VOL. XLV, No. 6, WHOLE No. 246 WWW.SPMC.ORG NOVEMBER/DECEMBER 2006 NISPV-5741ilfainIFAMMIMINCW AKA Emergency scri of Dustbow by Dr. Loren Gatch Tido Corfilleate Good Offly le Sopolpn, Okla. N? 848 A •< PAPTICIPA' G ERTIFICATE $1 ON LAR rec tired by pa r Chamber Comex., a ed nail!: r ei;tstt when collection leas been oode an au, 0 0 so ttl n-Vott4:14:9011000C1001100114114):awansossa.otoot.-v.b.11-.a PREMIUM QUALITY BANKNOTES for IMMEDIATE SALE NI 1 LI/ STITIESOFAMEKICA. .'1114q.u• Smythe offers a large selection of choice banknotes for immediate sale. If you are looking for Federal Paper Money, World Bank Notes, Confederate Currency, or Colonial and Obsolete Bank Notes, please be sure to contact us. You'll be glad that you did. To View Our HUGE Inventory of Certified and Uncertified Small Size, Large Size, Nationals, Obsoletes, Fractional, and more, log on to: SMYTHEONLINE.COM For More Information, or Our Latest Buy Prices, please contact Scott Lindquist or Bruce Smart at: 800-622-1880 Steve Goldsmith Scott Lindquist Bruce Smart .00000055A 4aiee MAtAr):0101010EARGIONIAG10101OVA0191X1049131011 fril GEORGIA. 1776. 1,10.74,7rtt -,-"R cr RTI TICATC ..1. t.i. Bo... 4 S :PAN 1.11 A Iii. L 1)1 D01 .I A., the vONE . Rdolumn of I ■ f 1.. .4 Ai., II..\„:".„. ,,... 1 ,4'.,,,, a. 1000 „NATIrin''4 AN" Or LIC.I.k +111315 AL. T. It esION by • ,CoLe. avr.yrxsi N. • OLD Dam/ Nat.. Ja Pound, ESTAALIStif, 1880 Stephen Goldsmith Past President R.M. 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Camera-ready copy. or electronic ads in pdf format, or in Quark Express on a MAC CD with fonts supplied are acceptable. ADVERTISING RATES Space 1 time 3 times 6 times Outside back cover S1500 52600 S4900 Inside covers 500 1400 2500 Full page Color 500 1500 3000 Full page B&W 360 1000 1800 Half page B&W 180 500 900 Quarter page B&W 90 250 450 Eighth page B&W 45 125 225 Requirements: Full page. 42 x 57 picas; half-page may be either vertical or horizontal in format. Single-column width, 20 picas. Except covers, page position may be requested. but not guaranteed. All screens should be 150 line or 300 dpi. Advertising copy shall be restricted to paper currency. allied numismatic material, publications. and related accessories. The SPMC does not guarantee advertise- ments, 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 por- tion of an ad in which a typographical error occurs upon prompt notification. Paper Money • November/December 2006 • Whole No. 246 401 Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XLV, No. 6 Whole No. 246 NOV/DEC 2006 ISSN 0031-1162 FRED L. REED III. Editor, P.O. Box 793941, Dallas, TX 75379 Visit the SPMC web site:www.spmc.org FEATURES Collecting Confederate Currency Began Early 403 By Brent Hughes Currency and the Caduceus 412 By James G. Gamble, MD, PhD Oklahoma!s Emergency Currency of March 1933 419 By Loren Gatch. PhD Nellie T. Peck, National Bank President 434 By Karl Sandford Kabelac About Nationals Mostly: John J. Rowe -- National Bank President 437 By Frank Clark Architects elevation shows Eagle Bank face 437 By Richard Hegel The Buck Starts Here: Grapes and Wine on Notes 438 By Gene Hessler You may not know his name, yet, but Will Fleishell created money 440 By Jamie L. Freedman Interest Bearing Notes: Norton I, Emperor of the United States 442 By Dave Bowers Good for a chuckle: comic fractionals fit the bill 444 By Alan Bleviss On This Date in Paper Money History 447, 449 By Fred Reed wheresgeorge? followup 448 By Fred Reed Nationals were safe, Treasurer said so 453 By James C. Ehrhardt Notes from up North: Three "Guianas" offer unique opportunities 456 By Harold Don Allen, PhD Part 7: More Additions to "A Catalog of SPMC Memorabilia" 464 By Fred Reed King of the Confederate Counterfeiters 466 By Priscilla Rhoades Is this the ultimate courtesy autograph? 472 By Norman G. Peters SOCIETY NEWS Information & Officers 402 A letter for SPMC membership 435 Paper Money and SPMC authors clean up at ANA 446 New references target U.S., Confederate, Texas issues 450 Presidents Column 458 By Benny Bolin 3rd annual SPMC authors forum draws scribes, crowd 460 7th Annual George W. Wait Memorial Prize 474 SOCIFIN oF PAPER M( .)NEV C'OLLECTORS (7 --- BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items Auction Representation 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 402 November/December • Whole No. 246 • 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, 115 Congress St., Brooklyn, NY 11201 SECRETARY Bob Schreiner, POB 2331, Chapel Hill, NC 27515 TREASURER Bob Moon, 104 Chipping Court, Greenwood, SC 29649 BOARD OF GOVERNORS: Mark Anderson, 115 Congress St., Brooklyn, NY 11201 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 Robert J. Kravitz. P.O. Box 6099, Chesterfield, MO 63006 Tom Minerley, 25 Holland Ave #001, Albany, NY 12209-1735 Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 Fred L. Reed HI, P.O. Box 793941, Dallas, TX 75379-3941 Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515 Wendell A. Wolka, P.O. Box 1211. Greenwood, IN 46142 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 Paper Money • November/December 2006 • Whole No. 246 403 Collecting Confederate Currency Began Early By Brent Hughes B SING CURIOUS ABOUT THE EARLIEST COLLECTORS OF Confederate currency, I began accumulating printed references many years ago. I found that it all began shortly after the Civil War ended. There was certainly no shortage of notes because bankers and mer- chants had suddenly been left with boxes and barrels filled with worthless cur- rency. I know of one barrel half full of Confederate notes which survived until 1960 when a lucky collector happened to discover it in an old grocery store building in Petersburg, VA. Because the barrel was relatively light, the store owners over the years had assumed the barrel was empty and it had sat there for almost a century. There is little doubt that millions of notes were burned or thrown out as trash, but millions of others survived. The supply was so large, in fact, that when one of the first dealers, John W. Haseltine of Philadelphia, issued his catalog and pricelist in 1876, he offered a set of the 1864 issue, nine notes ranging from 50e to $500, for only sixty cents. The condition of the notes was described as "clean anti perfect and in most cases Uncirculated." That same set wass being offered in recent years by prominent paper money dealer Hugh Shull for $725. Collectors who want the same notes, hand picked in nice Crisp Uncirculated condition, can have them for $1,250. These prices are from Mr. Shull's First Edition 2000 catalog. There is no doubt that the prices have continued to escalate. Thinking back to 1865 and 1866, we can guess that many people set aside a few notes to keep as souvenirs of the great war, but since they were not seri- ous collectors, they soon lost interest in the bills and gave them to their chil- dren to "play store." I can remember seeing cigar boxes full of Confederate notes in South Carolina as late as 1940. They were all $10 and $20 notes of the final issue, but even they have become valuable in recent years. Editor's note: When the author, a charter member of SPMC, passed away a number of his articles on hand were permitted to be published posthumously in his honor by special arrangement with his widow and son. CATALOGUE OF AMERICAN COINS, MEDALS, &c., Selected from the Cabinets of MESSRS. BACH, BERTSCH, COLBURN, EMERY, FINOTTI, I LSLEY, LEVICK, LI L LIEN DA H L, LIGHTBODY, MCCOY, SEM- PLE, SH URTLEFF, and other collections, purchased at various times by W. ELLIOT WOODWARD, OF ROXBURY, MASS. ALSO, A few fine Foreign Coins and Medals, TO IlE SOLD AT AUCTION, IN NEW YORK CITY, On Tuesday, Dec. 1911e, 18135, and following clays, at the Book Trade-Sale Rooms of IS. CooLEY, 498 Broadway. GEORGE A. LEAVITT, AUCTIONEER. 109 .4/./J— 2670 $1,000 Note of the Confederate States of America; genuine, very fine and rare. 2,577 2671 $500 Note, Confederate States ; genuine, fine, scarce. Sn 2672 $50 Note, Confederate States ; genuine, fine, scarce. Lp 2673 $20 Note, Confederate States; genuine, fine. 2674 $10 Note, Confederate States ; genuine, fine. 2675 $5 Note, Confederate States ; genuine, fine. IS 5. There was some interest in Confederate money shortly after the Civil War ended as evidenced by this auction catalog of December 19, 1865. Lot 2670, the Type 1 Montgomery Note in Very Fine con- dition sold for $4.75. Today it would probably bring $20,000 or more. Lot 2671, probably the Type 2 Montgomery Note, sold for $2.50. Today it would probably bring $18,000 and up. November/December • Whole No. 246 • Paper Money We should digress at this point to explain that when Richmond, VA, the Confederate capital, was evacuated in April of 1865, most of the government's documents were necessarily left behind. In the ensuing chaos, drunken mobs set fires which destroyed much of the city. A few days later, when President Lincoln was assassinated, Union officials suspected that Jefferson Davis and his close associates had been a part of the conspiracy. Convinced that evidence to sup- port their belief might be found in the rebel archives at Richmond, they ordered the mili- tary commander there to seize and ship to Washington all docu- ments that his troops could find. Evidently most of the records had been stored in the cellars of brick buildings where they escaped the flames. In any event we know that on July 21, 1865, a train hauling 490 boxes and barrels of documents, includ- ing millions of Confederate notes, left Richmond bound for Washington, D. C. For two years, government employees searched for incrimi- nating evidence, but found none. Disappointed Union officials called off the search, and the mass of paper was considered worthless. They would soon become a nuisance for govern- ment departments to store, so employees who wished to do so were allowed to take home what- ever they wished. Many workers were fascinated by the rebel cur- rency and the notes moved out in good quantity for many years. It appears that some employees turned this activity into a business and began to sup- ply scarce notes to the growing body of collectors. Thus the serious hobby of collecting Confederate money was born. We will never know all that went on in -Washington at that time because the employees kept it quiet. Collectors submitted want-lists just as they do now and their needs were supplied from government file cabinets. Every one involved was understandably quite happy. There were also a few historians who were trying to assemble all the vari- eties of Confederate currency. I have records of a Dr. Thomas Addis Emmett of New York City who as early as 1866 already had a large collection. Professor Charles E. Anthon of the College of the City of New York was literary editor of the prestigious American Journal of Numismatics at that time. He arranged to examine the Emmett collection and wrote several articles about it which appeared in his magazine in May, July and August of 1867. 404 Paper Money • November/December 2006 • Whole No. 246 405 This pioneer effort was incomplete, but it created some interest until Dr. William Lee of Washington, D.C. wrote a history of Confederate currency in 1875. Privately printed, the book did not circulate widely, and is very difficult to find today. Meanwhile, an industrious government employee named Raphael Thian was hard at work on a detailed examination of the rebel currency. Thian had emigated from his native France and on November 13, 1850, enlisted in the U. S. Army. Somehow he came to the attention of General-in-Chief Winfield Scott who persuaded him to resign from the army and join his civilian staff. When Scott retired on November 1, 1861, Thian moved to the Adjutant General's Office where he advanced to become Chief Clerk on July 1, 1871. Apparently well-liked by his superiors, he would serve until 1911, a total of sixty-one years in the federal service. , ' 04 11• -4.15/..t.; It • • NO9 -, E, A ..... '--.' 10•\ ALBUM l*- , FOR A COMPLETE COLLECTION (WITH DESCRIPTIVE LETTER-PRESS) Of the various Designs for Face and Back selected by the Confederate Treasury Authorities for the Currency of the Confederate States of America. •a . 1861.-1865. 44 ' •• e' A•c,.., Thian's interest in Confederate currency may have begun when he was asked to assemble a number of scrapbooks full of Confederate notes which the Secretary of War wanted to present to retiring generals. Among the recipients of the scrapbooks was General Sherman, who had destroyed the Confederacy's Treasury Note Bureau in Columbia, S.C. during his famous march through Georgia and beyond. Thian soon became obsessed with his research into Confederate finance and would spend the next 20 years in the project. Fortunately for today's schol- ars, Thian made up six scrapbooks for his own use. These books, four contain- ing notes and two with bonds, exist today at the Duke University Library in North Carolina. The Library purchased the books from Thian's son in 1944. Thian's legacy for modern collectors is his Register of the Confederate Debt which became available in reprint form in 1972. The book is of great value to advanced collectors interested in the signers and serial numbers of the various notes. In 1876 Thian copyrighted what he described as his Confederate Note Album for a complete collection of the various Designs for Face and Back selected by the Confederate Treasury Authorities for the Currency of the Confederate States of America, 1861-1865. The title page of the Raphael P. Thian album. Text is "Confederate Note Album for a Complete Collection (with Descriptive Letter-Press) of the various Designs for Face and Back selected by the Confederate Treasury Authorities for the Currency of the Confederate States of America, 1861- 1865." 406 November/December • Whole No. 246 • Paper Money in his preface, Thian said that the album was a result of his "desire to afford collectors of Confederate currency a tasteful repository for their Notes, and at the same time furnish them an accurate and exhaustive description of the varieties comprising a full set." A page from the Raphael Thian album showing the ornate printed frame around the CSA Type 1 $1000 "Montgomery Note." The notes were usually held in place with paste, but in some cases sewing thread was used to form vertical loops to loosely secure them. His descriptions of the individual design types were exhaustive alright. His emphasis on detail can be seen in his description of note number one, the $1000 "Montgomery Note": No.l. $1,000, Montgomery, (written date) 1861. Engraved by the National Bank Note Company of New York and printed on fine bank note paper, in black and green, with plain back. In the right lower cor- ner of the note appears a medallion likeness of Andrew Jackson, while directly opposite is found a corresponding medallion of John C. Calhoun, both of the ovals ornamented at the base and sides by an ele- gant tracery of scroll work. Each of the upper corners contain a very large circular die the one to the right bearing the number "1000", that to the left, the number "M" composed of twelve small elliptical dies grouped together, on each of which appears the words "One Thousand" encircling the number "1000." The central part of the note, above a narrow rectangular space left blank for the signatures, is divided by airy bands and columns of fine lines into forty-five squares - - five in height and nine in length -- the angles of adjacent squares bearing the number "M." From these numerals a narrow band arches upwards and is inscribed "One Thousand." The centre (sic) of each square, a dark ground formed by converging lines, bears the number "1000," while immediately beneath, two narrow bands looped up below the background of the number, are inscribed -- the one to the left, with the numeral "NI", and that to the right, with the number "1000." This central part, a slight border surrounding the note on three sides, and a narrow band at the lower edge, inscribed: "Receivable in payment of all dues except export duties," are printed in green. This note is payable twelve months after date, bears interest ALBUM FO R .. _DERATE CURRENC -,, Y Containing numbered Spaces for the insertion of a Specimen, of each TYPE of the Notes, issued by authority of the Confeatvatz grovtrn.ment, TOG 1,1.2. VT= 1 Iritecr3m7n -p,Try cotes LEO AND AB.B.L.NGED C_ 7E-1_ r3ECr3TEI., NEW TORS. 1877. Paper Money • November/December 2006 • Whole No. 246 407 at ten cents per day, has its number printed in blue, and is signed, in person, by the Register and the Treasurer of the Confederate States Messrs. Alex. B. Clitherall and E. C. Elmore. The pages of descriptions were followed by pages bearing ornate printed frames and numbers matching those assigned to the descriptions. Unfortunately there was no Mylar or other safe material in which the notes could be housed on the pages so the collector had nvo choices. He could either paste the notes to the pages or use sewing thread to form loops to hold the notes in each frame. I have seen both methods used. I once took on the task of removing notes from a Thian album. The paste dissolved easily in warm water and I was able to remove most of the residue from the backs of the notes. The sewing thread never pierced the notes but was placed so closely to the edges that they cut into the notes slightly. Such cuts are easily repaired and cause no great harm to the value of the notes. It would be interesting to know if the Thian albums were made at the Government Printing Office or if he had a private printer. Since such albums were needed to be used as retirement gifts for government officials or military officers, someone in the War Department may have quietly had the albums produced at the government facility. As I recall, the albums were rather plain and utilitarian, but that does not tell us where they were made. During the same year in which Thian introduced his album (1876), John Haseltine produced a price list offering Confederate notes for sale. It is inter- esting that collectors and dealers already knew which notes were rare, scarce or common. Haseltine called the $500 Montgomery Note (CSA Type 2) "exceed- ingly rare" which it certainly is. He also stated that "Uncirculated and even rare clean notes of the first issues are not very plenty." That's still true today. There were obviously several dealers in Confederate currency at the time who were engaging in what Haseltine felt were questionable practices. He said, "I simply wish to state to my friends, and in justice to myself, that in several of The title page of the Bechtel album. Text is "Album for Confederate Currency, containing numbered Spaces for the insertion of a Specimen of each TYPE of the Notes, issued by authority of the Confederate Government, together with a Descriptive Index. Compiled and arranged by C.H. Bechtel, New York, 1877." Ivr TitilkS• ......... /47,- REGISTER „„,,a1,6 14 ..Cii i /' 1' / 7 ////'' lli,74,...Ii ''d.' . : _.2 :-- -e.,:r,./({a/ /Ai - a: ie-` ia.i aaaa ); T1111' : . -._;:li.. !...( , -‘!1, 4L-- .' - , ..0-hea4491,/leac.,PtheeeiP-4/ /(iv(e'W%----- 77—;--,--7,-- --- -- ,Ae7-ed•::2344*41 4: 6 A ---, A b. "7/7-?. 11163''/1.75tik-ilMellraa/l/ela/ki ,filiZESEE9-4 408 November/December • Whole No. 246 • Paper Money the published price lists some of the rarer notes have been mentioned at prices which I know it is impossible to furnish them at." In other words, he was accus- ing his competitors of engaging in what we call today the ''bait and switch game. " Collectors of 1876 now had an album in which to house their notes, and several dealers offering to sell them examples. Then, in 1877, a man named C. H. Bechtel of New York City introduced his Album for Confederate Currency, a richly-bound volume which could take its place on any fine library shelf. It con- tained an index of the various designs which he called "types," the same term we use today. Like Thian, he listed the types from the largest denomination down to the smallest, a practice still used today. Somehow, this arrangement seems backward to me as I would have listed them from the smallest upward. It is too late to change it now. Like the "QWTERTY" typewriter keyboard used today, we are stuck with it. Page 34 of the Bechtel album show- ing what is generally considered to be the rarest Confederate note, which is kown today as the "Indian Princess." Bechtel did not use the word "princess." His description was "$5. Richmond; Negroes loading cot- ton in lower left corner; Indian in upper right corner." The name "Indian Princess" was first used by William West Bradbeer in his book which was published in 1915. Bechtel's album had the same disadvantage that Thian's had. There was no easy way to mount the notes on the pages. Collectors used tiny dabs of paste or sewing thread and hoped for the best. Evidently Mr. Bechtel did not know about the Thian album because in his introduction he mentions the book by Dr. Lee and the catalog by Mr. Haseltine, but has nothing about Thian. Mr. Bechtel states that "another want has been made apparent, namely a book or album in which these mute reminders of our late unpleasantness can be preserved, classified and arranged for each reference." The "mute reminders" he referred to were of course the Confederate notes, but I also recall reading several contemporary diaries in which genteel ladies of the South also referred to the Civil War as "the late unpleasantness." Could it be that Mr. Bechtel was a Southern gentleman, who had moved to New York City seeking business opportunities? Bechtel's descriptions of the various notes were much shorter than Thian's. Of the CSA Type 1, he described it as "$1000. Montgomery; interest at ten cents per clay; head John C. Calhoun in lower left corner; head of Andrew Jackson in lower right corner; National Bank Note Co." '; Paper Money of the United States 0 fi 0. rt rt ATtbUT L. and Ira S. Friedberg BASED ON THE ORIGINAL WORK CT ROBERT FRIEDBERG :414 FROM COLONIAL TIMES TO THE PRESENT THE STANDARD REFERENCE WORK ON PAPER MONEY A COMPLETE ILLUSTRATED GUIDE WITH VALUATIONS • Large size notes • Fractional currency • Small size -notes • Encased postage stamps • Colonial and Continental currency • Confederate States notes Paper Money • November/December 2006 • Whole No. 246 409 In the hottest paper money market ever . . . The new and expanded 18th edition of the classic reference work Paper Money of the United States Arthur L. and Ira S. Friedberg based on the original work by Robert Friedberg (1912-1963) The book on every paper money bookshelf * Large Size Notes * Small Size Notes (expanded) * Fractional Currency New: Complete list- ing of Large Size Star Notes New: United States Paper Money Errors * Encased Postage Stamps * Uncut Sheets * Colonial and Continental Currency War of 1812 * Confederate States Prices in up to five conditions * Price history chart (1953 - date) * Twenty-four pages of illustrations in color * Nearly a thousand photos * The universally- used Friedberg Numbers' — America's stan- dard for describ ing U.S. currency * Complete listing of note-issuing National Banks * Complete signature listing for U.S. cur- rency * Directory of paper money dealers * 352 information- packed pages * 81/2 x 11 inches * Hard cover * Sewn binding * ISBN 087184-518-0 * List price $42.50 (plus $4.75 per order postage & handling) * A must for every col- lector, dealer, his- tori an and library Contact any paper money dealer, or clip and mail the coupon below. Call and place your order now. THE COIN & CURRENCY INSTITUTE, INC. P.O. Box 1057, Clifton, NJ 07014 Tel. (973) 471-1441 • Fax (973) 471-1062 Email: info@PaperMoneyoftheUS.com No. of books: @ $42.50 New Jersey residents: 7% sales tax Shipping & handling (per order) GRAND TOTAL ❑ Check or money order ❑ Discover ❑ VISA ❑ MasterCard ❑ American Express Card No. Exp. date Signature Name Address City Phone AN, Please rush me the 18th (2006 -2007) edition of Paper Money of the United States at $42.50 each. $4.75 St ZIP Puteu LIST or CONFEDERATE NOTES AND BONDS. •10111‘ We HASISIIVINA. 1225 CHESTNUT STREET, PHILADELPHIA, PA. LOT Na.. 1. 1000 dollars, Montgomery National Bank Note Co. (very rare) 1. Sao do. do. (exceedingly rare).. 6 A. e. I00 411 do. do. (very rare) 4. 100 " Richmond, Southern Bank Note Co. (very rare) 6. 60 " Montgomery, National Bank Note Co. (very. fare) 0. 60 .' Richmond, Southern Bank Rote Co. (very rare) ,Telly 25, 1861.--- White faces and backs. T. 100 del are. Two female figures in centre, to. (rare) S. to " Reed q/ WashInglen In centre, go. (rare) 40 0. 20 Ship under full earl In centre, to. (rare) .60 II. to a Female riding a deer in centre, arc. (exceedingly rare) 11. 10 " Female leaning on a shield, on which fel a Confederate flag, itc. (rely, rare) IS. 8 Female leaning on a shield, on which is the ague 6, as (very rare).. IS. 5 4, "Fitz: 5 ,351c.. (very.5ieftenrda,maiContederate states of America" in blue, on1, September 2, 1861.--:Plain white backs. 14. 100 dollars, Man loading a wagon with bales‘ot cotton In centre, to .46 16. so " Seated figure with money cheats In centre, to .le 18. no Train 41 cars In centre, 5,o Southern Bank Note Co. (very rare) Iv. 60 " Read ofJefferson Davis In centre, to. (scarce) lif 21. 20 Head of Alexander H. Steven, In lower left corner, to . Ate 22. 00 Head of Alexander H. Stevens In centre, "Twenty" and "XX" tn green, Sc. (rare) 24. 20 Three female figures In centre, "20" and scroll ingreen, to. (very rim) ea. 20 Snip under full earl In centre, Sc .111 29. 20 Kneeling female figure ; globe and ship In centre, de, Southern Rank Note Co. (very rare) 60. 10 Negro picking cotton In centre, to .86 II. 10 Camp acenh of General Marton Is centre, to .so U. 10 Read of R. M. T.Llunter in lower left corner, SC.— .su U. 10 Group of Indians In centre, Se., Southern Bank Note Co. (very rare) U. Is W5gon loaded with cotton bales. In centre. to. (very rare) U. In Two (filmier; with an urn In upper left cornet, IC .02 LIST OF CONFEDERATE TREASURY NOTES. 1861.— Written . Dates. PRIOR .66 American Numismatic As._=ocluliorl .0., Li re Meit-at, er EMMETT . 1E1 ARA .SON LM-58 i8" kolEMBER-SINCE 1999 410 November/December • Whole No. 246 • Paper Money Haseltine may have been the leading dealer in Confederate notes and bonds when he published his catalog and mail-order price list in 1876. His catalog listed 136 varieties of notes and 55 varieties of bonds. The four- page price list offered notes from five cents to 75 cents each; bonds at 50 cents to 75 cents each, depending on rarity. He also used a much sim- pler and more dignified printed frame on the pages reserved for the notes, and he achieved a cer- tain degree of security for the album owner in the classic design of the spine of his album. On a library shelf, his album looked like a typical fine book of that era. A burglar searching for valuables would not have been likely to scan several hundred book titles in a home library. So far as I can determine, these two albums satisfied the demand from collectors many of whom used individual white envelopes to preserve their notes. With a plentiful supply of notes available, most collectors of that era searched for scarce varieties rather than types. Bechtel estimated that there were more than 1,500 varieties, but that an album to house them would have been far too expen- sive to market. Finally, in 1915, William West Bradbeer published his famous book Confederate and Southern States Currency, which listed all the varieties known to him. These Bradbeer numbers would eventually be adopted by Grover Criswell in his series of guide books which began about 1957, and which have generally prevailed in cataloging notes down to today.. Today of course collectors have a wide variety of albums available to them, There are chemically inert holders which offer maximum protection for the precious notes. Condition seems to be the most important factor in today's marketplace, and we see enormous sums of money being spent by those who want only the finest specimens available. It is not likely that this desire for per- fection will end anytime soon. I still find it amazing that even today collectors can purchase a Confederate note in Gem Crisp Uncirculated condition, but that fact just makes the hobby that much more fascinating. Letter to the Editor Fred, this is just a suggestion for folks who buy Life Memberships. They can arrange to buy a plaque like this one. That way you have something to display. Emmett Haralson SPMC LM 356 .*Nti U..rAW-Eal K2586273* 44,.,444•14 4444I ev h', 4r, flrrati gt ///, ,113729> Ptflffs H11. iRI VL!, 1 ANIVIth • \ Mil \AIN /TES ctivity in the paper money market is stronger than ever! For example, several weeks ago we bought a nice group of "type" paper money. As quick as a wink, they were all gone. We have been cherrypicking certified notes for their eye appeal, brightness of colors, excellent margins, and overall appearance, with an emphasis on popular designs and types, many of which are featured in 100 Greatest American Currency Notes by Q. David Bowers and David Sundman (recently published by Whitman). We are constantly adding to inventory but most items are one-of-a-kind in our stock; therefore we suggest you visit our website and call immediately to make a purchase. If you prefer a printed version of our listings, simply send a request via fax to Melissa Karstedt at the number below. Place an order for any paper money totaling $1,000 or more and you will receive a personally autographed copy of 100 Greatest American Currency Notes with our compliments. CHECK OUT OUR OFFERING TODAY AND GIVE US A CALL. WANT LISTS ACCEPTED! "qk GET A FREE COPY OF 100 Greatest American Currency Notes WITH YOUR $1000 PURCHASE! AMERICAN NUMISIV ATIC RARITIES, Lik, P.O. Box 1804 • Wolleboro, NH 03894 • Th11-free: 866-811-1804 • 603-569-0823 Fax: 603-569-3875 • www.anrcoins.com • salesVanrcoins.com N G Members: RiChattl Kam Q. It Bowers Christine Karsteth ANA Life Members lb. Rich:1M Kam Q. David Bowers ehrittine Karstedt Abb.. KABICAll John bralievich, Jr. John M. Pati Fmk Van Video Paper Money • November/December 2006 • Whole No. 246 411 WISHED ONLY s;',,, ASSISTAKT AN D DESIGN/mill )1 DEFOSI1ARIEVt$: 8 Figure 1: 3rd issue Fractional with caduceus at lower left. 412 November/December • Whole No. 246 • Paper Money Current and: the Caduceus Abstract Today, the caduceus is a universal symbol of medicine. However, this was not always the case. Until the begin- ning of the twentieth century, the caduceus was recog- nized as the magic wand of Hermes, a symbol of good faith, wise leadership, and commercial success. For this reason, mid-nineteenth-century bankers and even the ederal Government put an image of the caduceus on paper currency. Nineteenth-century medical practice had such a bad reputation that no banker or business person would have wanted to be associated with the medical profession. In 1902, the Medical Service of the United States Army adopted the caduceus as its logo, and since that time the caduceus and medi- cine have been intertwined. Currency and the Caduceus ‘ODAY, WE RECOGNIZE THE CADUCEUS AS A UNIVERSAL symbol of the medical profession. The caduceus is so familiar that hospitals, insurance companies, and even pharmaceutical manufac- turers use the symbol with confidence that we will mentally con- nect their organization with the medical profession. However, you might be surprised to learn that the caduceus was not always identified with medicine. In fact, during the nineteenth century the most frequent use of the caduceus was on the vignettes of paper bank notes. Even the Bureau of Engraving and Printing put an image of the caduceus on the 3rd issue five-cent fractional note (Figure 1). Why did so many bankers and even the United States Government use the caduceus to decorate paper money? Were they trying to identify with physicians or with some aspect of nineteenth century medical practice? To answer these questions we must delve into nineteenth-century banking practices and review the history of the caduceus. By James G. Gamble, M.D., Ph.D. Professor, Orthopaedic Surgery Stanford University Medical Center Packard Children's Hospital at Stanford Paper Money • November/December 2006 • Whole No. 246 413 The nineteenth-century saw frequent cycles of inflation and depression during which metallic coins would disappear from circulation because the value of the base metal exceeded the face value of the coin. People would hoard or simply melt down the coins. As a result, consumers were forced to use paper banknotes to pay the grocer, the baker, and even the doctor (if the transaction did not involve barter). Furthermore, with the lax banking laws and the ubiq- uitous political corruption of the times, it was relatively easy for unscrupulous businessmen to open a bank and begin printing paper banknotes. As a result, many varieties of paper notes circulated throughout the country, and counter- feit currency was common. For instance, in 1857, at least 7000 different kinds of valid notes were circulating as well as more than 5500 varieties of fraudulent ones. 1 People were never quite sure of the value of their paper currency. With such a motley array of banknotes circulating, a merchant needed constant expert advice to decide which note to accept and which to reject. 2 Ironically, President Andrew Jackson, whose portrait decorates our twenty-dollar bill, was responsible to a large extent for the currency crisis. The Free Banking Era The 1828 presidential election of Andrew Jackson ushered in a political era of the "common man." All six presidents before Jackson came from a privi- leged, landed background, but Jackson was a commoner and a Westerner, not a member of the Eastern elite. Jackson was suspicious of big government, big business, and especially the Nation's central banking system, which all were centered in the Eastern States. The first Bank of the United States in Philadelphia had received a twenty-year charter beginning in 1791, and the Second BUS (Figure 2) was chartered in 1816. This Second BUS was the largest and most successful corporation in the country. Eastern money interests domi- nated the Bank. Jackson and his supporters thought the national bank was a dangerous monopoly, which operated to the advantage of the Eastern elite. He blamed the conserva- tive policies of the BUS for tightening credit and thereby slowing the economic develop- ment of the West. 3 After his re-election in 1832, Jackson declared unoffi- cial war on the national bank. He ordered his Treasury Secretary to withdraw all the Federal deposits from the Second BUS and place them in selected state banks, 4 the so- called "pet banks." When the charter of the Second BUS ran out, Jackson vetoed a bill that would have extended the life of the bank beyond 1836. Banking now became a state and local affair. Furthermore, it was relatively easy to acquire a charter, begin printing and circulating currency. States, cities, counties, rail- roads, mining companies, local banks, and even construction companies went into the banking business and began issuing paper money. In theory, the paper money of these institutions could be redeemed at any time for specie (gold, silver, or metallic coin). In principle, the vaults of these Figure 2: Second Bank of the United States, Philadelphia C T THE RUN ON THE BANK -Ltire:tOsrqms&VWidlir-Tt ION 5TAGE 414 November/December • Whole No. 246 • Paper Money Figure 3: "The Run on the Bank, a crisis in the affairs of the Great Financial Institution," a 19th century stage play. (Library of Congress) banks were a safer place to store coins than in a straw mattress or under the floorboard, and interest offered by banks on some notes must have been attrac- tive. In reality, with little or no regulation of the institutions and with the con- siderable economic instability of the times, financial panics occurred frequent- ly, and customers would make "runs" on the bank (Figure 3), demanding their money and causing the bank to fail. Thus, began the term "broken bank note" for the obsolete currency of these failed financial institutions. To prevent a run on the bank, it was crucial for the banker to maintain public confidence and keep the notes in circulation as long as possible, prefer- ably forever, this retaining possession of the precious metal pledged to redeem the note. To this end, bankers used a number of ploys and even deceptions to garner public confidence. Some banks would keep barrels of nails covered by a thin layer of gold coins in their vaults to assure depositors of the strength of the bank. Other banks would designate, in fine print, of course, that notes could be redeemed only at their " main office," which might be located in remote wilderness areas. This gave rise to the term "wildcat bank" because the holder of the note had to have the tenacity of a wildcat just to get to the bank. It would have been unlikely that the average person would have had the time or the resources to redeem their notes. Thus, people were forced either to attempt to pass the notes on, usually at a discount, or to accept the loss and dis- card the notes. Many of the notes that survive today probably had been tossed aside in disgust and simply forgotten. Another common banker's ploy was to make the paper currency as artisti- cally attractive as possible (Figure 4). The more elaborate the vignettes on the notes, the more impressive the issuing organization might seem, and, as an N? B •Ai; .v://,/, A qua ills.alailLy Pi A rr Wilt)tuystal Latp,Aityx /fr4W. I. .4,e/i/ 4 jvi, 40 • /7;144 11:11 .7ST 17 // 1*, IZ/d . .11! . - FARMERS &EXCHANGEBANK chaideston.s.E._ //i„_ I VII DOLLARS • • .A0 Paper Money • November/December 2006 • Whole No. 246 415 Figure 4: Elaborate $20 note issued by the Chesapeake and Ohio Canal Company on October 9, 1840. Figure 5: A note from the Farmer's and Exchange Bank of Charleston, South Carolina, depicting the har- vest and transport of cotton by slaves. Figure 6: Nautical scene on a note from The New England Commercial Bank in Newport, Rhode Island. added benefit, the more difficult to counterfeit the note. 5 Today, these vignettes and portraits are miniature works of art that offer a glimpse into the life and social values of the nineteenth century. For instance, notes from the Southern states depicted agricultural scenes involving cotton and slave labor, the economic engine of the antebellum South (Figure 5). Notes from the Northern states showed nautical or industrial scenes (Figure 6), while the notes from the Western states often depicted railroad and Native American scenes (Figure 7). One of the more interesting types of vignettes used on a variety of bank notes was the depiction of bare breasted women (Figure 8). At first glance, this might seem like a cultural contradiction, a semi-nude woman appearing on circulating currency during the time of Victorian social and moral values. One could argue that such a vignette might represent nothing more than an example of the double standard of the time. However, we must remember that the goal of the banker was to keep his notes in circulation as long as possible. In 1850, 416 November/December • Whole No. 246 • Paper Money Figure 7: A railroad scene with Native Americans from The Western Exchange Fire and Marine Insurance Company of Omaha City, Nebraska. Figure 8: A rather risque note from the Bank of DeSoto in DeSoto, Nebraska. Figure 9: A note issued by the Bank of Wisconsin in Green Bay showing a semi- nude holding a caduceus. Figure 9a: Close up of caduceus in hand of another risque maiden. it must have been thrilling to see a note with a bold picture of a semi-nude. In fact, it might have been just thrilling enough that the holder of the note would be willing to tuck it away indefinitely for periodic viewing, thus satisfying the banker's wish to keep his note in the public domain and the gold in his vault. Vignettes and the use of the caduceus Obsolete currency commonly included figures holding a caduceus (Figures 9 and 10). What would the medical symbol have meant to someone in the nineteenth century (Close up figures 9a and 10a), and just why was an image of the caduceus put on currency? • - 11. '?: 71,4■..eiTs„ I 0,Tti• I.. ,,,, FARMER SI MERCHANTS'- BANK . • •-/ YILft t,L4rg14a r/i////i// ,/ . tt, a.1' 1'' S I ) I , 4 - ) 4 3 6. L • 4; 1 'MEE 1).7.1.1ti of r m s . : — ... ....- - II .1a.7 1.417.:N R.V.TE 1111; • ' *7 7/ :111.1.M ,fr.:111* 4- i iii. ,oin or- , ,,..ujoitsi N.J.!! vr , , --,-,, 1.1....‘N. ..„. _ ;$1,“-iJ itt:17211Y ,.......,____-1:)„._ .41"xCla .., ;4),)..1)1),;11, .- toot-E s-raA NO 6 — -_-- ..., ... ..... .. ,... •-..., • • 4 ,-,A, ...,.:.• ....m.A..8,:1:1/4: 1.410A-4t-itor. ut,...jr • i • ' -A ii)01 ‘ Paper Money • November/December 2006 • Whole No. 246 417 Figure 10: A cherub holding a caduceus is part of an elaborate vignette which includes five gold dollars. Figure 10a: close up, Scientific medicine as we know it was in its infancy at mid-nineteenth century. The American Medical Association was established in 1847, but orga- nized medicine remained weak and fragmented. The science of bacteriology- was just beginning. In 1857 Louis Pasteur showed that bacteria cause infec- tions. In 1865 Joseph Lister conducted the first antiseptic operation using car- bolic acid to cleanse the wound and heat to sterilize the instruments. Due to the crude and often harmful medical practices of the mid-nine- teenth century, the public had developed a deep skepticism of physicians. To confound the situation, Jacksonian democracy had a severe, negative impact on science-based medicine. In the name of egalitarianism, most states abolished the licensing of physicians during the 1840s, and anyone was free to assume the title of "Doctor" and to take up the practice of medicine. The public was inundated by quackery of all kinds: hydrotherapy, phrenology, mesmerism, patient medicines, and doctors "for man and beast alike" (Figure 11). It would take the carnage of the Civil War plus another thirty years before scien- tific medicine began to gain the upper hand in the United States. Figure 11: A note issued by the Laboratory of Dr. J. H. McLean of St. Louis and allegedly signed by the Treasurer of the State of Missouri. Figures 12 and 13: The Magic Wand of Hermes, and the Aesculapian Staff. When a nineteenth century person saw the caduceus, he or she would have thought of the magic wand of Hermes/Mercury, the Greco-Roman messenger of the gods. 6 Hermes was also the deity of eloquence, wealth, and commerce. His magic wand was a short rod entwined with two snakes and topped with a pair of wings (Figure 12). On the other hand, the original symbol of the medical profession from Greek antiquity is the Aesculapian staff (Figure 13), often confused with the caduceus. The Aesculapian staff is entwined by one snake and contains the Greek words, "Life is short; art is long; experience difficult." 7 418 November/December • Whole No. 246 • Paper Money From the 16th through the 19th centuries, the caduceus was used mostly as a general symbol of wisdom and eloquence, particularly as related to busi- ness. In 1851 hospital stewards (medical noncommissioned officers) first began wearing the caduceus as their insignia. 8 Then in 1902 the United States Army Medical Department adopted the caduceus as its insignia. 9 Subsequently, hundreds of thousands of draftees were exposed to the caduceus as our country entered the World Wars of the twentieth-century, and the medical branch of the military grew in importance. This exposure in uniform essentially trans- ferred the association of the caduceus from the commercial arena to the med- ical profession. So why did mid-nineteenth century bankers put the caduceus on their paper currency? Bankers wanted to associate their banks with Hermes, thus projecting a public image of good faith, wise leadership, and commercial suc- cess. This was just another visual ploy to instill confidence in the note and pre- vent a run on the bank. As to any association with medicine, given the sorry state of medical practice and the low public opinion of "doctors," at the time, I think the bankers would have been appalled to have anyone associate their bank or their currency, in any way, with the medical profession! Correspondence may be sent to James G. Gamble, M.D., Ph.D., Stanford University Medical Center, Edwards Building, R-144, Stanford, California, 94304-5341. End Notes Elvira and Vladimir Clain-Stefanelli, Two Centuries of American Banking, p 69. 2 Edgar Erskine Hume, Victories ofArmy Medicine, p 160. 3 D. Rubel, Encyclopedia of Presidents anti Their Times, p 46. 4 i0C sit, p 47. 5 R.H. Durand, Interesting Notes about Allegorical Representations, p 3. 6 O.L. Beaman, A Pictorial History of Medicine, p 16. 7 ibid. 8 Hume, p 33. 9 Walter Friedlander, The Golden Wand of Medicine, p 157. References Bettmann, O.L. A Pictorial History of Medicine, Fourth Printing. Springfield, IL: Charles C. Thomas, 1972. Bureau of Engraving and Printing Website. http://www.moneyfactory. gov/document.cfm/18/106. Clain-Stefanelli, Elvira and Vladimir. Two Centuries of American Banking. Washington, D.C.: Acropolis Books, Ltd, 1975. Durand, R.H. Interesting Notes about Allegorical Representations. Rehoboth, MA: R.H. Durand & Co., Ltd, 1994. Friedlander, Walter J. The Golden Wand of Medicine. A history of the caduceus symbol in medicine, Contributions in Medical Studies, No 35. Westport, CT: Greenwood Press, 1992. Hessler, G. The Comprehensive Catalog of U.S. Paper Money, Sixth Edition. Port Clinton, OH: BNR Press, 1997. Lighter, J.E. The Atlantic Online, June 1997. http://www.theatlantic .com/issues/97jun/9706imp.htm. Rubel, D. Encyclopedia of the Presidents and their Times. New York, Toronto, London, Auckland, Sydney: Scholastic Inc., 1994, pp 46, 47. Scroggs, William 0. A Century of Banking Progress. Garden City and New York: Doubleday, Page and Company, 1924. Hume, Edgar Erskine. Victories of Army Medicine. Philadelphia: J.B. Lippincott Co., 1943. Money Mart ads pay dividends. Six issues, three lines, only $20.25 Paper Money • November/December 2006 • Whole No. 246 419 This article describes one particular form of local, Oklahoma currency: the emergency scrip issued during the banking holiday of early March 1933. Desperate for a circulating medium, private employers worked with civic lead- ers and banks to issue legal and acceptable replacements for United States cur- rency. They did this not only in the absence of consistent guidance from the national government, but in the face of open hostility from Oklahoma's impetuous Governor, William 14. ("Alfalfa Bill") Murray, a conservative pop- ulist with deep suspicions of bankers and banking. While the most prominent example of such emergency money was the scrip of the Cash Relief Trust of Oklahoma City, similar arrangements on a smaller scale were also introduced in the cities of Bristow, Cushing, Pauls Valley, Ponca City, Sapulpa, and Seminole. Like many rural states, hard times came to Oklahoma long before the Crash of '29. Throughout the 1920s, the state's banks were plagued by defaults, as their farming clientele was ground down by low agricultural prices. The paralysis of the nation's banking sys- tem by early 1933 only made a bad situation worse, and Governor Murray issued the order to close the state's banks on Wednesday, March first. The possibility of issuing an emergency exchange medium was immediately raised. After all, Oklahomans remembered that during the panic of 1907 bank clearing houses in the new state as well as around the country resorted to the issue of clearing house certificates to relieve shortages of cash. 3 Oklahoma bankers were not, as a group, averse to scrip or clearing house certificates. Yet the banking moratorium left them uncertain as to their legal ability to underwrite either alternative. One Alfalfa County banker, who other- wise favored an issue of "soldier bonus certificates" to circulate as money, prof- fered this reasonable complaint about scrip: "If there is sufficient credit and backening [sic] behind the script [sic], which there must be in order that it will pass, why can't that same credit be used at our federal reserve banks to get the actual currency and not have to issue scrip?" 4 Farmer and sons walking in the face of a dust storm. Cimarron County, Oklahoma. Arthur Rothstein, photogra- pher. Farm Security Administration -- Office of War Information Photograph Collection, Library of Congress Prints and Photographs Division Washington, DC 20540. Digital ID: cph 3g04840. * Ponca City Cushing * Sapulp Bristow * * Oklahoma City * Seminole Pauls Valley tins CiNTIFICAT1C GOOD ONLY IN NNW' 0 W. OK U. PARTICIPATING CERTIFICATE A No 0 Tins CERTIF IC ATE re cure , $14-< its Olaf hrre beers tie. pctektel weft the firUeow Clulamber of Coal ,-ce sod win be rt. deemed in each ►+1, the mci.kow °umber of Cormorroe 'when colletcUon hw been made oet web rive( its as hare been &pow ed, AVTNk,./(r, 9). A R S =10 Bristow "Participating Certificates", issued in denominations from 25 cents to 10 dollars, were the first of Oklahoma's emergency money issues of 1933 (Copyright 1933, The Oklahoma Publishing Company) November/December • Whole No. 246 • Paper Money The severity of the cash shortage depended upon how quickly the state's banks could be reopened. On Friday Murray extended the banking holiday to the following Wednesday, March 8. The prospects for an adequate circulating medium dimmed when the state's bank commissioner, William J. Barnett ruled that frozen assets of the banks could not be used, as in past crises, to back clear- ing house certificates. The Oklahoma City and Tulsa Clearing Houses met separately to deal with the problem of weekend pay rolls without their tradi- tional tools. Unwilling to challenge the Governor by advancing funds for busi- ness's pay rolls or even issuing clearing house certificates, the banks instead deferred to local business leaders to devise a scrip plan. Hubert Hudson of the Oklahoma Railway Co. took the lead in mobiliz- ing the business community to coordinate a scrip alternative called the Cash Reserve Association. 5 Hudson, whose company urgently needed cash to meet its Saturday pay roll, pushed for scrip when it became clear that the governor's executive order had effectively impounded all currency in the banks' vaults. Scrip purchasers would pay by check $101 for every $100 issued, the extra amount covering operating costs. 6 Crucial to the success of the scrip plan was its acceptance both by the general public and by the retail community. The Chamber of Commerce pledged its willingness to support any plan for dealing with the bank moratori- um. For their part, the Clearing House banks issued a statement endorsing the new scrip as a stop-gap measure until the banking moratorium was lifted. To bolster public confidence in the proposed medium, scrip could be obtained only by reputable firms against their frozen bank balances. While banks them- selves could not guarantee the scrip, they did stand ready to divulge to the Cash Reserve Association financial information about firms and individuals seeking to purchase scrip; in effect, the banks would unofficially "earmark" purchasers' accounts to the amount of scrip they drew. 7 While it was unlikely that scrip would be accepted far beyond city limits, Hudson nonetheless declared his eagerness to subscribe to a first issue of $17,000 to meet his payroll. What would the scrip look like in the hands of the public? The denomi- nations would be one, five, and ten dollars, with any change below one dollar made in coin. An issue worth $600,000 was planned-200,000 ones, 40,000 fives, and 20,000 tens. Production would be carried out by the Trave-Taylor Printing Company. For security, the design would be lithographed on gray bank safety paper, with a black-on-white front and a green-on-white back, in somewhat larger size than standard United States currency. On one side, the scrip would bear the reminder "This is Not United States Currency". Its back would early in large print the denomination of the scrip, as well as a medallion depicting the skyline of Oklahoma City with the motto, "Oklahoma City, the City of Progress." 8 While the mechanics of scrip issuance seemed estab- lished, it remained unclear how long it would be needed. In Tulsa, where merchants pre- ferred a clearing house issue to business-sponsored scrip, the banks held back on any plan until they received national guidance. Not every community remained as patient. The oil town of Bristow began moving as early as March 3 to put its own scrip into circulation. At a meeting Friday nigh t, Bristow merchants created the Bristow "scrip bank" under the supervision o f the local Chamber of Commerce, and 420 $5 1899 Silver Certificate4pmG,d 111127S 1 erhre I Burke here StONVI 61 - ,!Vil'i SIN M58433409 pp A v•1 PereatsAilifillkirCIABBILT3001411-Akli'alt, viUrereskUrt.teitie.1.4re,. CO. ee.M.Bleurueterk.; ..Atviivivasitietsatita 111E^11M311513 Paper Money • November/December 2006 • Whole No. 246 421 TRUST YOUR TREASURES TO THE INDUSTRY'S Label Features Prominent display of cataloging information and grade Security features such as hologram, bar code, and reiterated grade Generous area for graders' comments Join thecommunity www.collectors-society.com 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. 4ZAPMG 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 t • ...w se,. see voltstIllolkesMISseesetellrost sr wteleerosewseetlerstoewleve seste.hills. 71StessNorPellIOWtsssoWasts. essorisowtioose.,.4 Non Interest Rearing Scrip Al NV 496 Iln)rseroil oof this sstlp III cash Is gsrst•nterel by stet...sit ei 1,111‘ •t`rtl,rol stray step esttes1 with the vent nest.. elsosselser ets'oonstsserese •esti Its re' A••s eloliooss tiossIssr the terms s•f Articles ssf AssesselS11 , 11 Appris,e1 h 6, It.:11 • essio • '4 ,.1,1 , 1, In ..n IN the "fit,' ,f th. Aserselnilsols 7.==rS:=71-=‘,..2.:7"--•:".-!',..---S-27.7—s- es. — — — - 422 G O CO011teltte Cushing "Trade Script" [sic] (Copyright 1933, The Cushing Daily Citizen) SCR I P November/December • Whole No. 246 • Paper Money approved a first issue of $2,000 in "home made money" for the next day. Lea M. Nichols, the Bristow publisher, served as President of the scrip bank. Denominations of the Bristow "Participating Certificates" ranged from ten dollars to twenty-five cents. Staffed temporarily by employees seconded from National Bank and the Community State Bank, the scrip bank issued its paper against deposited No. X193036Z N TRA I) 1,7, dollars worth of Cushing scrip was printed Sunday on blue and yellow safety paper and countersigned by L. N. Stephenson (of the Farmers) and Levi Swingle (of the First National). This scrip would supplement a plan by 0. H. Lachenmeyer, President of the Publishing Company of Cushing. Lachenmeyer, who published the Cushing Daily Citizen, proposed issuing to his employees $1 scrip backed by his frozen bank accounts and receivable for advertising and subscription fees. He was joined by Cooksey's General Store, which planned to issue its own checks in denominations up to $2 and redeemable in the store's own merchandise. 10 At an all-clay meeting Sunday, The Seminole Chamber of Commerce founded a Cash Reserve Association that would issue one, five, and ten dollar scrip in the form of checks signed by Association members. At the initial meet- ing, 50 merchants and business- :, men committed to underwrite the scrip's redemption. Although oil company checks would be the principal security for the scrip, SC11,11' utilities like the Seminole Gas 1: Co. and Oklahoma Gas and Electric also signed on. The Seminole Cash Reserve Association's method differed from other schemes. Instead of selling scrip to companies or employees, merchants would secure scrip in exchange for pay- roll checks which they received from employees and which they would deposit as collateral. As additional security, scrip would be signed by the individual mer- chants who drew it out as well as by the Association's officers. 11 A meeting of Guthrie busi- nessmen Saturday night created a Committee of Ten to devise a scrip plan; by Monday, they had arrived at the idea of Guthrie banks issuing one, five, and ten dollar certificates of deposit against frozen accounts. 12 Seminole "Scrip Dollar" (Copyright 1933, The Oklahoma Publishing Company) Trade Script Issuod By Tilt Cushing Trade Clearance Association 01) FOR FIVE DOI.I.ARS I Must Be Redeemed ;,:nee 1 I933 rhcdc• nn h9 corornitaw g■--• . , the American 4 , 11.'s TRANSFRRAM.1 Series ti payroll checks. 9 That Friday night also saw Cushing merchants forming the Cushing Trade Clearance Association to pursue a similar plan. Backed by payroll checks, Cushing's scrip would rely upon the good agencies of the Farmers National and the First National Banks to confirm employers' account balances. Ten thousand This Is Not Unit ed States Currency .zurip "1 I .,f !essossiossile. t)LIAIssIsIss NE and y !sostIltss! ■ UNITED STATES CURRENCY S C i2 ()V "' RFT: ITT Titt: OF OKLAHOMA ( . 1 . ()I■ 1..1110N1A NOV tiE-11(1N( Irq nO, .• .,•■ t • , Paper Money • November/December 2006 • Whole No. 246 423 Finally, in Ponca City that same night the Retailers Association worked out the details of a substantial $50,000 scrip issue in the same range of denomi- nations. Backed by bank deposits, scrip was to be purchased by check in amounts as low as $50. Applicants for scrip would assign to the Retailers Association an equivalent claim upon their bank accounts. As in Cushing, this plan was made more palatable by the roles played by local bankers. Clyde E. Muchmore, editor of the Ponca City News, exuded confidence: "It is good for the reason that we say it is good, and after all that is the only reason that any money is good. This scrip will and should have free circulation in Ponca City." 13 Nationally, the banking situation only got worse, and by March 4, the very day of Roosevelt's inauguration, the entire nation's financial system was at a standstill. In Oklahoma, meanwhile, legal concerns delayed the issuance of Cash Reserve scrip. The next day, Barnett warned bankers across Oklahoma against scrip. The Tulsa Clearing House backed away from any issue in advance of federal guidelines, while the Ponca City Retailers Association dropped its original plan and considered re-forming itself as a clearing house. 14 The Cash Reserve Association held back on printing scrip, and postponed the opening of the scrip bank's offices until Monday morning. As a result, many Saturday pay rolls such as Hudson's simply went unpaid. Scrip received critical support from Oklahoma City, when city manager Albert McRill announced that the city council had agreed in its Saturday meeting to accept it for fines, license fees, and other city bills. In contrast, Oklahoma County offices elected not to accept scrip for taxes, and court costs. 15 By Sunday night, March 5, 500 businessmen meeting at the Chamber of Commerce were introduced to the "Cash Relief Trust" as a replacement for the Cash Reserve Association. Ten thousand dollars was raised at the meeting to assure its operating costs. Unlike the previous entity, the Cash Relief Trust Cash Relief Trust Scrip of Oklahoma City would not sell scrip to individual purchasers, but would offer it directly to firms (Copyright 1933, The Oklahoma in thousand dollar quantities. Hudson and Edgar T. Bell of the Oklahoma Publishing Company) Publishing Co. remained Chairman and Secretary respec- tively of the new incarnation. Not coincidentally, first in line to pur- chase were the Oklahoma Railway Co., with a payroll of $17,500, and the Oklahoma Publishing Co., with a payroll of more than $20,000. Serving as trustees of the new organization were Edgar Honnold, the hard- ware merchant M. S. McEldowney, and Herbert M. Peck. "Major" Peck in particular exemplified the close ties among the principals of the scrip scheme: a vice president and trust officer of the First National until 1928, Peck served as the Oklahoma Publishing Company's general counsel. Under the revised plan, the trustees were especially important because they were the ones to assess whether or not an applicant qualified to receive scrip. In this Oklahoma Governor William H. "Alfalfa Bill" Murray (1931-1935) looked with suspicion upon the Cash Relief Trust's scrip issue. 424 November/December • Whole No. 246 • Paper Money revised procedure, at the time of application the corporate buyer would give the scrip bank permission to examine the company's account balance in its reg- ular bank. The scrip bank established by this trust would continue to be located at the First National Bank and Trust Company building. As in the old plan, the first printing would amount to $600,000. The "Declaration of Trust" was signed _March 4 and filed at the county courthouse on March 8. 16 National developments Sunday night also called into question the timetable for issuing scrip. Roosevelt's Sunday declaration of a national bank holiday beginning Monday morning and lasting until Friday March 10 pre- empted state moratoria. While Roosevelt's proclamation authorized the issue of clearing house certificates, Treasury Secretary William Woodin delayed issuing any specific orders granting their release. 17 The prospects for Oklahoma scrip dimmed further on Monday when Governor Murray came out roundly against the businessmen's plan. In a ram- bling broadside to the press he reminded Oklahomans that before statehood the coal operators in the Indian Territory issued script [sic], which ultimately was good at the Commissary of the Company, whose prices were outrageously high for redemption of this scrip. In the Constitutional convention we set the ground work and completed in the first Legislature the destruction of this script [sic]. Here Murray was referring to early legislation that sought to force min- ing companies to pay its employees in "lawful money of the United States" instead of the company scrip that commonly circulated in areas without banks. 18 This had been a delicate point for the original scrip plan. He contin- ued: I thought it was gone for good, but I read in the Sunday's and today's Oklahoman a proposition to issue, without limit, script [sic] by cer- tain concerns in Oklahoma City, in which they say: 'Trust will be filed and it is guaranteed'. Evidently it is a Common Law Trust simply, and guaranteed by themselves who pass out this script [sic], by their own bankruptcy. ...I warn those who are attempting to unload such a bubble on the public to stop now, and I warn the general public, especially the little business man, not to accept such chromos in the name of money for such are never sound, even in times of prosperity and solvency. 19 The Daily Oklahoman, which had just published on Monday a full-page ad promoting scrip use, and whose officers were intimately involved in the scrip plan, reacted furiously. In comparing the scrip just issued to the scrip of the old pre-state coal fields, Governor Murray is going to the utmost bound of error. The scrip he has in mind was issued by companies and too often redeemable at company stores only. The scrip now circulating in Oklahoma City is redeemable in the money of the company issuing the scrip. No company repudiating its scrip or failing to make it good would last any longer than if it had repudiated its checks... .In referring to the company scrip of the coal fields the governor makes no mention of the irregular paper issued in the panic days of 1907. That paper kept business alive and prevented suf- fering, and no one who accepted it lost a penny through using it. 20 Whether reasonable or not, Murray's and Barnett's opposition to Oklahoma City scrip reinforced national developments that cast the business- men's plan into doubt. Printed scrip bearing the name of the Cash Relief Trust and amounting to $600,000 languished in the vaults of the First National. 21 The governor's attack on scrip also delayed its issue in Seminole, where direc- tors of the Seminole Chamber of Commerce Cash Reserve Association awaited word of a national scrip plan. Cushing's Trade Clearance Association, which had printed its supply Sunday, delayed releasing it through Wednesday. Skeptical of scrip, Sapulpa businessmen held off on an issue through the S fireilatateretatirlirl $ 1 ta i;e0'010 Kay County Clearing House _Certificate F reach. This chum:duce unanimo esusly decid the amountimr liningFred . CertificatesNC:il b i. claim agaimt a bfiat the Settlr9 itS of freed by o mesnimr- hsnk. Cles.inx -House Certificates are a common slier ti con aieral deposited by the eircuIrting bark. - ; Dated at Ponca City, 0ktabard _this. the 10th ..day of March, 1933. THIS ONE.DOLLAR CEItTIF LASE la issued by- the Koo Cnuoty (Jeering House Association as ESN; p l. a rd nd e the circulating bank. The, seourilld are held - , trust-by the special COtSe repreae• rii;iloo of g House Association Securities led al b , K„ Me'elr each tbIa. nlilo arc unanimously committe by a ni'mi medium of temporary exchange. It is - coliatrialbs . seesitecl oy d"r-ct ^nyment obligations of the United Slates, the State of Oklahoma, and municioa/. 0,11 ,4.1,s thereof(' ami/er by secured notes pledged auaramttd by r^ can be is, i!, a F. Smith T. W. rentice 110NERWINUMMISONE ATTEST: 0. S. ELLIFRIT. Secretary. L. C. WRIGHT. Treasurer. KAY COUNTY CLEARING HOUSE ASSOCIATION _ By 0., 0. JOHNSON, President. ..GEO. F. SMITH, Vice President. 1 ' 92 THE PONCA CITY PUBLISHING CO.. INC. Ponca City, Oklahoma, March 5, 1933, for and guaratBeed by Kifet9.4 S 1 lifiliiiiMBEINNI$ 1 THE--NEWS 10 Make Business-Better-Certificate ,• ••0 Non•interest bearing. Net United States Currency. ONE DOLL A BY glpile V I.-wed at Attest: El& sK— AVAIRSZION ELIO ? •Head agreement on reserse side. Treasurer. s tripieffiriiiiiterrtin$ 1v eil.1.—.7t The News Malec-Business-Better Certificate ...st r,a5 Trade In Dances City ,„;) 1116-.13 z: .-44, Along with loan,. other businesses, the bank moratolinin caught Tho Nev., with a substantial bank account and .cry little each order that we may meet our pa ' yroll. we are ',suing scrip ce " 110 rtificate', which linse the 'ante ' sl•aranito hack of theist that Our ' filed: Isat111 bate Them certificate. will be a plea by at g" t=:;3 their fare sal in the payment of all old a ccounts, in the purelia. of advertising in The Neon or of printed matter at the News Printer). We request merchants. to accept Item in payment of or the par. X.1 ▪ 1 er.jP. chase of tnerchentli,. They will he redeemed at such time as regulations of the banking departments make YOW".. ▪ this possible. There is nothing back of this certified, lint our word business integrity. We :riot ▪ that the-e ate sufficient. Don't Hoard---Spend THE PONCA CITY NEWS Editor end Manager kirtl N Man IVINV,49; nt 0 N E se-s st's sat's s'Aloit - Paper Money • November/December 2006 • Whole No. 246 Chamber of Commerce pending consultation with the Tulsa Clearing House and with their local bankers. In the meantime, Sapulpans desperate for cash resorted to drawing down their water meter deposits with the city. Guthrie merchants also paused in their plans. 22 Ponca City busi- nessmen scrambled to meet offi- cial objections by restyling them- selves as the Kay County Clearing House Association, whose mem- bership consisted of the two Ponca City banks, the First National Security Banks of Blackwell, and the First National Bank and the Commerce of Tonkawa. Like the old plan, scrip certificates came in one, five, and ten-dollar denominations, but would be issued instead in the name of the bank depositing the collateral. 23 Meeting early Monday, March 6, the Oklahoma City Clearing House considered its own issue of certificates; Tulsa bankers also promised swift action, even as Barnett reminded them that "no scrip of any kind, no clearing house certificates or cashiers' checks be issued until the plan is worked out in Washington and instructions received from there." At a bankers' gathering in Oklahoma City, officers from around the state obliged by coming out against any scrip measures of their own. Muskogee's bankers returned home to instruct their Clearing House against any issue of certificates or scrip. 24 Oklahoma City businesses got along the best they could during the cash famine. Most preferred customer purchases on account to the cutting of small checks. Groceries cooperated with companies by issuing trade coupon books that the companies could give to their employees. The Oklahoma Railway Company, which had missed its regular Saturday payday, advanced its workers five dollars each in cash from streetcar fare receipts. 25 Elsewhere in the state, cor- porations and governments made creative use of popular demand for their goods and services. Following the example of The Publishing Company of Cushing, other newspaper owners capital- ized on their importance in the local economy (as well as on their ownership of printing presses) by issuing scrip. On Tuesday, Muchmore's Ponca City News, put out $1,400 in its own "Make- Business-Better" certificates, while the Bartlesville Daily Enterprise paid out $500 in private currency to its employees in denominations from five dollars down to twenty-five cents. The Miami Daily News-Record paid out scrip to its employees, in amounts up to five dollars. In general, these issues gained easy acceptance not 425 Clyde Muchmore's "Make Business- Better-Certificates" came in one and five dollar denominations. Like Kay County certificates, this sported a vignette of the Ponca City Municipal Building, suggesting that Muchmore was the printer for both issues. (Illustration courtesy of Depressionscrip.com ) and the Bank of Kay County Clearing House Certificate (Courtesy Depressionscrip.com ) 426 November/December • Whole No. 246 • Paper Money only because of the stature of the local publishers, but because they were receivable for advertising and subscription payments to the newspapers. 26 While public authorities around the state could hardly assert legal tender privileges, they did exploit whatever currency their warrants possessed. At its March 7 meeting, the Guthrie City Council voted to issue "all salary warrants for the month of February in $1 denominations insofar as acceptable," and des- ignated a deputy to assist the Treasurer and City Clerk in the tiresome job of signing each warrant. The City Clerk's office stayed open all night preparing the warrants, and on Wednesday paid out more than $4,000 to 43 city workers. Enid teachers managed to get 25% of their salaries paid in one-dollar "trust certificates backed by a specific warrant which will be held for their redemp- tion." while the city of Miami paid $3,000 in employee salaries using five-dollar warrants backed by bonds. 27 On March 8, Murray extended his original bank holiday until Friday the 10th, to match the federal timetable. After some hesitation, Secretary Woodin authorized clearing house associations to issue certificates, but only by March 10 at the earliest, pending any national scrip plan. Federal Reserve officials in Washington, D.C. opposed any national plan, arguing that the Federal Reserve System already possessed adequate mechanisms for currency expansion. Despite this opposition, clearing houses around the country moved to issue certificates. In particular, Governor Lehman of New York oversaw the creation of an Emergency Certificate Corporation that would provide state scrip based upon sound bank assets. 28 While the nation's banks awaited New York's example, printing presses across the country produced millions of dol- lars of emergency circulation. The Oklahoma City Clearing House announced its own plans for issuing up to $3 million in certificates. The Tulsa Clearing House promised an expedited Friday release of certificates. 29 With the Cash Relief Trust apparently out of business, the Daily Oklahoman complained bitterly about Murray's interference: It is rather like Governor Murray to see more evil in the emergency plans of local business men than he can see in his own emergency plans... When local business men drive determinedly towards a wider measure of local relief by issuing local scrip for local convenience the governor attacks the program with a mass of unrestrained epithets and unvarnished errors and advises all people to wait for the launching of the Roosevelt program. But in the matter of banking reform he refuses to wait. While advising others to wait and then follow, he refuses to wait and he fails to follow. 30 Compounding Murray's hostility were the effects of new national legisla- tion. Instead of endorsing nationwide issues of scrip or clearing house certifi- cates, the Emergency Banking Act, passed by Congress on March 9, established a nationwide timetable by which banks could be examined and certified for reopening to the public. In addition, it provided for a rapid increase in the sup- ply of Federal Reserve notes by expanding the category of eligible assets against which notes could be issued. Furthermore, Treasury Secretary Woodin forbade the issue of Emergency Certificates by the State of New York, and clearing houses around the country either truncated or abandoned their plans to issue certificates. In Oklahoma City, banks fell silent about any issue of certificates. 31 These developments did not dissuade the Cash Relief Trust. Ignoring Murray, the Trust went ahead and issued the first $34,500 in scrip on Wednesday, March 8. To the Daily Oklahoman, "issuance of the scrip here acted like a blow torch on the ice cake of frozen assets, with virtually every merchant joining in the move to liquidate business and resume normal trade". A.C. DeBolt, president of the Oklahoma Railway Co., made the first scrip withdrawal on Wednesday, taking $9,000. "I can go back to the office and know that I will be greeted with open arms now," Debolt declared. "I've been Paper Money • November/December 2006 • Whole No. 246 427 going around empty handed for so long, I've simply become afraid of my own shadow." His company accepted a dollar in scrip for a fifty-cent ride card and fifty cents' change in silver. The second applicant for scrip was the Oklahoma City Publishing Co., which took $12,000. More than 140 firms across the trades agreed to accept it, including utilities, although Southwestern Bell demurred, citing its financial obligations outside the city. In his syndicated column, Will Rogers captured the mood and logic of the scrip movement with this backhanded endorsement: "Everybody is all excited over 'scrip'. We are all for it. The way it sounds, all you need is a fountain pen and a prescription blank. . . .So come on with your scrip. The psychology of the stuff not being actual money is going to make everybody want to buy some- thing." 32 The release of Oklahoma "• City scrip was a signal to other schemes around the state. In Seminole, where the city council voted to accept scrip for water bills and other city expenses, $2,500 in Cash Reserve Association scrip was issued in the first two hours of business. With its bank opening delayed, the Sapulpa Chamber of Commerce finally voted to issue $10,000 in "participating certificates," hastily printed in denominations which, A One-dollar Sapulpa "Participating like Bristow's, ranged from twenty-five cents to ten dollars. Signed by the Certificate" (Courtesy Depressionscrip. Chamber's President and Secretary, the scrip was underwritten by the payrolls corn) of factories, oil companies, and utilities. In a simple procedure like Seminole's, payroll checks could be cashed directly with local merchants in exchange for scrip. The Pauls Valley Chamber became an impromptu bank of issue, provid- ing scrip to businesses in exchange for their checks, and quickly had $500 worth of scrip in circulation. As the local paper reported, "many merchants are cashing personal checks with the 'home-made' money, and practically every business house in Pauls Valley is accepting the same as cash." 33 Cushing's scrip eventually entered circulation, while in Bristow, where the first emergency issue had begun, thousands more in scrip, mostly in the smaller denominations, were put out as the week wore on. In addition to the numerous businesses advertising their readiness to take scrip in payment, the Bristow City Council voted to accept it for water bills; other utilities followed the city's lead. In Ponca City, the Kay County Clearing House estimated that up to $100,000 in clearing house certificates would be required to meet local demand. Guthrie, which like Miami had issued a large number of negotiable warrants to pay employees, found its liquidity needs correspondingly reduced and did not go forward with scrip. 34 By Friday March 10, only limited banking services were available statewide, and applications for Cash Relief Trust scrip, encouraged by the Chamber of Commerce's endorsement, remained heavy through the week- end. 35 Although the federal legislation squelched the movement for national scrip, Roosevelt's bank holiday probably increased demand for Cash Relief Trust scrip since his proclamation and the Emergency Banking Act did not allow for the partial withdrawals of deposit balances. About the scrip, Governor Murray sneered, "it's worth a hundred cents on the dollar in trade where it's issued, but it's not worth a damn for anything else." 36 Even if true, that was good enough for its users. As of Thursday, March 9, $88,400 in scrip was in circulation. Noteworthy among the applicants for scrip was the city government itself. Indeed, City Treasurer Joe W. Gt This certificate is secured by pay! . thai I are been deposited with the Sapulpa Chamber of Comnic:ce a.id r -i,teiltlyr the Sapulpa Chamber of Commerce 0-2g, when collection has been made on such c ks akfjpeWsposited. A A A A 2,, 6 b' .17'•,-;V)1:(Cce1c94, ,V4P.i.'4.(t4)1(c. =14tc"' .A541,;(02,1Vit..420UV.A>:,V6.e.2,'.ak4g, V.f.ssz"s- '-keTA;R:p .;767),7P.P;CeigiAnT2WK:WP ,TAK'U-%1"0714'nni This Certificate. Goad Oniy in Sapulpa, Okla. _NY 1 PAPITICMP.X.s.:C-- ON 0 LAR 1 ER.TIFICATE KT2-?Trz&sw-, 848 A - Edgar Honnold, Leg, M. S. AfcEldowney and Herbert Peck At least one group of Oklahoma City business men knows the visst- tudes of a messenger boy—they are trustees of the city scrip bank. riy a provtslon of the trust agreement under which the bank 13 operated, the trustees must be their own messengers, and a large portion of each day must be spent in chasing from bank to bank. As only the trustees are permitted to inspect a bank accouut. It is necessary, after receipt of an application in the First street bank offices, fcr the three trustees to walk over to the hank in which the applicant has /11.3 account, make their Inspection and then walk back to the scrip hank. Above: Scrip Trustees Going About Their Business. Below: Trust officials, with Herbert Peck at right, witness the burning of Cash Relief Trust scrip on March 17, 1933. (Both illustrations, Copyright 1933, The Oklahoma Publishing Company) November/December • Whole No. 246 • Paper Money428 Scrip Trustees Get a Workout Ammerman proved the single largest purchaser of Cash Relief Trust scrip to use for cashing employees' salary war- rants. The city also accepted several hundred dollars' worth of the paper in payment of various bills and fees. Generally, scrip was taken wherever offered, although wholesalers with obligations outside of the city declined the scrip. The first marriage license paid in scrip went to Sarah M. Adams and R. R. McBride. 37 City bankers prepared for limited operations Monday, March 13th, according to the federal schedule. The minimum scrip purchase from the Cash Relief Trust was dropped Friday to $500, although many smaller mer- chants facing Saturday payrolls chafed at even that minimum. Friday was its busiest day, with twenty-four applica- tions for scrip approved, the largest being Oklahoma Gas and Electric and the City Treasury, which each took $10,000. This rush of business also highlighted one inconvenience in the operations of the Cash Relief Trust: As trustees, Honnold, McEldowney, and Peck were obliged to travel from bank to bank in order to inspect personally the accounts of scrip applicants. 38 By that weekend, issues of Cash Relief Trust scrip peaked at $132,000. 39 With major banks in Oklahoma set to re-open, redemption of Cash Relief scrip was envisioned. The Cash Relief Trust redeemed about $50,000 before it closed at 2:00 pm on Tuesday, March 14, and set June 3 as the final day for redeeming scrip, after which the notes would become worth- less. In contrast to the trustee's scurry- ing of earlier days, the scrip operation was now quieter, as customers lined up to redeem their holdings for U.S. cur- rency. The scrip could be redeemed at the temporary offices until Thursday, after which it would have to be present- ed at the First National Bank. By Friday, March 17, only $15,000 remained outstanding, and the scrip bank wound up its operations. 40 As with the banking crisis itself, Oklahoma's experiment with emer- gency money blossomed and then fold- ed up with great rapidity as commercial Every Auction Lot is Now Available for Online Viewing... www.EarlyAmerican.com Consign Your Important Material • Phone Dana Linea Today! Paper Money • November/December 2006 • Whole No. 246 429 r Buying & Selling All Choice to Gem CU Fractional Currency Paying Over Bid Please Call: 314-878-3564 ROB'S COINS & CURRENCY P.O. Box 6099, St. Louis, MO 63017 Special: my Fractional Currency Book FREE (free postage too!) to all new SPMC members who request one while supplies last 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 EARLY AMERICAN • P.O. Box 3507 • RANCHO SANTA FE, CA 92067 (858) 759-3290 OR FAX (858) 759-1439 • Auctions@EarlyAmerican.com 430 November/December • Whole No. 246 • Paper Money conditions returned, if not to prosperity, at least to a pre-crisis calm. On March 17, redeemed and unissued scrip of the Cash Relief Trust amounting to $564,543 was incinerated in the furnaces of the First National Bank building. While about $10,000 was estimated to be outstanding in late March, this figure shrank through redemptions to something under $1,000 worth of lost or keep- sake notes. By the terms of the Trust any collateral behind the unredeemed remainder would be turned over to charity 60 days after final redemption dead- line. After expenses, it was reported that this gift amounted to $21.22. 41 Banks in Seminole and Cushing opened on an unrestricted basis, and the scrip issues in both towns (including that of Cushing's publisher Lachenmeyer) were also quickly retired. In Cushing, timely federal payments to military per- sonnel and Indian tribes limited the need for scrip. Pauls Valley banks accepted the town's scrip against cash, and a total of $1,071.60 was redeemed through the Chamber as it deposited the business checks it held as collateral. Of the $10,000 in Sapulpa "Participating Certificates" authorized, apparently only something less than $2,400 was actually issued. In the first two days after redemption was permitted, all but $146.50 had been returned. The Chamber declared outstanding scrip invalid after ninety days. Bristow's "scrip bank," whose final circulation reached $9,678.50, even published a rudimentary balance sheet, signed by Nichols and Brawner, that trumpeted a "surplus" from its operations of $2.37. On Thursday, March 16, Bristow's own "Participating Certificates" were recalled, and by the next day alone $6,453.25 had been turned in. June first was set as the deadline for redemptions. Proceeds from unredeemed scrip reverted to the Chamber of Commerce treasury. Guthrie, which had relied upon $1.00 salary warrants, hastened to retire them before other obligations "because of their bulkiness." 42 The Kay County Clearing House Certificates issued in Ponca City turned out to be the second largest issue of scrip after Oklahoma City's, and the most orthodox in terms of banking practices. Alone among the seven Oklahoma experiments in emergency money, Ponca City recast its issue as a liability of the new clearing house's banks; its certificates were backed by finan- cial securities rather than earmarked bank accounts or pay roll checks, as hap- pened elsewhere. In the event, the Security Bank and Trust issued only $20,000 in certificates, the First National $5,000. With the lifting of the national holi- day, Meek called for their immediate redemption, and over half the issue was paid in on March 16 alone. The Kay County Clearing House represented one of fifteen clearing houses across the country which, following the 1907 prece- dent, actually issued scrip in 1933, although twice that number prepared issues but never put them into circulation. Redeemable up to two years after issue, a mere $40 of the Ponca City currency remained outstanding by 1935. 43 With the lifting of the banking restrictions, Oklahoma's emergency money was quickly cancelled, and the bulk of it reduced to ashes. Samples of Oklahoma's emergency currency still extant, tucked away as curiosities or mementos, testify to the resourcefulness of the state's business and financial elite in meeting local needs at the crescendo of national crisis. Successful local currency required not only business support but public confidence. In the Oklahoma experiments in emergency money, this trust was cultivated by care- ful mobilization of business interests, as well as by scrupulous attention to what backed the scrip and even to its physical appearance. Widespread publicity pro- moted popular awareness and support for the new circulating media. The larg- er the issue (as in Oklahoma City and Ponca City) the more elaborate did these safeguards become. Just as the banking crisis of 1933 brought out the best in community spir- it, its inconvenience may have also postponed some of the worst in human lar- ceny. Burris G. Penn, editor of the Cordell Beacon, noted one unanticipated benefit of the financial turmoil: •1, co aos4erse • I'EN 11■■■•.1,1111,4 67PPQ17 IT5 68PPQ .711 ,*(1141,31_414,1, - "olettep I Paper Money • November/December 2006 • Whole No. 246 431 PCGS Currency Grading Matters! 7';i4-.-Q Fr. 1513 1963 $2 Legal Tender Note Fr. 2039-B* 2004A $10 Federal Reserve Note Fr. 2300* 1935A $1 Hawaii Silver Certificate PCGS Superb Gem New 69PPQ PCGS Perfect New 7OPPQ PCGS Superb Gem New 67PPQ Realized $373.75 Realized $977.50 Realized $5,750.00 Fr. 2301 1934 $5 Hawaii Federal Reserve Note Fr. 2307* 1934A $5 North Africa Silver Certificate Fr. 2404 1928 $50 Gold Certificate PCGS Superb Gem New 68PPQ PCGS Gem New 66PPQ PCGS Superb Gem New 67PPQ Realized $4,887.50 Realized $5,175.00 Realized $12,650.00 These notes are truly exceptional pieces of currency, and the auction results above are proof that PCGS Currency grading is truly a value added service. The notes pictured above realized an amazing average of more than 350% of their current Oakes & Schwartz reference value in the September, 2006 Heritage-CAA Long Beach Sale. Currency collectors and dealers recognize that the PCGS Currency grading standards are the most consistently applied stan- dards in the business, and these auction prices realized are proof that buyers demand PCGS Currency grading for their valuable notes. Whether your notes are worth $100 or less, or 51,000,000 or more, PCGS Currency grading adds value to your collection. We've graded more than 40,000 notes since our inception just over a year ago, spanning the entire spectrum of values—from th most common $1 Silver Certificate to some of the rarest and mos valuable notes ever sold. The consistent application of our gradin standards gives buyers and sellers unmatched security in determinin condition and value. Our grading guarantee insures that even whe: we make a mistake, you don't! Why trust any other service for your valuable currency? PCG. Currency is the only currency grading servic that offers a truly unbiased third-party opinior published grading standards, and a writte] grading guarantee. Standards. Consistency. Integrity. PCGS Currency Grading Matters!CURRENCY A Division of Collectors Universe Nasdaq: CLCT The Standard for Paper Money Grading P.O. Box 9458, Newport Beach, California 92658 • Toll-Free 800-447-8848 • Fax 949-833-7660 • www.pcgscurrency.com 432 November/December • Whole No. 246 ° Paper Money Some of us may have thought the banking holiday worked a great hardship upon us, but imagine the consternation of Oklahoma's numerous efficient bank robbers when they found every bank in the state suddenly closed and their means of living completely shut out. If the holiday should continue longer these modern buccaneers might have to resort to raiding henhouses. 44 Endnotes 1 The author is associate professor of political science at Univeristy of Central Oklahoma, Edmond, OK. A longer version of this article appeared as: "'This is Not United States Currency': Oklahoma's Emergency Scrip Issues During the Banking Crisis of 1933," Chronicles of Oklahoma, 82 (Summer, 2004), 168-199. 2 Two general works on Depression scrip are: Vernon L. Brown, "Scrip and Other Forms of Emergency Currency Issued in the United States During the Depression Years of 1931-1934" 2 Vols. (MA Thesis, New York University, 1941); and Joel William Canady Harper, "Scrip and Other Forms of Local Money" (PhD Dissertation, University of Chicago, 1948). The standard numismatic reference is Ralph Mitchell and Neil Shafer, Standard Catalog of Depression Scrip of the United States (Iola, WI: Krause Publications, 1984). 3 James G. Cannon, Clearing Houses (Washington, D.C.: GPO, 1910), 11, 75-9; A. Matt Andrew, "Substitutes for Cash in the Panic of 1907," Quarterly Journal of Economics, 22 (August 1908), 497-516; James M. Smallwood, An Oklahoma Adventure: Of Banks and Bankers (Norman: University of Oklahoma Press, 1979), 55. By 1933, clearing house associations existed in Oklahoma, Tulsa, Bartlesville, Enid, Muskogee, Guthrie, and (formed that year) Ponca City. 4 Henry C. Doherty (Bank of Burlington, Burlington) to Thomas, March 7, 1933 Box 15 Folder 38, Subject Series, Elmer Thomas Collection, Carl Albert Center Congressional Archives, University of Oklahoma, Norman (hereafter cited as CAC). 5 Daily Oklahoman, March 4, 1933; Guthrie Daily Leader, March 3, 1933. 6 Daily Oklahoman, March 4, 1933; "Growth of the Oklahoma Publishing Company", supplement to the Daily Oklahoman, April 23, 1939, 9-10. 7 Chamber of Commerce, Board Minutes March 2, 1933, 87. Oklahoma City Chamber of Commerce Collection Box 8 Folder 1, Research Division, Oklahoma Historical Society, Oklahoma City (hereafter cited as RD OHS); Daily Oklahoman, March 4, 1933. 8 Oklahoma City Times, March 4, 1933. 9 Bristow Daily Record, March 3-4, 1933. 10 Cushing Daily Citizen, March 3, 1933, 3; March 5, 1933. 11 Seminole Producer, March 6, 1933; Okmulgee Daily Times, March 8, 1933; Seminole News, March 9, 1933. 12 Guthrie Daily Leader, March 5-6, 1933. 13 Ponca City News, March 6, 1933; quote from "Scrip is Money" (editorial), ibid, 4. For a copy of the assignment agreement, see ibid, 6. 14 Tulsa Daily World, March 6, 1933; Ponca City News, March 6-7, 1933. 15 Daily Oklahoman, March 5, 1933, A-7; Oldahoma City Council Journal, March 4, 1933, 96; Oklahoma City Times, March 4, 1933. 16 "Declaration of Trust" Miscellaneous Records, 247: 22-30, Oklahoma County Clerk's Office, Oklahoma City. For application forms for scrip purchase, see Daily Oklahoman, March 6, 1933, p. 4. 17 Ibid, 12; Susan Eastabrook Kennedy, The Banking Crisis of 1933 (Lexington: University Press of Kentucky, 1973), 165. 18 Session Laws of Oklahoma 1909, 637-8. 19 Typescript copy in the Elmer Thomas Collection, Subject Files Box 15 Folder 39, CAC; Blue Valley Farmer, March 9 1933. See also O.D. Hall, "Oklahoma Operating Under Moratoria," Harlow's Weekly, March 11, 1933, 3-6. 20 Daily Oklahoman, March 7, 1933. 21 Specimens bearing the name "Cash Reserve Association" were printed, but never cir- culated. See Mitchell and Shafer, Standard Catalog of Depression Scrip, 212. 22 Seminole Producer, March 7, 1933; Cushing Daily Citizen, March 8, 1933; Sapulpa Herald, March 6, 1933; City of Sapulpa, Commissioners' Proceedings, March 6, 1933, Volume May 1932-December 1934, np, City Clerk's Office, Sapulpa, Oklahoma; Guthrie Daily Leader, March 7, 1933. Paper Money • November/December 2006 • Whole No. 246 433 23 Ponca City News, March 7, 1933; March 9, 1933. 24 Daily Oklahoman, March 7, 1933; Tulsa Daily World, March 6, 1933; March 7, 1933; Muskogee Daily Phoenix, March 6, 1933; March 7, 1933; March 14, 1933. 25 Daily Oklahoman, March 7-9, 1933. 26 Ponca City News, March 7-8, 1933, 1; Miami Daily News-Record, March 12, 1933; Mangum Daily Star, March 3, 1933. 27 Guthrie City Council Minutes, March 7, 1933, 357, City Clerk's Office, Guthrie, Oklahoma; Guthrie Daily Leader, March 6, 1933; March 8, 1933; Enid Events, March 9, 1933; Miami Daily News-Record, March 7, 1933. 28 Twentieth Annual Report of the Federal Reserve Board Covering Operations for the Year 1933 (Washington, D.C.: GPO, 1934), 12; Kennedy, The Banking Crisis of 1933, 172-3. 29 Daily Oklahoman, March 8, 1933; Tulsa Daily World, March 8, 1933. 30 "For Others Only" Daily Oklahoman, March 8, 1933. 31 Kennedy, The Banking Crisis of 1933, 173-8. 32 Daily Oklahoman, March 9, 1933; Rogers quoted in the Tulsa Daily World, March 7, 1933. 33 Sapulpa Herald, March 11, 1933; Minutes of the Board of City Commissioners of Pauls Valley February 21, 1933, Volume July 1, 1929-November 18, 1946, 152;City Clerk's Office, Pauls Valley, Oklahoma; Pauly Valley Democrat, March 9, 1933; Jarrel Ray Walker, "A History of Pauls Valley, Oklahoma" (M.A. Thesis, University of Oklahoma, 1953), 59. 34 City of Bristow, City Council Minutes March 6, 1933, Volume 1932-May 1936, 62, City Clerk's Office, Bristow, Oklahoma; Bristow Daily Record, March 7, 10, 11, 1933; Ponca City News, March 10-13, 1933; Guthrie Daily Leader, March 7, 1933. 35 Oklahoma City Chamber of Commerce Board Minutes March 9, 1933, 92, Box 8, Folder 1, Oklahoma City Chamber of Commerce Collection, RD OHS. 36 Oklahoma City Times, March 9, 1933. 37 Daily Oklahoman, March 10, 1933; City Journal, March 6, 1933, 97. 38 Daily Oklahoman, March 11, 1933. 39 Daily Oklahoman, March 12-13, 1933. 30 Daily Oklahoman, March 14-17, 1933. 41 Roy P. Stewart (with Pendleton Woods), Born Grown: An Oklahoma City History (Oklahoma City: Fidelity National Bank Association, 1976), 239; Daily Oklahoman, March 18, May 29, June 3, 1933; November 4, 1948; Sunday Oklahoman Magazine, March 2, 1958, 29; "Declaration of Trust", Section 16, 27. Stewart and the Daily Oklahoman give a final figure of $729 in outstanding scrip, while Mitchell and Shafer (211) cite $921. 42 Seminole Producer, March 17, 1933; Cushing Daily Citizen, March 10, 1933; March 17, 1933; Sapulpa Herald, March 22, 1933; Bristow Daily Record, March 16, 1933; March 17, 1933; Guthrie City Council Minutes, April 5, 1933, 360, City Clerk's Office, Guthrie, Oklahoma. 43 Ponca City News, March 16-17, 1933; Brown, "Scrip and Other Forms of Emergency Currency", 143-7. 44 Cordell Beacon, March 9, 1933. Paper Money's planning issues devoted to ALL your favorite notes: Nationals, Confederates, Obsoletes, Small Size, Foreign, MPC, Fractionals Make these issues something special -- Publish your best articles in Paper Money NLG Best Large Specialized Publication ANA Best Club Publication You can be sure your articles will be presented to the best possible advantage You can be sure your research will reach readers who matter You can be sure, your articles will stand the test of time for all generations BE SURE -- WRITE FOR PAPER MONEY - -.male • • • 111m.--- Mexico's National Bank. The First National Bank of Mexico has been incorporated and has received authority from the comptroller of the Currency to begin business. The capi- tal is V25,000 and the first issue of cur- rency will iz,000. The Banking Asfto- elation is the E ace° s o r to Charles A. Peck & Company, private bankers, who began business about a year ago, and . is the first bank ever incorporated in this village. A large amount of banking business is transacted here in propor- tion to the population and there is no good reason why a national bank, prop- erly run, should not make ruaney. The directors are Nellie T. Peck, Charles A. Peck, Henry A. Peck, L. G. Ballard and Ida T. Ballard. Nellie T. Peck is president and Charles A. Peck cashier. • • • *m.o..-- _ November/December • Whole No. 246 • Paper Money434 Nellie T. Peck, National Bank President 'IP' ELLIE T. (CLARK) PECK WAS A NATIVE OF PULASKI, NY, a village in central New York about 40 miles north of Syracuse. She was born there on March 4, 1857, to a banking fami- ly. Her father, James A. Clark, was the founding cashier (1865) of the Pulaski National Bank and was its president at the time of his death in 1887. Her mother, Helen A. Clark, then succeeded to the presidency and served until her death in 1893. She was one of the first woman National Bank presidents. Then Nellie's sister-in-law, Ella Clark, became president of the Pulaski bank, serving for about a decade before Nellie's brother, Louis J. Clark, assumed the presidency of this family owned bank which closed in 1932 during the depression. When in her early 20s, Nellie Clark married Charles A. Peck of Mexico, NY. Mexico, also in Oswego County, is about 10 miles southwest of Pulaski. Both Nellie and her husband were directors of the Pulaski NB by the 1890s. Charles was in the mer- cantile business in Mexico and in 1895 (some sources say 1898) he organized a private bank in the village, Charles A. Peck and Company. When that bank evolved into the First National Bank of Mexico, charter #5293, in the spring of 1900, Nellie became its president and Charles the cashier. For the early years of her presidency, her sister-in- law was president of the Pulaski National Bank. Thus these nearby national banks each had a woman president. A local newspaper in 1902 noted this, saying, "Both institutions are flourishing, and justly proud of their women officers." Nellie served as bank Above right: The bank occupied this building from 1903 until 1971, when it moved to new quarters. By Karl Sanford Kabelac Far right: The local newspaper carried this article on April 25, 1900, about the founding of the National Bank, noting Nellie T. Peck as the president. INSURANCE F izczcPoalipeecrto r 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 S14, $10,000 for $38, $25,000 for $95, $50,000 for S I 90, $100,000 for $278, $200,000 for S418. Above 5200,000. rate is $1.40 per $1,000. • Our insurance carrier is AM Best's rated A+ (Superior). • We insure paper money, paper ephemera, manuscripts, books, autographs and scores of other collectibles. 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Box 1200-PM • Westminster MD 21158 E-Mail: info a,insurecollectibles.com pianos VISA - It Paper Money • November/December 2006 • Whole No. 246 435 A letter for SPMC membership: I was truly disappointed when I read through the latest issue of Paper Money, our journal of the Society of Paper Money Collectors. Among the normally appealing articles by collectors about their interests was an article by Stephen Zarlenga, Director of the American Monetary Institute. My disappointment turned into disgust as I read his reprehensible accusations that the Federal Reserve is responsible for American social ills from child mortality to the nuclear arms race. Let me start first with full disclosure. I am employed by the Federal Reserve Bank of Minneapolis. I support staff in the Research Department with their computer needs, data requirements, and forecasting models. I am not an economist. That is one thing that Mr. Zarlenga and I have in common; however, I do not pretend to be one. I always thought of Paper Money as a place for scholarly research about paper money, its history or its production. Mr. Zarlenga's article satisfies none of these criteria. We have a number of collectors in our membership that can and do write a wide range of worthy articles about their paper money interests. Does Mr. Zarlenga even collect paper money? It would indeed be paradoxical if he collects Federal Reserve Notes, but the point is that any article he wrote about our hobby would be better suited and more welcome than his political views, even if they weren't disillusioned. From my point of view, Mr. Zarlenga does not appear to be one of us. In his conclusions, Mr. Zarlenga makes himself an easy target for criticism. In blaming the Fed for the tragedy of New Orleans, he says that the "Fed facilitated that well publicized idiot (his web site says "maniac" instead) who wants to make our government..." – I don't need to finish the thought, as enough is said to make my point. This tone permeates the article. Is this the kind of language that belongs in any academic discourse? Do we want this in our journal? Mr. Editor? It should come as no surprise that the only economics journal in which Mr. Zarlenga can get published is one in which he is on the editorial board. No scholarly economics journal would accept this article. So why is it that Paper Money should be the publisher of last resort? What is personally disappointing for me is that we had the prospect of my supervisor, an economist at the Fed who has written a number of articles on antebellum banking (many of which have been published in bona fide journals) to write an article or two for Paper Money. Our editor has even cited his work in a series of articles in Bank Note Reporter. Do you think he wants to be associated with our organization now? Why would any self-respecting economist want to be published along with Mr. Zarlenga? It is now an embarrassment to have a copy of Paper Money on my desk. I fear that the reputation of SPMC is severely damaged, and I hope our membership will speak up and support the real mission of the Society. For those of the membership who are interested in the Federal Reserve and its activities in our communities, one place to start is http://www.minneapolisfed.org/community/ . I would rather reserve the pages of Paper Money for articles about our hobby. -- R. Shawn Hewitt, Minneapolis, MN I ;res! tr-s,010 "14:11x - S"qfarrHIF.Lf.J .?'"lat2--•__---"•t44?;43GLi;---rN °1271̂1';' ,110,44 ..• • , 1DSR 4111114E.11 SIECURCITIES - rhAtigrft.LA -.-^"rr",`"•_•••,,,,,,4,14,441V1 ;11 1 ,„,, tootion n ort ocinutta. *.;a9.;:445" ,2te4:411(ftausEct 11)*Al4044Zf.%.. apa) ogniikiA W' 3 M9427. 3 ‘20 .26 ilYSTY 3.4• r4:■■;4**::;1:1'4"' ihNir '20: 11;;-.510 436 November/December • Whole No. 246 • Paper Money A Series 1882 $20 Date Back, one of 1,620 issued by the bank, with Nellie T. Peck's faded signature as president. (Courtesy Heritage Numismatic Auctions) Enlargements of the signatures on the note of Charles A. Peck as cashier and Nellie T. Peck as president. (Courtesy Heritage Numismatic Auctions) The building today serves as the Town of Mexico, NY offices. The bank itself continues to serve the community as a branch of KeyBank. president until 1909 or 1910, when she was succeeded by George H. Wilson, a local businessman. Charles continued as cashier until the early 1920s when he became president of the bank. A few years later, when he was about 70 years old, he retired. From the present vantage point, it is hard to know how active a president Nellie was. Because Charles, as cashier, was certainly a more prominent public figure at the bank, his obituary in 1935 credited him with being the president of the bank from its founding in 1900 until his retirement in the mid-1920s. Nellie's obituary the following year made no mention of her decade as president of the bank, but mentioned her church work, membership in the local DAR chapter, and noted she "always had the welfare of the village in her heart and will be missed by all citizens of the village." The bank they founded in the village over a century ago still serves the community as a branch of KeyBank. Sources and acknowledgements Names of presidents and length of their presidencies for both the Pulaski and Mexico, NY banks can be found by consulting the Comptroller of the Currency annual reports. Nellie T. Peck's relationship to the Clark family in Pulaski is found in the obituaries for her mother and sister-in-law, which appeared in the Pulaski Democrat in late July 1893 (exact date not on clipping) and July 29, 1931. Obituaries for Charles A. Peck, who died March 25, 1935, and Nellie T. (Clark) Peck, who died May 1, 1936, are in the Town of Mexico, NY Historian's Office scrapbook collection. Brief overview histories of the bank are found in Mexico, Mother of Towns (1949), p. 270-271 and "Banking in Mexico," the [Mexico, NY] Independent Mirror, July 15, 1992, section four, p. 14. Special thanks to Bonnie Shumway, Town of Mexico Historian, for her help with this article. v THE HOST "'°:°`. NATiONAL BANK OF CINCINNATI 09,0 AV TO ll. HCAiCH OH lt.n Ai.l TEN DOLLAUS 5006821A Paper Money • November/December 2006 • Whole No. 246 437 ABOUT NATIONALS MOSTLY BY FRANK CLARK John J. Rowe- National Bank President, Paper Money Collector N70, THIS ARTICLE IS NOT about the paper money dealer with the same name, but a different middle initial. John J. Rowe was president of the First National Bank of Cincinnati, char- ter #24, during the Series 1929 era. He succeeded his father, W.S. Rowe, as president of the bank. Pictured is a Type 1 $10 with John J. Rowe's litho- graphed signature. Later John J. Rowe would become the president of the Fifth-Third Union Trust Company of Cincinnati. He also was a curator of the Historical and Philosophical Society of Cincinnati. In July 1948 he published in their bulletin an article enti- tled, "Early Money and Banks in Cincinnati Pre-Civil War." It is mentioned that the examples pictured are from his exten- sive collection. Eleven note issuing entities are discussed along with the monetary conditions of the time. A copy of this volume resides within the SPMC library. • Architect's elevation shows Eagle Bank face Dear Fred, With reference to page 155 in the March/April 2006 Paper Money issue, the vignette on the New Haven Eagle Bank currency is a design by Ithiel Town (a well-known classical revival architect) and two proposed buildings for the bank. It was to be a six pillar building at the corner of Church and Chapel streets. The bank failed in 1825 before it could be constructed. The notes I am discussing were printed by N. & S.S. Jocelyn of New Haven. Ithiel Town's front elevation drawing of the six column Eagle Bank is in the archives of the New Haven Colony Historical Society, 114 Whitney Avenue, New Haven, CT 06510. Sincerely, Richard Hegel Municipal Historian for the City of New Haven v 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 Primer for Collectors BY GENF HESSLER QaTABK.4 C.60,1,31,7 wake, \ 14 6 '7 () 06ECOE4b, cArovantin !IVAN AKT1511 if ion & November/December • Whole No. 246 • Paper Money438 T Grapes and Wine on Notes HE GREEKS, ROMANS AND OTHER ancient cultures, learned that fermented grape juice created a pleasant beverage that could be intoxicat- ing. Centuries of experimentation has given us one of life's pleasures. For those who choose to imbibe, an excellent meal is incomplete without a good wine that comple- ments the food. Perhaps you just like to eat grapes. Either way, images of the small succulent fruit have been used to adorn coins since ancient times and paper money for over a century. (The following references are to the Standard Catalog of World Paper Money by Pick.) Two notes from Bulgaria show women harvesting grapes: a 100 leva, P(ick) 86 and a 2 leva, P89. Each note costs no more than fifty cents (when this article was written). Chile is a major exporter of wine. Three notes include grapes as part of the central vignette. These notes are expensive; nevertheless, I will list them. The 100 pesos, PS112 and the 10 pesos, PS189. The third has my personal favorite engraving on this subject. The infant Bacchus, the Greek and Roman god of wine, engraved by Frederick Girsch (1821-1895 ) for American Bank Note Company dominates the center of the 100 pesos from the Banco Consolidado de Chile. This same engraving was so well-liked by other govern- ments that it was used on the Colombian 100 pesos, P218, the Mexican 50 pesos, P158, and the 2 mil reis from Brazil, PA251. Only the latter, unfortunately, can be purchased at a modest price in condition less than perfect. Another version of a mature Bacchus appears on three notes from Algeria: 500 francs, P40; 5 new francs, P44 and P47. These notes are also expensive, however lower grades might be acceptable to you. An image of an even more mature Bacchus is seen seated on the face of a 20 rials, P14 from the Yemen Arab Republic. Although grapes are only a small portion of the designs, the 100 korun, P24 and the 1000 korun, P26 from Czechoslovakia are so beautiful and relatively inex- pensive they will be included here. France, the country with the reputation of making some of the finest wines in the world, only uses grapes as secondary design features on its notes. Some inex- pensive examples are notes used for French-occupied Germany and Austria after 1945. By the way, many wines from California now rival those of France. An inexpensive note from Germany with grapes and other fruit is the 50 mark, P68. The 500 shegalm, P48 from Israel is an attractive note with large bunches of grapes displayed. On the face of the note is philan- thropist Baron E. de Rothchild who bears a name syn- onymous with wine-making in France. The Lebanese 50 livres, P65 includes a large engraving of the Temple of Bacchus on the face. This colorful note is available for less than $5 in perfect con- dition. Two 1000 dinara notes from Serbia include grapes in the design P24 and P32. These modestly priced notes are lovely. The first of the two is overprinted on a 500 dinara from Yugoslavia. It was part of a provisional Serbian National Bank issue that circulated during the German occupation in 1941. From the same part of the world is a note from Bohemia and Moravia, a 20 korun, P9. This province became a German protectorate dur- ing World War II, but rejoined Czechoslovakia in 1945, and today remains as part of the Czech Republic. You will find more examples simply by looking through the inventory of paper money dealers at numis- matic shows. You will not only find examples of grapes on notes but other subjects that you might want to develop into a collection. Salute; cheers; nostrowa; bot- toms up; and wipe the grape juice off your chin. (Copyright story reprinted by permission from Coin World October 27, 1997) Harlan J. Berk, Ltd. 111L. .tit Lk. e ICC 'if 4'. Linthi MO: 31 N. Clark Strck•t (:Ilit-agn, I T. 60602 312/609-0016 • Fax 312/609- I 305 0-mai 1-1:7,1) jbcf - k.cc:Avi A Tull-Service funislnotic tirm fiviolgoo■-fer.% for .4 11 lour Collecting .•ceds Carl Bombara • United States Currency P.C. Sol S24 - ""*". " 1/4 ' ." 6-n g' ? ` PoS6fIC 2 '? 989 51 CI 2 Always Wanted Monmouth County, New Jersey Obsoletes - Nationals - Scrip Histories and Memorabilia Allenhurst - Allentown - Asbury Park - Atlantic Highlands - Belmar - Bradley Beach - Eatontown - Englishtown - Freehold - Howell - Keansburg - Keyport - Long Branch - Manasquan - Matawan - Middletown - Ocean Grove - Red Bank - Sea Bright - Spring Lake N.B. Buckman P.O. 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You may assort sheet holders for best price (min. 10 pcs. one size). 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 www.denlys.com Paper Money • November/December 2006 • Whole No. 246 439 I Collect FLORIDA Obsolete Currency National Currency State & Territorial Issues Scrip Bonds Ron Benice 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 BenicePProdigy.net 440 November/December • Whole No. 246 • Paper Money I T'S NO EXAGGERATION TO STATE THAT EVERY AMERICAN owns at least one piece of artwork by William S. Fleishell III. In fact, many people have trouble getting through a day without touching one of his creations. A picture engraver at the U.S. Treasury, Fleishell created the portrait of President Abraham Lincoln on the current U.S. $5 bill. One of only 40 bank note portrait engravers in the world, Fleishell joined the U.S. Bureau of Engraving and Printing in 1987, launching his engraving career with a mandatory 10-year apprenticeship. The job was a perfect fit for Fleishell, who has long been a fan of draw- ing and painting in the naturalistic style of the old masters. "My heroes are the 17th century Dutch painters and engravers," explains Fleishell, who thinks of his paintings as "three-dimen- sional sculptures." [Reprinted courtesy of Gtr Magazine] Soon after landing the job, he enrolled at George Washington University to simultaneously complete his degree in the fine arts. "Right from the start, I felt like I was at home," he reflects, noting that his classmates were "incredibly talented" and that his professors were top notch. Prior to attending GW, Fleishell earned a certificate at the Pennsylvania Academy of Fine Arts in 1983, where he received two prestigious awards for excellence in drawing. A seventh generation Washingtonian, Fleishell's family has resided in the You may not know hit name yet. but Will Fleishell created money you are carrying in your pocket By Jamie 1. freedman Capitol Hill/Navy Yard neighborhood of D.C. since the 1820s. "My great- great-grandfather was a stone carver who worked on the Capitol building before the Lincoln administration, and members of my family have worked as printers in Washington since the Civil War," he says. Fleishell also follows in the footsteps of his father, a professional artist whose drawings filled the walls of his home growing up. Now a full-fledged journeyman portrait engraver at the bureau, Fleishell's group is responsible for creating official engraved portraits of every U.S. president. "It's a ceremonial thing that we've been doing since the Civil War," explains Fleishell, who was chosen to engrave the portrait of President George W. Bush, as well as the late Supreme Court Chief Justice William H. Rehnquist. He also engraved a portrait of George Washington for the 1997 stamp commemorating the 150th anniversary of U.S. stamp production, as well as the border of the current $100 bill. According to Fleishell, bank note portrait engravings take at least 300 hours to complete and are done by hand. A painstaking process, the engravings are cut into steel with hand tools and are typically done in miniature. "All the work is done backwards," Fleishell notes, "so you have to think in reverse." Needless to say, the pictures are hard to duplicate, making bank note portraits an important counterfeit deterrent on U.S. currency. Paper Money • November/December 2006 • Whole No. 246 441 For his portrait of Lincoln, Fleishell used a series of 1864 photographs of the 16th president by Anthony Berger as his reference. "I wanted to capture that faraway, knowing look—that emotion," says Fleishell, who spent more than 400 hours perfect- ing the engraving. "To be a good engraver is to be a good interpreter." For that reason, Fleishell spends hours researching his artistic subjects. "I like to immerse myself in my subjects," he explains. "You develop empathy for them that way, as well as the ability to put yourself in their shoes." Fleishell has a special affinity for Lincoln because of the strong mark that he left on D.C. "He did a lot to make D.C. what it was after the Civil War," he says. Fleishell also notes that his great-great-grandfather was one of Lincoln's guards at his inauguration. While most of Fleishell's work is done behind closed doors, he shares his expertise with the community whenever he gets the chance. Several years ago, Fleishell was featured on the Discovery Channel. "They filmed me for an entire day at the bureau for a segment called `Inside the World's Mightiest Bank,'" he says. He also connects with the public through periodic teaching gigs, including a seminar at the Rhode Island School of Design. Fleishell spends his spare time painting at his Capitol Hill studio—an old carriage house south of the Eastern Market. "My great-grand- parents had a store on the same block as my stu- dio 100 years ago," notes Fleishell, who is creat- ing a series of Baroque carvings to adorn its inte- rior. "I've been to Europe many times and am trying to replicate that Baroque feel." He is heavily involved in "Art on Call," a project to spruce up Washington's 600 old emergency call boxes by creating unique, site-specific artwork for the historic relics, which used to house telephones and telegraphs. Fleishell came up with the idea for the project, which is now being adminis- tered by the D.C. Heritage and Tourism Coalition. "It's a grass roots project that's very dear to my heart because it emphasizes the cultural heritage and hometown aspect of Washington outside of the national political landscape," he states. "The project commemorates the neighborhoods of D.C. through engaging, colorful plaques and sculptures depicting famous historic local events, people, and buildings. Our aim is to showcase the positive side of the city outside the murder and mayhem and to make passers by look twice at the neighborhoods they're walking through." Through his myriad artistic accomplishments, Fleishell has achieved suc- cess on many levels but says that his greatest career triumph is making people happy through his work. "A woman bought one of my prints and walked away with the biggest smile on her face," he says. "That meant the world to me." In addition to the Lincoln portrait on the $5 FRN, Will engraved two postage stamps Scott 2875 "1894-1994" $2 and 3140 "G. Washington" 60- cents. Additionally, he engraved a duck stamp Scott RW65 "Barrow's Goldeneye" $15. Engraver William S. Fleishell III in his Capitol Hill studio. Fleishell created the portrait of President Abraham Lincoln on the current U.S. $5 bill. (Photo by Julie Woodford) rA00 Fri Td . (- t: ftr lusprrial 4;opmunriti INTFITIlrON I_ iK November/December • Whole No. 246 • Paper Money442 Interest Bearing. N otes By Dave Bowers America's Emperor Norton I issued paper money "bonds " THEN ONE THINKS OF THE UNITED STATES V V of America, an emperor does not come to mind. However, we had one. To be sure, our emperor was an impos- tor, self-proclaimed, but in the annals of emperors such as in European history, many pretenders can be found, too. Joshua Abraham Norton was born in London, England in 1818, but in 1820 moved with his family to Cape Town, South Africa, where in time he engaged in business. His parents died in the 1840s, leaving him with a comfortable inheritance. When in 1849 the news of the California Gold Rush caused excitement in South Africa, Joshua packed up and headed for San Francisco, arriving in November. Soon he was in business as a commis- sion merchant, which proved to be very profitable. Early in his new career Norton joined 92 other prominent citizens to petition Congress to open a branch Mint in San Francisco. Norton purchased important real estate and operated the first cigar factory and the first rice mill in the city. Ever the entrepreneur, he endeavored to cor- ner the market on rice, but lost his finan- cial shirt when several shiploads of the commodity unexpectedly arrived in port. Local depressions in 1854 and 1855 swept away the rest of his assets, finally forcing him into bankruptcy in 1858. He took the loss hard, moved into a poor section of the city, and seems to have suffered dementia. On Sept. 17, 1859, a new man was born, or so it seemed. On this date he went to the office of the San Francisco Evenin g Bulletin with this declaration: "At the peremptory request and desire of a large majority of the citizens of these United States, I, Joshua Norton, formerly of Algoa Bay, Cape of Good Hope, and now for the last nine years and ten months past of San Francisco, California, declare and proclaim myself the Emperor of these United States." There was always room for levity in the columns of the paper, and this notice was duly published. Emperor Norton was an entertainment success, and soon his other pronounce- ments were eagerly devoured by readers. They included abol- ishing the Supreme Court and Congress, and his appointment of General Winfield Scott as commander in chief of his "country's" military forces. In his regal vestments, made up of discarded military uni- form components, later embellished with a white hat with pea- cock feathers, Norton became a prime tourist attraction. Stereoview cards of the period show the Emperor decked out in his regalia, plumed hat, epaulets, and sword. On Jan. 8, 1880, at a downtown corner, the monarch col- lapsed. He was rushed to a hospital, but died soon afterward. It has been said that some 30,000 mourners attended his funeral. Emperor Norton issued "bonds" in the form of ornate paper money, yielding interest and payable in 1880. Values from 50-cents to $100 were issued, apparently at a rate of about 300 per year. Notes were printed by Cuddy & Hughes. Today fewer than three dozen examples are known. The Wells Fargo History Museum in San Francisco has an exhibit of Emperor Norton's currency. Examples sold for about $125 dol- lars in 1960, but had ridden to more than $2,000 twenty years later, with the growth of obsolete cur- rency collecting. By 2000 they were worth more than $10,000, and when the Lowell Horwedel collection was sold in 2004, a Very Fine example of the 50-cent note sold for $13,225. The Emperor Norton note ranked #100 in Dave Sundman's and my recent book 100 Greatest American Currency Notes, published by Whitman Publications. This example of a 50-cent note or "bond" was issued on November 14, 1876. At the left is a vignette of Columbia standing with a flag, and Emperor Norton I himself is depicted at the upper right. The note measures 8.5 by 4.4 inches, and serves as a representative of this romantic and rare series of "currency." Deal with the Leading Auction Company in United States Currency Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 UMW ,PaRMAI Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 RPM Paper Money • November/December 2006 • Whole No. 246 443 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 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 lull value. Prior to mailing material, please make a complete listing, including photocopies of the noteis), 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. CXnight Currency Auctions 800-243-5211 - 913-338-3779 - Fax 913-338-4754 Email: lyn@lynknight.com - supnort@lynknight.com Whether you're buying or selling, visit our website: www.lynknight.com 444 November/December • Whole No. 246 • Paper Money Good for a chuckle; comic fractionals fit the bill by Alan Bleviss I LIKE TO COLLECT WHAT FRIEDBERG icalled satirical notes. My collection of these notes numbers 41. Each is different, as you can see from these examples. I am very interested in the artists who made these works, and would be obliged to anyone who could steer me in the right direc- tion. From the quality of the work, it is apparent they were created by various artists. The majority of the notes in my collection were not in great condition, but I find this artwork fascinating none-the-less. • 11,4-17 \re 4P • Paper Money • November/December 2006 • Whole No. 246 445 r: •iten, 4 y.4 . - ■,' a:. ,, ... - l±:ktki-,` vt--, , - --'• - c IL.,„, , 4* ,.., • 2-..-... : I . . , --.14:*•:.`,f`: , '.1._., , ... '. . . -.., , • ' -.1.2''''W1,.. -i- •- •-•r .- ■ - 'Davistoi;Z:: NUMISMATIC Society of Paper Money Collectors \„1 er EDI ILD BY FRED REED FIRST PLACE 200() Outstanding v Numismatic Publication t ,:ECt-firED.H.(101, NLG AWARD ibe ea LARGE CLUB PUBLICATIONS BEST ISSUE PAPER MONEY, May/June 2006 FRED L. REED EEL EDITOR DENVER, AUGUST 2006 446 November/December • Whole No. 246 • Paper Money Paper Money and SPMC authors clean up at ANA S PMC AND OUR MEMBERS SWEPT THE FIELD AT , the recent Denver ANA convention in publications awards. In addition to the "Outstanding Specialty Numismatic Publication" award Paper Money received from ANA, our members received eleven (11) awards from the Numismatic Literary Guild, including the writer's group "Large Club Publiations, Best Issue" award. (Pssssst in case you wonder who we beat out, think N"711 *s *a *i *t). While winning awards is not the purpose of our publica- tion, it's gratifying to see our authors recognized for their tal- ents. Contributing articles to the award winning May/June 2006 issue were Karl Sanford Kabelac, Peter Huntoon, Lee Lofthus, Andrew R. Korn and David M. Diaz, Fred Reed, Leslie Deerderf, Frank Clark, Gene Hessler, President Benny Bolin and Librarian Bob Schreiner. Thanks and best wishes to you all. While our authors for all six 2005 issues are too numer- ous to mention here, they were all listed in our annual index which appeared in our year end issue last year. Once again, thank you and congratulations to all these author-members who make Paper Money a winner! And a big congratulations to all our members for logging home NLG hardware. Here are the SPMC winners: Best Specialized Book, U.S. Paper Money: Collecting Confiderate Paper Money, by Pierre Fricke, edited by Stephen Goldsmith; Extraordinary Merit: 100 Greatest American Currency Notes, by Q. David Bowers and David M. Sundman; Extraordinary Merit: The Comprehensive Catalog of U.S. Paper Money, Seventh Edition, by Gene Hessler and Carlson Chambliss; Extraordinary Merit: The Expert'• Guide to Collecting and Investing in Rare Coins, by Q. David Bowers; U.S. Commercial Numismatic Magazines, Best Article or Series of Articles: Paper Money: "A. Woman's Touch," Gene Hessler, COINage; Non Profit or Club Numismatic Magazines, Best Article, Large Publications: "The Treasury Notes of the War of 1812," Donald Kagin, Paper Money; Best Issue, Large Club Publications: Paper Money, May/June 2006, Fred L. Reed III, Editor; Numismatic Newspapers, Best Article on Paper Money: "Traders Bank of Rochester Lasts Until 1924," Karl S. Kabelac, Bank Note Reporter; Numismatic Newspapers, Best Column: "Shades of the Blue and Grey," Fred L. Reed III , Bank Note Reporter; Commercial Publications, Best Dealer-Published Magazine or Newspaper: The Numismatic Sun, American Numismatic Rarities, Q. David Bowers, Editor; U.S. Commercial Numismatic Magazines, Best Issue: Paper Money Values with member Michele Orzano as associate editor. SPMC salutes all these members who put in the time to research and share their hobby with fellow collectors. Paper Money • November/December 2006 • Whole No. 246 447 On This Date in Paper Money History -- Nov. 2006 By Fred Reed ° Nov. 1 1923, Frank Duffield publishes "Obsolete Notes With Portrait of Lincoln" in The Numismatist; 1928, Last large size currency backs printed; Nov. 2 1864, Farmers Bank of Rustico, Prince Edward Island, issues French/English denomi- nated notes engraved and printed by ABNCo.; 1983, NASCA sells proof notes from estate of early bank note engraver Abner Reed; Nov. 3 1852, Banknote engraver William F. Ford dies; 1944, Minneapolis Fed Bank President Gary H. Stern born; 1992, New Zealand fifth series $50 and $100 notes issued; Nov. 4 1740, Massachusetts governor writes approvingly of notes put into circulation by Silver Bank scheme; 1870, Colonial paper money enthusiast Joshua I. Cohen dies; Nov. 5 1862, Chicago Evening Journal advertises to print "change checks" for customers; 2006, Washington, D.C. Capital Hilton hosts Banknote 2006; Nov. 6 1924, Winston Churchill becomes British Chancellor of Exchequer; 1984, first delivery Series 1981A 5100 FRN; 2001, Fed reduces interest to 1.5%, lowest level in 40 years; Nov. 7, 1912, Paper Money of the United States author Robert L. Friedberg born; 2004, "Feast the Eye, Fool the Eye" tromp l'oeil exhibit closes at Tulsa's Philbrook Museum of Art; Nov. 8 1862. U.S. Depositary Enoch T. Carson explains to Cincinnati merchants tardiness in issuing Postage Currency; 1930, Dealer-collector Aubrey Bebee weds Adeline Dorsey; Nov. 9 1886, Dealer and United States Notes author Wayte Raymond born; 1994, J.S.G. Boggs paper money exhibit opens at University of Pittsburgh; Nov. 10 1796, Jacksonian economist William M. Gouge, author of History of Paper Money and Banking in the United States, born; 1971, Last delivery of Series 1969 $5 FRN; Nov. 11 1862, W. Elliot Wooward holds numismatic auction in Roxbury, MA; 1918, NYSE closes to mark end of WWI, ticker tape confetti rains down on lower Manhattan; 1988, SPMC board OKs insertion of a membership brochure in BNR; Nov. 12 1959, M.H. Bolender auctions collection of CSA paper money; 1980, SPMC increases ad rates and adopts policy of prepayment for advertising in Paper Money; Nov. 13 1770, George Grenville, responsible for passage of the Stamp Act duties on American colonials in 1765, dies; 1861, Baptist minister Mark Watkinson suggests to Treasury that U.S. money recognizes the Deity; 1986, first St. Louis paper money show held; Nov. 14 1893, Ed Frossard stages "$100,000 uncurrent paper money" auction; 1960, Ed Rochette becomes Editor of Numismatic News; 1974, Last delivery 1969C $20 FRNs; Nov. 15 1867, first stock tickers between NYSE and member brokers; 1923, Germany circu- lates 200-billion mark note; 1934, early Fractional Currency collector Henry Russell Drowse dies; 1997, SPMC Board raises LM fee to $500; Nov. 16 1861, CSA reaches $2 million limitation on large denomination, interest-hearing trea- sury notes; 1973, Matt Rothert collection auctioned by Bowers & Ruddy; 1985, SPMC Board approves 25-year membership pins and establishes Tom Bain Memorial fund; Nov. 17 1702, American political economist Pelatiah Webster, who said "paper money pollut- ed the equity of our laws, and went far to destroy the morality of our people," horn; 1981, First delivery of Series 1981 $20 FRN; Nov. 18 1776, Continental Congress creates United States Lottery to draw in Continental Currency and fund military expenses; 1858, Thompson Bank Note Register and Counterfeit Detector published; Nov. 19 1862, New York stationer Leeds & Franklin sell card for mounting monetized postage stamps; 1960, Society of Medal, Token and Obsolete Paper Money (TAMS) organized; Nov. 20 1862, BEP engraving staff of three begins work; 1923, Germany freezes inflation rate of its mark at 4.2 trillion mark to the U.S. dollar; 2003, Lyn Knight sells Dean Oakes Collection of Series 1929 FRBNs; Nov. 21 1860, New York City's consolidated banks agree to form common fund of specie at the Clearinghouse with daily reconciliation; 2003, SPMC Board approves a Founder's Award as Society's highest honor; Nov. 22 1808, Traveler's check namessake Thomas Cook born in Derbyshire, England; 1837, Treasury Secretary Franklin MacVeagh born; 1982, SPMC insititutes New Member Recruitment program; Nov. 23, 1900, William Morton Meredith becomes BEP Director for second time; 1972, Harold Bowen, author of State Bank Notes of Michigan, dies; Nov. 24 1784, President Zachary Taylor, who appears on obsolete banknotes, born; 1986, Fort Worth, TX selected as site for the BEP's Western Currency Printing Facility; Nov. 25 1864, National Banks organized totalled 584, according to President Lincoln's annual message to Congress on Dec. 6th; 1979, NASCA owner George W. Ball publishes "Who really did lose Iran? A look at the Kissinger role" in the Boston Globe; Nov. 26 1807, Tennessee charters Nashville Bank, first in state; 1864, Chief of National Currency Bureau S.M. Clark submits annual report; 1990, Stanley Apfelbaum dies; Nov. 27 1806, Encased stamp issuer Fred Buhl born; 1932, SPMC member and dealer Lowell C. Horweclel born; 1932, Artist Will Low, Educational Note designer (FR 224-225), dies; 1968; first $100 U.S. notes delivered to Treasury; Nov. 28 1950, British East Caribbean Territories introduce dollar-denominated currency; 1979, Camden Company becomes SPMC printer; 2000, first China polymer note; Nov. 29 1820, Kentucky legislature establishes Bank of the Commonwealth of Kentuck wholly owned by the state; 1881, banknote company excutive Tracy R. Edson dies; 1987, British Museum "300 years of British Bank Note Design" exhibition closes; Nov. 30 1656, Stockholms Banco established; first European hank to issue banknotes in 1661; 1906, Ben Green auctions Hiram Deats Collection; 1935, M.H. Bolender sells Alexander P. Wylie paper money collection Part 1; ,OR A'Ll 'LlITTS IPUBELIC'ZZATE 47"7- L 679 MIMI J i-ne -44tIetes T- 13eor0-:, •L 6 7 9: J 12 81ticifigo,14;111 ) :.ti 3111.1EMOIEMILWIE NOW= RICA F 7 7 3 B F 773 os,..d6.4,6if.A.b Hlor • NOTE A THE UNITE iv sTATfis5 or' \k1gtoirA tmer t;ertes_ ... 3ErMX11011:11XCILIGIILIESLIIMILICIME 211" tWE ) TIIE' UNITED- STIVI1 .A TILLS NOTE IS LEGAL TENDER ALL DEBTS. PUBLIC AND PRIVATE 448 November/December • Whole No. 246 • Paper Money wheresgeorge? followup By Fred Reed. AYEAR AGO IN OUR NOV/DEC 2005 ISSUE OF PAPER MONEY, I reported on the Where's George project of recording and tracking currency in circulation. In the interim, I have EMSed (enter, mark, spend) no new bills into the system. I also have had no new "hits" on bills I had entered earlier. So I guess all those notes have found their final resting places by now. There is news to report on what has happened in the interim, however. I have nabbed three "wheresgeorge.com " notes that others have put into the sys- tem. Current totals georgewide are about 3 million users and 89 million bills currently in the system, totalling $498,311,522. My current "hit rate" is 18%, and a rank compiled as a "George Score" in the 83rd percentile, pretty good if I do say so myself. A hit rate of 5.5% is typical, and io% considered excellent. + I "won" this bill at the recent Tom Bain auction June 16, 2006, during the SPMC breakfast at Memphis. I say I "won" because this prize was a set-up donated by fellow SPMC board member Judith Murphy. The note entered the system Dec. 15, 2004, in Fayetteville, NC, first hit the system a week later in Fayetteville, and was discovered nearly a year later in Winston-Salem, NC. I recently nabbed two georgenotes (center and bottom) EMSed by a dude in Tulsa, who has entered more than 4,000 bills into the system. Since Tulsa is only 90 miles uphill from where I am, I guess that shouldn't be too surprising. He entered this note Mar. 1, 2006, and I got it four months later. This note was entered in Tulsa June 9, 2006. It hit in Owasso, OK (16 miles away) two days later, and in Oklahoma City on July 17th. I got it 13 miles across town a few days later. BTW, I still have these three bills in my posses- sion and may spend them at the forth- coming St. Louis paper money show. Paper Money • November/December 2006 • Whole No. 246 449 On This Date in Paper Money History -- Dec. 2006 By Fred Reed ©, Dec. 1 1801, Thomas T. Tucker takes office as U.S. Treasurer; 1908, German government announces banking services to be provided by Post Office; 1942, Burton Saxton becomes Editor of The Numismatist; 1959, Story of Civil War Money copyrighted; Dec. 2 1862, CSA Treasury Note Bureau consolidates Confederate currency designs; 1863, Thomas Crawford's statue Freedom (FR 1-5) placed atop U.S. Capitol; Dec. 3 1828, Register of Treasury Noah Lemuel Jeffries born; 1897, beginning of Bruce- Roberts combined tenure as Register and Treasurer; Dec. 4 1869, Series 1869 $100 U.S. note (FR 168) depicting Lincoln debuts; 1974, U.S. Treasurer given responsibility for U.S. Savings Bond division; Dec. 5 1842, Bank of Louisiana resumes specie payments; 1969, Stack's sells Arnold Perl EPS collection; 1980, Bank of Canada's Canadian Currency Museum opens to public; Dec. 6 1864, Lincoln names Salmon P. Chase Chief Justice of the U.S.; 1926, teature film Money to Burn released to public; 2002, Treasury Secretary Paul H. O'Neill resigns; Dec. 7 1886, first in-line Treasury signatures approved on plates of National Currency; 1989, State Bank of Soviet Union circulates 3-ruble marking Armenian earthquake of 1988; Dec. 8 1727, Royal Bank of Scotland issues its first banknotes; 1999, current Paper Money Editor Fred L. Reed III's tenure begins; Dec. 9 1865, NYSE moves to 10 Broad Street; 1876, CSA Treasury Secretary George A. Trenholm dies; 2005, John Albanese of Archival Collectibles announces purchase of American Bank Note Co. archives, including estimated 300,000 dies and plates; Dec. 10 1810, Stockholders in Bank of the United States petition for renewal of bank's charter; 1890, Superintendent of National Currency Bureau Spencer M. Clark dies; Dec. 11 1865, U.S. Congress considers imposing felony charges on anyone who sells Confederate currency, with penalties of lengthy prison time at hard labor and fines; 1932, Innovative bank robber Willie Sutton escapes from prison; Dec. 12 1776, Continental Congress authorizes Robert Morris to borrow money for the Navy; 1982, New York City armored car heist nets theives $9.8 million; Dec. 13 1797, German author Heinrich Heine, who said "Money is the god of our time," born; 1935, cancelled Gold Certificates pitched from fire-ravaged Treasury storage facility; Dec. 14 1855, Florida Legislature charters Bank of the State of Florida; 1970, Secret Service threatens Time Inc. with prosecution for reproducing part of a FRN in color; Dec. 15 1928, last Large Size currency faces printed; 1890, plaster original of Crawford's Freedom given to the Smithsonian Institution; Dec. 16 1919, Ohio Congressman and numismatist William A. Ashbrook's collection stolen; Get hack on Target Zero in on your customer. Advertise in Paper Money right here, 1903, SPMC President Larry Adams appoints Roger Durand Membership Chairman; Dec. 17 1878, paper money reaches par with specie in the U.S., gold coins return to circula- tion; 1971, Beginning of Connally-Banuelos combined tenure; Dec. 18 1816, banknote engraver Jacob Perkins patents watermarked paper; 1934, BEP begins printing $100,000 Series 1934 Gold Certificates for Fed Reserve Bank transactions; Dec. 19 1831, encased stamp inventor John Gault born; 1961, Britain adopts decimal coinage system; 2005, Clydesdale Bank issues new 20-pound note marking new building; Dec. 20 1948, U.S. Treasurer Angela (Bay) Buchanan born; 2002, currency speculator George Soros convicted of insider trading in Paris courtroom; Catching attention = catching caS$Shl Readers will notice your logo on this page. Dec. 21 1863, National Bank Notes first issued to public; 1905, Congress accords Panama Canal Bonds circulation privilege for National Bank deposit; Dec. 22 1885, Frossard sells CSA note collection of collector-author William Lee; 1910, U.S. postal savings stamps first issued; Dec. 23 1785, paper money and U.S. Mint Chief Engraver Christian Gobrecht born; 1986, PCDA invites SPMC to be cosponsor of St. Louis Paper Money Show; Dec. 24 1776, Washington crosses Delaware River (FR 440-451) to surprise Hessians at Trenton, NJ; 2005, world paper money and MPC dealer Leo May dies; Dec. 25 1642, Mint Master Sir Isaac Newton, who appears on Bank of England notes, born; 1862, G.L. Cornell issues five-cent scrip "payable in a day or two or perhaps sooner"; Dec. 26 1814, NYC Common Council approves additional issue of $50,000 in small change bills; 1955, Unites States Paper Money author George H. Blake dies; Dec. 27 1878, American BNCo. consolidates National BNCo and Continental BNCo; 1945, International Monetary Fund and World Bank created; 1968, dealer Jim Kelly dies; Dec. 28 1862, R. Jones & Co. advertise Rebel note facsimiles in Cincinnati Daily Enquirer; 1992, IRS advisory letter confirms SPMC's non-profit tax exempt corporate status; Dec. 29 1864, CSA Congress extends funding of notes from Jan. 1 to July 1, 1865, ironically by then the war is over; 1983, SPMC President Larry Adams offers Editorship of Paper Money to Gene Hessler; Dec. 30 1829, Senate resolution to study a uniform national currency; 1833, antiquarian and Massachusetts Colonial paper money author Andrew McFarland Davis born; 2001, Colombia seizes $41 million in counterfeit U.S. currency; Dec. 31 1861, Horatio Taft records: "Banks in all the Cities and also the U.S. Treasury have suspended specie payments;" 1976, Coin World pressman "stop the presses" to change out B&W currency ad for an unlawful color currency ad in the Jan. 12, 1977 issue; 4. MI United State. 1,1■ rul wpn tone} MI.: 1812 Gene Hessler and Carlson Chambliss ..27.51.?•B•.,! .GsBEBIG tiNgift010411 ra"'. 15.% e.,New Data • Features • Full Values • Now with Friedberg numbers cos SeN enth Edition with Foreword b' Mania Gengt, kc The Works of Raphatii. P. o 5,55de 3n4S.C....5.1■G.G, 11.16,24. snatch.. linandi5 Ea noon tom Con 0.nonni4onl B.n. 1.10B neut. 5 Voloonerfinn 6502 anO Burt•,' OnaOacn rpgtTa.wB4al CONIC:i01. (755. Unne.ity Smton, Con.erate Rao and S.1 - pcBal Colinc.n5 Ouna Unneordiy. nh.gutyhd Ednedin4 4c4ted mroroli.BoG Sdnehar Tnn- TEXAS CURRENCY: A CATALOGUE 1813-1868 by JOSEPH D. OLSON 450 November/December • Whole No. 246 • Paper Money New references target U.S., Confederate & Texas issues The Comprehensive Catalog of U. S. Paper Money The Comprehensive Catalog of U.S. Paper Money, 7th ed., by Gene Hessler and Carlson Chambliss (BNR Press, 2006) ANYONE FAMILIAR WITH GENE HESSLER'S SIX excellent previous editions of this standard catalog will be pleasantly surprised with its new larger incarnation, and the fine additional information provided by co-author Carlson Chambliss. Its publisher bills this edition as "all new," and while that's not quite the case (it is still organized awkwardly by denomination rather than currency class), it is substantially revamped, reformatted, and infused with commentary that builds on the previous edition's base. Chambliss is the new coauthor and general editor (also author of U.S. Paper Money Guide and Handbook) and his fresh eye supplements the scholarship of Hessler. Chambliss brings real world market information, price structure and commen- tary that distinguished his previous book. As a collector and sometime book author myself, the thing that most amazes me about this work is the depth of knowledge its co-authors exhibit. Compared to other catalogs on the federal series, this book provides historical info not readily available anywhere. Helpful census data from Martin Gengerke's research, as well as info from Don Kelly's work on nationals, and that of other specialists (this author included) is also provided. This edition also incorporates Friedberg numbers, a big plus. In addition to federal issues and nationals, also covered are speci- mens, encased stamps, postage envelopes, souvenir cards, errors, 1812-1860 issues, MPCs, and engravers and designers. While I wouldn't call this book a "must have," I would say that ANYBODY who collects any series within its purview would be silly not to pony up and buy it, and READ it. This book demands your attention, not just a prominent place on your bookshelf. It is flat out that good! The book is in a new larger format, eight by 10 inches, 672 pages, and priced in paper back at a bargain $32 plus $4 P&H. Inquires may be made to BNR Press, 132 E. Second St., Port Clinton, 011 43452. -- Fred Reed The Works of Raphael P. Minn, photographed, edited and activated by George Tremmel, Bob Schreiner and Tom Carson. A S A CONFEDERATE CURRENCY RESEARCHER .4..for more than 30 years, this release is probably the most welcome addition to my library since I got my first "Red Book" in 1956. - This DVD format includes "Records and Correspondence of the Confederate Treasury," and "Financial Extracts from the Confederate Congressonal Records." As anyone who has ever toiled over the musty contemporary volumes of the CSA Congressional documents can tell you, this is a grad- uate student's dream come true. The DVD is not only not smelly, but its 5,800 pages are portable and searchable as well! Also included are five volumes of CSA bonds and curren- cy collected by Raphael P. Thian. Making these unique refer- ences available to anyone -- not just those willing and able to trek to Duke University in North Carolina -- means this com- pendium is valhalla. Thian had the pick of the litter in form- ing his Confederate collections, so notes are pretty much the best available from those impounded by the U.S. government following the Civil War. The DVD is priced at $85 (plus $7.44 sales tax for Tennessee residents), and may be ordered from information technology guru Tom Carson, 5712 N. Morgan Lane, Chattanooga, TN 37415. -- Fred Reed Texas Currency: A Catalog 1813-1868 by Joseph D. Olson (Corporate Image, 2006) 'THIS IS CERTAINLY the most complete Texas volume ever pub- lished, listing all Texas notes known. It is also the first book to integrate Texas history into paper money collect- ing. Olson's book features a new logical numbering system, according to its author, with up-to-date rarity and valuations. The author is Texas Numismatic Association president. Contributors include John Rowe, Huston Pearson, Hugh Shull and Richie Self. In addition to excellent photos, this hardbound 204-page work has much historical info on signers and issuers, and a helpful index. The book is distributed by Texas Numismatic Heritage Press. Memphis show price was $65; call 1-800-865- 3562 for current pricing. -- Fred Reed 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 conserva- tive 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 You are invited to visit our web page www.kyzivatcurrency.com For the past 8 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 Sprints, IL 60558 E-mail tkyzivat@kyzivatcurrency.com Paper Money • November/December 2006 • Whole No. 246 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. webeite: www.executivecurrency.com (586) 979-3400 PO Box 2 • Roseville, at 48066 e-mail: Bart@executivecurrency.com 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 451 To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. OUR MEMBERS SPECIALIZE IN CONFEDERATE CURRENCY They also specialize in Large Size Type Notes, Small Size Currency, National Currency, Colonial and Continental Currency, Fractionals, Obsolete Notes, Error Notes, MPC's, Encased Postage, Stocks and Bonds, Autographs and Documents, World Paper Money .. . and numerous other areas. THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION is the leading organization of OVER 100 DEALERS in Currency, Stocks and Bonds, Fiscal Documents and related paper items. PCDA • Hosts the annual National and World Paper Money Convention each fall in St. Louis, Missouri. This year's show will be held Nov. 16-18, 2006 at the St. Louis Airport Hilton Hotel. • Encourages public awareness and education regarding the hobby of Paper Money Collecting. • Sponsors the John Hickman National Currency Exhibit Award each June at the Memphis Paper Money Convention, as well as Paper Money classes at the A.N.A.'s Summer Seminar series. • Publishes several "How to Collect" booklets regarding currency and related paper items. Availability of these booklets can be found in the Membership Directory. • Is a proud supporter of the Society of Paper Money Collectors. The Professional Currency Dealers Association For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to.. PCDA James A. Simek — Secretary P.O. Box 7157 • Westchester, IL 60154 (630) 889-8207 • FAX (630) 889-1130 Or Visit Our Web Site At: vvvvw.pcdaonline.com 452 November/December • Whole No. 246 • Paper Money „t-,e,..)7•JtV•.0.7*I'V.,..=- '',.'-'"Ic..•=.1.?"..._2*-.7-0........,„,..._., - - - 14-01.11) -..rtia-i ,— ;e.ttitRg_tycv- - ■ . ...,.. • .-. ■......_ •N, . .. ., ,....,.. ,,...„; .i .1..(1 , ( . liti44;;-:.1A At.t r„:r o , . : . r'i .e.:„: . 4 4, ., 1. 1a.4gAtoi -. . N:;* -1,-:_litiNits- t ,:..) ,.. ' - - •-:, ... - . -- . ....,L.,..41.1r .g.r.,, !. !..:st. IL-Lv •......t.,4_0 ,,, _,,,L y..._ wa, UOtslaftS'" — s..attianZialLata, /:. Paper Money • November/December 2006 • Whole No. 246 453 Nationals were safe, Treasurer said so by James C. Ehrhardt r-N THE MID-1860S AMERICANS HAD LEARNED TO BE WARY of paper money issued by unfamiliar banks. Nearly a century's bitter experience with counterfeits and notes from non-existent or failed banks had reinforced a preference for hard money. Even the new-fan- gled federal National Currency traded at a substantial discount to gold. Citizens from all walks of life were confused by National Bank Notes. Were they from the local bank or from the U. S. government? Were the notes any good if the bank failed? The U.S. Treasury must have expended considerable effort to con- vince the public of the safety of National Bank Notes. One example of that effort is given below. The earliest National Bank in Mitchell County, IA was the Osage National Bank of Osage, charter #1618. It began operations on Feb. 1, 1866, almost three years after the start of the National Banking era. just three months later the bank was robbed of about $10,000 plus $9,000 in unissued, unsigned National Bank Notes. Of course this event received intense local publicity and was the topic of much conversation. A loss of this magnitude surely raised the question of whether the bank would collapse. Citizens wondered whether their bank notes would be honored. West Mitchell, a small village (1880 population = 307) about four miles from Osage, had an enterprising newspaper editor named T.M. Atherton. His paper, the Mitchell County Press, had rapidly gained a substantial readership in the surrounding communities. He printed a number of stories about the robbery and the pursuit of the thieves. A month after the robbery, editor Atherton printed the following letter dated May 10, 1866, from Francis E. Spinner, Treasurer of the United States, whose remarkable signature graced the notes of the period. The letter states that it is in response to an inquiry received by Mr. Spinner. It is not clear if Mr. Atherton or another local had made the inquiry. Possibly, the purported inquiry may have been a rhetorical device used by Treasurer Spinner. T.M. Atherton, editor of Mitchell County Press. Osage National Bank was the first bank in Mitchell County, IA to receive a national charter. West Mitchell, Iowa 454 November/December • Whole No. 246 • Paper Money Whatever the origin of the letter, its prominent placement in the paper suggests that the editor felt strongly about his readers' need for reassurance: Dear Sir: Your letter of the 10th inst. has just now been received. You ask to what extent is the government liable for the redemption of notes of National Banks. I answer: To the full nominal face of every note issued by the Controller of the Currency to a bank and by the bank put into circulation. You ask: 'Should the bank deposits with the United States Treasurer to secure the circulating notes with the banks depositing them be inadequate to the redemption of the notes of the bank, by the reason of the decline of the securities deposited, is the government hound to redeem the notes at par? The 47th section of the National Currency act only gives the right to forfeit all the securities held for any deficiency; the government has a first and paramount lien upon all the assets of a defaulting hank. I therefore answer this question affirmatively. You ask again: 'Could the absolute failing of a National Bank impair the value of the circulating note of the bank making such failures?' I answer No. On the con- trary the notes of a National Bank that has failed are rather better than worse of a bank in good standing if away from the business centers of the country, for the reason that the Treasurer of the United States becomes the cashier of each defaulting bank, and will through his assistance and all other govern- ment officers, redeem such circulation. You ask fourth, 'Are the notes of the United States Treasury, beyond the fact of their being legal tenders, a greater security to the holders than the currency of the National Banks.' The United States legal-tender notes afford no greater security to the holder than the notes of National Banks. The only real difference between the two, is that while the latter are only a legal-tender from, and to the government, the former are such legal tender from, and to all parties, whether municipalities, corporations or indi- viduals. Very respectfully yours, F.E. Spinner, Treasurer" Treasurer Spinner makes several points in his discussion to convince readers of the safety of National Bank Notes. He specifies that notes eligible for redemption must meet two criteria: (1) they must have been issued by the Controller of the Currency; and (2) they must have been put into circulation by the bank. Notes stolen before their release by the bank, such as those from the Osage robbery, were not valid. His answer to the fourth question high- lights the original difference in legal tender status of the notes compared to other governmental issues, which is fre- quently overlooked by collectors. Most interesting is his argument that notes of a failed bank may be better than notes of a bank in good standing. I don't understand this argument (other than his assurance that he would use all government offices to redeem notes), but whatever the logic of the reasoning, it would seem to reduce the strength of his effort to convince the public to accept these new notes. Ultimately the Treasury's educational efforts were quite successful. A high degree of safety and the public's overwhelming need for an increased supply of money led to the widespread adoption of the new currency. Economic growth was promoted in all parts of the country, eventually leaving behind much interesting material for collectors and scholars to pursue. Bibliography Mitchell COUlltY Press, vol. 2, no. 7, Thursday, June 14, 1866, West Mitchell, Iowa. Paper Money • November/December 2006 • Whole No. 246 455 * * * * * * * * * * * * * * * * * * * * * * * * NUMISMANIA RARE COINS P.O. BOX 847 -- Flemington, NJ 08822 * Office: (908) 782-1635 Fax: (908) 782-6235 * Jess Lipka, Proprietor - V"' 5 •s ir 4 • 1Irxi= B nt...V(1111Y11"i/ EC/ „jrz,,,, K333872) ..hti,-,- ,/, - ://i:7, (-6Zr.011.2 4A.T;i ( .- t4 * :-.0 ' - -', , ,``-'1 .4 —i-i.-- .. AP- t • . t , ft', v 04. Arkt*iii 1M . 17>r<aur ** * ,t; .- 641,11BLIBANK, j)421/11440 S 'A * titilarViturq64 *'shivi-t.ki;al""v'etraIlemtua, ,- m * 40/4414-4,gary ,9 / / *45322„e=65 " T._ __ ___ -11 _,k`c I Ar ri tON E D aTr LT a 2.4870 4C,60 *'7N7a OMMEZD0i ..,A;4, y * * * * * * ** TROPHY NATIONALS ** * Buying All 50 States, Territorials, Entire State and* * * Regional Collections, Red Seals, Brown Backs, * Statistical Rarities, New Jersey.* * * Also Buying Coin Collections and Type * * * * NO DEAL TOO LARGE! * * ********************** * * * * *NOBODY * * * * * *PAYS MORE Notes rom North of the Border By Harold Don A en Three `Guianas offer unique opportunities THAT GREAT STRETCH OF THE NORTHEAST coast of South America once known as Guyana or the Guianas, having been sighted by Christopher Columbus in 1498, has had a distinctly long history of European awareness, interaction, and colonization. As well, as might be expected, the exotic region can lay claim to an instructive, diverse, and challenging numismatic past and present. Following many decades of "changes of hand" consequent to boundary redefinition, military intervention, and treaty writing from afar, the original Guyana became partitioned into British, Dutch, and French possessions . . . and, as well, parts of present-day Venezuela and Brazil. Current political entities Republic of Guyana (successor to British Guiana), the Republic of Surinam (successor to Dutch Guiana), and the French overseas department of La Guyane. All three traditional Guianas, with their modern counter- parts, merit "world collector" attention, though British Guiana / Republic of Guyana, to me, displays by far the richest "paper numismatic" past. We shall, in any event, be briefly consider- ing each country in turn. French Guiana (La Guyane) has to be the tough one of the Guiana trio, collector-wise, even for the "one note per country" enthusiast. Large hoards, if only of French Guiana lowest values, now seen unlikely . . . you'll not encounter bricks or bundles in dealer stock. French Guiana, a "French overseas department" since a determining vote in the South American colony in 1946, has used French francs (undifferenced) from 1975, euros (the "U" French prefix) since 2002. Prior to 1975, a common-currency "French Antilles" issue for La Guadeloupe, La Guyane, and La Martinique, served from 1964; "new francs" overprints, also of Caisse Centrale de la France d'Outre-Mer, the French overseas bank, from 1961; "Guyane"-domiciled "old" francs, from 1947. World War II issues of Banque de la Guyane are interest- ing but difficult, and include locally and internationally pm- duced notes in a range of styles. One group by E.A. Wright Bank Note of Philadelphia, recalls that firm's rather striking wartime issues for Guadeloupe, Martinique, and (somewhat more collectibly) Franch West Africa (1942) and Morocco (1943-1944). Guyane-domiciled, franc-denominaed colonial notes from as early as 1900 are currently cataloged. November/December • Whole No. 246 • Paper Money Base-metal coinage in the names of Colonie de Cayenne, the principal settlement, and Guyane Francaise, dates from the 18th and early 19th centuries, and could prove less difficult to acquire. Low-value circulating coinage does tend to survive, when higher-value, even subsequent, folding money may not. The colony of Dutch Guiana, from 1954 an autonomous part of the Kingdom of the Netherlands, from 1975 indepen- dent as the Republic of Surinam, represents a two-fold chal- lenge to type and variety collectors. Colonial notes produced by international printeries during and after WWII include rather diverse, striking, often difficult releases. Subsequent note output of the Centrale Bank van Suriname (1963 issue, post-independence 1982 issues) features date and other changes across an escalating scale of values. Colorful, attractive notes extended to 500 and 1000 gulden through 1986, 10,000 gulden in 1997, and 25,000 gulden in 2000 ... followed by the perhaps inevitable currency revaluation in 2004, with the introduction of a "dollar" unit, with an equivalence of 1000 to 1. Such notes to $100 now are in circulation. Of many if not most later gulden values, bun- dles and bricks of crisp notes surely exist in the trade, not rari- ties by any means, but some of the more attractive inflationary 456 Fr ,s ....T17,4*-Z..,:ja750 -;Z-, :- ■••:' .,,f,rig..-r.-„zwe... Gi...,,....5.,-.., :'t101)" *s..., *Irax 6L111110-_,',..438u lapais,: . SZ0468 . . .. AT GEORGETOWN ill)l3 0 ^ BRITISH GUIANA 00131)3 Pflie, m69/4 Y/7/ Avioi; :1% fieViriu WOE 1120.141AUS IN BRITISH GUIANA CURRENCY BEING THE EQUIVALENT OF TWENTY POUN6S SIXTEEN SI-I I LUNGS AND EIGHT PENCE otemmurt 04.co- BRITISH GUIANA :— DUIZENqt.; GULDEN " • = DOLLARTWEE EN EEN SURINAME pa'i'l IG BTTAALN11130F1 Z = C000100553 2, Paper Money • November/December 2006 • Whole No. 246 457 items do make their way to inexpensive dealer stock. Dutch coinage circulated in the colony, with special strik- ings during WWII. Surinam has featured Franklin Mint pro- duction. British Guiana was doubly served as to sound and impres- sive folding money, by government, royal-portrait legal tender and by domestic note issues, dollar-denominated, Sterling-linked, of strong international banks. Such multinational institutions were Barclays Bank (Dominion, Colonial and Overseas) of Great Britain, successor to the note-issuing Colonial Bank, and Royal Bank of Canada, which had absorbed the note- issuing British Guiana Bank. Sterling-linked? Reading from a Royal Bank top value, "$100 in British Guiana currency, the equiva- lent of 20 pounds, 16 shillings and 8 pence" ... that is, one penny exactly equalled two British Guiana cents. Nothing new under the Sun? Experienced note collectors sense otherwise. When welcomed to Barclays Bank archives in Manchester, England, I -(034406404 a Oa • chanced upon a wholly unknown Colonial Bank $5 for Demerara (British Guiana), overprinted (domiciled) "Berbice" minor branch (Inside IBNS, 2002, Issue 2). The search does -- and certainly should -- go on! Government of British Guiana legal tender is found in six denoinations ($1, $2, $5, $10, $20, $100), earlier notes featuring a sailing ship engraving, later issues Kaieteur Falls. With a King George V or King George VI likeness on the back, Kaiteur Falls notes came in large format through 1936, in small format from 1937 to 1942. British Caribbeans Territories, Eastern Group dollars, King George VI and Queen Elizabeth II por- trait issues, saw service in British Guiana from 1950 to 1965. Traditional British silver four-pence pieces, "groats," cir- culated in the colony over the Victorian decades, being suc- ceeded by a British Guiana issue from 1891. Republic of Guyana decimal coinage, produced by the Franklin Mint, has been in use since 1967. With "independence," Bank of Guyana also released $1, $5, $10, and $20 Kaiteur Falls notes in 1966, adding a $100 (map design) from 1989, $500 from 1992, and $1000 from 1996. Later Bank of Guyana notes evidence increasing anticounterfeiting protection, and signature varieties, prefixing, and changeover numbers could con- stitute a study in themselves. For all three Guianas, earlier notes, especially higher values and better grades, can prove remarkably difficult, and later issues anything but easy to research. ,, • • ,,,'„*.; ... ....Ma. pi .....0. Or 7:e, .... ".•;,.17 X . . . .... - HAPPY HOLIDAYS TLVIE FLIES BY SO FAST WHEN YOU ARE having fun and FUN is what I am having these days. It has been an honor and a privilege to serve as your president these past 18 months and I look forward to more to come. As we enter into this holiday season, I extend the board's and my wishes for a wonderful holi day season. I hope it is a joyous time for everyone. As we enter into yet another new year, it already is shaping up to be a great one. Year 2006 ended with a BANG with prices and demand for quality notes high. Soon there will be the annual gathering at FUN and eventually our annual pilgrimage to Memphis. With these and other opportunities approaching, the society needs a gift from you—your time. I urge you all to get involved. We have four board seats up for election this year and I highly encourage you to make a run for one. I have been working to make the board more involved and committed to the hobby instead of just being a twice a year meeting board. Besides our two regular meetings in Memphis and St. Louis, we have 3-4 conference calls a year to keep our finger on the pulse of the hobby and to discuss and tackle opportunities in a more timely fashion. We also work constantly and dili- gently real-time on society business via email. If you are interested in serving the hobby as a board member, let me know and I will be happy to discuss what it means and the expectations of board service. Our hobby is certainly alive and well and on fire! In order to keep it on an ever-upward trend, we need your help and leadership. If you cannot serve on the board, let me or one of the other board members know and we can find you opportunities to serve your hobby in a proactive way. Until next year—happy holidays and may all your days be bright! Benny Make your New Year's resolution for 2007 early: "I promise I will become more involved in SPMC in 2007!" November/December • Whole No. 246 • Paper Money moml mw "R Paper Money will accept classified advertising on a basis of 15 per word (minimum charge of $3.75). Commercial word ads are now allowed. Word count: Name and address count as five words. All other words and abbrevia- tions, figure combinations and initials count as separate words. No checking copies. 10% discount for four or more insertions of the same copy. Authors are also offered a free three-line classified ad in recognition of their contribu- tion to the Society. These ads are denoted by (A) and are run on a space available basis. Special: Three line an for six issues = only $20.50! INTERNATIONAL ENGRAVER'S LINE, World engravers & their work, 392 pages, 700 ill., most in color, $74 incl. post. Premium ed. with signed notes $140. Gene Hessler, PO Box 31144, Cincinnati., OH 45231 or engraversline@aol.com (246) 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) BOOKS: OFFERING WISMER'S Obsolete NY $20; Pennsylvania $12, Ohio $12, Pennell's N.C. $10, Bowen's Michigan Notes/Scrip (HC) $45, Slabaugh's Confederate States Paper Money (updated Doug Ball) S12 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) WASHINGTON STATE NATIONALS WANTED. Seeking large-size WA nationals from Aberdeen, Hoquiam, and Montesano. Chris Flaat, cflaat@msn.com, 425-706-6022 (244) KANSAS NBNs WANTED . Gooclland 414163, Olathe #3720, Pleasanton #8803. A.R. Sundell, Box 1192, Olathe, KS 66051 (246) COLLECTOR BUYING AND SELLING published U.S. National Bank Histories and other publications! Offer what you have; send your "Want List." Bob Cochran, PO Box 1085, Florissant, MO 63031 (PROUD SPM- CLM69) (252) AUTHORS RECEIVE FREE CLASSIFIED AD. Write now (PM) LINCOLN PORTRAIT ITEMS. Collector desires bank notes, scrip, checks, CDVs, engraved/lithographed ephemera, etc. with images of Abraham Lincoln for hook on same. Contact Fred Reed at P.O. Box 11 81 62, Carrollton, TX 75051-8162 or freed3@airmail.net (252) HUNDREDS OF PAPER MONEY MAGAZINES FOR SALE from before I became Editor back to 1960s & 1970s. I bought these filling sets. Fill your needs now. E-mail me freed3@airmail.net & I'll sell you what I got! (252) WANTED. Canadian Chartered Bank Notes. Wendell Wolka, PO Box 1211, Greenwood, Indiana 46142 (246) 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. (248) OLD PAPER MONEY MAGAZINES FOR SALE! Great reading & research material. Five different copies from the 1960s and 1970s only $50. Multiple groupings available. e-mail first to Fred Reed at freed3@airmail.net (252) 458 AUTHORS RECEIVE FREE CLASSIFIED AD. Write now (PM) Paper Money • November/December 2006 • Whole No. 246 459 Official Notice: Nominations Open for SPMC Board THE FOLLOWING SPMC GOVERNORS' TERMS EXPIRE IN 2006: Wes Durand Rob Kravitz Fred Reed Bob Schreiner If you have suggestions for candidates, or if the governors named above wish to run for another term, please notify Nominations Chairman Torn Minerley, 25 Holland Ave #001, Albany, NY 12209-1735. 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, 2007. Biographies of the nominees and ballots (if necessary) for the election will be included in the May/June 2007 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. WANT ADS WORK FOR YOU Money Mart ads can help you sell your duplicates, advertise your want list, increase your collection, and help you have more fun with your hobby. 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 Take it from those who have found the key to "Money Mart success" 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) L We Comprehensive Catalog of U. S. Paper limey The International Engraver's Line PAPER MONEY AND POSTADE STAMP ENGRAVERS AND THEM WORK PROM THE 1700s TO TIIE ECHO Gene Hessler 460 November/December • Whole No. 246 • Paper Money 3rd annual SPMC authors forum draws scribes crowd American paper money and some foreign areas as well. Professionally he is an astronomer with a PhD from the University of Pennsylvania (1982). He then taught astronomy at Kutztown University until he retired in 0 0 3 . Chambliss has writ- t e n C PMC's 3RD ANNUAL AUTHOR'S FORUM, HELD 0- Friday, June 16th at the Memphis Marriott Heritage Ballrooms was a whopping success. The event drew a cross- section of contemporary paper money book authors to tell a crowd of about 40 their "tricks of the trade." Society President Benny Bolin (below) welcomed both speakers and audience. "This forum was conceived as a way for authors and prospective authors of paper money books to exchange ideas, 'tricks of the trade,' and form mutual sup- port on the long road between conception and publication of a worthwhile book," Bolin said in his opening remarks. "This Forum, in tandem with our Society's George W. Wait Memorial Prize which supports research of book length paper money projects, is part of SPMC's outreach to hob- byists by supporting numismatic edu- cation," Bolin continued. " 0 u r Author's Forum is unique in the hobby. We invite all prospective authors and others interested in paper money books to attend and participate in this event. As in the past, this year's presenters' works covered a wide diversity of paper money topics," Bolin said. "All presenters are experi- enced and well known in the hobby, so I'm sure all attending benefitted from their talks," he added. Host for the event once again was Bob Schreiner (left), SPMC Librarian, Secretary, Web Master, & cosponsor of the event with Paper Money. Leading off was Carlson Chambliss (below), co-author of The Comprehensive Catalog of U.S. Paper Money, 7th ed. (BNR Press, 2006). He spoke on trials and tribulations of preparing a major new edition of a standard work: What's in and what's out, and visions for the future of the catalog. Carlson has been a collector since 1948, but has been serioiusly working on his paper money col- lections and research since 1976. He is interested in all types of about 70 articles on paper money. Most of those appeared in the Bank Note Reporter. He wrote US Paper Money Guide and Handbook (BNR Press, 1999), and recently coauthored with Gene Hessler and edited the new seventh edition of The Comprehensive Catalog of US Paper Money. Next to the podium was Gene Hessler (right), who self-published his lat- est work, The International Engraver's Line (self-published, 2005), and described the very interesting process of hav- ing a book printed in Eastern Europe. Gene, former Editor of Paper Money, has written five books and 350 magazine articles. He is listed in various editions of Who's Who. Gene was curator of the money museums of The Chase Manhattan Bank and the St. Louis Mercantile Bank. He is a retired musician. The International Engraver's Line documents the lives and work of men and women engravers throughout the world. To assure the completed TIEL looked like the book that he visual- ized, Gene decided to do every- thing but print the book himself. He scanned all the images and designed each page and the cover. Friends in the Czech Republic suggested that he have the book printed in Prague. With someone in Prague to follow the book through production, before he read final proofs, Gene agreed to their suggestion. This brought benefits and pit falls, never- theless, as author and publisher the book is precisely what he had in mind, Gene told his audience. $85 Check or Money Order Tennessee Residents add $7.44 sales tax Tom Carson 5712 N. Morgan LN Chattanooga, TN 37415 htcarson@comcast.net The Works of Raphael P. Thian Manuscripts from Duke Universitu Records and Correspondence of the Confederate Treasury Financial Extracts from the Confederate Congressional Records Five-Volume Thian Personal Collection: Confederate and Other Paper Money, Confederate Bonds and other Financial Documents History of the Confederate Flag and Seal Photographed, Digitized and Edited by George Tremmel, Bob Schreiner and Tom Carson 5,838 Searchable Pages on One DVD Requires Adobe Acrobat Reader 7 (included on DVD) Buying & Selling Quality Collector Currency •Colonial & Continental Currency •Fractional Currency •Confederate & Southern States Curren- cy • 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 Polls 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 Paper Money • November/December 2006 • Whole No. 246 461 WANTED AUTOGRAPHS Original signatures of famous histori- cal people on • currency • letters • • photos • documents • checks• SERIOUS BUYER! "PAYING TOP DOLLAR' ERROR CURRENCY LOW SERIAL & SOLID NUMBER SMALL SIZE NOTES SEND FOR OUR FREE PRICE LIST RAY ANTHONY P.O. Box 10365 Portland OR 97296 503-226-2226 ANA LIFE MEMBER 2247 MEMBER MANUSCRIPT SOCIETY PROFESSIONAL AUTOGRAPH DEALERS ASSOCIATION 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 C..01,0? OKA, Obsoset, Sao.' Noce: arri 3,4. 100 ( REAlEgf AMERICANCURRENCY NOTES " Igit )4*f4, n ligss °Z.==°L.',VItzt^ OBSOLETE PAPER MONEY ISSUED RE RANKS IN THE UNITED SMITS (78.2 — M866. Q David Bowers Fa•ssral Erie /I ISinemln November/December • Whole No. 246 • Paper Money462 Next up was Wendell Wolka (right), who described the process of updating a state obsolete cata- log, his Ohio Obsolete book (SPMC, 2004) on a CD (2006). Wendell has been collecting something for nearly 50 years. His present passions are Ohio obso- letes and small size nationals, and lots of other "stuff." Wendell writes several numismatic columns and has written numerous articles. His books include the SPMC volumes covering Indiana and Ohio obsoletes. Wendell's current project is an update of his 2004 vol- ume entitled A History of Nineteenth Century Ohio Obsolete Bank Notes and Scrip. The update is offered as a CD, incorpo- rating corrections, additions, and new discoveries made since the book's publication. "The CD offers low cost and the ability to pro- vide full color illustrations," Wendell reported. His CD includes 110 pages of infor- mation, 117 new or revised listings, and 118 high reso- lution color illustrations. "All of the files on the CD can be explored with Adobe Acrobat® or Adobe Reader O" Wendell said. After a brief intermission, David Bowers (right), came to the podium to describe 100 Greatest American Currency Notes (Whitman Publishing, 2006), which he co-wrote with fellow dealer/collector David Sundman. Q. David Bowers is some- times called the "dean of profes- sional numismatists," not only because of his prominence and longevity, but also because he is the most prolific numismatic author of all time. Dave became a professional numismatist as a teenager, and earned a B.A. in Finance from Pennsylvania State. He has served as president of the Professional Numismatists Guild and president of the American Numismatic Association. He is a recipient of the Founder's Award and the Farran Zerbe Memorial Award, the highest honors of the PNG and the ANA respectively. The author of more than 50 books, he has received more honors from the Numismatic Literary Guild than any other person. His columns in Paper Money and Coin 1,1761-/d are perennial favorites. It was only a matter of time until Bowers turned his antennae and pen toward paper money, something he has been interested in for more than 50 years. Last but certainly not least was Mary Counts (right), president of Whitman Publishing, LLC, which recently jumped into the paper money publishing waters with big feet. Mary was born and raised in Haleyville, AL, and now lives and works in Atlanta, GA. She has been active in the collectibles/publishing fields with Anderson Press for 20 years, most recently (since 2002) as Whitman prexy. Mary is a lifetime member of the ANA. She also belongs to the Augustus B. Sage Society of the ANS, and is a member of Women in Numismatics, FUN, and other hobby organizations. During her tenure, Whitman has entered the paper money field with several popular titles including A Guide Book of United States Paper Money, and The 100 Greatest American Currency Notes. Later this year the company will release a full- color 600-page history book on obsolete paper money, and other paper money books, including a book on Southern States notes, are in the works. SPMC is chartered "to pro- mote, stimulate, and advance the study of paper money and other financial documents in all their branches, along educational, histor- ical and scientific lines." In addi- tion to our annual author's forum, the Society also sponsors our George W. Wait Memorial Prize, available annually to assist researchers engaged in important research leading to publica- tion 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 publish- ing program. The George W. Wait Memorial Prize is estab- lished to memorialize his achievements/contributions to this field in perpetuity. Up to $500 is awarded annually in unre- stricted 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 no qual- ifying applicant is found, funds will be held over.) The Official Prize Announcement, including rules and deadlines, is published annually in our November/December (this issue, see page 474) issue. Past recipents have included four individuals and one group. 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 manu- script on small size War of 1812 Treasury Notes, publication of which is pending. Gene Hessler was honored for the book on international bank note engravers that he described at the forum. Honorees R. Shawn Hewitt and Charles Parrish received the prize jointly for a projected book on Minnesota obsolete notes and scrip, which is nearing publication. This year's winner is Dr. Michael Reynard who is authoring Complete Guide to Check Collecting. N NEXONWOONW&ONEXONEZONEXONEXONEXONEY NENOMEN SIVAVEpai ) NENONEN NEN I NEe ONENONEN i NFL? I NEN NE ONE& ONE! OWE% ONE• tiNt• TOE. colvt• ONE• ONE Ogg- ONE. 9PitL• ONE. tigt5 ONE. ONE. NO; ONE; Wk. ONE, mik. NE. Oft. oNt• ONE;Ow. ONE. ON• ONE• ONE. ONE. ONE• .Ogg. NO NONENONEN I NEN I NWNONENONEXONEN i NRNOWEg ( Iltkne;1483- ) laff42SMIL" s I C: NENONEWONEX RAW ENO ES NEN i NEN • NESONENO Paper Money • November/December 2006 • Whole No. 246 463 St. Louis Welcomes You to the 21s t Annual National and World Paper Money Convention PCDA Thursday thru Saturday, November 16-18, 2006 PCDA (FREE ADMISSION) St. Louis Airport Hilton Hotel, 10330 Natural Bridge Road, St. Louis, MO Rooms $99.00 Call (314) 426-5500 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 414-421-3498 Lmail:klolev2q0/visr.com And Ron Horstman PO Box 2999 Leslie, MO 63056 Show Hours: Thursday 9am-noon (Professional Preview) $50 fee Public Admission Noon-6pm Friday 10am-6pm Saturday 10am-6pm Future Dates: November 14-17,2007 SOCIETY OF PAPER MONEY COLLECTORS INC. I l'or The Members of The Srx. i! Paper Money Collectors: Put-pose: anrounLe the 1900 propiarit of the SPMC Patron's Assmiutime What: In :983, past President Wendell Wolka SPMC Pail WW1 Association. Since that time each year this fine program has ted money into the Association her k n, COUn and this has brain used in fund in part the hooks Arkansas and Pennsylvania plus other worthwhile projects of our hobby. How does it You may ecintribm a at fuor different lei s: Si 5, 540.1.73, 5100 MM.,. As yoa f the :able on ihe back cl this :titer members of the Patron, Association arc eligible for various an ares. Upon joining, you w 01 receive a Patron's kit which will contain coupons which can be redeemed in person or through the mail. This is ou r way of saying Thank Ylitl " rm your help to the Suciety and the paper money collectors wha will benefit through :he charts of the society. One most remember that our Society is e rtiespror .ti inguo ban.: and our Lontributions are east deductible. When dO I You may join anytime until April 30.1988. Your tampons w ill he redeemable juin:arn. time until Ian. 3 1989. Fur Mdseith 19S6 dues still outstanding y ou may pay these with your contribution Or save the coupon ior 1989 sloe, How do I join: Its easy! Just it the application on the hack of this sheet and sand it along in rib s us r check totriunes circler made out to SPAR: the address showw 'i.e will handle the rest. What If I have Writ: a letter to on on he address shown on i he reverse, we will answer 11 as a Question: promptly as possible. You Inas cal the Pat1+2:15. SOZiely Co-ordinator. Roland J. (wernier 401-'.6m? 13I. What if I want We wdll aol. argue V. ith iota, and you can be sure that the mimes mild ire to to give more: 'hose projects that H c +or l he good or nor hobby. With the many est rernely worthwhile projects on the planning board the we have. your contribution will certainly be used wisely! won:. s -A"RFITRSF... $75 $100 YOUR DONATION ENTITLE.S VO • TO RECEIVE OF ,I Free Souvenir card $1500 sencards SAM: Spon,pvad Ronk A hex 11):7 SPAIC: Menthe, ,hipOir /9,35; 4 Tr. Banqnso I Ticker $15 SAO Membership Application To: SPMC PATRON'S ASSOCIATION For SPMC only Att:Rolandl. Cannier Ranched (44 Xraill Crest Dr. Sent. Ctrnheriand, RIob+36-1 Dear Roland. 11C. is my chock. I want to help: Please enroll me in the Patron's Association for 1988. I have enclosed: 5I5, -1540, C $75, 7 5100 ur I reall, want to help a lot and here is my check Mr $ Please snake all cheeks payable so blur. Please. hip my Patron's Association Kit to: None SPMC Address City. State and Zip Ptma ,beck if ens a re paymg your tip dors aids rhls pupnent: C 464 November/December • Whole No. 246 • Paper Money Part 7 More Additions to A Catalog of SPMC Memorabilia By Fred Reed ERIODICALLY I'VE HAD THE OPPORTUNITY to catalog Society memorbilia to get these ephemeral items "on the record" for future members of SPMC. I've had a lot of help from many, many SPMC members in recording this "stuff." It just doesn't seem possible that the last previous update was the JAN/FEB 2003 issue of PM. I always appreciate addi- tional listings, so if readers come across tickets, brochures or other items related to our Society's past, don't pitch 'em, send them to the Editor and we'll add them to the list. Our 50th anniversary as an organization is NOT that far away, so let's be thinking how we want to celebrate it. Longtime member Steve Whitfield sent in the Cherry Hill and Patron's Association memorabilia. Thanks, Steve. Past President Frank Clark supplied the 2004 and 2005 Memphis Breakfast tickets. Thanks to you too, Frank. (P.S. it seems like in the bustle I always get away from the breakfast without my ticket. Guess I must be getting old.) 1985 Cherry Hill SPMC Convention Hotel Registration Jra sst HYATTEDCHERRY HILL SOCIETY OF PAPER MONEY COLLECTORS November 12-17, 1 985S:REF SCHEDULE CE RATES: Start tie root Singie Occupancy 559.00 °QUO'S Occupancy S89.00 Cur-OD bate: Ont. 13 1255 E!RM .tEASF RESE;VE PISCNE. DO k.^.0t.,.5) r-,ec ,r in rue 300 o.ns :.... IT OF ARRNAL s',ers out Irma t50 noon DATE D. DEPAR ,VRE APPROXIMATE Agra, 54.11 2 ASSURE; RESER...7010N cp-t v ,t,"• ,1 ,1, 1+1.1C. , , ,N.e .,-nah, I, ,e,o ■GC ., W.I.sa -ta G ... G , 1 aom :.I• ,.; ,,, NAME()) OF ADDMCHAL PEPS° 51 SHARP.G. *QOM :PECS CARD • Fireursits DA': ANI L. CARTS 0 .-ANCHi 17 :sirrEPS nun , s. 7 MASTER CARD ..-nsiKIna *4z...we.. tr,.......enr.,,,s •,.. M1-• , ,..."-•••••,,, The Society sponsored only one show, which was held at Cherry Hill, NJ in 1985. I was not there, but I understand the affair was controversial, and it depends who you ask on how successful it was. Be that as it may, it was a pivotal event in the history of SPMC. You can read about the show in the 40th anniversary issue of PM (JAN/FEB 2001). The card is printed black on yellow card stock, 6" x 4". Oh for $59 room rates, again! 1988 SPMC Patrons Association Solicitation Letter and Enrollment form The Patrons Association was instituted to help the Society raise extra funds to tide it over some rough years in the late 1980s. During this time, the size of Paper Money was reduced to economize. As can be seen from the illustrated lit- erature, SPMC solicited financial donations and offered "perks" depending on the size of the donation. The effort, although a good idea, had limited success and was abandoned after several years. 14 ,, .1 ye71,..,04113VO•:.1 .17,171,•,... • ,•..LIS,,, OK-' OP -;.- ..1 1 -85) -1).*. l'''' , ■„%X•Psz,N ,' 0 --t, ..,/ -...1). '.- N_'<CPLZ.1. - - — - r A LLt. v--__- Ix- E portic.t9a5 /(...,/r;,/,. yy,,,, ,,, ,,,,,r4 r in , lingo. (...;., r.;- „, ,/, tte; r{ T4r47f507rri,tro Ram In.) .oIr.1.1;_....-m.,:ao." ROOD o.(1 THIS IS A SOUVENIR OF The Museum of the American Numismatic Association SIS NORTH CASCADE AVENUE • COLORADO SPRINGS, CO 805`03-3279 This certifies that the Banknote Intaglio printing on the face of this document was printed in 1980 by the American Bank Note Company. Attested to by: Robert P. Charles Sr. Vice President American Bank Note Company V I q:11:1)I rA ' -;64VIV ALE EP; r .(.3A1.1 13'11A' 11,1' Z6.,\ ■'ff< //,,///,,,,, TEN DOLLARS This certifies that the Banknote Intaglio printing on the face of this document was printed in 1984 by the American Bank Note Company. Attested to by: Salvatore F. D'Amato President American Bank Note Company Paper Money • November/December 2006 • Whole No. 246 465 2004 Memphis SPMC 2004 Souvenir Breakfast Ticket A cutdown 1980 ABNCo black intaglio engraving with green security tint of a $3 Bank of the Ohio Valley, Cincinnati, c. 1860, note was used for the ticket. The original note was an ABNCo product. SPMC breakfast information was rubber-stamped in black on its face at left end. Signed by Ron Horstman, Mark Anderson and Frank Clark. Back bears info attested by Bob Charles that the original souvenir card was printed for the ANA Museum in Colorado Springs, CO. Note: this design had been used for previous Memphis breakfast tickets, such as in 1996. Size: 8 x 3.25 Price: $15.00 2005 Memphis SPMC 2005 Souvenir Breakfast Ticket A cutdown 1984 ABNCo black intaglio engraving of a $10 Michigan State Bank note, originally printed by Rawdon Wright, Hatch & Edson, was used for the breakfast ticket. SPMC breakfast information was rubber-stamped in black on its face at left end. Signed by Frank Clark and Tom Minerley. Numbered in red ink. Its back bears information attested by Sal D'Amato regarding the original printing of the souvenir card. This design had been previously used for an SPMC breakfast ticket, such as in 1994. Size: 8.85 x 3.3 Price: $15.00 2006 Memphis SPMC 2005 Souvenir Breakfast Ticket tt..., :,..t,.. PW4 751h AWARDS BREAKFAST 7.12'7' 3f 1PMS, MEMPHIS, TN, ADMIT ONE ,..131DAY, JUNE 16,2006,7:30 A.M, . ,, 1 ... ._ r , ( -'—,,,, , 00 , 4BILNICISMSIOUSE MT:ARC/NMI &V 94 I' ' 7.15 ' ' ('N //i. i / , X, /1 ';', / , // 1/ • fiii///,// T //' //, /w/' One Thfildred //Aro% r ,, .. ,,r, ALyjii,,,_,..un,trifIrD, --"-- =-. ---/,.; , THIS IS A SOUVENIR OP The Museum of the American Numismatic Association 818 NORTH CASCADE AVENUE • COLORADO SPRINGS, CO 80903-3279 This certifies that the lithographic and Banknote Intaglio printing on the face of this document was printed in 1983 by the American Bank Note Company. Attested to by: Salvatore F. D'Amato President American Bank Note Company A cutdown 1983 ABNCo black intaglio engraving of a $100 Banking House of F. Argenti & Co., San Francisco, California, note originally engraved by Rawdon, Wright, Hatch & Edson was used for the banquet ticket. On its face is rubber-stamped in black the breakfast information. Numbered in blue. Back has the information attested by Sal D'Amato that the original use of the souvenir card was for the American Numismatic Association Museum. This card was previously used for the 1991 SPMC ban- quet at the ANA Convention in Chicago, and for 1992 and 1993 Memphis breakfast tickets. Size: 8 x 3.6 Price: $17.00 WANTED Any SPMC Memorabilia to add to this catalog listing Contact The Editor 466 November/December • Whole No. 246 • Paper Money Ding at the Cionfekrate Counterfeiters Pri$titia "Selling Counterfeit Confederate Notes in the City of Brotherly Love" (Philadelphia) by V. Blada (Adalbert Johann Volck), #45 in a portfolio "V. Blada's War Sketches," London, 1864. Wt IEN THE CIVIL WAR ENDED IN 1865, A PHILADEL- , phia shopkeeper named Samuel Curtis Upham boasted that he had done as much as General George B. McClellan to defeat he Confederacy. just who was this merchant of stationery and perfume to make such an outrageous claim? On Monday, February 24, 1862, the City of Philadelphia was like a sol- dier with a two-day hangover: It just couldn't shake off Saturday night with its wild celebration of George Washington's birthday. Even Mayor Alexander Henry had joined in, encouraging the citizenry to enjoy the party. By six o'clock in the evening the liquor at the Continental Hotel was flowing as freely as the toasts: to the memory of George Washington, father of the country; to Governor Curtin; to the 27,350 men Philadelphia had already sent to the War; to General McClellan; to the press; and, finally, "to woman -- to her arms only do we surrender." 1 But now it was Monday morning: back to work. In his shop on Chestnut Street, Samuel Curtis Upham set out a stack of daily newspapers. Sure enough, there on the front page of The Philadelphia Inquirer was a story describing the revelries of Saturday night - and something else. Upham picked up a paper for a closer look. "We present this morning a representation of a FIVE DOLLAR NOTE issued by the so-called Confederate State of America, at Richmond," The THE WINCHESTER BANK i/ One DOnar ) - tti .N4 b. eiN•reir: AiiiteeK,S with tr4fino AltRttuvit.lom,as7 .buctv'tP-kaiii" • no SImiolf Paper Money • November/December 2006 • Whole No. 246 467 An invitation from The NEW HAMPSHIRE CURRENCY STUDY Project Q. DAVID BOWERS and DAVID M. SLINDM.AN are involved in a long-term proieet to de•ribu the history if all l'Ilrri•iCA 11M11.1.1 111 State cal New Hampsh ie. as Ivell as to compile a detailed registry of all known notes tts hether for sale or null. Our area or interest ranges horn early colonial times through the Revolutionary era, the slalts-cliark-rod hank visars ( 792-18661. and the eta of National Banks 1863-19351. this will result in a book under impromtur Society oi Paper Stoney Collectors, with help from the New Hampshire Ilistoric,11 Sotwi y, Iiu SIIIiihN011ieln I nstitution, and otheis. Apart ?ui)Jl ./aviz -; Ninhihirl is presitloo of 1.irtieron Companr &out Q. Boilers is a pth:cipat of .4 uic,it'iut Mon ictnati; Rarities, a(21121007 atfivrtisvrs in tn . procnt 144 For tithlT trintitt71 Li; transactions and 0,rosc. ilr1. friM7/471i). 711: !n•• , •:.' 11•.:111;v..•,. .1 01. 1,.,;: 1•<•••9 - • • vror. trrot itni■• I f ■,•►u have Ness . Hampshire currency or to the same, or other items of historical old records or correspondence relating dtêssal■•■ OM I. interest, please contact us. In addition, Bowers and Sundman are avid collectors of these hills and welcome contact from anyone has ing items for sale. We is ill pay strong prices for any items we need! tsIsls.0 11 CurrCitCV.00 (11 locik forward to itearingfmni you! The NLW CURRENCI STUDY Project Box ',Volreboro 4'..3S96 0..'.(erT1 ,urn: r'•;; .rot•r•• • ,m• rIt3 ?1,1.* From T." -- rh,.•* '...•■ • , • . 5aIl.e. 'Co ?Fir; r *T. Wza •-• :t•—• •i•ii tic , no Ii:FTOt A I Lt' tit 'A V. Vt. I PT.►. t' 4,01. T (.11 GrTF 4 I We too eat tide morning a rept enentation of a Vta o en Nola inam,1 by the m-iiare I Con- federate •tatv .1 America, at Richmond. The }leper upon which the note it printed It of oaty good quality, and the mqtranog ardor to that the American !taut Nutt. Company. The re- 4initilsece I. so great as to it remarkable. The attention of wadi, scatted to the Hine Of PtY - Meet, 'air,: montl•ifter the ratification of -a treaty of peace betaiwolTIIE cc,:ctInatic A IT STATER and TilE UNIVED STATES. They art funilatiIe in eight pert. •tock or Non& thr. Confederate state' . 111,1 aft. They are alto =Mk in pay mettle' ell duet except e pert I duffer. hoe eluliosAi, thin enCratifig of to to we he ■•rull !rent, ing. We may wifely sold, that the cOpy or the priphoit mu in Tar loot tern •hlt meriting. it uorth moo. than the onyinal. none alai entertain n contrary opinion, may hand n• the email halanee of $t•Pti, due deer porch:oil.; each copy of the taper. 468 November/December • Whole No. 246 • Paper Money The Philadelphia Inquirer, Feb. 24, 1862, published a facsimile of the note we know today as Type 31. Privately printed by the author in 1878, Upham's "Notes of a Voyabe to California via Cape Horn, Together With Scenes of El Dorado, in the Years 1849-'50" is a staple of gold rush autobiography. Inquirer announced. "The paper upon which the note is printed is of very good quality, and the engraving similar to that of the American Bank Note Company. The resemblance is so great as to be remarkable. The attention of the reader is called to the time of payment, being six months after the ratification of a treaty of peace between THE CONFEDERATE STATES and THE UNITED STATES. They are fundable in eight per cent stock or bonds of the Confederate States of America. They are also receivable in payment of all dues except export duties. As a curiosity, this engraving of the note will be worth preserving." 2 Worth preserving, indeed. Upham inspected the engraving, the first "secesh" money he had ever seen. Samuel Upham was not a man to pass up a chance to make money. And that, he saw at once, was quite literally what this was. 3 Upham wasted no time in visiting The Inquirer's office at Third Street and Carter's Alley, where he convinced publisher William Harding to sell him the electroplate of the Confederate note. Stopping at a nearby printer, Upham ordered 3,000 copies on French letter paper and returned to his shop. A few days later a sign went up in the window at 403 Chestnut Street, advertising "Rebel notes for sale." As a counterfeiter, Samuel Upham had just gone into business. 4 Samuel Curtis Upham was not born to questionable endeavors. The son of Samuel Upham and Sally Hatch, Samuel Curtis Upham was born in Montpelier, VT on February 2, 1819. Samuel's father is remem- bered as a "hard-working, industrious man, in early life a blacksmith, in later years a farmer; he was a zealous Methodist, and to the day of his death, bore the sobriquet of 'Honest Sam Upham. — 5 Samuel Curtis did not follow his father NOTES OF A VOYAGE TO CALIFORNIA VIA CAPE HORN, T,KFTWIllt Wf►11 SCENES IN EL DORADO, IN THE YEARS 1840-110. %ITN Cvenaltirig Iteeentieerree Jaratetalitra In 00.51mM -Csaitoieie K the I lesekilltbel tAhtt4tlyet thflanktilats. fait fth 14:6 .11:* tagoika arl fleteiseie .4 the Aemeetetel 1 .-Von/rt.-4 ralliterate, In tiro V.e► Aeukary PO.. tor .1.1 ItT*-4etobretket of .1.6xxhin nhaf dewy. N I..ttg Itestele. N J. 1.,t ina01141,14 ♦* GratilleAL Joint 4 •. ffefent, A•s. tat, tn-n. VIA V. lien. II.aaliap A IP..c.a,-* Jose tith tle.lkwo.r..,1 the Lkle X.4 went at rnwl• IrkiheURT. PN. ,. A vnl 1.e.h-lestetwis tete* the ?has, *KS J.II4nAi at)* Etta. 'a at,,, a *a th,0 year 143- Molnar av4 Laelnd Orgru.sotheso. Vt. gTeriti • MI TUX ARTICLIN OF A:W WIATION AND ROLL OF MEMIIMIN 4 4, • 1U if MIMS tint!' MMUS: By SAMUEL. C. UPHAM. wzrx rowr•r-72v3s xx.r...trawat.A.T20/te. ALL tO. telOtil I SAW. ass PAM. Or VIEW* 1 •a.a.' Paper Money • November/December 2006 • Whole No. 246 into blacksmithing or farming. Instead, he left Vermont at the age of 20 for the allure of the big city, finding employment as a clerk in New York. At 23 he joined the Navy, attaining the rank of master's mate during his three years of service. After his discharge, Samuel took a job in Philadelphia, working as a bookkeeper for a lumber business. He met a young woman named Anne Bancroft, married her and fathered a daughter whom he named Marion, after his sister. Samuel settled into domestic life. 6 But once again, he experienced his old restlessness. One month before his thirtieth birthday, Samuel hopped a ship on its way to Rio de Janeiro and Talcahuana with a final destination of San Francisco. The Osceola arrived on August 5, 1849, just in time for the gold rush. In California, Samuel tried his luck as a Calaveras gold miner. When prospecting proved less profitable than he had hoped, Samuel moved once more. This time it was Sacramento that promised a fresh start. Samuel cre- ated the Sacramento Transcript, the first daily paper published in California outside of San Francisco. But before long Samuel grew homesick, and in the fall of 1850 he sold his interest in the Sacramento Transcript for $10,000 and returned to Philadelphia. Samuel recorded his adventures in Notes of a Voyage to California via Cape Horn, which he published in 1878. 7 Back in Philadelphia, Upham accepted his role as husband and father. In 1851 Anne gave birth to a boy, Samuel Zenas, and in 1856 another boy, Charles Henry. Upham opened a small shop on Chestnut Street for stationery and toiletries. When the war came, Upham supported the Union by selling patriotic envelopes and novelty items that ridiculed the Confederacy. Upham's first printing of 3,000 copies of five-dollar Confederate "fac-simile" notes sold out at a penny a piece. Encouraged by this success, Upham obtained an electro- plate of a ten-dollar Confederate note, which had appeared in the January 11, 1862, issue of Frank Leslie's Illustrated Newspaper. On the bottom margin of these notes Upham print- ed a disclaimer: "Fac-simile Confederate Note - Sold wholesale and retail by S.C. Upham 403 Chestnut Street, Philadelphia." Once trimmed of this inscription, Upham's notes could be passed easily in the South. They quickly became the Confederate note of choice for cotton smug- glers. 8 An enterprising businessman, Upham began advertising his "mementos of the Rebellion" in newspapers like the New York Tribune, Hai per's Weekly, Louisville Journal and, of course, The Philadelphia Inquirer. At the same time he offered to pay "three times the value in gold" for genuine Confederate notes or stamps, which he could duplicate. By May 1862 Upham was advertising 12 different types of Confederate An Upham ad for "Confederate notes, shinplasters, and postage stamps and claimed to have sold more than Money" from Harper's Weekly. 80,000 during the previous month. He upped his price to five cents each. Something else had changed. While Upham's earh- !....TV M TIOGIMIA11 rh111.1AGII 11/6,44my. ore Norm a &Sonora Aorardirdowl er notes had been printed on letter stock, they now PEAL MI.41•••■■ on TbrIpl of * a. C. . appeared on fine quality banknote paper. Where Upham 413 CaOlgUMI Sited PiliiasitAla. obtained this paper remains a matter of speculation. One story suggests that secret service agents, authorized by Secretary of War Edwin M. Stanton, provided Upham with English paper, confiscated by the Union blockade. If this story is true, one of the agents who visited Upham may Samuel Curtis Upham Confederate Money. 469 November/December • Whole No. 246 • Paper Money • t tar lei r priretorr r ,,A'•142ft) 70.tre•tr.dArft•drnASri Pr94141 brAN4P.,w 6•11ANAL'Aliftinforgen per Itimt ur.- arsl .11 .61te:t ctr3 0 „ prrCent Z1 a/per ,-- _4/ 42!)--:412-1 if kr ittxisr.rn---- crs.0 4 CT19-137 CTXXXI-A1 .4. J.. T•IL • ..M1 aseee eyrie:or" pcsi LL titr, • • o• pt,tm S AO. • tie rs - a'aa a ...I.- , Ut.i, r11(7,11:tilut 1 s CNC ptort I 111.'1'1 CT22-152 470 rr have been Lafayette Baker. In 1862 Baker was assigned by Stanton to head the Secret Service out of Washington. For reasons of safety, Baker's wife returned to her parents' home in Philadelphia. In February 1862, at the same time that Upham was producing his first counterfeits, Baker was arresting a prominent Philadelphia doctor who had attempted to ship medical supplies and arms to the Confederates. In his personal journal for the year 1862, Baker notes in March that he is being sent to Manassas. His next entry is for November, by which time he is back in Washington, investigating corruption at the Treasury Department. Did • - •tfri /-• ists-Arg- 77. &II =LA. - • .2.‘1!:74%;.•( 7; • /..."r4f;f :+1 PAY litlot EACIAT EXPRIT •-•— •41CCA- wnew 4;,,,,,J••■•• • /./re rireeviii . • „„ n I et .VAII.t IV PAYISVIT O FA'./.0 ,1C2 CICtIPT t11(1111' ---• er, • V-:7 *irt••".9e.,r Paper Money • November/December 2006 • Whole No. 246 471 Baker visit Upham in Philadelphia at some point during those seven missing months? If so, it might provide an explanation for the rare banknote paper in Upham's stock. 9 However he received the paper, by the summer of 1862 Upham was turn- ing out a product superior to the original. By now the Confederacy had become aware of Upham's first issues, which had used printed signatures and serial numbers. Confederate Secretary of the Treasury C.G. Memminger reported, "Organized plans seem to be in operation for introducing counter- feits among us by means of prisoners and traitors; and printed advertisements have been found, stating that the counterfeit notes, in any quantity, will be for- warded by mail from Chestnut street, in Philadelphia, to the order of any pur- chaser." 10 The Confederate Congress responded by passing legislation imposing death for the crime of counterfeiting. Upham bragged that a reward of $10,000 had been placed on his body, delivered to the Confederates living or dead. To enhance his counterfeiting business, Upham was soon offering buyers the option of purchasing notes without signatures and serial numbers, so as to better deceive Confederate Treasury officials. One broadside described "$5 (two kinds), $10, $20 (two kinds), $50 and $100 Rebel Notes, printed from NEW PLATES, on best quality bank-note and bond paper, with numbers blank and signature omitted if preferred." Upham's success was noticed not only by the Confederacy but by other merchants as well. Upham complained bitterly about other printers, among them W. E. Hilton of New York, who followed him into the counterfeiting business. "An individual in New York and a 'shyster' in this city, lacking the brains to originate an idea or the liberality to pay for a respectable drawing or Continued on page 473 An Upham note CT33 with his "fac-simile" disclaimer at bottom margin. Once this notation was clipped the note became just another crude coun- terfeit. .1 1.11{t61 011 • • / is • •-■ 7.• , $ • -lc ,Na 1 , .' -10AJA„.; November/December • Whole No. 246 • Paper Money472 Is this the ultimate courtesy autograph? "February 24th, 1869 The 10g note enclosed in your favour of 17th inst. is genuine, and is herewith returned, so marked. Respectfully F.E. Spinner Treasurer US To Geo Palmer Brockport N.Y." tf• ,•CA C 6 4) • .1S}k 1.*s*rTh' ..v Fred, I really enjoy the new Paper Money jour- nal, a big improvement, indeed. Here is a fractional note from my collection. I have owned it for some thirty years. The article by Benny Bolin in the July/August issue remind- "&'' ed me of it. Thought members might enjoy seeing the "Ultimate Courtesty Autograph." The note was pinned to the letter with a straight pin upper left corner and printed GENUINE and signed F.E. SPINNER TREAS. In all with the envelope, which is franked, there are three Spinner autographs. Hope this is something you cari e in a 3.future issue. '4A Paper Money • November/December 2006 • Whole No. 246 473 Continued from page 471 engraving, have recently gotten up 'shocking bad' copies of several of my FAC- SLVIILIE REBEL NOTES and SHINPLASTERS, which they are endeavor- ing to foist upon the public." Upham reduced his prices and continued to outsell the competition. By August of 1863, Upham claimed to have sold more than a million facsimiles. Ironically, Upham's success in debasing the South's economy helped to put him out of the counterfeiting business. By that point in the war, even genuine Confederate currency was becoming worthless. Upham abandoned his facsimi- le enterprise, and returned to the world of stationery and perfume, trinkets and "Upham's Hair Dye, Best in the World, only 50 cents a box." When he died of stomach cancer in 1885, Upham left an estate valued at a few thousand dollars. If Upham's figures are to be believed, he sold between $10,000 and $50,000 worth of counterfeit notes during the fifteen months he operated his facsimile business. That sum was attained at great expense to the Southern cause. What became of it remains a mystery. 11 Acknowledgments Thanks to the late Brent Hughes, "Mr. Confederate," for sharing his insights into Samuel C. Upham with me. Additional research on counterfeits of Confederate notes has been published by George Tremmel. End Notes I John Thomas Scharf and Thompson Westcott, History of Philadelphia (L.H. Everts & Co., 1884,) 793-4. 2 The Philadelphia Inquirer, February 24, 1862. 3 Brent Hughes, "The Shopkeeper Who Shook the South." Bank Note Reporter, (December 1995), 4. 4 Arlie R. Slabaugh, Confederate States Paper Money, 9th ed., (Krause Publications, 1998), 105. 5. F. K. Upham, The Descendants of john Upham, of Massachusetts (Albany, NY, 1892), 241. 6. Ibid, 349 - 50. 7. Samuel Curtis Upham, Notes of a Voyage to California via Cape Horn (Philadelphia, 1878). 8. Robert S. Larkin, "Upham's 'Fac-similes,' a Peek at Private Papers of C.S.A.'s Most Wanted Man." Bank Note Reporter, (November 1988). 9. General L.C. Baker, The History of the United States Secret Service, (Philadelphia, 1867), 127-147. 10. Brent Hughes, "The Shopkeeper Who Shook the South." Bank Note Reporter, (December 1995), 4. 11. Robert S. Larkin, "Upham's 'Fac-similes,' a Peek at Private Papers of C.S.A.'s Most Wanted Man." Bank Note Reporter, (November 1988). + Ad space available Sell your spare notes in Paper Money Great reproduction, fair rates, avid buyers You'll stand out in the crowd and make big bucks to buy the notes you really want next 474 November/December • Whole No. 246 • Paper Money 7th 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: four 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. Honorees also included R. Shawn Hewitt and Charles Parrish for a projected book on Minnesota obsolete notes and scrip, and Michael Reynard for a book on check collecting. 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, 2007 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, 2007. 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 fina l. Announcement of the awarding of the Wait Memorial Prize will be in the May/June 2007 issue of Paper Money, with subsequent news release to additional media. Paper Money • November/December 2006 • Whole No. 246 475 An Index to Paper Money Vol. 45 2006 (nos. 241-246) Compiled by George Tremmel Yr. Vol. No. Pg. COUNTERFEIT, ALTERED & SPURIOUS NOTES. A Picture Tells the Story, Leslie Deerdef, illus 06 45 243 231 Capers, Taradiddles, and I lumbug,s in Paper Money, Q. David Bowers, illus. 06 45 242 98 Collecting Confederate Currency Began Early, 13rent Ilughes, illus. 06 45 246 403 King of the Confederate Counterfeiters, Priscilla Rhoades, illus. 06 45 246 466 The "Rosetta Stone" of Sam Upham, George Tremmel, illus. 06 45 242 138 Clark, Frank. About Nationals Mostly: A neat EN13 of Logansport postcard, illus. 06 45 242 157 Dual Office Holder NBNs - Revisited, illus. 06 45 243 234 John J. Rowe National Bank President, illus. 06 45 246 437 Deerdef, I.eslie. A Little Known Phase of the Public Service of F.E. Spinner, illus. 06 45 241 73 A Picture Tells the Story, illus 06 45 243 231 Mini-dollar: Shrinking Value of the U.S. Dollar 06 45 245 343 Dickherber, Craig J. The First National Bank of Saint Charles A lissouri, illus. 06 45 244 278 Ehrhardt, James C. Nationals were safe, Treasurer said so 06 45 246 453 EMERGENCY CURRENCY. Sooner Scrip Than Cash: Oklahoma's Emergency Currency of March 1933, Dr. Loren Catch, illus. 06 45 246 419 ENGRAVERS & ENGRAVING AND PRINTING. American Bank Note Co. Archives totals 200 tons, Insights and photos, Donn Pearlmann, illus. 06 45 242 90 Gleanings from The International Engravers Line, Gene Hessler, illus. 06 45 242 119 Grapes and Wine on Notes, Gene Hessler, illus. 06 45 246 438 Missouri Union Military Scrip Portraits Follow Up, Steve Whitfield, illus. 06 45 241 52 Some Small-Size Notes that Might Have Been, Gene Hessler, illus. 06 45 245 390 Reader supplies data: Note printer was Hamlin, Roland Rivet. illus. 06 45 246 435 Transition from Wide to Narrow Designs on U.S. Small Size Notes, Peter Huntoon and James Hodgson, illus... 06 45 245 323 Web Press 'Test Plate Varieties, Bob Kvederas Sr. and Bob Kvederas Jr., illus. 06 45 245 385 You may not know his name, yet, but Will Fleishell created money , Jamie L. Freedman, illus. 06 45 246 440 FRACTIONAL CURRENCY. A Little Known Phase of the Public Service of F.E. Spinner, Leslie Deerdef, illus. 06 45 241 Courtesy Autographs on Fractional Currency, Benny Bolin, illus. 06 45 244 Fractional Currency Collections, Collectors and Auctions, Martin Gengerke and Benny Bolin. illus. 06 45 241 3 Fractional Currency Literature, Benny Bolin, illus. 06 45 241 34 Vol. No. Pg. ADVERTISING CURRENCY. Dealer Wm. P. Donlon issued scrip, Peter I 'minion, illus. 06 45 242 133 Allen, Harold Don. Notes from up North: For old times' sake, S20 note classics survive, illus. 06 45 242 127 Three "Guianas" offer unique opportunities, illus. 06 45 246 456 Anderson, Alark. SPA IC members AIeet and Greet at Fun,. Remember late Dealer Leo May, illus. 06 45 242 156 11 -olka Vows 'em at CSNS 06 45 244 299 BANKS, BANKERS AND BANKLNG. Architect's elevation shows Eagle Bank face, Richard Hegel, illus. 06 45 246 437 E.G McGinnis National Bank President & Cashier, Karl Sanford Kabelac, illus. 06 45 242 115 John J. Rowe National Bank President, Frank Clark, illus. 06 45 246 437 Nellie T. Peck, National Bank President, Karl Sanford Kabelac. illus. 06 45 246 434 Phebe Al. Rideout, National Bank President, Karl Sanford Kabelac, illus. 06 45 243 163 The First National Bank of Saint Charles Missouri, Craig J. Dickherber, illus. 06 45 244 278 Benice Ronald J. The Numismatic I.egacy of Gregor MacGregor, illus. 06 45 242 83 Bleviss, Alan. Good for a chuckle: comic fractionals, illus. 06 45 246 444 Brandimore, William. U.S. Fractional Currency: A Discussion, illus. 06 45 241 42 Bolin, Benny Courtesy Autographs on Fractional Currency, illus. 06 45 244 272 Fractional Currency Literature, illus. 06 45 241 34 Bowers, Dave. Interest Bearing Notes: Fractional Currency Shields Fought Counterfeits, illus. 06 45 241 40 Norton 1. Emperor of the United States, lilt's 06 45 246 442 Bowers, Q. David. Capers, Taradiddles, and humbugs in Paper Money, illus. 06 45 242 98 Showcasing the "100 Greatest Notes," The Inside Story, illus. 06 45 244 290 Two Thrilling Civil War Paper Money Escapades, illus. 06 45 244 304 COLLECTING. Happy 100th Birthday, Bob Lloyd, Fred Reed, illus. 06 45 243 208 Showcasing the "100 Greatest Notes," The Inside Story, Q. David Bowers, illus. 06 45 244 290 CONFEDERATE AND SOUTHERN STATES CURRENCY. Englishmen Printed Much Confederate Currency, Brent Hughes, illus. 06 45 244 259 King of the Confederate Counterfeiters, Priscilla Rhoades, illus. 06 45 246 466 The "Rosetta Stone" of Sam Upham, George Tremmel, illus. 06 45 242 138 1-1 November/December • Whole No. 246 • Paper Money476 Yr. Vol. No. Pg. Fractional Currency Shields Fought Counterfeits, Dave Bowers, illus. 06 45 241 40 Gleanings from My Fractional Currency Archive - 6 and 7, Fred Reed 06 45 241 51 Gleanings from My Fractional Currency Archive - 8, Fred Reed 06 45 241 59 Good for a chuckle: comic fractionals tit the bill, Alan Bleviss, illus. 06 45 246 444 Grant Sherman Specimens, Rob Kravitz, illus. 06 45 241 68 Inverted & Mirrored Plate Numbers on Fractionals -- Part 11, Rick Alelamed, illus. 06 45 241 58 Is this the ultimate courtesy autograph: Norman G. Peters, Illus. 06 45 246 472 No Loop de Loop: Do You have One in Your Collection? Mike Marchioni, Plus 06 45 241 64 Postscript to Postal Note: Fractional Currency Schemes After 1890s, Loren Catch, illus. 06 45 245 360 Riot Erupts Over Change Shortage after Arrival of Postage Currency, Fred Reed, illus. 06 45 241 15 Freedman, Jamie L. You may not know his name, yet, but Will Fleishell created money you are carrying in your pocket, illus. 06 45 246 440 Gamble, James G., MD, PhD. Currency and the Caduceus, illus. 06 45 246 412 Gatch, Loren. Postscript to Postal Note: Fractional Currency Schemes After 1890s, illus. 06 45 245 360 Sooner Scrip Than Cash: Oklahoma's Emergency Currency of March 1933, illus. 06 45 246 419 Gengerke, Martin and Benny Bolin. Fractional Currency Collections, Collectors and Auctions 06 45 241 3 Gil del Real, Joaquin. Failed Attempts to Establish Banks in Late XIXth Century Panama, illus. 06 45 244 267 The First Attempt to Establish a Bank in Panama, illus. 06 45 244 264 Hegel, Richard. Architect's elevation shows Eagle Bank face, illus. 06 45 246 437 Hessler, Gene. Gleanings from The International Engravers Line, illus. 06 45 242 119 The Buck Starts Here: Grapes and Wine on Notes, illus. 06 45 246 438 Ohio's Presidential Legacy Preserved on NBNs, illus. 06 45 243 236 Some Small-Size Notes that Might Have Been, illus. 06 45 245 390 Hughes, Brent. Collecting Confederate Currency Began Early, illus. 06 45 246 403 Englishmen Printed Much Confederate Currency, illus. 06 45 244 259 liuntoon, Peter. The Paper Column: Battle of Lexington Vignette on S20 NBNs, illus. 06 45 243 170 Dealer Wm. P. Donlon issued scrip, illus. 06 45 242 133 Huntoon, Peter and James Hodgson. Transition from Wide to Narrow Designs on U.S. Small Size Notes, illus. 06 45 245 323 Hussein, Mohatnad. An Introduction to Plastic "Paper Money, illus. 06 45 244 243 IN MEMORLAM. Death claims author Walter Rosene 06 45 245 378 SPMC loses longtime mainstay Forrest W. Daniel, illus. 06 45 244 296 INTERNATIONAL. An Introduction to Plastic "Paper Money," Mohamad Hessein, illus. 06 45 244 243 Failed Attempts to Establish Banks in Late XIXth Century Panama, Joaquin Gil del Real, illus. 06 45 244 267 Notes from up North: For old times' sake, 620 note classics survive, Harold Don .Alen, illus. 06 45 242 127 Notes from up North: Three "Cuianas" offer unique opportunities, Harold Don Allen, illus. 06 45 246 456 The First Attempt to Establish a Bank in Panama, Joaquin Gil del Real, illus. 06 45 244 264 The Numismatic Legacy of Gregor: acGregor, Ronald J. Benice, illus. 06 45 242 83 Kabelac, Karl Sanford. E.G McGinnis National Bank President & Cashier, illus. 06 45 242 115 Nellie T. Peck, National Bank President, illus. 06 45 246 434 Vol. No. Pg. 45 243 163 45 241 68 45 243 193 45 145 385 45 245 345 45 243 178 45 241 64 45 241 58 45 241 78 45 246 450 45 246 450 45 246 450 45 245 344 45 244 304 45 245 395 45 245 370 45 245 343 45 241 54 45 241 56 45 242 134 45 242 136 45 243 209 45 243 211 45 243 287 45 243 289 45 245 367 45 245 369 45 246 147 45 246 449 45 242 90 45 246 472 45 245 395 45 241 51 45 241 59 45 243 208 45 241 54 45 241 56 45 242 134 45 242 136 45 243 209 45 243 211 45 243 287 45 243 289 45 245 367 45 245 369 45 246 447 45 246 449 45 246 464 Yr. Phebe M. Rideout, National Bank President, illus. 06 Kravitz, Rob. Grant Sherman Specimens, illus. 06 Korn, Andrew, and David M. Diaz. The "feisty" Banks of Durant, Oklahoma, illus. 06 Kvederas Sr., Bob and Bob Kvederas Jr. Web Press Test Plate Varieties, illus. 06 Lofthus, Lee. Louis Van Belkum's "No Circulation" National Banks Revisited, illus. 06 The Startling Case of the FNB of Butte, MT, illus. 06 Marchioni, Mike. No Loop de Loop: Do You have One in Your Collection:, illus 06 Melamed, Rick. Inverted & Mirrored Plate Numbers on Fractionals -- Part II, Plus. 06 NEW LITERATURE. State of Georgia - A New Book, review by Bob Schreiner, Illus. 06 Texas Currency: A Catalog 1813-1868, review by Fred Reed, illus. 06 The Comprehensive Catalog of U. S. Paper Money, review by Fred Reed, illus 06 The Works of Raphael P. -Chian, review by Fred Reed. Illus, 06 Noss, Don. Lucky Day Discovery: An Elusive Series 1928 $1000 Boston FRN, illus. 06 OBSOLETE NOTES & SCRIP. Two Thrilling Civil War Paper Money Escapades, Q. David Bowers, illus. 06 PAPER MONEY HISTORY. Did Lincoln's Appearance on Money Influence His Public Perception? Fred Reed, illus. 06 Is the Federal Reserve System a Governmental Organization: Stephen Zarlenga, 06 Mini-dollar: Shrinking Value of the U.S. Dollar, Leslie Deerdef, illus. 06 On this Date in Paper Money History — Jan. 2006 06 On this Date in Paper Money History — Feb. 2006 06 On this Date in Paper Money History — Mar. 2006 06 On this Date in Paper Money History — Apr. 2006 06 On this Date in Paper Money History — May 2006 06 On this Date in Paper Money History—June 2006 06 On this Date in Paper Money History — July 2006 06 On this Date in Paper Money History— Aug. 2006 06 On This Date in Paper Money History - Sept. 2006 06 On This Date in Paper Money History - Oct. 2006 06 On This Date in Paper Money History - Nov. 2006 06 On This Date in Paper Money History- Dec. 2006 06 Pearlmann, Donn. American Bank Note Co. Archives totals 200 tons, Insights and photos, illus. 06 Peters, Norman G. Is this the ultimate courtesy autograph: Illus. 06 Reed, Fred. Did Lincoln's Appearance on Money Influence His Public Perception? illus. 06 Gleanings front My Fractional Currency Archive - 6 & 7 06 Gleanings from My Fractional Currency Archive - 8 06 Happy 100th Birthday, Bob Lloyd, illus. 06 On this Date in Paper Money History — Jan. 2006 06 On this Date in Paper Money History — Feb. 2006 06 On this Date in Paper Money History — Mar. 2006 06 On this Date in Paper Money History — Apr. 2006 06 On this Date in Paper Money History —May 2006 06 On this Date in Paper Money History —June 2006 06 On this Date in Paper Money History—July 2006 06 On this Date in Paper Money History — Aug. 2006 06 On This Date in Paper Money History - Sept. 2006 06 On This Date in Paper Money History - Oct. 2006 06 On This Date in Paper Money History - Nov. 2006 06 On This Date in Paper Money History - Dec. 2006 06 Part 7: More Additions to A Catalog of SPMC Memorabilia, illus. 06 Paper Money • November/December 2006 • Whole No. Yr. Vol. No. 246 477 Pg. Yr. Vol. No. Pg. 1Vhere's George? follow up, illus 06 45 246 448 Paper Money's Upcoming Publishing Program/ Riot Erupts Over Change Shortage after Arrival Ad Deadlines/Ad Rates 06 45 241 70 of Postage Currency, illus. 06 45 241 15 06 45 242 130 Rhoades, Priscilla, King of the Confederate Counterfeiters, illus. 06 45 246 466 Part 7: More Additions to A Catalog of SPMC Memorabilia, Fred Reed, illus. 06 45 246 464 Rivet, Roland. Past President Ron Horstman steps down after decades Reader supplies data: Note printer was Hamlin, illus. 06 45 246 435 of service, illus. 06 45 245 368 SOCIETY OF PAPER MONEY COLLECTORS. President's Column (Benny Bolin) 06 45 241 72 3rd Annual SPMC authors forum 06 45 242 130 draws scribes, crowd, illus. 246 446 06 45 243 218 7th Annual George W. Wait Memorial Prize 246 474 06 45 244 298 Author Gene Hessler releases another major text, illus. 241 13 06 45 245 378 Deadline for George W. Wait Prize Nears 242 154 06 45 246 458 Editor's Notebook (Fred Reed) 241 78 Society Members Benefit SPMC Programs with Gifts 06 45 245 355 242 158 Society President Pegs new Committee Appointments 06 45 245 399 243 238 SPMC Board Meets at St. Louis show 06 45 243 222 244 318 SPMC Board membership opportunity to improve Society, 06 45 245 382 246 478 SPMC Honors J. Roy Pennell & Others, illus. 06 45 245 384 Friends honor William S. Dewey, illus. 244 302 SPMC Memphis 2005 Minutes 06 45 242 126 Incumbents return to SPMC Board, illus. 243 217 SPMC Memphis 2006 Board Meeting Minutes 06 45 245 380 Information & Officers 241 2 Whitman Publishing to release Bowers' paper money opus 242 82 06 45 244 300 243 162 Wolka offers Ohio obsolete note book update CD 06 45 243 187 244 242 Wolka wows 'cut at CSNS, Mark Anderson 06 45 244 299 245 322 Tremmel, George. 246 402 An Index to Paper Money, Vol. 45, 2006, (nos. 241-146) 06 45 246 475 Letters to the Editor 242 155 The "Rosetta Stone" of Sam Upham, illus. 06 45 242 138 244 298 U.S. NATIONAL BANK NOTES. 245 343 A neat FNB of Logansport postcard, Frank Clark, illus. 06 45 242 157 245 392 A Picture Tells the Story, Leslie Deerdef, illus 06 45 243 231 245 435 Battle of Lexington Vignette on $20 NBNs, Librarian's Report/Notes (Bob Schreiner) 241 78 Peter Huntoon, illus. 06 45 243 170 242 158 Dual Office Holder NBNs - Revisited, Frank Clark, illus. 06 45 243 234 243 237 Louis Van Belkutn's "No Circulation" National Banks 244 318 Revisited, Lee Lofthus, illus. 06 45 245 345 246 478 Nationals were safe, Treasurer said so, Michael Reynard named Wait Memorial Prize winner 243 167 James C. Ehrhardt, illus. 06 45 246 453 Money Mart 241 70 Ohio's Presidential Legacy Preserved on NBNs, 242 130 Gene Hessler, illus. 06 45 243 236 243 218 The "feisty" Banks of Durant, Oklahoma, 244 298 Andrew Korn and David M. Diaz, illus. 06 45 243 193 245 378 The Startling Case of the FNB of Butte, MT, New Members 241 74 Lee Lofthus, illus. 06 45 243 178 242 144 U.S. SMALL SIZE NOTES. 243 220 FEDERAL RESERVE NOTES. 244 299 Lucky Day Discovery: An Elusive Series 1928 $1000 245 379 Boston FRN, Don Noss, illus. 06 45 245 3-14 246 479 Some Small-Size Notes that Might Have Been, New references target U.S., Confederate & Texas, Gene Hessler, illus. 06 45 245 390 Fred Reed, illus. 06 45 246 450 Where's George? follow up, Fred Reed, dills 06 45 246 448 Nominations Open for SPMC Board 06 45 241 70 Whitfield, Steve. 06 45 242 130 Missouri Union Military Scrip Portraits Follow Up, illus. 06 45 241 52 Notices to Authors & Advertisers 06 45 243 168 Zarlenga, Stephen. 06 45 244 297 Is the Federal Reserve System a Governmental Organization? Paper Money and SPMC author's clean up at ANA, illus. 06 45 246 446 06 45 245 370e, -7.-. , t I1 : .., on' r ' ' ..i fq. N 1 fi 11illIII Ili/ II;1"-- 14"fliiottl. till,311 ;lit -'"',--1./—— 1 1 . °. Ii lI I ; ii !I '... '3. - , c.., "; ,, — , , , ,- , 1.0 ' , - - o ,e._ -j: ,-- _ .----Q _ — 1 1 Ii= i =-1 .t --11 s'. I Z. i.. 1 I , il lil I'll 1k I 15;1. ! ii.; •-• al : -7..- I°. -i, 4II, II ii of ti. — 7.11 ittii: t 2 4 IL I i k g /ha!- ,..1 , 11i! 015 Y., ---- 1'4. 1 ,- I xi ".' I z = P 1:.: ',--.- 1 1" . (f-`S'3?"". 1 I r., I,- - 1 ,-.1 f,..,:, 1 it-, , y ,. ; ,_ IL, ,_.!..7,. 1 ill,i l l 3ii all t glz 1 11 x4 I,, i !is SA• 1 A I. I, I ■ i 1 ig Is 2 isii,-, iiJILI! 1,1ja IJ§s. II ii 1I iA . i. - ■ m ■ ,. 1 y I!1 i I -It - 1 - c . 1 — I '-'.:-.\. I 478 November/December • Whole No. 246 • Paper Money SPMC authors strut their stuff & wares at Memphis forum THE SUBSTANTIAL AUDIENCE AT SPMC'S third Author's Forum (see story on page 460) encourages us to make this a regular event at Memphis. The forum fea- tured five authors speaking about their recent publications. Veterans Gene Hessler, Wendell Wolka and Carlson Chambliss were joined by Q. David Bowers, new to writing about paper money, but a highly prolific author of books about coins and other metal numismatics. Bowers' upcoming Obsolete Paper Money Issued by Banks in the United States 1782- 1866, a history rather than a catalog, is a book I'm eagerly awaiting. His publisher for this book, Whitman Publishing Co., was represented by president Mary Counts. Whitman, with Ms. Counts leadership, is increasing its publication of books about paper money. SPMC thanks Ms. Counts and Whitman for their sponsorship of the Forum and SPMC edi- tor/publisher Fred Reed for putting it together. Those who write about more esoteric aspects of paper money may still have a challenge to find a publisher. Many of SPMC's Wismer books had a printing in the low hundreds, a number that would appeal to few publishers. Alternative publishing is a solution for low-demand books, and one that is becoming easier. At the Forum, Wendell Wolka described how he issued an update with new discoveries, color pictures, some in-depth information about bank histories, and errata for his 1000-page A History of Nineteenth Century Ohio Obsolete Bank Notes and Scrip. He expects to issue CD updates periodically, and perhaps eventu- ally issue the entire book on CD. While we all like traditional paper books, the CD has the advantage of being word searchable as a PDF file. These are the good old days, Part 2 YES, THESE REALLY ARE THE GOOD OLD days in the paper money hobby. I hate to be thought of as a cheerleader (I'd rather be considered a curmud- geon or at least a cynic), but even I can't be but amazed at the prices, profusion of information, and especially the outstanding manuscripts by writers famous and novice alike (three PhDs and eight newbies in this issue alone!). I've often said that my post as Editor of Paper Money is the best one in the hobby, but I suppose some dealers, catalogers, or satisfied collectors might demur. Let it be known, however, that I am amazed at the diligence and hard work evidenced by most of the submissions that I receive. May their numbers increase; keep 'em coming. Paper Money's awards (see page 446) are an unbi- ased testament to the quality of our authors' works. Paper Money is only as good as your efforts, and so I encourage you to save your "best stuff" for this magazine. You know you'll get first class treatment; you know your work will have lasting value to collectors for generations, and also to your legacy as a collector/researcher/author. But do these awards mean anything?, I'm asked. Furthermore, publishing via CD is very inexpensive. If you are already using a computer to create your book, you are only a minor step away from publishing on CD. Add Adobe Acrobat software (not the free reader, but the software that generates the PDF file), and creating a CD is as simple as "printing" your document: You "print" to a PDF file rather than to a physical printer. The CD itself, the label, and the case cost about one dollar total, and you burn them on your PC as you sell them. It's really that simple. Michael McNeil's recent The Signers of Confederate Treasury Notes 1861-'65. .4 Catalog of their Signatures with a Catalog of the Notes signed by Sarah Pelot demonstrates another direction in self-publishing. He wanted a traditional paper book, but chose to be his own publisher. He would produce, finance, publicize, and sell the book. He wrote the book using some standard software, such as Word or PageMaker, and then found an Internet-based printer. After some investigation, he chose Instantpublisher.com (see their web site http://instantpublisher.com/) . They have an interactive menu that lets you specify book attributes such as number of pages, color/B&W page mix, cover and paper choices, size, and number of copies. You then get an exact quotation instantly. Internet printer/publishers are flourishing and a variety of alternatives are available. If you can write the book using a computer, you have many options for the rest of the process. We're starting to think about next year's Author's Forum, and we welcome your suggestions. Our goal is to promote publishing books -- traditional or electronic -- about paper money, to inform about what your colleagues are writing, and to encourage you to publish that book you have been working on for so long. The SPMC library catalog is on the web, spmc.org. I welcome your thoughts on library, web, and related areas. I can be reached at PUB 2331, Chapel Hill, NC 27515-2331, or email to rcschreiner@mindspring.com . You better darn double believe it. Think of it in terms that we all understand, that of third party grading. You may think your double dix note is awesome, but will somebody else? You may think your article is the King's toast, but what about a reader? Peer critiques matter. If your article is published in Paper Money, you have this publication's imprimatur and reputation that you measure up. Don't just believe us. Ask ANA and NLG. Thanks to you we're sterling, gem, mint PPQ. • MYLAR CURRENCY HOLDERS BEST QUALITY -- LOWEST PRICES 100 500 1000 Small (2 7/8" x 6 1/2") $39 $160 $300 Large (3 1/2" x 8") $44 $175 $320 Auction/Check (3 3/4" x 9") $48 $200 $360 Payment by check or money order. All prices include shipping. NY State residents must add sales tax or provide completed resale form.You may combine sizes for lowest rate. For more information, please see our website at www.sellitstore.com Linda and Russell Kaye, Life member, ANA, SPMC Sell itstore, Inc. P.O. Box 635, Shrub Oak, NY 10588 HARRY IS BUYING NATIONALS — LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES 7379 Pearl Rd. #1 Cleveland, Ohio 44130-4808 1-440-234-3330 Paper Money • November/December 2006 • Whole No. 246 NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 117060 Carrollton, TX SPMC NEW MEMBERS - 08/11/2006 12132 John King, PO Box 84, Keene, KY 40339 (C, Nationals), Lowell Horwedel 12133 Anthony J. Cariello (C), Frank Clark 12134 Wynn Radford (C), Website 12135 James Burke (C), BNR 12136 Raymond E. Leisy, 450 N. Bever St, Wooster, OH 44691 (C), BNR 12137 Jim Bevill, 3700 Buffalo Speedway Suite 100, Houston, TX 77098 (C, Republic of Texas), Website 12138 Peter Gamble, Starston Hall, Starston, Norfolk, England (C, US Large Size), Sergio Sanchez 12139 Michael Bateman (C), Rob Kravitz 12140 Dimitris Lorandos, PO Box 45948, Madison, WI 53744-5948 (C), $1 FRNs, BNR 12141 Albert A. Lange (C), Frank Clark 12142 Bryan Taylor, 784 Fremont Villas, Los Angeles, CA 90042 (C), Foreign Paper Money), Website 12143 David McClintock, 3815 Lakehurst Dr Apt 204, Colorado Springs, CO 80916-3414 (C, US, Foreign and ABNCo), Paper Money Values 12144 John Holt, 113 N. Arthur Ave, Galesburg, IL 61401 (C, Star Notes), BNR 12145 George Fiencke, 7914 Chalice Rd, Severn, MD 21144 (C, Confederate), R.M. Smythe 12146 Eric Lampe, 103 Brookhaven Dr, Clemson, SC 29631 (C, South Carolina Colonials 8z Obsoletes), Nancy Wilson 12147 Carl Kanciruk (C), Fred Reed 12148 Stane Straus, Opresnikova 36, Kranj, Slovenia 4000 (C & D), Polymer Bank Notes, Frank Clark 12149 Steve Houchins, 336 Wilson St, Madison, WV 25130 (C, US), Website LIFE MEMBERSHIP LM375 Jesse Lipka, PO Box 847, Flemington, NJ 08822 (C & D, Nationals) Converted from 6470 LM376 Jeff Brueggeman (C), Converted from 10685 479 Confederate Paper Money Helping Build Great CSA Paper Money Collections • Books: Collecting Confederate Paper Money — SPMC 2006 Book of the Year; more coming • Condition census and provenance: Documenting the rarities of CSA for future generations • Position notes in the census, documenting provenance, recording great collections • Building Great Collections: Major rare variety collections, spicing up type sets, unusual focused collections, affordable and historically important error and watermark collections Please contact - Pierre Fricke, P.O. Box 52514, Atlanta, GA 30355 404-895-0672; pfricke@attglobal.net ; www.csaquotes.com ; eBay – "armynova" W.1111111.13.1) Sf.:10:171 jitiltaLP '110Mrt. With .LIVISTIT47 31601 723 taiionit l3 st3z wkiakticts; "1'9 ":7,,,cssur,..arya,s:,--_y.-z (.71 I Till ,,:k" : I .N11'41:1) 1411:1154 ()P.% AIII'l , ,' ;"7.',.:1.:T.N•."."47: WANTED: All types - Legal "lenders, Silver Certificates, Nationals, Federal Reserve Notes and more. 480 November/December • Whole No. 246 • Paper Money LITTLETON COIN COMPANY • SERVING COLLECTORS for OVER 60 YEARS Selling your collection? Call Littleton! Y ou've worked hard to build your paper money collection. When it's time to sell, you want a company that's as thorough and attentive as you are. At Littleton, our team of professionals is ready to offer you expert advice, top-notch service, and a very strong cash offer. See why collectors like you have rated this family-owned company so highly. 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Patterson. State II weak clouds over ' . Endorsement: Jas. B. Bronet, Capt. AQM Thian's Angie" ref., p 36, 38 train. Interest Paid: none Why a new currency holder? For collectors, dealers, and auctioneers of Confederate Treasury notes there are many reasons. Holder attribution is important, and CC&A LLC is the leader in this field. Confederate Treasury notes exist in a vast array of designs and varieties. In addition to the basic 72 designs, 579 varieties were identified by Bradbeer, and many more have been identified by modern research. Confederate notes, unlike modern notes, were hand-signed by three hundred seventy-one men and women. Knowing who signed your Confederate note is an important part of its authentication and history. Some Confederate notes were interest-bearing and exhibit endorsements by historically important Army Quartermasters. "Interest Paid" stamps and issue marks trace the history of a note. Go to the CC&A LLC website at www.csacca.com to see the wealth of information provided. Contemporary counterfeits of Confederate Treasury notes are also of great interest to many collectors. These valuable notes deserve proper attribution as well in a CC&A LLC holder. Browse our website and learn what we have to offer the community of collectors, dealers, and auctioneers of Confederate Treasury notes. ur t Zensrreation 3tiributio 10011000, To learn more about this holder: • go to www.csacca.com • email us at info©csacca.com • call us at 303-258 -7002 • or mail us at CC&A LLC, P.O. Box 2017, Nederland, CO 80466 We will mail you information on the CC&A LLC holder and a CC&A LLC Club Membership Application, allowing you to submit your Confederate Treasury notes directly to CC&A LLC. With a yearly $99 CC&A LLC Club Membership you will get four complimentary holder submissions and offers subject to change Pierre Fricke's stunning new book on CSA Treasury notes, or six complimentary holders without the Fricke's book is out of book. print; supplies are limited HERITAGE'S LONG BEACH SIGNATURE AUCTIONS REALIZE $31.5 MILLION I IIGHEST GROSSING CURRENCY AUCTION EVER! CURRENCY SIGNATURE At CTION OUTSELLS 11.S. COINS FOR THE FIRST TIME! Heritage Auction Galleries' Long Beach Currency Signature Auction, containing 4,504 lots, enjoyed total prices realized of $14,112,568. Also at Long Beach, the U.S. Coins Signature Auction (with 6,9 / 9 lots) realized $13,460,718. and Heritage's Ancient and World Coins Signature Auction (with 2,634 lots) realized $3,235,470. The Long Beach OnLine Session (with 3,600 lots) realized $1,078,5 / 9. affifiRIBre r. se eautrints TILU 4111101tekt, elf ,,../hWII/Vd• '• S.A. et, s 1 1 Fr. 187k $1000 1880 Legal Tender, PMG Extremely Fine 40. REALIZED: $517,500 /o4;it A:/e." 7.;v1 deei," 15,7m. WirAtT,;10/W011 ". 4GC0ORIMOVX111Kft0 Ameamscat skastIO:. tfiallAraiLIZ .S1wIPWA44" A78allk •-•$ GOID t r ic o: /CACTI Fr. 1215a $500 1882 Gold Certificate Very Good-Fine. REALIZED: $276,000 Fr. 341 $100 1880 Silver Certificate PMG Choice Uncirculated 64. REALIZED: $253,000 Fr. 1676 $100 1863 Legal Tender, PCGS Very Fine 25. From The Jeffrey L. Olyan Collection, Part 1 REALIZED: $276,000 Voil'ntilitotkoo Geld ColnorPARTRLAT at 083.2.1.0 Fr. 372 $20 1890 Treasury Note PMG Superb Gem Unc 67 EPQ. From The Dr. Edward and Joanne Dauer Collection REALIZED: $115,000 Fr. 1218f $1000 1882 Gold Certificate PMG Very Fine 30. From The Dr. Edward and Joanne Dauer Collection REALIZED: $195,500 To receive a complimentary book or catalog of your choice, register on-line at HA.com/PM4211 or call 866-835-3243 and mention reference #PM4211 Images, descriptions, and prices realized from this auction, as well as all previous Heritage auctions, are available in the Permanent Auction Archives at the Heritage website: HA.com The World's #1 Numismatic Auctioneer HERITAGE aztuthan/ Calk/fie& Annual Sales Exceeding $500 Million • 250,000+ Online Registered Bidder-Members 800-872-6467 Ext. 555 • or visit HA.com 3500 Maple Avenue, 17th Floor • Dallas,Texas 75219-3941 214-528-3500 • FAX:214-443-8425 • e-mail: Consign@HA.com IFRITAGE NUMISMATIC AUCTIONS, INC, California 3S 3062 16 63, CURRENCY AUCTIONS OF AMERICA Auctioneers: Leo Frese: California 35 3062 16 64. Samuel Foo e: California 35 3062 16 65 This auction is subject to a 515% Buyer's Premium 02 1 1 PaperMoney