Paper Money - Vol. XLVII, No. 6 - Whole No. 258 - November - December 2008

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OFFICIAL JOURNAL OF THE SOCIETY OF PAPER MONEY COLLECTORS VOL. XLVII, No. 6, WHOLE No. 258 WWW.SPMC.ORG NOVEMBER/DECEMBER 2008 Up, up and away . . . Space-flown Deuces Apollo 15 launch OUR MEMBERS SPECIALIZE IN NATIONAL CURRENCY They also specialize in Large Size Type Notes, Small Size Currency, Obsolete Currency, Colonial and Continental Currency, Fractionals, Error Notes, MPC's, Confederate Currency, 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. • Hosts the Please visit • Encourages • Sponsors the Money Convention, • Publishes several of these booklets • Is a proud PCDA annual National and World Paper Money Convention each fall in St. Louis, our Web Site for dates and location. public awareness and education regarding the hobby of Paper Money Collecting. John Hickman National Currency Exhibit Award each June at the Memphis as well as Paper Money classes at the A.N.A.'s Summer Seminar series. "How to Collect" booklets regarding currency and related paper items. can be found in the Membership Directory or on our Web Site. supporter of the Society of Paper Money Collectors. Missouri. Paper Availability To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. 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 Terry Coyle — Secretary P.O. Box 246 • Lima, PA 19037 (610) 627-1212 Or Visit Our Web Site At: TERMS AND CONDITIONS PAPER MONEY CUSPS 00-3162) is published every other month beginning in January by the Society of Paper Money Collectors (SPMC), 92 Andover Road, Jackson, NJ 08527. Periodical postage is paid at Dover, DE 19901. Postmaster send address changes to Secretary Jamie Yakes, P.O. Box 1203, Jackson, NJ 08527. ©, Society of Paper Money Collectors, Inc., 2008, All rights reserved. Reproduction of any article, in whole or part, without written permission, is prohibited. Individual copies of this issue of PAPER MONEY are available from the Secretary for $6 postpaid. Send changes of address, inquiries concerning non-delivery, and requests for additional copies of this issue to the Secretary. MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the Editor. Accepted manuscripts will be published as soon as possible; however, publication in a specific issue can- not be guaranteed. Include an SASE for acknowledg- ment, if desired. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be typed (one side of paper only), double-spaced with at least 1-inch margins. The author's name, address and telephone number should appear on the first page. Authors should retain a copy for their records. Authors are encouraged to submit a copy on a MAC CD, identified with the name and ver- sion of software used. A double-spaced printout must accompany the CD. Authors may also transmit articles via e-mail to the Editor at the SPMC web site ( ). Original illustrations are preferred but do not send items of value requiring Certified, Insured or Registered Mail. Write or e-mail ahead for special instructions. Scans should be grayscale or color at 300 dpi. Jpegs are preferred. ADVERTISING •All advertising accepted on space available basis •Copy/correspondence should be sent to Editor •Alt advertising is payable in advance •Ads are accepted on a "Good Faith" basis •Terms are "Until Forbid" •Ads are Run of Press (ROP) unless accepted on premium contract basis • Limited premium space/rates available To keep rates at a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork or additional production is required, the advertiser will be notified and billed accordingly. Rates are not commissionable; proofs are not supplied. SPMC does not endorse any company, dealer or auction house. Advertising Deadline: Subject to space availability copy must be received by the Editor no later than the first day of the month preceding the cover date of the issue (for example, Feb. 1 for the March/April issue). 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 Full Color covers $1500 $2600 $4900 B&W 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 • Whole No. 258 401 Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XLVII, No. 6 Whole No. 258 November/December 2008 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379 Visit the SPMC web site: FEATURES The Paper Column: Hometown Laramie, Wyoming Scrip 403 By Peter Huntoon The Little Androscoggin Co. "Bank" of Danville, Maine 410 By O. David Bowers The Murdoch Treasury Note Essays 416 By David Booth Catharine E. Chadburn, National Bank President 419 By Karl Sanford Kabelac Fifty Cent Fractional Currency Negative Essay Notes 420 By David Booth Give Tennessee Back Her Notes 422 By Tom Carson Picturing President Lincoln 432 By Barbara Bither Redeemed Postal Notes: Great Rarities 440 By Charles Surasky On This Date in Paper Money History 447, 449 By Fred Reed An Update on $5 Silver Certificate Series of 1934C Narrow Faces 452 By Jamie Yakes A Satirical Note on the "Ham and Eggs" California Scrip Movement 459 By Loren Gatch Is Paper Money a Hobby or an Investment? 462 By Randall Lewis Deuces in Outer Space 465 By Richard Jurek SOCIETY NEWS Information and Officers 402 Important new Aussie reference by Ed & Joanne Dauer 429 Hey Civil War fans, new book details Civil War ID discs 431 New Austrian book covers bank notes since 1900 451 President's Column 457 By Benny Bolin Money Mart 457 Fricke releases colorful CSA currency "field guide" 461 New Members 464 9th Annual George W. Wait Memorial Prize Official Announcement 476 What's on Steve's Mind Today? 478 By Steve Whitfield The Editor's Notebook 478 SOCIETY ( )r7 'VER MONEY COLLECTORS 402 November/December • Whole No. 258 • Paper Money Society of Paper Money Collectors The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the ANA. The annual SPMC meeting is held in June at the Memphis International Paper Money Show. Up-to-date information about the SPMC, including its bylaws and activities can be found on its web site . SPMC does not endorse any company, dealer, or auction house. 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 Jamie Yakes, P.O. Box 1203, Jackson, NJ 08527 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 Pierre Fricke, Box 52514, Atlanta, GA 30355 Matt Janzen, 3601 Page Drive Apt. 1, Plover, WI 54467 Robert J. Kravitz, P.O. Box 6099, Chesterfield, MO 63006 Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941 Neil Shafer, Box 17138, Milwaukee, WI 53217 Robert Vandevender, P.O. Box 1505, Jupiter, FL 33468-1505 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 Jeff Brueggernan, 711 Signal Mountain Rd. # 197. Chattanooga, TN 37405 MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 PAST PRESIDENT Ron Horstman, 5010 Timber Ln., Gerald, MO 63037 WISMER BOOK PROJECT COORDINATOR Bob Cochran, P.O. Box 1085, Florissant, MO 63031 REGIONAL MEETING COORDINATOR Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items 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 Paper Money • November/December • Whole No. 258 403 Homegrown Laramie, Wyoming, Scrip Helped Relieve Unemployment in 1933 elected, WAS JANUARY, 1933, PRESIDENT ROOSEVELT WAS RECENTLY but had not yet taken office. The Great Depression was spiraling . out of con- trol towards the imminent collapse of the American banking system just two months away. Small towns across the count° , were suffering, and trying to figure out effec- tive means to help themselves and those in their communities, who were approaching' des- peration. The Paper Column By Peter Huntoon One such place was Laramie, Wyoming, situated along both U. S. Highway 30 and the Union Pacific Railroad. It was a town of 8,600 people then, had stability in the form of steady payrolls at the University of Wyoming and the Union Pacific repair shops, but still unemployment was a serious problem. The city and county governments were burdened with revenue shortfalls, and were looking at reducing services, and deferring maintenance. The mayor was one, Charles H. Friday. Another Friday, J. Edward, was owner of Friday's Grocery Store. J. Edward was a vocal force in the Laramie Boosters Club, and the members of the club were floating the idea of a scrip issue to relieve unemployment, stimulate business, and carry out public works projects. The city government was listening intently. The Boosters' proposal reached the Laramie Republican Boomerang on January 19, 1933. They claimed their scrip concept was already in use in 140 other municipalities across the country, and they contemplated a $20,000 issuance. The concept was straight forward, and the costs self-liquidating. The plan was to have a scrip commission issue scrip, each piece with a nominal value of $1 in the form of a foldover cover, inside which would be spaces for 52 two- cent stamps especially designed by the commission, and printed for that purpose. The idea would be for local merchants to purchase the stamps, so that each time a piece of scrip crossed their counter, they would affix one, cancel it by signing or stamping it, and pass the scrip on. In time, the booklet would amass $1.04 worth of stamps, At that time, the bearer could redeem it for $1 in U. S. currency from the commission. The extra 4 cents would fund the printing costs incurred by the scrip commission. The $1 scrip booklet would be considered legal tender in the communi- ty, and would circulate like a dollar bill. Clearly, each time it passed through a merchant's hands, they were in effect paying a 2 percent tax on the transaction. They considered this a nominal fee for the additional stimulus to their businesses. Cooperation of the collective citizenry would be required to make the idea work. People would have to be willing to accept the scrip from the mer- 404 November/December • Whole No. 258 • Paper Money chants in change, and the employees of the merchants would have to be willing to accept at least part of their pay in the scrip in order to get it out the door and into someone else's till where another stamp would be affixed. Both the passer and recipient merchant would be involved in seeing to it that the necessary stamp was affixed to the scrip, and canceled by the mer- chant. Initially the scrip would be paid to an unemployed individual by either the city or county government for services rendered on an appropriate public works project. The money collected from the sale of the stamps would be held in escrow for the eventual redemption of the scrip once the booklets were filled. Obviously, the success of the program would be measured by how rapidly the scrip circulated within the community. The faster it circulated, the greater the stimulus to the local economy. There were three winners here. The primary was the formerly unem- ployed person who initially received the scrip from the city or county govern- ment for his services. The local government which paid out the scrip would have some important public works project to show for the expenditure. And finally, there was the merchant whose business was augmented by accepting the scrip as money. In effect, the scrip would inflate the total amount of money in town, and thereby benefit everyone. The scrip itself would circulate as money; that is, be worth a dollar in any transaction. However, the real value behind the plan lay in the stamps which merchants purchased in U. S. currency from the commission, and whose money was held in escrow to eventually redeem the scrip. Obviously, the scrip commission would have to sell sufficient numbers of stamps to cover the outstanding scrip, or the plan would unravel. Only active, preferably rapid, circulation of the scrip could make the plan viable. The idea created quite a bit of excitement in town, and its boosters talked up the plan with fellow local businessmen and professional people to determine if they would buy into the concept. A public meeting was scheduled for February 8th, a Wednesday, to discuss the idea. The meeting was held "in the community room of the county building, attended by one of the largest crowds to meet there in many months. Lines of interested business men and others stood on three sides of the community room after all seats were occupied" (Boomerang, Feb. 9, 1933). The essence of the plan was overwhelmingly received by the crowd. Some concrete limitations were agreed upon. First, and foremost, city and county officials and employees could become involved in the issuance of the scrip, but there would be no formal legal connection between the governments and the scrip. Furthermore, the total amount of scrip to be circulated would be limit- ed to no more than $2,000; but if the plan worked well, increases could be con- sidered. A petition was to be circulated among the businessmen and profession- als in town, which they would sign in order show that they consented to the idea. "Spokesmen many times reminded reluctant ones that the purpose of the plan was to relieve unemployment. It was pointed out that the system would act as a sales tax easier to manage than heaNy taxes brought about by charity being given the destitute at the present time" (Boomerang, Feb. 9, 1933). It was decided that the scrip would be issued in denominations of 50 cents rather than a dollar, and the 52 stamps would he one cent each instead of two. Once the scrip contained 52 stamps, it could be redeemed for 50 cents by the commission. Elmer K. Nelson, city engineer and member of the governor's commit- tee on employment, discussed several public works projects that he thought Paper Money • November/December • Whole No. 258 405 could be funded with the scrip. The Laramie mayor and city council would supervise the program, but each would not legally represent the city. The city would pay the scrip to unemployed men who worked on city projects. Once received by merchants, the scrip could be paid out as part of the wages for their employees, and as partial payment for goods purchased by them from other local businesses. Obviously, they also could pay it out as change, because it was hoped that everyone would use it. If scrip was tendered, and the merchant needed to return change, he had the option of providing that change in the form of a credit slip to be used later at his establishment. Public lack of confidence in banks had reached crisis proportions in several states. The storm broke in Michigan where runs on banks forced Governor William Comstock to close every bank in the state by a proclamation dated Feb1 -flag 13. By February 15th, The Boomerang reported that 154 local firms and professional men had signed on to the scrip plan, representing 98 percent of the local companies. The scrip committee was at that time comprised of James M. Christensen, general manager of the Gem City Grocery; J. Edward Friday, manager of Friday's Grocery; Fire Chief J. H. Patrick; W. W. Husted, local manager of the Rocky Mountain Gas Company; George J. Forbes, assistant cashier of The First National Bank, and Clare Mundell, assistant manager of the University Filling Station. Mayor Charles H. Friday and the city council would direct the program. City engineer Elmer K. Nelson served as temporary secretary. The February 21st Boomerang reported that "Mr. Nelson, who doubtlessly will be the scrip commission's director of unemployment relief, assisted by Stanley P. Hunt of the University engineering college, was busy today drawing designs for printing both the scrip and the scrip stamps. Zinc etchings will be made of the designs for printing. . . . It is understood that the scrip will be issued and stamps will be sold by George Harvey, city treasurer, acting as the treasurer of the commission, and that J. H. Sullivan will be legal adviser to the commission. "The commission will have the power to issue scrip in any amount as long as it can be used advantageously, provided the amount in circulation at any time will not exceed $1,000 in value. The scrip will be serially numbered." The first printed would be 2,000 pieces, serial numbered from 1 to 2,000. The scrip program became a program that funded city projects. The Albany County government did not participate in paying out scrip. Panic was rolling across the country, such that cash withdrawals from bank accounts by nervous depositors totaled $1.6 billion when the national administration changed hands from Herbert Hoover to Franklin Roosevelt. On Saturday, March 4th, it was announced in the Boomerang that the first scrip, amounting to $250, would be issued the following Tuesday. On Tuesday, it was announced that $283.50 in scrip had been paid out for labor ser- vices by G. E. Harvey, treasurer. "About 200 red cards in store windows of local business houses attested that the scrip was being accepted as a medium of exchange by virtually every merchant and business firm in the city. "Serial numbers 1 through 500 have been reserved by the commission for souvenirs and already a large number of scrip certificates had been pur- chased." One-cent scrip stamps, purchased in sheets of 100 by merchants and pro- fessionals, supported the program. The stamps were orange. AZ: W.1323039 rIwiaq".4' C13131-LV WIWOAAA J1l4V,NVi JO NOISCHA11400 cn3S JO AilaoKinv Ag o3nss.s T Y OF LARAMIE • NTY IP 1 C SERIAL NUMBER* 1215 -el> 5TATE OF WYOMING-e-gl- REDEEMABLE IN UNITED .STATES CURRENCY AT THE OFFICE OF THE SCRIP TREA5UR ER,WHEN FULLY SIAM PE ON OR BEFORE DATE 5ET FOR REDEMPTION ON REVER5E 5IDE FOAM 406 November/December • Whole No. 258 • Paper Money Fifty cent scrip issued by the Scrip Commission of Laramie in 1933 to help relieve unemployment. It was the size of a dollar bill when folded in half. The scrip was printed in black on off white paper with a red serial number. The tiny initials of artist Elmer K. Nelson, Laramie City Engineer, appear just inside the border at lower left corner. Immediately upon assuming office, President Franklin D. Roosevelt, by a proclamation dated March 6, 1933, a Monday, closed every bank in the United States and its possessions * a period of 4 days. On March 9, he asked Congress for legislation giving' the executive branch control over banks for the protection of depositors. The Emergency Banking Act of March 9, 1933, was passed without a single dissenting vote, and the President immediately extended the bank holiday indefinitely. The March 10th Boomerang reported that the interiors of the Laramie municipal buildings were to be renovated and redecorated in March without tapping the city treasury for a cent, $250 in scrip was to be used. More scrip was needed, so at least one additional printing was made. On March 11, Roosevelt announced that qualified banks would be reopened by March 16th. Of the 5,916 national banks entering the bank holiday, 4,510 opened with licenses by that Thursday, including the Albany and First National Banks of Laramie. Over the next year, the unlicensed national banks shown to have sound assets were licensed. The remainder were liquidated or placed in receiverships. The plan was to call the scrip in for redemption on June 30th; however, as that date approached, the due date was indefinitely postponed because the scrip was circulating slowly, and not collecting stamps. According to the June 16th Boomerang ., only $150 worth of scrip had been turned in from the $1,152 pressed into circulation. Some $850 worth of stamps had been sold, leaving another $300 worth of them to be purchased before all the outstanding booklets could be filled. It was found that most of the scrip had circulated to only a small num- ber of local businesses. Issuance of scrip was to be terminated forthwith. Paper Money • November/December • Whole No. 258 407 There were spaces for 52 one-cent stamps, purchased by Laramie mer- chants and professionals, that funded the program. Each time they received the scrip, they pasted a pre- purchased stamp inside the booklet, and canceled it by initialing or stamping it. The bearer could redeem it for fifty cents through trea- surer Harvey at city hall once all 52 spaces were filled. By June 30th, another $50 worth of scrip had been redeemed, for a total of only $200, just a fifth of the total amount issued; $1,000 worth of stamps had been sold by that date. A deadline of September 1st was set as the final date for redemption in mid-August. Scrip booklets, whether filled with stamps or not, would be redeemed at their face value of fifty cents. Treasurer Harvey advised that the sale of stamps and souvenir scrip certificates was sufficient to cover a complete redemption of the outstanding scrip. At the time this announcement was made, there remained $484 outstanding from the $1,152 issued. The Boomerang carried a summary assessment of the program in late August. "Persons who received the money for work on city projects took the money to a store, usually the grocer. The merchants were able to use it only in payment of accounts with other business houses, partial payment of wages to employees, or as change. It was found, however, that the clerks turned the money back to their employers or another store and the paper money went through the same circle again and again. A small group bore the burden, and they pro- nounced the scrip more of a nuisance than a tax, while the majority of the citizen- ry hardly saw the scrip. Efforts were made to broaden the scope of circulation, but failed. "Scrip financed the interior decoration at the city hall and fire station and repairs to both buildings; the cleaning up of the La Bonte park area; the cleaning and rip-rapping of the storm sewer outfall open channel; the construc- tion of a fence at the city dump; the cleaning of the sanitary sewer system and the 408 November/December • Whole No. 258 • Paper Money spring cleanup of the city park. Approximately 75 men were given part-time work. All had been unemployed and were found to be desperately in need of relief." The citizens of Laramie had attempted to do right by their unemployed brethren, and maybe spreading $1,152 out over 75 men, an average of a little over $15 apiece, sounds meager by today's standards, but it was a shot in the arm. A lunch could be had for a quarter, a loaf of bread for less than a dime, and monthly rent was $15-$25. The Laramie scrip plan played out at the very depths of the Depression, offering small life rafts in a vast sea of despair. It would take months for the federal New Deal programs to start to turn the tide. By the end of 1933, unemployment in Wyoming would involve about a fifth of the population of the state. The Emergency Bank Act provided for immediate licensing of sound national banks, and instituted Federal Deposit Insurance. Both boosted depositor confidence, and encouraged people to return their money that they had squirreled away in mattresses to banks where it could revitalize the economy. An important provision of the emergency legislation was for the federal gov- ernment to pump large amounts of new money into circulation. The idea was to get money out there, and get it to start moving from hand to hand. Doesn't that sound on a national scale exactly like what the Laramie Scrip Commission attempted to do locally? You can make out many of the people and establishments who support- ed the plan by their initials on the stamps that are pasted in the scrip. The worn pieces of scrip, with their canceled stamps, are the most desirable items, not the unused souvenirs, because the wear and tear that they exhibit are their pedigrees that they actually were used for their intended purpose. Perhaps the only criticism that can be levied against the plan was that it was scaled back so greatly from the initial $20,000 proposal. In its reduced form, it only scratched the surface of the need. But then, everyone was nervous in those days, and caution was the byword. No one lost a clime in this venture. The scrip commission redeemed all of the scrip presented, whether filled with stamps or not. The pieces of Laramie scrip that survived represent fragments of history that show that the people in the town cared when the chips for some were really down. Those that survived were keepsakes of the unimaginably hard times. Acknowledgment My old Wyoming National Bank Note collecting buddy, and fierce competitor, Tom Mason (1917-1979) of Cheyenne, had an avid interest in all things paper, metal and glass from Wyoming. He gathered copies of all the articles he could find on the Laramie scrip and sent them to me in 1976, soon after I moved to Laramie, with the request that I write this story. I just discov- ered the envelop containing his letter and those copies, long buried in an out of the way file. I was astonished to find that I discovered his envelope one week before the 75th anniversary of the day that the Laramie Boosters proposed the scrip issue. As shown in the sources cited, the Boosters proposal appeared in the Laramie Republican Boomerang, the local newspaper founded by humorist Bill Nye the previous century. Sources of data and sources cited Laramie Republican Boomerang, Wyoming, Jan. 19, Feb. 4, 9, 15, 17, 21, Mar. 4, 7, 10, June 16, 30, & no. 147, 1933. O'Connor, J. F. T. Annual report of the Comptroller of the Currency: U. S. Government Printing Office, Washington, DC, 1933, 677 pgs. v Paper Money • November/December • Whole No. 258 409 Protect Your Notes For the Next Generation When it comes to protecting your investment for future generations, there is no safer way than with PCGS Currency holders. • PCGS Currency is the only grading service that encapsulates notes in Mylar-D', the safest and best archival material for long-term storage • Our unique grading label and open-top holder allow notes to "breathe," thus preventing them from deteriorating due to lack of oxygen • The specifically designed tamper-proof label ensures the security of your notes Experienced collectors trust PCGS Currency — the leader in third-party certification. Call 800.447.8848 or visit today, and experience the clear difference. Iler I %V._,J..0 CURRENCY A Division of Collectors Universe NASDAQ: CLCT The Standard for Paper Money Grading P.O. Box 9458, Newport Beach, CA 92658 • (800) 447-8848 • Fax: (949) 833-7660 • ,.--,20o8 Collectors Universe 735101 PM • DlylapD is a registered trademark of DuPont. 410 November/December • Whole No. 258 • Paper Money The Little Androscoggin Company "Bank" of Danville, Maine by Q. David Bowers A Bit of History Was the Little Androscoggin Company a "bank," or was it something else? The enterprise was incorporated in Danville, Maine in 1853. The town is south-southeast of Auburn. The name was taken from the Little Androscoggin River, a well-known Maine waterway, near which a certain impressive venture was to be laid out. Within a short time it attracted unwanted attention. Banker's Magazine printed this in May 1854: Early in June, information was received that a manufacturing compa- ny, called the Little Androscoggin Company, located opposite Lewiston Falls, in the state of Maine, had employed a well-known bank-note engraving estab- lishment of this city, to engrave a large quantity of notes, of the customary denominations, and in the same style as ordinary bank notes. It was ascertained that they claimed the right of issuing bills, under a special clause in their char- ter, and having satisfied the scruples of the engraver, with a properly attested copy of the same, the bills were printed, and were shortly to be delivered to the agent of the company. Steps were now taken to prevent the delivery of the bills, and to ascertain the nature of the clause in the company's charter. The secretary of that state denied any intention of the Legislature to grant banking privileges, although the clause, of which the following is a copy, might be so construed. "The business of said company shall be managed by a board of direc- tors, and in the absence of a majority of said board, by the president and trea- surer. And said board of directors, or president and treasurer, shall have power to create, and discharge in the name of the company, notes, bills, and other evi- dences of debt, for the use and purposes of said company." It being apparent that bills issued upon so questionable authority, would be considered spurious, and occasion loss to the holders, and create prej- udice against our paper currency, the engravers were urged to suppress them. This was finally done by them, but not without claiming of the association a partial remuneration, for the expense of engraving dies, and for paper and printing. This has not been granted although we think the New -England Bank Note Company, the engravers referred to, highly deserving of consideration, by the banks in New England, for their correct and manly course, when their sus- picions became excited as to the questionable character of the undertaking. They had, at considerable cost of time and money, prepared dies for these bills, furnished paper, and printed a large amount of them, and they could reasonably expect to print, from time to time, a further and large number of impressions; and although it may be said, that the very wording of the clause, as recited, should excite suspicion in the mind of a bank-note engraver in Massachusetts, it must also be borne in mind that, in some of the states, various kinds of corpora- tions exercise the right of issuing bills resembling bank hills, and that an engraver, called upon to do such a thing, the parties apparently respectable, Paper Money • November/December • Whole No. 258 411 *556ellt , e;.; • '), ALOSIMICO4GIENCti • // /7//i• '// 7/7 //// / 1 r 1;=!PJ/ 412 November/December • Whole No. 258 • Paper Money from a neighboring' state, might, under the circumstances, consider himself rea- sonably well justified in proceeding to comply with their wishes. It is evident, we think, that the dies were prepared, and the hills print- ed, in good Nth, by the New-England Bank Note Company; that they would not have been prepared, if their suspicions had been aroused at the commence- ment; and that they have been, in a very praiseworthy and manly manner, sup- pressed, at a loss to themselves, upon a belief that that was the best course for the community, and the honest one for themselves. This association of banks, formed for the protection of their customers, the community, and themselves, against the circulation of altered, counterfeit, and fraudulent issues of currency, would, therefore, cordially recommend to the patronage of the banks of New- England, the New-England Bank Note Company, of Boston, hoping that by an increased patronage on their part, any loss which the company may have suf- fered, by their noble conduct in the present instance, may be made up to them fourfold. At a session of the Legislature of Maine, since the occurrence of the foregoing, the subject was brought before that body, upon a !notion to repeal the charter of the company. Its friends, in order to retain the charter, offered to give up the objectionable clause, and denied that they had attempted to issue bills. In reply, the bills were produced, and having been read and held up to the view of the members, the immediate repeal of the entire charter was carried, without a dissenting voice. The matter has been presented in detail, in the belief that it affords a note of warning, worthy the attention of the banks. Million-Dollar Ideas The Little Androscoggin Company was a scheme of Charles B. Huntington, a New York City broker and speculator, who engaged in many dif- ferent forgeries, establishment of sham companies, and the like. Huntington was born in Geneva, New York, in 1822. His ancestors went hack to the landing of the Mayflower. In 1843 he came to New York City and found employment as a clerk with William B. Humphreys, Chatham Street, a furniture establishment, where he stayed until 1845, after which he went into the furniture business with a partner. He then moved to Syracuse where he and other members of his family kept a seminary for the learning of young ladies. Then he became a broker with his own office on Wall Street, but with little cap- ital or experience. He became known as a promoter and schemer, with little suc- cess for investors who succumbed to his beguiling offers. One involved setting up a steam laundry in Panama for the convenience of travelers to and from California, estimating income of $800 per day, but it did not work out. After the company failed, or was about to, he issued stock in the Panama Steam Laundry Company, and apparently sold some shares. A million-dollar-profit cemetery projected for Buffalo did not materialize, nor did a similar real estate venture in Baltimore. ROINWAVIC&SRMIP.= ,ML • I r ty1,011,3 RS it 8c ME CHANT C S LANK GEORGETOWN.D.C. 4 7/1,, Paper Money • November/December • Whole No. 258 413 In 1852 he had paper money printed for the non-existent Farmers and Mechanics Bank of Georgetown in the District of Columbia. Notes were signed by Huntington using the names of two of his brothers-in-law (from a large family of eight brothers-in-law), these being F. Barry and S.D.C. Barry. These were sold in New York City at a 10% discount to speculators, who then set about spending them for various products and services. In the meantime, to assure the public the bills were good, Huntington arranged to have friendly brokers agree to redeem them in gold or silver coins at a nominal charge of three-quarters of one percent, hoping that only a few bills would be tendered. Several hundred were, and prompt payment was made, after which the bills were circulated again. The caper worked well for about a week, when the deception was discovered, and the hills became worthless. Richardson was indicted for fraud in connection with the Farmers and Mechanics Bank, arrested and let out on bail, but no trial ever took place. In the same year Richardson created the fictitious Citizens Bank of Georgetown, D.C. Bills were signed with H. Freeman as president and G.H. Smith as cashier. The Citizens Bank scheme seems to have been sold to a Mr. Seely, who endeavored to continue the deception. No legal proceedings have been located concerning the Citizens Bank or its perpetrators. Setting up fake banks in Washington and having leading engraving firms print quantities of bank notes for them was a popular fraud in that era. Washington was a city of seeming importance, but it had very little in the way of oversight on local banking matters. Only the state of Michigan outranked it in such paper money schemes. A New Bank in Maine In 1853 Huntington desired to establish a bank in Maine, and traveled to the state for this purpose. He soon learned that bank charters were difficult to obtain, but permission to set up a manufacturing company was easily enough secured, as such would benefit employment and industry. He laid preparations for the Little Androscoggin Company at Lewiston Falls, stating that its main purpose was to manufacture paper from straw, to make linen, and to engage in related activities. After spending $800 in fees and other expenses he returned to Wall Street with charter in hand, and held discussions with his friends in the brokerage and stock trade. Plans were drawn up, with a factory building as the center of a development with many lots to be sold for housing. Capital was set at $500,000. Excitement prevailed with the prospect of gulling buyers for shares. Investors were told that a million dollars' profit was in the offing. A fair amount of stock was peddled in this manner as eager investors rushed to get in on the ground floor. No mention was made of any banking activity. In the meantime, Huntington had no intention of ever setting up such a Unissued $5 note of the non-existent Farmers & Mechanics Bank of Georgetown, District of Columbia. Apparently, its notes circulated for only a week or so! 7_iitdry-144 -47if 414 November/December • Whole No. 258 • Paper Money factory. He sent an associate in the venture, Samuel Randel, to the New England Bank Note Company in Boston, who informed them that the Little Androscoggin Company had banking privileges. All was found to be in good order, and Rancid ordered $50,000 worth of bank notes in the denominations of $1, $2, and $3, these imprinted with Danville, Maine, as the location. These low denominations were a logical choice as they were always easier to distribute than bills of high values, as recipients would often take them in without ques- tion, then routinely pass them along in another transaction. In contrast, a $10, $20, or $50 note might provoke second glance and perhaps even checking with a bank-note reporter. A meeting was held with the Globe Bank in Boston, and $2,000 was deposited as security, after which the bank stated it would serve as agent to redeem the bills at par, less a small service charge. On a subsequent visit to Boston to see the work in progress and approve of the currency designs, Randel was told that an officer from a Maine bank had visited, saw the "Little Androscoggin Co." name on the bank bills, and told the engraver that there was no such company. Randel produced a copy of the charter and pointed out the banking provision. The hank-note maker was in a quandary. The Association of Banks for the Suppression of Counterfeiting, based in Boston and with 110 banks as members, learned of the impending distribution of bills and registered a protest. Some Boston banks said they would stop doing business with New England Bank Note if such bills were printed. Accordingly, with all of this unwanted negative publicity, it seems that only proofs were made. "Moral Insanity" With the Little Androscoggin Company bank-note venture a failure, but with some money on hand from stock sales, Huntington headed for California to seek opportunities. Reality did not live up to expectations, and he returned in the spring of 1854, whereupon he was served with notice that he owed $140,000 in old debts. Not to be deterred, he embarked on other schemes. Enough money came in that he lived in comfort. In December 1856, Huntington was hauled into court for fraud in the counterfeiting of debt obligations, specifically a $6,500 note of Phelps, Dodge Co. Extensive testimony in lengthy trial showed that he had been involved in many nefarious schemes over the years, none of which demonstrated a profit. His attorney, James T. Brady, presented the novel defense of "moral insanity." Richardson was incapable of discerning right from wrong in business ventures, he told the jury. Various witnesses testified as to the defendant's unusual behav- ior. Huntington lived in a lavishly-furnished mansion for a time at 100 East 22nd Street, New York City, it was related. His wife was ill and in a bedroom WMISLW;M"----)EfaM27- AtinvirA ANIMUS (2 ;,, •g"? 1.1;l iy:777;7l'i;" Paper Money • November/December • Whole No. 258 415 on the third floor. His doctor testified that in the meantime he held lavish par- ties, had a staff of eight to nine servants, and that sometimes he would hire an orchestra of 10 to 12 pieces, including trumpets and trombones. He would turn all the gas lights up in the house, leave the windows and doors open, and the music could be heard for a long distance. Telling lies, making misrepresenta- tions, creating frauds, and other such activities were beyond his control, it was asserted. The case became a cause celebre. Unfortunately for Richardson, after due deliberation the jury found him guilty. The judge sentenced him to four years and 10 months in Sing Sing prison. It would have been five years, except that the judge showed compassion and pro- vided that he be released in the autumn, rather than in the cold dead of winter. Richardson began his incarceration on January 2, 1857. Seeking to capitalize on all of the trial of the excitement, a book was written and set in type in just two weeks in January, 'Trial of Charles B. Huntington for Forgery. Principal Defense: Insanity, prepared under the direction of attorney Brady. Numismatic Notes It seems that currency of the Little Androscoggin Company was unknown to numismatists until about 2002, as per this commentary by R.M. Smythe & Co. in the sale of the Schingoethe Collection, September 2005: Until the summer of 2002, no one had seen or heard of these notes. They surfaced in a large Maine deal with common notes to great rarities. We saw this, the $2 and $3 offered here, sell for a hefty sum at the 2002 Strasburg Show into the Norman Pullen Collection. They were the final major purchases into that epic collection which became part of the 2003 FUN Show CAA sepa- rate owner catalogue for Norman's collection. Under the hammer for the first time, I-Terb and Martha bid vigorously for these likely unique notes. It is hard to gauge their value now, but no amount of money replaces them at the fall of the hammer. It is possible the company operated as a bank. If so, their value is more significant. The three notes, $1, $2, and $3, were purchased by Tom Denly at the sale. As to whether the company "operated as a bank," the answer is given in the history above. The company was properly chartered and had banking privi- leges. Currency was legally prepared, but not issued. The New England Bank Note Company found the order to be proper and in good order. The beginning steps were in conformity to the law and were not much different from those taken by other start-up banks of the era. Of course, you know by now that the Little Androscoggin Company was a scheme, a pipe dream, but no charges were ever brought against Huntington in connection with it. 416 November/December • Whole No. 258 • Paper Money The Murdoch Treasury Note Essays by David Booth IGURES HJ20F, FIJ20B, HJ1TF, HJ1TB, HJ5TF and HJ5TB are part of a series of Treasury note essays produced by an enigmatic artist by the name of John Murdoch (or Murdock). Hessler (2004, P.74) attributes these essays (and gives pictures of what are believed to be the entire set) to the time of the Act of March 3, 1863. He also notes that there are not extant records requesting the designs or indicating that the designs had been received by any gov- ernment official. The designs themselves are attractive and hand drawn on heavy card. Each of the designs (most of which reside in my collection) bears the artist's signa- ture, John Murdoch, in the lower left corner of the face. The question then is who was John Murdoch? There are two contrasting points of view on the answer to the question of who was John Murdoch? There appear to have been two possible candidates for the posi- tion by the names of John _Murdoch and John Murdock. Groce and Wallace (1957) believe the two artists to have been different individuals. They report that John Murdoch (1836-1923) was an architect and civil engineer. This Murdoch was active in Baltimore, Maryland, from after the civil war. They describe him, as an artist, as a water col- orist. They further observe that the Maryland Historical Society owns two of his watercolor drawings, one of which is a bridge (1867), and the other a Baltimore residence (1868), which matches his description as an architect and engineer. They note that this Murdoch died on November 16, 1923. The picture becomes murky however because there was another artist, John Murdock, working at about the same time. Details of this Murdock are more sketchy. Groce and Wallace (1957) list this Murdock as a portrait painter working in St. Louis in 1854 and San Francisco in 1856. Further Falk et al. (1999) argue that both of these artists were the same individual, basing their conclusion on research reported by Hughes. As reported in Falk, the possibility that the two men are indeed one is a strong possibility, and is made possible because Murdock was active in the west in 1854 and 1856 while Murdoch was active in Baltimore and Philadelphia from 1862. In fact, Falk et al. report that Murdoch was at this time active with Thomas W. Richards in creating views of buildings. Given that the essay notes are signed as John Murdoch, it seems clear that Baltimore individual produced them. We are a bit less sure that the California Murdock was the same person for two reasons. First, Murdock painted portraits while Murdoch did mostly engineering structures. Second, the spelling of the names is different. One wonders why that should be the case if both artists were the same. On the other hand, Hughes (as cited by Falk et al. (1999) does have evidence suggesting that they were one. While we may never know for sure whether the California Murdock and the Maryland Murdoch are the same, it is virtually certain that the Maryland Murdoch produced these very interesting essay designs. Perhaps further research may indicate why he did so. References: Falk, P.H., Lewis, A., Kuchen, G. and Roessler, V. Who Was Who in American Art, 1564 -1975, Vol. II, G-0. Madison, CT: Sound View Press, 1999. Groce, G.C. and Wallace, D.H. The New -York Historical Society's Dictionary of Artists in America 1564-1860, New Haven: Yale University Press, 1957. Hessler, G. U.S. Essay, Proof and Specimen Notes 2nd ed. Port Clinton, OH: BNR Press, 2004. HJ20B fi,(THEuNI ONETHOU PER AN N■ , %;.P.As ut-L 3/4 J ......"........,----...,-..., •. ..............." ___71 /-7' -.... f_,_.--'-'- -`‘,. •-•;.'-',-,':- : •"--;,.-i' . - ........-.__:,.. ./ ,,...F„s ,. E1 AT FIVF:. 1'I CENT)1,,c S AFTER DA I L ";73 i>) Paper Money • November/December • Whole No. 258 417 HJ2OF HJ1TF 418 November/December • Whole No. 258 • Paper Money HJ1TB HJSTF HJ5TB Paper Money • November/December • Whole No. 258 419 Catharine E. Chadbourn, National Bank President By Karl Sanford Kabelac C OLUMBUS, WISCONSIN IS LOCATED IN COLUMBIA COUNTY IN southern Wisconsin, about 25 miles northeast of Madison. It was first settled in 1839 and became a city in 1874. The population a century ago was approaching 2,500 people; today it is close to 5,000. On Tuesday afternoon, July 7, 1891, Smith W. Chadbourn, President of the First National Bank of Columbus (charter #178) began to feel a little indisposed. So he stepped over to Dr. Earll's office for a prescription, then walked to Swarthout and Quickenden's drug store to have it filled. While there he chatted with some friends, then walked home. He entered through the front door, walked through the house to the kitchen, and then to the pantry. Seeing the kitchen maid, he The notice of the election of asked the whereabouts of Mrs. Chadbourn and was told she had gone downtown. As he Catharine E. Chadbourn as president started to open a cupboard door, he fell backwards -- dead. of the bank, which appeared in The It was the second time in just a little over a year that the bank's president had died. His older brother, Reuben W. Chadbourn, long-time president of the bank, had died Columbus Democrat on Friday, July in June 1890. Reuben had left a widow, Catharine, and a teenage son, Frederick. 31, 1891. With the death of her brother-in-law, Catharine was elected president of the bank on July 24, 1891. She thus became one of the earliest woman presidents of a national bank in the United States and probably the only one in Wisconsin during the national bank note-issuing period. She served as president for more than five years, until January 1897. Then her son Frederick, by now in his mid-twenties, succeeded her. He was to serve as president of the bank for over four decades. She continued as a director of the bank. Catharine had been born in Catskill, NY on May 26, 1837. Her parents moved west, first to Ohio, and then to Rochester, MN where she met Reuben W. Chadbourn. They were married in Catskill on December 22, 1866. At her death in Columbus on September 22, 1918, the local paper noted at great length her many qualities, but did not mention her bank presidency a quarter of a century earlier. The bank continued as an independent bank until 1994. Today it is part of Associated Banc Corp, a regional bank holding company. Sources An obituary for Reuben W. Chadbourn appeared in The Milwaukee Sentinel, June 11, 1890. An account of his will and the distribution of his million dollar estate is found in The Wisconsin State Register (Portage WI), August 9, 1890. The Columbus Democrat carried an on obituary of Smith W. Chadbourn on July 10, 1891, and one of Catharine E. Chadbourn September 25, 1918. First National Bank, Columbus. U. E. ClIADBOURK, President. No. 178. J. B. Gory, Cashier. Loans and discounts 9123, 046. 14 Capital stock paid in 95o, 000.00 Overdrafts 2. 81 U. S. bonds to secure circulation 12, 500.00 Surplus fund 10,000.00 U. S. bonds to secure deposits Undivided profits 6,245. 38 U. S. bonds on hand Stocks, securities, etc National bank notes outstanding.. 11,250.00 Catharine E. Chadbourn had been Due from approved reserve agents. Due from other national banks .... 20, 199. 90 169.80 Stat•bank notes outstanding president of the bank for two months Due from State banks and bankers Dividends unpaid Bank'g house,furniture,and than 1,200. 00 at the time of this September 25, Other real estate and mortg's owned Individual deposits 98, 086. 56 Current expenses and tares paid.. . 676. 82 United States deposits 1891, report on the condition of the Premiums on U. S. bonds 2,171. 88 Dopositsof U.S.dtsbursin g odicent. Checks and other cash items 263. 34 bank from the 1891 annual report of Exchanges for clearing house Due to other national banks Bills of other national banks 470.00 Due to State banks and bankers the Comptroller of the Currency. Fractional currency, nickels, cents. 120.69 Specie . 7, 197. DO Notes and bills rediscounted Legal tender notes 7, 000.00 Bills payable U. S. certificates of deposit Redemption fund with Treas. U. S 562. 50 Due from Treasurer U. S Total 175, 581. 84 Total 175, 581. St —At a meeting of the hoard of direct- ors if the First National 13w -tic, held last Friday, •IvIrs. 11. W. (2hadhourn was elected president of the hank to till the vac Ancy caused 14 the death of the late S. W. Chadbourn. 420 November/December • Whole No. 258 • Paper Money Fifty Cent Fractional Currency Negative Essay Notes by David Booth FOR THOSE INTERESTED IN PAPER MONEY, ESSAYS (THOSEnotes that might have been) are of great interest. Nowhere is that moreevident than in the collecting of U.S. Fractional Currency. While manyexamples of proof, essay and experimental Fractional notes exist, some of the most popular are the negative essay notes of the second issue. Second issue Fractional notes were approved by the act of March 3, 1863. However, we know that essay notes for the second issue were prepared as early as July 17, 1862, because essay notes carrying that date are in existence (e.g. lot 144 of Stack's John J. Ford, Jr. Sale Part XIX). Our particular interest at the moment, negative essays, can be thought of as color trials for the backs of second issue notes. Negative essays are color trials in two different senses. First, they exist in different colors from the adopted designs. While examples of these are rare, they are known. Examples exist as shown by lots 263, 264, 265 and 278 of Stack's John J. Ford, Jr. Sale Part XIX of 2007 as well as lots 16337, 16338 and 16339 of the Heritage Currency Auctions of American Sale of the Tom O'Mara Collection in 2005. Negative Essays are color trials in a second sense as well, because they exhibit a reversal of dark and light areas on the notes. This reversal, which leads to their name as negative essays, has been the source of confusion since the notes first became known. We need to look at these early descriptions and compare those descriptions with both regular issue notes and the negative essay notes as well. In the Currency Auctions of America Catalog for the 1997 Milton Friedberg Sale, the catalogers described negative essays in their description of lot 893. They point out that the commonly used terms for these notes: "negative essay," "reverse matrix" and "negative matrix" are all technically incorrect. The catalogers note that these terms arose from the mistaken impression that these notes were printed from matrix dies (transfer rolls) rather than plates. The catalogers further remark, that some also believed that the notes were printed by plates made from other plates and note that the most common terms for the notes, negative essays or negative reverses seems to have come from the fact that at a quick glance negative essay notes appear to have the light and dark areas of the design reversed. However, this is not the case for the entire design and hence the term negative as used in the term photographic negative, is not appropriate. FR1314SP F281 M1070BG Paper Money • November/December • Whole No. 258 421 Actually the back designs are really essays in which a designer thought the back would look better with some light and dark areas of the back design reversed. The same catalogers make similar comments in their discussion of lot 16334 and the following in the Tom O'Mara catalog of 2005. The catalogers of the John J. Ford, Jr. Collection Part XIX of 2007 make similar comments. These comments are best illustrated by reference to the notes them- selves. Figure Fr1314SP is a Specimen of the back of a regular second issue 50 cent note. Figure F281 and M1070BG are 50 cent negative essays. M1070BG is ex- Milton Friedberg while F281 is ex-F.C.C. Boyd and John J. Ford, Jr. Both notes are interesting. M1070BG was printed on India paper, mounted on cardboard and trimmed to the size of a regular issue note. Notice that it lacks the usual punch cancels and the specimen stamp. As of 1997, only three examples of this note were known without the cancels and specimen stamp. F281 was printed on thin very fine fiber paper as described on page 94 of the Stack's 2007, Ford XIX Catalog. The important point is to compare Figures F281 and M1070BG with Figure Fr1314SP to see the effect of the negative essay. In particular, compare the edges of the design, the edges of the central shield and the eagle. The edges, both of the overall design and the shield, of the two negative essays are dark where the regular issue note is light and vice versa. With respect to the eagle, the wings are light on the negative essay while dark on the reg- ular issue. The other parts of the design do not show this reversal and vice versa. One often hears discussion among collectors about which design is better. It is interesting to note, that there are examples of fractional notes that have both an experimental note face and a negative essay back. Some are even double denomination notes. See, for example, lots 283-292 of Stack's Ford XIX auc- tion. One such note Heritage CAA, 2005, O'Mara lot 16335 appears to have actually circulated, thus is, per- haps, the ultimate in "what might have been" notes. References: Currency Auctions of America, Inc., Milton R. Friedberg Collection catalog, January 10, 1997. Heritage Currency Auctions of America, The Tom O'Mara Collection of Fractional Currency cata- log, Signature Auction #374, May 5-7, 2005, Dallas, TX Stack's, John J. Ford, Jr. Collection Part XIX United States Fractional Currency, October 11 , 2007, New York, NY. v 1 6, .111111111111111111 POWELL IRON a NAIL WORKS. 422 November/December • Whole No. 258 • Paper Money Give Tennessee Back Her Notes by Tom Carson Maverick Notes Notes without a location are called mavericks. They become a challenge for the collector community to identify. Unless the name is unique they can be misattrib- uted. Such is the case of several Tennessee notes. This article will attribute sever- al notes back to Tennessee. Vulcan Iron Works Vulcan Iron Works became Powell Iron & Nail Company following bank- ruptcy of the former in 1880. Poor Colonel Samuel B. Lowe, the north stole your Vulcan Iron Works and over 100 years later they are still trying to steal the notes from your works. Foundry man, Colonel Samuel B. Lowe, left the almost completed Vulcan Works near Chattanooga Creek as the Federal troops started shelling the city. He moved to Selma, AL to set up another mill. His bookkeeper, Richard Washington Corbin, also left town when they found an unexploded shell that came through the roof of his house, near the base of Cameron Hill, and landed in a feather bed. When Lowe returned after the war he found only charred ruins of the Vulcan Works near Chattanooga Creek. He traveled though the region to find parts and equipment to use in rebuilding the Vulcan Iron Works. The rebuilt plant employed 200 men to manufacture car axles, and railroad cars. The Vulcan Iron Works failed in the panic of 1873, but continued business. In 1877 Colonel S. B. Lowe had one of the first telephones connected from his office on West Eighth Street to the Vulcan Iron Works over a mile away. (Col. Lowe probably had no ownership at this point, but was an iron broker to local plants.) During the summer of 1878 the Vulcan Works had to be shut down because of Yellow Fever. (Chattanooga Story by John Wilson) Goodspeed's History of Tennessee in Hamilton County reported: "The business to which the South Tredegar Iron Company has fallen heir was com- menced in 1860 by S. B. Lowe and others, under the name of the Vulcan Iron Works, and was conducted by them on a moderate scale until the war put an end to business in Chattanooga. After the cessation of hostilities the company reorga- nized and continued under the old name until 1873. In 1875 Hazleton & Harrison took up the business. The 1878-79 Chattanooga City Directory lists the company as Vulcan Iron Works was owned by Haselton and Harrison, with F. I. Stone as the General Manager. The New York Times carried a front page article about the bankruptcy of Vulcan Iron Works on May 28, 1880. The Times article stated that "Vulcan Iron Works was the largest nail, bolt, spike and bar mill in the South and employed about 600 hands. The receiver was directed to continue running the plant and it became Powell Iron & Nail Company later in Corbin. I chose to illustrate this unsigned remainder because of the beautiful vignette of iron production. Issued notes are dated April 1, 1873(5?) and October 1, 1873. The company likely failed soon after in the Panic of '73, but continued after the failure. The second series of notes are Vulcan Iron Works. These are not dated Vulcan was the Roman God of Fire and Iron. Vulcan is an extremely popular name in iron and there were numerous iron companies with the name Vulcan. There are two series of Vulcan Notes. First series have Vulcan Works Store and had the location of Chattanooga, Tennessee. The notes are known in 25- and 50-cents as well as $1 and $2. These notes when signed were signed by Richard Washington 1 115 tl% STORE ° TO T4 OF FIVE „flitS No: ra stUi7: Paper Money • November/December • Whole No. 258 the year. In 1881 the South Tredegar Iron Company took over the plant. F. I. Stone and Col. Lowe are listed as running Lowe's Metallic Paint in the 1881 Chattanooga Directory. Vulcan Notes 423 and there is no location. The second series were printed by Krebs Lithographing Company Cincinnati. The Cincinnati connection probably was the reason for them being considered to be Northern notes. The key to them being Chattanooga notes is the name Vulcan Iron Works and the signature of F(rancis) I. Stone. Bowen in Early Michigan Scrip attributed the second series of notes to Vulcan Mining Company. He made a leap to make Vulcan Mining Company into Vulcan Iron Works. There is another leap in that the president and treasur- er of Vulcan Mining was F. Stone, but the notes are signed by F. I. Stone. Dr. Lee in his book on Michigan Obsolete Bank and Scrip Notes of the 19th Century used the Bowen information and lists 10- and 25-cent notes. The Sedman Collection of Tennessee Scrip was purchased by the Schingoethes in 1992. It contained a 5-cent note that was listed in the 13th Schingoethe Auction as lot 497 under Michigan: MI. Dickinson Co. Vulcan (near Norway). Vulcan Iron Works. 5q. (L-IMGC-27-1). Face: Black print with red overprint 5. Back: Single design of three interlocked green circles with white 5 CENTS in center. Fine. We notified Smythe that even though the note was listed in a Michigan catalog, the note was really a Tennessee note, but it was too late. I lost the note to a collector, who probably considered it a Michigan note, for than it was worth in Tennessee. A 25-cent (same as the 5-cent except for denomination) appeared on eBay attributed as Wolka 2076-03 Toledo and Columbus. The note did not sell at the reserve placed by the seller. I purchased it after the sale and after showing Wendell the evidence, he agreed it was a Tennessee Note.- A $1 Vulcan Iron Works note was in lot 3629 of Auction 11 of the more Schingoethe Collection. The lot was described as five Vulcan Works Store notes, but one of the $1 notes was actually Vulcan Iron Works. An issued $2 Vulcan Iron Works appeared in the Chattanooga Time on March 12th 1933. The note is of similar design with what appears to be the vignette of a worker pouring iron on the left. I have been unable to locate this note. Notes of 5-, 10- and 25-cents and $1 are known to still exist on Vulcan Iron Works. A 50-cent note likely was issued and a $2 was known in 1933. The $1 and $2 were lots 559 and 560 listed as Ohio Wolka 2076-05 and 06 in Schingoethe Auction No. 15. The $2 is slightly different from the one in the 1933 Chattanooga Times. ..., ANOLftfl• . November/December • Whole No. 258 • Paper Money424 Cranberry Furnace These notes have a very rich history. Right after the War of 1812, the Perkins brothers of Crab Orchard Tennessee, got in a little scuffle at a log rolling. Warrants were issued for their arrest. They hid in the mountains along the East Tennessee and Western North Carolina border in the area near Cranberry, NC. They supported them- selves selling the herb ginseng. While hunting for the herb, they discovered the richest vein of magnetite known in the U.S. Small bloomerys or furnaces processed the ore until the area was reached by the East Tennessee and Western North Carolina Railroad (a.k.a. Tweetsie) on July 3, 1882. In 1884 Cranberry Iron and Coal Company blew in a 14 ton per day blast furnace. Tweetsie hauled both iron and ore to Johnson City, TN. The late 1880s and early 1890s were an iron boom for East Tennessee. Northerners and Europeans were pouring money into the area like drunken sailors. Cities sprang up overnight in auctions that brought unheard of prices for land. General John T. Wilder had purchased Roane Mountain and was busy arranging $21 million in financing from Baring Brothers Bank in London to develop the Charleston, Cincinnati, & Chicago Railroad and lands he owned that had part of the Cranberry Vein. Wilder started construction of a large blast furnace in the Carnegie section of Johnson City, TN. The collapse of Baring Brothers and the Panic of 1893 brought about the collapse of the 3C Railroad and the furnace. Wilder reportedly lost more than $700,000 dollars. Virginia Iron, Coal, and Coke Company acquired the furnace in 1898 and operated it until it went broke in 1900. VICC went bankrupt and the fur- nace was leased to Cranberry Iron and Coal in 1901. In 1905, Cranberry pur- chased the furnace and placed it under a subsidiary named Cranberry Furnace ---- , ,,, ,,,,,, • ...I Ztheitle a thillerno::.: I PROMISE TO PAY TIM BE:tilt:A ON DEMAND, IIALF CENTS, t B.INK 'FL S NOT LESS THAN ON1 77- 7: 1. DOLLAR is PRESENTED A T 2,1X STORE ON IIIWASSEE 1816. T WE LYE & A • IN UTIZRENT — * 4 WHEN ANY` AMOUNT Paper Money • November/December • Whole No. 258 425 Company. (This information first appeared in the Blue Ridge Stemwinder, Fall/Winter 2003 Issue. The Stemwinder is published by the ET&WNC Railroad Historical Society by John R. Waite.) Punch card type notes are know from Cranberry Furnace Company in 50-cent, $1, $1.5, $2, $3, $4, $5 and $10 denominations. Similar notes were issued as Cranberry Mines, but they were used in North Carolina. It is easy to see how the Cranberry Furnace notes were considered North Carolina for years. John Walker Jr. This was a lot description in Heritage Auction #329, Lot 1390: Hiwassee, NC- John Walker 12 1/2( Nov. 8, 1816 One of the greatest pieces of scrip in this collection, and almost certainly unique. This early issue even boasts a coin vignette in the cen- ter. Fine, with some tape on the back and on the far left side. Excerpts from article in journal of East Tennessee Histoly, No. 62, 1990, "Cherokee Ferry Crossings" by Tony Holmes ( /-mmcminn/Cher-Fy-Cr.html) "John Walker, Jr. operated a ferry on the Hiwassee river at present day Calhoun, in McMinn county as early as 1806. John was a Cherokee chief who sided with the whites during the Creek War. He was a rich ferry owner who had a white father and an Indian mother. "In 1819, the United States government granted Walker two 640-acre reservations; one included his home and ferry, the other included his grist and saw mills. He laid out the town of Calhoun on one of his tracts and retained several valuable lots. He may have served in the Lighthorse Guard before McMinn County was organized and he was a member of the prestigious National Council of Thirteen. During the War of 1812, he received a major's commission and he was decorated for his bravery. He was among the most influential chiefs representing tribal delegations to Washington, DC, Philadelphia, and elsewhere. The popular Walker was also one of the county's first justice of the peace and the county's first elected coroner. The organiza- tional meeting of the circuit court which organized McMinn County was held in his home. 5 1 5 1 5 3 1 3 ' 2 1 2 1 No. 19 )—■ THE CRANBERRY FURNACE CO. Deliver to )--, Merchandise to the value of 51.00 at such time or times as this order shall he presented at the counters of your store-room, until all the Merchandise herein ordered is delivered, and charge the same to our account. ,_.., I Witness $ 1 .00 I Signed )--, 10 10 I 10 1 10 I 10 1 10 1 5 I 5 Xi-,P;;44.Z;/ F I V E. Cr tAt T S 426 November/December • Whole No. 258 • Paper Money "The Walker family lived, in many respects, a privileged life of glory, fame, riches, and political power. By the late 1830s, however, the family, like so many others in the Eastern Cherokee nation, had been torn apart by tensions arising from the Removal crisis. The area near the old Walker home was con- verted in 1838 into a relocation camp. One of the points of departure was the Indian Agency near Walker's ferry." This note is a Tennessee note, but regrettably the coin vignette has moved it to a non-Tennessee collection. Maybe it will get to return home soon. I want to thank Paul Homer and Jerry R. Roughton for initially con- tacting us with wanting information on this note and for their excellent write up in Volume 1 No 22 of the North Carolina Numismatic Scrapbook of the informa- tion we found. Notes Misattributed to Tennessee Tennessee Rolling Works You would think a note titled "Tennessee Rolling Works" would be from Tennessee — WRONG! The Schingoethe Auction 14 lot number 1901 was a beautiful blue Daniel Hillman and Sons Tennessee Rolling Works remainder note with a large vignette of a rolling mill complex. Killibrew's Introduction to the Resources of Tennessee (1873) lists Daniel Hillman as owning three iron furnaces on the Cumberland River downstream of Nashville (Kentucky is downstream of Nashville). Goodspeed's History of Sumner County Tennessee (1887) states the Dr. Ed Franklin MD married Miss Nannie Hillman, daughter of Daniel Hillman, who was known as the Iron King of the South, being the most extensive iron manufacturer south of the Ohio River. He owned four large furnaces, one large rolling mill ... I thought that it was a Tennessee note. It cost me $1.100 + 15%, which is high for a Tennessee Scrip note. A few days later I found out the rea- son. Tom Michael had written the note up in his blog on auction items to watch (shown opposite, courtesty of F&W Publications). Here is some infor- mation Torn found: "The Internet offered a few references to a D. Hillman & Sons located in Trigg county Kentucky running a mill under the name Empire Iron Works, but I'm not sure when, or if, this changed to Tennessee Rolling Works, or if this is even the right D. Hillman & Sons. A quick check of the History of Trigg County revealed quite a bit of background on Daniel Hillman, with ties to Cumberland Furnace, Trigg County and Lyon County. Daniel established a company which eventually became known as D. Hillman & Bros., so its a short, but logical guess that it may have evolved over time into D. Hillman & Sons, the issuers of this note." (Tom Michael) According to Tom's research, "Daniel Hillman, proprietor of a smelt- SAVE 36% SUBSCRIBE TODAY click here for details ► Oanykde puld• to us r with Tom Michael it At Numismatic News, The Comp!. Intor•tion Salm, for C0111 Collector., •Be 111.11i • An Internet bases company that provides Rare United States Currency for the Collecting Currency Market. From 1862 series to present. Large Size, Small Size, Errors, Nationals and of course FANCY SERIAL NUMBERS. Providing the currency market with the largest Inventory of fancy serial numbers known. Miller's Mint Ltd. U.S. Coins U.S. Currency World Coins Ancient Coins Online gallery! CLICK! GAVELS Your FREE Auction Bidding Agent. MIR& nevem snit FIVE CEN s. Paper Money • November/December • Whole No. 258 427 Let us tell you when new posts are added! Email: Click to subscribe via RSS Navigation Numismaster Numismatic News Blog Home Categories April, 2008 (14) March, 2008 (17) February, 2008 (18) January, 2008 (41) December, 2007 (13) November, 2007 (32) October, 2007 (20) September, 2007 (20) August, 2007 (20) July, 2007 (17) June, 2007 (21) May, 2007 (24) April, 2007 (5) a:3 Auction Lot of the Week CYT,3 Commemorative Showdown , CES Focus Country = Friday Fix Cr3 KP Update CI:3 Lots You'll Like News You Can Use CI:3 Old to New - Book Review era Price Change of the Week Tom's Inescapable Truths Tom's Recommended Film of the Week Search Archives April 2008 Sun Mon Tue Wed Thu Fri Sat 30 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 I 16 17I 18 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 5 6 7 8 9 10 More Links Tennessee Rolling Works Vignette in Smythe Sale Posted by torn D. Hillman & Sons an Iron Clad Mystery The next lot to catch my eye in the upcoming Smythe Schingoethe sale is lot 1901. This Obsolete note is denominated at 5 cents, printed in blue ink and hosts an oustanding vignette of the Tennessee Rolling Works. This is a large mill scene which streches over most of this unissued remaider note, making it most attractive to anyone interested in building vignettes. Also of interest to collectors of Iron Works items and ofcourse, a nice item for any Obsolete or Scrip collector. There is a lot of cross appeal working for this numismatic item. In addition there is a good deal of mystery to solve. Under the main title, a note reads D. Hillman & Sons, who were the original owners of the mill, which later seems to have passed to Ewald Iron Company. The Internet offered a few references to a D. Hillman & Sons located in Trigg county Kentucky running a mill under the name Empire Iron Works, but I'm not sure when, or if, this changed to Tennessee Rolling Works, or if this is even the right D. Hillman & Sons. A quick check of the History of Trigg County revealed quite a bit of background on Daniel Hillman, with ties to Cumberland Furnace, Trigg County and Lyon County. Daniel established a company which eventuall became known as D. Hillman & Bros., so it's a short, but logical guess that it may have evolved over time into D. Hillman & Sons, the issuers of this note. Ewald Iron Company ran at least two mills, one in St. Louis and one in Louisville. The St. Louis mill was called Tennessee Rolling Works and was established in 1846. According to the 1881 buisness directory of St. Louis, the Tennessee Rolling Works was located at 519 North Main Street near Washington Avenue, though I also found an address of 801 North Second Street. These may be the offices of the company, as I noticed a works location in Lyons county. The Louisville location was built later in 1869 and originally opened under the name Kentucky Rolling Mill, later changed to Tennessee Rolling Mills. A third mill mentioned in one source ran under the name of Tennessee Iron House. Maybe this one was on the Cumberland? As you can see, there's plenty of mystery to go around on this note. But I'll leave further research for the new owner to enjoy after the auction closes on April 9th Lots You'll Like 4/3/2008 1:47:48 PM (Eastern Daylight Time, UTC-04:00) Comments [0] []Remember Me Comment (HTML not allowed) Free Updates El Thursday, April 03, 2008 Name E-mail Home page Reproduced courtesy of Toni Michael and Krause Publications 428 November/December • Whole No. 258 • Paper Money ing furnace and rolling-mill, . . . He went into business with Van Lear at Cumberland Furnace in Trigg County, Ky (Van Lear owned Cumberland Furnace in Dickson County, TN)., . . . While engaged at the Empire Furnace, he built the Fulton Furnace in Trigg County, moved the rolling mill from Nashville to Lyon County (1845 to Eddyville (Lyon County) KY according to Michael Gavin at the Tennessee Civil War National Heritage Area), and put it up across the river from the Empire Furnace. . . . On the death of his partner, he bought the latter's interest and controlled the business. He afterward took his two brothers as partners, and the firm was known as D. Hillman & Bros. He had large commission houses all over the country, and before the war, built what is known as Center Furnace, which is now operated by one of his sons; he also owned a furnace in Hickman County, Tenn. (History of Trigg County, Historical and Biographical, ed. W.H. Perrin, F.A. Battey Pub. Co., Chicago, 1884. pp. 258-59. [Rock Castle Precinct] "Ewald Iron Company ran at least two mills, one in St. Louis and one in Louisville. The St. Louis mill was called Tennessee Rolling Works and was established in 1846. According to the 1881 buisness directory of St. Louis, the Tennessee Rolling Works was located at 519 North Main Street near Washington Avenue, though I also found an address of 801 North Second Street. These may be the offices of the company, as I noticed a works location in Lyons county. The Louisville location was built later in 1869 and originally opened under the name Kentucky Rolling Mill, later changed to Tennessee Rolling Mills. A third mill mentioned in one source ran under the name of Tennessee Iron House. Maybe this one was on the Cumberland?" (Tom Michael) Ewald Iron Company, 941 North Second St., St. Louis, Mo. Two mills: Tennessee Rolling Works, at Tennessee Rolling Works P.O., Lyons County, built in 1846; 9 single puddling furnaces, 13 knobbling fires, 7 heating furnaces,2 hammers, and 5 trains of rolls (8, 9, 16, 22, and 26?inch); product, boiler plate, sheet iron, bar and rod iron, and blooms; annual capacity,4,000 net tons. Tennessee Rolling Mills, at Louisville, formerly called Kentucky Rolling Mill, built in 1869. (1876 International Exposition) Torn Michael found this advertisement from the 1881 Business Directory of St. Louis. Tom interpreted that they Ewald ran a Tennessee Rolling Works in St. Louis. The advertisement is confusing and I am not sure they had a Tennessee Rolling Works in St. Louis. I believe the note is a 1870s vintage. It does not have the warning on circulating medi- um. This note rightly belongs to Kentucky. We are going to leave it in the Tennessee Merchants and Company Store Scrip book hoping that a true Tennessee pre-1845 note will someday appear. Kentucky the note is yours. There were a lot of iron works near the Tennessee and Cumberland Rivers in Tennessee and Kentucky. A few rare notes are known from some of them, but many have no know surviving notes. Cumberland Furnace in Dickson County Tennessee issued Scrip notes as late as 1938. Iron City Furnace A 3-cent 1847 Iron City Furnace note was in the Sedman collection, which was the backbone of Schingoethe's Tennessee scrip. The note did not have a state, but Charlie believed it was from Iron City Tennessee. We used a photocopy of the Sedman Collection as a starting point for the Tennessee Work. I never noticed that the note did not have Tennessee on it. Michael Gavin of the Tennessee Civil War EWALD IRON COMPANY Successors to L. P. Ewald & Co.. and D. Hillman & Sons, Manufacturers of Tennessee Charcoal Bloom Bar, Boiler, Fire Box, Flange, Sheet Iron, Etc. DEALERS IN SOMMON IRON, STEELS. WAGON HARDWARE AND WOOD MATERIALS. QUALITY BOILER PLATE OUR SPECIALTY. TENNESSEE ROLLING WORKS, TENNESSEE IRON HOUSE, CUMBERLAND RIVER ST. LOUIS. OFFICE AND WAREHOUSE: 519 N orth Main Street, near Washington Ave. th AUTUMN HISTORY 1 1 901 TO 2001 AsSe0011000Beliknotes Every Auction Lot is 2N'ow Available for Online View/ . CO ign Your Important Nlat fiat • ?hone 1), na Lineti Today: Paper Money • November/December • Whole No. 258 429 Important new Aussie reference by Ed & Joanne Dauer COMMONPLACE BOOKS ARE EVERYWHEREnowadays as book publishing has become more democrat- ic and easier, but Australian History 1901 to 2001 As Seen Through Banknotes, by Joanne and Ed Dauer and John Petit is certainly no commonplace book! This may well be the most beautiful paper money book in recent memory. It certainly is among the top handful. Anyone familiar with the Dauers' com- panion text American History as Seen Through Currency (2003), which is this book's only seri- ous competition in the "most beautiful" realm, will rush to add this new work to their fea- tured book shelf. Ed and Joanne Dauer are consummate collectors. They don't dabble . . . they go all the way in areas of their interest. The best notes in the best condition are painstakingly assembled. Then -- best of all for the rest of us -- they share their sumptuous treasures between the covers of elaborately crafted books. This 9"X12" effort weighs in at 352 pages. The book design, layout and graphics owe much to the efforts of award-winning graphics designer Freddy Wolfe of SEW Graphics, and the printing efforts of Super Color in Hollywood, FL. The exquisite gold-tone bonded-leather binding with slip cover is the craft of Bind- Tech Binding Technology in Nashville. So much for the superlatives! Ha! The best is the full and true color illustrations of some of the choicest notes available, the colorful historical documenta- tion and ancillary material which provide context to the note issues themselves. Personal photos and archival material gath- ered to supplement the collection are also a plus. In sparing no expense to assemble their collections and present them attractively, the collectors/authors create lasting monuments. This book is no exception. Earliest items illustrated are c. 1850s sight drafts of Henry and John Cooke and bank notes of the Commercial Bank of Tasmania, London Bank of Australia, Union Bank of Australia and other early financial institutions. Additional banknotes through the turn of the century include issues of Bank of New South Wales, and private scrip of James Burns and Bukkulla Vineyards. Early feder- ation banknotes, and issues depicting Kings George V and VI and Elizabeth, as well as private 20th century banknotes are also detailed. The authors spend a good deal of time and ink elaborating on the various persons and historical events commemorated on Australian notes in sumptous detail. They also report on the 1956 and 2000 Olympiads held in Australia, and on the Reserve Bank of Australia, established in 1960. Ian Macfarlane, RBA governor, supplies the book's foreword. As before, a portion of book proceeds are being donated to a scholarship fund at the University of Miami College of Engineering. For a colorful and tuneful look at the book check out . Orders can also be placed at the web site. -- Fred Reed EARLY AMERICAN HISTORY AUCTIONS Sign Lip to Receive Our Fully Illustrated Catalogs Free Online or Only $72 for a Fall Year Subscription of Si. Bimonthly Printed Catalogs' AUTOGRAPHS •COINS " CURRENCY • AMERICANA • MAPS EARLY AMERICAN • PM. Box 3507* RANCHO SANTA FE, CA 92067 (858) 759-3290 OR FAX (858) 759-1439 • 4,3't"Z Lk, 13 1, b ). t 1.60C 1,117"..rW LtnbaSft1:04, t. . 4 It. '..,rijcm 50 :11.) , iherry y, Not„ 430 November/December • Whole No. 258 • Paper Money National Heritage Area always said that an 1847 furnace note from Iron City did not seem right to him. I should have listened. I won the note in the Schingoethe Auction No. 14. 1 sent Michael a copy of the note and a few min- utes later I got the following information: "Iron City Furnace -- is on Little Neshannock Creek in East Lackawannock Township, Pennsylvania. This furnace was built by William W. Wallace of Pittsburgh in 1846. It was a cold blast, steam powered charcoal fur- nace. In 1865 when it went out of blast it was owned by Wallace and Todd. Another account has the furnace built in 1838 and operated until 1856 as the last iron works in the township. The 15-foot high remains are collapsed but several rows of stone and at least one opening are are still visible. The interior brick lin- ing shows at the top of the pile indicating a quite large bosh of possibly 10'. "Michael Gavin found this information on the internet. Further research found that it was in Mercer County and there are signifi- cant differences in the dates of operation. Iron City Furnace Tryon House — kept under the direction of General Bigelow — Cherry Valley. Cherry Valley Tennessee and Cherry Valley with manuscript change to Smithville Tennessee are popular Civil War Change Notes dated January 1863. Jasper Payne, one of the Dean's of Tennessee Currency gave me a black and white copy of a Cherry Valley note dated November 1862 without Tennessee. Jasper thought it was Tennessee. We began to doubt that the note was from Tennessee. After numerous Google searches, we found the Tryon House from Cherry Valley, NY burned in 1868. New York, the note is yours. In conclusion, it is easy to capture a Maverick note into the wrong state. I hope this convinces everyone to the true location of these notes. Sources for this article are found out our website. Password SPMC6000. Please visit our website and see if your collection has notes we do not have listed or better images where needed. N. II. .1.•- , , , 11 IN. Sold Paper Money • November/December • Whole No. 258 431 Hey Civil War fans, new book details Civil War ID discs Collectors of Civil War-era paper money frequently have ancillary interests, and now they have all exciting new exonu- mia reference to consult in building their collections. McFarland & Co. has released Identification Discs of Union Soldiers in the Civil War by Larry B. Identificat Maier and Joseph W. Stahl. of Union This 222-page, hard-bound volume is both in the Ci a guide to this somewhat neglected series, and also provides an illustrated history of the genre. Nearly 50 different types of Civil War ID tags are cataloged. The book is heavily illustrated, offering nearly 400 large, clear photographs to differentiate varieties. As many readers know, these identification discs were manufactured privately for sale to troops by sutlers by the principle die sinkers of the period, including Joseph Merriam, S.D. Childs, Frederick B. Smith, Robert Lovett Jr., and George H. Lovett. Most obverses feature patriotic eagles and shields, or military figures such as generals McClellan, Banks, Grant, Sigel, Hooker, Sherman, Scott, or George Washington or Abraham Lincoln. The soldier's identification data was engraved on reverse. These private ID medals were the forerunner of military- issued ID tags. "As an iconic symbol of the American GI, the dog tag has gained considerable cultural recognition," Maier and Stahl write. "This book returns to the origins ion Discs of the dog tag with an in-depth look at all 49 Soldiers styles." vil War In addition to a catalog and general history, the authors provide military career details for dozens of issued ID discs, and a census of 615 known specimens by type. Rarities are given based on the census results. "The issue of price can be controversial," they caution. Breakouts of known pieces by unit and style of disc are listed. The work also provides a chapter on ID disc 'authenti- cation. Authors Maier and Stahl are Civil War inter- preters. They pack their volume with a great deal of historical research, provide extensive and interesting end notes, a lengthy bibliography, and a detailed index. The fore- word is by Civil War historian Edward Bearss. This work is highly recommended. List price is $55. Orders can be placed toll free at 1-800-253-2187, or via the publisher's web site . -- Fred Reed v Cumenc y Conservation A ttrib utton L L C Ta laarrl e•fre .a:fflut s tiYrrnr,c5:accaectyrn (11,1 ut-; at ri r.:!, 321 Sell& rrth Stre-& -/.14e-ad, CO 130542 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. website: (586) 979-3400 PO Box 2 • Roseville, MI 48066 e-mail: BUYING AND SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Certificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. Foreign Notes from over 250 Countries Paper Money Books and Supplies Send us your Want List ... or .. . Ship your material for a fair offer LOWELL C. HORWEDEL P.O. BOX 2395 WEST LAFAYETTE, IN 47996 SPMC #2907 (765) 583-2748 ANA LM #1503 Fax: (765) 583-4584 e-mail: website: 432 November/December • Whole No. 258 • Paper Money P ICTURING PRESIDENT LINCOLN BY BARBARA A. BITHER Introduction Figure 1 — "The First Reading of the Emancipation Proclamation before the Cabinet" painted by Francis Bicknell Carpenter, engraved by A.H. Ritchie. (Source: Library of Congress Prints and Photographs Division Washington, D.C., LC-DIG-pga-02502) p RESIDENT ABRAHAM LINCOLN HAS APPEARED ON A number of notes since the United States Government began issuing paper currency, and a variety of photographs by more than one pho- tographer have been used as models. But, one sitting by Lincoln in one day with one photographer is worthy of particular discussion. On February 9, 1864, President Abraham Lincoln sat for his portrait at Mathew Brady's photographic studio in Washington, DC. During the sitting, at least seven different poses were taken by Anthony Berger, one of Brady's photogra- phers. The photographs taken were intended for use by the artist Francis Bicknell Carpenter in his painting depicting Lincoln and his Cabinet during the first reading of the Emancipation Proclamation. Paper Money • November/December • Whole No. 258 433 A year and a half earlier, the Union Army's victory over Confederate forces at the Battle of Antietam, MD had provided the occasion President Lincoln needed to issue the Emancipation Proclamation. The tide of the Civil War was turning, and the Union looked strong and confident in its struggle against the South. On September 22, 1862, Lincoln read the proclamation to his Cabinet. Freedom for slaves in the rebellious States would occur on January 1, 1863. Figure 2 — Portrait of Francis Bicknell Carpenter from daguerreotype. (Source: Library of Congress Prints and Photographs Division Washington, D.C., LC-USZ62- 110148) In a slim monograph entitled, Six Months at the 1,17hite House, Francis Bicknell Carpenter relates that, a year after the proclamation, he sought out the President in order to "paint a picture which should commemorate this new epoch in the history of Liberty...." For Carpenter, it "was a dream which took form and shape in my mind towards the close of the year 1863, -- the year made memorable in its dawn by the issue of the final decree." By the summer of 1864, after living six months with the President, the artist had finished his painting, thus memorializing both the Emancipation Proclamation and Berger's photography session when Carpenter's work was unveiled to the public. It was temporarily displayed in the East Room of the White House for the general public. Today, the painting can be seen in the U.S. Capitol. In 1901, George F.C. Smillie engraved for the Bureau of Engraving and Printing a rendition of Carpenter's painting. In 1869, Anthony Berger's photography session with Lincoln took on even greater importance when an engraved portrait of Lincoln, based on one of the photographs taken that day, was used for the face of a $100 Legal Tender note. The portrait was done by the Scottish-born engraver Charles K. Burt. By the 1860s, Burt, who had been employed by various private bank note firms since 1836, was working as a contract picture engraver for the Treasury's THIS NOM IS A tECALTIEN IR FOR ONE TltADREDOUItA R 434 November/December • Whole No. 258 • Paper Money Figure 3 — Portrait of Abraham Lincoln. (Source: Library of Congress Prints and Photographs Division Washington, D.C., LC-USP6-2415-A) Figure 4 — $100 United States Note, Series of 1869 ogEowortlfeAkIa XE.113eitiNCXCI A - 1111111)",ao .34.14-""4;41111411:1.1 MININMARVIAIMP. it1O0/0 OR LAWFUL MONO( 11-0.11T FEDERALRESERVESANN. SERICS OF 1.28WASH INGVW.D.C. Paper Money • November/December • Whole No. 258 435 Figure 5 — $5 Federal Reserve Note, Series of 1928 Currency Bureau, the first name for the Bureau of Engraving and Printing. Considered excellent at his profession, his 3/4 view of Lincoln was selected for the face of the $100 United States Note, Series 1869. Burt's engraving remained in use on other large-sized notes until 1928 when currency was reduced to the smaller size. His image was retained and appeared on the $5 notes. For the next 71 years, this engraving was well known to everyone who handled a $5 bill until 1999 when the portraits on United States currency were enlarged. In 1881, once again a Burt-engraved portrait of Lincoln was chosen for the $500 Gold Certificate, Series 1882. Again Burt had selected as his design source one of the photographs taken by Berger on February 9, 1864. This likeness, however, showed Lincoln's body 3/4 to the left with his head to the right. With the change in currency design in 1996, interestingly, this same photograph of Lincoln was chosen to appear on the $5 Federal Reserve Note, Series 1999. William S. Fleishell, III, engraved the 1998 portrait. Figure 6 — Portrait of Abraham Lincoln. (Source: Still Picture Records Section, Special Media Archives Services Division (NWCS-S), National Archives and Records Administration, 111-B-4246) E25406 340 .t,I.Z4.1, 6,Z . 301 i.:MIV ,Zy/,,47////,; , //frri/ 7*,-)1Ve(7,-/e.,14 AFX, "V ;1? V E25406 ,/ , / ,., , /(r, /-.2,.//i, , •.:..)74,4-, r . •eon• , C 4.•:, A. :/.. . Ix ine •mourrrivIcialLori. pAymcvri. OF AU, f:: i/l, •F. ..... .,4 tr!TsIS CERTIFICATV IS A I.[GAL ree.osw S ACTS OF mAPCI-1 IA.. IDOO.AS ANIE.DED Osiars Ano Does FuelLoC. AHD FFIWATe ..,* * . AXO OCC[1.113FR 2,10 0 .4 ...-;,. . ' S.IES 0,192, keraltlalat11:4?„ /--,:d;r:%/1/..11111/ wauwararauxo. , BZ 00028071 A IA 05582089 A A 1 IA 055820,9 - -brat, Hors -so--4,0L-A, Ifin TAMED OfAXWMP 436 November/December • Whole No. 258 • Paper Money Figure 7 — $500 Gold Certificate, Series of 1922 Figure 8 — $5 Federal Reserve Note, Series of 1999 Figure 9 - $5 Federal Reserve Note, Series of 2006 With the issue of the $5 Federal Reserve Note, Series 2006, the same Anthony Berger photograph of President Abraham Lincoln graces the face of the note once more through Fleishell's engraving, but with the shoulders added to the portrait following the trend of the NexGen notes. Thus contin- ues, in 2008, the visual legacy of the Civil War President through the 1864 photographs of Anthony Berger. + The exhibits in the Bureau of Engraving and Printing's DC and Western Currency Facility Visitor Centers and this paper which is based on the exhibits were prepared under contract with Byther, Managing Collections, LLC, for the Historical Resource Center, an office within the Public Service Division of the Bureau's Office of External Relations. ••• :1/.614. United States Currency P.O. Box 524 New York, N.Y. 10116-0524 Phone 212 989-9108 ,?/2-/ 11 l(Qoo.oc / (14(.fL,, Paper Money • November/December • Whole No. 258 Statement of Ownership, Management, and Circulation PUONSTI A EDSPITES L SERVICE, (All Periodicals Publications Except Requester Publications) Fec r r C-1 of p.p.e. H—o, C t6,400s c/o 12e,o1 PoB 7,39y1 22,11,4 , 7X 1-C.5'79 35Y1 Fre,9 Pc, -79r, yi —7.C. / 5-e P0.6 7ciY941 , '153-79-3i`1 EQ. ;NV, 0711 PO 4, r.-)//k 437 CI r] al E `a g, HIGGINS MUSEUM 1507 Sanborn Ave. • Box 258 Okoboji, IA 51355 (712) 332-5859 .- 81. HIGGINS email: MUSEUM Open: Tuesday-Sunday 11 to 5 Open from mid-May thru mid-September History of National Banking & Bank Notes Turn of the Century Iowa Postcards 'D C, a .13 LI 1=1 Loa/Goren broPwEr.n.9 pu ,--Mea by • CO,- , 4,1 of P-/o& /-io,:e.1 Po i 7i ?C'Sz/ Colleq. , s -1)1(.5 ,77( 7p75--..f9Y I and Own,n, 12 a. IFO•Calg.k,or. th...orread nAnc.ze,a er.0 roe... fleas ha pu.pnes- Nts. tic" D-nr, klmalls Um, 12 «,..,.a..un me ,orn s. m. 3526. no, p, /7 ,...,,,Sani- Ppe P51.17.1.01,04/1111471./ACY NOTICE See cur Pa. Gull Name Complate 1.. An Nature& Mrculation .1.1,19 Preceding 12 Non. %,..:""' ...'.' 'ec...'".......' I / 7 -C -I) / 7 CO 0 P,..,u r-',-,ator, 0,sn, tt eq.., 1....7 th.lotiovrty Pax) Suesolp.non, Sawed or. 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'um e0 nlam..1.0nharni.nea en UV and 10a roalueS•ecl Me 1,0,1 nl.n. sdr,..1 .2 rnr, aro R.rri. 3526, Scr.temt..,. 7007 (Pao. 2,3r D I 141 1 11919 ly] 0 LI /of SI .? of A-tri,r1 Tec-, , 2, (16,9e te ,s; A),T c c27 Tel,..char,/,//e Buying Carl Bombara Selling You are invited to visit our web page 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 I 1 gIONI 101 11-41 OILS '"A".""nriirrr* A Primer for Collectors BY GENE HESSLER Banc Cec! nahentOct is obtaRtsn: Rdnuf littoinne An? N LU A---:"-.. ;•"--. ,.......•:-=larnes lo9ce 1882 1941 -.." ---..._,51"--: / -5--...<-. __-_--..---,. Irish novelist James Joyce appears on a £10 note November/December • Whole No. 258 • Paper Money438 Many nations commemorate authors on their paper money NUMBER OF COUNTRIES HAVE RECOGNIZED heir authors and poets on their paper money; what fol- lows is a select list. This is a good subject for an exhibit at your local coin club or coin and currency show. Recent notes from Austria, Great Britain, Ireland and Scotland are available for a fraction above face value from the international departments of some banks in major cities. All the notes mentioned here are available from dealers in world currency. Each note will cost less if you will settle for a note in less than perfect condi- tion. A portrait of Miguel de Cervantes (1547-1616) is on the 100 pesetas, P76 from Spain. On the back is a scene from his most popular work, Don Quixote. As you know, this subject was transformed into the musical and movie The Man From La Mancha. To accompany this note you should purchase the 1 peseta, P141 with a portrait of Don Quixote. The notes will cost about $5 and $1 respective- ly. Charles Dickens (1812- 1870) is one of England's most famous writers. A Christmas Carol, David Copper field and Nicholas Nickleby reflect his childhood of poverty. His por- trait is on £10 notes, P140 & P143. Each note has a face value of about $16. The fairy tales of Hans Christian Andersen (1805-1875) continue to appeal to children and adults. Like Dickens, Andersen came from a poverty-stricken background, and suf- fered rejection for his early writing. The Danish author of The Little Mermaid and The Ugly Duckling is on a 10 kroner, P44. This note should cost about $7. One of the most successful musicals is based on Les Miserables, a novel we all read in high school by Victor Hugo (1802-1885). This author enjoyed some privileges, neverthe- less, he became a revolutionary and this is reflected in his nov- els. The French 5 francs, P73 with his portrait in very tine condition should cost about $6. As I write this, it is the 55th anniversary of the death of the famous Irish novelist James Joyce (1882-1941). He spent most of his life in exile. The Irish Republic honored Joyce by placing his portrait on a £10 note, P76; the face value is about $8. Another anniversary is celebrated this year: the 200th anniversary of the death of Robert Burns (1759-1796). This poet, the voice of Scotland, is known to all for Cowin' Thro' the Rye and the words to the song we all sing on New Year's Eve, Auld Lang Syne. The face value of the £5 note, P212 with his portrait is about $8. Friedrich von Schiller (1759-1805) is not a name familiar to all. However, most of us have at one time or another heard his Ode to Joy. His text was used for the final movement of Beethoven's 9th Symphony. In 1975 the German Democratic Republic, formerly East Germany, placed his portrait on 20 marks, P29. A note in acceptable condition should cost less than $12. Robert Louis Stevenson (1850-1894), is a name familiar to everyone for Treasure Island and The Strange Case of Dr. Jekyll and Mr. Hyde. This British novelist is honored on a £1 note from The Royal Bank of Scotland. This note, issued in 1994 to commemorate his death, should cost no more than $4. Ferdinand Raimund (1790-1836), Austrian actor and playwright, is not a name heard too often today. He was suc- cessful and prosperous, nevertheless he, like some successful creative people, was often despondent and at times paranoid. The 50 schilling, P145 with his portrait will cost about $9. Everyone has heard of playwright 'William Shakespeare (1564-1616). Unfortunately the British £20 note, P134 on which his image appears will cost about $30 in very fine condi- tion. Roman philosopher and dramatist Lucius Annaeus Seneca (3 B.C.-65 A.D.) is known for his nine tragedies, the most popular Medea. A 5 pesetas, P134 from Spain with his portrait will cost about $6. (Copyright story reprinted by permission from Coin World, November 25, 1997.) Now available 1FLOIRITIEDA PAPER '1ONEY I II I - 1 54 •• E141PRIA1-7-..13 ay. ECNICPM Edited I, Fred Ile, Ron Benice "I collect all kinds of Florida paper money" 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Books available mcfarlandpub.corn, ,,, hugh shull Harlan J. Berk, Ltd. "The Art & Science of Numismatics" 31 N. Clark Street Chicago, IL 60602 312/609-0016 • Fax 312/609-1305 www h arlan Merl< corn e-mail: in f o@h A Full-Service Numismatic Firm Your Headquarters for All Your Collecting Needs OTT:: PNG • IAPN • ANA • ANS • NLG • SPMC • PCDA MYLAR D° CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 4-3/4" x 2-1/4" $22.50 $40.50 $180.00 $320.00 Colonial 5-1/2" x 3-1/16" $23.00 $42.00 $195.00 $350.00 Small Currency 6-5/8" x 2-7/8" $23.50 $45.00 $200.00 $375.00 Large Currency 7-7/8" x 3-1/2" $26.50 $49.50 $220.00 $410.00 Auction 9 x 3-3/4" $29.00 $53.00 $250.00 $450.00 Foreign Currency 8 x 5 $33.00 $60.00 $275.00 $485.00 Checks 9-5/8 x 4-1/4" $33.00 S60.00 $275.00 $485.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 8-3/4" x 14-1/2" $20.00 $88.00 $154.00 $358.00 National Sheet Side Open 8-1/2" x 17-1/2" $21.00 $93.00 $165.00 $380.00 Stock Certificate End Open 9-1/2" x 12-1/2" $19.00 $83.00 $150.00 $345.00 Map & Bond Size End Open 18" x 24" $77.00 $345.00 $625.00 $1425.00 You may assort note holders for best price (min. 50 pcs. one size). 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 See Paper Money for Collectors Paper Money • November/December • Whole No. 258 439 Letter to the Editor Dear Fred, I have had a chance to glance through the issue of Paper Money with Forrest's War of 1812 article, and my thank you the other day seems quite inadequate. On behalf of the Daniel family, let me say how grateful we are for all your efforts in getting Forrest's manuscript published. We too, were aware of all the obstacles that Forrest faced and his great frustration with all the circum- stances that surrounded the project, some that were out of his control. We however, did not possess the back- ground needed to assist him and his health did not always allow him the freedom to continue. As you know, he was very passionate about his work, down to the point that it defined who he was. Your "Back Page" article brought tears to my eyes: The fact that you would continue his work when it would have been all too easy to just let it go. I would also like to extend our gratitude to those organizations and individu- als who so kindly shared their documents in order for this manuscript to be published. I can assure you, Forrest would be very pleased. I would like to reference the article you wrote about the contributions Forrest made to SPMC on page 353. We are pleased, and think Forrest would be too, that you were chosen as the first recipient of the Forrest Daniel Literary Award. Our congratulations to you. With our sincere gratitude, -- The Daniel Family 440 November/December • Whole No. 258 • Paper Money Redeemed Postal Notes: Great Rarities By Charles Surasky M ODERN COLLECTORS OF U.S. POSTAL NOTES KNOW about rarity — both absolute and relative. They know fewer than 2,000 1 have survived for a growing number of 21st Century col- lectors. They know that this small number makes these interest- ing successors to our nation's fractional currency absolutely rare. Serious col- lectors know the comparative scarcity of the major design Types within the 12- year series. Experienced Postal Note collectors know Types I and V, the first and last designs in the series, are thought of as "common" (though new collectors will quickly discover they are anything but). Types II, ILA, and IV are, based on the number of reported survivors and their frequency of appearance, decidedly "scarcer." Type III notes, issued and saved in extremely limited quantities, are the rarest design. Yet there is one kind of Postal Note that is much rarer than a Type III. It is so rare that most collectors aren't even aware they exist. Ironically, they shouldn't! I'll introduce and discuss these ultra-rare notes shortly, but first here's some background on this fascinating series. Postal Note Background Today's American has numerous ways to safely deliver money to a dis- tant location. We can write and send a personal check, purchase and mail a money order or cashier's check, or employ an electronic transfer service. We can even use a credit card. But sending funds to a faraway place wasn't always so convenient -- or so secure. For most of our nation's first century, sending money to a distant bank, company, or relative was difficult, time-consuming, and relatively expensive. Those drawbacks led to the widespread sending of cash -- state-chartered bank notes and federally issued coins -- through the mails. Unfortunately, this method of transmission was NOT safe, as mail theft was all too common. Our nation's first widespread use of a federally-issued paper currency began in 1861. The public's anxiety that preceded and followed the outbreak of the Civil War at South Carolina's Fort Sumter on April 12, 1861, led to wide- spread hoarding of all gold, silver, and copper coins in circulation. With the nation's commerce at a virtual standstill for lack of "specie," the Treasury Department issued "temporary" paper replacements for the full-bodied coins mandated by the Constitution. The Treasury issued $50 million worth of Demand Notes, produced for the government by the American Bank Note Company, with face values from five to 20 dollars. (An additional $10 million worth of Demand Notes was issued in 1862.) In 1862, to supplement the Demand Notes in circulation, the Treasury began issuing United States (Legal Tender) Notes with face values of $5 to $1,000. These notes helped alleviate governmental and public need for curren- cy, but did nothing to ease the economy's dire need for circulating "change." To fill the demand, Congress monetized postage stamps. Additionally, merchants and entrepreneurs produced and/or employed a variety of monetary substitutes. A few of the many imaginative items included store cards, tokens (sometimes called "copperheads"), and postage stamps encased in a variety of holders. The government, to meet the Union's wartime (and later Reconstruction-era) need for small denomination money, issued small-sized low-denomination notes known as Postage Currency and Fractional Currency. 4Deal with the Leading Auction Company in United States Currency Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S .C. Sold for $287,500 Paper Money • November/December • Whole No. 258 441 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 • B eaut iful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. CXnlyht Currency Auctions 800-243-5211 - 913-338-3779 - Fax 913-338-4754 Email: - Whether you're buying or selling, visit our website: rowtiva.--77-rw, oiSlit 1) Oysy 7,17,74-ss isTAVTTnEAStintsRY LEDIACSIG.IAMIl 1", Neu n" aft --- tTAWY '64 4)1T111.1.=7,' ABNCo American Bank Note Co. in lower face design 1887-91 Dunlap & Clarke Dunlap & Clarke in lower face design. November/December • Whole No. 258 • Paper Money442 The Postal Notes of 1883-1894 are the direct descendents of the Postage and Fractional Currency notes issued and circulated from 1862 to 1876 by our Treasury Department. Produced at various times by the American Bank Note Company, three addi- tional private banknote companies, and the Bureau of Engraving and Printing, their face values ranged from three to 50 cents. For a variety of reasons, includ- ing the growing problem of counterfeiting, the notes were issued in five series and numerous designs. These small notes were popularly used to send a small sum to a distant relative or business. In the mid-1870s, the nation's personal, commer- cial, and governmental coffers began enjoying a renewed flow of coinage denominations -- some no longer being issued by our mints -- ranging from the tiny three cent sil- ver to the mighty $20 gold. The national emergency and its monetary aftermath had finally ended and the circulating of U.S. paper money with face values below one dollar was dis- continued. (In 14 years of production, the Treasury issued some $368.7 million worth of these popular notes.) Despite the end of the war, the reunification of the nation, and the strengthening of the nation's banking sys- tem, the problem of sending a small amount of money to a faraway place remained. Americans continued sending paper money through the mail, keeping thieves busy and happy. The public's outcry over their losses led to the search for a successor to the popular Fractional and Postage Currency. Postal Notes Introduced A substitute for the three- to 50-cent circulating paper notes was first considered in 1875. The government knew issue of Fractional Currency -- and its widespread use as a way to send small sums through the mail -- was about to end. Washington wanted the replacement notes to be convenient to obtain, easy to use, and designed to fit into a letter-sized envelope. Furthermore, it decided the replacement should be engraved and printed on banknote paper, with effec- tive guards against counterfeiting, theft, and fraudulent re-use. Chart 1 How To Identify A Postal Note's Type Company Type & Contract Type I Homer Lee 1883-87 Type II Homer Lee Type II-A Homer Lee Type III HoMer Lee Type TV Type V 1891-94 Identifying Characteristic(s) Yellow bank-note paper (Crane & Co. provided all Postal Note security paper) White banknote paper and handwritten paying city White banknote paper and "Any Money Order Office" rubber-stamped or hand-written on paying city line "Any Money Order Office" engraved in straight line 0 71fr It 48 TUCSON, ARIt. sums LESS THAN nyt PAYABLE tr, LIAR s 01° r 1341TED STATE° ()1 rli OSTAUST OFTHE Ai ONEY;CP.9ER AT "'AFT° HEARER AFA .frfil.F£TiliWIN THREE MONTHS FROM THZ srimror THr MORTH OF/SS HE. Ye? • 077.7. Abilizetalarotalw alma pi:natio toboarcialitto alive talc:nay, z: • erltb.lka.zaatato Ilialzszaran as to thaarrlaut tar destroyed; ' uu az:plicate thcsaat zatalaz Lamed. r.11ocatrodthea.bomn. FOR bs Cents. a - a 4 -43 - 5 6 7 7 s;„.. -.; • - Paper Money • November/December • Whole No. 258 443 The government's study and the public's need led to the creation and release of the United States Postal Note in 1883. They were issued and cashed by the nation's post offices in two sizes, on two different Crane & Co. security papers, in five major designs. Outside vendors produced the notes during three four-year contracts: Homer Lee Bank Note Co., American Bank Note Co., and Dunlap & Clarke. Two major and related reasons explain why Postal Notes were issued and cashed in post offices. First, unlike private banks, too many of which had a long history of nefarious circulation of monetary instruments, the public trusted the federal post office and its financial strength. Second, post offices existed and operated in virtually every population center. That made Postal Notes both easy to acquire and easy to cash. (For additional background and technical informa- tion, consult the resources listed at the end of this article.) Widespread publicity stimulated public demand at the introduction of Postal Notes on September 3, 1883. The same was true as the series approached its final day of issue on June 30, 1894. The extraordinary number of notes acquired on and near these milestone dates made Types I and V today's most fre- quently seen examples. Types II, II-A and IV, issued without public notice, are decidedly scarcer. Type III was designed, engraved, and printed by the Homer Lee Bank Note Company in New York City at the end of its contract. Issued only for a short time, and only in a limited number of locations, Type III notes are the rarities of the series. Of the 70,824,173 Postal Notes issued, fewer than 2,000 have survived. 2 Type 1: The nation's first Postal Note design was issued on yellow paper. All subsequent designs were issued on white paper and in a reduced size. ta NO' 0,4P.44!..geo'c5v...-vootv&z#44'1 Paper Money • November/December • Whole No. 258 445 14),.....,......... • .4r ' , - I hVr x4 akt. _ 3.0____ 'asp_, . tl'''' "'z'S**''' . rirlizu For Less 'ban rue Dollars Payable a the United Slates only The Postmaster at ANY MONEY. ORDER OFF/CE Will pay to Bearer whin three months from the last day of the month of issue, Dollars Cents / 7-1?„3„..)„,H- --1----,----.------,-. a, , . ' E ' A ' -;—',i,o,.1Lyp i■Z;-',,:` .I. •: .1..arnr...vroix. , ... _ . _ _ . tr9,... - ..,-, ,, , ... * .. is'e,:,. ' 4'4. * '. . 1;t. ' a .irSi, ' 16 ..F?'€ e' ,, cAT'S '' e a !AN-ix° L, , 41 ) I ei. , ko-iii.4. - Ir91, /f/ no du.hcate can be Issued. Received the above amount. _t.,i, ... ;JD _ ,1".' el-', lt ___ *17._ 7- „,,44::,se ttp,T,,,,„,,,4 ,___---*71-2_,1 PU cx nu THIS 61.1 ,10. L, : ,N,401,:folf...Cr. : Is III ft'llia. NOV% ' "amor■arlis■ Type Ill. Homer Lee's Type Ill Postal Notes were only issued by a small number of loca- tions and only for a short time. This design is the scarcest of the series. (2) The note could be stolen after being cashed, and prior to destruction. We know mail theft was a serious problem in the 1880s and 1890s (the train and stagecoach robberies in Hollywood's movies were based on real events). And we know the issuing authorities designed Postal Notes to be impossible to cash more than once. Thus, if a thief acquired a cashed Postal Note, it was valueless. If I were a mail thief in that era and I found cashed Postal Notes among my "loot," I'd burn them with the rest of the non-cash evidence of my wrongdo- ing. Still, it is possible that a small number of cashed notes survived because one or more mail thieves did not destroy them. (3) The note could have been accidentally "lost" in the cashing office. The vast majority of Postal Notes were issued and ultimately destroyed as required by law. But it is reasonable to believe that a tiny number were accidentally misplaced, dropped behind a heavy safe, or otherwise "lost" after being cashed. These lost notes could have been found decades later. Some of the "found" notes were no doubt sent to Washington; others were saved as interesting and historic hometown collectibles. lLTArryErisits4sst.-s c..Z / 188 ,C 1'0 S. ! . Dal For Less than Five altars. Nally. In !Moiled Stales only „,-...: _ ___„,.. , ,., o0N,OAN,,, ,_.,,. ..,,,,,nv_i_r_..x, 0_ .....91...0.7 (0))1101)))16: ' •----- -:._ ------' it ))7'.1- • . -- ; - -."2: ())T„),„ )(0 ., WILL P.1S"f0 liEtlitIllt within three months from the last tiny orthe month of Issue 1.---- '.....-C Cen ts.t^T,Ihtv . 7.441\ 1\t‘ :\NNI\7\it\•■ p,,,,,, —,,„,. . lf,lost tudestrtiyed no duplicate cao be issued. ts 1( si It , o above ...omit ;1",a:]* ).3.4■r,)447..Z) it,=1 nVS. /NO. S"'"1•11111:'' , V 111141*1 ax•Asowerci* is9 For Less than Five Dollars. Payable in lho United Slates only o0SVIONSTI,,11 „ COMR/12/; WILL PAY TO 111:AltIllt wIthinthree s from the last day o "the month of issue. 7/ Cents. If lost or destroyed no dim) de et-di:so:7 Received Me above amount. 4.1 .01 PUNZIINIT- MISSY. TION NO, 446 November/December • Whole No. 258 • Paper Money Type IV. American Bank Note was awarded the second four-year Postal Note production contract. Their design, called Type IV by collectors, was created by T.F. Morris. Type V. Dunlap & Clarke of Philadelphia supplied Postal Notes during the third con- tract period. Widespread publicity induced collectors to obtain and save numerous "Last Day" examples. How Many Known Survivors? Consider Worcester, Massachusetts Postal Note #11,613 (see Figures 1-2). It's a typical Type II note, designed, engraved and printed by the Homer Lee Bank Note Company. Issued on Tuesday, June 30, 1885, with a face value of 25 cents, it could only be cashed in Hampton, New Hampshire, a town 67 miles away. This information is confirmed by hand-written, hand-stamped, or hand-punched indicators on the front of the note. Look at the back of the note and you'll see the issuing office and date of issue is also stamped in the left circle (pre-printed with "DATED STAMP OF ISSUING OFFICE."). Worcester #11,613 is typical of the 122 Type II notes that have sur- vived for modern collectors — with one significant exception: this note was pre- sented and cashed on Thursday, July 9, 1885. To prevent fraud, each Type II Postal Note includes two design ele- ments that indicate the note has been cashed. The first is on the back. Look at the right circle featuring the inscription "DATED STAMP OF PAYING OFFICE". It bears the dated stamp of the Hampton, New Hampshire office. The second design element is below the fee shield on the front right sector of the note. Observe that the star has been punched in the area with the instruction "PAYING POSTMASTER MUST PUNCH OUT THIS STAR CAN- CELLING THIS NOTE". This is a clever and positive method to insure a note could be cashed only once. How many cashed Postal Notes exist from the 1883 to 1894 era? I have Paper Money • November/December • Whole No. 258 447 On This Date in Paper Money History -- Nov. 2008 By Fred. Reed ° Nov. 1 1709, New York paper money issued as amounts of sterling silver, expressed in denominations of Dutch lion dollars; 1873, Carpetbagger government at Mobile, Alabama, circulates municipal scrip; Nov. 2 1776, Continental Congress approves issue of additional fractional notes, but bills not emitted; 1841, Day's New York Bank Note List gives notes of the non-existent Machias, ME bank a fine rating; Nov. 3 1794, poet and member of the Numismatic and Antiquarian Society of Philadelphia William Cullen Bryant born; 1930, Bank of Italy becomes Bank of America; Nov. 4 1975, New York Times reports as "too radical" proposals to replace Thomas Jefferson on the 52 bill with Susan B. Anthony ; 1980, SPMC rejects instituting grading stan- dards; Nov. 5 1873, BEP engraver John Eissler born; 1935,Parker Brothers first markets Monopoly on broad scale; 1965, Lester Merkin sells Arnold Perl's Colonial paper money; Nov. 6 1841, RI Senator Nelson W. Adrich, co-author of Aldrich-Vreeland national currency act, born; 1872, Union general George Meade (FR 379a-d) dies; Nov. 7 1780, General Francis Marion confronts Colonel Banastre Tarleton at Richbourg's Mill, SC as depicted on Confederate $100 note, 2000, Bank of England issues new 10- pound note with portrait of Charles Darwin on back; Nov. 8 1862, Bangor, ME merchant Samuel Veazie issues scrip that leads to Supreme Court case that will uphold 10% Federal tax on such bills; 2000, International Monetary Fund hosts forum One World, One Currency: Destination or Delusion?"; Nov. 9 1942, SPMC member Robert McCabe born; 1971, Last delivery of Series 1969 5100 FRN, 1994; J.S.G. Boggs paper money exhibit opens at University of Pittsburgh; Nov. 10 1796, Money and banking historian William Gouge born; 1853, Upham and Russell, Menasha WI issue "Change Tickets"; 1988, Gene Hessler releases An Illustrated History of U.S. Loans; Nov. 11 1820, encased stamp issuer Boston pharmacist Joseph Burnett born; 1869, Treasury Secretary Robert Walker (FR 1308-1309) dies; 1988, SPMC board okays insertion of a membership brochure in Bank Note Reporter; Nov. 12 1864, Richmond Examiner reports CSA Treasury Secretary George Trenholm's finance report of Nov. 7th; 1895, encased stamp issuer Chicagoan John B. Drake dies; Nov. 13 1862, Asst. U.S. Treasurer John Cisco issues permits limiting purchases of Postage Currency; 1930, ANS headquarters expansion formally opened; Nov. 14 1881, Charles I. Folger takes office as Treasury Secretary; 1985, SPMC sponsors a paper money show at Cherry Hill, NJ with Bill Horton as general chairman; Historically since 1933, the largest purchaser of rare American paper currency ... CALL 888-8KAGINS Nov. 15 1637, Massachusetts General Court sets legal tender value of wampum at six/ penny; 1883, Charles F. Libbie and Co. sells Fergusson Haines collection of CSA notes; Nov. 16 1914, New York Federal Reserve Bank opens for business, receives $100 million from member banks and first shipment of FRNs; 1985, Larry Adams reelected SPMC President; 1985, SPMC Board approves 25-year membership pins; Nov. 17 1846, Arkansas state legislature ratifies constitutional amendment prohibiting commer- cial banks within state; 1943, last delivery of Series 1934 51000 FRNs; Nov. 18 1776, Continental Congress creates United States Lottery to draw in Continental Currency and fund military expenses; 2005, self-described atheist Dr. Michael Newdow sues U.S. to remove "In God We Trust" from U.S. coins and paper money; Nov. 19 1831, President James A. Garfield, who said "whoever controls the volume of money is absolute master," born; 1960, Society of Medal, Token and Obsolete Paper Money (TAMS) organized; Nov. 20 1861, Merchants Bank, Trenton, NJ issues first bank notes with image of current President Abraham Lincoln; 1865, New York Times reports seizure of $50 grand in counterfeit 50-cent Postal Currency; Nov. 21 1814, NYC Common Council approves additional issue of $25,000 in small change bills; 1872, New York Times reports on counterfeit Union Pacific Railroad Bonds; Nov. 22 1864, CSA Senate confirms nomination of George A. Trenholm as Secretary of the Treasury; 1964, money and banking author Arthur Nussbaum dies; Nov. 23 1730, General William Moultrie, who appears on South Carolina notes, born; 1956, auctioneer Abe Kosoff sells William P. Donlon paper money collection; Nov. 24 1862, S.H. Freeland, Carbondale, IL issues scrip 5-, 10-, 25- and 50-cents payable in gold; 1971, D.B. Cooper parachutes from jet aircraft with 5200,000 ransom; Nov. 25 1874, Greenback Party (Independent National Party; founded at Indianapolis, IN; 1953, Matt Rothert writes Treasury Secretary G.W. Humphrey to consider placing "In God We Trust" on our paper money; Nov. 26 1807, Tennessee Legislature charters Nashville Bank, first in state; 1963, Treasury Department announces $1 Federal Reserve Notes to replace $1 Silver Certificates; Nov. 27 1802, banker and Banknote Reporter publisher John Thompson born; 1932, SPMC member and dealer Lowell C. Horwedel born; Nov. 28 1950, British East Caribbean Territories introduce dollar-denominated currency; 2000. first Chinese polymer note issued; Nov. 29 1779, Continental Congress authorizes first issue of Continental Currency; 1820, Kentucky legislature establishes Bank of the Commonwealth of Kentucky wholly owned by the state; 1881, banknote company excutive Tracy R. Edson dies; Nov. 30 1870, first National Bank chartered in California (EN Gold Bank San Francisco 417411; 1996, West African Monetary Agency to issue traveler's checks in a common West African Unit of Accounts for 16 member nations; 448 November/December • Whole No. 258 • Paper Money Chart 2 Relative Rarity of Postal Note Types And Their Observed Issuance Period Reported Examples Observed Issuance Period Type I 445 Sept. 3, 1883 to Feb. 26, 1885 Type II 122 Feb. 16, 1884 to March 10, 1888 Type II-A 54 Feb. 2, 1887 to Sept. 8, 1888 Type III 36 Sept. 8, 1887 to June 11, 1894 Type IV 146 Jan. 26, 1888 to April 23, 1893 Type V 657 March 21, 1892 to June 30, 1894 Total Known 1,460 Note: Data based on Index of U.S. Postal Notes in collectors Hands. Seventh Edition (2004) compiled by James E. Noll. A new edition of the Index will be available later this year. only seen one — the illustrated note from Worcester. I have also read about three others — all high value notes. San Francisco #26,729 was issued on Saturday, June 12, 1886, with a face value of $4.20. The Type II note, cashed in Elkhart, Indiana, was sold in a 2007 auction. The second redeemed note I know of is from Plainfield, New jersey. Plainfield #18,235, an example of the series' final design, was issued with a face value of $4 on Thursday, October 27, 1892. It was cashed on Saturday, February 25, 1893, in an unknown city. The final cashed Postal Note I'm aware of was #10,603 issued in Plankinton, South Dakota for $4.99 on March 10, 1894. This Type V note was cashed on March 17th in Fort Pilerd (?), South Dakota. It is reasonable to suspect that -- in addition to these four notes -- a very small number of others, almost certainly fewer than 10, exist. Compare this number with the number of surviving Type III notes in the nearby chart (36) and you'll know why redeemed Postal Notes are the GREATEST rarities of this fascinating series. Conclusion The Civil War and its economic consequences led to the issuance of the Demand Notes of 1861, the Legal Tender Notes of 1862-63, and the Postage Currency and Fractional Currency notes issued from 1862 to 1876. The direct descendents of these popularly-collected and well-known issues are the Postal Notes of 1883-1894. Of the 70.8 million issued and fewer than 2,000 survivors known to modern collectors, only four cashed Postal Notes have been confirmed. Armed with the information in this article and the sources listed in the "Additional Reading" section, perhaps you will discover (and report) another cashed Postal Note in the years ahead. I invite you to learn more about the U.S. Postal Notes of 1883-1894 -- cashed and uncashed -- an interesting and under-researched area of collecting and study. Paper Money • November/December • Whole No. 258 449 On This Date in Paper Money History -- Dec. 2008 By Fred. Reed Dec. 1 1837, Mobile, Alabama issues municipal depression scrip; 1862, Lincoln's message to Congress asks for implementation of a national banking act; Dec. 2 1862, CSA notes fifth issue; 1878, Comptroller John J. Knox reports on the history of National Currency; 1932, Barney Bluestone anonymously auctions Robert H. Lloyd coin and paper currency collections as "Western New York Consignment"; Dec. 3 1877, Confederate Registrar Robert Tyler dies; 1917, War Savings Stamps placed on sale; 1955, Florida United Numismatists formed; Dec. 4 1869, hundred dollar U.S. notes bearing image of martyred President Abraham Lincoln released to circulation; 1935, Treasury Secretary Paul O'Neill born; Dec. 5 1842, Bank of Louisiana resumes specie payments; 1849, lames King of William and Jacob R. Snyder establish bank in San Francisco; Dec. 6 1767, Worthington, OH, scrip issuer Ezra Griswold born; 1864, Lincoln's message to Congress recommends restricting currency to national banking institutions alone; Dec. 7 1863, CSA Treasury Secretary C.G. Memminger reports on finances; 1998, Thomas Ferguson appointed 24th BEP Director; Dec. 8 1998, John D. Hawke Jr. sworn in as Comptroller of Currency; 2005, National Numismatic Collection exhibit "Legendary Coins & Currency" formally opens at Smithsonian Institution Castle; Dec. 9 1865, New York Stock Exchange moves to 10 Broad Street; 1871, most gold bonds securing circulation for Kidder National Gold Bank of Boston sold; Dec. 10 1810, stockholders in Bank of the United States petition for renewal of bank's charter; 1864, CSA government posts notice in Richmond Enquirer advertising for Federal greenbacks; Dec. 11 1865, Brooklyn Daily Eagle reports 2 percent of all fractional currency received at Treasury Department from "bankers and others deemed experts in judging money" is counterfeit; 1955, collector-philanthropist Archer M. Huntington dies; Dec. 12 1811, Colonial Currency engraver Peter Rushton Maverick dies; 1862, Georgia autho- rizes S5 million in state treasury notes; Dec. 13 1864, ex-Treasury Secretary Salmon P. Chase sworn in as Chief Justice of the U.S.; 1972, world paper money authority Dr. Arnold Keller dies; Dec. 14 1790, Treasury Secretary Hamilton argues that Bank of the United States is Constitutional in report to Congress; 1799, George Washington (FR 18-401 dies; Dec. 15 1886, tirst million share day on NYSE; 1928, last large size currency faces printed; 2000, Arri Jacob holds mail bid sale of Fractional Currency vignettes; Historically since 1933, the largest purchaser of rare American paper currency ... CALL 888-8KAGINS Dec. 16 1790, Patrick Henry opposes a national bank for the United States as being unconsti- tutional; 1923, numismatic publisher Chester L. Krause born; Dec. 17 1860, Congress authorizes S10 million in interest-bearing treasury notes; 1988, exhibi- tion of tromp l'oeil money paintings at New York's Berry-Hill Galleries closes; Dec. 18 1778, Kitty (Catherine) Carroll, daughter of Charles Carroll of Carrollton, who appears on U.S. currency in the vignette of "Washington Resigning His Commission," born; 1971, U.S. devalues dollar and realigns exchange rates; Dec. 19 1831, Mississippi charters Commercial & RR Bank of Vicksburg with note issuing priv- ileges; 1863, Missouri legislature provides for redemption of Union Military Bonds; Dec. 20 1822, Don Agustin de Iturbide decrees paper money issue, which for the first time in Mexican history is denominated in "pesos"; 1948, U.S. Treasurer Angela (Bayi Buchanan born; Dec. 21 1843, U.S. purchases Robert W. Weir's Embarkation of the Pilgrims appearing on First Charter S50 NBN backs (FR 440-451; 1999, first Northern Ireland polymer note; Dec. 22 1863, Treasury Secretary Chase consolidates all counterfeit detection efforts in the Solicitor of the Treasury's Office; 1924, Alvin Hall becomes BEP Director; Dec. 23 1783, General George Washington resigns his commission in the Army (FR 465); 1785, paper money and U.S. Mint Chief Engraver Christian Gobrecht born; Dec. 24 1776, U.S. Treasurer authorized to hire individuals to sign currency; 1861, CSA authorizes additional $50 million in treasury notes, $5 and upwards; 1936, paper money dealer, ex-SPMC president Dean Oakes horn; Dec. 25 1862, G.L. Cornell issues five-cent scrip "payable in a day or two or perhaps sooner"; 1911, coin and currency subject Dr. Sun Yat-Sen elected provisional president of Republic of China; Dec. 26 1928, SPMC member Joseph E. Noll born; 1941, Japanese Military Yen introduced into Hong Kong during Japanese occupation; 1990, American Society of Check Collectors incorporated; Dec. 27 1806, General Assembly of Kentucky approves an act to establish a state bank to be called the Bank of Kentucky; 1857, Numismatic Society of Philadelphia has first meet- ing;; 1928, Ohio scrip/token expert Gaylord Lipscomb born; Dec. 28 1862, U.S. Depositaries publish redemption rules for soiled stamps used in change; 1936, Warner Brothers releases Porky Pig animated comedy Milk and Money; Dec. 29 1864, CSA Congress extends funding of notes from Jan. 1 to July 1, 1865, ironically by then the war was 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, Massachusetts Colonial Currency author A.M. Davis horn ; Dec. 31 1914, end of Parker-Burke combined tenure as Register and Treasurer; 2009, Romanian currency conversion period set to end; 450 November/December • Whole No. 258 • Paper Money How Postal Notes Are Collected Like collectors of National Bank Notes, Postal Note aficianados orga- nize their notes in a wide variety of ways. Despite being restricted by the limited number of available, collectors have found a surprising variety of ways to orga- nize their notes. Here are some of the most popular (and a brief comment): Basic Collections Alpha-Omega One note each from the first and last designs — a relatively "easy" collection to complete. By Size One Type I (the only "large" notes) and one "smaller" sized note (Type II through Type V). By Paper Crane & Co. supplied a yellowish paper for Type I and a creamy-white paper for all subsequent issues. By Contract One note from each of the three firms that produced PNs (a natural expansion of the Alpha-Omega set). By Type One note of each Type (exceptionally popular with collectors, yet a very serious challenge). By Year One note from each year of issuance: 1883 to 1894. Advanced Collections By State Imagine building a Postal Note collection with one representative note from each issuing state or Territory. (Trudy a multi-generational challenge!) By County One collector is building a collection of notes representing each county in his home state. (Fortunately he lives in an Eastern state with few counties and a fair number of notes reported.) By Denomination One optimistic collector is trying to assemble a complete set of values from one to 25 cents. (The challenge of a lifetime.) 1 The exact number of known and reported Postal Notes is currently 1,460. However, a dedicated group of collectors is constantly recording newly observed notes in an Index of U.S. Postal Notes. For example, between 1997 and 2004, a total of 501 new notes were added to the group's index of known notes — an average of about 63 notes per year. Using that average, the next Index, available in late 2008, will report between 1,700 and 1,900 known notes. 2 The raw data for this article was published in Index of U.S. Postal Notes In Collectors Hands, Seventh Edition (2004), a co-operative effort started by James E. Noll in 1975. The Index is currently compiled by Peter Martin, who is assembling a new edition. If you would like to obtain the update, please contact Mr. Martin at: . Also, if you own any Postal Notes, please support this nonprofit effort by supplying information about them to the editor. Additional Reading: Bruyer, Nicholas, "A Forgotten Chapter: The United States Postal Note." Paper Money, #48 -51 (Fourth quarter 1973 - May 1974). Coin World Almanac, Millennium Edition. Sidney, OH: Amos Press, 2000, pages 243-244. Hessler, Gene. The Comprehensive Catalog of U.S. Paper Money, 5th edition. Port Clinton, OH: BNR Press, 1992, pages 387-389. Morris, T.F. II. "The Life and Work of Thomas F. Morris, 1852-1898." by I • Euro Marktpreise in 4 Bewertungsstufen • Age Nolen farbig abgebildet (Vs and Rs) • Zahlreiche none Varianten • Hintergrundinfos zu den Entwerfem with english translations! Katalog der eisterreichischen Banknoten ab 1900 + Bewertung eller Musterbanknoten ab 1945 Paper Money • November/December • Whole No. 258 451 Larchmont, NY, 1968. NASCA, "The Dr. Joseph Vacca Collection" (public auction sale) April 27-28, 1981. Noll, James E. Index of U.S. Postal Notes In Collectors Hands, 7th edition. Escondido, CA, 2004. Surasky, Charles. Identifying the Postal Notes of 1883 to 1894. El Monte, CA: by the author, 1985. Surasky, Charles, "The Mystery of Arkama, Pennsylvania," Pennsylvania Association of Numismatists Clarion, Vol 6, No. 3, Issue no. November 1989. Surasky, Charles, "Necessity Births Postal Notes, Money Orders," Coin Work', Dec. 14-28,1983. The American Bank Note Company:;; Ca nbanknotecompany.htm "The U.S. Postal Notes of 1883-1894" ( wild/Postal_notes) "The U.S. Postal Notes of 1883-1894." ANA Library Slide Set #67. About the Author: Charles Surasky has had more than one million words published. He has con- tributed to the Guide Book and Handbook of US. Coins, Encyclopedia of Half Cents, United States Pattern, Experimental and Trial Pieces, and The U.S. Rare Coin Handbook. A member of the Numismatic Literary Guild, and Life Member #2544 of the ANA, his articles have won numerous awards. Mr. Surasky, a free- lance numismatic writer, has been researching and writing about the Postal Notes of 1883-1894 for more than 30 years. He can be contacted at: . New Austrian book covers bank notes since 1900 COLLECTORS OF WORLDpaper money have an excellent new catalog to Austrian bank notes since 1900, authored by Johann Kodnar and Norbert Kiinstner. This 200-page, full color catalog includes helpful English translations of significant sections to aid the lingually- challenged, such as yours truly. "Austrian bank notes are in great demand by collectors all over the world," the authors write. Graphic design of the country's large size notes is a principal appeal. Historical associa- tions also attract collectors. Notes illustrated are certainly spectacular. Prices are given in four grades in euros. A good deal of histori- cal detail, including biographies of per- sons illustrated on notes, and biograph- ical details of note designers are also presented. The meat of the catalog, of course, is the type listing of the bank notes themselves, which is an eye-catching treat. The work covers Austrian notes up to the last schilling issues, and includes previously unlisted varieties. Rarities are given, based on sales results from more than 1000 auctions. The book also prices all post-war specimens. Color illustrations of note types are accompanied by simple, clear descriptions of design elements on face and back, size in millimeters, designer's name, watermarks if present, and inclu- sive dates of circulation. Coverage includes notes of the Austro-Hungarian Bank, including overprinted varieties, anticipated notes of the state of Donaustaat, inflation notes, issues of the Austrian National Bank, Reichs- and Rentenbank notes, emergency issues, Allied Military schillings and groschen, and Second Republic issues. The book is priced at $19.90E (approx. $29.90 U.S). It is available from amazon. de at reichischen-Banknoten-19%3E%2000- 6/re f=sr_ 1_18?ie=UTF88cs=books&yid=1215 %3E %202000098zsr=8-18 or h ttp://www.geldschein.a t/eka ta log -- Fred Reed 452 November/December • Whole No. 258 • Paper Money An Update on $5 Silver Certificate Series of 1934C Narrow Faces: New Data and Information by Jamie Yakes 1 T HAS BEEN A FEW YEARS SINCE PETER HUNTOON FIRST REPORTED ABOUT NEW DIS-coveries in the wide-to-narrow design transitions in 12-subject small-size currency done in the 1940s. Wideand narrow back plates have been familiar to small-size collectors for decades, but Huntoon provided new datashowing that these transitions were also done to the face plates of most small-size denominations and classes then currently in use. Specifically for $5 notes, these changes occurred between the Legal Tender Series of 1928E and 1928F faces; on the last four Silver Certificate Series of 1934C faces; and on the last six of the Series of 1934C New York Federal Reserve Note faces. I have been recording data on the $5 notes since the initial report, and would like to update the collecting community with some information about the Silver Certificate narrow varieties. When looking at the press run dates for the four 1934C narrow plates, all of them can be arranged into four distinct groups. I have termed these groups pressroom rotations, and consider them important when analyzing the data from observed notes—specifically, how certain face and back plate combinations came to be overprinted within certain serial number ranges. Much of the following discussion considers how these pressroom rotations resulted in the variety of these notes we now observe. The Pressroom Rotations The life of a printing plate was simply that of multiple press runs: the plate was entered into the pressroom for printing and then removed for maintenance. This process was repeated many times for the same plate until it was no longer usable. When you view press run dates for many different plates over a long time period, what becomes evident are pressroom rotations: related groups of press runs with the same entry and removal dates, or at least dates that occur within a few days of each other. The boundaries of these rotations were elastic in nature: due to the randomness that plates were entered and removed, small groups were inherently formed from plates being chosen in batches for use. As printing pro- gressed, individual plates were removed from these batches at random times. New rotations would then be formed from the new groupings of these individual plates. It is important to realize that these rotations were not an official practice, but simply a process falling into a semblance of a natural order. The printing of faces and backs was a continual process: individual plates were con- stantly entered, removed and re-entered, and this pattern repeated itself over and over. Groups of plates were used for a few rotations, then these rotations fell apart, and new ones were formed. The entire cycle occurred on daily bases. The significance of these rotations has to do with the different plates used in them; they will determine the possible combinations that could have been printed and then serially numbered. For the rotations involving the 1934C narrows there were also 1934C wide faces, 1934D faces, and many different back plates, including micro back 637. Some of these were used in all the rotations, while some were used for only a single rotation.' Paper Money • November/December • Whole No. 258 453 Table 1. Comprehensive data on the press runs for 1934C narrow faces and other relevant face and back plates that were involved in the pressroom rota- tions for 1934C narrows. (Plate usage dates provided by Peter Huntoon. Serial numbers are observed.) Pressroom Rotation #1 Pressroom Rotation #2- Pressroom Rotation #3- Pressroom Rotation #4 Start End A- Press run dates for plates listed in left column. Start End Start End Start End 1934C #2028 18-Aug-48 9-Mar-49 8-Jul-49 25-Aug-49 23-Sep-49 13-Oct-49 Plate not used. 19340 #2029 18-Aug-48 3-Jan-498 -Jul-49 25-Aug-49 23-Sep-49 17-Oct-49 5-0c1-49 b 11-Jan-50 1934C #2030 18-Aug-48 3-Jan-49 8- Jul-49 22-Sep-49 Plate Not used. 5-Oct-49t' 5-Dec-49 1934C #2031 18-Aug-48 3-Jan-49 8- Jul-49 25-Aug-49 23-Sep-49 19-Oct-49 5 - Nov-49 6 4 -Jan -50 $5 back #637 13-Feb-48 24-Sep-48 — $5 back #637 19-Oct-48 8-Mar-49a Series 1934D 17-Oct-49c 11-Sep-53` B- Approximate serial number ranges for 1934C narrow varieties based on observed notes. Regular N82347409A P05321175A P75286906A P79834774A P90000000Ad Q10000000Ad Q37621165A Q44496664A Regular w/ 637 N85978601A P16330226A — — — — — — Star *?A *?A *?A *?A *?A *?A *17012311A *?A Star w/ 637 *14984863A *?A — — — — a The latest date of use for micro back plate 637; this press run was the last of 13 for this plate. It was canceled in June 1949. b These dates were recorded from the ledger as interpreted and are at best, estimates. (The actual dates were illegible on the plate ledgers. In the case of plate 2029, the date does not make sense: the starting date is earlier than the last date listed in rotation #3.) c These dates are for the entire use of Series of 1934D faces, and do not represent an individual press run. d Estimated. The data in Table 1, Part A focuses on the press runs for 1934C narrow plates that define the four pressroom rota- tions, and also includes data for 1934D faces and micro back 637. Data for 1934C wide faces and macro backs are not shown, as these were in use during every rotation. Serial Numbering The observed serial numbers on the 1934C narrows can be divided into one of three ranges based on the face and back plate combinations. A fourth range should exist, since there are four rotations. Each of these ranges can be correlated 2 to a specific pressroom rotation (Table 1, Part B). The first, second, and fourth ranges were determined using observed serial numbers. The third range has been estimated, 3 since there are no serials recorded that would presumably fall in this range. It was common to have a delay in serial numbering after the sheets were printed. This delay could last a couple of weeks, or a few months. (There are even extreme cases where sheets were numbered years later.) The serials on the 19340 narrows were very likely printed after the ending dates for each rotation. Whether stars were printed during all four narrow face rotations cannot be determined with the present data. Unlike regular serial numbers that were printed almost daily, individual print runs for star notes had gaps of weeks or even months. While this might lead to speculation that stars were not printed during some of these rota- tions, this can only be confirmed with (a) actual production data (which may not exist), or (b) observed serials. Plate Varieties during the Rotations Distinct varieties were created during each pressroom rotation, and were subsequently overprinted within different serial number ranges. Rotation #1 Production on the 1934C narrows was started in the summer of 1948 and all were certified for use on AL TE HOER D PR ATE THIS CERTIf FOR ALL DEB 001111511083:". INON DEPOSIT IN rCENT gTHAT liticv N94 8 4 4 6 5 8 A 4/ THigto-- sERIES Or 1934 C wAsnagrox.o.c. -1,14111*O.K.MititieN P00279472A THIS CER if FOR ALL!) GALT EMDER 'D PRIVATE PO0279472 A SERIES or1934 C NIASHINGTON.D.C. Q44226436 A SERIES Or WASHINGTON. t.opriowimarar, 1111113:1111,mmillit ,g THAT THEREISON DEPOSIT 1. ):STNIIE SA THIS CERT A EHOER FOR ALL DPRIVATE 454 November/December • Whole No. 258 • Paper Money August 11. They were first sent to the pressroom as a group on August 18. The first rotation lasted through the end of 1948 into March 1949. It was the longest at five months, and most of the reported notes come from this rotation (Figures la and lb). All have late N-A and early P-A serials. Figures la and lb This rotation contained the last two press runs for micro back plate 637. There was sufficient pairing between these two types of plates, as numerous surviving examples have been observed. At least one of these pair- ings was overprinted as stars, as is evidenced by the lone reported example of a 1934C narrow face-micro back 637 star. Rotations #2 and #3 The two middle rotations both occurred in 1949, and included the use of 1934C wide and narrow faces and normal $5 backs. The second has P-A serials, while the third is estimated to have late P-A and early Q-A serials. Rotation #4 The final rotation overlapped the initial use of Series of 1934D SC faces. All of these notes were overprint- ed with middle-range Q-A serials (Figure 2). Figure 2 ->1443134 ;il;`'I:li EE, REP ON:IDEVA . ,.), AUTHENTICATION EXPERT GRADING ENCAPSULATION IMAGING INTEGRITY IMPARTIALITY Paper Money • November/December • Whole No. 258 455 INTRODUCING A NEW DESTINATION FOR PASSIONATE COLLECTORS Bringing the World's Greatest Notes Together PMG announces the launch of our new Notes Registry, exclusively for collectors of PMG-graded notes. The PMG Registry combines the world's greatest notes with the world's greatest collectors, and is a proud part of our continued commitment to expert, impartial grading, state-of-the-art encapsulation, collecting resources, and the highest standards of integrity. With the PMG Registry, you can track inventory, build sets and compete with others who share your passion for notes. You can also arrange unique Signature Sets based on your own creative criteria. Begin with one note and watch your set grow, or add an entire new collection. Visit today and click on "Registry" to include your collection among the world's greatest notes. C Join thecommunity AIAPMG PAPER MONEY GUARANTY P.O. Box 4755 I Sarasota, FL 34230 877-PMG-5570 (764-5570) I An Independent Member of the Certified Collectibles Group THIS CERTITI TOR ALL DEB A TEMDER PRIVATE ACRIAA. A. tS°N Of ROSIT IN Tw fij1111§Miiii 'Wyk. N85978613 A N85978613 A sFRIFS Of 1834 C VaSHDIGTON.D.C.Ii 11L111,10_1111.11AAJE4PO 1N NIL%I:Il :11) WINE IBILUIE/t UN DEMAND :EFIILS OF 1534 C WASIIINGT()N.1) ( 456 November/December • Whole No. 258 • Paper Money Both faces are reported from this serial number range, indicating that changeover pairs were being printed; however, none have been reported. Mules with Micro Back Plate 637 The last two press runs for micro back plate 637 were used for almost the entire initial rotation of 1934C narrow faces. Less than a half dozen of these 1934C narrow face-micro back 637s have been reported in the approx- imate serial number range of N85,0000cxA to P16xxxxxxA (Figure 3). Figure 3 In addition, there is also a large number of extant 1934C wide face-micro back 637s from this serial num- ber range (Figure 4), indicating there was extensive pairing of both varieties of 1934C faces with sheets from micro back 637. Figure 4 Star Notes Star notes have been reported for both the 1934C narrow face-micro back 637, and the 1934C narrow face-macro back varieties; at present, they are both unique for their type. The narrow face-micro back 637 star has serial *14984863A and an unknown face plate. It was printed from the first rotation based on its back plate. The narrow face-macro back star has serial *17012311A and face plate 2029 (Figure 5). This star has a higher serial than the first reported 1934D star, placing it firmly from the last rotation. Changeover Pairs Changeover pairs with most of these varieties were likely printed from all four of the rotations, and would have become overprinted with regular and star serials (Table 2). So far, none have been reported. 457 $$ money mart 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 tour 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 ad for six issues = only $20.50! HERE'S YOUR OPPORTUNITY!!! YOUR WORD AD could appear right here in each issue of Paper Money. You could advertise your cluplictes inexpensively, or advertise your Want List for only $20.50 for three lines for an entire year. Don't wait. (PM) INTERESTED IN BUYING MISMATCHED serial number notes--with 2 or more numbers mismatched. Also, any information about mismatched serial numbers of this type is appreciated. Kevin Lonergan, Box 4234, Hamden, CT 06514 (262) Wanted: Pre-1900 Notes from Liberia, Africa. Please email to or write Michael S. Jones, PO Box 380129, Murdock, FL 33938-0129 (262) 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) (258) 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 book on same. Contact Fred Reed at P.O. Box 11 81 62, Carrollton, TX 75051-8162 or (258) 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 & I'll sell you what I got! (258) WANTED: Notes from the State Bank of Indiana, Bank of the State of Indiana, and related documents, reports, and other items. Write with descrip- tion (include photocopy if possible) first. Wendell Wolka, PO Box 1211, Greenwood, IN 46142 (258) AUTHORS RECEIVE FREE CLASSIFIED AD. Write now (PM) WANTED OBSOLETE BANKNOTES & SCRIP of Worcester, MA. Please e- mail or write to: or Don Latino, 1405 Cape St., East Lee, MA 01238 (256) WANTED NATIONALS -- HAYS NATIONAL BANK in Clinton, New York. Charter #10295. Neil Schrader, 3320 Minglewood Dr., Beaumont, TX 77703-2734 (256) Take Note: SPMC now accepts commercial Money Mart ads Sell your duplicates; advertise your wants Best paper market place anywhere Annual rates begin at only $20.50 As you can see; we have space for YOU Contact the Editor: Paper Money • November/December • Whole No. 258 The President's Knowledge--better than a sticker! Let me start out by saying that I hope all who live on our gulf and east coasts survived the recent spate of hurri- canes without problems. From my vantage point in Dallas, I had a front row seat as we were working to secure places for all the patients from sister hospitals and assisting those who made the long trek. Know that if you were an evacuee or had damage, the thoughts and prayers of the entire SPMC were and still are with you. Now is the time for us to assist as needed, so let us know if we can do anything to help you. We should help our brothers and sisters in the hobby at all times, but especially in these times of adversity. One of the things people have been asking for nearly all the years I have been on the board is "when is the SPMC going to develop grading standards?" The board has been discussing this and we have explored many oppor- tunities to do that or some semblance of standards. But, we have recently embarked on a different tact. We are work- ing on programs to provide people the opportunity to learn to grade their own notes instead of relying on standards that are sometimes arbitrary and person-specific at best. This will not be a short undertaking, as it will require a lot of work. If you want to help us on this, please let us know. Our goal is to teach people the knowledge that is necessary to be comfortable with the fact that the note(s) they buy are as stickered, labeled or advertised. The board has also finalized plans to host the annual Tom Bain Raffle and SPMC awards breakfast at the Memphis Crown Plaza instead of the Marriott due to the problems with quality and price the past few years. We will be heavily publicizing this in the coming months, but know that we will make every effort to ensure that the venue and the resulting event are worthy of your trek across the street and your admission price. Neil Shafer asked me to put in this column a plea to the gentleman who attended a recent SPMC regional meeting who had a piece of scrip he needed for his book to contact him. He did not write down contact information and really wants to speak with this person. Neil's contact information is on page 402 of this issue. By the time you read this, we will be well on our way into the holiday season. I hope you all have a wonderful time with family and friends and get a lot of paper goodies (if you were a good boy or girl that is)! Until next year! Benny THIS G COP AL LTCPOER PIOVATt BERMS Or ■93.4 C WASIIINGTOX.)).(1.' , tj 458 November/December • Whole No. 258 • Paper Money Figure 5 Table 2. Possible changeover pairs created from the different plate varieties used concur- rent with SC Series of 1934C narrow face plates from 1948-50. Combinations Blocks 1934C/1934C 637 N-A, P-A 1934C/1934C narrow N-A, P-A, Q-A 1934C/1934C narrow 637 N-A, P-A 1934C narrow/1934C narrow 637 N-A, P-A 1934C narrow/1934C 637 N-A, P-A 1934C/1934D Q-A 1934C narrow/1934D Q-A Note: All of these combinations could also have been printed with star serial numbers. References: Hodgson, J., Huntoon, P., "Transition from Wide to Narrow Designs on U.S. Small Size Notes." Paper Money, Whole No. 245, Oct/Nov 2006. Notes: 1 Any plate that was in the pressroom could be used for production, might only be a backup for more heavily used plates, or might never get used. This being said, the question of whether or not a plate was used is always open to conjecture. Having a reported serial num- ber on that plate, and being able to confidently trace it back to a specific press run, confirms the plate as being used. But, unless data has been obtained from the actual printer the BEP) that confirms a plate as having not been used, there is no fault in assuming it was. 2 Since this analysis uses both factual data (i.e., observed notes, press run data) and estimated data (i.e., serial number ranges), corre- lating the data in Parts A and B of Table 1was done as a "best-fit" scenario. The drawback of using these types of data is that data placement is never precise, but requires some guesswork. Also, there is a tendency, or even a temptation, to make the data fit artificially, rather than natu- rally. I have made the honest effort to place the data where it naturally fits. Keep in mind that this may not be the actual arrangement in which the notes were printed, but it is the best arrangement for the current data. These correlations will become better defined with the obser- vations of more notes. 3 A simple algebraic calculation was used to estimate the advancement of serial numbers from month to month during the pressroom rotations for 1934C narrow faces. This progression was determined by adding the monthly average for that year to each month in a successive fashion. The serial number range for rotation #3 was then chosen by matching the press run dates with the estimated monthly serial numbers. The first serial numbers printed each year from 1948-50 were M89064001 A, P11464001A, and Q41460001A, respectively. (Data from Huntoon.) A caveat of this approach is that it assumes a constant monthly production throughout the year. Regular notes were being printed on a daily basis, but production fluctuated monthly. Nevertheless, in lieu of having actual production data, these calculations provide good estimates, especially when used in conjunction with press run data and observed serial numbers. !VERYRITI BEMENT ASSOCIATION SATURDAY, NOVEMBER 11, 1939 SAN RANCISCO NUMBER 50VOLUME 1r6 LOS ANGELES NATIONAL oiati,„4/ 6.„,/taiya,anzmitice, LAN D AVTA 110111rWOOD.CAL. Paper Money • November/December • Whole No. 258 459 A Satirical Note on the "Ham and Eggs" California Scrip Pension Initiatives of 1938-9 by Loren Gatch What is it in California, that causes this State to give birth to so much that is new in reform, in science, in religion, and in politics? Has California some source of enchantment by means of which all manner of magical rabbits may be conjured? Is there something in the atmosphere of its deserts, mountains, and sea shore, conducive to the lush growth of cults and cultists, or is California actually a state of mind as much as it is a political subdivision of the American Commonwealth? --Luther Whiteman and Samuel L. Lewis, Glory Roads: The Psychological State of California (1936) WI-IILE IT HAS ALWAYS BEEN A STATE OF MIND, California has not always been a center for youth culture. Indeed, during the 1930s California was to the nation as Florida is today: a haven for retirees seeking to live out their days in a warm climate (at the time, Long Beach was called "a cemetery with lights"). The Great Depression destroyed many of these dreams, thus providing reform- ers with ready constituencies for radical proposals such as Upton Sinclair's End Poverty in California (EPIC) campaign, the Townsend Movement, and Technocracy. Yet of all these proposals, none was more fantastic and yet came nearer to fruition than California's "Ham and Eggs" scrip pension initiatives of 1938- 9. Put before the state's voters as ballot initiatives on two separate occasions in 1938 and 1939, the "Retirement Life Payments Act" would have put into the hands of every California voter fifty years and older thirty dollars a week in self- liquidating certificates. "Ham and Eggs" (so named because of the campaign's promise to put •te) EZBEIMILTNATIirCIEIELICIFICALTE .74>AN IF YOU WILL PUT 104 COPPERS IN MY POT I WILL EXCHANGE THIS FOR ONE REAL BUCK THIS'CERWICATE IS ILLEBAL ENDER FOR PRIVATEDEBT , • )THIS CERTIFIES THAT THERE IS ON DEPOSIT IN THE POT AT THE END OF 20 WOODEN NICKELS IMIA17/‘ T G. MUM! --'4131\TE iiiircritsmarm cso - P E.:N• •••=• t -..... , V.C.4;• Compiroller 460 November/December • Whole No. 258 • Paper Money "ham and eggs" on Californians' breakfast tables) began as the brainchild of a popular Los Angeles radio announcer named Robert Noble who had stumbled upon Professor Irving Fisher's 1932 proposal for national stamp scrip. Beginning in 1936, Noble promoted his plan over the radio to put similar scrip on a weekly schedule into the hands of every unemployed Californian over fifty years old—thus the slogan "Life Begins at Fifty". As the scrip circulated, each user would place a stamp on the back of the note until it accumulated its face value, plus a little extra for administrative costs. Proceeds of the stamp sales, made in U.S. money, would provide the funds for the scrip's redemption. Scrip so issued would both support the elderly and provide them with the purchasing power to simulate the economy. Thanks to the membership dues paid by thousands of supporters, Noble's initiative movement became a growing and lucrative business until he was frozen out by his two shady partners, the brothers Lawrence and William Allen, who had established their bona fides by purveying adulterated hair tonic. After taking control of the movement, the Aliens brought in outside monetary "authorities" such as Roy G. Owens and Gertrude Coogan, a contemporary critic of the Federal Reserve, to bolster its credibility. They also revised the plan's details to broaden its appeal, and added the new slogan "Thirty dollars Every Thursday." A surge of signatures put "Ham and Eggs" as Proposition 25 on the ballot for November 1938. As the nation wondered whether California had gone mad, challenges to "Ham and Eggs" arose from all sides. Were it passed, "Ham and Eggs" would upend the state's finances. Banks vowed to reject the scrip, and public employees would not take it as pay. Opposed by business leaders, politicians of all stripes, and even President Roosevelt himself, "Ham and Eggs" nonetheless came with a few percentage points of becoming reality. Fear of its impending passage even caused an investor stampede out of California's municipal bonds. Although it is not known if any prototypes of the scrip ever existed, opponents printed their own note satirizing "Ham and Eggs" as a something- for-nothing fantasy. Heavy-handed in its ridicule (it is signed by Comptroller "Pass De Buck" and Treasurer "Ham N. Eggs") the note's features incorporate details of the proposal. "30 Thursday" refers of course to the scrip's disburse- ment schedule, while "if you will put 104 coppers in my pot I will exchange this for one real buck" describes the self-liquidating mechanism which would redeem the scrip once it acquired $1.04 worth of stamps. On the reverse it is warned that the note, "good only for bankrupting," will produce "scrambled eggs for California". In the event, "Ham and Eggs" was not to be. The Allen brothers' legal shenanigans caught up with them by Election Day, blunting the initiative's pop- FC R USE IN BANKRUPTING PUBLICLY OWNED UTILI1IES BAY BRIDGE SCHOOL TEACHERS SCHOOL DISTRICT".. YOU—ME EVERYONE ELSE STATE TREASURY STATE EMPLOYEES COUNTY TREASURER COUNTY EMPLOYEES CITY TREASURER CITY EMPLC •TATE OF SCRAMBLED EGGS FOR CALIFORNIA •WC C LECTINC CO N FEDERATE /yPILME Paper Money • November/December • Whole No. 258 461 ularity, which went down to defeat by a vote of 1,398,000 to 1,143,000. The movement held together for a second election a year later, when it lost by a wider margin, effectively ending the brothers' ambitions. Thereafter, the Aliens and their movement drifted off into a more obscure, and extremist, style of poli- tics. Sources: Daniel Hanne, "'Ham and Eggs' Left and Right: The California Scrip Pension Initiatives of 1938 and 1939," Southern CalifornM Quarterly, 80 (1998), 197-230. Daniel J. B. Mitchell. Pensions Politics and the Elderly: Historic Social Movements and Their Lessons for Our Aging Society. Armonk, NY: M. E. Sharpe, 2000. Fricke releases colorful CSA currency "field guide" S EVERAL YEARS AGO COLLECTOR/AUTHORPierre Fricke released his monumental CollectingConfederate Paper Money, a really break-through volumedetailing his fascination with CSA note varieties. The work deservedly won the SPIVIC Wismer Award, and was warmly reviewed. This reviewer unabashedly called it the most important CSA currency book in 90 years. Fricke's book was the right book at the right time. It unleashed a pent-up demand in the CSA collecting field and by all accounts sold well. Now the author has returned with an updated "Field Edition" of his seminal work, the purpose we understand is to provide a portable reference for those unable or unwilling to lug the nearly five pound, 800-page, telephone book-sized basic ref- erence "into the field." Good idea. Such a portable guide would be really handy on the bourse floor, for example. The new book is heavily illustrated with excellent full color photographs and tables which help collectors sort out the myriad CSA note vari- eties. Rarities and a price guide, as well as histori- cal and market information are included. The book offers more than 100 pages of prefatory material, a photo grading guide, a rare variety and type condition census in a lengthy 456 pages. It also has some valuable coupons. I highly recommend the book. The author knows his subject and the Type-Variety format is easy to fol- low and understand for both novice and advanced collectors. It is packed with information and collector-advantage, which made the original version so appealing to purchasers. For my two cents, however, this book comes in a trifle lengthy, and much too heavy for a truely portable reference work. The author explains that the heavy basis-weight, glossy paper stock was necessary to prevent bleed through of the many color illustrations. That makes sense. The question persists in this reviewer's mind, however, whether full color pictures necessitating a hefty 2.5 pound, 456-page, hard cover book were really necessary to a "field guide." The original work was illustrated with black and white pictures, and if a color grading guide were deemed advis- able this could have been confined to a single color signature, considerably reducing bulk and heft. So call me a wimp, but I'll use this great book at my desk, not in the field. You can decide where to use your copy, but I predict you will use it a great deal. List price is $40. Payment can be made to Pierre Fricke, PO Box 52514, Atlanta, GA 30355. A personalized autograph may be obtained for the ask- ing. -- Fred Reed • 462 November/December • Whole No. 258 • Paper Money Is Paper Money a Hobby or an Investment? By Randall Lewis LIE TO THE RECENT MELTDOWN OF THE U.S. ECONOMYD and the massive devaluation of the U.S. dollar, all of us in the "hobby" of collecting paper money are probably asking ourselves about the wisdom of some of our investment strategies. If you are like me, I am certainly uncertain about the investment choices I have made over years past. I am writing this article to share some of my thoughts with other members of the Society of Paper Money Collectors in the hopes that someone may benefit from my words. I was raised to believe that the only path to financial freedom was to get a good job that offered a solid pension, invest in U.S. savings bonds, purchase a home and open an IRA. It has been ingrained in me to think that any other path in life was fraught with too much risk. Well, as recent events has taught us, our real estate, IRAs (stocks), pensions and savings bonds (due to the increasing devaluation of the U.S. dollar and the massively increas- ing indebtedness of the Federal Government) are not immune from large swings in value and a certainly not sure "bets" on one's financial future. I tried to follow the advice I was given in years past. But, to be completely honest, I was unable to take the boredom that comes with all employment opportunities that led to a pension opportuni- ty, purchased stocks that rapidly decreased in value, purchased mutual funds that lost value or increased in value so slowly that I had to measure my gain in pennies. I did purchase a home in the middle of the housing boom, but fortunately enough, chose a 30 year fixed rate mortgage that I could actually afford regardless of my home's hypothetical value. In short, I am disillusioned with mainstream investment vehi- cles. I now invest a portion of my disposable income guessed it....paper money (and of course metals and foreign curren- cy denominated assets). I started out innocently enough purchasing one Chinese gold proof panda coin or American proof gold eagle per month (as well as the occasional platinum proof eagle set). I was told by friends and family that this was a waste of time and that other than passing intrinsic value, gold was never going to increase in value to make the effort worthwhile. I started this habit when gold was trading at $300 per ounce. My interest in gold and platinum coins started a conversation with a close friend about his curious interest in paper money, par- ticularly small size Silver Certificates. I found this quite odd actual- ly. Why the hell would anyone want to invest in a piece of paper that could easily be destroyed and is basically, well ... just a piece of paper! Fred asked me to help him purchase some Silver Certificates on eBay. I reluctantly agreed. It took about three visits to the U.S. Paper Money section of eBay to become literally hooked like a darn fish on a line! I became obsessed with the history, evolution and sheer beau- 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) L ONLY $20.50 /YEAR ! ! (wow) LOY t "r&f.c4-1(44) Xe,,,,v//: fir - FAILLKILL WILTON 11=Foilatimagi. Paper Money • November/December • Whole No. 258 463 Only purchase notes you love and desire, such as this PMG-62 Lazy Deuce note. Only purchase something other people desire, and work with dealers that you personally trust. ty of U.S. paper money. I became so obsessed that my pattern of investing in gold and platinum proof coins slowly disintegrated. Once enthralled with the beauty of actual historical documents, I could not really return to coins, which are only really differentiated by their mintage dates (boring)! I am now obsessed with obtaining certain pieces of paper money and sometimes devise ways to justify (or even hide from) purchases with my wife. When I find myself getting slow at the office, I pop onto my favorite web sites and try to devise ways to make further acquisitions, without getting too tar into debt. I suppose I would categorize myself as more than a casu- al hobbyist. I would say that I am a passionate investor-collector. Financially am I doing the right thing? Am I making sound investment choices? Well, nobody really knows for sure. However, I am spending a hell of a lot of money. My most recent acquisition is the rare lazy deuce (pictured here and graded an amazing PMG-62) that I pur- chased. Regardless of the price of the Lazy Deuce, I am extremely proud to be its new owner! I want to point out that I have never had a feeling of pride when purchasing shares of stocks, a mutual fund, savings bonds or most coins. I don't consider myself an expert by any means, but if you fol- low these simple rules, you should be able to put together a paper money investment portfolio that is safe and and in my opinion will appreciate handsomely in value: (1) Purchase something other people desire; (2) Only work with dealers that you personally trust; (3) Only purchase the best quality notes that you can afford; (4) Try to purchase professionally graded notes to ensure you are getting what you are paying for; (5) When you think a note is out of your price range and are thinking about getting a lower quality note to fill a hole in your col- lection, think twice... and then try to come up with the extra cash; (6) Only purchase notes you love and desire (there is nothing to be gained by owning something that you don't personally desire and enjoy); (7) Focus on large size notes; and (8) Educate others about paper money, as it is only through bringing more people into this investment/hobby that ensures the safety and future growth of the investments that we have all made. In closing, I have investment advice that I have always fol- lowed, and which I would like to share. Invest in something you love. Invest in something in which you have passion. Whether that be classic cars, art, gold coins, a home or paper out your passion, study it, enjoy it...and you cant go wrong! But remember, nothing is guaranteed, nothing is 100% safe and if it looks too good to be true, it's a scam. If anyone has any comments, drop me a line. I can be reached at lewis NEW MEMBERS Membership Director Frank Clark P.O. Box 117060 Carrollton, TX 75011 464 SPMC NEW MEMBERS - 08/04/2008 These memberships expire 12/31/2008 12662 Thomas Bucci, 4305 Fauquier Ave, Richmond, VA 23227 (C, US Large & Obsoletes), BNR 12663 Greg Ton, 1415 Jefferson Ave, Oxford, MS 38655 (C & D, Confederate & Obsoletes), Hugh Shull 12664 Robert Bourque, C/O Pan Atlantic Bank & Trust Limited, Musson Building Second Floor, Bridgetown BB11000, Barbados, West Indies (C, Confederate), Paper Money Values 12665 Michael A. Minichino, 7 Locust St, PO Box 416, Afton, NY 13730 (C, Star Notes & $2's), FUN 12666 Robert Alvarez, 7168 Pintail Dr, Carlsbad, CA 92011 (C. 1914 & 1928 Notes), Torn Denly 12667 Steve M. Hilton, 808 Holston Hills, College Station. TX 77845 (C, FRN's & Nationals), Tom Denly 12668 Lothar Maelzner, 3636 Fieldston Road #2-A, Riverdale, NY 10463 (C & D, US, Cuba, Venezuela, Europe), Website 12669 0. Wayne Woods, 605 Caldwell Rd, Jackson, TN 38301 (C & D, Confederate & United States), Frank Clark 12670 Dewey Deeton (C), Website 12671 Steven L. Rachmuth (C), Website 12672 Joe Abbott (C), Jason Bradford 12673 Bill Acker (C), Jason Bradford 12674 Bill Adamec (C), Jason Bradford 12675 Nigel Barrett (C), Jason Bradford 12676 Donald Bellafiore (C), Jason Bradford 12677 George Bowers (C), Jason Bradford 12678 Gerard D. Byrne Sr. (C), Jason Bradford 12679 Joseph Calta (C), Jason Bradford 12680 The Collectors Coin Shoppe (D), Jason Bradford 12681 Raul Cruz (C), Jason Bradford 12682 Richard DeAngelo (C), Jason Bradford 12683 Eli Finestone (C), Jason Bradford 12684 Russ Frank (C), Jason Bradford 12685 George Glick (C), Jason Bradford 12686 Richard Gore (C), Jason Bradford 12687 Arthur Hamm (C), Jason Bradford 12688 Rodney Henderson (C), Jason Bradford 12689 Shawn Henry (C), Jason Bradford 12690 Vincent Ingraffia (C), Jason Bradford 12691 Gerald Lane (C), Jason Bradford 12692 Adam Levy (C), Jason Bradford 12693 Samuel Mazza (C), Jason Bradford 12694 Robert McAlevy (C), Jason Bradford 12695 William McDonald (C), Jason Bradford 12696 Robert Meyer (C), Jason Bradford 12697 Richard Bowman (C), Jason Bradford 12698 James Nunan (C), Jason Bradford November/December • Whole No. 258 • Paper Money 12699 Richard White (C), Jason Bradford 12700 Robert E. Remy (C), Jason Bradford 12701 Brian Rickman (C), Jason Bradford 12702 Mark Wood (C), Jason Bradford 12703 Rick Schaefer (C), Jason Bradford 12704 Kevin Tonskemper (C), Jason Bradford 12705 David Story (C), Jason Bradford 12706 Greg Swartz (C). Jason Bradford 12707 Eugene Szestak (C), Jason Bradford 12708 James Titus (C), Jason Bradford 12709 Richard Winer (C), Jason Bradford Reinstatements 7165 Michael Niebruegge (C), Frank Clark 8716 William Graham (C), Frank Clark SPMC NEW MEMBERS - 09/04/2008 These memberships expire 12/31/2008 12710 Greg Anglin, 405 Charles St. Scotia, NY 12302 (C, Counterfeit Detectors, US Large), C 12711 Robert L. Lefeuer (C), Judith Murphy 12712 John Urewovitch, 75 S. Hunter Hwy, Drums, PA 18222 (C, US). Judith Murphy 12713 Keith Papinchak (C), Judith Murphy 12714 Peter Sugar (C & D), Judith Murphy 12715 Odis Wooten (C). Judith Murphy 12716 Timothy B. Livezey, PO Box 5, Edgewood, MD 21040-0005, (C. US & Foreign). Paper Money Values 12717 Richard Anderson, 1623 Dogwood Ave, Creston. IA 50801-8303 (C, Nationals & US Large), Larry Adams 12718 Ronald M. Greene, 309 Meriwether Way, Pigeon Forge. TN 37863-8583 (C, Tennessee & Maryland Nationals, Website 12719 Sidney Moore, 4778 W. Tobacco Garden Rd, Watford, ND 58854-9707 (C, North Dakota Nationals), Website 12720 Bill Papanos, 1466 Boston Turnpike, Coventry, CN 06238-1205 (C, US), Tom Denly 12721 Hary Elander (C & D), FUN 12722 Stewart Eads, 264 Oak Point Landing Dr, Mt. Pleasant, SC 29464 (C, $1 and $2s), Website 12723 Thomas Bradfield (C), Website 12724 Rick Ewing (C), Tom Denly Reinstatements 27 Ralph Osborn (C), Fred Reed Give SPMC memberships as holiday gifts your friends will thank you all year long Deuces in Cuter Space A 07690488 A arch rise frotn- Lum Paper Money • November/December • Whole No. 258 465 466 November/December • Whole No. 258 • Paper Money Introduction On many historic manned space flights into the great void beyond the earth's atmosphere, astronauts have taken with them personal mementoes and souvenirs. Because of the weight restrictions of spaceflight, and the fact that every ounce of weight has to be accounted for to properly adjust a ship's fuel weight and center of gravity, an astronaut generally could not take anything without officially declaring it on a flight manifest. These cleared items were then often stowed aboard the ship in cargo pouches or in Official Flight Kits (OFK's) or Personal Preference Kits (PPK's) — small bags or pouches assigned to the mission or astronaut to carry such precious cargo. Since the clown of space flight, astronauts have carried with them items such as wedding rings, photos, flags, crew patches, coins, medallions, and other personal effects that held special meaning for them or their family and friends. On occasion, they also took paper money with them as well, since it is light weight, relatively small, and also a powerful symbol of national pride and achievement. These very rare and special paper currency items -- espe- cially from the golden era of the Mercury, Gemini and Apollo (MG&A) space programs -- have become highly prized and sought after collectibles among space enthusiasts and numismatists from around the world. Indeed, last year at the inaugural Heritage Auction Galleries space memorabilia auction, a 1923-S Peace silver dollar coin flown to the Moon on Apollo 11 sold for over $31,000 with buyer's premium. While Gus Grissom famously carried Mercury dimes into space on the second Mercury space flight in 1961, the first known paper currency – dollar bills – were also carried by Gus on the second Mercury flight. They were stowed by the McDonnell Douglas engineers who put them in wiring bundles. The next flight to carry dollar bills was aboard Mercury Friendship 7 by John Glenn in 1962. Since that time, most denominations have at one time or another made the great journey to slip the bonds of gravity into the weightlessness of the cold and dark vacuum of space along with the space-faring heroes who took the currency with them. Owning a space flown bill, especially one that is Fully signed and flight-certified by the crew or the astro- naut that carried it, is a specialty area of space memorabilia collecting, and such bills are prized for their symbolism and extreme rarity. On many space flights, astronauts carried hundreds of small 4x6 inch flags or mission patches as special gifts and mementos – and these items today command prices in the high four and five figures at auction. Yet on the MG&A flights, only one bill or a very small population of bills (from the low single digits to a high of 50) were ever flown. This is an extremely small and limited population of historic paper money. As a space enthusiast and collector, I have assembled a rather large collection of space flown paper money. As I have assembled my collection, I was amazed to notice a pattern develop – especially through the early MG&A programs of astronauts carrying various versions of U.S. $2 bills into space. In so doing, they have in my mind made Thomas Jefferson a sort of honorary "accidental astronaut" given that he has ridden into space more times than those represented on the denominations. This article catalogs my flown currency collection of "jeffersons in Space," a specialty part of my overall space artifact collection. (My collection is also profiled at the virtual "Thomas Jefferson In Space Museum" at http// ) What you are about to experience in this article is believed to be the world's foremost and complete collection of space-flown US $2 bills in existence, with an exemplar from all of the known flights upon which such a bill was carried aboard. Series 1917 Legal Tender Note Carried Aboard Mercury 9 This large-size $2 U.S. Note was flown by Colonel Leroy Gordon "Gordo" Cooper Jr. within the pocket of his flight suit aboard his Mercury capsule, Faith 7, aboard the last flight of the Mercury Program, and the longest U.S. manned flight at that time. As of this writing, this is the first known U.S. $2 bill ever to have left the Earth, and it is the only one of its kind carried on the flight or aboard a Mercury space capsule. Launched from Cape Canaveral, Florida, on May 15, 1963, this bill and Cooper flew 22.5 orbits around the Earth (at an altitude of 165.9 by 100.3 statue miles) during an elapsed mission time of 34 hours, 19 minutes and 49 seconds. Together, they trav- elled 546,167 miles at a speed of 17,547 miles per hour. The bill itself was folded into 8th's so that Cooper could fit it snuggly into his flight suit. The bill is series-dated 1917, carries the serial number D92207287A, and bears Cooper's hand signed, flight certification to the middle and lower right: "Flown on Faith 7 Gordon Cooper." Given the availability of more modern $2 bill designs at the time of the flight, I wonder what compelled Cooper to take this particular bill with him. Was the early 1917 date of significance to him? Was it a bill that was given to him by someone special? Was it a lucky charm -- since he kept it in his suit pocket, instead of stowed away in the capsule? Since Colonel Cooper has passed away, we probably will never know the answer. Along with the note, which I purchased at auction directly from the Gordon Cooper Estate, I also received THEWINCHESTER BANK ,,,r'X'syrr Re n4iar, • ..tkf ."4 01 —.3 kW-IONA!. URRENCI74az „„," , .14„.thi,ari. ..„ . alts 4 — vitariDctilt2' 1. 4 TEN 1)01 atigitt=§11ES.Z .1 'Tied' NI I obsolete Now, this from t he 1■'inchester Hank. ,A series of 11182 $10 Brown Back from the With -W.:4er Naii011111 Bank. This same buildint; was used for the ll'inehester Bank h ind its spfee.s•or. the IVinchesler National paub. Teller window eirt -ii 1910. ll'inchesrer National Rank I f you have New Hampshire currency or old records or correspondence relating to the same, or other items of historical interest, please contact us. In addition, Bowers and Sundman are avid collectors of these bills and welcome contact from anyone having items for sale. We will pay strong prices for any items we need! Visit tlie N11 unem Study l'roject website: . U! a listing of Neu I lampslure banks that issued currency, read sample chapters, and more. We look forward to hearing from you! The NEW HAMPSHIRE CURRENCY STUDY Project Box 539, Wolfeboro Falls, NH 03896 info(anhcorrency.corn be tOrwarded to both authors.) MEZ2111111111=111111■1 1111192=1 1 11111111111111 IIIMEIM12=5111111111111111 iBitiEdIRMIII11111111 ..:.--- Paper Money • November/December • Whole No. 258 467 An Invitation from The NEW HAMPSHIRE CURRENCY STUDY Project Q. DAVID BOWERS and DAVID M. SUNDMAN are involved in a long-term project to describe the history of all currency issued in the State of New Hampshire, as well as to compile a detailed registry of all known notes (whether for sale or not). Our area of interest ranges from early colonial times through the Revolutionary era, the state-chartered bank years (1792-1866), and the era of National Banks (1863-1935). This will result in a book under the imprimatur of the Society of Paper Money Collectors, with help from the New Hampshire Historical Society, the Smithsonian Institution, and others. Apart from the above, David M. Sundman is president of Littleton Coin Company and Q. David Bowers is a principal of American Numismatic Rarities, LLC, and both advertisers in the present book. For other commercial transactions and business, refer to those advertisements. IiinhOrS of the pleSeIll book, !whims a hue Series of 1902 $10 National Hank Note from West Derry, New I foillipShire. 73i I (0 F S OF INI TUTS nrc►ec [SALT. AL TIII,O7111 TOO TAO, DOLLARS 414/ r 7 WAS ,,)01t 10163 nj trgirt -41"41i OTT: gfk 114 00 0 ript Twomoixocaus TWO DOLLARSt 440053 A CAimmito AftrS017401PERI IC - .11311 SWARM 6053 A THIS NOTE IS A IEGALTEPOER AT ITS FACE VALUE FOR ALL DEBTS PUBLICANS PRIVATE 468 November/December • Whole No. 258 • Paper Money I TM-% 0 ij 1 17 S°5-v -e /5/2/ btiA-S uf-b% 1A"■ )44.1 17: l S' t)- 1Th CfaiL er.K kit a the envelope in which the note was stored. On the envelope, Cooper had written: "This old 1917 issue $2 bill was flown by me in my flight suit pocket on MA9." As a space enthusiast, it is wonderful to have hand-written flight certification on the bill itself, and on the envelope that held the bill...but to also know that the bill was not only on board the spacecraft, but was also on Cooper's actual person during the entire duration of the flight, is very unique and adds to the historic importance of this amazing, well traveled bill. Series 1953C U.S. Note Flown on Gemini 3 This Series 1953C bill, with serial number A77446053A, flew on the first manned flight of the Gemini space program -- aboard the unsinkable Molly Brown with astronauts Gus Grissom and John Young on March 23, K2586275* orrno #„, /,"" K258627 Ataluiratto ■rammicriminammummai,llcs,ssies,5 roe, iffenow‘mmlzroe-7,0 0 Z357208 CTIVITY IN THE PAPER MONEY MARKET is stron- ger than ever! 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. 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. RECEIVE OUR PAPER MONEY MAGAZINE, THE Paper Money Review. This full color publication highlights paper money in our inventory, as well as articles and features about this fascinating collecting specialty. To receive your copy send us an invoice of a previous paper money purchase. Or, if you place an order for any paper money totaling $1,000 or more you will receive the Paper Money Review AND a per- sonally autographed copy of 100 Greatest American Currency Notes with our compliments. CHECK OUT OUR OFFERING TODAY. WANT LISTS ACCEPTED! re.i /I/ ///e C'ASP(//lew.; (73«11/91;4 (..6 1 »///(1 /I We are pleased to announce the ongoing sales of the greatest hoard of bank-note printing plates, dies, and other material ever assembled. The American Bank Note Company (ABNCo) was formed in 1858 by combining seven of the most important bank note engraving firms then in business. Hundreds of printing plates and other artifacts were brought into the merger, and survive today. To these are added many other items made by ABNCo from 1858 onward, a museum quality selection. In sales in 2007 Stack's will continue to bring to marker hundreds of bank note printing plates, vignette dies, cylinder dies, and other artifacts, each unique. These items are so rare that most numismatic museums and advanced collectors do not have even a single vignette die, cylinder die, or plate! If you would like to have more information, contact us by mail, phone, fax, or on our website. This is an absolutely unique opportunity! PN•GU.S. COINS • ANCIENT AND WORLD COINS • MEDALS • PAPER MONEY ftaelm Paper Money • November/December • Whole No. 258 469 COME TO STACKS.COM cfr,Aotat-Aa-AeP -morw&eaP/ Stack's New York City: 123 West 57th Street • New York, NY 10019-2280 • Toll free: 800/566/2580 • Telephone 212/582-2580 • Fax 212/15 50 B Stack's Wolfeboro, NH: P.O. Box 1804 • Wolfeboro, NH 03894 • Toll-free 866/811-1804 • 603/569-0823 • Fax 603/569-3875 • www. stacks .can 0:0011.a01jaa P1514-fitat 1.W tree orbit09iA. xi IC teeotorlislt- =amen inctLvS ,vica WA SWAM PI ERRE F R I C K OP if SPINK liteNvrate .t.tatrs 01 1: 14 [Ni. 470 November/December • Whole No. 258 • Paper Money 1965. During this four hour and 52 minute flight, the crew and this bill made 3 full orbits of the earth, and traveled more than 80,000 miles after reaching an altitude of over 121 miles. It is one of only 50 $2 bills to accompany the crew aboard this historic flight in which, for the first time in the history of U.S. spaceflight, a two-person crew (Thomas Jefferson's presence aboard excluded, of course) launched into space. NEW! Confederate Paper Money Book - Field Edition 2008 — by Pierre Fricke Portable (6x9, 2.5 Ibs), 456 pages, quality hard back, full color. "Pierre Fricke's 2008 book is the primary reference source for any collector of CSA paper money. It is laid out well for anyone to comprehend and understand...this book is a must for all." McNair Tornow, CSA Collector • More than 100 people's input included • 100 pages of introductory material including history, ways to collect, and the only photo grading guide for CSA currency • Values for type notes in choice, average, cut- cancelled and impaired quality for each grade • Values for rare varieties, counterfeit types and CSA bonds & updated market analysis • Type and rare variety condition census • Hundreds of color pictures drawn from the most extensive type and variety collections Please send $40 ppd. to: Pierre Fricke, P.O. Box 52514, Atlanta, GA 30355 Personalized and Signed by Author 4"‘,- ±".. „, 98705A \■kx-s\v lffav.vE 38e718 60LIKOIN 11.0101glitAll, It • ■•eril, VI kit ti■itialattgit,03,,tiffe,0„11131044,,, J118* 'NW IININWras IA A10622 A, OUPPAM allt„1111.0..c all E.M*StirVIK oilkort*,1,9;,t, ' K98 tO il-K >Large size type notes Especially FRN's and FRBN's P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 FAX: 858-679-7505 B- ovv: ursinigunto.como B7A /4. rx 1111001111,11111,1NIIIL ' 10,41.101/0061/1110 „OrE 1,101%, WWI"- 0622A Ifo_ II- E C/11' 4* fp.Ammiltmoikuutati(4\ ! 400604563A inn i445534 'Brie .v- 4 4419.2 ge z•„„., EMIIEnfilliii:401;1111311Ci'- 1 N85439;"' -ofte 0 "it 3026 " 12t!!! 1,),XP,31.11,1. >Large star notes 1928 8500's and $1000's >National Bank Notes >Easy to sort database BY date added to Web site By Friedberg number All or part of any serial # >Insightful market commentary >Enlarge and magnify images Paper Money • November/December • Whole No. 258 471 Online Paper Money at Its Finest A 07690488 A ,sItINCTON 1.1 C. i I certify that this $2 bill, serial IIA07690 ,188A was flown in space aboard Gemini Win 1965. It is from toy personal collection and recently presented to Novaspace for dispersal to collectors of arti- facts from the great "space race' and the golden era of space exploration . WWW.novaspace.comcertified by Jim McDivitt 111111•11111111•111■11111111 611111111111111111111IMPNIMINP. CDR Gemini IV CDR Apollo 9 C Dili Apollo I.:Endows 472 November/December • Whole No. 258 • Paper Money The 50 Gemini 3 flown $2 bills (along with a set of flown $1 bills) are some of the most famous and well documented flown paper currency. Author Russ Still documented their flight -- and story -- in his wonderful book Relics of the Space Race. As the story goes, three members of the McDonnell Douglas launch crew assembled 50 $2 bills and 41 $1 bills and stowed them inside the capsule with Gus Grissom's permission. The bills were stuffed behind the instrument panel on the right side. This gave Gus Grissom the opportunity to execute one of the great space race gotchas (an astronaut term for a prank pulled among astronauts) of all time. Grissom had his secretary find all the play money she could. He secretly took it with him on the flight, and during orbit, switched out the real money with the play money. Upon return, when the launch crew went into the capsule to recover the flown curren- cy, they found the play money instead. The guys never said a word to Gus. Grissom later called the guys to explain how "funny things can happen in space" and then hung up. Later, the guys received a package from Grissom -- inside were all the flown bills, signed and flight certified by both crew members in red. Later, Don Wagner designed the above special certificates to record the historic flight status of each bill, and they, too, were authenti- cally hand signed by the crew to match. Sadly, none of the flown play money has ever surfaced on the collector mar- ket. Series 1963 $2 U.S. Note Flown on Gemini 4 On June 3, 1965, this 1963 $2 bill, with the serial number A07690488A, lifted off with the crew of Jim McDivitt and Ed White on the second manned Gemini flight. This historic flight witnessed America's first ever extravehicular activity (EVA), or space walk, by Astronaut White -- making this note (and the other three aboard the flight) the first to be exposed to the pure vacuum of space upon the opening of the Gemini capsule for the full Series 1953B $2 Bill Goes to the Moon! TWO 1,01.14.•11 ,4 A 70082989 A WASHINGTON.I , ( TW()111411GTAIIIS A 70089989 A tlwrirma) ST SATE OFA311Elklei, ...,..1111. SO 11.A .1.011141M1111.11.10, " WW1, XICHELY.41111111 Oa 473Paper Money • November/December • Whole No. 258 22 minute EVA. In all, this bill made 62 orbits and traveled 1,728,486 miles before returning to Earth on June 7, 1965, after more than four clays in space. This bill remained a part of astronaut Jim McDivitt's private space collec- tion until it was acquired by me in early 2008 from him at auction. Astronaut McDivitt has authentically hand- signed and flight certified this bill in his signature green ink. This Series 1953B note, with serial number A70489989A, actually helped achieve President Kennedy's vision of going to the Moon when it flew together with the crew of Apollo 15 on the ninth manned lunar mission of the Apollo space program, and the fourth mission to land man on the Moon. This bill flew on what was the first of the so-called "J" missions -- long duration stays on the Moon with a greater focus on science than had been possible on previous missions. This was also the first mission with the LRV, or Lunar Rover Vehicle (also known as the Moon car). This bill left Earth with the crew (Dave Scott, Mission Commander; Jim Irwin, Lunar Module Pilot; and Al Worden, Command Module Pilot) on July 26, 1971. It remained in lunar orbit with Al Worden, while Dave Scott and Jim Irwin ventured down to the lunar surface on July 26, 1971. (Of historic importance to paper money enthusiasts, Dave and Jim also took a package of $2 bills down to the lunar surface with them; sadly, those bills were forgotten on the lunar surface when they returned, making the 49 lunar orbit $2 bills even that much more rare and exclusive.) This bill spent more than 66 hours and 54 minutes in the Command Module, circling the Moon with Worden as he performed lunar mapping photography experiments. When the two Moonwalkers returned without the other flown bills, the crew headed home, landing in the Pacific Ocean on August 7, 1971, after 295+ hours in space, and after spending a total of 145 hours in lunar orbit! Upon return, the crew signed the backs of each of the 49 flown $2 bills during their trip back to the States from the Pacific to verify their flight status. The crew of Apollo 15 not only signed the backside of the flown $2 bills, but they also had very attractive flight certification parchments made, detailing the flight status of each bill by serial number. The crew then authen- tically signed each certificate. Artifacts flown to the Moon are some of the most sought after items in all of space memorabilia collecting, and these flown $2 bills are no exception. "0.1.4,111ft A 70489989 A 70489 WAILETEMPATAPTXWIMAlewiEttow•warouRmi 474 November/December • Whole No. 258 • Paper Money Juno Dollar fa&zrat ficierve note, Serial number 4 70419919 4, ulAs'carrieD aboArZoftpolto 15 Durine tke first eltteni)et) Scientific ExplorAtion, of the Moon. 440104 Apennine Jul( i6---jtu6ttot 7, 1.97t. tiiafid4-1 7-4-• 94"- The Space Shuttle -- Did Thomas Jefferson Ever Fly on the Shuttle? There are currently no known flown U.S. $2 bills from the Space Shuttle program era. Coins and currency are not currently allowed to fly aboard the Space Transportation System vehicle as part of an astronaut's PPK, even though it was a time-honored tradition in the past. As Russ Still points out on page 285 of Relics of the Space Race this is a recent policy decision relative to the Shuttle: "Monetary items have been carried on many U.S. manned space- flights. Although NASA spokesman Gloria Demers has indicated that it is currently against NASA policy to fly U.S. currency, it does have a long history." (A long history to which my flown $2 bills can clearly attest!) According to the listed NASA regulations currently in effect, astronauts on the Shuttle are prohibited from carrying "items such as philatelic materials and coins that, by their nature, lend themselves to exploitation by the recipients." This has been interpretated by NASA to include paper currency. (Although there have been some numis- matic items, such as coins, that have flown on flights as part of the OFKs.) Therefore, my collection will most likely never have a Shuttle flown exemplar -- although one can always hope. I happen to have in my collection a dollar bill that made the trip on a Shuttle to the International Space Station and back. It is one of only three such bills a Russian cosmonaut carried. But, unfortunately, he did not take a $2 bill with him. Perhaps someday, when the Shuttle program is no longer in operation, a flown $2 bill will surface. After all, the McDivitt Gemini flown $2 bills were unknown to the space collecting community until they were made available to collectors in 2007. Series 1995 $2 Bill Hitches a Ride on the International Space Station This 1995 Series $2 bill with the serial number F07347783B caught a ride on Soyuz TMA-2 (both there and back!) for a six-month ride on the International Space Station (NS) -- granting this bill the distinction of being the longest space-faring $2 bill in the collection. Launched on April 25, 2003, from Baikonour Cosmodrome in Kazakhstan, this bill accompanied Cosmonaut Yuri Malenchenko (ISS-7 Commander) and American Astronaut Ed This is to certify that the accompanying TWO USA DOLLARS BANKNOTE did, indeed, fly with me on Soyuz T/V1A-2 to the International Space Station during Expedition Seven for over 184 days and 2,911 orbits of the Earth. We left Earth on April 25, 2003 from Baikonur Cosmodrome in Kazakhstan, and returned to Earth on October 27, 2003. Yuri Malenchenko, ISS-7 Commander Paper Money • November/December • Whole No. 258 475 TWO MilEilan.S, t•-ti 1411.5 RCM ,trdi■ rrio,x AU. r.t_ttr, 4/1.. a•eititrc F 0'7 3 4 7 '78 3 B WAsmAru.....1) 6 -" Lu on a six-month mission as part of the 7th manned crew of the International Space Station. It is one of only 15 such bills that flew, docked at the ISS on April 28, 2003, and then spent 184 days in space in the Russian Zveda module, making 2,911 orbits of the Earth, before returning on October 27, 2003. This bill carries the official onboard ISS cancelation mark to the left on the front side of the bill, and Yuri Malenchenko's signature on the right. It is interesting to note that this bill witnessed another first on the flight of ISS-7: the first wedding in space! Yuri and his bride were married "virtually" over the phone during the mission, as his wife was in Texas, one of the few States that allows long-distance marriages. Series 2003 Note Flies Aboard SpaceShipOne for Historic Ansari XPrize Flights This bill, serial number I15894613A, is one of only 10 crisp, Uncirculated $2 bills that made both of the historic SpaceShipOne flights to claim the Ansari X-Prize, and establish SpaceShipOne as the leading private space craft vehicle in the world. This particular bill took part in the first flight (X-1), which left the planet on September 29, 2004, with Astronaut Mike Melvill as the pilot. During a 24 minute and 11 second flight, Mike and these bills flew at the speed of Mach 2.92 and reached an altitude of 102.9 km in space. This very same bill was then flown less than a week later on October 4, 2004, during X-2, by Astronaut Brian Binnie at the speed of Mach 3.09 and reached 476 November/December • Whole No. 258 • Paper Money 9th 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: five 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, published in our S/O 2008 issue. 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 book on Minnesota obsolete notes, Michael Reynard for a book on check collecting, and Matt Janzen for a work on Wisconsin nationals. Twice, no awards were made. 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, 2009 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, 2009. All entries must be complete when submitted, and sufficient return postage should be included if return is desired. Address entries to SPMC, attn. Fred Reed, 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 publication of the applicant's research to SPMC members and general pub- lic. All decisions of the Awards Committee will be final. Announcement of the awarding of the Wait Memorial Prize will be in the May/June 2009 issue of Paper Money, with subsequent news release to additional media. v Authentication of Artifact Flown to Space This =circulated 1 .wo Dollar Bill (Serial # 115094613 Al was flown aboard the SpaceShipOne on its two X•Prize flights into space. The first flight (X-I ) occurred on September 29. 2004 with Astronaut Mike Melvin. The second and last flight of SpaceShipOne was flown on October 4. 2004 with Astronaut Brian Binnie on the X-2 (X-PRIZE winning) flight. In witness whereof, we. the undersigned. attest to the truth of the statement above. dated August 8. 2005: Mike ,Sfelvill Brian mie Thr %Qom, ma UM alb ONOS Vac. attat Sp...QOM Ocic., 2004 mam mr ow. Som ma- A at .p ic) Scum Compoerrss: ADVIAILII Law no Ernr.s.rt DaveLoomtarr chart OA • ...SA, CA K.In• SC. • 8,4454, • rAx 15.3 .4 4174 rtotliscaiSe.rani • A Paper Money • November/December • Whole No. 258 477 112 km in space during a 23 minute and 56 second flight. With this second successful flight, Mike, Brian and Thomas Jefferson won for Scaled Composites the coveted Ansari X Prize, and forever placed them in the history books of manned space flight. With the successful winning of the Ansari X Prize by the crew of SpaceShipOne, reg- ular private spaceflight and a new chapter in space exploration inches closer and closer to reality. Both Astronauts Mike Melvill and Brian Binnie have signed detailed flight certification letters for the SpaceShipOne flown $2 bills, and it is interesting to note from a collectors perspective that the stationary used to print up the certification ALSO flew aboard the second flight! Next Stop... These six flown U.S. $2 notes bear witness to one of the most amazing and historic periods of human his- tory and span the entire length of U.S. manned space exploration. When you are out in your backyard at night, look up to the night sky, and imagine what it was like for these amazing notes as they journeyed into space to orbit the Earth and the Moon and to have gone where most humans have never gone. There is a very limited population of such bills in existence, and they are some of the rarest of their kind. Still, with Thomas Jefferson being one of America's most experienced and well-traveled unofficial accidental Astronauts, I wonder where off the planet he might find himself flying to next? Back to the Moon? Maybe on to Mars? Stay tuned! Richard Jurek is CEO of a privately held communications company in Oak Brook, Illinois. He is an avid collector of vintage space memorabilia and flown artifacts, and resides with his family in Northwest Indiana. He may be con- tacted at . To find out more about collecting space memorabilia, please go to . A paper money library IF ONE IS GOING TO COLLECT PAPER MONEYseriously, the first step is to build a library. Basic reference materials would include a text on each of the major branches of paper money collecting. These are: U.S Large Size type notes; U.S. Small Size type notes; National Bank notes; Colonial Currency; Obsolete Currency; Confederate Currency; and World Currency. After these subjects have been mastered one should pro- ceed to the next sublevel of note collecting references. These include: Fractional U.S. Currency; Southern States currency, individual Territory and States obsolete notes, Military Payment Certificates, Depression Scrip, both large and small size, Advertising Notes, College Currency, Coal Scrip, Sutler Notes, Encased Postage Stamps; and various auction catalogs of various kinds of paper money and substitutes. Acquiring a good paper money library can be as challeng- ing as collecting the notes, since a number of the best refer- ences are out of print and can be expensive when you find them. When I became interested in paper money, the first thing I did was to get a copy of the ANA library's holdings of paper money texts and It occurs to me... Steve Whitfield borrow them, through the mail. In reading them I was able to determine which reference materials I wanted to acquire for my own library and so construct a want list. I made Xerox copies of some of the ANA reference materials to use until I was able to find original texts for my library. I was lucky to find a copy of History of Banking in the United States by John J. Knox for $2 in an antique shop. It had no covers, but was otherwise intact so I had it rebound. It is packed with interesting information about banks and banking. A friend found a copy of an early counterfeit detector for $7.50 in a junk shop and let me have it. Much of the rest were bought at retail prices or presented as gifts. The D.C. Wismer reprints for state notes were available from paper hobby book dealers. And auction companies soon began to add useful infor- mation about the notes they were selling, such as serial num- bers, to their catalog descriptions. There were other reprints done also, such as United States Notes by Knox and Roy Pennell reproduced Hodges ,-4nierican Bank Note Safeguard for 1865 and Gwynne & Day's Descriptive Register of Genuine Bank Notes, most useful references. Other books that are also collectibles in their own right are individual bank histories, which often include period pho- tos of the bank and its notes. Hobby journals such as Paper Money, business directories, local histories, government publi- cations related to currency and the legal background are all references of interest. If you haven't started on this exciting journey, get going and build yourself a library. It is as much fun as chasing the tes. • November/December • Whole No. 258 • Paper Money M A personal view on books OST READERS OF PAPER MONEY HAVE OUT- standing personal libraries. Collectors like to learn about their notes, and books are often the best way to do so. If readers don't, running mate Steve Whitfield offers helpful suggestions on filling out one's reference shelves at left. In addition, this issue contains brief notices of four new books, all worthy of readers' considerations. What is really on my mind, however, is the official SPMC notice that appears on page 476 of this issue. It solicits book length entries in our annual George W. Wait Memorial Award competition. George Wait was the biggest promoter of book publishing in our Society's early history. The award in Wait's honor, up to $500 in monetary grants to further research of book-length projects, is particularly fitting. In recent past these awards have gone for stellar projects, which have resulted in outstanding books for SPMC members and the world at large. Winners names are listed in the afore- mentioned announcement. Twice, however, including last year, NO ONE bothered to submit an entry. Nada. Nil. Zip. I know. I'm the judge of the competition. My mail box weeped for disuse. With the breadth of SPMC authors, and all the book publishing going on today, it taxes my feeble mental capacity to understand how this could be. The Society is incorporated "exclusively for educational purposes, and in furtherance of such purposes to promote, stimulate, and advance the study of paper money and other financial documents in all their branches along educational, historical and scientific lines." Supporting legitimate research efforts such as book pro- jects is a good way to accomplish this purpose. But when the award goes begging, the Society's mission goes unfulfilled, worthy projects go unfunded, and outstanding literature may fail to materialize to inform and entertain the membership. Five hundred bucks may not be worth bothering for some well-heeled writers. With few strings attached, $500 will buy a research trip to a major research library, archive, museum or private collection. The author's research/book will benefit from such an outing, and readers will be blessed by the result. In the past I've personally received research grants from both the ANA and SPMC, although never the Wait Award as that would be a serious conflict of interests. From my experi- ence, my trips on these funds have greatly aided my work, have substantially bettered my understanding and writing, and have added to my own books in major ways. If you are working on a book in one of the Fields covered by the Wait Award, you should actively consider how this SPMC benefit could assist you, too! This clock is ticking. + 478 DO YOU COLLECT FISCAL PAPER? Write about your specialty for Paper Money Articles on checks, bonds, stocks Always wanted Our SPMC Journal exists to fulfill our mandate to promote education in all these fiscal paper areas So spread your knowledge around to our members Buying & Selling Quality Collector Currency •Colonial & Continental Currency •Fractional Currency •Confederate & Southern States Currency • Confederate Bonds •Large Size & Small Size Currency Always BUYING All of the Above Call or Ship for Best Offer Free Pricelist Available Upon Request James Polls 4501 Connecticut Avenue NW Suite 306 Washington, DC 20008 (202) 363-6650 Fax: (202) 363-4712 E-mail: Member: SPMC, FCCB, ANA WANTED FOR HIGGINS MUSEUM LIBRARY Volumes 1, 2, and 3 of PAPER MONEY The first 12 issues. Larry Adams, Curator, Higgins Museum & Library, PO Box 258, Okoboji, Iowa 51355 712-332-5859 or 515-432-1931 email: 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 • Whole No. 258 479 Are you planning a show? Would you like to have free copies of Paper Money magazine to distribute to attendees? Contact Bob Cochran 1917 Driftwood Trails Drive Florissant, MO 63031 NATIONALS FOR SALE Clinton, Thompson, Lafayette, Madison, Marion, Newton. Solomon, Lowell, Jackson, Beatrice, Franklin, Kent, Sidney, Perry, Bradford, Butler, Chester, Howard, Siegfried, Austin, Victoria, many others JOE APELMAN ANA SPMC P.O.BOX 283 COVINGTON LA 70433 985 - 892 - 0123 LITTLETON COIN COMPANY • SERVING COLLECTORS for OVER 60 YEARS Selling your collection? Call Littleton! You've worked hard to build yourpaper 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. Call us at 1-877-857-7850 and put Littleton's 100+ years of combined buying experience to work for you! ratiiiworatintatiftilfotan. 723"; 411.51glr .ifoa..x.cAalflarair• STATES' (W.t3114.11p11.■ 2 2 WANTED: All types — Legal Tenders, Silver Certificates, Nationals, Federal Reserve Notes and more. 7 Reasons you should sell to Littleton... 1 Receive top dollar for your collection - immediately 2 Quick turnaround - accept our offer and we'll send you a check the very same day 3 Single notes to entire collections 4 Deal with a company that has a solid reputation built from more than 60 years of service 5 You can rely on our professionals for accuracy and expert advice 6 Why travel? Send us your collection, or if it's too large and value requires, we'll come to you - call for details 7 Each year we spend over $15 million on coins and paper money - isn't it time for your check? Maynard Sundman David Sundman Jim Reardon Butch Caswell Founder President, Numismatist Chief Numismatist Senior Numismatist (1915-2007) (ANA LM #4463, PNG #510) Ken Westover Numismatist America's Favorite Coin Source • TRUSTED SINCE 1945 >:`,E4.3[33.< 84J91 I r 4 LittletonCoin Company Contact us: Toll Free: 18771 857-7850 Toll-Free Fax: (877) 850-3540 CoinBuygLittletonCoin.corn References: Bank of America Dun & Bradstreet #01-892-9653 1309 Mt. Eustis Road • Littleton NH 03 56 1-3 73 5 480 November/December • Whole No. 258 • Paper Money 4 4* IP i te,, .4.1; . `441i1:41w Eri,-.AP , ::: &IF" -4zeti ' ''''' ..i.-0.--. 4474 Or I. ,,_, 141111.'•• b ". '':4■10 '.... 41,11 ♦ 1 4i=". **at." P. ....... 4 li -■ b . 4.111* A"' 4.; 4' .0. ., ...:=w *WO .‘itt'"Ago iSAre 4 NSW !,,,Zitt UMW up.- --ad.14414/ ""r 411107—ari.— .firo ..44„„ siozr. 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RRENCY, FUN '09 ORLANDO CONSIGNMENT DEADLINE: NOVEMBER 20 WORLD CURRENCY, NYINC '09 NYC CONSIGNMENT DEADLINE NOVEMBER 7 Allen Mincho Director of Auctions Ext.1327 AllenM4HA com Cristiano Bierrenback Ext. 1661 Director of International Sales Call the Consignor Hotline today to discuss opportunities in an Official Heritage Signature' Auction: 800-872-6467 Ext. 1001 The World's #1 Numismatic Auctioneer Receive a free copy of this catalog, or one from another Heritage category. Register online at or call 866-835-3243 and mention reference SPMC15458. The entire auction will go online approximately December 8 HERITAGE cytictim Galieris, Annual xt.ced 5600 Million • 400,000+ Online Registered Bidder-Members 3500 Maple AvC1111U, ITt h Floor • Dallas, 'texas 75219-3941 • or visit 214-528-3500 • FAX: 214-409-1425 • e-mail: 11. license Heritage Numismatic Auctions, Inc.: AB665; Currency Auctions of America: AB2218; H. Auctioneer licenses: Samuel Fouse AU3244; Robert Korver AU2916; Scott Peterson AU3021 NYC Auctioneer licenses: Samuel Foose (1952360; Robert Korver 1096338; Leo Frese 1094963; Kathleen Guzman 0762165. This auction subject to a 15% buyer's premium.