bill found by then SPMC Treasurer Mark Anderson in Memphis dur- ing the International Paper Money Show in 2001. "I wanted to go shopping today, but I can't - I don't have enough stamped bills," Queen Bee wrote. " So, in order to get cash to stamp, I actually have to go to the Mall, then come home, enter the bills, stamp them and go back to the Mall again" she added. How to remedy her malaise? "Maybe malls should have public computer terminals," she suggested. Ralphie Boy (Ralph Hanson) from Nebraska, a 45-year-old male and a member since March 26, 2000, had entered 19,167 notes as of April 28, 2003. Nearly 2,600 (2,595) of his bills had recorded hits totalling more than 3,000 (3,074 precisely). According to statistics kept on the site, the informant ranked #139 out of 15,230 then active users. His "George Score" was a remarkable 99.1%. He'd received hits on notes he'd marked and spent from all 50 states. One recent convert, a 29-year-old male from Michigan, entered 1,875 bills in his first three months of Georging. During that time 153 notes (8+ percent) of his notes had received a total of 168 hits. A hit, by the way is a bill which is re-entered into the Where's George? database. A high hit rate is just like an excellent batting average in baseball; it brings you acclaim and admiration. Waiting for "hits" is a lot like watching a soccer game. You sit patiently while your team (notes you've marked and released) go racing crazily, willy nilly around the "field." You wait and wait and wait. Eventually, from out of nowhere you get a "hit" (i.e. a goal is scored), and you feel ecstatic. Then you wait and wait and boom another "hit" (goal) is scored. Frequent hits are the occasion for bragging rights in the user forum on the website. Often the activity is very competitive. CP, a 41-year-old Delaware man, was delighted that his George Score had increased from 920 to 980 in a week. Taekwondo Man hastened to point out six days later that such New Hampshire Bank Notes Wanted Also Ephemera i..41,4(e,2 4i TEN 4 ()it Dolma ,4‘...7r1,,,,.."174r,.' S,,r.;40,./1"N 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 PAPER MONEY • November/December 2005 • Whole No. 241 423 November/December 2005 • Whole No. 241 • PAPER MONEY Map E: Tracking Bill $1 K244---I, Series 1999 Ntoolpthet AtbanL .1.1rn mr".,1,,nr.1 1•►1144elphlio Ilarrl Dec &Wm, 1,(1,tem l)ti , ., i _ I.,i--; \ -'' .i., —---- . Cohyntioa.- it, 1 - i sgagfietd I*4"'"I'AD ' '''' i j . Torek.10 1,, St. 1.0..1 ch. Rkhrnort ft• hit owe Giti ...51,•1■116 ,, LI. 424 Norf h OiC1/1 &, State cap .1 Scale I :27.060.60o I Albers Equal-Aren Projeflon tandard parallels 28•30'N and 43.30'N K244...I Series 1999 11/9/03-3/26/05 By September 2005, 10 notes have 11+ hits; George K244---1 Series 1999 has a mere 9, but has trekked 4,191 miles in 3 years, 12 days, 17 hours and 25 minutes at an average 3.8 miles per day. a period of inactivity had lowered CP's score back to the 920 level. (Note: "The George Score is automatically calculated when you enter bills and get hits. The more bills you enter, and more importantly, the more hits you get, the higher your George Score. They aren't worth anything, and you won't get any prizes. It is solely for the enjoyment by some users that like to compare themselve with each other," according to Eskin.) As in any game, contestants must follow the rules. Eskin must be con- stantly vigilant for "cheaters," i.e. those who make repeitive entries, or pass "Ballad of Keith" (may be sung to the tune of Gilligan's Island ) Just sit right back and you'll hear a tale a tale of a fateful trip that started at a stamping bench and continued on like this. Now Keith was a mighty Georgin' man his heart was pure and frank many a bill were stamped that day for deposit to the bank. The weather started getting rough the manager cried foul defacement is against the law! You must stop this all right now! But Keith replied, I don't defraud! against the law IT'S NOT! Title 18 section three three three says I don't have to stop. The bank called in the treasury (the secret service men) They realized that Keith was right! But had honor to defend. They found some small and tiny print translated it themselves, then jumped on HANK with hob-nail boots "THE STAMPS YOU CANNOT SELL!" We learn from this to be discrete. never to stand out until of course we get a hit and then we all can shout! tir"--:;;.;;tiloitnitigrsoaminim 09077 7 14+1,2*ty) " 7sac "Iry2i'l 4°.3J,E) mot s-ramx , "- - -- .13 .&43°45 zetio01-0-txxr Lyn Knight Currency Auctions If you are buying notes... You'll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful "grand format" catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: • Great Commission Rates • Cash Advances • Expert Cataloging • Beautiful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 800-243-5211 Deal With The Leading Auction Company in U.S. Currency 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 LISPS 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. CX/ii ht Currency Auctions P.O. Box 7364, Overland Park, KS 66207 • 800-243-5211 • 913-338-3779 • Fax 913-338-4754 Email: lyn@lynknightcom • support@lynknight.com www.lynknight.com PAPER MONEY • November/December 2005 • Whole No. 241 425 November/December 2005 • Whole No. 241 • PAPER MONEY426 The author's "chicken george" approach to marking notes for release to circulation initially includ- ed this bold text on note backs only. To test hit rates pseudo-scientifical- ly, he also stamped the identical message on note faces only and on both sides. www.wheresgeorge.com has become a community of "paper money collectors" of a sort. Collectors list profiles of their inter- ests, their experiences, engage in chats, swap hints, and some even post "hit maps" like the one below marking off state-by-state when one of their notes is re-entered into the system by a subsequent finder. notes among rings attempting to better their hit ratios and George Scores. "We do like to be sure that the bills actually enter circulation," he told The New York Times. So who is the big kahuna in Georgedom? The number one Georger (based on George Score) in 2003 was Adam Kushner, a 36-year-old New Jersey man who entered more than 100,000 bills in his first 15 months of activity. He's gone on to enter a good many more, but his pace has slack- ened a bit. In total, Adam has registered more than 160,000 bills ("more than any other Georger") since he was bitten by the bug on Jan. 31, 1999. Other big names on the George Circuit are Chuck B, a 46-year-old Buckeye from Ohio, who has had more than 55,000 hits on 33,000 of his 72,000 bills entered. Chuck sports a phe- nomenal 45%+ hit rate. When pressed, the "George Community" is often defensive of their activity. Roll'n'Dough wrote: "Georging bills is NOT ruining them! We just want to know where they go!" Another Dan responded: "But remember, just because we mark our bills, it doesn't make them ruined or mutilated as long as we do not mess up the security or other important features on the bill." Not everybody is so complaisant. Keith, a 36-year-old from North Carolina became a cause celebre among Georgers when he got in trouble with his local bank for depositing marked bills there. This led to a Secret Service investigation of Where's George? in 2000. Keith's plight was com- memorated by The Ballad of Keith.' Soon after, Keith appeared as a contes- tant on the TV show Jeopardy! on Sept. 25, 2002. Officially, wheresgeorge.com "does not encourage the defacement of U.S. Currency." The law defines "illegal defacement as defacement that renders bills unfit to be re-issued." Title 18, Section 333 of the U.S. Code specifically defines forbidden practices as "Whoever mutilates, cuts, disfig- 427PAPER MONEY • November/December 2005 • Whole No. 241 Map F: Tracking Bill $100 B042...B, Series 1977 umv,o 1.1 tied '"d'"")°. 4:11sksto Fran North Pacific Ocean • State capl Scale I:27.000300 " i Albers Equal-A:en Projection tandard parallels 2$•30'br and 45'30 SOO Mks North Ocean „Jr I 11.040: I 4."14 Map G: Tracking Bill $50 AH28---0A, Series 1996 / w hoer North Pacific Ocean 1 ' • state caps Scale I:27.000,000 Aftwrs Equal-Area Projection tandard parallels 2S•APN and 45.'30' SOO Mac. AtoA tto:navy 428 November/December 2005 • Whole No. 241 • PAPER MONEY A Where's George? Mini-Lexicon* *with apologies to Slowpoke's Encyclopedia Georgetannica: boomerang bill -- n. 1. A bill that is entered in one location, and then hit in the same or a nearby location with a user note saying that the hitter got it in another location. 2. A bill that is entered in one location, hit once or more than once in anoth- er location, and then hit again in or near the first location. Brave George -- n. A bill that is entered and stamped on the front and the back, because the initial user does not mind what people think of the bill's markings. [Term coined by Rob.] Chicken George -- n. 1. A registered bill that is marked or stamped on the back only, usually because the initial user is afraid to pass bills that are marked on the front. 2. Nickname given to George Chiasson (b: 1951-- d: 2001), the #1 Georger in the state of WA, because he some- times had a tendency to mark his bills as Chicken Georges. [Term coined by Ralph and Rob.] Dick Clark Bill -- n. A relatively old bill found in excellent condition in circulation. [Invented by Dwayne Fishbone Richardson and Blaster.] EMS -- n. Enter, Mark, Spend. The correct process of using Where's George?. Enter the bill; then mark the bill; then spend it. v. To enter, mark, and spend a bill or bills. Fifty State Bingo -- n. A hit in every state. FRB Bingo -- n. A hit from all 12 Federal Reserve Districts. Georgeaholic n. a Georger who is hopelessly addicted to Where's George? to the point of clear obsession. Also: George--aholic. [Term invented by Otto] Georgeaversary n. The anniversary of the day one joined Where's George?. George Score -- n. A formula used to rank Georgers. The formula is 100* (SQRT (LN(BillsEntered)) + LN(Hits + 1) )* [1 -- (Days of Inactivity / 90)], where LN = natural log and SQRT = square root. It goes into effect after about 10 hits. Huh? Maiden George -- n. The first not previously entered bill entered by a user. [Term coined by Audrey & Scott] natural circulation -- Phrase. The process of spending and receiving bills in an ordinary fash- ion. Prodigal Georger n. A registered user who has not been active on Where's George? for a long time, then returns and becomes very active. [Term invented by Rochester Mike.] Total Hit Mileage -- n. The total mileage of a user's hits. Also: THM. Unconscious George -- n. A bill entered once, never to be heard from again. [Invented by Happy Hodag!] WG?dom n. The principality inhabited by Georgers when engaged in EMS or flights of fancy precipitated by their addiction. [coined by yours truly especially for Paper Money readers] Wild and Crazy George -- n. A bill that is marked with Where's George?'s Web address, but not entered in the database. This is a very bad prac- tice and not recommended. Enter, Mark, Spend (in that order) is very important. ures, perforates, unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, Federal Reserve Bank, or Federal Reserve System, with intent to render such item(s) unfit to be reissued." As far as Georgers are concerned, a dollar is a dollar still even when stamped, because it can still be spent. The Feds seem to agree. They cleared the WG? activity because it did not render the bills useless, and no attempt was being made to defraud by altering denomination or serial numbers. A BEP spokesperson concurred. "According to the laws as they stand now, the practice [of putting messages on U.S. currency] is not illegal," the BEP rep told The New York Times. On his part, however, Eskin quit selling rubber stamps. He now tells Georgers to obtain one at a local supply store. He also bans mass bank dumps. Hits are recorded in the immense database, Computer guru Eskin has created. Registrants enter its denomination, Series, Serial Number, their postal zip code, and whether they have the note in their possession at the time of the reporting. The database records the time and date of each re-registration, the loca- tion of the report, the note's "travel time" since its immediately previous entry, the distance covered in miles, and the note's "average speed" in miles per day Friday, July 4, 2003 Notification from Where's George? Your bill has been found! Subject: Notification from Where's George? Your bill has been found!Date: Fri, 4 Jul 2003 13:23:05 -0700 From: notify eormcs2Ln To: freed3@airmail net Congratulations F.L. Reed! ://www.wheres eorae.c m/re rt.ohm3 Clickukr 1 999 the °1 innekdollarbtioll sweeitthhseetrriaaclkinunm g rt?preoK:4 .122ed2nne,,_., ____ - -------------------- 583---.3j has just been re-entered into Where's George?' __--------- -— Fnday, July 4, 2003 -- Notification - rom Wheres George? Your bill has(You may 1.„_,,, ,,need to copv2„., been found' - - ___ ------ ------- — - - --- — s Subject: Notifies don from Where's George? Your bill has been found! Date: Fri, 4 Jul 2003 20:30:22 -0700e.com From: nf otif___ To: ree 4 Your 1999 One dollar bill with serial number 10352-311 has just been re-entered into Where s George?! afrma'^ net ' Congratulations F.L. Reed! Click on the link below to see the tracking report htt ://www.wherescreor e.co /re•ort h 3?ke -=-. 230968a9a45 723fbc9 lfa6a9de4319 (You may need to copy and paste the entire link into your browser.) roPy and be sure to tell your friends? Two hits on one day! The July 4th holiday was a bang up occasion for one Georger. Page: 1 Map H: Tracking Bill $20 CL03---4A, Series 1996 dot 011.1 t Lake - „.1„„,, k itith Ottavtt 54. trou Wier i(.^'niu t Tenn•. cee Rkhenort Sant.1 Nat th Neat. kleeart - 10Atgo:leve North Atlantic Oce.at * State caps Scale l:2 '7,060,000 Albers Equal-Area Proleetlon 4,, tandard parallels 211°30 4N and 45'30' kloolptliet PAPER MONEY • November/December 2005 • Whole No. 241 429 Occ.m I j as State„ cap! Scale I :27.060.000\ Ann.'s Equal-Area Projeclionl tandard randlels 28•30'N and 45 °30 ,k1 ,.<1 !..co we. Map I: Tracking Bill $10 DJ03---5A, Series 2003 "--DJ03...5A Series 2003 7/15/04-5/13/05 November/December 2005 • Whole No. 241 • PAPER MONEY430 Drstioincs TOpilLte eksfield 411 r• kvnt.1Ass it.,1+11,1 This champion $10 Alex Hamilton logged an impressive 5,208 miles in a mere 302 days-plus; however almost all of it was racked up in a furious 10 week span overseas with the U.S. military (or foreign service) personnel or dependents and a repatriation back to North Carolina before show- ing up in Columbus, OH seven months later. since the previous report. Cumulative totals are also kept. Reports only include the serial letters and first three numbers of the Serial Number to preclude bogus entries. "The serial numbers are masked with '----' in order to prevent people from re-entering bills on this list and artificially inflating these statistics," Eskin's brainchild affirms. We have honored this pseudo-nymity in this article. To date the top ten $1 notes in the system have received 11-15 hits each. The top $2 had 11 hits. Top 5s (Old Style), 11; tens (OS), 9; twenties (OS), 8; fifties (OS), 6; and 100s (OS), 6. In 2003 among Large portrait cur- rent style FRNS, fives, 9-11; tens, 6-9; twenties, 6-9; fifties, 4-5; and Benjamins, 4-7. What's the itinerary of a well-traveled $100 bill? In two years, 304 days, 12 hours and fifty minutes, a recent series Benjamin popped up in places from Salt Lake City, UT to Carthage, MO, to Newcastle, and Beryl, UT, to Bellingham, WA, to Calimesa, CA, to Norfolk, VA. Shortest time between reports was under five hours for the Newcastle to Beryl, UT, jaunt. Longest time was 141 days+ on the California to Virginia leg of its journey. As currency collectors, we find such circulation patterns fascinating. Several are tracked here on notes entered on the wheresgeorge? web data- base. Map B shows the recorded travels of a Series 1995 $1 FRN, serial # D776...L. This was the most recorded note in the database when this article was first drafted in 2003 with 15 recorded sightings, and remains one of the top notes. Even with so many reported sightings, its circulation illustrates a basically regional pattern: In an approximate three-year period it remained in the middle Atlantic and midwest region of the country. Its 2000 mile jaunt started at Dayton, OH, with stops at four additional Ohio communities (Bellbrook, Trenton, Middletown and Cincinnati) before traveling to Wichita, KS (where it was spotted twice in four months), skip- ping to Missouri for stops in Marshfield, Lebanon, Richland, Arnold, 431PAPER MONEY • November/December 2005 • Whole No. 241 Map J: Tracking Bill $5 BH17---6A, Series 1999 Mawr North OcrAtt Star$capi Scale I:27.060.000 Albers Equal-Area Proketion landatd parallels 28.30'h' and -IA' 30* •'o,erxr:rrs THIS NOTE IS LEGAL TENDE pueUBLIC AND PR A:1141,VntaglAktigig IN GOD WE TIII -ST CURRENCY TRAM Florissant and Crystal City over a nine month span, and then showing up in Chesapeake and Portsmouth, VA, a year later. Map C traces the reported route of another much sighted bill, a Series 1999 $1 FRN, serial #F077...H. Over a two-year period it took a bicoastal jour- ney of nearly 5,400 miles, beginning in Greenville, SC, skipping cross country to Las Vegas a week later, and stopping in Henderson, NV; College Place, WA; La Grande (twice), Elgin and Lake Oswego, OR during a two-month period; then tripping to Grass Valley, CA; Blaine and Bellingham, WA; Springville, UT; and returning to Grass Valley thirteen months after first being sighted there. Map D exhibits yet another style of circulation, a bill on the fast track. In just over a year, this Series 1999 $1 FRN L040...S traveled more than 9,000 miles with virtually monthly sightings along the way. Its reported travels commenced at a Las Vegas casino, was found three days later in Honolulu, One of the WG? notes to come Hawaii, where the finder scribbed "travel well bill, travel well" on its back, into this author's possession via showed up in Washington, DC three weeks later, and New York City three a friendly bank teller. 432 November/December 2005 • Whole No. 241 • PAPER MONEY months lafter that. It stuck around New York for five months and additional sightings at NYC, Poughkeepsie and Greenvale, NY, tripped to Miami Beach two months later, and received three additional south Florida hits in the succeeding eight weeks. Of course in each of these journeys are long "hidden" periods, where notes may have lain dormant in a bank vault, a cash drawer or safe, remained for a time in the hands of souvenir hunters, or taken "side trips" on the sly which unfortunately were not entered in the wheresgeorge? database. A trip to the local bank yielded this interesting WG? note (page 431. Stamped in red around the Fed Bank Seal it reads: "Track This Bill / / www.wheresgeorge.com". On back also in red it reads "See where I've been. Track where I go next. Enter my serial number at www.Wheresgeorge.com" Also in the bottom margin is this legend in green: "Currency Tracking [Study]" When I entered the note in the Wheresgeorge? database later in the day, I found out it had initially been entered March 30, 2003, in Gretna, NE. The first hit was recorded 67 days and 390 miles down the road in OKC, the morning of the day I received it at the bank! Two hits in one day! The user's note that morning was "Johnny Carino's deposit. Not in good condition." We agree with Johnny the pizza man. Map E tracks the journey of one of today's George all stars. This note was first entered in Grapevine, TX (a Dallas suburb), made stops at Big "D" and Garland (another suburb), hit Shreveport, LA, returned to Rockwall and Irving, TX (both additional Dallas suburbs -- heck, they don't call it BIG "D" for nothin'), and frequented such outlying precincts as Panguitch, UT, Kincheloe and Rudyard, MI. Map F tracks an all star Benjamin $100 note B042---B Series 1977. This impressive C-note travelled 9,657 milies in less than two years, a trek of approxi- mately 14 miles per day. Its itinerary started at Waldorf, MD, skipped cross country to Berkeley, CA, up the left coast to Kent, WA, back to Lorton, VA, out west to Phoenix, AZ and thence to Middleboro, MA. The well traveled note's impressive four transcontinental jaunts piled up frequent traveler's mileages of 2,400, 2,300, 1,900 and 2,300 padding its resume. Map G meanwhile illustrates one of the most recorded U.S. Grants ($50), which was strictly a regional traveler in Kansas and bordering Missouri. Beginning in Lenexa, KS, it showed up 178 days later in Liberty, MO, 216 days later in Winfield, KS, back to Kansas City, MO 330 days later, and 56 days after was sighted in Mankato, KS. "Homebody" Grant, as I call this bill, shuffled a mere 633 miles in two years, 267 days, 20 hours and 28 minutes. WG? calculates this as a mere 0.63 miles per day. I prefer the miniscule calculation of 0.026 miles per hour for the slowpoke bill! Map H illustrates a similarly pedestrian Andy Jackson ($20) note, which is never-the-less one of the all stars for its denomination. During a period of nearly two years (actually one year, 359 days, 21 hours and 52 minutes) this bill showed up eight times in a California sandbox encompassed by Livermore, Laguna Niguel (twice), San Diego (thrice), Los Angeles and San Diego once again. WG? reports this waltz as 662 miles and 0.91 miles per day. Of course, your intrepid scribe thinks AJ had one boot pinned by a Tennessee toothpick while his other boot jigged like a limping snail at a trifling over 0.037 MPH. Map I illustrates the international nature of this quest and the global reach of the Yankee dollar. The most hit tenspot started overseas and racked up an impressive itinerary before it returned home. Its transatlantic jaunt in less than a year has thus far racked up a tad over 5,200 miles, and a speedy 17 mile per day average. This immigrant Alex commenced its travels at Schwetzingen, Germany in the possession of a U.S. GI Joe or Jane, or perhaps a dependant. It skipped to Rhein-Main Air Base in Germany, where it got "hit" twice within a week, thence on to the U.S. Army Postal Exchange at Hauau, Germany, on to Garmisch Germany, U.S. Military Bank (twice within nine days) and back to Arden, NC a mere 11 days later. The following day a recorder "got it as a tip at the Black 14•13,11)=XRAI.M.SlialtSrM NOME THE IITUSTIVEfiORMIERICA,:zks 123 WWW:' to . r>12tf. PAPER MONEY • November/December 2005 • Whole No. 241 433 Forest Restaurant" in Arden, NC. It was re-entered by the wait person at Asheville, and showed up 222 days, 21 hours, 54 minutes later in Columbus, OH. Since this was a recent sighting, the bill may still be in circulation. Map J shows a well traveled "Abie Baby." This five-spot traveled 1,348 miles in a year and a half, about 2.5 miles per day on average. Before winding up at Port Saint Lucie, FL, it had stopovers in Belle Glade and Orlando in the Sunshine State, Ann Arbor and Monroe, MI (twice) -- the former home to the Wolverines of the University of Michigan and the later former home of Doc Heath founder of the ANA. Prior stops were Toledo (pronounced Tu LEE DOO) (twice), Troy and Dayton, OH. Reporters are also enabled to enter a short note about the bill into the data- base at the time of reporting. Many (perhaps a quarter to a third, like the Hawaiian native who received Bill D above and wrote a message on its back) do. This can include the circumstances under which the note came into their possession, where they themselves spent it, its condition, or other aspects of its journey (additional graffiti, etc.). Typical of these comments are (all reported as recorded on the website): • "received george at the local texico gas station he is looking a little worn, two corners folded over" • "I got this bill in good shape for change of a $10 bill when i gave for a cheer- leader fundraiser" • "got it here in Hawaii from a tourist. I put on the back 'travel well bill, travel well'." • "used to pay toll on the Maine Turnpike" • "received from brother in upstate NY who was really excited to find this bill, but didnt have a computer to see where it [came from]" • "I received this bill from my Mom she found it one day and saved it for me. I re-stamped it and sent George on his way." • "received from Burger King as change on a Whopper Jr." Take me to II wheresgeorge.com to see where I've been! is the most recent WG? note to come to my personal attention. In approximately four and one- fourth years, three WG? notes have crossed my palm from cir- culation (not including the notes from Mark Anderson, Tom DeLorey, or my bank teller), which seems to be a fairly high rate. Marked bills represent less than .04 of one-percent of the notes in circulation. I doubt that I've handled 7500 dollar notes during those 51 months. Note lifespans are a curious subject How long DO our FRNs circulate? How many times do they pass hand to hand in that time? I asked this question of BEP spokesperson Claudia Dickens, who has helped me out many times in the past. She gave me the following data on May 7, 2003: $1 $5 $10 $20 $50 $100 22 months 16 months 18 months 24 months 60 months 102 months "To my knowledge neither the Bureau nor the Department of the Treasury has calculated 'exposure rates' for the denominations -- this would fall under the Federal Reserve," she wrote. So I contacted David Skidmore, an econo- mist at the Federal Reserve. (continued on p. 436) 434 November/December 2005 • Whole No. 241 • PAPER MONEY • "well its small, pretty and white and grey on one side and white and green on the other. I got it at lorenzo's pizza place in walla walla washington last night. it is a very good dollar bill. I hope the next person that gets it treats it well and doesn't us (sic)" • "Got this bill from a big Angel Fan. He said the Giants stink and Bonds suf- fers from roid rage." The Federal Reserve estimates the average $1 bill circulates for about 18 months before wearing out. A PBS special "The Lifespan of Money" reported 22 months. A five-spot circulates about a year (PBS reported 15 months); Twenties last about two years; tens about 15 months (according to PBS) and Grants and Benjamins for nine years (again PBS reported eight years and also later said "up to nine years"). Many of the lower denomination notes in the WG? database have documented circulations exceeding their "life expectan- cies," but may have done so because they were kept for periods as souvenirs. Some notes are on their last legs, though. "This bill has definitely seen better days. Really ragged. Just got it in change at the gas station in Bloomington, IL" a reporter wrote about one recorded note in the database. The website also hosts a public forum, where registered users can post George stories and ask questions. Recent questions have included: "Has anyone ever gotten your own bill back with a hit on it?" Amy in Indiana asked. Ish Kabibble (obviously a pseudo name) responded promptly: "I have, several hundreds of times, I work at a bank and all the tellers save george bills for me. Since I stamp my own bills also (10,000+) they tend to find a lot of those too. I just take them and make sure they go back out into cir- culation with a new customer. I have tried to hit a few wilds that were not ori- gionally mine and found out I had already hit them months before, again, I just make sure they go back out into circulation, and hope for the best!!" Hits come not only from the U.S. and Canada, but U.S. dollars being the grease of commerce woldwide, reports come in from overseas too. During Operation Iraqui Freedom, one Georger posted this entry with evident glee: "I heard on the news this morning that US Dollars will be paid to workers in Iraq. I found a story on CNN confirming it. It could mean some Iraq hits for some lucky Georgers." "I already have a hit from Iraq," Speedracer quickly responded. He pointed proudly to the hit registered by "Little Drummer Girl" on one of his dollar bills: "I am a female soldier on the front lines in Iraq. I brought this bill with me from home in Florida." This exchange sparked a melee of chatter, among which was this response to a Georger asking what zip code Iraq would be, and Blaster chirping in "How about 5. . .4. . .3. . .2. . .1 (boom)." The site and the activity of Georging can be addictive. Spartanbill was searching google for some information on the Atlanta area and the immense search engine came up dry. "I was surprised Google came up empty, until I noticed why," Bill recorded, "Instead of typing 'Georgia,' I had typed "Georger."' A "wild George" is kind of like a mustang. It's a note that has been reg- istered, but has yet to be ridden (receive its first hit). Where's the best place to find "wild Georges"? a Vermont college student attending school in Missouri asked. Location. Location. Location, a choir of Georgers responded. It pays to be in the proximity where rabid registrants are releasing bills. Leading states in terms of George Bills entered per capita in a recent compilation of this data included not surprisingly small population states: Washington, Alaska, District of Columbia, Nevada, Utah, Vermont, Oregon, Nebraska, New Jersey and New Hampshire. All sported more than 200 George bills per thousand residents, including the populous Garden State, kb , ",;'22711nr.p. ind.tuspitl■ , A.:haric.tut‘ s...warn•oto 4,Canc*Ct s t Woe* N. fta Isc0 forni.1 050...A Series 1999 2/19/03-10/9/03 • 4..G679...E Series 1999 3/30/03-6/6/03 rn.4(123...A Series 2001 5/11/05-10/21/05 Stace,capi Scale 1:2 '7.060,000 I Milers Equal-Area ProJrCtIon tandem! parallels 2S•30'N and 45 0 30'Nt o , , ktiks ti,, CtAMAS Travels of bills "hit" by the author from circulation PAPER MONEY • November/December 2005 • Whole No. 241 435 Check your pockets, perhaps you have a WG? bill I have "hit" three WG? bills from circulation during the past 4 1 /2 years since then SPMC Treasurer Mark Anderson passed me one across the SPMC board table. These are illustrated below. (1) One Dollar Bill, Serial# L050---A Series 1999 This bill travelled 475 Miles in 201 Days, 17 Hrs, 24 Mins at an average of 2.4 Miles per day. Sep-09-03 10:24 AM Oklahoma City, OK 76 Days, 14 Hrs, 25 Mins 9.1 0.12 User's Note [Edit] note has graffiti and is torn slightly Jun-24-03 07:59 PM Yukon, OK 125 Days, 2 Hrs, 59 Mins 466 3.7 Feb-19-03 04:00 PM Cumming, IA Initial Entry n/a n/a (2) One Dollar Bill, Serial# G679---E Series: 1999 This bill travelled 394 Miles in 68 Days, 4 Mins at an average of 5.8 Miles per day. Jun-06-03 09:18 PM Oklahoma City, OK 11 Hrs, 6 Mins 4.1 9.0 Jun-06-03 10:11 AM Oklahoma City, OK 67 Days, 12 Hrs, 58 Mins 390 5.8 Mar-30-03 08:13 PM Gretna, NE Initial Entry n/a n/a (3) One Dollar Bill, Serial# K123---A Series: 2001 This bill travelled 96 Miles in 132 Days, 17 Hrs, 45 Mins at an average of 0.73 Miles per day. Sep-21-05 04:01 PM Oklahoma City, OK 132 Days, 17 Hrs, 45 Mins 96 0.73 User's Note [Edit] this note will appear in PAPER MONEY Nov/Dec 2005 May-11-05 10:15 PM Ardmore, OK Initial Entry n/a n/a (Incidently, the note Mark gave me turned up in Choctaw, OK 220 days after I spent it in Oklahoma City. Choctaw is only 18 miles from OKC.) 436 November/December 2005 • Whole No. 241 • PAPER MONEY home of several rabid Georgers. "I've hit two bills altogether - both wilds. Got one (Natural George) at McDonald's and the other (overmarked Abe) at an Amoco, within a month of each other last year. I guess it's pot luck. I'd really like to hit one or two more pretty soon," a New Jerseyan named Josh wrote. So if you want to particpate even on a limited basis, it's easy enough. Mark a few notes and spend them in a place where they will turn around quickly. Covenience stores, arcades, fast food restaurants, toll boths are prime venues. "If your bills end up back at a bank, it could be months until they make it out again.," the website cautions. According to statistics compiled by the website, the "average" time for a hit is 27 days. Patience is a virtue. "Don't be upset if your first hit takes a month or longer. The hits will come. . . . We've had people who have entered more than 1,000 bills before getting a hit." the webmaster cautions. Of course this way to study a note's hidden life by self-selecting, self- reporting is imprecise. Just the story of the first note Mark Anderson found illustrates some of the pitfalls: (1) the carry [not circulation] as I brought it from Memphis to Dallas; (2) the long delay and a carry [again not circulation] between Dallas and OKC, and (3) another delay [not circulation] between my reentering it in the database and finally spending it for dinner a month later. But you get the idea. Notes circulating "far from home" was the wildcat banker's delight. Sorting old saddle blanket Nationals was a problem and led to geographical lettering; sorting small size NBNs brought about Type 2 notes with additional charter numbers to make the sorting easier on redemption. "Georgeversary" is self-explanatory. I'll be celebrating another one soon, thank you. Registrants get automatic notification when a bill they have regis- tered is re-entered into the system. So I'll keep up on my notes' progress, and then I'll report on my success/ failure in a future update in Paper Money. If you have WG? experiences, I'd be pleased to report on yours too. Where Are They Now? Earlier in the story, I mentioned that I had purchased a rubber stamp and started sending WG? notes down the streams of commerce. What results have I seen? Hits are reported in e-mail messages, which then direct recipients to URLs where they can locate details. Here was my George Score in February 2004: • You have entered 118 Bills worth $139 • Bills with hits: 21 • Total hits: 26 • Hit rate: 17.80% • George Score: 548.00 • Your rank (based on George Score) is #4,875 (out of 12,639 current users with a George Score. [61.4 Percentile] Then here's my "report card" to date as reported recently on the wheresgeorge? website: • You have entered 118 Bills worth $139 • Bills with hits: 22 • Total hits: 29 • Hit rate: 18.64% • Slugging Percentage: 24.58% (total hits / total bills) • George Score: 558.54 • Your rank (based on George Score) is #7,186 (out of 25,239 current users with a George Score. [71.5 Percentile]) So its clear that my scores have improved in the last 20 months. My George Score is up 10.54 points, and although my absolute rank has dropped my percentile rating is up 10.1 points because there are twice as many active Georgers now than February 2004. I hasten to add that all of this is the result He was kind enough to refer my inquiry to Keri Minehart at the Fed. Keri proved helpful. She responded on May 14, 2003: "I checked with our cash office and they said the Fed hasn't done any studies that track the num- ber of people that handle a note before it is taken out of cir- culation. "For your reference, he did provide me with some addition- al numbers that ... I hope helps. "The Board reevalu- ated note life for a study that we con- ducted last year [2002]. "We used four theo- retical models to calculate note life, which differs from the study that we conducted in 1990 (which is the source for most reports on note life). "The revised average note life by denomi- nation follows: (continued on p. 438) PAPER MONEY • November/December 2005 • Whole No. 241 437 Just how long do dollars circulate , anyway? While engaging in Georging, I wondered how long various bills circulate and how many cash transactions an aver- age note facilitates during that time. I figured it would be easy to answer these questions. Boy, was I naive! It depends who you ask. In the mid-1960s the Treasury Deparment estimated that $1 notes circulated for 13 months. In 1976 Research Triangle Institute, a government contractor engaged to study replacement of one notes with a circulating dollar coin, esti- mated that paper dollars circulated for 18 months. The last time I checked in 2003, a Bureau of Engraving and Printing spokesperson told me that the Federal Reserve (their client for FRNs) figured the lifespan of a $1 FRN at 22 months. In pressing for more data, we determined that the fabric of the notes remained the same (capable of being folded and unfolded 8,000 times!), but the "standards" for pulling notes from circulation varied. So I contacted the Federal Reserve (not an easy thing to do if you are a private citizen) and after getting bounced around a lot and leaving strings of messages, the questions got around to "velocity," that is how often notes turn over in commerce. The Fed defines "velocity" as the average number of time per period (year) a unit of currency (dollar) is used in making a transaction. According to "household surveys" on the use of cash conducted in 1984, 1985 and 1995, by the Michigan Survey Research Center for the Federal Reserve, "the annual turnover rate" of cash in June 1984 was 50. In June 1985, the number was 40. In May 1995, it had fallen to 36. Apparently this reflects two things: (1) a great increase in U.S. currency held off shore; and (2) the more frequent use of alternate payment methods than cash, like plastic, checks, and electronic payments. To the best finding of my reportial skill, nobody who talks to the man on the street will discuss this or even claim to understand why a "reporter" would want to know. I'd get referred to "fact sheets," which really had no "facts." I'd get involved in circular discussion about "velocity," "redundancy" (which appears to have some relationship to notes just sitting around and not circulating), "inflation" (which is a fancy way to dodge the question by pointing out that "notes are less use- ful today than they were back then.") I couldn't believe our government -- whose GAO, Census Bureau and myriad other bean counters too numerous to mention -- couldn't answer a simple questions, such as "How often does a $5 FRN turn over before being pulled and replaced in circulation?" or "How many cash transactions does the average $1 note or $100 note facilitate before it is too worn to be useful?" I asked a simple question, "If a dollar turns over 36 times per year and lasts 1.5 years, does that mean that an average dollar is spent 54 times?" Or, "If a $5 lasts two years, does that mean a five dollar bill turns over 27 times per year (3/4 as much)?" And, "If a $100 lasts for nine years, does that mean a C-note turns over a mere six times per year (1/6 as often)?" But there were no simple answers forthcoming. So being something of a money addict, I delved into Department of the Treasury studies required by the Anti- Drug Abuse Act of 1988. According to that study "while the amount of these notes ($100s and $50s) in circulation is signif- icant, the usage of the notes in financial transactions is limited. Over the last several years, the BEP production require- ments for the two denominations were approximately 6 percent of the total production of all U.S. paper money." Then I looked at "Hearings on The United States $1 Coin Act of 1997, H.R. 2637 before the Subcommittee on Domestic & International Monetary Policy, October 21, 1997." According to trade associations for users of coin-operated machines this is a complex question: "Most people get their cash from Automatic Teller Machines (ATMs) or a bank teller window -- usually $10 and $20 bills. These bills are then spent at grocery stores, chain restaurants, convenience and drug stores, for example. During these transactions, coins and $1 bills enter consumers' pockets and purses. Later on, the coins and $1 bills find their way into vending machines, transit fareboxes, parking meters, pay phones, and library copy machines." Thus, indicated Coin Coalition representative James C. Benfield, "The term circulate is a far more descriptive of how coins and notes move in the economy than one might realize. Large bills move in one circle -- from banks to consumers to retailers, then back to banks again. At the retail level, coins start at the bank, move to cash retailers, to consumers, to coin-operated machines, then back to the bank. Thus, if the store manager does not get $1 coins in the morning to make change, consumers will not receive them later that day." I eventually got ahold of an economist at one of the Fed District Banks. He directed me to a lot of data, but did not answer my questions either. So my question remains and maybe a PM reader can help. Statistics exist that tell us the paper money component of the "Ml" money supply, and the number of cash transactions, and the lifespan of notes by denominations, how then do we "figure" out how many times the various denominations turn over in circulation. I just want an authoritative answer to "A $5 Lincoln FRN is spent (blank) times before it is retired," or ditto other bills. Really, this doesn't seem like it should be a puzzler, so what am I missing? Do you have the answer? -- Fred Reed + 438 November/December 2005 • Whole No. 241 • PAPER MONEY of my activities in June 2003, with no activity on my part since. I'll review what has transpired: On June 5, 2003, I purchased the aforementioned rubber stamp from the UPS store near me. The overprint was large, brassy and bold. Text was four lines of "double spaced" 12-point garamond type: "Here Today; There Tomorrow Enter This Note Today on www.wheresgeorge.com Follow Its Future Progress" Almost immediately after placing the order for the rubber stamp I had a tinge of "buyer's remorse." I wished I'd said "Follow Its Future Travels" instead. Oh well. I stamped the bills in my pocket totalling $32 bucks (as reported in detail elsewhere). My bills were "chicken Georges," stamped only on back. The next day I spent them on the way to / from the bank to pick up the aforementioned additional 100 dollar bills. My friendly bank teller inquired why I wanted 100 Georges. When I told her, she grinned and said they "frequently" got such notes in their transactions at my bank, Lincoln National Bank (since defunct). "In fact," she said, "she'd gotten one that morning." I traded her one of my WG? notes for hers. My spending pattern on my initial WG? foray is highlighted in a box within this article. I might mention that I at the time I had two grandkids, hence two Disney Nemo / McDonalds Happy Meals deals to work on. On Thursday morning before I left for the 2003 Memphis Show, I already had an OKC hit on one of the $17. I was exhiliariated (Georgewise) as I headed east. The strap of dollar notes I'd purchased at my bank were all very well cir- culated. One was Series 1985. Four were Series 1995. Seventeen were Series 2001. Most were Series 1999. Many were VG-F; only a couple were as nice as VF. The rest were in between. Clearly many were on their last legs. If I'd have wanted to maximize by George research I would have asked for new fresh bills which would have had a lower "mortality rate." I stamped the 100 singles on June 6-12 2003 and spent most of them on my trip to Memphis, TN for the International Paper Money Show there. According to my log, here's where they went: $7 in singles with dealer John Parker for a photo of an exhibit of Abraham Lincoln items from the J. Doyle DeWitt collection (a really neat item, thanks John!) $10 singles for raffle tickets to the Tom Bain Raffle at the SPMC members' break- fast $3 singles in the Coke machine on the Marriott 14th floor for two diet Pepsis, but the machine served up Mountain Dews instead $7 singles to buy a $6.50 ticket to the Memphis Redbirds baseball game and watch MIPM show chairman Mike Crabb throw out the ceremonial first pitch (not a bad effort for an old guy, Mike!) $10 singles for peanuts and a beer at the game (what's roundball without a brew and some nuts!) $6 singles towards $6.25 for a polish sausage and a Coke at the game (so I was still hungry!) $2 singles for 80-cent trolley rides to and from the game (take the Memphis trol- ley. It's open air and saves the feet after a long day standing around in the bourse room!) $1 single to repay Mark Anderson for the initial WG? note (Mark, is a banker and an MBA, a fine friend for getting me into this WG? business!) $2 singles for Pepsis in the coke machine at the hotel (these were cans and actually held Pepsi!) $16 singles in Brinkley, AR for a Father's Day feast at the Western Sizzler on way home (yum, yum!) $1 single towards a $3 tip at the Sizzler to the wait person $22 singles in Roland, OK at the Pilot station for a coke and 14.4 gals of gas at $1 21.3 months $5 24.4 months $10 25 months $20 21.8 months $50 41.8 months $100 60.4 months "Please note, how- ever," she wrote, "that note life for the $50 and $100 denominations are influenced (down- ward) by the prema- ture destruction of $100s in 1996 and $50s in 1997. "We destroyed all old-design $100s and $50s as we introduced the Series 1996 designs." So this would appear to be the authorita- tive data currently. Readers will note that the prior Fed study reported that Lincoln $5s and Hamilton $10s had the briefest project- ed lifespans. Currently circulation patterns have cur- tailed Jackson $20s, indicating to me that inflation and ATMs have shifted note usefulness up the denomination lad- der. -- Fred Reed r- 7 17747.-}1,1,f PAPER MONEY • November/December 2005 • Whole No. 241 439 Not all collectors are happy with WG? stamped notes N OT ALL COLLECTORS ARE ENAMORED BY WG? NOTE STAMPING, AND MY COLLEAGUE, Chicago coin dealer Torn DeLorey whose opinions I value highly, is one of those. Tom objected to the disfiguring graffiti on a note he'd found in a memo published in an issue of the e-Sylum electronic newsletter, edited by SPMC member Wayne Homren, two years ago. I was interestred in Tom's revulsion to the practice and we exchanged several cordial e-mails on the sub- ject. Torn shared the note with me so I could illustrate it here. He and Wayne also consented to me reprising Tom's views: "Over the years I have received a few 'Where's George' bills in circulation, and in the original spirit of the game have reported the serial numbers before pass- ing the bill on, in another state whenever possible. It was fun. "Now, how- ever, I have in front of me a $1 bill with a large red stamp on the front. ..a larger red stamp on back. . .[and] small blue www.wheresge- orge.com borders at both ends of both sides of the note. "Perhaps I am being a bit cur- mudeonly, but this excessive marking has crossed the line between fun and games and the deliberate mutilation of curren- cy. I have not reported this bill, and I am going to tear it in half and turn it in at the bank for replacement." I checked the bill report on the website and found it had been . entered in Fishers, IN and spent on a trip to Chicago more than two years ago. It has not reap- peared so perhaps friend Torn did indeed cash it in. Any comments from our mem- bers on the WG? practice, pro or con? -7"17777,1177.7., ' IN 001) WE tiltl'ST Tag ienimil Fon InVs. ' :=Z;47.TE 1/42)91,4. This -101E11:10011LE1IENitESi3E11011911311 41111WW110 wkwaltAta,* 0213111= • 440 November/December 2005 • Whole No. 241 • PAPER MONEY $1.389 / gal (don't we wish we'd see that gas price again!) When I returned, already had a hit on one of the baseball game notes! I also came back with $15 in singles stamped on the front, most of which I spent at McDonalds over the next few days buying kid's meals to round out the "Finding Nemo" toy collections of my two grandkids. Where did my bills show up in the following months? At banks, at pizza places, a K-marts, at Burger Kings, at Taco Buenos, at movie theaters, in fact all the normal places where one gets singles in change. Was I able to learn anything about currency movement for this investiga- tion? Not really. The sample was way too small and there were too many 0/P 0/P Denom Series Serial # Grade Face Back Date Use $1 1995 K244---M Fine XXX 6/6/03 Lincoln NB / purchased another WG? Note $1 1995 H372---J Fine XXX 6/6/03 McDonalds Nemo Happy Meal $1 1999 L425---R Fine XXX 6/6/03 McDonalds Nemo Happy Meal **** $1 1999 J440---D Fine XXX 6/6/03 McDonalds Nemo Happy Meal **** $1 1999 B956---L Fine XXX 6/6/03 McDonalds Nemo Happy Meal **** $1 1999 K268---B Fine XXX 6/6/03 McDonalds Nemo Happy Meal **** $1 1999 G615---I Fine XXX 6/6/03 McDonalds Nemo Happy Meal $5 1999 BK405---5A Fine XXX 6/6/03 7-Eleven for gas @ $1.42 / 6.995 gal. $5 2001 CK355---2A Fine XXX 6/6/03 Petsmart, crickets & comets **** $5 2001 CD059---0A Fine XXX 6/6/03 7-Eleven for gas @ $1.42 / 6.995 gal. $10 1999 BK498---7B Fine XXX 6/6/03 Akin's Natural Foods Market The author's initial foray into WG?dom included EMSing these 11 bills 28 months ago. All notes were well circulated. FINE may be a generous grade. Even though these notes were on their last legs, incredibly five (indicated by **** above, see compilation of all notes below) of them were "hit" (reentered into the WG? database) after I spent them! Furthermore, since all were stamped on their backs (showing yours truly to be a real "Chicken George") apparently this did not handicap the effort to any great extent. Fresher, new bills with longer life expectancy might have improved the "George Score." 3 Hits $1 1999 K458---J Guthrie, OK 7/4/03 26 miles Guthrie, OK 1 /5 / 05 N/A Norman, OK 3/22/05 44 miles 2 Hits $1 1999 K268---B Houghton, MI 10/26/03 17 miles Mohawk, MI 1 / 11 / 04 926 miles $1 1999 J440---D Hammond, OK 12/10/03 107 miles Hammond, OK 12/20/03 N/A $1 1999 K935---H Kewanee, MO 7/4/03 453 miles Crystal Lake, IL 8/5/03 390 miles $1 1999 K626---F Memphis, TN 7/6/03 435 miles Riverside, CA 7/7/03 1565 miles 1 Hit $1 1999 J229---A Oklahoma City, OK 6/10/03 N/A $1 1999 L112---M Grenada, MS 6/14/03 457 miles $1 1999 J222---A Germantown, TN 6/18/03 438 miles $1 2001 CK355---2A Noble, OK 6/21/03 29 miles $1 1999 K406---B Oklahoma City, OK 6 / 21 / 03 5.7 miles $1 1999 J268---A Cordova, TN 6/21/03 441 miles $1 1999 C130---J Ft. Smith, AK 6/25/03 179 miles $1 1999 G459---H Medina, OH 7/3/03 933 miles $1 1999 J241---A Memphis, TN 7/7/03 426 miles $1 1999 J343---D Oklahoma City, OK 7/8/03 10 miles $1 1999 L425---R Mulhall, OK 7/21/03 38 miles $1 1999 J297---A Westerly, RI 8/23/03 1444 miles $1 1999 C351---B Tampa, FL 9/24/03 1028 miles $1 1999 B956---L Oklahoma City, OK 10/16/03 10 miles $1 1999 L686---A Choctaw, OK 12/5/03 18 miles $1 1999 K328---B Brandon, MS 1/24/04 489 miles $1 1999 J207---A Apache, OK 3/7/04 62 miles Identify your own $$$ circulation pattern by EMSing Cheyynne North Pacific State capl I . Scale l :27.000.000 / Albers Equal-Area Proiction Magian, parallels 28•30W anti 45°30` , 0 0°. \ I soo finks h (You may need to Thanks for visitin owl to Where's CGo PAPER MONEY • November/December 2005 • Whole No. 241 441 unknowns. Did I have a good time? Definitely. I think using WG? as a tool, we collectors can glean valid insights that are numismatically significant. Would I do it again? Sure. In fact, I think I'll go get a whole bunch of new notes with long legs and run the survey again. If a half dozen or so Paper Money readers would do the same, we might be able to collate the results in a year or two and come up with some interesting data. Just notify me and we'll see what the future holds. Subject: Notification trona Date: Sat, 21 Jun 2003 08:27:44 -0700 From: notify ei,v heresgeorge,com To: freed3@airmail.net Notes originally entered into the WG? database by the author have hit in 10 states besides Oklahoma: Arkansas, California, Florida, Illinois, Michigan, Missouri, Mississippi, Ohio, Rhode Island, Tennessee. 7,,z indicates where these notes have landed. been toundl To: Sunday, June 22, 2003 Subject: Notification from Where's George? Your bill has been found! Date: Sat, 21 Jun 2003 17:15:37 -0700 From: notify 6i) whcresgeoree.corn To: freed30?airrnail.net Congratulations F.L. Reed! Your 1999 One dollar bill with serial number J2682---3A has just been re-entered into Where's Georg June 22, 2003 Subject: Notification from Where's George? Your bill has been found! Date: Sat, 21 Jun 2003 1371/:49 -0700 From: n oFe.w es freed,"i n t Your 1999 One dollar bill with serial number 1C.4063-_--3S.has,3juascit6be3en.re-entered intoCongratulations F.L..18-eed! Click on the link het ow to see the tracking report. Notification from Where's George? Your bill has been found. Congratulations F.L. Reed! Your 2001 Five dollar bill with serial number C1C355--92A has just been re-entered into Where's George?! Click on the link below to see the tracking report. ]tttp://www.wheresgeorge.com/report php3?key..---b6f6039de8effl2d059dfc1225eb9fa2b ------ (You may need to copy and paste the entire link into your browser.)--- ;---------------- --------- Thank Than --- --- - N7a74-.7;nf;;;;;;■;;;:j07.;:? 17”.. - ---------- Saturday June 21, 2003, was a red letter day: my granddaugh- ter Grace's third birthday party, and I was informed that three of my WG? bills had hit in OKC and Noble,OK and Cordova, TN! 442 November/December 2005 • Whole No. 241 • PAPER MONEY Epitaph of a Swindler* Charles "Get Rich Quick" Ponzi By Albert Irizarry Carlo "Charles" Ponzi 1882-1949 WHEN PEOPLE DEPART FROM THIS WORLD, THEY leave behind some memory as evidence that they once lived. This memory may be a child, an edifice, an invention, a dis- covery, or something else tangible or intangible. During my career, my followers claimed that neither Columbus, who discovered America, nor Marconi, who invented the wireless, was the greatest Italian who ever lived. They assured me that this distinction was indisputably mine, for I had discov- ered the method of making money fast. 1 Charles "Get Rich Quick" Ponzi was my name, 2 but little did my admir- ers realize that my name would one day become synonymous with the word swindler. Yes, this was my contribution to history, but let me turn back the cal- endar, for I have already advanced too quickly into the past. Parma, Italy, my birthplace, is a small, quiet village. 3 During my youth, the villagers talked excitedly about America and its wonderful opportu- nities. I vowed to reach this mecca one day, and was not the least bit distressed or daunted by a temporary delay in Canada. There I busily set about making the necessary contacts and soon found myself involved in the task of smuggling aliens across the border into the United States. 4 I had no compunctions about resorting to forgery when funds got low, and this was more often the case rather than the exception. Because of this deception, I had to serve two jail sentences. 5 At the age or twenty-three, with $2.50 in my pocket and a million dollar ambition, I deftly (to my credit, of course!) avoided the authorities and entered the "promised land." 6 My beginning was humble, to say the least, and I had to resort to what seemed menial tasks such as a clerk, laborer and waiter. I even dabbled in produce, managing my father-in-law's grocery busi- ness. This didn't turn out too well, and for many years thereafter I was dubbed "the Italian Fruit Peddler. 7 My dreams and plans did not lie dormant, and during this time, I continued developing the basic fundamentals of my "Get Rich Quick" idea. Finally in January of 1920, at the age of 38, I left my $16 a week clerk's job, pooled my resources, and opened a small office at 20 School Street in the heart of Boston under the trade style of The Security Exchange Co. My slogan was short and sweet. In fact, I soon had all of Boston echoing my words: "50% in 45 days or double your money in ninety." 8 At first, people didn't believe that I could buy depreciated foreign .50. ROBERT J. KRAVITZ A COLLF.CTOR'S GUIDE lir POSTAGE ,;(40 FRACTIONAL ,...., i CURRENCY Cilq I 0 ct-Ltelit r _ .Y.,i-- 1 i ---, 1", 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 • 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 • November/December 2005 • Whole No. 241 443 $29.99 & $3.00 S&H I COUPON-REPONSE INTERNATIONAL ' Vale-respuesta internacional) Este CupOn podrd ser cunjeado no todos los I Patso; de la Unidn Postal Universal por uno o varios tribe postales clue reptcsenten el in, • porto del tranqueo de una amta ordinaria ports sencillo dmtinada of eatmItjero r 12 CENTESIMOSI Cc coupon est echangeable dans tour les Pays de Plinio" postale universelle contre on timbre-poste ou des timbres-poste • representant to ntontant de Yulfrmchissentent dusts lettrc ordlnaire de port simple a de-di• nation de Cetrander. L J Ildpublique de Panama • ilepablica de Panama UNION POSTALE UNIVERSELLE COUPON-REPONSE CN 01 INTERNATIONAL lancien C 22) Ce coupon est echangeable dans tousles pays de l'Union postale universelle contre un ou • nbres -poste représentant l'affranchissement minimal dun dinaire ou d'une lettre-avion ordinaire expedie l'etranger Dieser Schein wird in alien Liindera des Weltpostvereins gegen ein oder mch- rere Postwertzeichen im Gesamtwert der Gebtihr fiir einen einfachen gewiihn- lichen A uslandsbrief umgetauscht. This coupon is exchangeable in any country of the Universal Postal Union for a postage stamp or postage stamps representing the amount of postage for an ordinary single-rate letter destined for a foreign country. • 1D1 T - 741 • • 0)-Leib ' • • . ,11(' Este cunt'n podr.i scr canjeado en mks los Paises de Is UniOn Postal Uni- versal por uno o varios sellos postales que representen el importe del fran- queo de una carta ordinaria de porte sencillo destinuda al extranjern. 3TOT hymn' Ho uces CIpall33 Bcclutpnuro U(PIT31311•0 0.11033 nanmeronytostapiry eysoty lipe;teracamontrio 0360B CT011310CTI• nnaara !Tomato ruietoia u °Airy eAttintity urea no aApeey 33 rpatinity. • Dieser Schein wird in alien Landers des Weltpostvereins gegen ein oder mehrere Postwertzeichen im Gegenwert des Mindestentgelts (Or eine gewöhnliche Vorrang- sendung oder einen gevvOhnlIchen Luttpostbrief ouch dem Ausland eingetauscht. This coupon is in any country of the Universal Postal Union for one or more postage stamps representing the minimum postage for an unregistered priority item or an unregistered letter sent by air to a foreign country. Jolla ,11.11 „ cat ,11 An..7Y1 t.pt‘ dal.e. Z.,..431 .1,1U i`num „de _I ; 11 'ftrAl'A— ifT- 1411)Mfagi AIIMOIYAIM --44(4104( Este cupon podra canjearse en todos los paises de la Union Postal Universal por uno o varios sellos de Correos que representen el franqueo minim° de un envio prioritario ordinario o de una carts-aviOn ordinaria expedida al extranjero. 3Tor Kyncer ofimermeaerce BO ecex crpariax Bcemopeoro nO,ITOBOCO cotosa Ha oom, 111101 HeCKOnbK0 n0470861% MBOON, npeOCT3BrIRIOLLIPIX MlnidlinnanbHy10 CTOVIMOCTb OnneTt1 npocroro npooporereoro ornpaeneesm ono npocroro aemanvicbma, ornpasngemoro aa rpaeecsy. 444 November/December 2005 • Whole No. 241 • PAPER MONEY Examples of International Postal Response Coupons. Top left: coupon for 12 centesimos purchased in the Republic of Panama. Top right: back of a 50 centime coupon purchased in Switzerland. Bottom: face and back of a U.S.-issued coupon purchased in Burbank, CA. Text in multiple lan- guages reads: "This coupon is exchangeable in any country of the Universal Postal Union for one or more postage stamps representing the minimum postage for an unregistered priority item or an unregistered Iettter sent by air to a foreign country." currency with United States dollars, convert this into another type of "curren- cy," International Reply Coupons (coupons produced by the Universal Postal Union for member countries to provide for payment of postage on a return let- ter from a foreign country) taking advantage of favorable exchange rates, then reconvert them back into United States currency, and end up with a 400% profit. 9 An example of the type of manipulation that I performed would be: in country "A" one United States dollar at the official government exchange rate was equal to 1.8 lira, but at my hotel I exchanged one dollar for nine lira. -\ATith the nine lira I would buy International Reply Coupons, have them shipped to the United States, and then would exchange these coupons in any bank, or post office for their equivalent in United States currency, thus ending up with a handsome profit. 10 "But good living had become a habit with me, so I quickly set about recouping my fortune." Once I began to pay off, my business grew to fantastic proportions. From the early morning until the late hours of the night, widows, children, house- wives, businessmen and people from every walk of life -- mostly poor immi- grants -- scratched and fought their way into my office. Why, I even had to hire 16 bookkeepers to handle the transactions. There I was, every morning, standing up to my full 5', dressed smartly with a fresh carnation in my lapel, a cane in my hand and a straw hat perched upon my head, glibly greeting my friends. PAPER MONEY • November/December 2005 • Whole No. 241 445 The amount of money that poured in was amazing. Soon all of my desk drawers, closets and even the waste paper baskets were overflowing with money. Of course, with so much business I couldn't wait for the mails. So, I had three simple notes print- ed: Green, for under $100 dollars; Orange, for up to $1,000 dollars; and Blue, for amounts above $1,000 dollars. Each note had a nice border and wording with fill-ins for names, dates and amounts. 11 I wanted the entire populace to know of my business, but publicity proved to be my nemesis. Towards the end of July, the authorities began to suspect that my business was of a foul nature. On August 6th 1920, Governor Coolidge and the State Council appropriated $8,000 for the costs of looking into mg business. 12 Their findings, along with a Boston Post exposé article caused the people who once cheered me to storm my office shouting, "Kill him, kill him!" 13 The Post had called me a "Financial Wizard," but instead of stopping at flattery, they went on to expose the fact that what I had actually been doing was "taking from Peter to pay Paul." Since I had never kept an accurate set of books, their findings proved staggering. In eight months, 40,000 people had placed into my outstretched hands more than $15,000,000. They claimed that my take in one day alone exceeded $2,000,000. 14 An audit showed my condition to be hopelessly insolvent, with total assets or $4,000,000 against liabilities of $7,000,000. My bubble had burst.I was indited by the State of Massachusetts for larceny, tried, convicted and sentenced to a seven-year internment. By the grace of shrewd counsel, and some luck, after three years, I was released for good behavior. 15 But good living had become a habit with me, so I quickly set about recouping my fortune. I had heard that Florida was fast becoming a booming state, and there I planned to deal in real estate. However, my reputation and the authorities followed me and it was soon discovered that the plots that I was selling to people, who had never seen them, were actually covered with water. I was again hauled off to court, convicted of fraud, and sentenced to one year in prison. Confinement in the local jail was simply not on my agenda, so I jumped The dapper Ponzi with his characteris- tic straw hat and walking stick. HOUSTON TEX JUNE 30 1926 HIS EXCELLENCY CALVIN COOLIDGE PRESIDENT OF THE UNITED STATES WASHINGTON D C PERSONALLY KNOWING EVENTS DOINGS AND PERSONS ON BEACON HILL MAY I ASK YOUR EXCELLENCY FOR OFFICIAL OR UNOFFICIAL INTERVENTION IN MY BEHALF ? THE PONZI CASE HAS ASSUMED THE PROPORTIONS OF A NATIONAL SCANDAL FOSTERED BY THE STATE OF MASSACHUSSETS WITH THE FORBEARANCE OF THE FEDERAL GOVERNMENT. I CANNOT SILENTLY SUBMIT TO FURTHER PERSECUTION BUT, FOR THE BEST INTERESTS OF ALL CONCERNED, I AM WILLING TO SUBMIT TO IMMEDIATE DEPORTATION. WILL YOUR EXCELLENCY GIVE HIS CONSIDERATION OF THE EVENTUAL WISDOM OF MY COMPROMISE ? CHARLES PONZI COUNTY JAIL Copy of a telegram Ponzi sent to the for- mer Massachusetts Governor (who had ini- tiated governmental action against Ponzi six years earlier) and who by then was President of the United States, Calvin Coolidge, requesting deportation. November/December 2005 • Whole No. 241 • PAPER MONEY446 Ponzi's home in Lexington, MA in the salad days of his financial manipula- tions. bail. The authorities picked me up in New Orleans, extradited me to Massachusetts, where I was to serve out my full prison term. 16 On February 14, 1934, the Gates of Freedom once more swung open. This time, the Federal Government was waiting to deport me to my native Italy under the label of common criminal. 17 Having no compunctions about my political affiliations, I graciously accepted Mussolini's offer to work at the Lati Airlines offices in Rio de Janeiro, Brazil. The holocaust that followed as a result of the outbreak of war soon ter- minated this phase of my career. 18 All things must end one day; the curtain falls; a purge is quelled; a heart stops beating. Only time continues to pass, leaving behind the temple or wreckage of a man's having passed by. Without money and in poor health, I had only to listen for the ticking of the minutes, hours, days, and even this ceased to be. In January or 1940, I was committed to a Rio charity ward, blind in one eye and partially paralyzed. With worldly possessions totaling $75.00, I died of a blood clot in the brain, flanked by an old man with a hacking cough and another patient who spent most of his time looking up at the ceiling. I was 66 years old. 19 REFERENCES *. This monologue is based upon an exercise by a former colleague Joe Feldman. Were I to be accused of plagiarism, I would have to plead guilty with a capital 1. Churchill, Allen, A Pictoral History of American Crime, 1849 - 1929, Holt, Rinehart & Winston, New York, 1964, pg. 119. 2. The New Yorker, Where Are They Now??? Volume XIII, No.12, May, 8, 1937, pg. 18. 3. Russell, Francis, "Bubble, Bubble -- No Toil, No Trouble," American Heritage, Volume XXIV, Number 2, February 1973, pg. 76. 4. Russell, pg.79. 5. Streissguth, Thomas, Hoaxers and Hustlers, The Oliver Press, Inc., Minneapolis, MN, 1994, pg. 34. Russell, pg.79. 6. Russell, pg.76. The New Yorker, pg.18. 7 Churchill, pg.120, PAPER MONEY • November/December 2005 • Whole No. 241 447 Standards Consistency Integrity nrr rA 1 Nwir .;., CURRENCY A Division of Collectors Universe Nasdaq: CLCT PCGS led the effort two decades ago to standardize coin grading. Today, PCGS Currency is leading the effort to create a standardized grading system for collectible currency. PCGS CURRENCY is the only currency grading service with written grading standards. We apply those standards with accuracy and consistency, giving the best representation of what a note actually grades. Please see our written grading standards on our website, www.pcgscurrency.com, or ask us for a free copy today. PCGS CURRENCY is recognized in the marketplace as having the most consistent standards. Unlike other grading services, we reward problem-free notes that possess full originality in a consistent manner. Our unique "PPQ" (Premium Paper Quality) label allows collectors to identify notes that are truly above average and free of any problems of any kind. PCGS CURRENCY does not allow its full time graders to deal in currency. Even our outside consultants are prohibited from submitting notes to PCGS Currency or dealing in PCGS Currency-graded notes, making our grading truly unbiased with the best "third- party" integrity possible. In just three short months, PCGS Currency has graded more than 10,000 notes. Entrust your currency to the service with the standards, consistency, and integrity that you require — PCGS CURRENCY The Standard for Paper Money Grading FOR SUBMISSION INFORMATION: P.O. Box 9458 • Newport Beach, California 92658 Toll-free 800-447-8848 Fax 949-833-7660 • www.pcgscurrency.com oi,lnile6irdnen of:161:11.1*Pri Es;b tinbt4. ($10.00 egh: e - • Vsmf aPtifeettnuirhs,faryaltze, 41,4k4(8 tins V94'11114Trt 4ARFON 6 NQ siNbicATe 92- Ce .rfcote No I Name 71A . (T.-trur),v, tAtt.,“1.A. Ar't/gs.ifIn'ciebtedn;ss g SST> °' ' Redeemable at $ 1 , 0 Art Kagin in 1938 448 November/December 2005 • Whole No. 241 • PAPER MONEY An example of one of Ponzi's Florida land certificates. The New Yorker, pg.18. Russell, pg.75. 8. Churchill, pg. 118. Russell pg. 76. 9.. The International Postal Congress, in Rome, 1907, created the Universal Postal Union and the International Reply Coupon. This last is sometimes referred to as a "Cinderella," meaning a philatelic item other than a government-issued defini- tive or commemorative stamp. 10. Dunn, Donald H., Ponzi The Boston Swindler, McGraw, Hill Book Company, New York, 1975, pg. 76. 11. Dunn, pg. 53. 12. The New York Times, August 6,1920, pg. 6, Col. 2. 13. Time, Volume LIII, No. 5, January 31, 1949, pg. 21. 14. Ibid. The New Yorker, pg. 20. 15 The New Yorker, pg. 20. 16. The New Yorker, pg. 20. Time, Volume LIII, No. 5, January 31, 1949, pg. 21. Russell, pg. 80. 17. Russell, pg. 80. 18 Streissguth, pg. 48. Russell, pg. 86. Time, pg. 121. 19. Life, Volume 26, No. 5, January 31, 1949, pg. 21. Time, pg. 21. Russell, pg. 86. Ron Horstman bids his friend Art Kagin adieu I FIRST MET ART IN THE 11960s when he and his brother Paul operated a mail bid auction in Des Moines, and I was able to pur- chase a few St. Louis Nationals from them. Over the years, we developed a strong friendship, being not only fellow numismatists, but brother Masons. Art was my link to the past with his knowledge and recollection of all the major paper money collections and events, such as describing the details and attendees of the 1944-47 Grinnell sales. He was always full of ideas about how to interest young people in numismatics and how to improve the shows. His greatest contributions to numismat- ics are his children Judy and Don. Both are out- standing members of the collecting fraternity. Art won many awards, including the prestigious Numismatics Ambassador Award, which his son Don also received a few years later. My last visit with Art was at the Central States show in St. Louis this past Spring. He didn't look well and was seated behind the table instead of his usual standing position. He commented to me, "Well, you didn't have to go far to this show." It's not hard to image Art standing at the gates of Heaven telling one of his stories to St. Peter. Goodbye, old friend. -- Ron Hortsman PAPER MONEY • November/December 2005 • Whole No. 241 449 6th Annual George W. Wait Memorial Prize Society of Paper Money Collectors Official Announcement Purpose: The Society of Paper Money Collectors is chartered "to promote, stimulate, and advance the study of paper money and other financial documents in all their branches, along educational, historical and scientif- ic lines." The George W. Wait Memorial Prize is available annually to assist researchers engaged in important research leading to publication of book length works in the paper money field. George W. Wait, a founder and former SPMC President, was instrumental in launching the Society's successful publishing program. The George W. Wait Memorial Prize is established to memorialize his achievements/contributions to this field in perpetuity. Award: $500 will be awarded in unrestricted research grant(s). Note: the Awards Committee may decide to award this amount to a single applicant, or lesser amounts totaling $500 to more than one applicant. If, in the opinion of the Awards Committee, no qualifying applicant is found, funds will be held over. Prior Award Winners: Three individuals and one group have thus far been awarded the Wait Memorial Prize. Each received the maximum award. 1st annual Wait winner was Robert S. Neale for a book on antebellum Bank of Cape Fear, NC. The 2nd went to Forrest Daniel for a manuscript on small size War of 1812 Treasury Notes, publication of which is pending. Gene Hessler was honored for a book on interna- tional bank note engravers that has recently been published. Last year's honorees were R. Shawn Hewitt and Charles Parrish for a projected book on Minnesota obsolete notes and scrip. Eligibility: Anyone engaged in important research on paper money subjects is eligible to apply for the prize. Paper Money for the purposes of this award is to be defined broadly. In this context paper money is construed to mean U.S. federal currency, bonds, checks and other obligations; National Currency and National Banks; state-chartered banks of issue, obsolete notes, bonds, checks and other scrip of such banks; or railroads, municipalities, states, or other chartered corporations; private scrip; currency substitutes; essais, proofs or specimens; or sim- ilar items from abroad; or the engraving, production or coun- terfeiting of paper money and related items; or financial histo- ry in which the study of financial obligations such as paper money is integral. Deadline for entries: March 15, 2006 A successful applicant must furnish sufficient information to demonstrate to the Society of Paper Money Collectors Awards Committee the importance of the research, the seriousness of the applicant, and the likelihood that such will be published for the consumption of the membership of SPMC and the public generally. The applicant's track record of research and publication will be taken into account in making the award. A single applicant may submit up to two entries in a sin- gle year. Each entry must be full and complete in itself. It must be packaged separately and submitted separately. All rules must be followed with respect to each entry, or disquali- fication of the non-conforming entry will result. Additional rules: The Wait Memorial Prize may be awarded to a single applicant for the same project more than once; however awards for a single project will not be given to a sin- gle applicant more than once in five years, and no applicant may win the Wait Memorial Prize in consecutive years. An applicant who does not win an annual prize may sub- mit an updated entry of the non-winning project in a subse- quent year. Two or more applicants may submit a single entry for the Wait Prize. No members of the SPMC Awards Committee may apply for the Wait Memorial Prize in a year he/she is a member of the awarding committee. Winner agrees to acknowledge the assistance of the Society of Paper Money Collectors and the receipt of its George W. Wait Memorial Prize in any publication of research assisted by receipt of this award and to furnish a copy of any such publication to the SPMC library. Entries must include: • the full name of the applicant(s) • a permanent address for each applicant • a telephone number for each applicant • the title of the research project/book • sufficient written material of the scope and progress of the project thus far, including published samples of portions of the research project, if appropriate Entries may also include: • the applicant's SPMC membership number(s) • the applicant's e-mail address (if available) • a bibliography and/or samples of the applicant's past pub- lished paper money research • a photograph of each applicant suitable for publicity • a publishable photograph(s) of paper money integral to the applicant's research • a statement of publishability for the project under consid- eration from a recognized publisher Judging: All entries must be received by March 15, 2006. All entries must be complete when submitted, and sufficient return postage should be included if return is desired. Address entries to George W. Wait Memorial Prize, P.O. Box 793941, Dallas, TX 75379. The single, over-riding criterion for the awarding of the Wait Memorial Prize will be the importance of the publication of the applicant's research to SPMC members and the general public. All decisions of the SPMC Awards Committee will be final. Announcement of the awarding of the Wait Memorial Prize will be in the May/June 2006 issue of Paper Money, with subsequent news release to additional media. 450 November/December 2005 • Whole No. 241 • PAPER MONEY The Art Kagin I knew was the genuine article T KNEW ART KAGIN FOR ALMOST 40 YEARS AND ironically two of the prized items in my collec- tion today that I acquired from him are both fakes. But I tell you the truth, the Art Kagin that I knew was no fake ... he was the real deal. Back in the mid-1960s I was a highschooler work- ing at a grocery store earning I believe $1.70/hour -- which we considered a fortune since non-union help at the time made I think $1.10/hour. At any rate, I had been a collector for about 10 years, and I used to bid in Art's frequent mail bid sales. Over the years, he held more than 300 of these. They were not elaborate, but it was exciting for a teenager with limited means to participate. One of the items I won in Art's sales was a silver 1863 Indian Head Patriotic Civil War token. I do have the original invoice and the catalog somewhere, but can't lay my hands on it at present. I probably won the lot (illustrated here) for $6 or $8 or $12 bucks. I was a rabid CWT collector and excited by the item. I've owned it now for four decades and still do. That would not be the case, but ironically when I put my CWT collection up for auction a couple years ago, Joe Levine of Presidential Coin and Antique Co. rejected selling the pricey item because it was a fake -- silver plated. I guess we all were taken in. I could prob- ably get Art's kids Judith or Don to refund my purchase price, but I'd never ask -- that token is worth a hundred times its pur- chase price in memories! Several years ago I bought the bogus Lincoln greenback, also illustrated. It was sold as a contemporary counterfeit, and a lovely example at that. It looks like a dog, but is a precious mutt to me. No problem there. However, my favorite Art Kagin remembrance is from Feb. 20, 1985, when I appeared before the ANA board requesting a $5,000 research grant to continue work on my Civil War Encased Stamp book. Dave Bowers was ANA President at the time; he had invited me to appear at the San Antonio board ses- sion where I displayed my thousand page manuscript and hun- dreds of photographs, made my case and answered Governors questions. I thought I had a lot going for the proposition. In addition to my reputation and hard work, I knew most of the board members personally, some quite well. I also had the firm support of Ken Bressett and Ruth Ann Brettell, then occupying spots for administering ANA educational resources, and who both had examined the manuscript and other material in detail. However the Board was having none of it. After I had waited for about nine hours while they debated seemingly trivial matters, tired and hungry they were about to quickly dispatch my request. I remember John Pittman lecturing me and board mem- bers that the world did not need a 1000-page book on encased stamps! Then board member Art Kagin rose up at the dais and delivered a soliloquy worthy of a Cicero or a Daniel Webster. Art Kagin was a man who appreciated history, scholarship and education. He established the Foundation for Numismatic Education. He was instrumental in providing numismatic cur- ricula at Roosevelt University in Chicago. He was influential enough to help his son Don acquire the first PhD in numismatics in this country. Art could see farther than his personal appetites. Art could see the forest and not just the trees. He could see the benefit of original research in an area, however obscure, that had as yet had virtually none. He talked about History with a capital "H," and ANA's mandate to promote education. He filibus- tered flawlessly for at least 20 min- utes. Art's words so astounded me that my ears pealed with awe, and his silver oratory won over a majori- ty of the board to vote for my BNR press eventually even without Art's providential oratory, but the book would have been much less. The fine point is that Art Kagin was the genuine article. Friend and colleague, Art had more than the gift of gab. He was a man apart. Art could see the future when others couldn't in the manner of a visionary or a prophet. Art and I are inextricably linked to that day, Feb. 20, 1985. All those he touched will miss him, and sorrowfully we may never see his equal again. -- Fred Reed Art Kagin in the early 1940s unprecedented request. Beth Deisher, Coin World Editor, and Mike Haynes, from Heritage and now CEO at Collectors Universe, were the only non-board members to stick out the lengthy meeting with me. Both congratulated me and told me afterwards that they hadn't given my request a snowball's chance in perdition until Art's eloquent speech. That grant money was well spent. It enabled me to research and examine important archives and collec- tions across the country. You can read more about this in the introdution to my book which eventually was published in 1994. Then ANA CEO Robert Leuver enthusiasti- cally endorsed the work on its dust jacket. "The ANA," Leuver wrote, "is proud to have funded a grant that assisted in the com- pletion of this exhaustively researched project." That book eventually won 11 national and international honors, and Bowers recently recommended it as "one of the most extensively researched books in American numismatics," but that is not the point of this remembrance. Civil War Encased Stamps would have been published by 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 • November/December 2005 • Whole No. 241 451 See the online application and rate quote forms on our website routm4~§0~krotoik~ U.S. CURRENCY /4Is Buying 404-229-7184 U.S. CURRENCY 41zi-i; owe 'A;;;;:6 Box 631250, Irving, TX 75063 MEMBER „7.— Kent Robertson, owner tilitt), Everything "Still Paying Top Dollar for Rare Confederate" U.S. Type, Obsoletes, Nationals, and of course, Santa Notes INSURANCE FmoornTehyecPoalipeecrtor 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, books, autographs and scores of other collectibles. "One-stop" service for practically everything you collect. • Replacement value. We use expert/professional help valuing collectible losses. Consumer friendly service: Our office handles your loss—you won't deal with a big insurer who doesn't know collectibles. • Detailed inventory and/or professional appraisal not required. Collectors list items over $5.000, dealers no listing required. • See our website (or call, fax, e-mail us) for full information, including standard exclusions. Collectibles Insurance Agency P.O. Box 1200-PM • Westminster MD 21158 E-Mail: infoginsurecollectibles.com Call Toll Free:1-888-837-9537 • Fax: (410) 876-9233 More Info? Need A Rate Quote? Visit: www.collectinsure.com fit AMER! CA1,1 NUMIS MATIC ASSOLI AlION 2005. Outstanding Specialty Numismatic PutdicatIon rREsme„ qnntarvE umcraa Soetety oiTap14 .4027W„ trf • , ifineg PEI) MED PLACE Money Collectors 452 November/December 2005 • Whole No. 241 • PAPER MONEY SPMC members hear from Harold Don Allen; Veteran paper money author tells of future By Mark Anderson S AN FRANCISCO, CA JULY 30, 2005. DURING THE American Numismatic Association's annual meeting here, the Society of Paper Money Collectors held a mem- bership meeting, open to the public. The meeting was opened by Regional Coordinator Wendell Wolka, who accepted, on behalf of Paper Money magazine Editor Fred L. Reed, III, the ANA's award for second place for out- standing numismatic publications. After accepting of the award, Wendell expounded on the fine quality of the magazine, noted the healthy finan- cial condition of the organization, and spoke of renewed efforts to grow the membership, pointing out the increase in SPMC membership last year, reversing a previous trend. He discussed the book publishing program, the publication of the Ohio book last year, and our active interest in soliciting appropriate new manuscripts. The guest speaker for the meeting was member Harold Don Allen, a prolific and long time contributor to several numismatic publications. While Mr. Allen is Canadian, his speaking topic was "What's Out There: Challenges and Opportunities in World Paper Collecting." Allen opened by noting he was "excited to interact with the men and women of the SPMC," and gave specific thanks to Judith Murphy, for her efforts as a regional meetings coordinator for the SPMC. His first "outside Canada note" was a U.S. silver certificate, which inspired him to join the SPMC years ago, the speaker said. Allen, a regular columnist for Paper Money, focused on two aspects of the current world paper money scene which, in his view, represent the "handwriting on the wall." The first is the emergence of multi-country currencies, notably the Euro, but also represented by efforts of the British in their Caribbean Island colonies. The second was polymer as a material on which to print notes. He high- lighted Australia's early use of this, but went on to dis- cuss efforts by Bradbury (marketed as "Bradvek"). The speaker passed around notes from Haiti, Costa Rica and other colorful issues. Our speaker noted that countries issuing polymer notes extol its virtues. He also presented an official docu- ment from Papua New Guinea, which among other things, recommends that if you wish to hide your wealth in your back yard, it is recommended you store your polymer notes in bamboo, and then bury the bamboo! Moving on to the more general theme of "fun of col- lecting," Don mentioned several collecting anecdotes, on subjects ranging from Canadian private bank issues, to modern "tire notes," and some of his adventures combin- ing world travels and collecting. On the later subject, he recommended the Bank of England and British Museum, the new Swedish numis- matic museum in Stockholm as "highly child-friendly," and went on to point out several interesting potential opportunities for collectors to explore. South Africa was mentioned as an area where "a lot of the work has been done, but more can be done." Allen recounted his experience discovering notes from the B series of MPC in Amsterdam, which provided the gist for an article. During an early visit to St. Pierre et Miquelon, he paid a call on the tre- soir and acquired the new franc issues, in all but one denomination [the largest denomination note was already fully distributed into the local economy — a note which is now extremely rare]. The Bank of Belize's frequent date changes present a collecting challenge as well. As his comments were draw- ing to a close, Allen passed around a new Venezuelan note for audi- ence members to sign, memorializ- ing the event by signing and creat- ing a "short snorter." He closed by answering a member's question about Canadian collector issues, addressing comments about infla- tion in Venezuela, and recounting his discovery of a YUKON overprint on a note he found in a coin shop in San Jose on his last day at the University of Santa Clara. Wendell Wolka closed the meeting after thanks to Allen and attending members of the audience. The Society of Paper Money Collectors, Inc., founded in 1961, is a not-for-profit organization created for the purpose of supporting education and enjoyment of the paper money collecting and related hobbies. In addition to publishing an award winning journal six times annual- ly, the organization supports a variety of educational, conservation, academic and collector-oriented programs, through a variety of grants and member-supported events. n ,Ay, YOU GRE,cv DV: JOHN WOOD. Chi): .0.11) rar. C1111111111111'71[111.1011CrISLA1VIll Tiviim‘LipMrtkiittiqv jjt ,i — nn'n. WAC,1-4 I 1010 1) C. A. , • I2-LI2-L PAPER MONEY • November/December 2005 • Whole No. 241 453 "Old Mr. Greenbacks," Salmon P. Chase By Frank Granger, Printing's Past I F I ASKED THE MAN ON THE STREET TO NAME three men on our paper money who were not Presidents, they might name Franklin or Hamilton, but they'd probably miss Salmon Portland Chase, whose likeness appeared on the $10,000 note. There's not many of these notes still around because large denomination notes allow illegal transfer of money, and in the mind of the authorities, it doesn't make sense to provide criminals with the tools to pursue their trade. Electronic transfers can be more easily regulated. In the era in which $10,000 notes were issued, it made even less sense. Gangland mobsters loved the bills, but the average person in the depression could only dream of pay- ing for a cup of coffee and asking, "Can you break a ten- thousand?" Chase was a man who had ambitions to be President, but as close as he could get was to preside over the impeachment of one as Chief Justice of the Supreme Court. Ironically, he was intensely against the government printing money, but managed to get his face on the first one dollar bill issued and this was while he was still alive! Later, laws would be passed to disallow images of living individuals on currency and stamps. Chase was born in New Hampshire, but went to a school taught by his uncle in Ohio. He attended Dartmouth College and studied law in Washington. After college he returned to practice law in Ohio. He was hard working, deeply religious, and, as already mentioned, very ambi- tious. After rewriting and organizing the Statues of Ohio he achieved some local political recognition. The death of his first two wives and two daughters pushed Chase deeper into his work and his religion. One surviving daughter married into wealth and politics. Her connections helped finance his political climb. He found relief from his grief in anti-slavery causes. Going further than most, Chase advocated not only freeing the slaves, but also giving them the right to vote, to be educated, and to testify in court against white men. Chase was tapped by President Lincoln to be Secretary of the Treasury during the Civil War. The Treasury Secretary used every opportunity to promote himself. Lincoln did admire Chase's brilliance. The President said "I will tell you how it is with Chase. Chase has fallen into two bad habits. He thinks he has become indispensable to the country... .He also thinks he ought to be President." Among Chase's plans were adoption of income taxes and support for gold and silver money over treasury notes. To keep the government from going bankrupt, the new Treasury Secretary started the Internal Revenue Division, and formation of a nation- al banking system to standarize the curren- cy and provide outlets for sale of government bonds. Chase was against issuing legal tender currency, but asked Congress to pass the legal Tender Acts of 1862 and 1863. This allowed him to issue the first general circulation U. S. government paper money as a legal substi- tute for silver and gold. In 1864, with only Chase's order for authority, "In God We Trust" was introduced to our coinage. He also ordered his own portrait and not his boss Lincoln's on the most common one-dollar note. Folks called Chase "old Mr. Greenbacks" after the green color imprinted on the backs of the notes. Lincoln was determined to preserve the Union at all costs. Chase was determined, at all costs, to press for aboli- tion of slavery in all states, North and South. Lincoln viewed the freeing of the slaves as a political issue; Chase viewed it as a moral issue. It was Chase who suggested to Lincoln that he alter his Emancipation Proclamation to include mentioning God. This gave the document a more eth- ical sound, in Chase's view. Lincoln wrote of his mis- givings about Chase's ambi- tions, but still appointed Chase to the Supreme Court in 1864. Chase became the sixth Chief Justice. One of Chase's first acts was to appoint a black lawyer, Dr. John Swett Rock, to present cases before the court. Another of his acts as Chief Justice was to preside over the court when it ruled that the Federal currency for which he had lobbied, printed and placed his likeness on, was unconstitutional. The court later reversed itself. Possibly his most important case was when he presided over the impeachment trial of Andrew Johnson. (Printing's Past preserves our printing heritage) Machine Readable Slot Machine CASHOUT TICKETS 1111101111111111111111111111111 V AUDATION oo-rtes-aou-s241-3130 011t3/2002 0E729 TICKET 0$52 A New Casino Collectible lickei Void shot W den NOW" 10W-CX Cash available tickets replace coins/currency in gaming dens By Jim Noll LIISERT THIS VOLCHER AN'i ARA GM.EV COIN-FREE SLOT MACHINE OR PRESENT OHS COUPON ID 01ANGF RfX7TH OR CASHIER CAGE FOR CASH 454 November/December 2005 • Whole No. 241 • PAPER MONEY TITOs, (Ticket In, Ticket Out) Machine Readable Slot Machine Cashout Tickets. A New Casino Collectable, a Bearer Instrument, and a Currency Substitute. Ticket Description The TITO ticket is a dollar bill size machine readable payout ticket generated by casino slot machines. It is printed on the front with a bar code and data, that conveys value from a slot machine when a player requests payout. The cashout tickets can be redeemed by the bearer at the cashier cage, by automated ATM like payout machines, or by attendants with hand scanners. If the player wishes to continue to play he may insert the bar coded ticket back into the currency acceptor of any slot machine and it will be accepted for its cash value. The back of the ticket usually includes the casino identification, logo, and in many cases the legal rules for using the tickets. The tickets have an expiration date usually 30 to 60 days, but in some cases as short as 1 day or as long as 120 days. The technology is called TITO; Ticket In, Ticket Out. A CHOICE UNCIRCULATED 1913 $50 GOLD CERTIFICATE REALIZED $6,325 ,X0 V V :0: 11 B3/:977:7:- 83749770:- A CHOICE UNCIRCULATED 1899 $5 SILVER CERTIFICATE REALIZED $6,440 A CHOICE UNCIRCULATED 1862 $2 LEGAL TENDER NOTE REALIZED $4,370 P J 1 8. 1 , RANKLIN, iof 17.11ALI,. Pence. to p3cod 1 il(7%''P rV Jot.•■ 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 • November/December 2005 • Whole No. 241 455 AMERICAN NUMISMATIC RARITIES' BRINGS OVER $4.2 MILLION IN NEW YORK ,, _1_, L Ht3838 gainorinf?#tamilmtA , Ifif=f2ra=1,, H 8 116834 ,44 ._2, - - , , - 18 AVERY CHOICE EF 1918 FEDERAL RESERVE BANK NOTE REALIZED $10,350 t:•s212,5s46,1_4, r ,, . t 4 > 21 956 ••■•• 4,.. . - - ..t1 1 - maTarraa A:1' • CHOICE UNCIRCULATED 1896 EDUCATIONAL $5 REALIZED $9,200 : 0 ,,,, ..f.........,,,...' N.1_,. N Ng . , First \it !Uinta Bank , ...tat,,,w.i Ikcer • ',korl --•KiNg5tug,—,— ,stm-ur4g AN UNCIRCULATED LAZY DEUCE ON KANSAS, ILLINOIS REALIZED $7,475 All highlights shown here buluric the 15% buyer's fee. PO BOX 1804 • WOLFEBORO, NH 03894 • TOLL-FREE: 866-811-1804 • FAX: 603-569-3875 WWW.ANRCOINS.COM • AUCTION@ANRCOINS.COM 456 November/December 2005 • Whole No. 241 • PAPER MONEY Ticket Purpose The purpose of the Cashout Ticket is to reduce or eliminate the need for coin hopper fills and the relat- ed delays and labor; to simplify or eliminate hand pays; and to allow cashout tickets to be inserted like cash into another machine allowing the player to easily move from machine to machine. Implementation At this time more than 60% of U.S. slot machines have be upgraded to use TITO technology, the industry indicates that the majority of slot machines will be upgraded within the next three years. Many TITO ticket equipped machines take only tickets and currency in and put out only tickets; others still take in coins or tokens and in some limited way issue coins or tokens out, however more and more casinos using TITO Tickets are going to tickets for all payouts for customer convenience and labor savings. Many TITO Tickets are issued everyday, the majority of which are cashed out via attendants, the cash cage, or ATM like machines. As an example it was reported that the new Borgata Casino in Atlantic City, NJ generates about 90,000 TITO Tickets per day. AUGUSTINE CASINO Asst4 DOSOE , COACI-1..L CA 222HCASHOUT TICKET 111 11 1111111111 I I! v AL OATIC$ 00-70 1 9196 -. 19E-534< 0:6'28 20C2 12 TICKET a 014C A7-1 $0.25 What is collectable? The Cashout Tickets are in general quite plain on the black and white face, simply showing in text the casino identification, "Cashout Ticket" title, validation number, bar code, and amount; machine identification number and validity duration information. Front formats vary from machine vendor to machine vendor but all machines must read all vendors tickets. Some recent issues have started to use some color on the face to make the tickets look more money like. The Cashout Ticket back is much more colorful and is thus more col- lectable. The backs range from plain blank stock, to boiler plate stock designs with legal text, to black or color casino names and logos. I npoted amarzikx. brae pin tae re UM el =wee ...vs sued a wee pc-4,W m wiee,ed ern rvYwe 51.-. o.n.o. New s la QC Oro ewn .Ne! mr et wee. ES) trztr.nti 'mew .sea casne rr..ner warOtte4 milt1 ..pdie. Mot tv was. II,. MP. ....N. to MO 14110K ilNeass law.< b: kV. goel. no.tr imootd te 0.00 Mei sawn.rn papmal Kn,y Pro-A-Oce Sr EAST PEORIA. ILLINOIS • www.par-a -dice.corn ho prot n ; rt.; r.I.A 1-70G.G.SY, p.EZ-426-2:3;$ 13CWO History of TITOs Back in 1994/95 MGM Grand tried several systems of cashout tickets which were a failure and rapidly removed. Demos followed in 1998 of a system called Casino Notes by Bally, IGT and others; it also did not go forward. Bally later showed a bar coded voucher on color base stock. Initial EZ Pay development by slot vendor IGT was showcased at several Gaming Trade Shows including WCG 2000. The technology was shown at a number of booths and tickets printed at one booth could be redeemed at another. The cashout ticket format used was what we collectors call the long form ticket. Initial Nevada testing was at the Fiesta in N. Las Vegas in May 2000. It went well and the State approved the system to be used in other casinos in Sept. 2000. Major installs followed at the new Suncoast Casino and Terrible's Casino. PAPER MONEY • November/December 2005 • Whole No. 241 457 * * * * * * * * * * * * * * * * * * * * * * **" NUMISMANIA RARE COINS P.O. BOX 847 -- Flemington, NJ 08822 Office: (908) 782-1635 Fax: (908) 782-6235 Jess Lipka, Proprietor NOBODY PAYS MORE c .NKriONAL euRREiwi,- - • Gt;■,,f; • I., s l„ 1H158688) ovns or , 1.4a, r• J .L' s gWrolSiTh's, - / .> Nitlitlitaktira kIs.‘1,k , ,,EM44..Vretin;lYnAtwmAiN ,- /(affIr01'1"•. * TROPHY NATIONALS 7"*. * *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! * *********************** * WWWSIETTERTRANLOOSESMOTW LOOSE EILV SLOTS! NO WAITING! • NO MILS! WORKS JOST OKI CASH! •■•...o1.**. fan we •r•Y a. no* Waste*, mal s Ws *OW =W. 4.* 4444.4 44,∎ h4.■ alms woom M. I. am • t•••=ne. r,Y sm. Ora • mrr• o. m. maw. • wise UN ,. Mrle0 • a 441.4M 4.• mt.., emu,. ***ow .11. ma Main. law my.* .6}•:001.100 I CASH TICKET "1— 7102 flfn TIME: 13:00:24 SLOT: 21052 fern DATE: 12/30/02 PT: 0-00 nt 532321052194928024 AMOUNT $0.20 MM C Ticket VOID after 30 days. p A-i MM CZI • A,44.,444. yes inw.. 4 sA•ytt m= 0, 44,4 ••••,* •••• No 10•00.■•• Ts. .P Ref 1119.4 ;.• i • r••■I.• 0•••••■•••T vwsvm, ,cos, .or 4.• Rme-6mum--- none*, • •Ix.,..0o,:lawla Et 1 0006 1 61 3 458 November/December 2005 • Whole No. 241 • PAPER MONEY Around the same time Sierra Design Group was developing a format that we collectors now refer to as the short form ticket. Their test site was Barona Casino an Indian casino in California. Initial tests were done on one small group of slots in the fall of 1999. As Barona moved toward a major slot expansion due to the passage of Prop 1A in early 2000 they aimed at having a large number of their expanded slot population use the cashout ticket system; when their expansion opened in July 2000 they were up and running with short form tickets on multiple vendors machines including SDG, IGT and Bally Gaming. Since then the system has moved into a number of California Indian casinos. System expansion then moved into the Reno, NV area in March 2001, and testing was begun in Atlantic City, NJ in Jan. 2001. Mississippi approved usage and the system moved into the riverboat market. Wide spread roll out followed. Have a specialty? Write it up. Send it in. Become "THE Man"! 1 nparator is not responstee lutes and regulations tor this mi mos.ya lor cirtedvng this tICkel istaven.arra null Immedatoty are void d Illegible. adored. , 0/ tail ally valdatan testing. is spooned on the front vine o pay the games or to redeem ion voids all plays and pan. Any printed ticket that exceeds maximum payout is void • EO,' CASINO T001059290 CASHOUT TICKET THREE RIVERS CASINO Slot Id 100092 Floor Location - 013403 $0 I 0 Tidal air roa ?.r4 WOK. 6-1183 I- VALIDATION 00 96 3-87 2-0337 0854 08/05/2004 2227:31 TICKET 8 0774 t( :SI r-errs td 0000VOUCHER iii 11111111111111 111 c cGAMING II VALIDATION 00'552-1957-00o& 4974 ;8, *8 8 }Q . - 09 . 16 200:= he 20 04 29 TICKET r 3923 11 1 1 iu $ 1 .00 PAPER MONEY • November/December 2005 • Whole No. 241 459 Conclusion: Status and Future of TITOs Design ideas are still fluid. Tickets are being made to look more like money so customers realize their monetary value. The legalese messages are being moved to the backs leaving less room for logos. Redemption periods are dropping in length from 120 or 90 days to the now more common 60 or 30 days; a few casinos are shorter at 14, 7, 3, 2, or 1 day. Use is continuing to spread with MGM Mirage, Caesars Entertainment and other large casino companies doing installs. New applications of the ticket vouchers are showing up including pay out for physical prizes such as diamond jewelry, Promo and Match Play, Pay Check Promos, Free plays, Birthday Promos, etc. Viability of the tickets/vouchers as a long term collectable is still in question mostly because of the problem of some tickets with front printing fading caused by exposure to heat and light. A com- pany, CSP, is now marketing paper to be used in voucher printers that has an anti UV coating that is said to extend ticket life to 10 years. Last year I published the first collectors' catalog of TITOs, cataloged by casino of issue and back design. This is acting to promote the collecting of TITOs. 110. a a. womoteo,mw .4,010,101 024,01, ,11014410 I10 ...I +ow., 1 ;mit Discover the fun Discover the,fantasy! NEMO'S 4CITZ1) References Noll, Jim. "Machine Readable Slot Machine Cashout Tickets, A New Casino Collectable," Casino Chip and Token News (January-March 2003), pp. 68-71. Noll, Jim. TITOs, Machine Readable Slot Machine Cash Out Tickets, A New Casino Collectable. By the author, June 2004. ,U4EV CAN AVIV:0TE COAPPALVYACHWES 460 November/December 2005 • Whole No. 241 • PAPER MONEY Collector Noll's varied tastes lead to new book S PMC MEMBER JIM NOLL IS A MAN OF VARIED collecting passions, including ATM test currency, postal notes and orders, money orders, international reply coupons, casino chips and other niches. His most recent interest in machine readable slot machine cashout tickets has led to the first catalog of these 21st century money substitutes. Self-published, Noll's book is 128 pages and printed in FULL color with spiral binding. More than 670 examples from about 350 locations are included. Shown are both land and boat based casinos, Indian casi- nos and specialty items. A quarterly e -newsletter, TITO Collectors News, provides updates as these occur. Since these items date only from 1999 to present, many Paper Money readers who are not frequent gamblers may not be aware of them. That's OK since they promise to be around for some time to come. As contemporary paper money substitutes, Noll adopts an interest- ing rarity scale to describe TITOs: # for a common, current item ## for less common issues # ## for out of the way locations and items soon obsolete #### obsolete or limited items ##### indicates obsolete, closed casino TITOs I've known Jim since the 1970s when we met at meet- ings of the now defunct Check Collectors Roundtable. He's a serious numismatist. Although I haven't caught the TITO collecting bug, I can appreciate his pioneering spirit with these items. Readers can whet their appetites on the feature article which precedes this modest review. Since collectors are always looking for byways -- from food stamp change to bank postcards -- this appears as viable a genre as any to me. Because these items are being printed and used now, NOW is the time to get in on the ground floor, while designs and formats are still experimental. Since most of these TITOs will invariably wind up in File 13, many are already scarce. Since they are pictorial with casino logos TITOs are attractive collectibles. The casino money niche is a vibrant, growing part of our hobby. Its national group already boasts more than 3,000 members! TITOs, Machine Readable Slot Machine Cash Out Tickets (June 2004) is available for $38.85 postpaid from Jim at P.O. Box 3410, Escondido, CA 92033. -- Fred Reed TITO's Machine Readable Slot Machine Cashout Tickets A New Casino Collectable By Jim Noll Table Of Contents (II Title Pages (2-6) Paps: Backs Only (7-122) Land Based Casinos: (7-55) NV I.. Vegas Arca (7- 33) NV East (34-35) NV Far South (36.37) NV North (38-44) NV Wcst (45) CO (4546) IA (46) 543 (46-47) NJ (48-53) NY (53) SD (54) INT (54) CA-Card Room (55) River Boa. (56-71) IA: (56-58) IN (58-62) LA (63) MO: (64-65) MS (66-711 Indian Cosines (72-107) AZ: (72-73) CA, (74-43) CT (93) Fl. (94) IA (OS) II) (95) LA (95-97) MI (97-98) MN (98-100) MS (100) NM (100.102) NV (102) . NY (002-103) 06(104-105) WA (105.106) WI (107) Trade Show Samples (108.117) AC Coin: (1114) Acres Claming (108) Appleton (108)&(114) Abonic (108) Bally Gaming (109) Cummins-Allison (109) Gaming Tickets (109) 1.T:1110-1111 Trade Show (Cont.) Ithaca (111) ICht(III) Mikohn (112) Odds/Aristocrat (I 12) Pay Check (113) Sown (113) ADO (113) Seiko (114) Shuf,Mastr (114) Sigma (114) Slot lliks (115) Tyco/G C (116-117) WMS (117) ???7(114) Security (118.120) UV(118) Slot Tn.( 119) Heat Sen. Ink (120) Special Items Quik Play ATM (121) Harrah's Promo (122) Harrah's Test (122) Fronts (123-124) Index 1125-1281 Latin paper money book mines former ABNCo archives R ICARDO MAGAN'S LA TIN AMERICAN BANK NOTES RECORDS is a collecting cornucopia which includes a catalog of notes produced by the American Bank Note Company for Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Mexico, Nicaragua, Paraguay, Pens, Puerto Rico, Uruguay and Venezuela. This is a major work. More than two thousand banknotes are list- ed from two hundred and seventy two banks and government issuing authorities throughout Latin America. Hundreds of clear illustrations are given. Information from the original ABNCo production records includes production dates, quantities of banknotes printed, serial number ranges, series letters, dates, signatures and much more are included in the work. Publicity for the work states "This book is an essential reference for any collector or historian of the paper money in the numismatic field," a sentiment which I wholeheartedly concur. Presentation is clear, well- organized, and cross-referenced to Pick standard catalog numbers. Note descriptions, variety information, and printing colors are also given. The 210-page soft-covered, limited edition measures 8 1/2 x 11 inches printed in substantial opaque paper. Price is $ 39 postpaid in the U.S. Postage outside the U.S. without insurance is $10 or $15 with insur- ance. Orders can be sent with check or money order to: Ricardo M. Magan 505 Dighton Avenue Taunton MA 02780-7145 Additional information is available from Ricardo at e-mail: Sally1904@comcast.net -- Fred Reed On Target? More people will read this page more frequently than any other. Put your business name/logo here Special Rates Apply; Contact the Editor PAPER MONEY • November/December 2005 • Whole No. 241 461 On This Date in Paper Money History -- Nov. 2005 By Fred Reed * Nov. 1 1858, National Bank of Austria resumes specie payments after 10 1/2 years in suspen- sion; 1862, T. Buchanan Jr., Utica, NY issues "Strawberry Grounds" scrip; 1923, Frank Duffield publishes "Obsolete Notes With Portrait of Lincoln" in The Numismatist; 1978, Toni DeLorey becomes ANACS Grading czar; Nov. 2 1840, Glasgow (Scotland) Joint Stock Banking Co. 1-pound issued before the bank opened for business; 1963, FRNs with no promise to pay in "lawful money" released; 1983, BEP tells Congress of need for high-tech anti-counterfeiting measures for notes; Nov. 3 1794, Congress passes Act providing for third payment on loan made of Bank of the United States; 1852, Banknote engraver William F. Ford dies; 1862, U.S. District Attorney John Hanna publishes opinion on the illegality of small note circulation; Nov. 4 1816, Mississippi Governor James Lusk Alcorn, who appears on state notes, born; 1980, SPMC rejects instituting grading standards; Nov. 5 1862, Chicago Evening Journal advertises "change checks"; 1965, Lester Merkin sells Arnold Ped Is Colonial paper money; 1985, Last delivery of Series 1981A $50 FRNs; Nov. 6 1796, Paper money subject Empress the Great (Catherine II of Russia) dies; 1841, RI Senator Nelson W. Adrich, co-author of Aldrich-Vreeland national curren- cy act, born; Nov. 7 1780, Gen. Francis Marion confronts Col. Banastre Tarleton at Richbourg's Mill, SC as depicted on Confederate $100 note; 1911, Mississippi obsoletes author L. Candler Leggett born; 1912, Paper Money of the United States author Robert L. Friedberg born; Nov. 8 1841, Citizen's Bank of Louisiana takes initiative on resumption of specie payments; 1955, Abe Kosoff sale of T. James Clarke paper money collection begins; Nov. 9 1873, Stephen R. Mallory, who appears on some Confederate bonds, dies; 1994, J.S.G. Boggs paper money exhibit opens at University of Pittsburgh; Nov. 10 1843, Artist John Trumbull (FR 452-463), painter of Signing of Declaration of Independence, dies; 1914, National City Bank of NY opens first foreign branch of any NB in Buenos Aires; 1988, Gene Hessler releases An Illustrated History of U.S. Loans; Nov. 11 1771, Engraver Abner Reed born; 1869, Treasury Secretary Robert Walker (FR 1308- 1309) dies; 1918, NYSE closes at end of WWI, ticker tape confetti rains down; Nov. 12 1880, Constitution and Bylaws adopted by the Numismatic and Antiquarian Society of Baltimore; 1881, Lincoln National Bank of the City of New York organized; 1987, ABNCo destroys "Archive Series" printing plates; Nov. 13 1862, Asst. U.S. Treasurer John Cisco issues permits limiting purchases of Postage Currency; 1865, first Gold Certificates (FR 1166b-g) issued to settle gold balances between banks and clearing houses; 1965, Brazil introduces cruzeiro novo; Nov. 14 1864, Experimental printing of Liberty 50-cent red back Colby-Spinner fractional cur- rency; 1893, Ed Frossard stages "$100,000 uncurrent paper money" auction; 1986, SPMC Board approves metal membership card, certificate and member numbering system for LMs; Nov. 15 1637, Massachusetts General Court sets legal tender value of wampum at six to the penny; 1923, German government announces it intends to get inflation under control; 1963, Whitman Publishing Co. markets Confederate Currency Type Set Display Cards with narratives by B.M. Douglas and Brent Hughes; Nov. 16 1914, Federal Reserve Banks open for business; 1935, M-G-M releases Hal Roach's comedy Hot Money; 1985, SPMC Board approves 25-year membership pins; Nov. 17 1868, Spencer M. Clark resigns as chief of the National Currency Bureau; 1874, Confederate note facsimilist Samuel C. Upham patents a Liberty Bell bottle; Nov. 18 1852, Buffalo, NY exchange broker Edward Lee publishes Bank Note Register and Counterfeit Detecter (sic); 1858, Thompson Bank Note Register and Counterfeit Detector published; Nov. 19 1780, American artist John Trumbull, whose work appears on several notes, arrested in London for treason; 1882, Confederate currency collector John Wiley Aulick dies; 1960, Society of Medal, Token and Obsolete Paper Money (TAMS) organized; Nov. 20 1727, First recorded counterfeiter convicted in America, Peregrine White Jr., dies; 1917, Engraver G.F.C. Smillie pulls second proof of his engraving of Washington portrait based on Stuart's Athenaeum painting; Nov. 21 1620, Myles Standish leads a small party of Protestant Pilgrims ashore (FR 380-386) at what was to become Provincetown; 1912, End of Napier-McClung combined tenure; 2003, SPMC Board names Best of Show Exhibit Award after Stephen Taylor; Nov. 22 1808, Traveler's check namessake Thomas Cook born in Derbyshire, England; 1982, SPMC insititutes New Member Recruitment program; Nov. 23 1907, Tromp l'oeil currency artist John Frederick Peto dies; 1956, Auctioneer Abe Kosoff sells William P. Donlon paper money collection; 2004, Morton & Eden and Sotheby's auction National Bank Note Co. vignette book in London; Nov. 24 1784, President Zachary Taylor, who appears on obsolete banknotes, born; 1868, George W. Casilear patents printing numbers against fine line guilloche to foil tamper- ing; 1986, Paper money dealer and author John Muscalus dies; Nov. 25 1874, Greenback Party organized, advocating payment of national debt in greenbacks and suppression of NBNs; 1885, Vice President Thomas A. Hendricks (FR 291-297, so-called Tombstone Note) dies; Nov. 26 1807, Tennessee Legislature charters Nashville Bank, first in state; 1963, Treasury Department announces $1 Federal Reserve Notes to replace $1 Silver Certificates; 1990, dealer Stanley Apfelbaum dies; 1998, writer Burnett Anderson dies; Nov. 27 1802, Banker and banknote reporter publisher John Thompson born; 1932, Artist Will Low, Educational Note designer (FR 224-225) dies; Nov. 28 1863, First National Bank chartered in Rhode Island (FNB of Providence #134); 1979, Camden Company becomes SPMC printer for Paper Money; Nov. 29 1840, Collector and cataloger Charles F. Gregory born; 1902, John Elliott Ward, who appears on Confederate $10 notes, dies; 1973, Hobby Protection Act becomes law; 2003, COINage publisher James L. Miller dies; Nov. 30 1656, Stockholms Banco established; first European bank to issue banknotes in 1661; 1840, John G. Chapman's Baptism of Pocahontas appearing on 1st Charter $20 NBNs (FR 424-439) purchased by U.S.; 1996, West African Monetary Agency to issue travel- er's checks in a common West African Unit of Accounts for 16 member nations; Don't wish for new custom ers. Do something. Advertise your presence b y adding your logo sponsorship to this p age for 2006. 462 November/December 2005 • Whole No. 241 • PAPER MONEY SPMC members active with publications SPMC MEMBER PIERRE FRICKE INTRODUCED his forthcoming Confederate paper money book manuscript during the SPMC meeting at the recent Blue Ridge show. Fricke also presented a variation on the program he did at the Memphis SPMC meet- ing. "WOW!," said Society regional coordinator expounded on his research, his very rewarding time with Judith Murphy (shown at right with Fricke) after view- ing the manuscript. Fricke Doug Ball, and gave much detailed information about CSA rarities, and additional items. "This program was very well received with many questions and much discus- sion," Mrs. Murphy said. "It was a good thing we were the last program of the day because we did run over with all the interest shown." Tentative date for the book to be out is for the St. Louis paper money show in November. "Hopefully, we can introduce it at the SPMC meeting. Maybe we can arrange something so it will be possible for mem- bers to obtain signed copies of the new book" Mrs. Murphy noted. The Regional Coordinator was also all praises for show official and dealer Ed Kuszmar. He offered SPMC a table at the very busy and very well attended Baltimore show. This will be manned by SPMC Vice President Mark Anderson who will also chair a mem- bership meeting. SPMC will also participate in the Florida United Numismatists show in January, with both a Society table and an early morning membership meeting. "Come have coffee and a danish with friends while you wait for the bourse to open,"Murphy reported. Check the web site and FUN program details. SPMC member- authors lauded Many Society members were honored by the Numismatic Literary Guild at ANA for their publications. Member Dave Bowers won the NLG award for best spe- cialized U.S. coin book, A Guide Book of United States Type Coins. Art and Ira Friedberg were honored for their A Guide Book of United States Paper Money, tops in U.S. paper money. Editor Fred Reed gained laurels as best world paper money book for his Show Me the Money, the Standard Catalog of Motion Picture, Television, Stage and Advertising Prop Money. Member George Cuhaj took first place for best article in a U.S. commercial numismatic magazine. Member David Harper was honored for best issue of world commercial numismatic magazines. Reed was also given an extraordinary merit award for his arti- cle "Civil War Change Shortage Gave Rise to Curious Makeshifts," published in Paper Money this past January. Bob Cochran was honored for the best paper money article in a numis- matic newspaper. Reed's "Shades of the Blue and Grey" in Bank Note Reporter earned best column in a numismatic newspaper. Dave Harper nabbed the best issue award for a numismatic newspaper for Bank Note Reporter. Member Wayne Homren was cited for best non-com- mercial website for coin- books.org, The e - Sylum. Dennis Schafluetzel was awarded for his and Tom Carson's e-book Chattanooga Money. v 1 NLC; AWARD Pas.64. LARGE CLUB PUBLICATIONS EXTRAORDINARY MERIT "CIVIL WAR CHANGE SHORTAGE GAVE RISE TO CURIOUS MAKESHIFTS" FRED L. REED III PAPER MONEY SAN FRANCISCO, JULY 2005 NLG AWARD BEST WORLD PAPER MONEY BOOK SHOW ME THE MONEY FRED REED SAN FRANCISCO, JULY 2005 ESTABLISHED 1 880 PAPER MONEY • November/December 2005 • Whole No. 241 463 On This Date in Paper Money History -- Dec. 2005 By Fred Reed ° Dec. 1 1801, Thomas T. Tucker takes office as U.S. Treasurer; 1861, North Carolina autho- rizes $3 million in state treasury notes; 1920, Counterfeiter William "Long Bill" Brockway dies; 1958, William Griffiths' The Story of American Bank Note Company published; 1989, SPMC Board establishes Dr. Glenn Jackson Memorial Award; Dec. 2 1791, First Bank of the United States issues banknotes; 1862, CSA Treasury Note Bureau consolidates Confederate currency designs; 1863, Thomas Crawford's statue Columbia (FR 1-5) placed atop U.S. Capitol; 1897, end of Tillman-Roberts tenure; Dec. 3 1828, Register of Treasury Noah Lemuel Jeffries born; 1975, New Netherlands sells the Affleck-Ball Colonial paper money collection; 2003, ANS opens Harry Bass Library in new ANS building at 140 William St.; Dec. 4 1795, Scottish-born historian/essayist Thomas Carlyle, who expounded Protestant work ethic, born; 1869, Series 1869 5100 U.S. note (FR 168) depicting Lincoln debuts; 1974, U.S. Treasurer given responsibility for U.S. Savings Bond division; Dec. 5 1861, Georgia authorizes 52.5 million in state treasury notes; 1969, Stack's sells Arnold Perl encased stamp collection; 1998, ANS hosts open house at new 140 William Street Financial District building; Dec. 6 1836, President Andy Jackson warns Congress on the ills of a depreciated paper cur- rency; 1889, CSA President Jefferson Davis, who appears on 50-cent and $50 Confederate notes, dies; 2002, Treasury Secretary Paul H. O'Neill resigns; Dec. 7 1872, First National Bank chartered in South Dakota (FNB Yankton #2068); 1902, Political cartoonist Thomas Nast, who created the Rag Baby for greenback inflation, dies; 1989, State Bank of Soviet Union circulates 3-ruble marking Armenian quake; Dec. 8 1727, Royal Bank of Scotland issues its first banknotes; 1863, Treasury Secretary Chase tells Congress the "national banking law has proved a valuable support to the public credit"; 1945, Victory Loan Drive ends; Dec. 9 1862, Alabama Assembly prohibits circulation of private change bills and scrip after April 1st next; 1876, CSA Treasury Secretary George A. Trenholm dies; Dec. 10 1810, Stockholders in Bank of the United States petition for renewal of bank's charter; 1863, Sen. Albert G. Brown of Mississippi submitted resolution "that in the present condition of the country Congress ought ... Make Confederate notes a legal tender in payment of debts after the expiration of six months"; 1964, Curator D.O. Barrett dies; Dec. 11 1816, Mississippi Territory General Assembly charters Planters and Mechanics Bank of Huntsville; 1908, New York Numismatic Club organized; 1987, Oliver Stone film Wall Street debuts; 1986, BEP souvenir card for Dallas Expo features $10,000 FRN; Dec 12 1776, Continental Congress authorizes Robert Morris to borrow money for the Navy; 1786, Statesman William L. Marcy (FR 346) born; 1863, North Carolina authorizes $400,000 in 25- and 50-cent small change bills; Dec. 13 1864, Ex-Treasury Secretary Chase sworn in as Chief Justice; 1920, Treasury Secretary George P. Shultz born; 1972, world paper money authority Dr. Arnold Keller dies; Dec. 14 1790, Treasury Secretary Hamilton argues that Bank of the United States is Constitutional in report to Congress; 1855, Florida Legislature charters the Bank of the State of Florida; 1970, Secret Service threatens Time Inc. with prosecution for repro- ducing part of a Federal Reserve Note in color; Dec. 15 1848, Artist Edwin H. Blashfield, Educational Note designer (FR 247-248) born; 1886, First million share clay on NYSE; 1928, Last Large Size currency faces printed; Dec. 16 1789, Pennsylvania Gazette lauds the prohibition against the "danger of our having a paper tender"; 1896, ABNCo employs G.F.C. 'Fred' Smillie as pictorial engraver; 1923, Numismatic publisher and SPMC booster Chester L. Krause born; Dec. 17 1860, Congress authorizes $10 million in interest-bearing treasury notes; 1935, first delivery of Series 1934 51000 FRNs; 1971, Beginning of Connally-Banuelos combined tenure; 1972, Elizabeth Ashley stars in Your Money or Your Wife; Dec. 18 1794, Washington signs Act authorizing an additional S2 million 5% loan from BUS; 1922, armed robbers steal $200,000 in five dollar bills being transferred from storage at the Denver Mint; Dec. 19 1814, Secretary of War Edwin Stanton (347-352) born; 1861, Mississippi authorizes issue of state treasury notes; 1911, CSA Treasury and currency scholar Raphael P. Thian dies; 2000, lames Karen plays the role of former NASCA owner Undersecretary of State George Ball in fine feature film Thirteen Days, staring Kevin Costner; Dec. 20 1819, Perkins, Fairman, and Heath partner to print English banknotes; 1963, Civil War Philatelic Society adds numismatic division headed by youthful Fred Reed; 2004, Robbers relieve Belfast's Northern Bank of 26.5 million pounds in currency; Dec. 21 1816, American Colonization Society founded; 1863, first examination of a National Bank performed; 1863, National Bank Notes first issued to public; 1907, Washington dealer and paper money authority Ben Douglas born; Dec. 22 1696, Colonizer James Edward Oglethorpe, who appears on obsolete notes, born; 1803, Union general Joseph King Mansfield (FR 185a-g) born; 1923, Hjalmar H.G. Schacht appointed Reichsbank president for life; Dec. 23 1816, Missouri Territory approves bounty certificates on wildcats as legal tender for taxes; 1874, NYSE recommends stock certificates with engraved values and differing colors to prevent fraud; 1913, Congress creates Federal Reserve, FRBNs and FRNs. Dec. 24 1772, Colonial Currency printer David Hall dies; 1776, U.S. Treasurer authorized to hire individuals to sign currency; 1936, Paper money dealer, SPMC president Dean Oakes born; 1966, Last delivery of Series 1963A $100 FRN; Dec. 25 1642, Mint Master Sir Isaac Newton, who appears on Bank of England notes, born; 1862, Revenue Act permits use of postage stamps to pay revenue taxes on documents; 1949, Collector-curator Farran Zerbe dies; Dec. 26 1861, Mississippi Legislature OKs several railroad companies to issue small change notes for circulation; 1862, Boston printer Louis Prang advertises to print small change bills for merchants; 1955, United States Paper Money author George H. Blake dies; Dec. 27 1857, Numismatic Society of Philadelphia has first meeting; 1945, IMF articles of agreement enter into force, Bank for Reconstruction and Development created; Dec. 28 1856, President Wilson, who appears on Series 1934 $100,000 GC (FR 2413), born; 1898, Pres. McKinley proclaims U.S. currency will circulate in Puerto Rico on Jan. 1st; Dec. 29 1864, CSA extends funding of notes from Jan. 1 to July 1, 1865; by then war is lost; 1983, SPMC President Larry Adams offers Editorship of Paper Money to Gene Hessler; Dec. 30 1814, Thos. Zingler, Reading, PA issues scrip for 12 1/2 cents good for "sweeping chimny's" (sic); 2001, Colombia seizes $41 million in counterfeit U.S. currency; Dec. 31 1861, Horatio Nelson Taft records in his diary: "Banks in all the Cities and also the U.S. Treasury have suspended specie payments today." 1984, Britain abandons one- pound note in favor of similar denomination coin; •••• BUCle ere A Primer for Collectors BY GENE HESSLER November/December 2005 • Whole No. 241 • PAPER MONEY464 Additional Female Bank Note Engravers C ECURITY PORTRAIT AND PICTURE engrav- ing is a specialized art that requires an apprentice- ship of eight to ten years. The list of qualified securi- ty engravers in the world is a short one. In this col- umn in an earlier issue you read about a smaller list of female security designers and engravers. The countries represented by female engravers were Austria, Brazil and the U.S. Since then I have corresponded with two young ladies, Lourdes Hernandez Reyes a designer and Martha E. Sasian Alvarado an engraver. Considering how young they are, both Ms. Reyes and Ms. Alvarado have impres- sive lists of security and stamp work to their credit. At the 1997 American Numismatic Association Convention in New York City with the aid of color slides I spoke about these two ladies and other female designers and engravers. Lourdes Hernandez Reyes was born in Mexico. All her formal and professional education and training took place in Mexico. She studied painting and design at the University of Mexico. Ms. Hernandez Reyes joined the Bank of Mexico's Printing Bureau in 1988, and since then has designed bank notes for Mexico, Peru, Venezuela and the Dominican Republic. One of her first assignments was to add design ele- ments to five Mexican notes. The first was the 5000 pesos, P88; the original design, with portraits of six heroes, was dated 1980-1985. The 10,000 pesos, P90 was next; the original was dated 1981-1987. The latter note has the portrait of Lazaro Cardenas on the face and a Coyolxauhqui stone carving on the back. The 20,000, 50,000 and 100,000 pesos were new denominations due to the growing inflation in Mexico; Ms. Hernandez Reyes added her hand to each. She was involved in the design of all denominations of Mexican currency, 10 through 500 nuevos pesos. Before Peru devalued its currency in 1991, 5,000,000 and 10,000,000 intis notes were prepared; only the lesser denomination, P150 was issued. Both have design ele- ments by Ms. Hernandez Reyes, as does the beautiful 10,000 pesos oro, P437 from Colombia. In 1992 a few countries issued notes to honor the 500th anniversary of the first voyage of Columbus. In addition to a 500 pesos note, the Dominican Republic prepared a 5,000 pesos note with design elements by Ms. Hernandez Reyes. I'm uncertain if this note was issued; if so, I have not seen it. This represents a portion of the work of this talented lady. Martha E. Sasian Alvarado, also born in Mexico, studied at the National School of Arts, the Academia de San Carlos. She developed her engraving skill at the Bank of Italy and the De La Rue Giori School in Laussane, Switzerland. From 1982-1988 Ms. Sasian Alvarado engraved at the Casa de Moneda de Brasil where she engraved notes for that country and for Argentina, Costa Rica, Mexico, and Peru. In 1979 before she officially joined the Bank of Mexico she engraved Chapultepec castle on the backs of the 5000 pesos, P76, 83, 87 and 88. Ms. Sasian Alvarado's first engraving in Brazil was the conference scene on the back of the 10,000 cruzeiros, P203. Another political gathering, this time on the back of Argentina's 5000 pesos Argentinos, P318 is the work of this lady. Between 1985-1987 Ms. Sasian Alvarado engraved the portrait of musician Hector Villa Lobos on the face of Brazil 500 cruzados, P212, and the textile scene on the back of Peru 100 intis, P132. She joined the Bank of Mexico in 1988 and since then has engraved notes for Costa Rica, the Dominican Republic, Peru and Mexico. The image of Candido Portinari on the back of Brazil 500 cruzados, P214, and the Indian comforting Antonio Raimondi on the back of Peru 5,000,000 intis, P149, are the work of Ms. Sasian Alvarado. Some of her work for the Bank of Mexico includes the face and back of the 20 nuevos pesos, P96, and the face and back of the 200 nuevos pesos, P103. The latter note has an engraved image of Sor Juana Ines de la Cruz (1648-1695), a remarkable woman. When I look at the eyes of this portrait I see the eyes of Martha E. Sasian Alvarado, a remarkable engraver. (Copyright story reprinted by permission from Coin World October 27, 1997) Lourdes Hernandez Reyes (left); Martha E. Sasian Alvarado (right) 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 PAPER MONEY • November/December 2005 • Whole No. 241 465 "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 Always Wanted Monmouth County, New Jersey Obsoletes — Nationals — Scrip Histories and Memorabilia Allenhurst — Allentown — its-buly Park — Atlantic Highlands — Belmar Bradley Beach — Eatontown — Englishtown — Freehold — Howell Keansburg — Key port — Long Branch — Manasquan — Matawan Middletown — Ocean Grove — Red Bank — Sea Bright — Spring Lake N.B. Buckman P.O. Box 608, Ocean Grove, NJ 07756 800-533-6163 Fax: 732-282-2525 New Hampshire Notes Wanted: Obsolete currency, National Bank notes, other items relating to New Hampshire paper money from the earliest days onward. Dave Bowers Box 539 Wolfeboro Falls, NH 03896-0539 E-mail: qdbarchivePmetrocast.net 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 466 November/December 2005 • Whole No. 241 • PAPER MONEY An Index to Paper Money Vol. 44 2005 (nos. 235-240) Compiled by George Tremmel ADVERTISING CURRENCY. An Early Florida Advertising Note, Ronald J. Benice, illus. 05 Allen, Harold Don. Notes from Up North: Traditional China Crossroads Of Paper Craftsmanship, illus. 05 Varied Challenges from 'Down Under', illus. 05 Andrews, Bob, Phone Call results in Shopping Bag Find, illus. 05 Baker, Jim. Money in the Civil War, illus 05 BANKS, BANKERS AND BANKING. Ann Burton, Scarsdale NB&T Cashier, Frank Clark, illus. 05 Bank of Milford, Delaware, Terry A. Bryan, illus. 05 Chasing Byron: the Man & Saga Behind the Notes, Matt Hansen, illus. 05 FNB of Intercourse, PA, Frank Clark, illus. 05 Guilt by Degree: the FNB of Ballston Spa Defalcation, Toni Minerley, illus. 05 John K. Tener Knew How to "Pitch" His Customers, Bob Cochran, illus. 05 Old 'Mr. Greenbacks,' Salmon P. Chase, Frank Granger, illus. 05 Pittsburgh Banks Offer Innumerable Twists Peter Huntoon with Bob Liddell and James Hughes, illus. 05 Reflections on Two Postcards, Dave Bowers, illus. 05 Union Planters National & Trust Co. of Memphis, Greg Culpepper, illus. 05 Welthea M. March, National Bank President, Karl Sanford Kabelac, illus. 05 What a Lovely Rag! Dave Bowers, illus. 05 Benice, Ronald J. An Early Florida Advertising Note, illus. 05 Bowers, Q. David. Abner Reed and the Vermont Glass Factory, illus 05 Interest Bearing Notes: Reflections on Two Postcards, illus. 05 What a Lovely Rag! illus. 05 What's In a Name? illus. 05 What's In a Name, deux? 05 Bryan, Terry A. Bank of Milford, Delaware, illus. 05 CASINO GAMING TOKENS AND SLIPS. Cash Available Tickets Replace Coins/Currency in Gaming Dens, Jim Noll, illus. 05 Clark, Frank. About Texas Mostly: Ann Burton, Scarsdale NB&T Cashier, illus. 05 FNB of Intercourse, PA, illus. 05 Jefferson Lottery Ticket, illus. 05 Texas Special Treasury Warrant, illus. 05 Cochran, Bob. John K. Tener Knew How to "Pitch" His Customers, illus. 05 So What Are You Waiting For? - Guest Editorial, 05 COLLECTING. Building a Modern Collector's Guide for Confederate Currency, Pierre Fricke, illus. 05 Grading Confederate notes and Bonds: One Man's Opinions, Pierre Fricke, illus. 05 Isthmian Collectors Club Celebrates 30th Anniversary, Robert J. Karrer, illus. 05 Ohio National Currency Collectors Assn. Takes Shape 05 Phone Call results in Shopping Bag Find, Bob Andrews, illus. 05 So What Are You Waiting For? (guest editorial), Bob Cochran 05 YR VOL NO. PG YR VOL NO. PG The Catalogers, Steve Whitfield 05 44 236 124 44 238 286 "The Clever Minkies" and the Pi Note, Donald Noss, Jr.,illus. 05 44 238 306 Whitman Releases 'Red Book' Guide to U.S. Paper Money, illus. 05 44 239 361 CONFEDERATE, SOUTHERN STATES AND CIVIL WAR CURRENCY. 44 236 146 A Cross Reference for Criswell to Thian, 44 238 308 Michael McNeil and Crutchfield Williams, illus. 05 44 235 62 A North Carolina Wall Paper Note? Bob Schreiner, illus. 05 44 235 52 44 238 280 Civil War Change Shortage Gave Rise to Curious Makeshifts, Fred Reed, illus. 05 44 235 3 44 235 31 Money in the Civil War, Jim Baker, illus 05 44 235 31 New Keatinge & Ball Payment Notes Reported, 44 236 149 Les Lewis and Bryn Korn, illus. 05 44 237 192 44 236 135 Positive ID on Missouri Military Bond, Ron Horstman, illus. 05 44 239 362 44 237 198 Smithsonian Curator Calls Attention to Keatinge & Ball 44 237 230 Anomaly, Dick Doty, illus. 05 44 238 255 Texas Special Treasury Warrant, Frank Clark, illus. 05 44 239 360 44 236 113 The Private Issues Notes of Keatinge & Ball, Brent Hughes, illus. 05 44 235 44 44 237 163 Who Are These Guys? Steve Whitfield, Ron Horstman, and Eric Newman, illus. 05 44 235 32 44 240 453 Whose Portrait Is It? Daniel W. Courts or Jonathan Worth, Jerry Roughton and Paul Homer, illus. 05 44 235 54 44 237 173 COUNTERFEIT, ALTERED & SPURIOUS NOTES. 44 237 226 Connecticut Raised, Altered, Counterfeit & Fraudulent Currency, Roy J. Pennell, Jr., illus. 05 44 239 376 44 237 214 Illusionist Harnett Makes Money Painting Money, Fred Reed, illus. 05 44 236 126 44 237 210 Culpepper, Greg. 44 236 152 Union Planters National & Trust Co. of Memphis, illus. 05 44 237 214 Daniel, Forrest W. 44 238 286 When the National Debt was Actually Paid, illus. 05 44 239 393 Deerclerf, Leslie. 44 236 83 War of 1812 at a Glance 05 44 239 326 Doty, Dick. 44 237 226 Smithsonian Curator Calls Attention to Keatinge & Ball 44 236 152 Anomaly, illus. 05 44 238 255 44 238 311 ENGRAVERS & ENGRAVING AND PRINTING. 44 241 467 Abner Reed and the Vermont Glass Factory, 44 236 135 Q. David Bowers, illus. 05 44 236 83 Smithsonian Curator Calls Attention to Keatinge & Ball Anomaly, Dick Doty, illus. 05 44 238 255 Hessler's Long Awaited Encyclopedia of World Engravers Due Out, illus. 05 44 237 228 "Making Money" Ye Olde-fashioned Way, Joaquin Gil del Real, illus. 05 44 237 188 FRACTIONAL CURRENCY. Civil War Change Shortage Gave Rise to Curious Makeshifts, Fred Reed, illus. 05 44 235 3 Fricke, Pierre. Building a Modern Collector's Guide for Confederate Currency, illus. 05 44 235 68 Grading Confederate Notes and Bonds: One Man's Opinions, illus. 05 44 235 56 Gieclroyc, Richard. '8894': Vinegar 1840 $1000 Bank Notes Not Authentic, illus. 05 44 239 396 Gil del Real, Joaquin. Financing the French Panama Canal, A Portfolio, illus. 05 44 238 249 "Making Money" Ye 0Ide-fashioned Way, illus. 05 44 237 188 The First XXth Century Banks of Panama, illus. 05 44 240 403 Granger, Frank. "Old Mr. Greenbacks," Salmon P. Chase, illus. 05 44 240 453 44 240 454 44 236 149 44 237 230 44 238 275 44 239 360 44 237 163 44 236 158 44 235 68 44 235 56 44 238 251 44 238 285 44 238 280 44 236 158 Buying Carl Bombara Selling United States Currency P.O. Box 524ITniumi..■sig—, New York, N.Y 10116-0524 itrifirtii Phone 212 989-9108 PAPER MONEY • November/December 2005 • Whole No. 241 467 Death claims Dolly Criswell Mrs. Nellie Hills (Dolly) Criswell, the widow of Confederate note authority Grover Criswell, died at home July 28th at the age of 69. "She was the model for Southern Women -- a truly gracious lady whose type is seldom seen any more. We are so saddened by this news," Judith and Claud Murphy said of their long time friend. According to an obituary in the Charleston Post & Courier, she was a member of James Island Presbyterian Church, where she was an active member of the choir and served as an Elder. Mrs. Criswell was a native of Charleston, SC. She lived in St. Petersburg Beach, FL for six years, and then moved with her family to Salt Springs, FL. She lived there for thirty- eight years before moving back to her hometown of Charleston, SC. Mrs. Criswell was the daughter of the late Harry Bogle and Nell Frampton Hills. She was preceded in death by her son Grover C. Criswell, III and her husband Grover C. Criswell, Jr. She served her former church, Forrest Community Church of Salt Springs, FL as clerk for more than 20 years. She was a member numerous organizations, including United Daughters of the Confederacy Charleston, SC; Chapter #284, Order of the Eastern Star, James Island, SC; The Women's Club of Charleston; Sea Island Republican Women's Club; and Rebecca Motte Chapter, Daughters of the American Revolution. The deceased was a member of the American Numismatic Association and the South Carolina Numismatic Association. Memorials may be made to Hospice of Charleston, Inc., 3870 Leeds Avenue, Suite 101, Charleston, SC 29405 or James Island Presbyterian Church, 1632 Fort Johnson Road, Charleston, SC 29412. What's in a Name? Dear Fred: Please let me start by offering you my heartfelt compli- ments on the current (July /August) issue of Paper Money. As with a great stew, this issue is thick, juicy, and meaty. The Editor's job is not for the lazy or faint of heart. I have a mild quarrel with David Bowers in his "What's In a Name?" column: to wit, Coin, Paper Money, and Medal collectors have enjoyed for years the perfectly ade- quate and descriptive term numismatist stemming, of course, from the Greek word for coin (and by extension the latter two hobbies). Do we really need coinist or coinology to join those horribly contrived made up words not-nil/list and scripophilist? The word coinist, to me at least, infers that one is a maker of coins; not a collector. I grant that, etymologi- cally at least, numismatist, is somewhat limiting, but it has served us well for quite some time. Having said the above, I am now going to shoot myself in the foot. My main areas of collecting are Postal Money Orders of the world and International Reply Coupons ditto (IRC are use to prepay postage in a foreign country). Both categories are the responsibility of the various postal ser- vices of the world, but both are legitimate substitutes for money. Hence, I propose either the term numistelics or phila- matics to cover the bases. What do you think, Mr. B? -- Peter Robin SPMC =292 What's in a Name, deux? Dear Fred: It's interesting that Peter should coin alternate terms for his interest in a philatelic-numismatic offshoot. Language is vibrant and always changing. Numismatist, a very nice broad term, does suffice for most people including me. I consider myself a numismatic writer, a professional numismatist., etc. I have yet to call myself a syngraphist. Of the various niche terms, one of them, exonumist, coined (no pun intended) by Russ Rulau, seems to have caught on, sort of. This was the gist of my comments, not serious, but a personal reflection of what I like or dislike, or find convenient or inconvenient. Chet Krause, the founder of Numismatic News, later reflected that he would not again use the word numismatic in the title of any book or publication, as casual buyers would not understand it. In the field of meteorite collecting and study, those involved are called meteoricists, as the more logical meteorol- ogist term had already been grabbed by weather forecasters and the like. I suppose the collectors of circular objects from dies by C.C. Wright cannot now call themselves medalists, for that either means designers of medals or Olympic contest finalists--I'm not quite sure. I suppose some comment could be made as to whether people giving ideas on subjects could better be called com- menters than commentators. Only a syngraphist, er, I mean numismatist, might know that shinplaster has nothing to do with healing a bruised leg, but that at one time it did. Then, of course, we have red dogs, blue pups, owls, and a dozen or more names used in the 19th century to describe worthless bills from broken banks. This reminds me that breaking a bank, in law-enforcement lingo, means robbing a financial institution, not wrecking its balance sheet. Words are indeed interesting, but at the risk of dupli- cating my earlier comments I'll stop now. Remember the literary puzzle as to the meaning of "time flies like an arrow," to which Woody Allen, or someone, replied, "but fruit flies like a banana." -- Yours in numismatology, Dave Bowers 468 November/December 2005 • Whole No. 241 • PAPER MONEY YR VOL NO. PG NEW LITERATURE. YR Hansen, Matt. VOL NO. PG Chasing Byron: the Man & Saga Behind the Notes, illus. 05 44 237 198 Collector Noll's Varied Tastes Lead to New Book Hessler, Gene. (Fred Reed) 05 44 240 460 The Buck Starts Here: Hessler's Long Awaited Encyclopedia of World Additional Female Banknote Engravers, illus. 05 44 240 464 Engravers Due Out, illus. 05 44 237 228 Religious Themes Popular on Notes, illus, 05 44 236 150 Latin Paper Money Book Mines ABNCo Archives 05 44 240 460 Some Anniversaries, illus. 05 44 238 310 New Book Review (Bob Schreiner): PM Editor's Women Signers of U.S. Federal Currency, illus. 05 44 237 232 Show Me the Money! Tells a Good Story, illus. 05 44 237 196 Horstman, Ron. New CD Compiles Thian Info into Searchable Format 05 44 235 43 Positive ID on Missouri Military Bond, illus. 05 44 239 362 Whitman Releases 'Red Book' Guide to U.S. Hughes, Brent. Paper Money, illus. 05 44 239 361 The Private Issues Notes of Keatinge & Ball, illus. 05 44 235 44 Noll, Jim. Huntoon, Peter and Kvederas, Robert, Jr. Cash Available Tickets Replace Coins/Currency The Paper Column: Wrong Size Plate Numbers on in Gaming Dens, illus. 05 44 240 454 Fort Worth Si FRNs, illus. 05 44 236 151 Noss, Donald, Jr. Huntoon, Peter. "The Clever Minkies" and the Pi Note, illus. 05 44 238 306 The Paper Column: OBSOLETE NOTES & SCRIP. $1 FRN Intermediate Back Plate 1821, illus. 05 44 238 312 Pennell, J. Roy, Jr. Connecticut Raised, Altered, Head-to-Toe Plates on S1 FRBNS, illus. 05 44 240 470 Counterfeit & Fraudulent Currency, illus. 05 44 239 376 Pittsburgh Banks Offer Innumerable Twists (with Reed, Fred. Bob Liddell and lames Hughes), illus. 05 44 237 173 A Short History of the Bank of the United States, illus. 05 44 239 373 Tulsa Bankers Got "Cold Feet", illus. 05 44 237 187 Civil War Change Shortage Gave Rise to Curious Makeshifts, IN MEMORIAM. illus. 05 44 235 3 Dolly Criswell 05 44 240 467 Illusionist Harnett Makes Money Painting Money, illus. 05 44 236 126 Tom Durkin, 1942-2005 05 44 237 234 On This Date in Paper Money History — Jan. 2005 05 44 235 69 John J. Ford, Jr., Front Row Center - Dies July 7, illus. 05 44 239 366 On This Date in Paper Money History — Feb. 2005 05 44 235 71 Robert Hendershott, Life Member:11 Dies in Florida, illus. 05 44 237 191 On This Date in Paper Money History — Mar. 2005 05 44 236 110 Art Kagin, Ron Horstman bids his friend Art Kagin adieu, illus. 05 44 240 448 On This Date in Paper Money History — Apr. 2005 05 On This Date in Paper Money History — May 2005 05 44 44 236 237 112 220 Art Kagin, The Art Kagin I knew was the genuine article On This Date in Paper Money History — June 2005 05 44 237 222 (Fred Reed), illus. 05 44 240 450 On This Date in Paper Money History — July 2005 05 44 238 276 Jerry Remick, Long Time Member Dies in Quebec, illus. 05 44 237 207 On This Date in Paper Money History — Aug. 2005 05 44 238 278 Herb Shingoethe, Name Synonymous with U.S. On This Date in Paper Money History — Sept. 2005 05 44 239 368 Obsolete Notes, illus. 05 44 237 194 On This Date in Paper Money History — Oct. 2005 05 44 239 370 INTERNATIONAL. On This Date in Paper Money History — Nov. 2005 05 44 240 461 Collecting Stock Certificates of the Panama Rail Road, On This Date in Paper Money History — Dec. 2005 05 44 240 463 Albert Irizarry, illus. 05 44 238 290 Where's George? Website Tracks Currency Travels Epitaph for a Swindler* Charles 'Get Rich Quick' Ponzi, in Commerce, illus. 05 44 240 412 Albert Irizarry, illus. 05 44 240 442 SPMC Authors'Forum Whopping Success 05 44 239 352 Financing the French Panama Canal, A Portfolio, Joaquin Gil del Real, illus. 05 44 238 249 Rocco, Don, The Financial Career of Ivor Kreuger, "The Match King", Religious Themes Popular on Notes, Gene Hessler, illus. 05 44 236 150 illus. 05 44 238 243 The Financial Career of Ivor Kreuger, "The Match King" Roughton, Jerry and Homer, Paul. Don Rocco, illus. 05 44 238 243 Whose Portrait Is It? Daniel W. Courts or Jonathan Worth, The First XXth Century Banks of Panama, illus. 05 44 235 54 Joaquin Gil del Real illus. 05 44 240 403 Schreiner, Bob. Traditional China Crossroads Of Paper Craftsmanship, A North Carolina Wall Paper Note? illus. 05 44 235 52 Harold Don Allen, illus. 05 44 236 146 The Bank of the United States in North Carolina, illus. 05 44 239 372 Varied Challenges from 'Down Under', Harold Don Allen, illus. 05 44 238 308 SOCIETY NEWS. 5th Annual George W. Wait Memorial Prize Beckons 05 44 235 41 Irizarry, Albert. Collecting Stock Certificates of the Authors Seek New Notes, Data 05 44 235 74 Panama Rail Road, illus. 05 44 238 290 Deadline for George W. Wait Prize Nears 05 44 235 76 Epitaph for a Swindler* Charles 'Get Rich Quick' Dealer Reports Major Obsolete Currency Theft 05 44 238 261 Ponzi, illus. 05 44 240 442 George W. Wait Prize Official Announcement, 05 44 240 449 Kabelac, Karl Sanford. Hewitt-Parrish Project Wait Prize Winner 04 44 237 237 Welthea M. March, National Bank President, illus. 05 44 237 210 Higgins Museum Issues 'Hometown Banking' DVD, illus. 04 44 240 476 Kagin, Donald, PhD. Members to Decide Among Five Candidates for The Treasury Notes of the War of 1812, illus. 05 44 239 323 SPMC Board, illus. 05 44 237 224 Karrer, Robert J. New Officers, Board Highlight Memphis, Illus. 05 44 239 355 Isthmian Collectors Club Celebrates 30th Anniversary, illus. 05 44 238 251 New President Announces Committee Appointments 05 44 239 358 Klaes, Francis X. Nominations Open for SPMC Board 05 44 235 73 (Letter to the Editor) Series 1995 $1 "B" Star Notes. Illus. 05 44 238 282 Nominations Open for SPMC Board 05 44 240 475 Lewis, Les and Korn, Bryn. Ohio National Currency Collectors Association New Keatinge & Ball Payment Notes Reported, illus. 05 44 237 192 Takes Shape 05 44 238 285 Lincoln, A. (nut). Paper Money Values to Debut in November, illus. 05 44 239 366 When Is a National Bank Note NOT National Currency, illus. 05 44 237 218 R. M. Smythe Celebrates 125th Anniversary, illus. 04 44 237 213 McNeil, Michael and Williams, Crutchfield. Society Authors Invited to second Publishing Forum 05 44 237 231 A Cross Reference for Criswell to Thian, illus. 05 44 235 62 SPMC Holds Event at St. Louis Paper Money Show 05 44 237 231 Minerley, Tom. SPMC Honors Award Winners 05 44 239 357 Guilt by Degree: the FNB of Ballston Spa Defalcation, illus. 05 44 236 113 SPMC Member Horton Takes Over Reigns at ANA, illus. 05 44 239 361 PAPER MONEY • November/December 2005 • Whole No. 241 YR VOL NO. PG 469 YR VOL NO. PG SPMC Member-Authors Lauded, illus. 05 44 240 462 05 44 239 391 SPMC Members Active in Publications, illus. 05 44 240 462 05 44 240 474 SPMC Members Bowers/Sundman Launch Note Study 05 44 237 225 President's Column President's Column (Benny Bolin) 05 44 239 392 SPMC Members Hear from Harold Don Allen, (Mark Anderson), illus. 05 44 240 452 President's Column (Ron Horstman) 05 05 44 44 240 235 472 74 SOCIETY OF PAPER MONEY COLLECTORS. 05 44 236 154 Advertisers Index 05 44 235 79 05 44 237 234 05 44 236 159 05 44 238 314 05 44 237 239 Research Exchange 05 44 236 153 05 44 238 319 05 44 237 231 05 44 239 391 05 44 238 305 Annual Index (George Tremmel) 05 44 240 466 SPMC Authors' Forum Whopping Success (Fred Reed), illus. 05 44 239 352 Editor's Notebook (Fred Reed) 05 44 235 78 SPMC Awards Program 05 44 236 111 05 44 236 158 SPMC Board of Governors Meetings 05 44 236 108 05 44 237 238 Tremmel, George B. 05 44 238 318 An Index to Paper Money, 05 44 240 466 05 44 239 398 U.S. NATIONAL BANK NOTES. 05 44 240 478 National Bank Note Title Project, Peter Huntoon 05 44 238 289 Information & Officers 05 44 235 2 When Is a National Bank Note NOT National Currency, 05 44 236 82 A. Lincoln (nut), illus. 05 44 237 218 05 44 237 163 U.S. SMALL SIZE NOTES. 05 44 238 242 Where's George? Website Tracks Currency Travels in Commerce, 05 44 239 322 Fred Reed, illus. 05 44 240 412 05 44 240 402 Wrong Size Plate Numbers on Fort Worth $1 FRNs, Letters to the Editor 05 44 236 157 Peter Huntoon, and Robert Kvederas Jr., illus. 05 44 236 151 05 44 237 233 Women Signers of U.S. Federal Currency, 05 44 238 305 Gene Hessler, illus. 05 44 237 232 05 44 239 358 U.S. TREASURY NOTES AND HISTORY (PRE-CIVIL WAR). 05 44 240 467 '8894': Vinegar 1840 $1000 Bank Notes Not Authentic, 05 44 240 476 Richard Gedroyc, illus. 05 44 239 396 Librarian's Report (Bob Schreiner) 05 44 235 78 Short History of the Bank of the United States, 05 44 236 158 Fred Reed, illus. 05 44 239 373 05 44 237 238 Jefferson Lottery Ticket April 1826, Frank Clark, illus. 05 44 238 275 05 44 238 318 The Bank of the United States in North Carolina, 05 44 239 398 Bob Schreiner, illus. 05 44 239 372 05 44 240 478 The Treasury Notes of the War of 1812, Money Mart 05 44 235 74 Donald Kagin, PhD, illus. 05 44 239 323 05 44 236 154 War of 1812 At a Glance, Leslie Deerderf, illus. 05 44 239 326 05 44 237 234 When the National Debt was Actually Paid, 05 44 238 314 Forrest W. Daniel, illus. 05 44 239 393 05 44 239 392 Wait Prize Deadline Nears 05 44 236 156 05 44 240 472 Whitfield, Steve, Horstman, Ron and Newman, Eric. New Members 05 44 235 75 Who Are These Guys? illus. 05 44 235 32 05 44 236 156 Whitfield, Steve. 05 44 237 236 The Catalogers 05 44 236 124 05 44 238 316 United States Postal Service Statement of Ownership, Management, and Circulation 1. Publication Title: Paper Money 2. Publication Number: 419940 3. Filing Date: 30 Sept. 2005 4. Issue Frequency: bimonthly 5. Number of Issues Published Annually: 6 (six) 6. Annual Subscription Price: $30 7. Complete Mailing Address of Known Office of Publication (Not printer): P.O. Box 793941, Dallas, TX 75390 Contact Person: Fred Reed Telephone: N/A 8. Complete Mailing Address of Headquarters or General Business Office of Publisher (Not printer): P.O. Box 793141, Dallas, TX 75390 9. Full Names and Complete Mailing Addresses of Publisher Editor, and Managing Editor (Do not leave blank): Fred Reed, Publisher, P.O. Box 793141, Dallas, TX 75390 Fred Reed, Editor, P.O. Box 793141, Dallas, TX 75390 Managing Editor: none. 10. Owner (Do not leave blank. If the publication is owned by a corporation, give the name and address of the corporation immediately followed by the names and addresses of all stockholders owning or holding 1 percent or more of the total amount of stock. If not owned by a corporation, give the names and addresses of the individual owners. If owned by a partnership or other unincorporated firm, give its name and address as well as those of each individual owner. If the publication is published by a nonprofit organization, give its name and address: Society of Paper Money Collectors, Inc., P.O. Box 793941, Dallas, TX 75390 11. Known Bondholders. Mortgagees, and Other Security Holders Owning or Holding 1 Percent or More of Total Amount of Bonds, Mortgages, or Other Securities. If none, check box: ✓ 12. Tax Status (For completion by nonprofit organizations authorized to mail at nonprofit rates) (Check one) The purpose, function, and nonprofit status of this organization and the exempt status for federal income tax purposes: ✓ Has Not Changed During Preceding 12 Months 13. Publication Title: Paper Money 14. Issue Date for Circulation Data Below: Sept/Oct 2005 15. Extent and Nature of Circulation, Average No. Copies Each Issue During Preceding 12 Months a. Total Number of Copies (Net press run) 1850 b. Paid and/or Requested Circulation (1) Paid/Requested Outside-County Mail Subscriptions Stated on Form 3541. (Include advertiser's proof and exchange copies): 1575 (2) Paid in-County Subscriptions Stated on Form 3541 (Include advertiser's proof and exchange copies): 0 (3) Sales Through Dealers and Carriers, Street Vendors, Counter Sales, and Other Non-USPS Paid Distribution: 0 (4) Other Classes Mailed Through the LISPS: 0 c. Total Paid and/or Requested Circulation ISum of 156. 111,121, (31,and (4): 1775 d. Free Distribution by Mail (Samples, complimentan, and other free) (1) Outside-County as Stated on Form 3541:0 (2) In-County as Stated on Form 3541:0 (3) 1 Other Classes Mailed Through the USPS: 200 e. Free Distribution Outside the Mail (Carriers or other means): 60 1. Total Free Distribution (Sum of 15d. and 15e.): 60 g. Total Distribution (Sum of 15c. and 150: 1835 h. Copies not Distributed: 15 i. Total (Sum of 15g. and h.):1850 j• Percent Paid and/or Requested Circulation (15c. divided by 15g. times 100): 96% Extent and Nature of Circulation, No. Copies of Single Issue Published Nearest to Filing Date a. Total Number of Copies (Net press run) 1850 b. Paid and/or Requested Circulation (1) Paid/Requested Outside-County Mail Subscriptions Stated on Form 3541. (Include advertiser's proof and exchange copies): 1544 (2) Paid in-County Subscriptions Stated on Form 3541 (Include advertiser's proof and exchange copies): 0 (3) Sales Through Dealers and Carriers, Street Vendors, Counter Sales, and Other Non-USPS Paid Distribution: 0 (4) Other Classes Mailed Through the LISPS: 200 c. Total Paid and/or Requested Circulation (Sum of 156. (1), (2), (3),and (4):1744 d. Free Distribution by Mail (Samples, complimentary, and other free) (1) Outside-County as Stated on Form 3541:0 (2) In-County as Stated on Form 3541:0 (3) 1 Other Classes Mailed Through the USPS: 0 e. Free Distribution Outside the Mail (Carriers or other means): 60 1. Total Free Distribution (Sum of 15d. and 150.1:90 g. Total Distribution (Sum of 15c. and 150:1834 h. Copies not Distributed: 16 i. Total (Sum of 15g. and 6.1:1850 j• Percent Paid and/or Requested Circulation (15c. divided by 159. times 100): 96% 16. Publication of Statement of Ownership ✓ Publication required. Will be printed in the Nov/Dec 2005 issue of this publication. 17. Signature and Title of Editor, Publisher, Business Manager, or Owner (signed) Fred Reed, Publisher I certify that all information furnished on this form is true and complete. I understand that anyone who furnishes false or misleading information on this form or who omits material or information requested on the form may be subject to criminal sanctions (including fines and imprisonme nt) andlor civil sanctions (including civil penalties). PS Form 3526, October 1999 11:7,V.7:1trAVIL. gt.-.-41:11.%.1=mtz- CiSjillklaNik3Ar • El AT:13..Nh NOTE t ::UAW MN:VI I ;IAi li 3216Yritt. rt F 1610 -17E-Watr-4PT 'ElfVE I5,A,NI NOTE I.LON NV1 I :IAZ 470 November/December 2005 • Whole No. 241 • PAPER MONEY THE PAPER COLUMN by Peter Huntoon Head-to-Toe Plates on $1 FRBNs T HE PROBLEM OF INVERTED BACKS ON LARGE size notes was a nuisance to Bureau of Engraving and Printing personnel. One solution was to reach into the past and reinstitute an idea that had been used to print the last of the fractional currency issues. Fractional currency production also had been plagued by inverted backs. The idea was to arrange the notes on one side of the plate with their tops facing one direction, and those on the other half facing the other direction. Both the face and back plates were made with such head-to-toe layouts. This arrangement allowed for invert-free production whenever sheets were acciden- tally rotated 180 degrees during production. The idea was instituted at a time when there was a mix of four- and eight-subject presses. The innova- tion was used only on the eight-subject presses, and only on eight-subject plates for the most commonly used classes and denominations. Federal Reserve Bank Notes with inverted backs have always been popular among collectors. The first head-to-toe $1 FRBN back plates were certified for use September 19, 1918. The last of the $1 FRBN head to head back plates were certified the day before. The changeover plate numbers were 162/163. Gradually the use of head to head plates were phased out for the denominations and series utilizing head-to-toe plates. The supply of inverted backs thus ceased for the most heavily printed type notes. The same idea could have been used on four-sub- ject plates. Here the top two notes would face one way, and the bottom two the other. Probably the rea- son the idea wasn't employed on them was that the serial numbering machines would have had to have been rebuilt to handle the new layout. Interesting too is that the head-to-toe arrange- ment never was adopted for regular small note pro- duction in any plate format. Consequently, inverted backs reappeared on all classes and denominations in 1928! They are still with us. Acknowledgment The research leading to the preparation of this article was partially supported by grants from the Professional Currency Dealers Association and Society of Paper Money Collectors to the National Numismatic Collections, National Museum of American History, Smithsonian Institution, Washington, DC. The assistance of James Hughes, Museum Specialist, is gratefully acknowledged. Head-to-toe arrangement of subjects on $1 FRBN back plate 163 designed to avoid inverted back errors. 471 PAPER MONEY • November/December 2005 • Whole No. 241 fir- Coin World presents... ape GOLDEN AGE Of ENGRAVERS' ARTS Educabonal Notes Ric 17,000+ U.S. PAPER MONEY VALUES INSIDE! PREMIER ISSUE COINWORLD'S VII 14 9 _ VALUES The paper money price guide you can rely on. . f sE:--7:11 il E Fractional answer to war shortages ti 4 ,,., 1 (GRADING TIPS -.r."?.. .n... Created by the editors of Coin World, America's most trusted source for news in the coin and paper money hobbies, Paper Money Values will offer collectors current values for 17,000 U.S. notes actively collected and traded. In addition, each issue will include: • People and history behind U.S. paper money. • How to put a collection together. • Factors that determine the grade of a note. • Paper money from around the world. • And much, much more. One year (4 issues) only $17.97! n1V1-.71, k.„ 1886 Educatiortat Ngas silver lining in your collection Owymenstmeilseassento nstimesealeardremtesesmen asememMptemeeseleyMenseduk, Mention code T-5PMS to lock in your charter subscription rate. Offer good in U.S. only. Offer expires 3/31/06. SEEKING National Curren') AndlYgn with Valued S;; .̂...";.747' No and Specimen tes New Second Edition Notessss 8141/ PRESS November/December 2005 • Whole No. 241 • PAPER MONEY472 A Troubled Times but We Must Progress s I WRITE THIS COLUMN, WE ARE IN THE MIDST of enduring arguably the biggest natural disas- ter ever to hit our country and remembering the worst man made disaster as well. To everyone who was impacted by Hurricane Katrina, I want to extend the SPMC's thoughts and wishes that all is getting better for you. Mother Nature's hand was seen in a way we have never seen it before. On behalf of the SPMC, if there is anything we as a Society can do for you, please contact me at my address printed on the officer's page or email me at smcbb@sbcglob- al.net . For those not affected, these occurrences show that we truly live in troubled times. From the man-made 9/11 tragedies to the naturally occurring ones, we now live in a world where we have to be on constant watch. It is times like this that bring out the best in all of us, and I am confi- dent that we as a country and a human race will endure and just get stronger. While being involved in a "hobby" may not seem to be important at the current time, I believe it is. If we let our fears conquer us, we turn into closet people and will soon regress instead of progress. What we need is normalcy in our lives and that is where continuing to pursue a mere hobby is important. We must maintain normalcy to main- tain our humanity. In that regard, let's all look to the future, but remember to never forget the past. I hope you will all make plans to join us at the PCDA show in St. Louis in November. That is shaping up to be a very good show with a good auction, bourse and an "old-timers forum" presented by the SPMC featuring Allen Mincho, Ron Horstman and Neil Shafer. Please note that the term "old-timers forum" came from them, not this young whippersnapper! We will also be having a board meeting where we will continue the objectives of the Society. We are on the way to my goal of a much more real-time respondent board as we have already made a number of decisions via electronic methods instead of waiting months to make decisions at the next board meeting. I think this will work in the best inter- est of the Society in the future. We have also awarded three of the six available $500 research grants, to Peter Huntoon, Fred Reed and Neil Shafer. If you are interested in pursuing one of the remain- ing three for this year, contact me and I will provide more details. For now, I bid you good day and good hobby. If you come to St. Louis, come see me and let's talk paper and give me your views on how the society can be made even better. Benny 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 inure 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 atl_k six issues = only $20.50! (wow) BOOKS ON U.S. & FOREIGN PAPER MONEY, Securities, Obsoletes, Bank Histories, Nationals, Small/Large Notes, etc. Lists available. Sanford Durst, 106 Woodcleft Avenue, Freeport, NY 11520 Fax 516-867-3397 e-mail: sjdbooks@verizon.net (246) PUT YOUR AD HERE • ONLY$20.50 FOR SIX ISSUES • WOW BOOKS: OFFERING WISMER'S Obsolete NY $20; Pennsylvania $12, Ohio $12, Pennell's N.C. $10, Bowen's Michigan Notes/Scrip (I-IC) $45, Slabaugh's Confederate States Paper Money (updated Doug Ball) $12 and many others. Write!! Add $3.00 postage/book. Sanford Durst, 106 Woodcleft Avenue, Freeport, NY 11520 (246) MEXICO BANKNOTES WANTED. Prior to 1915 with IMPRINTED or AFFIXED revenue stamp on reverse. Bob Bergstrom, 1711 Driving Park Road, Wheaton, IL 60187 USA bobanne@sbcglobal.net (244) COLLECTOR NEEDS Annual Report of the Comptroller of the Currency 1863 thru 1935. Ron Horstman, 5010 Timber Lane, Gerald, MO 63037 (A) PUT YOUR AD HERE • ONLY$20.50 FOR SIX ISSUES • WOW WASHINGTON STATE NATIONALS WANTED. Seeking large- size WA nationals from Aberdeen, Hoquiam, and Montesano. Chris Flaat, cflaat@msn.com, 425-706-6022 (244) 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@prodigy.net (243) KANSAS NBNs WANTED. Goodland #14163, Olathe #3720, Pleasanton #8803. A.R. Sundell, Box 1192, Olathe, KS 66051 (236) PUT YOUR AD HERE • ONLY$20.50 FOR SIX ISSUES • WOW 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) PUT YOUR AD HERE • ONLY $20.50 FOR SIX ISSUES • WOW 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) 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) PAPER MONEY • November/December 2005 • Whole No. 241 473 SHOW ME THE MONEY! Standard Catalog of Motion Picture Prop Money (2005) by Fred Reed, 800 pages, $82.50 postpaid & you get FREE Prop note. P.O.B. 118162, Carrollton, TX 75011-8162 (245) DC AND NY BANK HISTORIES WANTED. Collector seeks pub- lished works for research. Alan Palm, 301 G St. SW-Apt. 201, Washington, DC 20024; (202) 554-8976; e-mail aspalm2003@yahoo.com ( 44) 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) PUT YOUR AD HERE • ONLY $20.50 FOR SIX ISSUES • WOW AUTHORS RECEIVE FREE CLASSIFIED AD. Authors of arti- cles in Paper Money can request a free 3-line ad. Write about your favorite note and advertise for more at the same time. (PM) 20th CENTURY U.S., articles relating to modern small size U.S. cur- rency are especially needed for publication in Paper Money. (PM) EXPAND YOUR COLLECTION. Classified ad rates are low, low, low in Paper Money's "Money Mart." These small ads really get results Announcing Paper Money's Upcoming Specialty Publishing Program January/February 2nd Fractional Currency Issue May/June 6th U.S. National Bank Note Issue September/October 2nd U.S. Small Size Notes Issue SPMC's special 80-page issues of our 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 Nov. 20th (Fractional Currency) Mar. 15th (National Currency) 'WANT ADS WORK FOR YOU R SPMC Founding Fathers were a smart breed. They knew Collector-to-Collector Want ads work. That's why they created "Money Mart" so they could place THEIR WANT LISTS before the rest of the members of our Society Up to 20 words plus your address in SIX BIG ISSUES only $20.50/year!!!! * * Additional charges apply for longer ads; see rates on page opposite -- Send payment with ad SPMC's Founding Fathers built some great paper money collections that way Now YOU be a smart guy/gal too. Put out your want list in "Money Mart" and see what great notes become part of your collecting future, too. (Please Print) ONLY $20.50 /YEAR ! ! (wow) NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 117060 Carrollton, TX 7501 1 SPMC NEW MEMBERS - 08/25/2005 11022 Michael Mellott, (C), Bill Brandimore 11023 Rebecca H. Thompson (C), Website 11024 Alan Murray (C), Torn Denly 11025 Leslie Rosenbaum (C), Website 11026 Jason H. Spiegel, 15 Upham Terrace, Malden, MA 02148-7111 (C), Frank Clark 11027 Edward Hardy, 29 Cherry St, Gloucester, MA 01930- 2206 (C & D), Tom Denly 11028 John Eckenrod, 1840 James Ave #15, Miami Beach, FL 33139 (C, Stars, Courtesy Signatures), Wendell Wolka 11029 Gordon Brandvold (C), Matt Hansen 11030 Jason J. Andes (C & D), Ron Horstman 11031 William H. Nelson (C), Website 11032 Ricardo M. Magan, 505 Dighton Ave, Taunton, MA 02780-7145 (C, Latin American Banknotes), Website 11033 Carl Fusco (C), Frank Clark 11034 Dr. William Christie, 918 Center St, Santa Cruz, CA 95060 (C, US Large), Wendell Wolka 11035 Bill Magier (C), Wendell Wolka 11036 Joel Anderson (C), Tom Denly 11037 Ashley Billingsley (C), Tom Denly 11038 Michael Farrell, 505 Tri City Rd, Somersworth, NH 03878 (C, Small Size FRNs), Website 11039 Joseph Monaco Jr., 5 McDowell St, Ayer, MA 01432 (C), Tom Denly 11040 Vincent M. Lizzo (C), Website 11041 Jimmy Sides, 1878 Old Crawford Rd, Crawford, TX November/December 2005 • Whole No. 241 • PAPER MONEY 76638-2807 (C, US Large & Small), Lowell Horwedel 11042 Wayne F. Shiesley, 559 Frankhauser Rd, Buffalo, NY 14221 (C, Obsoletes, FRNs, Silver Certificates), Lowell Horwedel 11043 Donald Haschak, 190 S. Wood Dale Rd, Wood Dale, IL 60191-2266 (C, US & World), Lowell Horwedel 11044 Steve Boniberger, 301 23rd Street N, Bradenton Beach, FL 34217 (C & D, US Small), Tom Denly 11045 Mark Stoess, 1600 Royal Dr, Reno, NV 89503 (C, US), Arri Jacob 11046 Neil Breslin, 7200 Lancaster Pike, Hockessin, DE 19707 (C, US), Website 11047 Robert S. Greenburg (C, US Small), Website 11048 Steven O'Heron, 232 San Marin Dr, Novato, CA 94945-1221 (C, Foreign), John A. Parker 11049 Ralph Turner, 896 Spicer Cove Rd, Hendersonville, NC 28792 (C, MPCs & Obsoletes), Tom Denly 11050 Michael Burke (C), Tom Denly REINSTATEMENTS 5082 Bernard Loebe, 10221 Centre Park Dr #311, Houston, TX 77043 (C, US & Venezuela), Wendell Wolka SPMC NEW MEMBERS - 09/17/2005 11051 Ahmad A. Alomari, 1940 Cedar Ave #6, Long Beach, CA 90806 (C & D, U.S. Large, Stars, & Errors), Website 11052 Becky Lynn (C), Tom Denly 11053 Joel Wildman, PO Box 4422, Sanford, FL 32772 (C & D, Obsoletes), Wendell Wolka 11054 Dr. John F. Ryan, 13 Texas Rd, Westford, MA 01886 (C), Tom Denly 11055 Charles Pevsner (C), Website 11056 George P. Miller (C), Tom Denly 11057 Roy B. Carlson (C), Website 11058 Paul Nichini (C & D), Website 11059 Keith A. Brown, 5653 SW 65 Ave, Miami, FL 33143 (C & D, U.S. Large & Small, Confederate), FUN 474 SPMC 6000 Honorees (sponsors of at least 2 new members since March 1, 2004) Bryn Korn Andrew Korn Fred Reed Jack Levi Tom Denly Allen Mincho Wendell Wolka Judith Murphy Robert Neale Paul Burns Ron Horstman Arri Jacob Frank Clark Bob Cochran Rob Kravitz Mark Anderson Lowell Horwedel Attention Attention Attention Attention Attention Attention Attention Each member of SPMC (except board members) who sponsors two or more new members will receive a vintage souvenir card as our "thanks" for spreading the good word about our Society With the holiday season right around the cornet, why not give a couple gift subscriptions to family members, friends, colleagues at work or other persons who thank your thoughtfulness PAPER MONEY • November/December 2005 • Whole No. 241 475 Official Notice: Nominations Open for SPMC Board THE FOLLOWING SPMC GOVERNORS' TERMS EXPIRE IN 2006: Mark Anderson Ron Horstman Benny Bolin Judith Murphy If you have suggestions for candidates, or if the governors named above wish to run for another term, please notify Nominations Chairman Tom Minerley, 3457 Galway Rd., Ballston Spa, NY 12020. In addition, candidates may be placed on the ballot in the following manner: (1) A writ- ten nominating petition, signed by 10 current members, is submitted; and (2) An acceptance letter from the person being nominated is submitted with the petition. Nominating peti- tions (and accompanying letters) must be received by the Nominations Chairman by March 15, 2006. Biographies of the nominees and ballots (if necessary) for the election will be included in the May /June 2003 issue of Paper Money. The ballots will be counted at Memphis and announced at the SPMC general meeting held during the International Paper Money Show. Any nominee, but especially first-time nominees, should send a portrait and brief biog- raphy to the Editor for publication in Paper Money. v Coming next issue .. . Our 2nd joint issue with members of the Fractional Currency Collectors Board. President Bolin (he's pres of BOTH SPMC and FCCB, how about that?) promises an even better issue than the first one which won an award as the best of the year. So renew your membership now! Reserve your ad space now! Happy turkey; season's greetings; enjoy this issue at your Super Bowl party DO YOU COLLECT FISCAL PAPER? Join the American Society of Check Collectors 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. No guesswork needed now Tomasko pins down portrait Smithsonian Institution numismatic curator Dr. Richard Doty raised the question in these pages who the man portrayed on the Dix note of the Citizens Bank of Louisiana was. Engraving expert Mark Tomasko supplies the definitive answer to the question. + 476 November/December 2005 • Whole No. 241 • PAPER MONEY Higgins Museum issues 'Hometown Banking' DVD the collection. Hickman's career, spent actively researching and dealing in the notes, spanned the decades from the 1960s, when National Bank Note issues were the neglected stepchild of the numismatic hobby, to the 1990s, by which time they had become widely collected and highly cherished. His colorful recollections of that progress, the often colorful banking char- acters associated with the notes, and the collecting pioneers, make for informative and entertaining viewing. The Higgins' Museum of Money video has been accepted broadcast by Iowa Public Television. Sponsored by the William R. Higgins, Jr. Foundation, underwriting grants for the project were also received from Bank Note Reporter and the Professional Currency Dealers Association. Produced by David Lisot and directed by Barrie Schwartz, it is ideally suited for showing at coin club meetings, as coin show educational programs, and before civic and professional groups, provid- ing an introduction to the Era of Hometown Bank Notes that can be keyed to the audience. The video is priced at $24.95, plus $2 for packaging and shipping, in either the VHS or DVD versions. It may be ordered by sending a check to the Higgins' Museum of Money, c/o Eclectic Pursuits, P. 0. Box 316, Iola, WI 54945-0316. THE HIGGINS MUSEUM OF MONEY IN OKOBOJI, IA, has released a video in both VHS or DVD formats entitled Era of Hometown Bank Notes. The museum, memorializing SPMC member, the late William R. Higgins Jr., is dedicated to preserving and promot- ing the heritage of the National Bank Note issuance period of 1863 to 1935 According to Higgins board member Clifford Mishler, the production of a video program was created with public television and club program viewing in mind. The basic pro- gram has a run time of approximately 36 minutes, with a sup- plemental interview of about 20 minutes with the late John Hickman, who coined the phrase "Main Street banking" to describe National Currency issuing. The introduction presents an overview of paper money then and now. The video traces develop- ment of paper money in America from Colonial times through the obsolete bank note era, to the advent of the Civil War and the need for a national currency, through the end of the National Banking era. Providing an insight into the collecting passion that was pos- sessed by the late William R. Higgins, Jr., the video explains the lega- cy of sharing and support that he left behind so that future collectors and the histor- ically inclined of today and years to come could bene- fit for generations. A lifelong resident of the northwestern Iowa area, Higgins served as mayor of Okoboji for many years and was a personal friend of President Ronald Reagan. The body of the video is devoted to developing the stories of why the National Bank Note currency was created and how vital the circulating notes became to the development of the nation's economy over their relatively short active life span of 72 years. This story is brought to life with illustrations of many of the rare and interesting notes owned and displayed by the Higgins' Museum of Money, including those issued by The First National Bank of Davenport, Iowa, the first of the nationally chartered banks to open in 1863. The museum is home to thousands of examples of National Bank Notes, many of them being the finest known. Its Iowa galleries display the most complete state collection of National Bank Notes ever assembled for a major state, with 278 of the state's 300 communities of issue represented. The museum also features significant representations of issues from the adjoining states of Minnesota, Missouri, Nebraska and South Dakota. Supplementing the video program presenting the what, when, why and where story of the Higgins' Museum of Money, the 20 minute interview with the late John T. Hickman captures the color and fascination of the National Bank Note era. Hickman was closely associated with the museum from 1975 until his passing in 1995, initially in the capacity of acquisitions agent and subsequently as curator of Foundation eserved Letter to the Editor Dear Editor Reed: Wow! Received and read my July/August Paper Money and learned more again! Two of my interests -- match covers and the Panama Canal -- had coverage! Albert Irizarry's Collecting Stock Certificates of the Panama Railroad, Joaquin Gil del Real's Financing the French Canal: A Portfolio, and Don Rocco's The Financial Career of Ivar Kreuger. Wow! Where can a hobbyist in one publication add to his or her knowledge about seemingly unrelated and diametrically oppo- site interests: it seems only in Paper Money. Only confirms that two seemingly different and unrelated hobbies can and do have commonalities. Only another exam- ple of a small world of and among kindred hobbyists! Certainly added to my knowledge. Great Articles! Five Stars! Remember, have fun with your hobby! Cordially and fraternally yours -- Michael S. Turrini SPONSORED HO HIGGINS MONEY MUSEUM °KOWA, IOWA (0)2004 Higgins Alt Rights R for ERA OF HOMETOWN BANK NOTES Narration: John Austin Script.james A. Simek Director: Barrie Schwortz Producer: David Lisat 1-800-8 76-2 32 0 Includes interview with John Hickman 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: BartlncCor@aol.com 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 Stlyrrl 1,1111, IIONIlr l0114,11/1, PCDA, SPMC PAPER MONEY • November/December 2005 • Whole No. 241 477 Stake your claim to the coming paper money bonanza Key spots available for your ad in these pages for 2006 Smart advertisers say "Paper Money" Now taking reservations for annual contracts for 2006. So spend a few cents; make big bucks Say PAPER MONEY 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 The Editor's Notebook 1111r."4": Fred L Reed W fred@̂spmc.org November/December 2005 • Whole No. 241 • PAPER MONEY478 What They Lost What We Can Learn FEW OF US DIRECTLY SUFFERED THE TERRIBLE losses from Hurricane Katrina. We can't really under- stand the depth of emotions associated with the deaths, injuries, loss of homes and familiar environment, and depriva- tion of livelihood that many have experienced. I hope we all have delayed a few additions to our collections and instead donated that money to a relief agency. We should be asking ourselves many questions. One of those is to consider what it would be like to lose our home and possessions and what we can do to minimize the impact of a hurricane or similar event. I'm not thinking about insurance. That's the easy part. Neither am I thinking about our collec- tion. Most of us keep that in a bank vault. I hope everyone is consulting their local flood plain maps to ascertain whether your branch could be flooded. But what about our data? Have you been gathering infor- mation about your collecting interest for years? Many collec- SPMC Librarian's Notes By Bob Schreiner, Librarian tors note serial numbers or other pertinent information when they go to shows. Others spend time in their local history libraries or state archives. The information you gather, main- tain, and analyze helps you collect more intelligently, is satis- fying in helping you "complete the story," and may result in an article or book that contributes to knowledge. For some, the pursuit of information about the collecting interest is the labor of love for a lifetime. What would happen if that were all lost? Probably no headlines and no general shift in the cultural direction of our nation. But think how demoralizing it would be personally! Think about a lost book or other missed opportunity to con- tribute to our hobby. Our personal data can exist in many forms, and they are all vulnerable. They are usually at much greater risk of total loss than they need be. Let's look at some examples, and I'm skipping the obvious ones like your house disappears in a fire or flood. You have been meticulously keeping your research notes on a computer, and you even back up the data onto CDs, but you store the backup CDs in the desk drawer next to the computer. A thief helps himself to your computer and everything else, including the nearby CDs. All gone. Insurance will cover the computer and CDs—enough money to buy a new computer and a bunch of blank CDs. Just add data, and you are ready to go.-- A collector carries a notebook to shows, where he records serial numbers and other attributes about the notes that inter- est him. The notebook is the only copy of 20 years of meticu- lous data collection. He absentmindedly sets it down some- where and it's gone. Or the dog chews it up, or the river rises. These scenarios, and many similar ones, can be avoided pretty easily. I'll give you time to consider your important records and how "safe" they are. Next time I'll chip in several of my insights into safeguarding your vital collecting information. v You have not because you ask not I've been very fortunate over the past 50 years to receive assistance (usually research assistance) from about a million fine collectors, dealers, research pro- fessionals and staff members of a large variety of archival centers. Many of these individuals are "names" you would know, while many others are "little people" like yours truly who just like to help one another. Much of this assistance was gratis, and I've always tried to acknowledge such help. Often I'll get a comment from somebody some- thing like "I don't remember helping you on (such and such)." So, I'll chuckle and try to recall for the questioner a conversation or letters we exchanged back in the 1970s or even earlier. It goes without saying -- but I'll 'fess up anyways -- any success I've experienced in numismatic research owes great debts of gratitude to a multitude of others. I mention this because I believe that a lot of you are engaged in research on various topics at a vari- ety of levels, and could use a boost in your research. You may have diligently mined those resources about which you know and have access to, but have drawn blind ends or worse -- conflicting data. Here is Paper Money, YOUR publication coming out every two months and going to the creme de la creme of numismatic hobbyists who collectively have great knowledge and resources about your topic that may have escaped you thus far. Speak up. Don't be afraid to ask for assistance. I have many times and in many ways both here in these pages and elsewhere that produced great results and in some instances were the basis of life- long friendships, collaborations, and success stories. We launched a "Research Exchange" several years ago that initially drew a lot of response, and have published letters to the editor and short articles over the years that have also brought outstanding results for the "askers." So write, e-mail, send up smoke signals, but don't languish in your garret. There are knowl- edgable people reading this column right now, who would willingly oblige you if you'd only ask. PAPER MONEY • November/December 2005 • Whole No. 241 479 MACERATED MONEY Wanted information on U.S. Chopped up Money. RARE, FREE MASCERATED POSTCARD FOR USEFUL INFORMATION Who made the items, where sold, and anything of interest. Also I am a buyer of these items. Top Prices paid. Bertram M. Cohen, 169 Marlborough St., Boston, MA 02116-1830 E-mail: Marblebert@aol.com 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! HARRY IS BUYING NATIONALS - LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES • +1111r - imam 7379 Pearl Rd. #1 Cleveland, Ohio 44130-4808 1-440-234-3330 WANTED Researcher requesting any information on pre-Civil War banking activities in Murfreesboro, TN. Particularly interested in the Exchange Bank of Murfreesboro which was established in 1852 and failed in 1859. Information on the founder, William and James Spence, also desired. Any and all information appreciated. Contact Grumpy12@prodigy.net or Dr. Ron Ferrara 1789 West Northfield Blvd., #237 Murfreesboro, TN 37129. CGA GRADED CURRENCY List your CGA inventory on our new classifieds site. Up to 6 months or more at a time. Use it to complement your EBAY & other sales. Many powerful software features! You maintain FULL editing control. I intend to actively market this site to Currency Buyers. www.CGAGRADEDCURRENCY.COM E-mail - dnoss@cgagradedcurrency.com Heritage Building, 2885 Pease Drive, Rocky River, Ohio Phone (440) 333-4323 Have a Question? clip and save If you have a question about the Society, contact the appropriate officer for help. Please include a self-addressed, stamped enve- lope (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 fred@spmc.org IL "...I didn't worry about selling my mother's coin collection. Littleton's reputation is well deserved." R.L., LANCASTER, NH 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 D1z9t. Mt. Eustisstis Road Coin Company Littleton NH 03561-3735 Fax: 1-877-850-3540 • Dun & Bradstreet #01-892-9653 Celebrating 60 Years of Friendly Service www.littletoncoin.com (02005 LCC. Inc 480 November/December 2005 • Whole No. 241 • PAPER MONEY Renew NOW . . . You won't want to miss our next issue #01. ow" sr ago of Attesktioco Ar. 44,41 valL, --*4‘4* fir .111 4716. 4t -11114141... 41e7t%--now,3v 44. 411* ijka. hog, 417:z :;41, l'14.47n 4: "461/4.4%***6 "tforgftrit 4410:410. 41414144440.04.4 410.'1/44, 4141,14:1440 *III IB*4044 .1aNst ..444" II 3/4 4141114 Ittp), 44P 411 ftwe lokfp ,60 Allen Mix o ,enior Numismatist Ext. 327 44,4HeritageCurrency.com HERITAGE CURRENCY AUCTIONS OF AMERICA UPCOMING HCAA SCHEDULE FUN Signature Auction, January 6-7, 2006 CSNS Signature Auction, April 27-29, 2006 a/dime tAe 41,46tiviee4 tr team/ to at14.0.12/ tx, /ea/6km Heritage Currency Auctions of America has been smashing world records all year long. We first set a new world record for the most valuable currency auction ever held ($6.7 million) at FUN 2005. Then our Taylor Family Collection auction in February nearly doubled that record with $12 million in proceeds. You also know the currency market is even hotter in 2005, with our world-record Signature auctions realizing more than $31 million this year. We have more currency clients than ever before, and more qualified bidders mean higher prices realized. Senior Numismatist Ext. 390 ten@HeritageCurrencycom VI. senior Numismatist Ext. 303 DavidL@HentageCurrency.com Dustin Jo nston Senior Numismatist Ext. 302 Dustin@HeritageCurrency.com HCAA knows how to set records, but we extend the same effort on every note, on every lot. Whether your consignment is valued at $5,000 or $5,000,000, we want you to be thrilled with the process and the results. Whether you are selling a few extra notes from your holdings, or a comprehensive collection that took decades to assemble, we have a venue that will maximize your results. Please contact one of our Consignment Directors today to discuss your collection and your needs. Let us bring your currency to our thousands of buyers around the world and on the World-Wide Web. Call 1-800-872-6467 Ext. 222, 24-hour voicemail. Visit our website at www.HeritageCurrency.com HERITAGE Davi ay Senior Numismatist Ext. 277 DavidM@HeritageCurrencycom Mt e Mocza a Senior Numismatist Ext. 481 MichadM@HeritageCurrency.com m itzgera Senior Numismatist Ext. 348 JimE@HeritageCurrency.com CURRENCY AUCTIONS OF AMERICA 3500 Maple Avenue, 17th Floor • Dallas, Texas 75219-3941 1-(800-872-6467) • 214-528-3500 • FAX: 214-443-8425 • e-mail: Consign@HeritageCurrency.com m Numismatic Auctions, Inc .: California IS 1062 16 63, Florida AB 0000665. Currency Auctions of America: Florida AB 2218; Illinois 044000217. Auctioneers: Leo Frese:f lorida AU 0001059. California 15 1062 16 64, New York City: Das 1094965, Night 1094966: Samuel Foose: Texas 00011727, California 3S 3062 16 65, North Carolina 7642, Illinois 041000914, Florida ALI 244, and New York City; Day 0952160, Night 0952361. Scott Peterson: Texas 00013256, Florida AU3021, and North Carolina ;7627: Bob koryer, New York City, Da). 10963 :58 and Night 1096340.