Paper Money - Vol. XVI, No. 1 - Whole No. 67 - January - February 1977

January • February 1977 Volume XVI No. 1 Whole No. 67 iiri LY PUBLICATION OF THE SOCIETY OF PAPER MONEY COL TORS SUPERB U. S. UNCUT SHEETS Beautiful Crisp New Sheets of Twelve="Leaders" in Today's Great rarities. These Potential "Best of Show" Winners can put Your Collection in the "Blue Ribbon Class". Specially Priced-BUT Subject to Prior Sale. WANTED=Superb CN Uncut Sheets (4, 6, 12, 18, Fractional). Please Price Offers. SILVER CERTIFICATE SHEETS 1935 $1.00 Julian-Morgenthau. Just 100 Sheets were issued but not many exist Today (O'Donnell's 5th Ed. records only 21 Sheets=with Estimated Value of $1,500.00). We have this Superb Sheet in Stock 1095.00 1935A $1.00 Signatures as last. Only 100 Sheets were issued (O'Donnell=Only 17 Sheets, Est. Value $1,300.00) 1050.00 1935B $1.00 Julian/Vinson, 100 Sheets issued but now Rare=(O'Donnell records 24 known Sheets + Est. Value of $1,400.00) Priced for 1050.00 1935C $1.00 Julian/Snyder. Of the 100 Sheets issued, O'Donnell's 5th Ed. records just 24 known Sheets. + Est. Value of $1,200.00. 995.00 1935D $1.00 Clark/Snyder. The Last of the Sheets of Twelve. O'Donnell's records 37 known Sheets, with Est. Value of $1,300.00 Special for 995.00 SPECIAL-Above Collection of these Five Rare and Beautiful Sheets 4695.00 SPECIAL-LIMITED OFFER 1935D $1.00 Silver Certificate-above Sheet (12) 995.00 1928G $2.00 Legal Tender. Clark/Snyder. 100 Sheets issued but O'Donnell's records only 20 known Sheets, with Est. Value of $1,400.00. Our Price=$1,200.00. Special 1075.00 SPEC1AL=Both Sheets 1795.00 COMPLETE SET $2.00 NOTES 1928/1963A $2.00 Legal Tender Notes. Consists of 1928-1928A-1928B-1928C-1928-D-1928E-1928F-1928G- 1953-1953A-1953B-1953C-1963-1963A. All Superb Crisp New=Well Centered, Indeed Quite Rare so Nice Just this One Set $949.50 Similar Set (14): Crisp New but not as well Centered 869.50 COMPLETE SET $2.00 BICENTENNIAL NOTES The Last Two Serial Nos. Match on all Twelve Districts 31.50 $1.00 1935A EXPERIMENTAL ISSUE 1935A $1.00 Red "R" & "S" Special Issue Notes-Crisp New, Well Centered 169.50 Similar Pair-Crisp New but not as well Centered 149.50 MISMATCHED ERROR NOTE SCARCE 1928 $1.00 NOTE 1957B $1 U37/U47-Superb Crisp New-Well 1928 $1.00 Red Seal Legal=Low Serial No. under Centered $49.50 5,000. Superb CN=Well Centered 57.50 Error Notes Wanted-Not the Common Variety. Similar Note-CN but not as well Centered 49.50 Please Describe and Price Your Offers. WHY NOT GIVE US A TRY? Thanks to the Thousands of Happy "Bebee Boosters" we are Starting our 38th Year + Full Time Dealers and the Same Ownership all the Way. Start the New Year Right=Right at BeBee's (where else?). We'll Both be Glad you Did! SASE=for our Bargain Lists (Includes Confederate & Fractional) Plus Books (Over 100 Different) and also Accessories=all at Discount Prices. Y'all Hurry NOW! We wish to thank all SPMC members for their patronage during the past year and extend our Best Wishes for a healthy and "HAPPY HUNTING" 1977. Please Add $1.00 to all Orders (Over $200.00 Add $2.00). Nebraskans Add Tax. MEMBER: ANA Life #110, ANS, PNG, SCPN, SPMC, IAPN, Others. lichee's, inc. "Pronto Service" 4514 North 30th Street Phone 402-451-4766 Omaha, Nebraska 68111 An Index to PAPER MONEY Vol. 15 - 1976 Nos. 61-62-63-64/65-66 Adams, Ben E. Retail pricing vs dealer grading AUCTION PRICES REALIZED Donlon Sale, November 26, 1975, Spinner signatures Lester Merkin Sale, August 20, 21, 1976, Illus. Stanley Gibbons Sale, September 3, 1975 No. Page 62 81 63 133 64 205 61 22 62 76 64 216 Ireland Legal tender notes of the Currency Commission and the Central Bank of Ireland. Illus. D. Young Israeli Sir Moses Haim Montefiore, "Lover of Zion". Por- trayed on new Israeli note. Illus. F. Frank] Jamaica World's first matched numbered set of banknotes. Illus. Frankl, Franz Sir Moses Haim Montefiore, "Lover of Zion". Por- trayed on New Israeli note. Illus. General Mills Corp. Enters paper money field Goldstein. Nathan II Federal Reserve Corner Grading paper money. Retail pricing vs dealer grading. B. E. Adams Gupta, Parmeshwari Lal Indian paper money. Government of India notes Hallenbeck, Kenneth L. New Lewis M. Reagan Memorial Foundation head Harpers Magazine. 1861 articles on Philadelphia Mint American Bank Note Co. reprinted Hessler, Gene Design uncovered for the $100 1858 U. S. Treasury Note. Illus. New York's first currency printer. Illus. Hoober, Richard T. A Bank of North America Check. Illus. Huntoon, Peter W. Intermediate size check numbers on $1 reverse plate #181. Illus. The third verified Nebraska Territorial Note. Illus. Huntoon, Peter W. and Raymond, W. K. Basic plate and overprint varieties on the First and Second Charter National Bank Notes. Illus IN MEMORIAM Maurice Gould Johansen, Paul H. Type collecting - U. S. paper currency 62 79 64 220 Judaic Paper Collectors Quarterly Journal "Shtarot" started 64 219 Kemp, Charles The First Bank in Wisconsin and its use of the Treaty of Prairie du Chien on its notes. Illus. 63 128 Kupa, Dr. Michael The Kossuth Hungarian notes issued "in emigration" 1850-1866. Illus. 61 19 63 144 The 1916 overstamping of Montenegrin States Notes bythe Austrian - Hungarian Monarchy 62 74 Statesmen on Hungarian paper money. Illus. 62 75 Lasser, Joseph R. Members of the Continental Congress who signed Contin- ental Currency. Illus. 63 119 Mason, Thomas F. The greatest Wyoming National Bank Note find of 1976. Illus. 62 67 MILITARY CURRENCY Military Payment Certificates! Allied Military Currency. Are they U. S. paper money ? I ins. C. F. Schwan 63 140 MONEY MART see SPMC MONEY MART Mueller, Barbara R. The First Women's Bank. Illus. 62 86 Swan Song - an editorial farewell 63 157 New England Paper Money Club proposed 61 33 OBSOLETE NOTES Indiana Rare banknotes, banks and bankers of Indiana Part V Illus. W. Wolka 66 264 Maryland Notes exhibited by Dr. L. M. Rothstein in Bicentennial Exhibit at Baltimore Museum of Art 61 33 Rhode Island Exchange Bank of Providence. Illus. 62 87 Parshall, Howard W. First Charter One Dollar Nationals : Part IV 63 142 PNC Bicentenial covers Illus. T. Mason 62 66 Schwan, Carlton Fred Military Payment Certificates/Allied Military Curency Are they U. S. paper money ? Illus. 63 140 SCRIP Kansas Obsolete merchant scrip of the Eldridge Brothers Illus. S. K. Whitfield 63 130 Kansas Union military scrip Illus. S. K. Whitfield 61 28 Shafer, Neil Food Coupon report Illus. 62 59 SIGNATURES Members of Continental Congress who signed Continental Currency Illus. J. R. Lasser 63 119 Spinner signature prices at Donlon Auction 63 133 Sloan, Milton M. Whitehall, Montana uncut sheet of large size Nationals Illus. 62 67 62 74 SPMC Annual meeting call 63 157 Chronicle Regional Meetings ; Pensacola, Florida Banks ; 61 19 War of 1812 Treasury Note information 62 91 Currency Club of New England formed ; Judaic 62 75 Syngraphics Specialty Group formed ; Rothert Fractional collection sold to Rockholt 63 158 61 21 Editorials, Postage economy 61 32 62 88 Invitation to writers for articles 62 91 The Editor's Notes 64 229 Notes of interest by Bob Medlar 64 222 66 277 66 275 Library Notes 62 92 Money Mart 61 36 63 141 96 63 162 64 228 66 276 66 290 AWARD WINNERS Mississippi Numismatic Assn. 1975 Convention Show Mike Crabb, John :Morris Nathan Gold Memorial Award. Lewis W. Van Belkum SPMC Literary awards. W. P. Koster, C. V. Kemp, V. Culler SPMC Award of Merit. L. C. Leggett, Barbara Mueller Julian Blanchard Memorial Award. Dr. Glenn Jackson BANKS AND BANKERS Bank of North America check. Illus. R. T. Hoober Banks with unusual names. Illus. R. E. Ekeblad The first bank in Wisconsin and its use of the Treaty of Prairie du Chien on its notes. Illus. C. V. Kemp The First Women's Bank. New York and Tennessee. B. R. Mueller Rare banknotes, banks and bankers of Indiana. Illus Part V. W. Wolka Kansas. Obsolete merchant scrip of the Eldridge Brothers Illus. S. K. Whitfield Pensacola, Florida banks, history of in new book by P. A. Pfeiffer Bradford, William - New York's first currency printer Illus. G. Hessler Breen, Walter New looks at old notes. Illus. Brett, George W. New line - intaglio rotary currency press at the Bureau. Illus. Carter, Mike The "Baptism of Pocahontas" and other First Charter Note back designs 62 64 CHECKS Banks with unusual names. Illus. R. E. Ekeblad 62 89 Bank of North America check. Illus. R. T. Hoober 63 146 COLLECTORS AND COLLECTING Set collecting. Illus. T. Vavra 66 282 COLONIAL AND CONTINENTAL CURRENCY Continental Currency scale of depreciation 64 221 Members of Continental Congress who signed Continen- tal Currency. Illus. J. R. Lasser 63 119 Massachusetts. Patriotic pride of Massachusetts paper money. Illus. V. Culler 66 272 New York's first currency printer. Illus. G. Hessler 64 183 CONFEDERATE AND SOUTHERN STATES CURRENCY Gold value of Confederate paper money 63 142 Sam Upham's Confederate Notes, Illus. B. H. Hughes 64 188 COUNTERFEIT, ALTERED AND SPURIOUS NOTES Descriptive lists of counterfeit U. S. Notes from Dye's Counterfeit Detector, July 1884 Edition 61 31 64 219 64 219 64 219 64 219 63 146 62 89 63 128 62 86 66 264 63 130 62 91 64 183 64 207 62 80 64 218 66 274 and 63 141 61 27 61 5 62 83 62 81 61 21 62 88 61 30 61 33 66 259 64 183 63 146 61 25 62 68 63 134 66 255 61 33 Culler, Virgil Patriotic pride of Massachusetts paper money. Illus.._ 66 272 Daniel, Forrest W. Mutillated notes burned. Illus. From "The Early Empire Builders of the Great West" by M. K. Armstrong 61 5 Ekeblad, Raymond E. The Checkbook. Banks with unusual names. Illus. 62 89 ENGRAVERS AND LITHOGRAPHERS Asher Brown Durand - Premier Engraver. Illus. C. J. Turner 61 6 Federal Reserve Bank Designations 62 70 Ferreri, C. John "Scissors" Part Two 66 280 Food Coupon Report. List of issues. Illus. N. Shafer 62 59 Food Coupons or Stamps. U.S.D.A. will not issue or sell obsolete issues to collectors 61 25 FOREIGN CURRENCY Austria - Hungary The 1916 overstamping of Montenegrin State Notes by the Austrian - Hungarian Monarchy. Dr. M Kupa Hungary The Kossuth Hungarian notes issued "in emigration 1850-1866. Illus. Dr. M. Kupa Statesmen on Hungarian paper money. Ferenc Deak Illus. Dr. M. Kupa India Government of India notes. P. L. Gupta Nominating Committee Report 63 158 Report of 16th Annual Meeting 64 206 Secretary's Report 61 34 62 93 63 159 64 224 66 293 Tiitus, M. World News and Notes 61 22 62 74 Ton, Graenie M., Jr. The B71J King of the Silver Certificates Illus. 61 Turner, Craig J. Asher Brown Durand Premier Engraver. Illus. 61 6 U. S. BUREAU OF ENGRAVING AND PRINTING Cope production of Federal Reserve Notes 66 284 New line-intaglio rotary currency press installed Illus G. W. Brett 63 144 U. S. Centenial and Exhibition of 1876 A Syngraphic survey Illus. M. 0. Warns 63 147 U . S. LARGE SIZE NOTES DEMAND NOTES A new look at old notes Illus. W. Breen 64 207 GOLD CERTIFICATES $10,000 cancelled Gold Certificates showing up Series of 1900 61 27 NATIONAL BANK NOTES Basic plate and overprint varieties on the First and Second Charter National Bank Notes Illus. P. Huntoon and W. Raymond 63 134 66 255 First Charter One Dollar Nationals: Part IV H. W. Parshall 63 142 Whitehall, Montana uncut sheet Illus. M. M. Sloan 62 67 The third verified Nebraska Territorial Note Illus. P. Huntoon 62 68 The "Baptism of Pocahontas" and other First Charter Note back designs Illus. M. Carter 62 64 First Charter 51 and 52 National Bank Notes of Wisconsin Illus. M. 0. Warns 62 71 Wisconsin "First" Nationals Illus. M. 0. Warns 64 200 TREASURY OR COIN NOTES Counterfeits of U. S. Treasury Notes. Excerpts from Dye's Counterfeit Deteector, July 1884 edition 62 80 64 218 66 274 Design uncovered for the $100 1658 U. S. Treasury Note Illus. G. Hessler 66 259 War of 1812 Treasury Notes Information wanted 62 91 Type collecting- -U. S. paper currency P. H. Johansen 62 79 64 220 U. S. SMALL SIZE NOTES FEDERAL RESERVE NOTES Federal Reserve Corner N. Goldstein II 61 62 83 COPE production through September 1976 66 284 Facts about the new $2 note 61 26 Tout-sheet on the 82 1,,te Iles. 62 84 Intermediate size check numbers on 51 reverse plate #1821 Illus. P. W. Huntoon 61 25 NATIONAL BANK NOTES The greatist Wyoming National Lank Note find of 1976 Illus. T. F. Mason 62 67 National Bank Note varieties Supp• III Illus. M. 0 Warns 61 15 SILVER CERTIFICATES The B71J King of the Silver Certificates Illus. G. M Tun 61 3 Unknown Factor Column Bank of Dixie, Fayettevill, Ark. Was it a bank? Illus. J. Ferrari 61 26 Bank of the United States, Washington, D. C.? Was it a bank? Illus. J. C. Ferrari 61 26 New York Two Pound Note cf 1771 Daniels queery answered by Newman 61 27 Franklin, Florida ( ?) Scrip. Illus. 62 87 Vavra, Terry Set collecting Illus. 66 282 VIGNETTES First Charter Note back designs Illus. M. Carter 62 64 Warns, M. Owen First Charter $1 and S2 National Bank Notes of Wisconsin Illus. 62 71 National Bank Note Varieties Illus. Supplement III 61 15 The U. S. Centenial and Exhibition of 1876 A survey 63 147 Wisconsin's "First" Nationals Illus 64 200 Whitfield, S. K. Kansas Obsolete merchant scrip of the Eldridge Brothers Illus. 03 130 Kansas Union Military Scrip. Illus. 61 28 Wolka, Wendell Rare banknotes, banks and bankers of Indiana Illus Part V 66 264 World News and Notes, M. Tiitus 61 22 62 74 Young, Derek Legal tender notes of the Currency Commission and the Central Bank of Ireland Illus. 66 277 SOCIETY OF PAPER MONEY COLLECTORS INC. ,3111,aivic4 Whole No. 67 PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors, Inc., J. Roy Pennell, Jr., P.O. Box 858, Anderson, SC 29621. Second class postage paid at Anderson, SC 29621 and at additional entry office, Federalsburg, MD 21632. (i) Society of Paper Money Collectors, Inc., 1977. All rights reserved. Reproduction of any article, in whole or in part, without express written permission, is prohibited. Annual membership dues in SPMC are $10 for the first year (includes $2 admission fee and $8 for each year thereafter, of which $5.25 are for a subscription to PAPER MONEY. Subscriptions to non-members are $10 a year. Individual copies of current issues, $1.75. ADVERTISING RATES Contract Rates SPACE Outside 1 TIME 3 TIMES 6 TIMES Back Cover S48.00 S130.00 S245.00 Inside Front & Back Cover 45.00 121.00 230.00 Full page 39.00 105.00 199.00 Half•page 24.00 65.00 123.00 Quarter-page 15.00 40.00 77.00 Eighth-page 10.00 26.00 49.00 25% surcharge for 6 pt. composition; engravings & artwork at cost + 5%; copy should be typed; $2 per printed page typing fee. Advertising copy deadlines: The 15th of the month preceding month of issue (e.g. Feb. 15 for March issue). Reserve space in advance if possible. PAPER MONEY does not guarantee advertisements but accepts copy in good faith, reserving the right to reject objectionable material or edit any copy. Advertising copy shall be restricted to paper currency and allied numismatic material and publications and accessories related hereto. All advertising copy and correspondence should be addressed to the Editor. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XVI - No. 1 Whole No. 67 Jan./Feb. 1977 DOUG WATSON, Editor Box 127 Scandinavia, WI 54977 Tel. 715-467-2379 Manuscripts and publications for review should be addressed to the Editor. Opinions expressed by the authors are their own and do not necessarily reflect those of SPMC or its staff. PAPER MONEY reserves the right to edit or reject any copy. Deadline for editorial copy is the 1st of the month preceding the month of publication (e.g., Feb. 1 for March issue, etc.) SOCIETY BUSINESS & MAGAZINE CIRCULATION Correspondence pertaining to the business affairs of SPMC, including membership, changes of address, and receipt of magazines, should be addressed to the Secretary at P.O. Box 4082, Harrisburg, PA 17111. IN THIS ISSUE NOTES THAT ALMOST WEREN'T Walter Breen 5 PENNSYLVANIA'S FIRST NOTES BENEFITED THE COMMONER Richard T. Hoober 16 SOME PRAGMATIC CONSIDERATIONS E. Welker Marchand 20 THE NUMBER ONES M. Owen Warns 25 THOUGHTS ON GRADING William P. Koster 28 THE CASE FOR COLLECTING ENCASED POSTAGE Terry Vavra 30 KANSAS, BOGUS and QUESTIONABLE BANKNOTES S.K. Whitfield 32 TERRITORY OR STATE? Ben M. Douglas 34 COPE PRODUCTION RECORDS 36 SOCIETY OF PAPER MONEY COLLECTORS INTEREST BEARING NOTES 22 MONEY MART 38 SECRETARY'S REPORT 44 Page 3 The Society of Paper Money Collectors, Inc. P. 0. Box 858, Anderson, S.C. 29622 Page 4 Paper Money Society of Paper Money Collectors OFFICERS PRESIDENT Robert E. Medlar, 220 Alamo Plaza, San Antonio, TX 78205 VICE PRESIDENT Eric P. Newman, 6450 Cecil Ave., St. Louis, MO 63105 SECRETARY Harry Wigington, P.O. Box 4082, Harrisburg, PA 17111 TREASURER C. John Farreri, P.O. Box 33, Storrs, CT. 06263 APPOINTEES EDITOR Doug Watson, P.O. Box 127, Scandinavia, WI 54977 LIBRARIAN Wendell Wolka, 8425 South Woodward Ave., Apt. 214, Woodridge, IL 60515 PUBLICITY CHAIRMAN Larry Adams, 969 Park Circle, Boone, IA 50036 BOARD OF GOVERNORS Larry Adams, Thomas C. Bain, Michael Crabb, Jr., David A. Hakes, Richard Jones, Charles O'Donnell, J. Roy Pennell, Jr., Glenn B. Smedley, George W. Wait, M. Owen Warns, Wendell Wolka. 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 American Numismatic Association and holds its annual meeting at the ANA Convention in August of each year. MEMBERSHIP-REGULAR. Applicants must be at least 18 years of age and of good moral charter. JUNIOR. Applicants must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or a guardian. They will be preceded by the letter "j". This letter will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or to vote. Members of the A.N.A. or other recognized numismatic organizations are eligible for membership. Other applicants should be sponsored by an S.P.M.C. member, or the secretary will sponsor persons if they provide suitable references such as well known numismatic firms with whom they have done business, or bank references, etc. DUES -The Society dues are on a calendar year basis. Dues for the first year are $10, this includes a $2 admission fee. Each year thereafter the dues are $8, payable in U.S. funds. Members who join the Society prior to October 1st receive the magazines already issued in the year in which they join. Members who join after October 1st will have their dues paid through December of the following year. They will also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. PUBLICATIONS FOR SALE TO MEMBERS We have the following back issues of PAPER MONEY for sale for $1.50 each. For orders of less than 5 copies at one time, please include $0.25 per issue for postage. We have only the issues listed for sale. 1965, No. 2 (No. 14) 1031. 10, 1971, No 1 (No. 37) 1965, No. 3 (No. 15) Vol. 10, 1971, No 2 (No. 38) Vol. 10, 1971, No 3 (No. 39) 1966, No. 1 (No. 17) Vol. 10, 1971, No 4 (No. 40) 1966, No. 2 (No. 18) 1966, No. 3 (No. 19) Vol. 11, 1972, No. 1 (No. 41)i 1966, No. 4 (No. 20) Vol. 11, 1972, No. 2 (No. 42)' Vol. 11, 1972, No. 3 (No. 43) Vol. 11, 1972, No. 4 (No. 44) 1967. No. 1 (No. 21) 1967, No. 2 (No. 22) Vol. 12, 1973, No. 1 (No. 45) 1967, No. 3 (No. 23) Vol. 12, 1973, No. 2 (No. 46) 1967, No. 4 (No. 24) Vol. 12, 1973, No. 3 (No. 47) Vol. 12, 1973, No. 4 (No. 48) 1968, No. 1 (No. 25) Vol. 13, 1974, No 1 (No. 49) 1968, No. 2 (No. 26) Vol. 13, 1974, No 2 (No. 50) 1968, No. 3 (No. 27) Vol. 13, 1974, No 3 (No. 51) 1968, No. 4 (No. 28) Vol. 13, 1974, No 4 (No. 52) Vol. 13, 1974, No 5 (No. 53) 1969, No. 1 (No. 29) Vol 13, 1974, No 5 (No. 54) 1969, No. 2 (No. 30) 1969, No. 3 (No. 31) Vol. 14, 1975, No. 1 (No. 55) 1969, No. 4 (No. 32) Vol. 14, 1975, No. 2 (No. 56) Vol. 14, 1975, No. 3 (No. 57) Vol. 14, 1975, No. 4 (No. 58) 1970, No. 1 (No. 33) Vol. 14, 1975, No. 5 (No. 59) 1970, No. 2 (No. 34) Vol. 14, 1975, No. 5 (No. 60) 1970, No. 3 (No. 35) 1970, No. 4 (No. 36) Index Vol. 1-10 81.00 Library Services The Society maintains a lending library for the use of members only. A catalog and list of regulations is included in the official Membership Directory available only to members from the Secretary. It is updated periodically in PAPER MONEY. For further information, write the Librarian-Wendell Wolka, P.O. Box 366, Hinsdale, Ill. 60521. BOOKS FOR SALE: All cloth bound books are 81/2 x 11" FLORIDA OBSOLETE NOTES & SCRIP, Freeman . . . $6.00 MINNESOTA OBSOLETE NOTES & SCRIP, Rockholt . $6.00 TEXAS OBSOLETE NOTES & SCRIP, Medlar $7.50 Non-Member. . $12.00 VERMONT OBSOLETE NOTES & SCRIP, Coulter . . . $6.00 Non-Member. . $10.00 NATIONAL BANK NOTE ISSUES OF 1929-1935, Warns - Huntoon - Van Belkum $9.75 Non-Member.. $12.50 MISSISSIPPI OBSOLETE PAPER MONEY & SCRIP, Leggett Non-Member. . $1$06 .000 Write for Quantity Prices on the above books. ORDERING INSTRUCTIONS 1. Give complete description for all items ordered. 2. Total the cost of all publications ordered. 3. ALL publications are postpaid except orders for less than 5 copies of Paper Money. 4. Enclose payment (U.S. funds only) with all orders. Make your check or money order payable to: Society of Paper Money Collectors. 5. Remember to include your ZIP CODE. 6. Allow up to six weeks for delivery. We have no control of your package after we place it in the mails. Vol. 4, Vol. 4, Vol. 5. Vol. 5, Vol. 5, Vol. 5, Vol. 6, Vol. 6, Vol. 6, Vol. 6, Vol. 7. Vol. 7, Vol. 7, Vol. 7, Vol. 8, Vol. 8, Vol. 8, Vol. 8, Vol. 9, Vol. 9, Vol. 9, Vol. 9, We have a few cloth bound copies of PAPER MONEY for sale as follows, Vol. 11, Nos. 41 through 44. Cloth Round 811.00. Vol. 12 & Vol. 13, Nos. 45 through 54, Cloth Bound 817.50. \\... .........Photo-copies of sold out issues may be ordered for 51.50 per issue. These copies do not include ads. Copies with ads are available for S2.50 per issue. Whole No. 67 One of those tiny things that change history: A three- word phrase in the U.S. Constitution became obsolete in the 70 years following adoption, so that congressmen and constitutional lawyers of the 1860s, having forgotten its original meaning, went against the express intent of the framers of the Constitution. And the old-style $2 bill—or the red seal $1 or $5 or $100 "Legal Tender" note—which many of you have at some time or another received and spent, would never have been printed but for a peculiar change in English word usage. When the 55 delegates making up the Constitutional Convention of May, 1787, got down to the work of deliniating the powers which should belong to the federal government as against those reserved to the states and the people, one topic very much in their minds was how the new government would finance its operations. All were familiar—to their own chagrin—with the fiasco Continental Congress had made of its attempt to create a paper currency. Before the first such notes were even six years of age, all the Continental fiat money had sunk to 1/40 of its original face value before ceasing to pass at all. The Convention delegates all were agreed that this must not be permitted to happen again. Most agreed that paper currency in any form, without full backing in gold or silver, would sooner or later depreciate the way the Continentals had. So, Article I, Section 10, paragraph 1 of the U.S. Constitution specifically denied to the states the power to coin money or "emit bills of credit." The coinage power was specifically reserved for the federal government; Art. I, sec. 8, pag. 5 gives Congress the power "to coin money, regulate the value thereof and of foreign coin, and fix the standard of weights and measures." No mention of paper currency: A deliberate omission. The framers of the Constitution evidently took it for granted that the new federal government would not be about to issue paper currency, so they did not bother either to give Congress the power to do so or to deny such power. Proof is in the next paragraph: Par. 6 empowers Congress to "provide for the punishment of counterfeiting the securities and current coin of the United States." No mention of paper currency. "Securities" has always been taken to mean bonds or similar interest-bearing fiscal paper. Page 5 From then until the outbreak of the Civil War, the federal government somehow managed to get by without resorting to any extensive issues of interest-bearing Treasury Notes, 1812-61, emergency measures, limited in quantity and quickly retired, excused as constitutionally permitted "securities." Even the long-forgotten Small Treasury Notes of 1815, which bore no interest and which accordingly circulated briefly as money, were not believed to violate the Constitution, as they were fundable in 7% bonds and their holders quickly turned them in for the latter. by Walter Breen, NLG Paper currency in the USA before 1861, accordingly, consisted earlier of notes on the Bank of the United States (which were receivable for taxes for some years) and on private banks, and a large variety of merchants' scrip, this being legal through a loophole in the Constitution. Most of these, especially after Andrew Jackson killed the Bank of the United States, passed only at a discount in gold or silver, in addition to being nonreceivable for taxes. In the report of Secretary of Treasury Salmon P. Chase (Dec. 9, 1861) was a strong recommendation that the United States issue paper currency which would have legal tender quality, especially to replace the existing bank note circulation, which depended "on the laws of 34 states, and the character of some 1,600 private corporations." While this report was still before Congress, where the Ways and Means Committee was debating on reporting out a bill which was later to become the National Banking Act, the news arrived (Dec. 28, 1861) that the associated banks in New York City had unanimously decided, in a Clearing House meeting, to suspend all specie payments for the duration of the war. The national banking bill was laid aside, and the committee cast about for some way of getting through this emergency. Congress hastily concocted a bill to authorize issue of paper currency conformable to the Chase proposal, Dec. 29-30. Attorney-General Edward NEW LOOKS AT OLD NOTES: II NOTES THAT ALMOST WEREN'T Page 6 Paper Vfoney Bates informally sent a letter to the Ways and Means Committee, laying down his official view that Chase's proposal was constitutional; that whatever "bills of credit" might have meant in 1789, the term surely did not apply to these proposed United States notes. In the ensuing debate, the committee split equally, remaining deadlocked on the constitutionality question for over a week. In the meantime, the impact of specie payment suspension was already felt: All coins (even copper-nickel cents) vanished from circulation overnight, being hoarded. Circulating currency consisted almost entirely of irredeemable bank notes, merchants' scrip, and Demand Notes, none of them receivable for taxes. By one member's shift from nay to yea, the bill was finally reported out of committee on Jan. 7, 1862, and its text was promptly published in the New York papers. Only two of the papers favored the bill, the rest opposed it, and at least one leading financial magazine (cited by John Jay Knox, United States Notes, p. 121), b'egan a campaign against the measure, saying that "the financial fabric of the Union totters to its base!"—a mixed metaphor as egregious as it was vehement. Delegates from ten of the largest banks in New York, Philadelphia and Boston went to Congress to plead against the bill. The committee sent a copy to Secretary Chase, who returned it Jan. 22. 1862, with some technical recommendations, making others a week later by letter in which he justified his inclusion of the legal tender provision on the grounds that too many people had refused to accept Demand Notes, which action "tends, not merely to the nenecessary depreciation of the notes, but to establish discriminations in business against those who, in this matter, give a cordial support to the Government, and in favor of those who do not... The provision making the notes a legal tender...prevents [such discrimination] by putting all citizens in this respect on the same level, both of rights and duties." The ensuing debate ranged from vigorous to acrimonious. Rep. Elbridge Gerry Spaulding (Union Party, N.Y.), introducing the revised bill, said "The bill before us is a war measure, a measure of necessity, and not of choice, presented by the Committee of Ways and Means to meet the most pressing demands on the treasury to sustain the army and navy, until they can make a vigorous advance on the traitors, and crush out the rebellion. These are extraordinary times, and extraordinary measures must be resorted to in order to save our Government, and preserve our nationality." During the debate, a letter arrived from Secretary Chase to Spaulding, who read out this extract: "Immediate action is of great importance. The treasury is nearly empty. I have been obliged to draw for the last installment of the November loan. So soon as it is paid, I fear the banks generally will refuse to receive the United States notes unless made a legal tender. You will see the necessity of urging the bill through without more delay." The bill, now titled "An act to authorize the issue of United States notes, and for the redemption or funding thereof, and for refunding the floating debt of the United States," passed the House Feb. 6 by a vote of 93 to 39, split along party lines. the Democrats voting nay along with a dozen or so strict-constructionist Democrats. Even the congressmen who voted for the bill had been earlier heard to excuse the legal-tender provision, not as a good thing, but purely as a war necessity measure. On Feb. 7 the bill went to the Senate, where William Pitt Fessenden (Whig, Maine, ex-child prodigy, then Chairman of the Finance Committee, later to be Secretary of Treasury, 1864, and to end his public career by voting against the impeachment of President Johnson), obtained unanimous consent to drop everything else and debate this bill at once. After almost a week of debate, Senator Jacob Collamer (R., Vt.) moved on Feb. 13 to strike out the legal tender clause, being defeated 22 to 17. The bill passed 30 to 7, being sent back to the House to work out agreement on certain amendments. This done, the bill in final form passed both houses Feb. 25, 1862, and was signed into law the same day by President Lincoln. It is the ultimate basis for all subsequent United States Notes or Legal Tender Notes. The first $50,000,000 (of the $150,000,000 authorized) were intended to redeem the Demand Notes; these were the conrerlibles or "First Obligation" bills, exchangeable (in $50 or any multiples of $50) for 6% bonds. By Act of March 3, 1863, this privilege was to expire the following July—a grievous error, as the legal tender notes promptly began to depreciate, and Knox says that the measure delayed resumption of specie payments by several years. Obviously, since the constitutional issue was enough to produce such marked disagreement, the court test was not long coming. On June 20, 1860, one Mrs. Hepburn executed a promissory note to one Henry Griswold for $11,250, payable Feb. 20, 1862. There was then no lawful money of the United States available for the payment aside from the now vanished gold. Five days later the legal tender note act passed. As Mrs. Hepburn still did not have the gold, and no other form of payment was acceptable to Griswold, he sued her in Louisville, Ky., Chancery Court in March, 1864, on which occasion she attempted payment of $11,250 in Legal Tender notes, which were then quoted at about $7,000 in gold. Griswold refused. The Court held that Griswold had no further claim. The Kentucky Court of Errors reversed that decision, whereupon Mrs. Hepburn took the case to the U.S. Supreme Court. Undecided at the Dec. 1867, and Dec. 1868, sessions, the case received no Five dollars, first issue, dated March 10th, 1862, type 2 face, type 2 back. Whole No 67 decision until Dec. 1869, (Hepburn v. Griswold, 8 Wallace 603). As Justice Grier had resigned before the Court's opinion was announced, there are now only six justices under Chief Justice Chase—the very same Chase who, as Secretary of Treasury, had reluctantly urged passage of the very same bill whose constitutionality was now being questioned. In a 4-3 decision, Chase delivered the Supreme Court's ruling that the bill was unconstitutional. However, on grounds that the 1869 Court had less than a quorum, a subsequent Supreme Court, Jan. 15, 1872, nullified the Hepburn v. Griswold decision and reinstated Legal Tender notes as constitutional. Not that this ended the controvery: Many similar cases reached the Court during the 1870s and '80s, and there was actually an attempt made to amend the Constitution to permit issue of such bills. The point is now moot; Legals—except for the fixed amount covered by issue and reissue of $100s—are being replaced by Federal Reserve notes, whose constitutionality is, however, equally dubious. Returning to the original 1862 notes, officially called "New Series" in Treasury reports: Face designs closely resemble those of the Demands, but the words ON DEMAND are omitted, and the Treasury seal (designed to specifications of Spencer M. Clark, Chief Engineer of the Currency Bureau) added. Engraved signatures of L(ucius) E. Chittenden and F.E. Spinner are in the plates. All are marked as payable at the Treasury of the U.S. at New York, They are dated March 10, 1862—probably the date the plates went to the printers. Backs contain a central cartouche reading, on the First Obligation or "Convertible" issue, "This note is a Legal Tender for all debts, public and Page 7 private, except duties on imports and interest on the public debt, and is exchangeable for United States six per cent Twenty Year bonds, redeemable at the pleasure of the United States after five years." The Second Obligation—in a round frame on the $50 and $100 (and later $1, $2), and in an oval on all other denominations—replaces the exchangeability clause by "and is receivable in payment of all loans made to the United States." All notes were printed from four-subject plates, lettered A, B, C, D, on plain banknote paper, numbered consecutively. Only the latest 1863 issues plus the $1 and $2 have two serial numbers, upper right and lower left; earlier issues have only one, at upper right. The notes are the same size as the Demands, smaller than 1837-1879 Ten dollars, first issue, dated March 10th, 1862, type 3 face, type 1 back. Page 8 interest-bearing notes of all classes, but this size became standardized. With issues as large as twenty million $10s, some device had to be adopted to avoid excessively large serial numbers. In fact, the highest SN ever seen in an 1862-3 Legal is 100000, and generally five-digit numbers are met with. The explanation is as with the Demands and many Confederate Treasury notes: in inconspicuous locations, plates generally show SERIES and a number. As soon as the 100,000th note was printed of a given series-the 25,000th sheet-the plate was removed and the series number altered. Then the next notes would have the next higher series number, with SNs 1 to 4. In practice, several plates were simultaneously in use, so that sometimes very early plates come with very high series numbers. This practice has the interesting consequence that a Number One note in any denomination will not be unique. With 28.5 million $ls printed, there could be over 280 #1 notes, each with a different SERIES number. I have actually seen $1 #1s from Series 1, 4 and 20, and can well believe that more exist. The First Issue, properly so called, comprises $5, $10, $20, $50, $100, $500 and $1000 notes, authorized by Act of Feb. 25, 1862, and dated March 10, 1862. The first $50,000,000-mostly issued during the first three months- bore the First Obligation, the remainder carry the Second. Exact quantities of each type for any one denomination will probably never be known, though they are known for the combined 1862-3 issues of each denomination. In order: FIVE DOLLARS. [20,200,000 notes printed, Paper Money 19,332,714 issued of 1862-3.] Only 99,726 outstanding as of June 30, 1889. Face design: Left, Thomas Crawford's statue of Freedom, placed atop the Capitol in Dec. 1863, engraved for American Bank Note Co. by Owen G. Hanks. Center, large 5. Right, bust of Alexander Hamilton. Back design: Obligation in cartouche, ornamental V's, etc. The following varieties are known: (F-61, Donlon 105-1T1, Hessler 243) Without SERIES. [100,000 ptd.] ABN credit in top center border only, none in bottom. Back: First Obligation. The series was probably complete, as I have seen no. 96222, from plate 4; no patent date below New York. Exceedingly rare; most offered prove to be F-61a (below). (F-61a, H-243a) As last but with SERIES, often above Chittenden's signature, though other locations are known; same ABN credit, but see following varieties. Printage unknown but well into the millions. Notes have been seen from series 8, 20, 24, 29, 33, 50, 51, 58, 72, 73, 82, 100, 104, 108, 116; others doubtless exist. Plates include nos. 1-5, 7, 8, 11, 20, 22 and probably others. Plate 1 was repeatedly reused, altered in series-73 and 82 are the highest found. At the 1973 GENA Convention was an exhibit of currency including the No. 1 note of SERIES 8, plate 11; this is possibly from the Kosoff mail bid sale of Oct. 10, 1957. Another # 1 note, from SERIES 50, plate number not known to me (possibly 22, like so many other notes in this series), was lot 180 of Kagin's 279th sale, possibly ex 1956 N.Y. Metropolitan, "VF, small tear between pi of Spinner." (F-62, D.105-1T2, H-243b) Second Obligation. Very rare. Reportedly exists with ABN credits at top and bottom Fifty dollars, first issue, dated March 10th, 1862, type 2 face, type 2 back. Whole No. 67 borders; and with ABN at top, NBN at bottom; and with ABN at left, NBN at right bottom (plate 20, reused). No data on series, except that one from plate 20 is reported as SERIES 15, no. 11110. If so, there is reason to believe that some millions of First Obligation notes were issued long after the $50,000,000 quota was exhausted. The reason for the varying ABN and NBN credits is because of a Treasury midstream decision. At first, American Bank Note Co. had the contract to engrave plates for both faces and backs of the $5s, National Bank Note Co. the contract to engrave and print some other denominations; but afterwards, the Treasury changed its mind and for reasons of security had engraving done in one office, back printing in another, face printing and numbering elsewhere, and "authentication" (impressing the Treasury seal) in the Treasury Department, where the sheets were also cut into single notes and distributed. The fives dated 1863 will be covered later. TEN DOLLARS. [11,801,000 printed, 11,800,505 issued.] 343,782 1/2 outstanding, 1889. Face design: Left, vignette of Lincoln, apparently after one of the Mathew Brady photographs, engraved by an unnamed artist for ABN; center, eagle with shield, arrows, olive branch and scroll, between two counters; right, the female allegory known either as "Art" or "Painting". Back design: Obligation in cartouche. The following varieties are known. (F-93; D.110-1T1; H-464) 1862. ABN in top border; some plates have PRINTED BY THE NATIONAL BANK NOTE CO. along lower left border. Back: Cartouche with First Obligation, flanked by 10's. Notes have been seen from SERIES 4, 10, 18, 25, 30, 35, 45, 47, 49 and 60 (this Page 9 last doubtless incomplete, highest SN seen 3768), and doubtless exist from other series. It is even possible that notes may exist without Series. Plates 4, 7, 11, 13, 15, 16 and others; plates 4 and 16 and probably others come with the NBN credit added along left border. I have a record of only one #1 note, from SERIES 30, ex Kagin 279th sale, but others probably exist. (F-94; D.110-1T2; H-464a) 1862. As last but on back: Second Obligation in oval, flanked by large X's. Much rarer than preceding. All seen to date have ABN credit at top border, NBN printing credit at lower left. Series designations are NEW SERIES 1, 4 and 10—odd, as normally this designation is found only on 1863 notes. Plates 11, 16 and 23, though others were probably used. Tens dated 1863 will be covered later. TWENTY DOLLARS. [3,895,984 printed, 1862-63] 92,064 outstanding, 1889. Face design: Left and right, elaborate green counters; center, Liberty standing holding sword and shield, engraved for ABN, 1858, by Alfred Jones and James Smillie. On back: Cartouche with obligation. The following varieties are known. (F-124; D.120-1T1; H-701) 1862. ABN credit in lower border. Back: First Obligation. Very few examined; SERIES 6, 22 and 24, others probable; plates 2 and 3, others probable. To date none seen without SERIES, but such notes may exist. (F-125; D.120-1T2; H-701a) 1862. As last but Second Obligation in oval. Exceedingly rare. All seen to date have NBN credit added above ABN at lower border. NEW SERIES 2 (plate 4) and NEW SERIES 8 (plate 2 reused) only to date; others possible. Page I 0 Paper Money The 1863 twenties will he covered later. FIFTY DOLLARS. [601,104 printed, 1862-3 ] All issued by Dec. 1867; estimated 260,000 First Obligation, 341,104 of Second Obligation plus 5.348 of 1863 outstanding by 1889. Face: Left and right, elaborate 9-lobed counters. Center, vignette of Alexander Hamilton, by James Smillie, allegedly for "Hamilton Bank Note Co.," apparently Edmonds, Jones & Smillie, 1858. Back: Obligation in round area bordered by 36 small discs bearing 50's. The following varieties are known: (F-148; D.150-1T1; H-926) 1862. NBN credit at top border. Back: First Obligation. I have seen only the the following: SERIES 1. SN 1814. Plate 1. Louis S. Werner. SERIES 1. SN 13276. Plate 1. Pvt. coll., ex Zerbe. SERIES 2. SN 21776. Plate 1. CMB Money Museum. SERIES 2. SN 56128. Plate 3. Ex Grinnel, Kagin's 1974 Metropolitan Washington sale; cf. also 1974 MANA. Compare also Dr. Clifford Smith, "Fine," plate 1, and 1965 Kreisberg-Schulman, "VF," no. 84459, series and plate number not recorded. (F-149; D.150-1T2; H-926a) 1862. NBN. Back: Second Obligation. Exceedingly rare. I have seen only these: SERIES 3. No. 10886. plate 4. Walton, Donlon, Dean Oakes. Pictured in the Donlon book. SERIES 4. No. 9177, plate 4. Ex Boyd, (Kosoff 72nd mail bid sale, Oct. 20, 1951), Donlon (May 1971). The 1863 fifties will be dealt with later. All these fifties are disproportionately rare because of deceptive counterfeits of the 1863 NEW SERIES 1 and 2; the issue was withdrawn. ONE HUNDRED DOLLARS. [400,000 printed and issued of 1862-3] Estimated 130,000 of First Obligation, 270,000 of Second Obligation plus 1863, mostly the latter; 3,821 outstanding, June 30, 1889. Face: Upper left, large eagle, wings opened downward; part of copyright notice below, but not enough to read date or name (possibly James Smillie for NBN? 1858 or 1859?); lower left and upper right, 7-lobed counters bearing 100's; center, 9-lobed counter bearing 100. Back: Similar to the $50. The following varieties are Known: (F-165; D.100-1T1; H-1120) 1862. NBN top border. Without SERIES. ABNCo monogram below date 1862 at upper left. Back: First Obligation; back by NBN, as on the similar $50. No plate number. Two seen: 24040 CMB, pictured in Hessler 47283 Pvt. coll. (Same catalog numbers) 1862. As preceding. With SERIES. Has this ABN? SERIES 3 50210 No plate number, Grinnell, ill. Limpert. No. 58250 has been reported but without mention of SERIES or plate number. Notes must have been issued with SERIES 2 and possibly 1, but to date none is reported. (F-165a is described as having ABN credit. I am not sure any exist without the monogram, as above.) (F-166; D.100-1T2; H-1120a) Same but Second Obligation. Of the highest rarity. I have not seen a note of this variety; Walton, lot 1353 was so described, SN 30639, but no information on series or plate number. The 1863 hundreds will be covered later. FIVE HUNDRED DOLLARS. [118,072 printed, 117,972 released] Of these, the 26,000 made through June, 1862, are likely to have been First Obligation, 27,000 July, 1862-June, 1863, partly First and partly Second, and the remaining 64,972 were 1863s. Only 451 outstanding as of June 30, 1889. On face: Left and right, oval counters. Center, vignette of Albert Gallatin, Secretary of Treasury, May 14, 1801—April 21, 1813; uncredited, but probably by Charles Schlecht. Back: Obligation in cartouche. The following varieties were made: (F-183a; D.1500-1T1; H-1320) 1862. NBN. Rev. First Obligation. The Oat Bin Hoard yielded a single example; no series, no. 23956, no plate number. Only one other is reported; see Grinnell: 23. (F-183b; D.1500-1T2; H-1320a) 1862. Back: Second Obligation. Only one other is reported; see Grinnell: 27. The 1863 $500s will be covered later. ONE THOUSAND DOLLARS. [155,928 printed and issued] The 12,000, issued April-June, 1862, are likely to have been First Obligation; the 19,500 issued July, 1862, through June, 1863, probably included the Second Obligation notes plus some of the 1863s, and the remainder were 1863s. Only 201 outstanding, as of June 30, 1889. Face: Left and right, elaborate counters with 1000 superimposed on M. Center, Charles Schlect's vignette of Robert Morris, Superintendent of Finance 1781-84, creator of the 1783 "Morris plan" for coinage, of which the historic CONSTELLATIO NOVA silver patterns are the only remnant. Back: Obligation in cartouche between elaborate counters. The following varieties were made: (F-186a; D.1M-1T1; H-1376) Back: First Obligation. Unconfirmed. (F-186b; D.1M-1T2; H-1377) Back: Second Obligation. Unconfirmed. The 1863 $1000s will be covered later. The SECOND ISSUE comprises notes issued under the Act of July 11, 1862, and dated August 1, 1862; $1 and $2 only. (A $3 was planned; Hessler pictures a proof of the back plate, from the Pennell collection, on his frontisplate.) All bear the Second Obligation. ONE DOLLAR. [28,351,348 ptd.] Face: Left, bust of Salmon P. Chase, formerly Senator (Free Soil Party, Ohio), at time of issue Secretary of Treasury, later Chief Justice of the Supreme Court. Right, elaborate counter; green overprints. Back: Second Obligation in round area enclosed by circle of seventy l's, flanked by large counters featuring ONE superimposed on 1 and 46 star-containing discs. Four major varieties. The printage indicates that there could have been 282 complete series (100,000 each) plus 51,348 of a 283rd; as series are known from 1 to 284, more probably exist, many being incomplete, and notes might even exist without SERIES. SERIES comes indiscriminately left or right of ACT OF JULY 11TH 1862 near top border, high or low Varieties as follows: (F-16; D.101-1T1; H-1) In center of bottom border, ABN credit left, NBN right; no monogram near right border. Seen with SERIES 1, 4, 7, 72, 215; others doubtless exist. Plates 1, 2, 15 and probably others. Placed first because of the note described below -- What is probably the first such note issued, SERIES 1, One dollar legal tender note, second issue, dated August 1st, 1862, type 3 face, type 2 back. whole No. 67 Page 11 SN 1, plate 1, is in CMB Money Museum ex Mrs. Jay Davidson, George H. Blake, Col. E.H.R. Green, Grinne11:286, Limpert (1955); published in Wall St. Journal, July 31, 1924; pictured in Reinfeld and Hessler. One other No. 1 note is known, SERIES 7, plate number unknown to me; ex 1956 N.Y. Metropolitan. Rarer than SN 1 is SN 100000. The lone example is SERIES 73, plate 15, pvt. coll. The above type may also exist with NBN left and ABN right; not confirmed. (F-17; D.101.1-T2; H-2) NBN left, ABN right of center in bottom border; monogram ABNCo. at right end just beyond Chittenden's signature. Rare. SERIES 12, 15, 20, 22, 24, 45, 69, 79, 80, 82, 120, 126, 134, 141, 147, 151, 203, probably others; plates 1, 3, 4, 8-10, 13, 14, 21, 22, 45 and probably others. A No. 1 note is known; SERIES 20, plate 1; R.F. Schermerhorn estate. (F-16; D.101-1T3; H-3) NBN twice in bottom border; no monogram. By far the commonest variety. SERIES left or right, numbered between 181 and 284. Plates 5, 15, 17, 19-23, 26-28, 35, 39-42, 45, 51, 54, 55, 57-59, and at least one without plate number (SERIES 192; error note, no seal or SNs). Highest in series 284 is 10272, pvt. coll. These are probably the notes reported by Dillistin (p. 11) as being printed as late as 1867. (F-17; D.101-1T4; H-4) NBN twice in bottom border; with monogram ABNCo. at right end. Less than a dozen seen to date, all from SERIES 215, 252, and 276, plates 17 and 59 only. TWO DOLLARS. [17,035,514 ptd. and issued] 295,695 Two dollars, second issue, dated August 1st, 1962. Page 12 Paper Al o ney outstanding, 1889. Face: Left center, bust of Alexander Hamilton, as on the $50 of first issue, similarly bordered; upper left and right, quadrilobed counters; lower left, round counter with II; NBN central bottom margin. Back: Second Obligation in double-bordered round cartouche, containing respectively 48 and 36 2's; two pairs of counters at corners joined by two horizontal regions of lathework. Two major varieties: (F-41a; D.102-1T1; H-153) ABN vertically at left border. SERIES 1, 2, 4, 6, 16, 30, 48, 73, 75 and possibly others. Plates 1, 5-7, 9, 10, 17, 30 and possibly others. A single No. 1 note is known, from SERIES 1, exhibited at 1971 and 1972 ANA and 1973 GENA conventions: plate number not visible and possibly lacking. Plate 1 is found on notes of SERIES 6. Much rarer than the other variety. (F-41; D.102-1T2; H-153a) NBN vertically at left border. Seen in SERIES 43, 47, 95-97, 106-165 and probably others. Plates 2 (in SERIES 107 and 130), 3-6, 8, 11-20, 43, and probably others. This variety constitutes the vast majority of this issue. THIRD ISSUE. Comprises notes from $5 through $1,000, of the same designs as First Issue (Second Obligation) but emitted with ACT OF MARCH 3, 1863 instead of the 1862 act date. All have engraved script date March 10, 1863 (given in error on the $500 as "March 10, 1862"). All have NEW SERIES, almost always with a series number following it. The practice of two SNs became standard though some of the earlier notes still have only one (upper right). FIVE DOLLARS. The following varieties are known. TYPE ONE. ONE SERIAL NUMBER (F-63; D. 105-1T3; H-244) ABN credit twice in lower border. NEW SERIES 0 (no number), 3, 39, 43, 45, 65, 68, 72, 82 and probably others. Plates 36, 39, 40, 43, 45, 54 and probably others. The NEW SERIES (no number) notes are from plates 36 and 40; others probably exist. This possibly should have a separate variety designation analogous to F-61, 61A. A single No. 1 note is reported, though whether it has these credits or ABN and NBN (below) is unknown. This piece was 1956 N.Y. Metropolitan:1341; cf. Kagin 242nd sale:120. (Same catalog numbers) ABN and NBN left and right of center in lower border. NEW SERIES 56, 57 and 61; others probably exist. Plates 42 and 65, possible others. May exist with NBN twice in lower border, or with NBN left, ABN right of center in lower border. In the Stack's March, 1972 sale:852 (ex Stack 4/53:10) was a worn specimen without seal; which credit variety is not known to me. TYPE TWO. TWO SERIAL NUMBERS (F-63a; D.105-1T4) ABN credit twice in lower border. The second SN is on the base of the statue and is occasionally missed. NEW SERIES 68, 75-77, 79 and probably others. Plates 4, 41, 55, 56 and probably others. (Included in F-63a; unknown to Donlon) ABN and NBN both in lower border, the ABN left of center, the NBN right of center. NEW SERIES 56, 57, 76, probably issued concurrently with preceding; other series numbers probable. Plates 5, 31, 42 and probably others. The discovery example was 1965 Kreisberg-Schulman:879. Rare. May also exist with NBN left, ABN right, or with NBN twice in lower border. TEN DOLLARS. The following varieties are known: TYPE ONE. ONE SERIAL NUMBER (F-95; D.110-1T3; H-465) ABN in top border and left bottom border. NEW SERIES 28, 31, 38, 44 and 47; others possibly exist. Plates 13, 18 and 21; others possibly exist. Rare. (Included in F-95; unknown to Donlon.) ABN top, NBN in bottom borders. NEW SERIES 12, 25, 28, 31 and possibly others; plates 10, 17, 19 and possibly others. Rarer than preceding. TYPE TWO. TWO SERIAL NUMBERS (F-95a; D.110-1T4; H-465a) ABN in top and left bottom borders. Without and with ornate "Gothic" (text) H right of eagle, meaning unknown. NEW SERIES 48, 50-52, 54; probably others. Plates 7, 8, 11, 13, 14, probably others. The least rare of the tens of this designs, owing to a hoard dispersed many years ago. (Included in F-95a; unknown to Donlon) ABN top, NBN bottom Without and with the H right of eagle, as above. NEW SERIES 48, 51, 52, evidently concurrent with preceding. Plates 8 and 11. Very rare, seldom seen in any grade. It would appear that the ABN and NBN numbered their plates separately, in which case we might also expect to find differences in flourishes around check letters; to date this has not been studied, probably because not Whole No. 67 Page 13 Twenty dollars, first issue, dated March 10th, 1863, type 1 face, type 1 back. enough collectors have enough specimens available for comparison. Also reported with ABN top, no credit at bottom; unconfirmed. TWENTY DOLLARS. The following varieties are known: TYPE ONE. ONE SERIAL NUMBER (Not in F or Donlon or Hessler) ABN credit in bottom border, NBN credit immediately above it, as on 1862 Second Obligations. NEW SERIES 4, 11 and 14, possibly others. Plates 1, 3 and 4. These have single flourishes left and right of plate letter, two flourishes below (contrasted to the later plates, described below which have no flourish immediately r. of plate letter). Exceedingly rare. A single No. 1 note is known, from NEW SERIES 14, plate 3. (Not in F or Donlon or Hessler) ABN credit in bottom border, without other credit immediately above it. NEW SERIES 19, plate 5. Check letter flourishes as above. Exceedingly rare. TYPE TWO. TWO SERIAL NUMBERS (F-126; H-702) ABN credit in bottom border, without other credit immediately above it. Double flourish immediately left of plate check letter, none immediately right, three below. (Donlon calls for NBN credit but I have seen none of it.) NEW SERIES 21-24, 26, 27, 42, and probably others; plates 1, 3-8, probably others. A hoard of at least 85 pieces, more or less uncirculated, turned up some years ago; largely from NEW SERIES 21-23. May possibly exist from reused plates with ABN at bottom NBN immediately above it; or, as Donlon says, with NBN (only?) credit—Donlon 120-1T3. FIFTY DOLLARS. The following varieties are known: (F-150; D.150-1T3; H-927) Only one SN. NBN credit in top border, nothing immediately below NEW SERIES 1, plate 1. The following survivors are traced: SN 13308. Limpert:10, pictured in Limpert book. Fine. SN 13310. Pvt. coll. Possibly ex Grinne11:36, Kagin 279th sale: SN 13316. 1966 Kreisberg-Schulman:1844, Lee-Freeman:2384. AU. SN 16790. 1965 Kreisberg-Schulman:1011. VG. (Same numbers) NBN credit at top, ABN immediately below it. Represented to date by counterfeits, one of them pictured in Friedberg (NEW SERIES 2, SN 63446, plate 3). I have not had the chance to examine NEW SERIES 2, SN 36155, plate 1, to ascertain either if it has both credits, or if it is genuine. The entire 1862-63 issue was withdrawn owing to large numbers of counterfeits of both NEW SERIES 1 and 2, with all four plate letters. Counterfeit detectors as late as 1917 were warning against these, saying that they were "dangerous" and "Portrait of Hamilton equal to genuine. On genuine, white lines cross lower portion of "0" in large figures "50" in counters on each end. On counterfeit, do not. Buttons on Hamilton's coat indistinct." (National Counterfeit Detector, Feb. 1917.) ONE HUNDRED DOLLARS. Only one variety known. Two SNs, upper left and lower right. NBN credit in top border. NEW SERIES 1 only. ACT OF MARCH 3, 1863 in two curved lines at upper left corner. Plate 3 is the only Page 14 Paper Money iitl:/<,41f/1/‘ 5;11111.4,1 os7l"r::; One hundred dollars, first issue, dated March 10th, 1863, type 2 back. plate number recorded. (F-167, D.100-1T3, H-1121) The following survivors are reported. 54275 CMB 62329 L.S. Werner 74906 Arne1:539 7 7 695 Pictured in Friedberg, later 1965 Kreisberg-Schulman: 900 87459 Pvt. coll. 87471 Donlon:673 92055 R.F. Schermerhorn estate Possibly Dr. Clifford Smith:1299 (one corner reinforced) may be a different example from any of these. Compare also Grinne11:37, "gem unc."—possibly the one later owned by "Mr. Phil" of honored memory. FIVE HUNDRED DOLLARS. Error date March 10, 1862 at right top, ACT OF MARCH 3, 1863 at right border. Only the one variety. (F-183c; D.1500-1T3; H-1321) One SN. ABN credit below portrait. As of 1944, (cited at Grinnell:178) Treasury accounts claimed "fewer than 100" were outstanding of $500 Legals of all varieties, 1862-1880 Series inclusive; as of June, 1971, the Treasury wrongly claimed that no more than five such notes survive. At present there are three 1863 $500s, all from NEW SERIES 1, no plate check number visible: 42223 Pictured in Friedberg. Private sale record $9,500, 1956; later Kagin 298:907. 42227 Wade, Amon Carter Jr. Pictured in Limpert, Hessler. 64984 Pictured in the Hessler paperback. ONE THOUSAND DOLLARS. Correct date March 10, 1863 between portrait and right counter. One SN, upper right. ABN credit in right border. NEW SERIES without number. No plate check number visible. (F-186c; D.1M-1T3; H-1378) At present three survivors are traced: 15592 Oat Bin Hoard, Dean Oakes, Dr. Carter. 99202 Amon Carter Jr. Pictured in Friedberg, Hessler. 99206 Pvt. coll., ex J.M. Wade. Pictured in Limpert. Worn But Rare, Small $10 Sells Big Only VG in condition, and pressed at that, this $10 Series 1933 Silver Certificate brought a strong $950, about the current catalog quote for a F-VF note, in the Nov. 10 Donlon auction. A. M. Kagin KAGIN'S Suite 600-608 Capital City Bank Bldg, Des Moines, Iowa 50309 Phone: (515) 243-0129 ENE Whole No. 67 Page 15 MOS (49 eidie d-tIe6) WY. Aheit Yiteeirtha4 KAGIN'S NUMISMATIC AUCTIONS, Inc. * kVe've handled OVER 995'e of all the notes listed in the DONLON & FRIEDBERG catalogs * A.M. KAGIN has personally cataloged over 30o auction sales a over 4o years as a professional ! KAGIN'S NUMISMATIC INVESTMENT CORP. * Specializes in PERSONALLY TAILORED Currency Investment Programs featuring CHOICE & SUPERB NOTES ONLY! (write for more information) A. M. & DON KAGIN, Inc. * Editors & Polishers of the DONLON CATALOG of U.S. LARGE SIZE PAPER MONEY NEW [976-77 Edition (more price changes then an y previous edition)—Only $3.95 1975 Edition $3.5o ; Both 1976-77 & 1975 (excellent for price comparisons) only $5.95 At coin stores or order Autographed Copies direct from us. Special Autographed Library Hard-Bound 976-77 Edition $8.95 ; 1 975 $7.50 : both only $ 1 4.95 THINKING OF SELLING? We urge you to consider placing your items in one of our comprehensive Public or Mail-bid auctions you'll receive: * National Attention * Reasonable Commission Rates * Deluxe Professional Cataloging * Best opportunity for TOP prices SEND A LIST OF YOUR COLLECTION & RESERVE SPACE NOW (still better, phone for immediate attention) Or, if preferred, we will buy outright for cash—we are currently paying over "catalog prices" for notes urgently needed. STILL ADDING TO YOUR COLLECTION? -* Write for a free copy of our next auction sale (please mention this ad) * Send us your want-list High Quality & Rare Notes & Nationals our specialty * Join our CURRENCY INVESTMENT PROGRAM ---- get on the "inside track" with professional guidance It Makos Sass Since 1928 When dealing in a sophisticated field, consult a professional. ...... ........ ...... When TOP results are imperative, consult an EXPERT! Page 16 Paper Money PENNSYLVANIA:S FIRST NOTES BENEFITED THE COMMONER The principal difficulty regarding money in the colonies was not solely that of scarcity of specie. It was also a scarcity of working capital available for new enterprises and expansion of existing ones. Through the error of confusing monetary with fiscal functions of the government, it was widely held that paper money could be successfully used in lieu of specie. This is true only if there are stable reserves to secure and redeem notes in circulation—reserves that will not fluctuate in value, as would the proposed use of farm land, produce, etc. But the basis upon which notes were issued was wholely unstable; values of commodities used as security varied from community to community, as well as from season to season, thus causing the notes to be discounted despite legislative efforts to stabilize such values on frequent occasions. The many inconveniences of this method of securing the notes led to the popular belief that commerce and trade were in a serious state. The mistake was also made of allowing the amount in bills of credit to be determined by the shortage of fiscal income. This involved giving up the means of borrowing by loans at interest in the form of long-term bonds, and substituting the form of borrowing by bills of credit used as money payable on demand, and for which, means of redemption, by keeping the bills of credit at par value, was disregarded. Instead, taxes to be paid in the future were levied as the means of retiring the current issue of bills then in circulation. The result was that immediate redemption, the only means of keeping the promises to pay at par, was displaced by a doubtful, uncertain, eventual redemption; and worst of all, not by a redemption in a fixed metallic standard, but usually in commodities which would naturally fluctuate in value, or by a new emission in bills. Public bills of credit were issued to meet the fiscal emergencies such as wars, or even the ordinary day by day expenses of maintaining a government. They were issued to cover loans to individuals, often used as a means of providing additional currency; and also, to provide the opportunity for expansion of the amount of money in circulation when worn or matured notes were to be replaced. None of these reasons was of a strictly monetary nature, independent of fiscal needs, and there was no chance for the establishment and maintenance of a proper medium of exchange, redeemable in a metallic standard. The issuing of bills in the form of loans to individuals was a particularly serious evil of the haphazard system, for the borrowers were usually unable to borrow elsewhere, or they secured their loans through political influence at low rates, only to lend them out again at higher rates. ..m....■■•••••■•■■•■•■••••■ by Richard T. Hoober Furthermore, there was constant pressure to encourage postponement of retiring the bills as the maturity dates approached, thus tending to lower their value. The habit then arose, as a natural consequence, of filling the gap caused by the eventual retirement of the bills at maturity with a new and larger issue. Pennsylvania, with her sister colonies, was seeking a medium of exchange through fiscal methods. The amounts outstanding at any one time had no relation whatever to the needs of trade, and as the total amount increased beyond the ability of the colony to redeem them, they inevitably depreciated in value, which resulted in lower and lower purchasing power. On a petition of the freeholders and inhabitants of Philadelphia, the Assemblymen chosen for office in 1722 turned their attention once again to the paper money Aster, t(- y Pr Arli- s trci- ra41e t r the of the Tie ' Lord Tgen,y Th. of efe v r41 Aiembk . rhC Sr!, One Tf .le-ra- il:ndr:e. And by Or:!.cr Lit Whole No. 67 Page 17 question, although opponents urged instead that the values of current specie be raised and its exportation prohibited. A paper was read before the Assembly on the many dangers of paper and of the necessity of establishing the bills of credit on a basis whereby they would be on a par with specie, and the notes should not be issued on any easier terms than gold or silver would be loaned. Governor Keith wrote to the Speaker offering his assistance to any committee working on the subject and remarked that this type of credit and the experience and practice of the greatest banks in Europe was to issue such bills at something below the usual rates of interest, the difference being a premium given by the public to encourage their circulation. He believed that half the value of land and one-third the value of a house, or of a personal estate, and nearly all of the principal of a ground rent, could safely be loaned, whereas if too great security was demanded, it would frustrate the design of relieving many persons of little means. On January 2, 1723, a new petition was placed before the Assembly, from several merchants and others, stating "that they were sensibly aggrieved in their estates and dealings to the great loss and growing ruin to themselves, and the evident decay of the province in general, for want of a medium to buy and sell with," and pleading for a proper paper currency to be established. On Jan. 8, the House resolved "that it was necessary that a quantity of paper money, founded on a good scheme, should be struck and imprinted." Also on January 2, a petition was circulated among the residents of Chester County against the creation of paper money, advocating instead the use of produce. Others from Chester and Bucks counties united in favor of the paper, and the proposals were referred to the committee on grievances. After much discussion and numerous votes, the plan was accepted in its final form, and on March 2, 1723, the first authorization of Pennsylvania paper money was formally passed in an "Act For Emitting and Making Current £ 15,000 in Bills of Credit." The bills were to be legal tender for eight years, when the province was to redeem them, and were to be in denominations from one to twenty shillings. The actual notes were dated April 2, 1723, and it was sincerely hoped that such a modest amount would retain its value, despite the fact that the notes of the New England colonies and South Carolina were already being gradually depreciated as they circulated. The same day that the Legislature enacted the money bill wherein the interest rate was established at 5%, interest on debts between individuals was reduced from 8% to 6%, and the penalty for usury being forfeiture of the debt to be divided equally between the governor for support of the government and the informer. Also supplemental to the original act, another act was passed on March 30, 1723, whereby the government ordered that Spanish pistoles and other gold coins should pass at no other rate than 2 pence and 3 farthings per grain, or £ 5 10 sh. per ounce. Two difficulties had escaped the notice of the Assembly after the act was passed, which stated that real estate mortgaged should be clear of "incumbrances," and that the applicant for a loan should take an oath as to value, ownership and clear title. All land in Pennsylvania, except a few released pieces, was subject to the Proprietary quit rent, which might be considered an encumbrance. Secondly, those Quakers who were in the class which the act was designed to help, refused to take the legal oath mentioning God. Accordingly, a supplemental act was passed correcting these oversights. Relative to the existing economic conditions, Keith observed, "It is inconceivable to think what a prodigious good Effect immediately ensured ... The Shipping from the West of England, Scotland and Ireland, which just before used to be detain'd five, six & sometimes nine Months in the Country, before they could get in the Debts due to them & loaned, were now dispatch'd in a Month or six Weeks at farthest. The poor middling People, who had any Lands ... paid off their usurious creditors . . . lawful interest was at this time reduced from eight to six per Cent by which means the Town was soon filled with People, & Business all over the Province increased at a great rate. The few rich Men ... were obliged to build Ships, & launch out again into Trade, in order to convert their Paper Riches into solid Wealth; & for some Years, while the Province continued to have only a moderate Sum in Paper Money on foot, it kept an Equality with Spanish Silver & Gold, or did not fall above five per Cent, for as Lands there generally Page 18 rise in their Values, & are in Continual Demand, the Security was unquestionably as good, if not better, than any that is given in Europe for Paper; & this most useful Scheme was not attended with any other ungrateful Consequence, but the removal of a Governor who, contrary to the Sentiments & private Interest of a few rich Men in that Place, had passed it into a Law ... " Further efforts to stimulate trade were made by the Assembly in May, 1723, when existing duties of 3 pence per gallon on wine, rum, brandy, spirits, molasses, cider, hops and flax importations, were reduced to 2d., and ld. per gallon on rum. Molasses, if "imported in any ship or vessel built or that hereafter shall be built in this province, shall be duty free." Added encouragement of a 15% discount was given to such importers if they would pay the duties in either silver or gold. Import duties were also reduced for those who decided to settle permanently in Pennsylvania, when goods and servants were brought into the colony. From all appearances, indications pointed to an apparent immediate blessing resulting from the meager amount of paper money created. It was readily accepted by all except Paper Money the wealthy inhabitants, whose complaints over expansion of credit were over-ruled by the great majority. According to the Act for printing the £ 15,000, notes were to be struck as follows: "to wit, six thousand bills of twenty shillings each; four thousand bills of fifteen shillings value each; six thousand bills of ten shillings value each; six thousand bills of five shillings value each; four thousand bills of two shillings six pence value each; six thousand bills of two shillings value each; and eight thousand bills of one shilling value each. Upon which bills shall be impressed upon the left side of the said bills, about the middle of the side, the arms of Pennsylvania." The law further stated that the bills "shall be signed and numbered by Charles Read, Francis Rawle, Benjamin Vining and Anthony Morris, or the major part of them." Those who constituted the trustees of the general loan office, and who were to give receipts for all such bills received by them were; Samuel Carpenter, Jeremiah Langhorne, William Fishbourn and Nathaniel Newlin. The note herein illustrated was in the collection of the late F.C.C. Boyd. (All rights reserved by author.) BANKING IN FRONTIER IOWA 1836-1865. By Erling A. Erickson. 180 pages, illustrated. Iowa State University Press, $7.50. In 1833 the United States government opened the Black Hawk Purchase to the public for settlement. Within three years the population in that area increased from 50 to 10,581. That growth in the Iowa District was accomplished without benefit of land system, government or uniform paper currency. At that time, "claim clubs" and people's courts sufficed in dealing with matters of land and justice. Not so easily solved, however, were the problems caused by the absence of a standard paper currency. This deficiency was an impediment to the development of trade, agriculture and commerce—and certainly confused the common citizen in his everyday affairs. Presented in this book is the story of Iowa's strivings to create a satisfactory paper currency prior to the establishment of a national banking system. Iowa, like all American states, was essentially left to fend for itself in monetary matters. Her efforts to meet the demand for a sound and flexible currency would involve three decades of experimentation with several different banking systems— and not just a bit of chaos. BANKING IN FRONTIER IOWA 1836-1865 relates the happenings of those years in Iowa's history, at the same time giving insight into the development of banking across the nation. Intriguing—and often underhanded— methods by which early banks tried to expand note issue beyond legal limits are described in detail. It explains the practice of bill shaving or discounting of other bank's notes and discusses the character of the political factions and their influence on banking. Iowa employed various systems to achieve a viable monetary system, including (1) the specially chartered bank of issue, The Miners' Bank of Dubuque, with its abbreviated life and questionable reputation; (2) an unauthorized, but apparently legal, system of private banks in the late 1840s through 1860s that could not issue notes but could discount them; (3) the State Bank of Iowa that despite its name was privately owned and operated and which created Iowa's soundest paper money; and (4) free banking, a system not used by capitalists because of its stringent regulations. In addition, the book tells of the period 1846- 1857 when the state, following the hard money policy, attempted to solve its monetary problems by prohibiting all banks of issue. This history of Iowa banking is concluded in 1865 with the development of nationally chartered banks of issue. Available directly from Iowa State University Press, Ames, Iowa 50010. Order book No. 0160. Technicolor Brings Green The combination of a popular type note, outstanding condition and a super low serial number resulted in a record-setting bid of $4,000 for this 1905 $20 "Technicolor" Gold Certificate (Fr. 1180) in gem CU condition in Stack's Nov. 18-20 auction. From the second sheet printed, with serial number 8, the note was described by the catalogers as "easily the finest we have ever seen!" Current Friedberg catalog value for a new specimen is $1,650. GiVeYf he 1 'Vet lit. Whole No. 67 ATTENTION COLLECTORS YOU MISSED THIS RECORD BREAKING 3,300 LOT SALE. BUT IT'S NOT TOO LATE TO CONSIGN YOUR FINE COLLECTIONS OF CURRENCY TO OUR SPRING 1977 SALE! Our expertise in and proper handling of, Colonial, Confederate, Obsolete, Fractional, Large, small size and foreign paper and all related fiscal material is recognized by all. We invite you to write or call Herb Melnick for our excellent terms. r Herbert Melnick • c/o NASCA 265 Sunrise Highway—Suite 53 • Rockville Centre, N.Y. 11570 NUMISMATIC AND ANTIQUARIAN SERVICE CORPORATION OF AMERICA 516/764-6677 or 6678 Da 265 Sunrise Highway, County Federal Bldg.. Suite 53 q Spring 1977 Currency Sale at $3.00 D I Rockville Centre. L.I., New York 11570El Special Annual Subscription s a 516/764-6677-78 Thru Dec. 1978 at $10.00 • • Page 19 George W. Ball, Chairman of the Board •I wish to consign. Please call me at • NAME a la ADDRESS • CITY STATE ZIP g Telephone ( ) • Area Code a a II a •vagar alpaiga••aria* aim 'anal Page 20 Paper Money Although only a fairly recent member of the SPMC, and one who certainly cannot speak with authority on the subject of banknotes per se, I do like to think that some of our readership has read at least a fragment of the 5 1/2 million words that I have written in the areas of business, taxation, investment and finance in general. Since i have become hopelessly addicted to the collection of paper currency, an addiction which commenced with an analysis of the economic import of the French assignats and has now drifted into Floridiana, I thought I would like to make a few comments in an area in which I am qualified; namely the investment and tax handling of problems involving currency collections. This article is but a brief survey of the area and obviously no particular examples can be cited nor any specific legal advice offered. However, I will be happy to answer any questions forwarded to the editor of this publication with the understanding that such answers will he general rather than specific. SOME PRAGMATIC CONSIDERATIONS by E. Welker Marchand Let me first start out by stating that, in my opinion, the collecting and holding of paper currency (obsolete) is a wise investment. Similar to gold and silver coinage of numismatic value, the collector is acquiring a chattel or object which is as an effective a hedge against inflation as any antique or other object of art. For example, if a fine painting is worth $50,000 in 1977, and that currency devaluates (which is another way of saying "inflation") to where the same $50,000 in 1985 will have only the purchasing power of $37,500, one has lost $12,500 if one kept that money in currency. On the other hand, the chattel will increase in value to compensate for the inflationary trend and be worth $62,500 at the end of that period of time. This is really not a "profit" but rather a situation of holding level with the market. Considerations/2 However, as the market progresses, and more and more people become interested in the collecting of paper currency, a situation called the "agio" occurs. It simply means that there are 100 buyers for every 50 pieces offered and the price correspondingly rises. I think we have all seen this happen in numismatics and it appears to be now happening in paper currency. Agio simply means premium, in other words how much more someone is willing to pay to have that particular specimen in his collection. In my opinion, paper currency is the most undervalued object of art on the present market. To illustrate this, I think I need only point out that 10 or 12 years ago, 19th century photographs were sold in bulk lots at auctions for nominal prices. Today, they are individually catalogued and one possessed of early English and American photographic landscapes can reasonably ask $800 to $1,000 for items purchased for $3 and $4 a decade ago. As a market analyst, I am inclined to think that the greatest growth will be in the area of obsolete state issues. Colonial material is, of course, a top dollar item—but one which has already been explored and invested in by both collectors and institutions. Some idea of the import of paper currency ought to be readily ascertainable by unimportant nations beginning to issue "commemorative sets", much like limited coinage or special issue stamps. The handwriting is on the wall for those who would read it. Some Tax Considerations The most basic of all distinctions is between tax avoidance and tax evasion. Tax avoidance is well recognized by the Internal Revenue Service and really boils down to a game of wits and strategy between the taxpayer and the IRS. Tax evasion, on the other hand, is a criminal offense and not regarded too leniently by the federal courts. Considerations/3 The absurd part of it all is that most of what is sought to be achieved by tax evasion can be accomplished quite properly through tax avoidance. Dozens of examples come to mind. Here is one. Collector X, desiring to pass on the bulk of his collection to his heirs, simply arranges that they simply pick up the valuable items from his personal safe or joint bank safe deposit box. Result: a red flag warning of evasion. Collector X, having a tax exempt status in terms of gift taxation of $30,000 on a one time basis ($60,000 if he is married), can make a gift of his holdings and on top of that, make an additional gift of $3,000 per year ($6,000, if married) for every additional year afterwards. And he need not relinquish possession of his collection! It can all become effective on his demise. If a greater sum is involved, let us always keep in mind that the gift tax rate is substantially lower than inheritance taxes on any level. What About Resale? Suppose Collector X decided to part with some of his collection and sell it at a profit. As against that profit, he could charge off: (a) Cost of research to evaluate the genuinity of the material; this includes reference books; (b) The sales tax, if any, paid on the original purchase, deductible in the year of purchase only; (c) Cost of maintenance and housing, including bank vault charges as well as albums, holders, etc. (d) Ancillary charges such as postage, shipping, etc. (e) Brokerage or auction fees. Whole No. 67 Once these are deducted from the gross sales price, a net gain is reported (or possibly a net loss). If the item is held for six months or more, the tax limit is based on capital gains, or a maximum of 25%. Considerations/4 Playing the "Dog" Market This is an aspect probably better known to the fine arts world than to note collectors. Frequently, a fine painting is sold to a collector who is faced with the prospect of eventually for one or another reason, having to liquidate it. But he does not sell the fine piece alone. Instead, he sells four, five or 10 pieces—most of which are junk—and takes a lot price. By this technique, he can apportion relative values to each piece, using the losses on most to offset the gain on the major piece. Thus there is created a market for inferior specimens in fine arts (and numismatics, if one will) for the sole purpose of legitimate and proper tax avoidance. In Page 21 other words, don't underestimate those "rags" you bought while still a neophyte. Value and Opinion If you think that IRS is going to question your valuation of a collection, think again. They have much bigger fish to fry and are happy to take any signed appraisal. So would you, if you had a case load of 20 million forms to process. But be reasonable; oddly enough, IRS usually is. My mentor, Grover Criswell, has a few pieces that run into the four figure area. But if you should happen to acquire one, don't consider the four figures as $10.00. Despite whatever you may have heard, IRS is still a reasonable organization—but don't try to pull the wool over their eyes. Anyone can get away with quite a bit legitimately (which is why we have tax attorneys), but an outright evasion can often end up in rent-free accomodations at a neighboring federal penitentiary. Don't risk it unless you want three free meals a day plus 24-hour police protection! CCRT PRODUCES EXPANDED EDITION OF 'SECURITY PRINTERS' Check Collectors Round Table has recently released the second edition of its unique listing of "Security Printers". The original work contained 1000 listings; the new revised and up-dated version contains approximately 1900 listings of security printers in the U.S.A. The earliest listings start in the late 1700's. The 38 page reference is holed for use in standard three ring binder 81/2 by 11 inches in size. Contents are listed in four categories of security items: drafts, deposit certificates, checks and related banking material; obsolete Colonial, Continental and fractional notes and scrip; stock and bond certificates; state and federal bonds, revenues, stamps, warrants and ration material. The listings are presented in alphabetical order giving printer's name and address, followed by dates found on earliest and latest items (when available) used for the listing and finally a code letter indicating type of document the listing was obtained from. Producer of this work for CCRT, Raymond H. Rathjen of Pleasanton, California, continues to seek additional listings and amplified information for future issues. He indicates he would especially appreciate brief histories of firms listed for future up-dated editions of "Security Printers". Cost of "Security Printers" is $2.00 for members of CCRT and $3.00 for non-members; this includes postage paid third class mail. Add 500 for first class mailing. For an additional $1.00 either member or non-member may obtain both the first and the new expanded second edition. Orders outside U.S.A. and Canada add $1.00 postage. Payment must be in U.S. funds, payable to CCRT. Order for issues may be sent to CCRT, P.O. Box 27112, Cincinnati, Ohio 45227. Check Collectors Round Table also publishes "The Check List", a quarterly publication devoted to the study of security paper, banking, banking instruments and related areas. This fascinating publication is available to members of CCRT. New members are welcome. Further information may be obtained from the club's secretary, Larry Adams, 969 Park Circle, Boone, Iowa 50036. SLIDE SHOW LETS COLLECTOR GROUPS CHECK CHECKS A color slide program titled "The History and Collecting of Checks" has been produced for the Check Collectors Round Table by Brent Hughes and is now available for use by paper money groups, coin clubs, philatelic organizations and others. The program consists of a set of 75 color slides augmented by a comprehensive narrative that traces from their origin in England the history of checks and their place in the economic picture in the United States. The programs discusses the earliest checks (from 1664); revenue stamps on checks, the check tax; examples of fine check printing and beautiful vignettes, often shared with bank notes; checks signed by famous persons; "Western flavor" checks of the 19th Century; checks payable in gold and silver; examples of check protection and recent pictorial checks. Showing time is approximately 25 minutes. No previous knowledge of checks is required to to enjoy the show, yet it is detailed enough to interest the advanced collector. , Organizations interested in viewing the Check Collectors Round Table slide program may contact: Larry Adams, 969 Park Circle, Boone, Iowa 50036, or phone (515) 432-1931. Interest Hearin Notes MEDLAR Page 22 Dear Member: A new look. With the change over to offset printing, this issue has taken on a different appearance, a new personality. Long the goal of our former editor, Barbara Mueller, it was put into effect by our new editor Doug Watson. The offset process will give our editor more versatility in layouts, photo reproductions and overall graphic design. Advertisers will also appreciate the change as it will eliminate the costly engraving charge that was added on to their bill. (There will still be a nominal charge for photos and cuts used in ads) We hope that the new format meets with your approval, and that the new innovations will add a little more interest and enjoyment for you and your hobby. Our regional meetings seem to be successful in bringing SPMC closer to you in a personal way. I'd like to say we can bring a SPMC get-together to more shows, but I can't. However, if you think a major state or regional show would like one, and if you can arrange for someone to run it, I'll be very happy to offer my assistance. Look for the schedule in this issue when the next regional meeting will be held and try to attend. We promise you an interesting speaker and lots of fellowship. If you have a non-member friend, bring him or her along. Maybe someone will be there with an SPMC membership application in their pocket. "You All Come" Bob. DANES DEAL DIRECT Collectors of Danish paper money (as well as coins, tokens, medals, etc.) can now receive a free list of coin dealers in Denmark from the Danish Association of Coindealers. The association has published a list of members to facilitate numismatic trade with other nations. Besides providing the list of dealers, the association will answer collectors' questions about the paper money or coins of the country. The list of dealers is available by writing Danish Coin Dealers Association, Kurt Mejlby - President, Amagerbrogade 130, DK 2300 S, Copenhagen, DENMARK. Paper Money MEMPHIS COIN CLUB TO HOST FIRST PAPER MONEY CONVENTION Paper money collectors and dealers alike will want to attend the first "all paper money" show being held on June 4, 5 at the Holiday Inn-Rivermont in Memphis, Tennessee. Excellent exhibits of paper money will be featured, including: large and small size U.S. star notes, a fractional currency exhibit which won Best-of-Show at the 1976 Kalamazoo, Michigan State Numismatic Society Show and 2nd at the 1976 A.N.A. in Paper Money; a collection of U.S. and obsolete "Lazy 2" notes, 20 to 25 cases of Pennsylvania, Delaware, and New Jersey Bicentenial items assembled by the Currency Club of Chester County; error notes; a six-panel display of large and small size Tennessee Nationals, and the U.S. Treasury's counterfeit note display. The Society of Paper Money Collectors will meet the afternoon of June 4. There will be an educational forum the evening of the 4th from 7:30 until 9:30, chaired by Grover Criswell. Four notable collectors will speak on various paper money topics. For table applications and reservation cards write to: Mike Crabb, P.O. Box 17871, Memphis, Tn. 38117, U.S.A. Outgoing president Chuch O'Donnell presents Ed Koernig with the gavel while Alfred Burke, Harvey Lee and Nelson Aspen look on. NEW OFFICERS INSTALLED The Currency Club of Chester County, Pennsylvania installation of new officers took place on Thursday, November 18, 1976. Ed Koernig has been elected president, along with Harvey Lee, vice-president and Alfred Burke, treasurer. President Koernig states that his club will be actively involved in the upcoming Paper Money show to be held in Memphis on June 4 & 5, 1977. MEDLAR HOSPITALIZED SPMC president Bob Medlar was admitted to the hospital on January 1, with a possible "mild" heart attack at this writing. Using Bob's words, "right now the now, the 'chest listeners' " do not have any conclusions. Here's wishing Bob a speedy recovery. Sonnie Kliman LM #81 Whole No. 67 Page 23 LEGAL TENDER $1.00 F 16 Good, taped. torn, mined. but all visible. . . . • S 15.00 16 XF cornertold, tiny edge nick 160.00 F 17 AU sl. soil, scarce 260.00 F 18 CU Beautiful note 360.00 F 18 Fair, corner torn, faded ' 10.00 F 19 VG 25.00 F 20 CU 150.00 F 26 Fine 22.00 29 and F 30 AU, scarce ia80.0O F 34 CU 143.00 F 35 VF pinhole, stain. old folds . 30.00 F 36 New, 2 almost consec (.42.50 XF 24.00 VF 15.00 F 37 AU 30.00 XF, I light horizontal fold 24.00 F 38 CU 50.00 F AU 37.1)0 VP 27.00 F 4)1 CU 2 consec, sl, curl + single note 92.0)1 XF 75.00 VF 45.00 F 4)) AU 80.00 F 41 VF, scarce 160.00 F 4.1 Fine 37.00 F 47 Fine. tear at top 32.00 48 VP, tear at top, fold 70.00 F 50 VF 50.00 $2.00 F 51 Fine, sl. soil. I,g. Brown seal 50.00 F 513 AU. 2 lite corner folds I 20.00 F 57 CU 65 00 F 58 VF lite !Ads 20.00 F' 59 CU slightest curl 60.00 F 60 AU 1 lite told 45.00 It 60 Fine. soiled 15.00 $5.00 6.) XF 2i81 Obligation, 1 corner Ind).1 195.00 F 6.3a VG 2nd Obligation 55.00 F 76 VF folded. Nice. With spikes . 175.00 F 83 Fine. nice but stained 22310 F HD Fine 25.00 91 CU consecs & singles 60.00 Lot of 5 5275 Lot of 10 500.00 XF nice 1 corner told 1 etlge fold 30.00 20.00 Fine 10.0(1 $10.00 F 105 VP 2 pinholes, folds. but nice 140.00 1103 VI-. light told,. Brown Seal 110.00 1 22 Crisp 10 appears laundered Nice AL: note, .11.1ri ha Washington 200.00 SILVER CERTIFICATES $1.00 F 215 VF. crisp. fold. 11artha Wash. 1111.00 216 CU '40.M) It 217 VF, clean. holds 90.00 219 CU. small part of circle tram rubber ink stamp center oily. . 280 00 F 21' 1 XF. scarce ...... . . 175.00 2 I CU Rare. seldom seen so vier 600 00 I' 221 New but for 1 center told. X F-VF RAISE 4003 0 ) I 222 ( L 230.00 223 CU. (x. no (told 175.00 Good, I pinhole, 10.00 I' 224 CU SI. curl 1st EDUCATIONAL .. . . . . . 325.00 I' 224 1st EI)LICA'TIONAI . NOTE VG•F. George and Martha Washington on reverse 75.00 Ir 225 Xlr .,r mix milts] . 200.00 ?7-6 CU 3 C011See, 66606. 7. 8. .E67.00 226a VF 24.00 It 230 V F told '2.1111 F 231 VP. soiled rev. Rare 225.00 F 232 CU consecs and singles . 1,38.00 or of 5 170.))0 Lot of 10 335.00 I' 232 VE, folds 19.00 F 233 VF-XF, folds, crisp 27.00 F 233 V F 19.00 Fine, but nice 10,00 I' 236 CU 2 source 040.00 XF 30.00 VF 20.00 'tine 10.00 F 237 XF', lite folds. Pallandroine# 20.00 F '37 VF 15.00 Fine 10 1111 VG 7.00 Ir 238 CU 39.00 F 239 XF, lite tokls. star,. signs . 85.00 $2.00 F 245 VP. lite Mids. Rare WINI)OM note 310.00 I' 245 VP, folds. Rare. Windom note 283.1111 F 246 Fine. stained. WINDOM NOTE. RARE 1411.1/11 fr 2)7 CU Educational; nice. 850.00 F 248 VF Educational:old folds. . . . . . . . . . . . . . . 310.00 1 248 2nd EDUCATIONAL NOTE Fail, ' hole in center, edge tears 20.00 250 VF folds 48.00 1' 251 VF 'olds. laundered' 42.00 232 CU I 611.00 It 253 VF. folds . . ...... 44 00 F 254 CU Low #H22. Rare. 775.00 F 255, 257 & 258 VF folds, but nice 0(41.00 256 CU 1 35.011 $5.00 It 26() lac folds. ,(F, Splendid specimen of this desirable type 900.00 260 Good 90,00 It 265 Good, Rail:. . 200 00 267 I" . 90.00 F 268 VE. Iolsls . LIILLATIONAL . 361E00 I 270 Fine 200.00 F 271 VF. lite lolls. ragged edge ON EPAP A 00.00 It 273 VF. folds, Onepap1 05.00 1' 278, 280 AU. In e told. thiepapa 1 185 00 F 281 VP. Mids. l/nepap . .... . 100.00 I' 282 CU sl. curl and Soli. LINCULN HO 00 VI lite told, Nit c 225 00 $10.00 292 VP 2 pinholes, but imes with light old Mitts 193.00 F .104 VG 1 tiny pinhole. nice but soiled 30.00 TREASURY NOTES $5.00 XF*. I ICaSe . ... 275.00 It 365 VF. R RAE, none (31T•red iecenilv 500.011 NATIONAL BANK NOTES F 387 VG lacy 2 None -Original series. Ist N.B. of It,dl River. (Mass.) # 2730 Red Sell 6011.00 I. 292 52 Atlantic N.B. of Boston #64.3 I azy 2 V.(3,Cis.34 IS on 300.00 F 587 S5 N.B. of II,lt. #I432. AU ,Ilse (Lir! & 70.00 I ;98 55 Citizens N.B. of Balt. #1384 V1 . .10111:5. 01“' 40.01) 601 S5 N.B. (.1 Coninielac ol Bah. #4285. VP, folds. soil . . 31,00 Ir 603 S5 Warren (Pa) N.B. #4879 VP, Ail )3 sig. Cann A. 'Thompson. U.S. Treas. 110.00 F 624 SI 0 Citizens N.B. of Bali #1384 VIt, sold, n . clean 42 Mt F 624 $10 1st N.B. of Bethlehem (Paj #138, VG 25.00 It 626 SI 0 Columbia N.B.of Wash. D.C. #3625. VF. folds. Clean. Saarce. 100 On F 63.3 511/. Drovers & Mechanics N.B. of Halt. #2499. VP, [olds. Uncommon . . ...... . . 70.00 650 VF Chins N.B. of Baltimore S20.00 Note #1384 3011.00 FEDERAL RESERVE BANK NOTES $1.00 708 VF Bosom '2.1)1) 7111 VF-XF Boston sTAR mg, 27 00 711 XF New York .... . 30.00 712 XF New York 30.00 713 XF New York . . 30.00 r 714 XF Phil,,. Serial #C444 44A 45.00 7 15 AU Phila 4" 00 717 XF PIMA. ........ 718 XF Cleveland 30.00 719 XI' Clen.eland 32.00 720 VP Cleveland . 20.011 721 XF ISiehniond 50.00 722 VF Richmond 35.00 723 CC Atlanta. sl. curl. Serial #F17 60.00 t 725 V1-+ Atlanta 30.00 726 VP Atlanta 30 00 727 A, u chit ago 27.110 F 729 XF Cho ago 22.00 F 730 XF St. Loins. Pallendroine Serial #7276727 80.00 F 731 VF. Si, I ouis 32.00 Ir 732 XF. St. Louis 50.00 F 734 XI' Minneapolis 85.00 F 736 CU, sl curl. Minneapolis . . 122 0.00 VG . Minn 27.00 F 737 CU K.01,1, City. sl clip marks 47.00 F 738 CU Kansas Cux 6500 I . 739 CU Kansas City 50 00 I. 740 VP Dallas. (laundered) 35 00 I- 742 Fine. Dallas. laundered #17799661 22.00 I: 711 XI' San 13 ancisco 42 00 746 VP San Francisco 32.00 $2.00 747 CU 00,00. I clip mark. Serial #A08A 165,00 749 CU Boston. I clip mark 711.1111 750 VF New York 35,00 751 CU Nev: York. clip marks .. 55,00 752 CU New York. clip marks . . 711 00 753 CU Philadelphia. Serial #C99 A 150.00 7 54 VI.' Philadelphia 35.00 756 AU Philadelphia . . . .... 55.1/11 757 CU Cleveland. Serial I/296A . 195 10 I' 760 VG ILichinond 45.00 761 VG+ Richmond. pinholes .. 40.00 762 CU At1.1111.1. Serial 0:17A .225.00 767 Fine. Chicago 20 00 768 VF+ Sr Louis 90.00 762 CU except for 1 crease. Minn. 200.00 774 Fine + Kansas City 6)1.111) F 776 CU Dallas 250.00 f( 780 XF San Francisco, laundered 120.00 F 782 CU, sl curls. New York. Pallendome Serial #34943 150.00 17 785 CU Cleveland 1111.110 $5.00 847 VP. 862 21 VG+. 861 VP. and 863 (2) VF+. 7 pcs, THE LOT 60.00 $10.00 91 1 VP, 923 VP . and 931 VG. 3 pcs. THE LOT 45,00 $20.00 Fractional Currency List with nice selection of Wide Margin Specimens available on request. Many of these items are one of a kind-please list alternate choices if possible. Please include postage for orders under S100.00. Calif. residents incluae 6% Sales Tax. Mon. Tees, Wed and Fri 9 to 3 A. KOSOFF, Inc. Since 1929 P. O. BOX 4009, Telephone 714 - 327 - 0158 PALM SPRINGS, CALIF. 92262 Page 24 Paper Money THE NUMBER ONES by M. Owen Warns In the July-October, 1976, issue of Paper Money we covered the large size No. 1 (bank serial number) National Bank Notes of Wisconsin. In continueing, we will cover the final issue of National Currency, those of the 1929-1935 small size period, by illustrating No. 1 small size Nationals, both Type 1 and Type 2, from Wisconsin. The Series 1929 Nationals were a distinct departure from the large size notes that preceded them. Rather than possessing a design markedly different from other currency issues, the small size Nationals were very much like the other small size U.S. paper money in appearance. On the notes of the First, Second and Third charter periods, the bank title, charter number, city, state and date had been engraved on the face plate in a tombstone-like format. This method of designating bank of issue was changed with the introduction of the small size National Currency. For the 1929 Nationals, interchangeable fonts of various sizes and type faces were used to print the bank name and location on preprinted sheets of six $5, $10, $20, $50 or $100 notes. The charter numbers appearing on notes of the Second and Third charter periods had been engraved on the face of the notes, in the border; and, in the case of the Series 1882 brown backs, in large numerals in the center of the notes' backs. Charter numbers were arranged in two ways on the Series 1929 National Currency. On Type 1 notes, the charter designation appeared twice in bold black numerals; once at the left with the numerals arranged to read left to right, but in a vertical format, and once at the right, with numerals reading top to bottom vertically. On Type 2 1929 Nationals, a pair of brown charter numbers, arranged horizontally and reading from left to right, were added to the lower left and upper right of the central portrait. Moreover, in the previous periods the charter numbers were larger, appearing twice on the face of the note, in the upper right and to the left center (there were exceptions to this). Charter numbers appeared on these earlier notes in colors of blue, brown, red, and in rare instances, black. On later issues of the large size Nationals the charter number was preceded by an "area location" letter printed in the same color, and designated as "E" for eastern, "S" for southern, "M" for midwestern and "P" for Pacific. These letters aided the Comptroller of the Currency's office in rapidly sorting the notes sent for redemption. The serial number on the 1929-1935 Nationals were printed in brown ink only. For the first time since the printing of Second Charter Brown, the Treasury seal was again printed in brown ink. The large, thick colored threads used in the manufacture of large size notes were replaced with thinner colored threads in the Series 1929 notes, these smaller threads not as readily discernible in the finished paper, having been mixed with the pulp during the process of manufacture. Type 1 notes were first printed on June 15, 1929, and delivered seven days later to the First National Bank of Fremont, Ohio, charter No. 5. The last Printing of the Type 1 notes was produced for the First N.B. of Albany, Mo., charter 7205, and the First N.B. of Rotan, Tex., charter 8693, on May 29, 1933. Type 1 notes were printed for a period 17 days short of four years. Type 2 small size Nationals featured the addition of the brown charter numbers as an aid to the Comptrollers Office to facilitate identification of notes with torn-off sides, or whose sides were badly smudged, so that proper credit could be given for the notes' redemption. The first printing of Type 2 notes took place on May 27, 1933. The last scheduled printing of these notes was on May 20, 1935, for the Manufacturers National Bank of Newman, Ga., charter 8477. An exception to this schedule occurred when an unforeseen $50,000 bond adjustment necessitated an additional printing of 3,000 $10 notes and 1,000 $20 notes for the First N.B. of Chillicothe, Ohio, charter 128. These notes were delivered July 10, 1935, more than two months after the Series 1929 National note issuing period had been terminated by the Treasury Department's recall of the security bonds which had backed the National Bank Notes. Two new numbering systems, each completely different, were introduced with the issuance of the 1929-1935 National Bank Notes. Type 1 numbering had sheets of six notes of the same denomination, each with the same serial number, but a different prefix letter. The first sheet of such an issue began with serial number A000001A and went down to F000001A. Printings continued with that arrangement through to F999999A when the suffix letter was changed to B. The only bank to issue a million Type 1 notes of a single denomination was The Chase N.B. of New York City, charter 2370. When the last $5 on that bank was printed, it A0000DI. A .r, 555555 ttinkai, , TOE FIRST 1141404LIANX Pt PORT WASHEINGION IMSCANSII4 \ 900 40001s ENVIE A 000001A „.4,4 TOE FIRST NATIONAL WS Of POR T WASHINGTON *mums* Ct. Pi. MS, Otw lflO HOLL,UOS A0j0j::,2TR lactic5 MAMMAL ROI( Si W.A.TER TOWN B000001A TEN INOLIALIIIS A000002 90c7 dkg" ,, TWO IMPARTS IATIONAL MK Of WATERTOWN W1300.01 TEN HOLM St f.4 A000001 no) 74^ 90 A0800THNTOE FIRST NATIONAL RANO OF PORT WASHINGTON SISCA.1101 181 iffitCOANTS NATIONAL SAO if WATURTOWN riii/Ko.19.4 tmt 4P.os.■ :an TEN liVOLIALINS , EWE THOLLAii% C000001A ,or ii4intAtaiatiel1/41 IR *ENCHANTS 4 ' :).05 1000004 vilti,Esprot NATIONAL BARS OF ',vWATERTOWN TEN niniAtiS 4 A000004 900) TIE FIRST NATIONAL eANA OF PORT WASHINGTON WffiCONWIN INOLLARS 0000001A Or A000003 90:' Mit?,11%.1,11711MtEMIL tilLov,114141X/1 41"14,0:4011M,/,,,nlosa"; EIRE FIRST 000001A NATIONAL MN Of PORT WASHEMTON tO*1 9 I 7141111101%1110“. ...1.4304Z111610.810291C.,1:7103.119, ' "NANO,44,,„..... 1"T' 11,3441Ft,„„mi „ £ FIRST "' F000001A NATIONAL NANA Of PORT WASAUNGTON 111SCONSW FIVE DOLL %ES F 000001A winos Inscomatm AWE ANIIII4AltS E000001A 4000005 900, W., MI.' 0,4W,10 TEN DOLLAUS NENCNANIS NATIONAL NANA Of WATERTOWN WSCLI■OPM 4,4441. q ,)0? A:DOC:L. LAT:WON CATE:!ONEAVENOL, IIENSIANTS NATIONAL 3011K Of V) WATERTOWN I 'F g Vtlfttmigt* Pe• Of, M.A.+. TEN IMILLAUSi A000006 Si)f- w.W Whole No. 67 Page 25 WISCONSIN NO. 1 1929-1935 NATIONAL BANK NOTES Illustrating The Different Numbering Systems Used On Type-I And Type-II National Bank Notes TYPE - 1 SHEET NUMBERING This type had 6 No. I notes to the sheet as it was numbered A000001A thru F000001A. The prefix letters were A, B, C, D, E, and F. TYPE-II SHEET NUMBERING This type had but oite No. I note to the sheet being numbered A000001 thru A000006 without the suffi letter at the end. 6000001A LIVE HDLL.NIAS TrNI11139 HE FIRST NATIONAL BAH OF C14 RICL LAKL 43 AD : .7.41,122-71111IMP,VAM Arnewireerresimemen BINBAILIGAMINII $10. Type-II note of Rice Lake 3912 notes issued $20. Type-II note of Rice Lake 1332 notes issued. iNE InIONAT fIGNAN6T BANK Of AllIAVAUKLE 0V ISM:M.4 nu TEN IM►LLAIIS A000001A THE NATIONAL EXCHANGE SIN% Of .Mil WALTKII 0 r■ SCOM 0 'ME:VW WILIAM.; 8000001A 21.161M11111171641-1r. 'ITIFIEJEt • .111.11/1•1111M,11. DIE FIRST NATIONAL BHA Of I I AKE W■SCOMS. tO A000001 6663 !Ls, os..,s, •sie nit -Iv.114 6663 A000001 TWENTY DOLLiRS IRE FIRST NATIONAL BAK% Of RICE LAKE. ON 1t.CT U I % 011;..111.1y1 1,18E14 1' it-itiviE iii,uoutieft $10. Type I note of Milwaukee 61,656 notes issued $20. Type-I note of Milwaukee 17,178 notes issued. $5. Type-I note of Baldwin 2575 notes issued. $5. Type-I note of Phillips 2740 notes issued. at Ng MIL * BALDWIN inscemsAm A000001A FRIT .0" NADONAL LW IN PHILLIPS 6COMINM A000001A /THE TN AMIE NATIONAL DANK Of - NIII WM lat. WISCONSIN 1...,ED,ft Dm. FIVE IMILLAIRS A000001A NEDIEWS.NAMPAI Amor-.==namparmmommisp nil: I Nurcost.01Mtv imc1014 A000001A.MINE NIFI0NA1 fiGHANGE NANA Of NO MILWAUKFE WISCONSIN 1 3 TEN noEcAus A000001A Page 26 Paper Money WISCONSIN NO.1 TYPE I AND TYPE II NOTES $5. Type-I note of Rice Lake 9072 issued $5. Type-I note of Milwaukee 93,292 notes issued. $10. Type-I note of Milwaukee 43,680 notes issued. WANTED KANSAS NATIONALS TYPE NOTES WANTED Any Original Series $10 V.G. or better pay 450.00 Any Original Series $20 V.G. or better pay 600.00 Any Series of 1875 $50 V.G. or better pay 2250.00 Any Seri2s of 1875 $100 V.G. or better pay 2250.00 Any Brown Back $100 V.G. or better pay 650.00 Any 1882 Dated Back $50 V.G. or better pay 750.00 Any 1929 Type II $50 V.G. or better pay 550.00 CHARTER NUMBERS WANTED We will pay $300 for any of the following Charter Numbers, any type in VG or better. #2192 #3473 #3791 #2640 #3512 #3805 #2954 #3563 #3807 42990 #3564 #3812 #3002 #3567 #3833 #3035 #3569 #3835 #3090 #3594 #3844 #3108 #3667 #3852 #3194 #3695 #3853 #3199 #3703 #3880 #3249 #3710 #3900 #3265 #3737 #3928 #3384 #3751 #3963 #3386 #3758 #3992 #3394 #3769 #4150 #3431 #3775 #4288 #3440 #3776 #9097 #3443 #3787 #11887 There are many other Kansas Nationals that we are interested in other than those listed above. If you have any Kansas Na- tionals for sale, please write giving the charter number, type and Friedberg numbers. Please price all notes in your first cor- respondence as we will not make offers. If you are selling rare Kansas Nationals elsewhere you are not getting top dollar. We Also Want Uncut Sheets of Kansas Nationals JOE FLYNN &SON ,1 RARE COINS INC. P.O. 800 3140 KANSAS CITI. KS.86103 2854 W. 47TH STREET PHONE 913-236-7171 Whole No. 67 Page 27 carried serial number F057756B, for a total of 6,346,536 notes of that type. Type 2 numbering produced sheets with only one No. 1 note. The first sheet of an issue began with A000001 and ran to A000006, with no suffix letter. The following sheets continued in this manner until A999996 had been reached, at which time the prefix letter became B. History was again made when the Bank of America National Trust and Savings Association of San Francisco, charter 13044, issued more than a million Type 2 notes of a single denomination-1,172,602 $5 notes were delivered, the last with serial number B172602. We are indebted to A. P. (Del) Bertschy, David Levitt, Monte Sherwin and Louis Van Belkum for their material in making possible this article. References: The National Bank Notes Issues of 1929-1935, Warns-Huntoon-Van Belkum. The Nationals Banks of the Note Issuing Period 1863-1935, Van Belkum. Paper Money of the United States, Jack Friedberg. Comptroller's Reports. The National Archives. MONEY AND FINANCE IN MEXICO DURING THE CONSTITUTIONALIST REVOLUTION 1913-1917 by Richard A. Banyai This book analyzes, in-depth, the monetary and financial aspects of the 1913 to 1917 period of revolution in Mexico. In addition to significant facts, statistics, and references, the text contains select decree laws of the Constitutionalist and Conventionist Governments, translated from Spanish into English, in addition to illustrations of the various currencies issued in Mexico during the Revolution, and maps of Mexico depicting the various regions of military operations. Part 1 covers the banknote period, the early period of revolution from July 1, 1913 to August 14, 1914, and is illustrated with maps and specimens of paper currencies issued by the Huerta Government and the Carranza Constitutionalist Army, and banknotes issued by various state and private banks. Part 2 covers the Constitutionalist Party paper money period from August 15, 1914 to June 4, 1916, and is illustrated with specimens of paper currencies issued by the Constitutionalist and Conventionist Governments. Part 3 covers the "Infalsificable" uncounterfeitable paper money period from June 5, 1916 to December 1, 1916, during which time the Constitutionalist Government attempted to reform and stabilize the monetary system of Mexico. This part contains illustrations of the infalsificable currency. Part 4 is a technical section which analyzes, in the context of international law, civil war and revolution with an emphasis on the Mexican Revolution. A number of relevant court cases are analyzed. The Appendix section contains four documents of historical value relating to the monetary and financial developments of the Revolution. As an example, Appendix 3 contains the message that Venustiano Carranza, Constitutionalist Chief and subsequent President of Mexico, delivered to the Mexican Congress in 1917 regarding the financing and cost of the Mexican Revolution. The price per copy is $6.00, postpaid. Send cash, check or money order to: Richard A. Banyai, 4520 N. 34 Street, Phoenix, Az. 85018. Page 28 The hobby of paper money collecting is growing; with many newcomers added to our fraternity each year. With that growth, we need a better, more specific and yet easily understandable system of grading. We need to merge the best features of the grading systems available now to create a grading system tailored to meet the needs of our hobby. Some preliminary thoughts were presented in an article which I wrote for Paper Money in No. 57, pp. 137-38. _Dose ideas have been modified, resulting in the grading system described in this proposal. The objectives of a revised grading system would be several: the system should provide for a clear and reasonably concise means of evaluating currency. It should encourage a means of complete description which would nerrnit evaluation in terms relative to the standard published catalogs. It also seems important that the system should be such as to permit the neophyte in the paper currency field to both understand grading and also to grade currency properly. Paper Money particular task covering particular material but do not relate to degrees of perfection. In the case of grading paper money (and for that matter, coins), we are trying to compare the condition of the item being graded to a state of perfection. For this reason, I feel that the value of 100 is the logical choice for describing the nominal state of perfection for a given paper currency item. More controversial, however, is the next point. I feel that the grade of 100 should be assigned to notes having the average degree of perfection which was typical of production at the time the note was printed. This level of 100 would, I believe, correspond to the "new" conditions listed currently in the various paper money catalogs. In the case of small size currency, new notes graded at 100 would be without flaws and would be reasonably well centered. In the case of First Charter National Bank Notes, a new note, graded as 100, might have less than optimum centering, evidence of overinking or underinking, smudges of red ink from serial numbers or seal on the back of the note, a some thoughts on grading by William P. Koster In my judgment, such a grading system would consist of three elements: 1. Verbal description 2. Numerical rating of grade 3. Provision for comment on modifications to grading such as tears, paper flaws, and other types of defects or conditions not covered in a verbal or numerical grading The verbal description part of the grading system would be similar to that currently in use in standard paper money catalogs. It might be possible, however, to make the descriptions more concise or specific in order to reduce the possibilities of accidental misgrading. The numerical aspects of grading can be quite important to the overall grading system and I think warrant some discussion at this point. From an overall concept, I favor the 0-100 basis for grading currency. I realize that this is in conflict with the 0-70 basis now coming into use for coins. Admittedly, there are many grading systems in use which incorporate a basis other than 0-100. In academics, for example, 4.0 is considered a perfect test score. Scholastic apptitude tests have, for many years, used a value of 800 as a perfect test score. And there are many others. All of these, however, relate to performance in a transfer from the wet sheet underneath it which had occurred in printing, etc. In other words, there are generally found in early notes a number of minor flaws which nevertheless are typical of the "new" condition of such notes. Carrying this logic a bit further, superb and gem notes of these early types which generally command a premium value above catalog listing of "new " would have grading above the level of 100. In describing a note in this condition, i.e., "gem" or "superb," to which a grading value in excess of 100 is assigned, the grader would mention the condition or conditions which justify claims to this grade. Modifications to the verbal description of grading should be provided for specific kinds of defects not covered by a general grading description. Such things as tears, flaws in the paper, stains, and other specific features not necessarily a part of general circulation should be covered as part of the complete description. With the above thoughts in mind, I am proposing a grading system something like the following: 130-120-110-SUPERB, GEM: This category is reserved for notes whose quality exceed that which is typical of the era in which the note was printed. The condition is generally applicable only to notes printed before 1890 (except in the case of centering) and would describe notes perfectly printed, well centered, with a good impression of Whole No, 67 Page 29 serial numbers, bright signatures in the case of National Bank Notes, etc. The gem category would only be used for notes which clearly exceed the then-current production standards. When the gem category is specified, with a numerical rating in excess of 100, that quality which caused the note to be graded as a gem should also be indicated in the description. 100 NEW (OR CRISP UNCIRCULATED): A new note is one which is in the average condition in which it was distributed by the Treasury Department. Issues since 1890 or so would be generally free of defects and have reasonable centering. An exception to this might be in the case of the hand trimmed National Bank Notes in which case an otherwise new note which was unusually well trimmed might rate a better grade. Considering 1870 production, however, poor centering or close trimming, an occassional grain in the paper, a red smear on the back of the note from the wet seal or charter number of the note underneath, would all be included as possible typical defects but still permit the note to be otherwise defined as new. This describes the average new note. A new note would contain no pin holes and must be free of folds, counting creases and even the faintest sign of aging. 95 UNCIRCULATED: In current practice, it seems to me that uncirculated defines a condition distinguishable from the new. It describes a note which never saw circulation, but which may have a teller's crease from counting or a pin hole or two, or in general, very faint signs of handling. An uncirculated note is just a trace lower than a new note in quality. It would contain no folds, wrinkles, or stains. In some cases, notes which might otherwise be graded as new should be downgraded a bit because of a general glazing over the surface resulting simply from sliding in and out of holders over a period of many years. There are a variety of conditions often found in currency which downgrades the note slightly from "new", but nevertheless which do not represent a series detraction in quality. 90 ABOUT UNCIRCULATED: An about uncirculated note describes to me a note which has all of the color and brightness of a new note, but which may have a faint center fold, traces of corner folds, or more than one or two counting creases. An "about uncirculated" note would be altogether crisp, but with these moderate signs of handling. 85 XF-AU: This condition would be completely crisp and bright with the possibility of faint folds visible by holding the note up to transmitted light. 80-75-70-EXTREMELY FINE: An extremely fine note has positive evidence of circulation, but is still bright and retains much crispness. Folding is still minor. Discoloration other than very minor stains would not be permitted in this grade. 65.60-VG-XF: These notes may have vertical folds, but not so heavy as to break the ink in the surface of the note. Brightness and some crispness is usually retained. 55-50.45-VERY FINE: A very fine note has seen moderate circulation. The paper is well creased and flexed. The note retains brightness of the ink and possibly even a trace of crispness is present in the paper. Folding might be present in a very fine note to the extent that just a bit of ink is broken at the surface of one or two creases. Anything more pronounced in the way of ink breakthrough would lower the grade. Some light soiling would also be permissable as might be slight wear at the edges and the corners. A note with significant local staining or spottin cannot, however, be classed as VF. 40-35-F-VF: The F-VF category is reserved for notes which are more heavily creased in the VF category, which still retain a bright appearance. Similarly, notes which are not heavily worn but which are discolored through aging, spots and staining would be depressed from the VF category to perhaps this one. 30-25-20-FINE: Fine notes have seen considerable use and may have prominent folds and moderate, but hopefull7 uniform soiling. Ink will be broken at main folds but all of the features of the design will be distinguishable. 15 VERY GOOD: These notes will exhibit a lot of wear and soil, but will be intact. There will be no missing piece.: and no major tears. Although minor tears in the margin are frequently found in very good notes. Localized wear, staining would suggest a still lower grade. 10 GOOD. Good notes are generally intact, but been very well circulated, Although a good note may be somewhat faded or soiled due to extensive circulation, all the features of the design will be legible. 5 FAIR: A fair note, not generally considered as collectible item is one which could generally be identified as to the type or series but which is very soiled, or WilkCh. has been extensively mended, etc. The above comments summarize some impressions on what might be an appropriate system for grading paper money. I feel very strongly that the 0-100 system with grades in excess of 100 for defining "super" notes is an appropriate numerical approach. Among other things, it permits some kind of reasonable correlation to values of notes as indicated in catalogs. The verbal descriptions listed above certainly can be improved and made both more complete and more concise. I would like to see a commonality of understanding reached in this subject area so that guides for grading can be published in appropriate currency journals. Strange Name, Strong Price Interesting bank and location names are a fascination for many collectors of National Currency. This 19024908 $20 on the First N.B. of Horse Cave, Ky., grading only VG end estimated at $75 in the William Donlon auction on November 10, sold for a startling $700. The buyet apparently heeded the cataloger's warning "You might never see another." Page 30 Paper Money One of the scarcer varieties of three-cent encased postage stamps promotes Ayers Sarsaparilla. The patent medicine firm was a big buyer of the encased stamps. A fairly common five-cent encased postage stamp from Burnett. Another variety from Burnett promoted "cocaine Kallison." THE C SE ro COMM ERASED POS by Terry Vavra As a collectible that encompasses three of the most popular hobby areas, (numismatics, syngraphics and philately) the encased postage stamp fills the bill perfectly. A look at their composition shows a coin-like object slightly larger in diameter than a quarter-dollar, but not quite as thick. The obverse of the case is made of brass with the reverse generally of tin. Encased beneath a layer of clear mica of a U.S. stamp of the regular issue of 1861, in denominations of 1, 2, 3, 5, 10, 12, 24, 30 and 90 cents. In raised letters on reverse is an advertising message much like any token of the period. The history of encased postage stamps is somewhat like that of the later Fractional Currency issues. The encased stamps had their beginning late in 1862. The onset of the Civil War had removed from circulation nearly all hard currency and there was a real shortage of small change with which to conduct business in a booming war-time economy. When postage stamps were first used as coin substitutes, they were simply stuck to a piece of paper or an envelope and passed hand to hand. This early postage currency soon suffered from severe over-circulation and the stamps soon became too worn to be useful. On Aug. 12, 1862, J. Gault received a patent for his encased postage stamp. He made up the encased stamps, embossed the reverse of the case with the buyer's message and sold them at a premium to the merchant who used them to allieviate his change shortage. No idea of the quantities produced of these stamps can now be determined, but it was soon evident that they did not withstand circulation anywhere as near as well as coins or the copper store card and patriotic tokens that had begun to appear. On Aug. 19, just nine days after Gault's encased postage had been patented, the U.S. government released the first issue of Postage or Fractional Currency. These government-backed notes soon became more popular than the other coin substitutes and edged them from the marketplace. Surviving encased postage stamps are quite scarce, especially in better states of preservation. Due to hard use and the ravages of time, they are generally found with badly faded stamps, cracked, chipped or cloudy mica, split cases, etc. Earlier collectors have been known to "recondition" the encased postage stamps by replacing the stamp or the mica, generally leaving an undesireable appearance and lessening the value of the item considerably. Grading is an important aspect of encased postage stamp collecting, with a true scarcity of XF-Unc. pieces. Grading can be a complex task, as each element of the encased postage stamp must be considered: Case, mica and stamp, and a composite grade arrived at. It should be noted that a piece with a perfect stamp and case but with problems in the mica can suffer a lessening of a full grade or two overall. This look at encased postage stamps should show why it fills the bill as an all-around collectible. It is a "coin" made of coinage material and shaped and spent as such. Philatelists will find them interesting because of the stamps used and the paper money collector will collect them as examples of paper currency substitutes. Whole No. 67 Page 31 Now is the time to consign your coins and currency to New England Rare Coin Auctions. In Boston May 20 & 21, 1977 Sheraton-Boston Hotel Prudential Center At our 1976 auctions, quality rare coins and currency brought extremely high prices, indicating both the strength of the market, and the confidence bidders have in New England Rare Coin Auctions. If you have a collection of coins or currency which you wish to dispose of at the highest possible prices, it makes sense to consider one of our Spring or Summer '77 auctions. Here are just a few reasons why: 1 Many of our regular clients are the verybuyers you want. They're active floor bidders and mail bidders from all over the United States and abroad, and they're always ready to buy. 2 We know how to advertise and promoteour auctions. Not just in THE NUMISMATIST, COIN WORLD, NUMISMATIC NEWS and PAPER MONEY . . . but in major newspapers like THE NEW YORK TIMES, and through teletype, multi-mailings, and personal contact. 3 We are known for our high prices realizedfor paper money. Our accurate grading and precise attribution have given us the reputation that helps you. In our March '76 auction we were pleased to have auctioned the extremely rare Federal Dept. PM-1, 1661 July 29 & 30, 1977 Sheraton-Boston Hotel Prudential Center Reserve specimen notes from the famous Albert A. Grinnell collection of United States paper currency, previously catalogued and sold by Barney Bluestone from 1944 to 1946. As described by Bluestone "this lot is the piece-de-resistance of Mr. Grinnell's entire collection" ($8000); Series 1902 Jennings La. National Bank $10 note, almost Unc. ($550); Series 1861 $10 demand note, F-6, F-VF ($700); Series 1861 $10 demand note, F-7, Fine ($625); Series 1902 $10 First National Bank of Hawaii note, F-VF, ($425). Interested? Then call our President, Lee J. Bellisario, toll-free at 1-800-225-3858 and he will personally discuss with you how your holdings can become part of our Spring '77 auctions. Or you can write to him at the address below. Either way, now is the time. A c ,,NEWS ENGLAND RARE COIN AUCTIONS An Affiliate of New England Rare Coin Gal eries Worcester Road, Framingham, Mass. 01701 Page 32 Paper Money One dollar note, dated Dec. 20, 1854 on the supposed Delaware City Bank of Kansas. "KAN" appears in very small print under the "I" at upper right, as if it was intentionally printed in a manner that would be very easy to alter. (See arrow.) Signatures on this note are Harris? and Hardy? This same note exists with signatures of Roscoe and Becky? The $2.00 note of the same date has signatures of Roscoe? and Karnes? The vignettes on this 1854 issue appear on a number of other bogus notes made around 1857 and predated for added authenticity. Two dollar note, dated Dec. 20, 1854, arrow. (Collection of M. M. Burgett) KANSAS Bogus and Questionable Bank Notes The So-Called Delaware City Bank By S. K. WHITFIELD Several towns in territorial Kansas were called Delaware and Delaware City, all having long since disappeared. The most logical candidate for a banking town was the Delaware City located southeast of Leavenworth on the Missouri River. The Delaware City bank notes, which are known in two different issues, present a considerable mystery. The first issue is dated December 20, 1854 and includes a $1.00 and a $2.00 bill. There are many things about this issue that indicate it was a complete hoax. These include different bank official signatures for the same date, the state of commercial affairs in Kansas in 1854, the similarity of these notes to known bogus issues made from stolen vignettes in 1857, the absence of any maker's imprint, and the obscurity of "KAN" on the notes, which is practically hidden in the design. The second issue, also including a $1.00 and a $2.00 note, is dated July 1, 1858. This issue has "KANSAS" printed in small type at the right border of the note, which is easily removed by trimming the paper closely on that side. It is almost as if the notes were intentionally designed so that they might be easily altered to appear that they were notes from the state of Delaware, where a genuine Delaware City Brnik did exist.* One dollar note, dated July 1st, 1858, with "KANSAS" imprint vertically at right border. (See arrow.) This note has forged signatures of Wm. Ferris, and Geo. Maxwell, who were the real officers of the bank in Delaware. (Collection of M. M. Burgett; photocopy used because "KANSAS" shows up legibly) Two dollar note, dated July 1st 1858, wh end so that the vertical imprint "KA. signatures of Wm. Ferris and Geo. Maxwei of the Delaware City Bank of Delaware, can be c ,_wsidered altered ,to pass on the g Whole No. 67 Page 33 .ith signatures of Roscoe? and Karnes? See Two dollar note, dated Feb'y 9, 1859, on the real Delaware City Bank in Delaware. This note has the presumed genuine signatures of Wm. Ferris and Geo. Maxwell. (Courtesy Kansas State Historical Soxiety) The vignettes on the 1858 "KANSAS" $2.00 and the presumed genuine state of Delaware $2.00 note, dated 1859, although distinctly different would have been described identically in "Bank Note Reporters." Thus by trimming off the "KANSAS" end forging the correct bank officer's names, these notes could have'been easily passed as genuine notes on the legitimate bank in Delaware. "Bank Note Reporters" of the period, notably Thompson's, make mention of this "KANSAS" hank, but it would appear that this merely indicated the .notes were no good rather than that the bank necessarily existed. The real Delaware City Bank in the state of Delaware had Wm. Ferris as cashier and Geo. Maxwell as president. Wm. Ferris had replaced John P. King as cashier of this bank sometime around 1855/56. This bank was converted to the Delaware City National Bank, charter No. 1332, in 1865. Wm. Ferris remained cashier and Geo. Maxwell was president. The Kansas State Historical Society has a photograph of a $2.00 note of the Delaware bank dated Feb'y 9, 1859, which appears to have the genuine signatures of Ferris and Maxwell. Adding further to the idea that the 1858 "KANSAS" issue was created to be altered is the fact that a number of these notes exist with obviously forged signatures of Ferris and Maxwell. Some of them have not even had the "KANSAS" removed, although a number also exist with the "KANSAS" 'trimmed or torn off. Dr. John Muscalus, prominent paper money researcher, has also reported that sipme of these "KANSAS" notes were altered for use in Delaware and Pennsylvania. Delaware City, Kansas had disappeared by 1880, and evidence indicates that there never was a bank located there. Therefore, it appears that both the 1854 and the 1858 Delaware City Bank notes were produced as part of a swindling scheme, possibly with the added idea of easy alteration, once they were discovered as coming from nonexistent banks, to prolong their ease of circulation. These notes may be classified as "Wildcat" notes since they were printed for a nonexistent bank. ich has been trimmed closely on the right VSAS — no longer appears. The forged 1, who were the real cashier and president appear on the note. Therefore, this note twine bank in Delaware.. Two dollar note of July 1st, 1858, that also has forged names of the officers of the Delaware bank. Note the different handwriting from the $1.00 note of the same date. (Collection of M. M. Burgett; photocopy used because "KANSAS" shows up legibly) STATE BECAME A TERRITORY BECAME A STATE Alabama March 3, 1817 December 14, 1819 Alaska August 24, 1912 January 3, 1959 Arizona February 24, 1863 February 14, 1912 Arkansas March 2, 1819 June 15, 1836 Colorado February 28, 1861 August 1, 1876 Florida March 30, 1822 March 3, 1845 Hawaii June 14, 1900 August 21, 1959 Idaho March 4, 1863 July 3, 1890 Illinois February 3, 1809 December 3, 1818 Indiana May 7, 1800 December 11, 1816 Iowa June 12, 1838 December 28, 1846 Kansas May 30,1854 January 29, 1861 Louisiana March 26, 1804 April 30, 1812 Michigan January 11, 1805 January 26, 1837 Minnesota March 3, 1849 May 11, 1858 Mississippi April 7, 1798 December 10, 1817 Missouri June 4, 1812 August 10, 1841 Montana May 26, 1864 November 8, 1889 Nebraska May 30, 1854 March 1, 1867 Nevada March 2, 1861 Oct. 31, 1864 New Mexico September 9, 1850 January 6, 1912 North Dakota March 2, 1861 November 2, 1889 Oklahoma May 2, 1890 November 16, 1907 Oregon August 14, 1848 February 14, 1859 South Dakota March 2, 1861 November 2, 1889 Utah September 9, 1850 January 4, 1896 Washington March 2, 1853 November 11, 1889 Wisconsin April 20, 1836 May 29, 1848 Wyoming July 25, 1868 July 10, 1890 Page 34 Paper Money Territory I or State? By Ben M. Douglas In the collecting of obsolete bank notes or checks, quite Many times the value of a note or check is greater if used often it is of interest to know if the notes or checks were prior to statehood. Below is a list of 29 states and the date issued under territorial status or after statehood was each became a territory of the U.S. and achieved statehood. achieved. Whole No. 67 Page 35 FRACTIONAL CURRENCY MAIL BID SALE A BEAUTIFUL SELECTION TO ENHANCE ANY COLLECTION DOROTHY GERSHENSON, INC. Lot Friedberg No. No. P.O. BOX 395, BALA, CYNWYD, PA 19004 Description Cond. Value 31 1256 10d Washington - 1 Edge Cut Close - No Printing Missing 1 1226 3d Washington - Light Back- On Any Of The 10 Pcs. Unc. 300.00 ground, New & Bright Unc. 40.00 32 1257 10d Liberty Unc. 32.50 2 1227 3d Washington - Dark 33 1258 10d Liberty - All 3 Pct. VF+ 40.00 Background Unc. 55.00 34 1258 10d Liberty X.F. 20.00 3 1227 3d Duplicate - Paper 35 1258 10d Liberty - 1 pin hole in Somewhat Aged A.V. 40.00 corner X.F./A.V. 30.00 4 1226 34 Washington - Vertical 36 1259 10d Liberty - Lg. Seal - Strip of Three Unc. 175.00 Blue End Unc. 42.50 5 1228 5d Jefferson - Fully 37 1261 10d Liberty - Sm. Seal- Perforated - ABNCO A.V. 65.00 Blue End Unc. 40.00 6 1229 5d Jefferson - Fully 38 1264 10d Meredith - Green Perforated - No Mono. Unc. 90.00 Seal Unc. 52.50 7 1230 5d Jefferson - Straight 39 1265 104 Meredith - Red Seal - Edges One. 40.00 Short Key One. 32.50 8 1231 5d Jefferson - Straight 40 1266 10d Meredith - Red Seal - Edges One. 100.00 Long Key Une. 32.50 9 1232 5d Washington - One Fold - 41 1267 15d Columbia - Water Mark One. 65.00 Somewhat Aged V.F. 15.00 42 1269 15d Columbia - Lg. Seal - 10 1233 5d Oval Dull - Washington Abt V.F. 50.00 Blue End Unc. 65.00 43 1271 15d Columbia - Sm. Seal - 11 1232 5d Washington - Bright Blue End Unc. 65.00 Bronze Oval No 44 1279 25d Jefferson - Perforated - Surcharge Unc. 50.00 ABNCO Unc. 100.00 12 1233 54 Washington - Bright 45 1280 25d Jefferson - Perforated - Note - Surchange Unc. 50.00 No Monogram Unc. 100.00 13 1235 id Washington - Surcharge 46 1281 25d Jefferson - Straight '1863-R-1' Glue on Edges - ABNCO Unc. 70.00 Corners XFAU 55.00 47 1282 25d Jefferson - Straight 14 1236 5d Clark - Red Reverse Unc. 75.00 Edges - No Monogram Une. 180.00 48 1283 25d Jefferson - Dull Oval - 15 1237 54 Clark - Green Reverse - Sm. Corner Bend A.V. 25.00 Lovely Bright Unc. 95.00 49 1286 25d Jefferson - Bright Oval 16 1238 54 Clark - Green Reverse X.F. 30.00 "18.63-S" One. 50.00 17 1238 5d Clark - Green Reverse - 50 1291 254 Fessenden - Red Reverse - Somewhat Aging Paper Unc. 45.00 Close Cut Bot. Margin 18 1239 5d Clark - Green Reverse - Does Not Affect Few Green Ink Marks Printing Unc. 70.00 On Rev. One. 55.00 51 1294 25d Fessenden - Green 19 1240 10d Washington - Reverse - Bright Perforated - ABNCO Unc. 60.00 Bronze Unc. 50.00 20 1241 10d Washington - Perf. - 52 1295 25d Fessenden - Green No Monogram Unc. 65.00 Reverse Abt New 35.00 21 1242 10d Washington - Straight 53 1301 25d Washington Unc. 40.00 Edges - No Mono. - 54 1302 25d Washington Unc. 37.50 Cor. Fold Unc. 40.00 55 1303 25d Washington Unc. 40.00 22 1243 10d Washington - Straight 56 1308 254 Washington Unc. 35.00 Edges - ABNCO One. 90.00 57 1309A 25d Washington - Pink Case 23 1244 10d Washington - No Obverse Unc. 125.00 Surcharge Unc. 32.50 58 1311 50d Washington - Perforated 24 1245 10d Washington - Surcharge Edges - No Monogram Unc. 125.00 "18-63" One. 32.50 59 1321 50d Washington - Straight 25 1246 10d Washington - Surcharge Edges - ABNCO Unc. 72.50 "186-63.5 - Unc. 37.50 60 1321 50d Washington - Surcharge 26 1251 10d Washington - Red "1863-R-2" 100.00 Reverse Unc. 50.00 61 1331 50d Spinner - No Design Fig. Unc. 32.50 27 1252 10d Washington - Red 62 1333 50d Spinner - Design Fig. 1 Unc. 42.50 Reverse - Numeral 1 Une. 60.00 63 1326 504 Spinner - Rev "A 2 6 5 28 1253 10d Washington - Colby 6 Red Reverse Unc. 65.00 Spinner Autographs Unc. 75.00 64 1374 50d Lincoln - Watermarked 29 1255 10d Washington - Green Paper Unc. 100.00 Reverse Unc. 37.50 65 1376 50d Stanton - Sm. Red Seal Unc. 60.00 30 1256 10d Washington - Green 66 1379 50d Dexter Unc. 60.00 Reverse - Numeral 1 Unc. 45.00 67 1381 50d Crawford One. 50.00 001 F B 63 360 000 F 001 * B 05 120 000 * 001 E F 55 680 000 E 001 E F 36 480 000 E 001 C G 99 840 000 C 001 C G 99 999 999 C/1 001 D G 16 640 000 D 001 G 03 840 000 * 001 B H 99 840 000 II 001 B H 99 999 999 B/1 001 C H 10 880 000 C 001 * H 03 200 000 * 001 E L 99 840 000 E 001 E L 99 999 999 E/1 001 F L 08 960 000 F 001 * L 03 840 000 * TWO DOLLARS 001 A C 33 280 000 A 001 A K 41 600 000 A FIVE DOLLARS Page 36 Paper Money BURlf-i',AtOF 11-4AG COPE PRODUCTION PRINTED DURING OCTOBER 1976 AV][ NG PRIM ING FEDERAL RESERVE NOTES PRINTED DURING NOVEMBER 1976 ONE DOLLARSERIAL NUMBERS SERIES FROM TO ONE DOLLAR B 67 200 000 A G 69 760 000 A J 24 960 000 A G 46 720 000 A A 92 160 000 B D 69 760 000 B E 99 840 000 D E 99 999 999 D/1 E 23 680 000 E E 04 480 000 G 88 320 000 C 1 98 560 000 A K 44 160 000 C L 82 560 000 E K 91 520 000 B 1974 1974 1974 1974 1974 1974 1974 1974 1974 TEN DOLLARS H 99 840 000 A H 99 999 999 A/1 H 10 240 000 B H 05 120 000 * 1 31 200 000 A L 99 840 000 B L 99 999 999 B/1 L 01 280 000 C L 07 680 000 * TWO DOLLARS A 24 960 001 A A 29 440 000 A A 00 640 001 * A 01 280 000 * FIVE DOLLARS 1974 D 82 560 001 B D 87 040 000 B 1974 E 98 560 001 C E 99 840 000 C 1974 E 99 840 001 C E 99 999 999 C/1 1974 E 00 000 001 D E 11 520 000 D 1974 E 07 220 001 * E 07 680 000 * 1974 G 09 600 001 D G 16 000 000 D 1974 K 44 800 001 B K 53 120 000 B 1974 L 24 320 001 D L 27 520 000 D ONE HUNDRED DOLLARS A 66 360 001 B D 49 280 001 B E 99 200 011 D E 99 840 001 D E 00 000 001 E E 04 000 000 * G 87 680 001 C 1 80 640 001 A K 26 880 001 C L 58 880 001 E K 57 600 001 B B 62 720 001 A G 66 560 OO1A J 18 560 001 A G 37 120 001 A H 99 200 001 A H 99 840 001 A H 00 000 001 B H 04 640 001 * 1 46 720 001 A L 96 000 001 B L 99 840 001 B L 00 000 001 C L 07 200 001 * QUANTITY 1974 1974 20,480,000 23,680,000 33,920,000# # 25,600,000 23,680,000 17 920 000 17,280,000 640 ,000 480,000# 640,000 160,000# 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 4,480,000 1,280,000 160,000# 11,520,000 480,000# 6,400,000 8,320,000 3,200,000 640,000 169,000# 10,240,000 480,000# 4,480,000 3,840,000 160,000# 1,280,000 480,000# 32,000,000 640,000# 12,160,000 1,920,000 3,840,000 128,000# B 46 080 B 04 480 E 23 680 F 15 360 G 88 320 G 99 840 G 00 000 G 03 360 H 92 800 H 99 840 H 00 000 H 02 720 L 82 560 L 99 840 L 00 000 L 03 360 B12800O01 F B 16 000 (101 * F 84 480 001 C 1 66 560 001 A I 03 200 001 * J 37 120 001 B A 35 840 001 C B 76 800 001 H F 78080001 B L 01 280 001 C I 56 320 001 A J 23 680 001 13 L 21 760 001 D L 11 520 001 * E 15 360 001 A E 00 576 001 G 38 400 001 A G 02 176 001 * A 09 600 001 A A 00 704 001 F 09 600 001 A H 08 960 001 A H 00 256 001 J 08 320 001 A J 00 896 001 * K 11 520 001 A K 12 800 001 A B 27 520 000 F B 16 640 000 * F 92 160 000 C I 73 600 000 A 1 03 840 000 J 45 440 000 B TEN DOLLARS A 49 920 000 C B 97 280 000 H F 88 320 000 B L 06 400 000 C 61 440 000 A J 30 720 000 B L 31 360 000 1) L 12 160 000 * E 16 640 000 A E 00 640 000 * G 42 880 000 A G 02 240 000 * A 10 880 000 A A 00 768 000 F 10 240 000 A H 10 880 000 A H 00 384 000 * J 08 960 000 A J 01 024 000 * K 12 800 000 A K 14 080 000 A 17,280,000 640,000# 32,000.000 21,120,000 11,520,000 160,000# 16,640.000 480,000# 7,040,000 160,000# 10,880,000 480,000# 17,280,000 160,000# 8,960,000 480,000# 3,840,000 5,120,000 14,720,000 640,000# 7,680,000 7,040,000 640,000# 8,320,000 14,080,01)0 20,480,000 10,240,000 5,120,000 5,120,000 7,040,000 9,600,000 640,000# 1,280,000 64,000# 4,480,000 64,000# 1,280,000 64,000# 640,000 1,920,000 128,000 640,000 128,000# 1,280,000 1,280,000 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1976 1976 1976 1976 1976 1976 TWENTY DOLLARS 1974 B 40 320 001 F B 72 320 000 F 1974 B 14 080 001 * B 14 720 000 * 1974 D 49 280 001 C D 61 440 000 C 1974 H 17 280 001B H 19 200 000 B FIFTY DOLLARS 1974 D 21 760 001 A D 25 600 000 A 1974 D 00 576 001 * D 00 704 000 * ONE HUNDRED DOLLARS 1974 G 33 920 001 A G 40 960 000 A 7,040,000 1974 G 02 048 001 * G 02 112 000 * 64,000# 4,480,000 640,000# 4,480,000 3,200,000 6,400,000 9,600,000# ## 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1974 1976 C 29 440 1976 K 36 480 TWENTY DOLLARS FIFTY DOLLARS # Indicates Printing Other Than COPE ## Indicates Correction to Previous Report Whole No. 67 Page 37 Birth of theUnCOPEsetic -Notes With only about 20% of the notes accounted for, paper money collectors and the general public are continuing their search for Series 1974 $1 Federal Reserve Notes with inverted overprints. The biggest U.S. paper money error in many years has been ironically laid to a malfunction in a new system of automated currency inspection equipment installed by the Bureau of Engraving and Printing in late September. The system was designed to facilitate the visual inspection of notes through the elimination of the physical handling by inspectors of the 32-note sheets. A BEP spokesman said the system works with a type of conveyor that transports the sheets into the view of the examiner. The sheets are turned during the inspection process to allow scrutiny of the first two printing operations—the backs and faces of the notes. At the end of the inspection of the first two printings, the sheets were to be turned so as to be properly oriented for feeding into the COPE (Currency Overprinting and Processing Equipment) system to be cut, receive the third (overprinting) printing and be packaged for shipment to the Federal Reserve Banks. The malfunction in the inspection equipment occurred at this final stage; the equipment failing to turn a number of the sheets with the result being they were fed into the COPE system at a 180-degree rotation from normal and the green Treasury seal and serial numbers, and black Fed seal and numbers were applied upside-down. Once in the COPE system, no further visual inspection of the notes is made as the BEP feels the system is failsafe at that point. This accounts for the fact that the error was not discovered until the notes had been put into the Fed system and into circulation. From the number of notes reported thus far, it is known that something in excess of 1,000 of the errors were produced before the malfunctioning equipment was Sixteen-note sheets of $1 Federal Reserve Notes, already having received the overprint, travel through the COPE system toward final cutting, packaging and shipping operations. replaced at th-e BEP. Because the COPE system halves the 32-note sheets before the overprinting, each reported error note is known to have 15 sheet-mates, each with a serial number different by 20,000 numbers. At press time, the 161 known error notes represent seven districts as follows: Philadelphia - 124 notes; Kansas City - 31 notes; Dallas - 2 notes; while New York, Richmond, Atlanta and Chicago are represented by one error note each. The supply of the new error notes has been completely bought up at around the $100 level; forcing dealers to raise their buying price and subsequently, the retail price of the popular notes. RARE INDIAN NOTE FOUND Indian collector J.B. Desai of Ahmedabed has reported the acquisition of a rare 1,000-rupees Indian note. The uniface note (Pick-7) was issued in 1925 by the Government of India in Bombay while under British rule. The note is considered the second rarest Indian paper money issue. LOBEL ACQUIRES COIN JOURNAL Richard Lobel, international coin dealer, announces that, by arrangement with Independent Magazines Ltd., he has acquired title to the publication "Coins, Medals and Currency" nostalgically remembered as "C. M&C". For the present Richard Lobel intends to run "C. M&C" bi-monthly with a controlled circulation to his extensive clientele list. It is anticipated that publication date will be towards the end of January 1977—the tenth anniversary of the foundation of "C. M&C". A complimentary copy is available on request from Richard Lobel and Co. Ltd., 11-15 Wigmore Street, London WIH 9LB, England. Page 38 Paper Moneymon II I^I^1 1IIIII 4i NEW JERSEY CURRENCY notes/sheets, scrip and checks. for trade. John J. Merrigan, Hanover, NJ 07936 FRENCH INDO-CHINA, wanted. Duplicates traded. (ANA 10 550). Mervyn H. Eustis, VA 23604 wanted. Colonial, obsolete I have some duplicate notes Jr., 2 Alexandria Dr., East (66) VIETNAM banknotes, MPC Describe and price first letter. Reynolds, P. O. Box 1355, Fort (67) Paper Money will accept classified advertising from members only on a basis of 54 per word, with a minimum charge of S1.00. The primary purpose of the ads is to assist members in exchanging, buying, selling, or locating specialized material and disposing of duplicates. Copy must be non-commercial in nature. Copy must be legibly printed or typed, accompanied by prepayment made payable to the Society of Paper Money Collectors, and reach the Editor, Doug Watson, Box 127, Scandinavia, WI 54977 by the 10th of the month preceding the month of issue (i.e., Dec. 10, 1976 for Jan. 1977 issue). Word count: Name and address will count for five words. All other words and abbreviations, figure combinations and initials counted as separate words. No check copies. 10% discount for four or more insertions of the same copy. Sample ad and word count: WANTED: CONFEDERATE FACSIMILES by Upham for cash or trade for FRN block letters, $1 SC, U. S. obsolete. John Q. Member, 000 Last St., New York, N. Y. 10015. (22 words; $1; SC; U. S.; FRN counted as one word each) VERY CHOICE STATE of Georgia notes. Trade for fractional currency, southern states notes or uncut sheets BBN's. Send list of what you have. I will send sample of my notes to arrive at fair trade. Wm. J. Skelton, P.O. Box 3291A, Birmingham, Ala 35205 SET 12 CRISP, uncirculated $2 Federal Reserves, one from each district, $31 postpaid, insured. James W. Seville, Drawer 866, Statesville, NC 28677 (66) WANTED IOWA CURRENCY. Obsolete and Nationals, especially Council Bluffs banks. Will buy or trade for. I have many obsolete northern and southern state notes, fractionals and odd denominational notes for trade. David Linberg, Bus. Dir., Mercy Hospital, 800 Mercy Dr., Council Bluffs, Iowa 51501 (66) MISSOURI CURRENCY WANTED: Large-size Nationals, obsolete notes and bank checks from St. Louis, Maplewood, Clayton, Manchester, Luxemburg, Carondelet and St. Charles. Ronald Horstman, Rt. 2, Gerald, MO 63037 (68) WANTED: CONNECTICUT OBSOLETE notes, scrip, checks, coins, tokens, etc. Also interested in National Currency from Windham National Bank charter No. 1614. Charles E. Straub, P. O. Box 14, Willimatic, CT 06226 (66) MORMON-SCOUT-OLD newspapers-documents wanted. Large quantities only. Harry L. Strauss, Jr., Box 321, Peekskill, NY 10566 (74) KANSAS BANKNOTES WANTED: serious collector seeks National Banknotes from Kansas and interesting notes from other states. Please price and describe. C. Dale Lyon, Box 1207, Salina, KS 67401 (69) WANTED NEW JERSEY large and small size National Bank Notes. Write with full description and price. Robert W. Hearn, P. O. Box 233, Hackensack, NJ 07602 (67) WANTED: BBN's, OBSOLETES (especially Conn.), Confed., Uncut sheets. Will buy, trade. George Emond, P. O. Box 1076, New Britain, Conn. 06050 (68) HUGUENOT NATIONAL BANK, New Paltz, N.Y. charter No. 1186 notes wanted. Large or small size, any condition. Frank Bennett, P. O. Box 8713, Fort Lauderdale, FL 33310 (68) SHORT RUN Crisp, uncirculated 1974 $1 FRN BB EC FB FC blocks, serials over 99840001 $50 each. FD under 00640000 $10. James Seville, Drawer 866, Statesville, N.C. 28677 (68) WANTED HARTFORD AND NEW HAVEN turnpike scrip. Also want scrip from Mass., Vermont, Maine, New Hampshire. Leonard Finn, 40 Greaton Rd., West Roxbury, Mass. 02132 (66) F-281 ONEPAPA STAR note wanted. Please state serial, grade, and asking price in first letter. Doug Murray, 326 Amos Avenue, Portage Michigan 49081 (68) WANTED NEW JERSEY Obsolete notes from Toms River and scrip of S.W. & W.A. Torrey for my collection. Describe and Price. Bob Mitchell 2606 Lindell St., Silver Spring, Maryland 20902 (69) MISSOURI BANKING MATERIAL: checks, drafts, warrants, scrip, clearing house certificates, obsolete notes from all Missouri towns. Also bonds, stock certificates, tokens, medals, bank records, city directories, and local histories. Also want bankers directories before 1935, biennial reports on Missouri banks published by the state, and photos or postcards illustrating Missouri banks. Ship or write: Bruce W. Smith, Krause Publications, Box 57, Iola, Wisconsin 54945 (69) WANTED LATIN AMERICAN banknotes. Ship for offer or state price. Have Europe and Asia notes to trade. Bill Broder, Box 517, Marrero, LA 70072 (66) WANTED: STOCK CERTIFICATES and bonds—all types—any quantity. Please write—I'm eager to buy! Ken Prag, Box 431PM, Hawthorne, California 90250 (74) WANTED RUSSIA PAPER money issued from 1769 till 1896 inclusive. Submit list indicated denomination, year of issue, condition and price desired, or ship note registered for our offer. Byckoff, Box 786, Bryte California 95605(70) 1907 DEPRESSION SCRIP wanted from Iowa, South Carolina, Montana, Wisconsin, Georgia, Maine and several other states. Write to Tom Sheehan, P.O. Box 14, Seattle, WA 98111 (67) DIE !HST NATIONAL DANA Of • MEN New mr -Mt(' • ao, 4C.Prt, VI MOLLA.314'S A002634 6.5 97 ‘T,E sior,.N.Nfri!.t10- 697 4002634 Whole No. 6 7 Page 39 RARE DOUBLE DENOMINATION uncut sheet of Provincetown Bank. Massachusetts. $30,000.00 Beautiful and Rare Item Frank Sprinkle, Box 864, Bluefield, W. Va. 24701. Stock Certificates Wanted. Also Indian Head Pennies dated 1858. Also Proof Trade Dollars. Frank Sprinkle, Box 864, Bluefield, W. Va. 24701. HAVE STOCK CERTIFICATES $14.00 per Hundred. Obsolete Checks $10.00 per Hundred. Obsolete Railroad Fare Tickets for sale or Trade. Frank Sprinkle, Box 864, Bluefield, W. Va. 24701. ENGRAVING ERROR See page 253 of O'Donnell Catalog, missing digit in back check number. Back check 905 should be 1905. 1974 Cleveland $1 FRN. $5.25 each or trade for 5 $1 FRN or 1 other district 905. All UNC. Howard C. Pardee, USCG Academy, Band, New London, CT 06320. "WANTED OBSOLETE CURRENCY of the Merchants and Planters Bank of Savannah, Georgia. Please describe and price in first letter. Gary Hacker, 2710 Overhill Road, Pekin, IL 61554." (68) NEW JERSEY OBSOLETE (Broken Bank) notes, sheets, scrip and checks wanted for my collection. I have some duplicates for trade. John J. Merrigan Jr., 2 Alexandria Drive, East Hanover, NY 07936 (78) Rich Note, Poor Note The above pair of scarce $1,000 Gold Certificates appeared in the November William Donlon auction of paper money. The top note, a Series 1922 in VF/XF was consigned with a minimum bid of $2,250 and sold for an even $1,000 more. The bottom note a possibly unique, definately circulated, Series 1907 G-note went begging for an opening bid of $2,600. Scarce National Draws Big Bid One of the scarcest 1929 Nationals in the Nov. 10 William Donlon paper money bid sale was this Type II Belen, New Mexico $5 in CU condition. The R7 note is from a total issue of only 2,640 of its type. CASE OF THE COPIER COUNTERFEITER The following item which appeared in the December, 1976 IACP (International Association of Chiefs of Police) Newsletter, was sent to us by John Merrigan, Jr. "The United States Department of Justice has issued a warning to the law enforcement community as well as financial centers concerning the existence and potential criminal use of three color copying machines now in production. Xerox, 3M and Canon Copiers now produce models capable of color reproduction that is remarkably clear and accurate. Xerox has two models—the 6500 and 6200 with the latter supposedly the one giving the better color reproduction. There are more than 3,000 Model 6500 machines throughout the country with several hundred more overseas. According to the Justice Department warning, "these machines, with varying abilities, make color reproductions of original documents which are quite deceptive to the unwary recipient. There is special concern for negotiable instruments such as stocks, bonds, checks, money orders, etc. Even United States and foreign currency can be reproduced by the Model 6500 with appreciable fidelity." According to the Justice Department, various discussions between the financial community, manufacturers and federal agencies are presently being held in order to attempt to find reasonable and practical solutions to the potential problem posed by color copiers. According to the warning, only a few instances of criminal misuse have occurred or at least been detected thus far. "The perpetrators were basically first offenders," the warning stated. "Items counterfeited included payroll checks, gift certificates, savings withdrawal slips, United States currency, stock certificates and postage stamps. A recent matter involved the use of such a machine to fabricate a completely fictitious cashier's check drawn on a nonexistent bank. It appears that any individual with access to such a machine and with the necessary proclivities is limited only by his imagination and guile." The warning cautions that while solutions to this problem are being considered, undue publicity outside the law enforcement and financial communities concerning the potential for misuse should be avoided." Page 40 Paper Money tame SW/Ing Nationals Hi Folks. Remember Us? We used to advertise a few notes now and then. Somehow we got out of that habit, but one of my 1977 resolutions is to get some of these goodies back into collector hands. I hope you find one or two to fit yours. Our usual rules apply: Your complete satisfaction-or no sale. BOB MEDLAR BETTY MEDLAR ALABAMA S20, Mobile, 1st NB, Ch S-I595, Fr 651 Fine/Very Fine 65. $10, Mobile, 1st NB, Ch 1595. Fr 625, Fine, no signatures 60 S20. Opelika, 1st NB, Ch 3452, Fr 652, Fine 120. S20, Eufaula, East Alabama NB, CI) 3632, Fr 634, V Fine 225. $20, Montgomery, 4th NB, Ch 5877, Fr 555, Dated Back, Fine 175. S10, Opelika, Farmers NB, Ch 9550, Fr 615, Fine 165. S20, Opelika, Nan Bank of, Ch 11635, Fr 659, Near X Fine but signatures partially faded 165. S10, Mobile, Merchants NB, Ch 13097, Fr 635, V Good 38 S20, Birmingham, 1st NB, Ch 3186, 1929 T-1. V Good 35 $10, Birmingham, 2st NB, Ch 3185, 1929 Ti,- V Fine Plus 44 $20, Dothan, 1st NB, Ch 5249, 1929 T-1. V Fine 60 $IO, Greenville, 1st NB, Ch 5572, 1929 T-1. Fine 75 52(1, Greenville, 1st NB, Ch 5572, 1929 Ti.- Fine 75 820, Troy, 1st Farmers & Merchants NB, Ch 5593, 1929 T-1, V Good 75 S20, Opelika, Farmers NB, Ch 9550, 1929 Ti,- Crisp NEW 140 520, Anniston, Anniston Comm! NB, Ch 11753, 1929 T-1, V Good 75. $IO, Mobile, Merchants NB, Ch 13097, 1929 T-1, Good 24 ARIZONA $10, Phoenix, NB of Ariz, Ch P-3728, Fr 628, Good, but heavy folds one side separated, priced accordingly 195. $20, Phoenix, Phoenix NB, Ch P-4729, Fr 654, Fine, cleaned 325. $20, Phoenix, same bank, V Good 315. S5, Winslow, 1st NB, Ch 12581, Fr 609, Horrible condition but rare 150. $20, Phoenix, 1st NB, Ch 3728, 1929 T-1, V Fine 135. SI 0, Tucson, Consolidated NB, Ch 4287, 1929 Ti,- Fine 145. S20, Tucson, Same Bank, 1929 T-1, V Fine $195: Crisp NEW 325. $20, Tucson, Same Bank, 1929 T-2, Crisp NEW 375. ARKANSAS 320, Ft Smith, 1st NB. Ch 1950, Fr 643,.V Fine plus, faded signs 130. $20. Ft Smith, Same, V Good 60 $10. Fr Smith, 1st NB, Ch S-1950, Fr 628, V Good 78 $10, Ft Smith, 1st NB, Ch 1950, 1929 Ti,- Fine 60 S10, Gravette. 1st NB, Ch 8237. 1929 T-2, V Good 135. $10, Paris, 1st NB, Ch 11592, 1929 T-1, V Good 155. No.longer collecting?? Ready to dispose of your collection??? Call Bob, I'd like to talk with you about it. I need any US material. from Obsoletes, documents, CSA to US modern currency. Nationals and Type Notes are particularly desired. I promise prompt, discreet payment and a fair, honest price. No Less! CALIFORNIA $5, San Fran, 1st NB, Ch P-1741, Fr 471, V Fine 215. $20, Los Angeles, LA-First Tr & Savings Bank, Ch 2491, Fr 659, V Fine but soiled on reverse 85 $5, San Fran, Wells Fargo Nevada NB, Ch P-5105, Fr 537, DATED BACK Very Fine 175. S10, Los Angeles, Farmers & Merchants NB. CI ) P-6617, Fr 621. RED SEAL, Choice X Fine. Scarce. altho 52.6 million outstanding in 1935, only 566,000 was large notes 400. $20, San Jose', 2st NB, Ch 2158, 1929 T-1, Fine 75 S50, Los Angeles, Security 1st NB, Ch 2491, 1929 Ti,- Fine 75 $20, Napa, 1st NB, Ch 7176, 1929 T 1, Crisp NEW 150. SI 0, Sonora, 1st NB, Ch 7202, 1929 T-1, X Fine/Abt Unc 135. $10, Lernoore, 1st NB, Ch 7779, 1929 T 1, V Fine/X Fine, quite scarce 175. S20, San Fran, Anglo Calif NB, Ch 9174, 1929 T 1, V Good 33 S5, San Fran, Anglo & London Paris NB, Ch 9174, 1929 Ti,- V Good 20. $10, San Fran. Same Bank, 1929 Ti,- V Good 20. 820, San Fran, Same Bank, 1929 T-1, V Good 29. S20, San Fran, Anglo Calif NB, (Same Bank), 1929 T 1, V Good 33 $IO, Pasadena, Security NB, Ch 10167, 1929 T 2, Abt Unc 150. S10, Crockett. 1st NB, CI) 11326, 1929 T 2, V Good, Low out sr 265. $10, Orange Cove, 1st NB, Ch 11616, 1929 T-2, Fine, Very Scarce 285. 510, San Fran, Bank of America, Ch 13044, 1929 T-1, V Good 20 $10, San Leandro, 1st NB, CI) 13217, 1929 T 1, V G, low outst 120. COLORADO S50, Pueblo, 1st NB, Ch W-1833. Fr 667, V Good 195. $10, Colorado Sprigs, 1st NB, Ch 2179, 1929 T-2, V Fine 65 $20, Colorado Spngs, 1st NB, Ch 2179, 1929 T-1, V Good 58 S50, Trinidad, 1st NB, Ch 2300, 1929 T-1, X Fine, scarce 160. $10, Greeley, 1st NB, Ch 3178. 1929 Ti.- Fine 60 $5, Colorado Spngs, Exchange NB, CS 3913, 1929 T- 9 , V Fine 60 $5, Greeley, Greeley Union NB, CI, 4437, 1929 T-1, Crisp NEW 120, $10, Greeley, Same Bank, 1929 Ti,- V Good 50 $20, Las Animas, 1st NB, Ch 6030, 1929 T-1, V Fine 160. $I 0, Denver, US NB, Ch 7408, 1929 Ti.- V Fine 45 $20, Denver, Same Bank, 1929 T-1, V Good 35 SI 0, Loveland, 1st NB, Ch 7648, 1929 T-1, X Fine 175. 510, Longmont, 1st NB, Ch 11253, 1929 Ti,- V Fine 160. $5, Denver, American NB, Ch 12517, 1929 T-1, V Good 22 CONNECTICUT $5, Hartford, 1st NB, Ch 121, Fr 598, V Good 35 FLORIDA $10, Pensacola, American NB, Ch 5603, 1929 T-1, Fine 50 $10, Miami Beach, MB 1st NB, Ch 12047, 1929 T-2, Fine 110. GEORGIA S20, Brunswick, NB of Brunswick, Ch 4944, Fr 657, V Fine plus. Signatures faded and soem reverse stain. rare note 125. 55, Sparta, Hancock NB, Ch 12317, Fr 609, Good with extensive rust erosion 80 $5, Atlanta, 1st NB, Ch 1559, 1929 Ti,- Fine 30 $5, Waycross, 1st NB, Ch 4963, X Fine, 1929 Ti- 175. $10, Cedartown, Liberty NB, Ch 11833, 1929 T-2, Crisp Unc 190. S10, Atlanta, Lowery NB, Ch S-5318, Fr 490, BROWN BACK, Nearly Xtra Fine. very scarce 300. HAWAII $5, Honolulu. 1st NB, Ch 5550, Fr 607, TERRITORIAL NOTE, V Fine rust stains lower right 475. S5, Honolulu, Bishops NB, Ch 5550 (name change) 1929 Ti,- F/VF 150. S10, Honolulu, Bishops 1st NB, Ch 5550, 1929 T-1, X Fine 140. a 1 0 au COINS '4d NICCOA Whole No. 67 Page 41 510, Honolulu, Same Bank, same Note, V Good to Fine 75 $50, Honolulu. Same Bank, 1929 Ti,- F/VFine 85. 1100, Honolulu, Same Bank, 1929 T-1, VFine or better 135. IDAHO 550, Boise, 1st NB of Idaho, Ch P-1668, Fr 666, Near X Fine, Choice and scarce 650. 910, Caldwell, 1st NB, Ch P-4690. Fr 628. V Fine, some reverse soil 650. S20, Lewiston, Lewiston NB, Ch 3023, 1929 T-1, V Good, tape stain 135. S20, Moscow, 1st NB. Ch 3408, 1929 T-1, Fine 190. ILLINOIS 55, Quincy, Ricker NB, Ch M-2519, Fr 574, DENOM BACK, V Good, clear signatures 90 SO, Carrollton, Greene Cty NB, Ch 2390, Fr 484, Crisp NEW 675. $50, , Aurora, Merchants NB, Ch 3854. Fr. 677, Nearly Unc, scarce 350. 15, Chicago. NB of Republic, Ch 4605, Fr 602, V Good 30 110, East St. Louis, Sou Illinois NB, Ch M-5070, Fr 542, DENOM Back, Fine 155. SO, Chicago, Corn Exchange NB, Ch M-5106, Fr 536, Crisp NEW but several folds. DATED BACK, Choice Type Note 240. 110, Taylorville, Farmers NB, Ch M-5410, Fr 633, faded signs, V Good 30 5100, Danville, 2nd NB, Ch 2584, 1929 T-1, Crisp Abt Unc 195. S50, Peoria, Conlin( Merchants NB, Ch 3296, 1929 T-I, Fine 70 8100, Aurora, Merchants NB, Ch 3854, 1929 Ti,- Crisp Unc 190. S10, Kankakee, City NB, Ch 4342, 1929 Ti.- Abe Unc 50 S5, Chicago, NB of Republic, Ch 4605, 1929 T-1, V Good 13 SIO, Chicago, Natl Builders NB, Ch 13146, 1929 T-1, Crisp New 55 S20, Mulberry Grove. 1st NB, Ch 7379, 1929 T-1, X Fine 89 Couple years ago I remarked in an ad that I thought Indiana Notes were underpriced because no one was actively collecting them. Boy, that brought a lot of people out with fire in their eyes. Maybe I should say that again as here are a lot of new notes, mostly very inexpensive. INDIANA S5, Ft Wayne, 1st NB, Ch 11, Fr 609 (First Natl Batik Chartered in state) X Fine 90 15. Indianapolis, Merchants NB, Ch 869, tr 595, Illustrated on Page 238, Friedberg, Set # 201330, Crisp Unc 225. 120, Lebanon, 1st NB, Ch 11-2057, Fr 654, X Fine 60 55. New Albany, 2nd,NB,Ch 2166, Fr 605, V Good 29 SI 0, Evansville, Citizen's NB, Ch M-2188, Fr 631, Good 22 520, Greencastle, Central NB, Ch 2896, Fr 650, Only 17,000 large outstanding, Fine 75 S5, Brazil, Riddell NB, Ch 5267, Fr 607, V Good 37 S5, Terre Haute, T.H. NB, Ch 7562, Fr 598. Good 22 55, Indianapolis, Fletcher Amer NB. Ch M-9829, Fr 601, VF plus 65 SO, Indianapolis, Natl City City of, Ch M-10121, Fr 591, Good 22. 15, Flora, 1st NB, Ch M-7802. Fr 587, Nearly X Fine, Scarce 125, 520, Indianapolis. Indiana NB, Ch 984, 1929 T1, Crisp Unc, folded 39 510, Huntington, 1st NB, Ch 2508. 1929 T-1, V Fine 33 520, Greensburg, Citizens 3rd NB, Ch 2844, 1929 T-1, V Good 33 520, Logansport, 1st NB, Ch 3084. 1929 T-1, Abt Uric 49 520. Ft Wayne, Old 1st NB, Ch 3285, 1929 T-1, V Good 34 550, South Bend, Citizens NB, Ch 4764, 1929 Ti,- Crisp UT. 110. 420, Logansport, City NB, Ch 5076, 1929 T-1, Crisp Abt Unc 55 S20, Marion, Marion NB, Ch 7758, 1929 T-1, Good 30 520, Knightstown, Citizens NB, Ch 9152, 1929 TOI, Crisp New 55 S10, Evansville, Natl City Bank of, Ch 12132, 1929 T-2, Crisp New 55 520, Logansport, Nail Bank of, Ch 13580, 1929 T-1, Abt Unc 45 520, Greencastle, Central NB, Ch 2896, Fr 650, only 57,000 large outst., Fine 510, New Albany, N.A. NB, Ch 775, 1929 T-I, Fine S20, Rushville, Rushville NB, Ch 1456, 1929 T-1, V Fine 510, Liberty, Union County NB, Ch 2007, 1929 T-2, Near X Fine 120, Flora, Bright NB, Ch 8014, 1929 T-1, Fine 510, Boonville, 1st NB, Ch 10613, 1929 T-1, Fine IOWA S20, Dubuque, 1st NB, Ch 317, Fr 650. V Good 75 510, Sioux City, 1st NB, Ch M-1757, Fr 616. Fine 55 55 Charle, City, 1st NB, Ch 1810. Series 1875. Fr 401, Abt Unc 550. 120, Webster City, 1st NB, Ch 1874, Fr 654, Faded Signs, but X Fine 225. 510, Sioux City, Livestock NB, Ch 5022, Fr 632, Fine 55 15, Council Bluffs, 1st NB, Ch 1479, 1929 T-1, V Good 25. 110. Cedar Rapids, Merchants NB, Ch 2511, 1929 T-1, Fine 27. 120, Charles City, Commercial NB, Ch 5979, 1929 T-1, X Fine 65 55, Roland, 1st NB, Ch 11249, 1929 T-I, V Fine 85 KANSAS 520, St Marys, 1st NB, Ch 3374, Fr 651, Crisp NEW, very nice 190, 520, Lyndon, 1st NB, Ch 7222, Fr 650. Crisp NEW, Rare, only 11,700 large outstanding 280. 110, Hiawatha, 1st NB, Ch 2589, 1929 T-1, X Fine 145. 120, Paola, Miami County NB, Ch 3350, 1929 Ti,- V Good 45 110, Kansas City, Comm! NB, Ch 6311, Good, 1929 T-1 19 15, Lyons, Chandler NB, Ch 14048, 1929 T-2, Crisp New, (next to last Natl Bank in Kansas to issue notes) 90 KENTUCKY S5, Covington, 1st NB, Ch 718, Crisp New, one fold 165. 510, Cynthiana, NB of, Ch S-1900, Fr 485, Brownback, V Fine Charming City Name 400. 55, Covington, Citizens NB, Ch 4260, Fr 471, Brownback, Abt Unc 685. 55, Lexington, 1st NB, Ch 906, 1929 T 1, V Good 25. LOUISIANA 55, Lake Charles, 1st NB, Ch 5-4154, Fr 602, V Good 115. 620 New Orleans, Whitney NB, Ch 3069, 1929 T 1, V G 29. $10, Shreveport, 1st NB, Ch 3595, V Good 33 610, New Iberia, State NB, Ch 6858, 1929 Ti,• Fine 60 $20, Baton Rouge, Louisiana NB, Ch 9834. 1929 T-2, V Fine 65 120 Or Kidder. 1st NB, Ch 9237, 1929 T-2, Fine 125. 120, New Orleans, Hibernia NB, Ch 13668, 1929 T-2, V Fine 33 120. New Orleans, NB of Commerce, Ch 13689, 1929 T-2, Fine 35 MARYLAND 810, Baltimore, Citizens NB, Ch E-1384, Fr 624, V Good/Fine 39 MASSACHUSETTS 52. Boston, State NB, Ch 1028, Fr 391, LAZY TWO, Crisp New with minor corner fold. Superb type note 850. 55, Boston, Comml Security NB, Ch 3923, Fr 600, V Fine 38 1 Boston, Natl Shavvinut Bank, Ch N 5155, Fr 477, Brown Back, V G 29 MICHIGAN 120, Grand Rapids, G.R. NB, Ch M-2460, Series 1882, BROWN BACK, Fr 504. Crisp New. trimmed a mite close on rev 425. 15, Iron Mountain, 1st NB, Ch 3806. 1929 Ti,- V Fine/X Fine 39 110, Battle Creek, Old-Merchants NB, Ch 7589, 1929 T-1, V Good 24. 120, Battle Creek, Same Bank, 1929 T-I, Fine 33 110, Detroit, 1st Wayne NB, Ch 10527, 1929 T-1, Fine 29. 110, Iron Mountain, US NB, Ch 11929, 1929 T 1, V Fine 39 S20, Grand Rapids, NB of Grand Rapids, Ch 13758, 1929 T-2, X Finc 39 MINNESOTA 55 , Duluth. American Exch NB, Ch M-9374, Fr 600 , V Good 110, Minneapolis, 1st NB, Ch 710, 1929 T-1, Fine 520, Same, Fine, Type 1 or T-2 820, Duluth, 1st American NB, Ch 3626, 1929 T-1, Crisp New 120, Duluth, Same Bank, V Fine MISSISSIPPI 55, Meridian, Citizens NB, Ch 5-7266. Fr 587, Abt Good 54 S5, Pontotoc, 1st NB, Ch 5-91140, Fr 600, Abt Unc 325. 15. Pontotoc, 1st NB, Ch 9040, 1929 T-1, V Good 90 S10 Columbus, NB of Commerce, Ch 10361, 1929 T-2, Crisp New 140. S10, Columbus, 1st Columbus NB, Ch 10738, 1929 T-1, V Good 85 55, Clarksdale. Planters NB, Ch 12222, 1929 T-1, Fine 125. 55, Yazoo City. Delta NB. Ch 12587, 1929 Ti.- Abt Unc, lite stain 90 55, Yazoo City, Same Note, V Good 39 75 42 52 50 75 55 29 33 60 33 MISSOURI 120, St Louis, 3rd NB, Ch 170, Fr 493. BROWN BACK. V Good S10. St Louis. Same Bank, Ch M-170. Fr 613. Fine LjUtedaYg RARE COINS and CURRENCY ANA - TNA - SPMC - PNG - NLG (BESIDE THE ALAMOI 220 ALAMO PLAZA (512) 226-2311 SAN ANTONIO, TEXAS 78205 65 39 Page 42 Paper Money 520, Chillicothe, 1st NB. Ch M-3686. Fr 652, V Fine/X Fine 140. $20, Fargo, Merchants NB, Ch 13323, 1929 T-1, V Fine 150. SIB. St Louis, NB of Commerce, Ch M-4178. Fr 539, Dated Back, X Fine 255. 820, Cooperstown. 1st NB, Ch 13362, 1929 T-1, V Good 165. S10, St Louis, NB of Commerce, Ch M-4178. Fr 484, Brown Back, V Good 44 $IO, Valley City, American NB, Ch 13385, 1929 T-1, Crisp New 275. S10, Trenton NB. Ch 4933, Fr 631, V Good 55 $10, Bismarck, Dakota NB, Ch 13398, 1929 T-1, Fine (state capitol) 130. S20, St Joseph, 1st NB of Buchanan Cry, Ch M.4939. Fr 552 Dared Back, Very Fine 165. OHIO S50, St Louis, Merchants-LaClede NB, Ch M 5002, Fr 671a, quote scarce, nearly X Fine with strong signatures, possibly washed 400. $10, Cincinnati, Fifth-Third NB, Ch M-20, Fr 626, V Fine plus $20, Toledo, 1st NB, Ch 91, Fr. 650. Abt Unc 70 75 520, St Louis, Same Bank, Fr 658, V Good 50 SIO, Zanesville, 1st NB, Ch M•164, Fr 622 Nearly X Fine, RED SEAL 260. 810, Sr Louis, Same Bank, Fr 542, Dated Back, V Good 55 $10, Wilmington, 1st NB, Ch 365, Fr 624, X Fine 95 $10, Sr Louis, Same Bank, Fr 632, V Good 38 $2, Newark. 1st NB. Ch 858. Fr 387, LAZY TWO. Crisp New but forS5, Warrensburg, Peoples Nit, Ch M-5156. Fr 606. V Good 520, St. Louis, State NB, Ch 5172, Dated Back, Fine/V Fine 175. minor edge fold visible only from reverse well centered 1.250. 55. St Louis, State NB, Ch M-5172. Fr 537. Dated Back, V Good SIO, St Louis, Some Bank. Fr 545, Dated Back, V Fine 49 160. SIB, Ravena, 2nd NB, Cli 350, Fr 479, BROWN BACK. V Good 70 510. St Louis, Same Bank. Fr 632, V Good/Fine 35 $10, Dayton. Winters NB, Ch M-2604, Fr 634, V Fine, tailed Signatures 55 SS, Monett, I st NB, Ch 5973. Fr 608, V Good 30 S5, Dayton, 3rd NB, Ch 2678, Fr 609, Choice Unc, scarce as such, S5, St Joseph, Tottle-Lacy NB, Ch M-6272, Fr 606. Fine 39 a great note for type collection 155. 520, Ridgeway, 1st NB, Ch 6549, Fr 650, Low Oustanding, VF/X. Fine 145. S10, Toledo, NB of Commerce, Ch M-3820, Fr 615, Fine Plus 45 $5, St Joseph, Burnes NB, Ch M-8021, Fr 599, V Fine 125. S5, Mt Gilead. NB of Morrow County, Ch 5251, Fr 607, Fine, only 510, St Joseph, American NB, Ch ?VI-9042, Fr 632, V Good 35 $7,500 outstanding large notes 175. S5, St Joseph, Same Bank, Fr 606, Fine 34 S10, Paulding, Paulding NB, Ch 5862, Fr 633, S4,170 large mast, VF 175. SI 0, Boonville, Boonville NB, Ch M-10915, Fr 632, V Good 34 $10, Columbus. Huntington NB, Ch M-7745, Fr 624, Abt Unc 110, S10, Tarkio, 1st NB, Ch 3079. 1929 T-1. Fine 85 810, Norwood, Norwood NB, Ch M-8505, Fr 615. Fine 65 S20. Kansas City, Fidelity NB, Ch 11344. 1929 T-1, V Good 34 S5, Lynchburg, 1st NB, Ch 11772, Fr 607, Abe Unc, minor stains 86 SlO, Luxemburg, Lafayette NB, Ch 13514, 1929 T.2, Crisp New 165 . 810, Toledo, 1st NB, Ch 91, 1929 T-1, Crisp Unc 40 $20, Urbana, Champaign NB, Ch 916, 1929 T•l. X Fine, minor rev slants 40 NIONTANA $20, Miamisburg, 1st NB, Ch 3876. 1929 T.2, Uncirc 45 520. Kalispell, Conrad NB. Ch 4803, 1929 T-1. Fine 130. $10, Piqua, Piqua NB, Ch 1006, 1929 T-1, Fine 35 410, Billings. Midland NB, Ch 12407, 1929 T-2, V Fine 145. $20, Piqua, Same Bank, 1929 T-1, Crisp New 75 S20, Billings, Some Bank, 1929 Ti.- Fine 130. 420, Pomeroy, Pomeroy NB, Ch 1980, 1929 T-1, X Fine 85 $20, Malta, Malta NB, Ch 2052, 1929 Ti.- X Fine 90 NEBRASKA 310, Waynesville, Waynesville NB, Ch 2220, 1929 T-1, Fine . . ......... 60. S20, Hastings, Nebraska NB, Ch 3732, Fr 658, Fine 90 S5, Youngstwon, Mahoning NB, Ch 2350, 1929 T-1, V Fine/X Fine 30 510, Lincoln, NB of Commerce, Ch W.7239 Fr 624, Good 39 SUL Youngstown, Same Bank, 1929 T.1, V Fine 28. 520, Wahoo, 1st NB, Ch 2780, 1929 T-1, Abt Unc with minor told 85. SIB,, Warren, 2nd NB, Ch 2479, 1929 T- 7 . Crisp New 65 S10, Ord. 1st NB, Ch 3339, 1929 Ti,- Abt Unc, minor folds, one of S10, Wapakoneta, Peoples NB, Ch 3535. 1929 T-1, V Good 29. few three letter named towns $20, St. Clairsville, 2nd NB, Ch 4993, 1929 T I, V Fine, staple holes 45 520, Columbus, Ohio NB, Ch 4065, 1929 T-2, Fine 40 NEW JERSEY 520, Plains City. Farmers NB, Ch 5522. 1929 T-1, V Fine 95 $10, Passaic, Passaic NB. Ch 12205, 1929 T-1. V Fine/X Her 29. $20, New Holland, 1st NB, Ch 7187, 1929 T-1, V Fine 80 SI O. Passaic, Same Bank. V Good, V Good 24. 810, New Richmond, New Richmond NB, Ch 8542, 1929 T-1, V Good 78 810, Sabina, 1st NB, Ch 8411, 1929 T-1. Fine 55 NEW MEXICO 810, Somerville, Somerville NB, Ch 9859, 1929 Fine 75 SI 0, Raton, 1st NB, Ch 12924, 1929 T•i, V Good/Fine 215. $10, London, Central NB, Ch 10373, 1929 T-1, Fine 80 320, Raton, Same Bank, 1929 T-2, V Good/Fine 215. 55, Sycamore, 1st NB, Ch 11383. 1929 Ti,- V Good 65 NEW YORK OREGON 55, New York, American Exchange NB, Ch 1394. Fr 471, BROWN BACK, $10, Portland, 1st NB, Ch P-1553, Fr 014, Fine S90; V Fine 120. X Fine 139. $5, Portland, US NB, Ch 4514. Fr 600. VF but stained 120. S5. New York, Same Bank, Fr 599, V Finc/X Fine 25. 85, Portland, Same - Bank, Fr 601. Good Si) $20, Portland, Same Bank. Fr 653. X Fine 160. S5, New York, Chase NB, Ch 2370, Fr 403, 1st CHARTER, Crisp New, 820, Portland, 1st NB, Ch 1553, 1929 T-1. Fine 55 Rare as such, a superb type note 650. $20, Portland, Same Bank Good 24. S20, Grants Pass, 1st NB of Southern Oregon, Ch 4168. 1929 T-2, XF 190. S20, Watertown. Watertown NB, Ch 2657, Fr 435, FIRST CHARTER, $5, Portland, US NB, Ch 4514, 1929 Ti.- Good 24 V Fine/ X Fine, scarce this nice • 600. PENNSYLVANIA $10, Phila, 3rd NB, Ch E-234. V Good/Fine, Ft 613 35 S5, New York, Liberty NB, Ch E-4645, Fr 591, X Fine, stains $10, New York, Liberty NB. Ch E-4645, Fr 628, X Fine plus 60 72. $5, Phila, Farmers & Mechanics NB. Ch 538, Fr 397, Crisp, New, scarce 650. $20, Cooperstown, 1st NB, Ch 280, 1929 T-2, Crisp Unc 65 $5, Phila, Farmers & Mechanics NB, Ch E-538, Fr 587. X Fine 85 520. Greenwich, 1st NB, Ch S-9040, Fr 600, Abt Unc S20, New York, NB of Commerce, Ch 733, Abt Unc. minor border 325 SIU, Clearfield, 1st NB. Ch 768. Fr 416. FIRST CHARTER, Uncirculated stains, signed by J.P. Morgan 250. with evidence of minor fold, Nice Type Note 675. NORTH CAROLINA 511), snenandoan, mercnants NB, Ch 4546, Fr 627, Fine 32 820, Cresson, 1st NB, Ch E-5768, Fr 581, Denomination Back, V Fine or S10, Charlotte, Comml NB, Ch 2135, Fr 487, BROWN BACK, better, quite scarce 475. Scarce state, Fine 800. 810, Ebensburg, American NB, Ch E-6209, Fr 621, Red Seal, VF/XF 150. $10, Wilkes Barre, 2nd NB, Ch 104, 1929 T-1, Fine 22 SIO, Henderson, 1st NB, Ch S-7564, Fr 613, Dated Back, tine 290. 810, Allentown, 2nd NB, Ch 373. 1929 T•I, Fine -/ 510. Greensboro, American Exch NB. Ch S•10112, Fr 628. Fine 225. 820, Newcastle, 1st NB of Lawrence County, Ch 562, 1929 T I, Fine 34 520, Lincohnon, 1st NB, Ch 6744. 1929 "F.1. Unc, rare as such .... 350. 810, Allentown, Allentown NB, Ch 1322, 1929 T-2. Crisp New 60 55, Thomasville, 1st NB. Ch 8788, 1929 Ti,. V Good 95 $10, Denver, Denver NB, Ch 6037, 1929 Ti.- Crisp New but minor $20. Asheville. 1st NB, Ch 12244, 1929 T-1, X Fine 195. smudge. Low outstanding 75 S5, Mebane, 1st NB, Ch 11697, 1929 T-1. Low outst, Crisp New .... . 380. $5, Pittsburg, Mellon NB, Ch 6301, 1929 Ti,- Fine 14 $10, State College, 1st NB, Ch 7511, 1929 T-1, Nearly X Fine 75 NORTH DAKOTA RHODE ISLAND S5, Mandan, 1st NB. Ch 2585, Fr 407, Crisp New. •I•ruly a rare note for state, condition and city 3,500. 810, Newport, Newport NB, Ch 1492, Fr 417, FIRST CHARTER, Series 1875. Two sets of stamped numbers on obv do nor seriously. $5, Sheyenne (note spelling), 1st NB, Ch W-8886, Fr 600, Fine 450. detract. A nice, scarce and attractive note 400. S5, Mandan, Merchants NB, Ch W-10604, Fr 594, Crisp New. Rare 800. S10, Fargo, Security NB, Ch t-11555. Fr 633. X Fine 700. 810, Providence, Blackstone Canal NB, Ch 1328, 1929 T-1, V Fine 55 S5, Fargo, Dakota NB, Ch 12026, Fr 608, Good 195. 510. Grand Forks, 1st NB, Ch 2570, 1929 T.1, Crisp New 225. 520, Grand Forks, Same Bank, 1929 T-1, Crisp New 225. SOUTH CAROLINA S10, Devils Lake, 1st NB, Ch 3397, 1929 T-1, V Good 150. $10, Charleston, Peoples NB, Ch S.1621, V Good 75 $IO, Bow Bells, 1st NB, Ch 7116, 1929 Ti,- X Fine 290. 85, Charleston, Same Bank, Fr 599, Fine with stain at top 70 520, Goodrich, 1st NB, Ch 8077, 1929 T.1, V Fine, scarce 275. $I 0, Charleston, Peoples-First NB, Ch 1621, (change in name), Fr 625, XF 100. Whole No. 67 Page 43 S10, Charleston, 1st NB. Ch 1622, Fr 482. BROWN BACK, Nearly Unc, very, very rare and choice 850. $10, Charleston, South Carolina NB, Ch 2044, Fr 628, Fine 75. $20. Columbia, Natl Loan & Exchange Bank, Ch 6871, Fr 650, V Good 100. S 10. Rock Hill, Peoples NB, Ch S 9407. Fr 615, V Fine. 94.600 large outstanding 400. 010. Columbia, Columbia NB. Ch 12412, Fr 635, Fine 175. 010, Spartanburg, Central NB. Ch 4996. 1929 T•1, V Fine 100. 05. Sumpter. NB of South Carolina. CS 10660, 1929 T-2, V Fine 115. SOUTH DAKOTA 510, Lead, 1st NB, Ch W•4631 Fr 628, Fine 325. 510, Sioux Falls, Security Nil. Ch 10592, 1929 Ti-, Fine / 25. TENNESSEE 570, Nashville, 4th & 1st NB, Ch 150. Fr 654, (First Nail Bank in State), V Fine or better 115. 510, Chattanooga, 1st NB, Ch S-1606, Fr 625, V Good, extensive stains 35 55, Nashville, American NB. Ch S-3032, Fr 598, V Fine 45 510, Knoxville, City NB. Ch 3837, Fr 626, Nearly X Fine 95 SI 0, Knoxville, Same Bank, Same Note, Very Fine 75 010, Nashville, American NB, Ch 3032. 1929 T-1, V Fine 33 020, Memphis, Union Platers NB, Ch 13349, 1929 Ti.- V Good 34 TEXAS 010. San Antonio, S.A. NB, Ch 1657. Fr 626. First NB in city, V Good 20. S5, San Antonio, Same Bank. Ch S-1657. Fr 600, Fine 60 020. El Paso, 1st NB, Ch 2532, Fr 659, Fine 65 S10, El Paso, Same Bank, Fr 633. V Fine 100. 520. Dallas, American Exchange NB, Ch 3623, Fr 652. Good 35. 010, Dallas, Same Bank, Fr 626, V Good 30 55, Paris, 1st NB, Ch 3638, Fr 600, Abt Good 35 010. Austin, Austin NB, CI) 54308, Fr 616. V Good 75 $10, Austin. Same Bank, Fr 627, Crisp New, large bold signatures. only 017.375 large notes outstanding 150. 010. Tyler. Citizens NB, Ch 5354. Fr 633, V Fine. Only 59.585 large sores OUtSt 175. SI 0, Houston. Merchants NB, Ch S-3838, Fr 490. BROWN BACK . All Texas BB's are rare. This is V Fine but foxed 300. 520, San Antonio, NB of Commerce, Ch S-6956, Fr 650, V Fine 65 520, Pearsall, Pearsall NB, Ch 6989, Fr 650, Only 55,560 large outstanding. Very Scarce note on small West Texas Town 450. 65, Houston, Union NB, Ch 9712, Fr 601. X Fine 45 55, Edgewood. 1st NB, Ch 10624, Fr 605, X Fine. Only 51.160 large outstanding. Kinda Scarce 475 510, Dallas, Dallas NB, Ch 11749. Fr 633, V Gooa .r3 $20. Dallas, Southwest NB, Ch 6-11996. Fr 660, Good 33 510, Houston, State NB, Ch 12070, Fr 634. Good 34 520, Dallas. Republic Nil, Ch 5-12186, Fr 661, V Good 35 SIO, San Antonio, San Antonio NB, Ch 1657, 1929 T-1 V Good 20. 520, Waco, 1st NB, Ch 2189, 1929 T-2, X Fine 30 510, El Paso, State NB, Ch 2521, 1929 T-1. V Fine 35 S20, Decatur, 1st NB, Ch 2940, 1929 T-1, V Good 80 55, Ft Worth, Ft W NB, Ch 3131, 1929 T-1. Fine 23 010, Ft Worth. Sante Bank, 1929 T-1, Fine 32 510, Wichita Falls. 1st NB, Ch 3200, 1929 T-1. X Fine but pinholes 34 010, Corsicana, 1st NB, Ch 4506, 1.929 Ti.- Fine plus 75 520, Dallas, 1st NB, Ch 3623, 1929 Ti,- V Good 29 51 01), Dallas, American Exchange NB, Ch 3623, 1929 Ti,- Fine 135. 510, Hillsboro, Farmers NB, Ch 3762, 1929 T-1, V Fine 75 S20, Orange, 1st NB, Ch 4118. 1929 Ti,- V Fine/X Fine 85 S20, Amarillo, 1st NB, Ch 4214, 1929 T-1, Scarce, popular Panhandle town, V Fine/X Fine 200. 020, Amarillo. Same Bank, 1929 T-2. Ser $A000030, Abt Unc 225. 510, Wichita Falls. City NB. Ch 4248. 1929 T-1, X Fine 65 520, Wichita Falls, Same Bank, 1929 T-1, Fine 29. S5, Georgetown, 1st NB, Ch 4294, 1929 T-1. V Fine 45 $20, Amarillo, Amarillo NB, Ch 4710, 1929 T-1, Uncirculated $20, Laredo, Laredo NB, Ch 5001. 1929 T-1, V FIT. 85 510, Tyler, Citizens NB, Ch 5343, 1929 Ti,- V Good 65 $20, Tyler, Citizens NB, Cli 5243. 1929 T-2. V Fine 105. 55, Shiner, 1st NB, Ch 5628, 1929 T-2, Nearly Xtra Fine, only $9,220 Type 2 $5's issued 175. 510, Amarillo, NB of Commerce, Ch 6865, 1929 T01, $17,095 °Last in 1935. V Fine plus 200. $5, San Anronio, NB of Commerce. Ch 6956, 1929 T-1, Fine 29. SI O. Pearsall, Pearsall NB, Ch 6989. 1929 Ti,- Scarce, Fine plus 210. $20, Brownsville, Merchants NB, Ch 7002, 1929 T-1. V Good 85. $5. 'Teague, 1st NB, Ch 8195, 1929 Ti.- V Good 65 510, Burkburnett, 1st NB, Ch 8706. 1929 TOL V Fine 134. 55. San Antonio, Groos NB, Ch 10148, 1929 TOl, Hue 30 510, Dallas, Republic NB, Ch 12186, 1929 T-2, V Good 19 920, Corpus Christi, State NB, Ch 12235, 1929 Ti,- V Fine 75 510, Brownsville, State NB, Ch 12236. 1929 T-1, Crisp New 135. $10, Brownsville, Same Bank, Same note, X Fine but many folds 75 $20, Brownsville, Same Bank, 1929 'T-1, Fine 70 510, Galveston, US NB, Ch 12475, 1929 TOI, X Fine 45 UTAH $5. Salt Lake City, Deseret NB, Cli 2059, Fr 602, V Good plus 90 510, S.L.C., Same Bank, Fr 628, Good 75 $20, S.L.C., Same Bank, Fr 654, V Good 110 510, S.L.C., NB of Republic, Ch P-4310, Fr 616, V Good 80 510, S.L.C., Utah NB, Ch P-4341, Fr 616. V Good 90 $20, S.L.C., Continental Nit, Ch 9403, Fr 652, V Fine 250. 55. S.L.C., 1st NB, Ch 2059, 1929 T•l , V Good 57' 510. Ogden, NB of Commerce. Ch 7296, 1929 T-1. V Fine 160. VERMONT 010. Bennington, Bennington County NB, Ch N-2395, Fr 377, Denomination Back. Claims to X FT.. but for stain at borders. One of three Value Back Banks in state 600. VIRGINIA $5, Richmond, American NB, Ch S-5229, Fr 606, Good $10, Richmond, Same Bank, Fr 632, V Good 35 520. Petersburg, 1st NB. Ch 3515, 1929 Ti.- X Fine 85 $20. Norfolk, Norfolk NB of Commerce, Ch 6032, 1929 Ti.- V Fine plus 40 $10, Norfolk, Seaboard Citizens NB, Ch 10194, 1929 T-2, Fine Plus 33 $10, Roanoke, Colonial American NB, Ch 11817. 1929 Ti.- Good 24. WASHINGTON 510, Spokane, Fidelity NB, Ch 3528, Fr 626, Fine 90 $20, Spokane, Same Bank, Fr 651, V Good 48 510, Spokane, Old NB, Ch P-4668, Fr 628, V Good 65 $20, Spokane, Same Bank, Fr 654, V Good 65 $10, Seattle, Dexter Horton NB, Ch 11280, Fr 632. Fine 86 $10, Seattle. First NB, Ch 11280, 1929 Ti,- Fine 35 $20, Seattle. Pacific NB, Cis 13230, 1929 T-2, V Fine 50 WASHINGTON D.C. 510, Commercial NB, Ch E-7446, Fr 624, Fine but faded signs. 35 $20, Franklin NB, Ch 0-10504, Fr 646, V Fine 80 $20, Riggs NB, Ch 5046, 1929 T-1, Fine 34 $5, Hamilton NB, Ch 13782, 1929 T-2, Abt Unc 80 WEST VIRGINIA 510, Wheeling, Natl Exchange Bank, Ch S-5164, Fr 632, X Fine 100. 510, Martinsburg, Old NB. Ch 5-6283, Fr 624, Near X Fine but stains, Signatures are in red and black, a nice choice note 149. 510, Sistersville, Union NB, Ch 5028, 1929 T-1, V Fine plus 90 55, Wheeling, Natl Exchange Bank. Ch 5164, 1929 Ti,- V Good 23. Folks, there are over 400 National Bank notes in this list. If you can't find one or two to add to your collection, you just aren't trying. Be like Avis-Try Harder!! WISCONSIN 510, Milwaukee, 1st Wisconsin NB, Ch M-64, Fr 635, First NB in state, Crisp Unc, nice specimen 125. $10, Milwaukee, 1st Wisconsin NB, Ch 64, 1929 T-1, V Good 18 $20, Milwaukee, Same Bank, 1929 T-1, V Fine $24, Crisp New 30 510, Wisconsin Rapids, Wood County NB, Ch 4639, 1929 Ti,- Crisp New 110. $20, Wisconsin Rapids, Same Bank, 1929 T-1, V Good 33 $20, Fond du Lac, Comml NB, Ch 6015, 1929 T-1, Fine 35 WYOMING $10, Rawlins, Rawlins NB, Ch 5413, 1929 T-1, V Good 165. $10, Cody, 1st NB, Ch 7319, 1929 T-1, Fine. Scarce 300. That is all of the Nationals, Type notes and small size notes; Fractional and Confederate maybe next AD. JACC(Cak'S RARE COINS and CURRENCY ANA - TNA - SPMC - PNG - NLG (BESIDE THE ALAMO) 220 ALAMO PLAZA (512) 226-2311 SAN ANTONIO, TEXAS 78205 SECRE1'IKY 9 tEPORT HARRY G. WIGINGTON, Secretary Harrisburg, PA 17111 P.O. Box 4082 Page 44 Paper Money MEMBERSHIP LIST Dealer or No. New Members Collector Specialty 4842 Michael A. Herman, 3213 Robins Ct., Endwell, N.Y. 13760 C $2.00 Currency-large & Small 4843 Paul M. DiCicco, 27 Voorhis Drive, Brentwood, N.Y. 11717 C World & Japanese Occupation 4844 Robert Azpiazu, Jr., P.O. Box 1433, Hialeah, Fl. C Small National & Star Notes 4845 Carroll Hilliard, 201 E. Cherry, Winchester, II. 62694 C National Currency 4846 Ignazio Marotta, 11 Mohawk Place, Massapequa, N.Y. 11758. 4847 William H. Vail, P.O. Box 6448, El Paso, Tx. 79906 C U.S. Paper Currency 4848 Gary Dunaenko, 21 Kassul Pl., Somerset, N.J. 08873 C 3E Fractional Currency 4849 Loyd H. Clevenger, 3458 St. Cloud Circle, Dallas, Tx. 75229 C U.S. Large size currency 4850 Stanley R. Carlburg, R.D. #9, Henderson Rd., Crystal Court, Lot #66, Erie, Pa. 16509 C 4851 Sam Wexler, 9128 Kennedy Dr., Des Plaines, Il. 60016 C Paper Currency of the World 4852 Ray Parrish, P.O. Box 144, Paris, Missouri 65275 C/D National Bank Notes 4853 Richard Norton, P.O. Box 3201, Nashville, Tn. 37219 C/D Tennessee Nationals 4854 Forrest W. Tippen, 2213 Brookhollow Dr., Abilene, Tx. 79605 C National Bank Notes 4855 Elfy B. Myron, 4192 Ellwood, Berkley, Mi. 48072. C 4856 James D. Booth, R.R. #7, Box 205, Broken Arrow, Ok. 74012 C Small size notes 4857 Michael M. Hansen, 11090 E. Wesley Pl., Denver, Co. 80232 C U.S. Large size notes 4858 Robert G. Ryder, 720 Rosewood, S.E., Grand Rapids, Mi. 49506 C U.S. & Canadian types, Michigan broken banks, confederate type notes. 4859 Joe C. Copeland, P.O. Box 8302, West Palm Beach, Fla. 33407. C/D Florida & Tenn. obsolete State & Nationals. 4860 Jeffrey LeRose, 73 Brooksyde Ave., Ringwood, N.J. 07456 C German Notgeld, U.S. Errors 4861 John W. Wilson, 8733 W. Burdick Ave., Milwaukee, Wisc. 53227 C U.S. Paper Money (All types) 4862 Paul C. Runze, 8035 Ingleside Ave. S., Cottage Grove, Minn. 55016 C 4863 C.W. Holley, 8303 4th Ave. North, Birmingham, Ala. 35206 C B.B. notes, Nationals, scrip, and confederate. 4864 Ken Nobles, Grandview Trailer Park, McAlester, Okla. 74501 C U.S., Southern & B.B & Obsolete notes. 4865 George K. Warner, 5154 Alcova, Rt. Box 10, Casper, Wyo. 82601 C Large Size U.S. notes 4866 R. Grant Carner, R.R. #1, Seneca, Pa. 16346 C Broken Bank Notes of Pennsylvania 4867 John S. Clapp, 3015 Hidden Pane, Erie, Pa. 16506 C Nationals 4868 James D. Hogbin, P.O. Box 37-0748, Miami, Fla. 33137 C/D 4869 George W. Taylor, P.O. Box 2180, Room 1895, Houston, Tx. 77001. C U.S. Paper Money 4870 Phillip De Rose, 14758 Victory BI #7, Van Nuys, Ca. 91411 C Fractionals 4871 Robert N. Mugema, Poste Restante, Fort Portal, Uganda (B.E.A.) REINSTATED MEMBERS 287 Robert P. Payne, Rt. #1, Kernersville, N.C. 27284 1189 Doug Thompson, P.O. Box 1639, Huntington, W. Va. 25717 RESIGNATIONS 4784 James B. Jones 3451 Jack D. Juech 1177 Warren Delaney 1299 J. Thomas Welch 2868 Arthur H. Van Voris 3476 LaVerne D. Millard EDUCATIONALS GET 'A' IN AUCTION Whole No. 67 Page 45 DECEASED 738 Benjamin J. Reynolds 518 C. Lamar McDonald 2118 Arthur R. Hanna 86 John McKnight Brown ZIP CODE CORRECTIONS 2511 J.T. Tommy Wills, Jr., P.O. Box 77, Woodland, Tx. 77380 ADDRESS CORRECTION 2486 Michael Humphrey, 1 Bacon St., Newton Corner, Mass. 02158 SPECIALTY CHANGE 4825 Fred Zinkann, 82 E. Circle Dr.. Aurora, Ill. 60538 CHANGE: Illinois & other Nations NAME CHANGE fJ4792 L.M.R. (Mike) Warden, "Five Oaks" 179 Acquetong Rd., New Hope, Pa. 18938 1090 American Bank Note Co., Attn: Miss A. Zecher, 70 Broad St., New York, N.Y. 10004 MEMBERSHIP NUMBER CORRECTION 4736 William J. Skelton, P.O. Box 3291A, Birmingham, Al. 35205 4625 Charles W. Geiger, 120 Bryant St., Dubuque, Ia. 52001 What is believed to be a record price for a set of 1896 Silver Certificates, the popular "Educational" set, was realized in the Nov. 11-13 Bowers & Ruddy Galleries auction when this set of choice crisp uncirculated notes was hammered down for $4,100. The auction catalog described the notes as "bright, full-margined, (with) needle-sharp corners and no impairments." Current catalog value of a "run-of-the-mill" Unc. set is about $2,000; and the sale catalog gave a pre-sale estimate of $2,700 to 3,200. Passing 11CWeB uu G WATSON gt TEXAS VEY 11411.1Alo, A003915 1374:5 MERCANTILE NATIONAL DANA AT DALLAS INgt; S A )twilaitttiA, i57.4 A003915 Page 46 Paper Money It is hoped that by the time members reach this spot in Paper Money they will have noticed the many changes that were instituted in this issue. These were not made for the sake of making changes, but rather for the purpose of bringing members a better, more interesting publication. The most significant of these alterations has been the conversion of the printing process from letterpress to off-set. Off-set printing offers an easier and more versatile medium with which to work. Type, artwork, and half-tones can be incorporated into more pleasing page layouts at a fraction of the cost of letterpress printing. Also of importance is the fact that all the type is being set, and camera work done here, in Central Wisconsin, instead of here, there and everywhere. Better quality control will be achieved as all pages are pasted up here, on my drawing board, converted to full page negatives, then delivered to the printer. This new production system will eventually result in a more up-to-date publication—cutting down on the time-lapse between ad deadlines, news happenings and the mailing date. However, all these innovations will go for naught unless more members contribute their support. At this time only a small fraction of the Society's membership is taking the time to share their knowledge with their fellow collectors. It has always been my understanding that the reason for organizing a society such as we have in the first place is to share knowledge and ideas with others. Certainly Paper Money is the perfect medium to do this. Remember, the other guy isn't going to always do it. Your turn's coming, so plan ahead, start your article today. New U. S. Fractional Note Variety A rare variety of a rare U. S. Fractional note was sold in the Nov. 18-20 Stack's auction. The note was a second issue 10 cents with "0-63" surcharges. However, unlike other examples of Fr. 1248, the surcharges on the note in the Stack's sale were in a type style identical to all other notes in the second issue, the ornate old Roman type. According to the cataloger "All other examples we have seen have the '0' and '63' surcharges in a style entirely unlike other second issue notes." The note is a choice CU specimen and remarking on its authenticity, Stack's said "After exhaustive examination (and bearing in mind the exceptional condition) we have no doubts of the authenticity of this note, and feel it could possibly be the only genuine example to come on the market in many decades." The rare Fractional brought a top bid of $2,200; about three times catalog value of a "normal" Fr. 1248. New Publishing Firm Formed Austin Sheheen and Fred Schwan have announced the formation of a new publishing firm. The firm, to be known as the BNR Press, will specialize in publications concerning paper money. Schwan, who is to be the executive director, stated that the firm will publish books, catalogs, monographs, reprints, occasional papers and other volumes on the subject of paper money. At least one title is scheduled for release in August 1977 at the annual American Numismatic Association convention. Schwan said that he was not at liberty to reveal the subject of the first book at this time. The Press will be affiliated with the Bank Note Reporter, a monthly paper money newspaper. DUESDUE Make sure your membership in the Society of Paper Money doesn't lapse, send your $8 dues today and keep Paper Money coming to your mail box for a full year. So we- don't have to drop you from our membership mail payment to Harry G. Wigington, P.O. Box 4082, Harrisburg, PA 17111. Type II $50 Doubles Estimate Estimated at near its catalog value of $125, this CU Type II $50 on Dallas' Mercantile National Bank brought a surprising $275 in the Nov. 10 William Donlon mail bid sale. __,PatrOAMMONASMUMlinffitataitettOW 4 • att0Vtfiigk 4451rtV -.:1114'111:17.1111110'.11L'111.11L1111.411iN161. 451 J vaDomarsricicat.snoderwinriertsisitog—z-Axt 1,40,t ' ALL SIZES AND TYPES 4.344 • .4♦1.* AA/ 0,°':maw 7);',947/1:9:00.41,/ rs4, 4110, '1// tr4o*'i Whole No. 67 Page 47 NEW YORK STATE NATIONALS WANTED Amityville 8873 Babylon 4906 Babylon 10358 Baldwin 11474 Baldwin 13062 Bay Shore 10029 Bellmore 11072 Bellport 12473 Bridgehampton 9669 Cedarhurst 11854 Central Islip 12379 Cutchogue 12551 East Hampton 7763 East Islip 9322 East Northport 12593 East Rockaway 1 28 1 8 East Setauket 11511 Eastport 13228 East Williston 13124 Farmingdale 8882 Floral Park 12449 Franklin Square 12997 Freeport 7703 Freeport 11518 Glen Head 13126 Great Neck 12659 Greenport 334 Greenport 3232 Hampton Bays 12987 Hempstead 4880 Hempstead 11375 Hicksville 11087 Huntington 6587 Inwood 12460 Islip 8794 Kings Park 12489 Kings Park 14019 Lake Ronkonkoma 13130 Lindenhurst 8833 Long Beach 11755 Long Beach 13074 Lynbrook 8923 Lynbrook 11603 Manhasset 11924 Mattituck 13445 Merrick 12503 Mineola 9187 Mineola 13404 New York City (Dunbar N.B.) 13237 Northport 5936 Oceanside 12458 Patchogue 6785 Patchogue 12788 Port Jefferson 5068 Port Washington 11292 Port Washington 13310 Riverhead 4230 Rockville Center 8872 Rockville Center 11033 Roosevelt 11953 Roslyn 13326 Sayville 5186 Seaford 12963 Smithtown Branch 9820 Southampton 10185 Valley Stream 11881 West Hempstead 13104 Westbury 11730 Woodmere 1 2294 need Obsolete Currency and Scrip from any of the above towns as well from: Suffolk County Bank of Sag Harbor GLEN COVE SOUTHOLD GREEN PORT ORIENT POINT PORT JEFFERSON SAG HARBOR Interested also in Chicago, Illinois #12227—Douglass National Bank I will also buy old "Satirical" and fantasy cartoon currency poking fun at political candidates. Also needed are any bills with numbers similar to 20202020, 0202020, etc. DR. ALAN YORK NUMBER ONE MAIN STREET, EAST HAMPTON, NEW YORK 11937 516-324-1024 Page 48 Paper Money WANTED OKLAHOMA OKLAHOMA NATIONAL BANK NOTES SMALL SIZE 1929 5126 WYNNEWOOD 7811 WALTERS 9964 GUYMON 0875 ERICK 5272 NEWKIRK 7822 HASKELL 9968 CORDELL 0960 POCASSET 5298 DAVIS 8052 WEWOKA 9970 STI LWELL 1397 TONKAWA 5347 STI LLWATER 8138 GUYMON 9976 SAYRE 1763 CARNEGIE 5546 PRYOR CREEK 8140 FREDERICK 9980 HARRAH 1913 IDABEL 5587 ALVA 8203 CHICKASHA 9987 SHATTUCK 2035 MOORE 5811 MANGUM 8294 MAUD 0003 BRAMAN 2078 WELLSTON 5955 CHELESEA 8313 PAWHUSKA 0005 POND CREEK 2104 DEPEW 5958 MAR I ETTA 847 2 OKLA. CITY 0020 GEARY 2117 PRYOR CREEK 5961 PAWHUSKA 8524 STRATFORD 0051 CHECOTAH 2130 BLAIR 6113 ALTUSS 8563 LUTHER 0075 KAW CITY 2148 COYLE 6232 RALSTON 8616 DUNCAN 0117 CLAREMORE 2157 NORMAN 6241 OKMULGEE 8644 MINCO 0151 EDMOND 2472 ARDMORE 6299 COMANCHE 8744 WAURI KA 0205 MARLOW 2801 HUGO 6517 QU I NTON 8852 TEXHOMA 0239 HEAVENER 3021 MADILL 6641 WAN ETTE 8859 VERDEN 0240 HOLLIS 3751 OKMULGEE 6660 MCLOUD 9046 SULPHUR 0286 MADILL 3760 FREDRICK 6868 BEGGS 9709 WAYNOKA 0304 TECUMSEH 3891 PONCA CITY 6879 COWETA 9881 KINHSTON 0380 ACHILLE 4005 DURANT 6980 CALVIN 9888 HEAVENER 0381 COLBERT 4108 WALTERS 7115 BROKEN ARROW 9942 TULSA 0402 KAW CITY 4305 PAWHUSKA 7209 BERWYN 9946 MARLOW 0548 RINGLING 7278 THOMAS 9949 NOWATO 0573 VIAN 7724 WETUMKA 9963 ELDORADO 0689 COMMERCE Will pay for VG to VF $75.00 VF to UNC $125.00 for above notes On above notes ship don't write. Will buy most all large notes on the State of Okla. Write. I am interested in many other states, Kan., West Texas, Ark., Ariz., New Mexico, Utah, Colo., Calif., Mont., Nevada and many more. Will buy complete collections, just write. Also wanted .series 1929 FEDERAL RESERVE BANK NOTE brown seal $5.00 San Francisco. Write state condition and price. SPMC 994 HARRY SCHULTZ ANA 38362 BOX 66 KREMLIN, OKLAHOMA 73753 AC 405-635-2377 Whole No. 67 Page 49 ALBANY Ocmulgee & Fling River Railroad, any note. Western Bank of Georgia (Branch). any nose. AMERICUS City Council of Americus. any note. Warehouse Insurance & Deposit Co, any note. A'THENS Bank of Athens, any note. Bank of the State of Georgia, (BRANCH). S50.00, S100.00. Georgia R.R. & Banking Co., any note. ATLANTA Alabama Insurance Co., 54, 250, 75i, S1.00, S2.00, S3.00. Atlanta Bank, any note. These are rare and 1 will pay high. Atlanta Insurance Co., any note. Atlanta & West Point R.R., any note. Ga. R.R. Bank Agency, any note. Bank of Fulton, almost any note, especially S10.00, S20.00, S50.00 & 5100.00. City of Atlanta, any note, except depression scrip of 1930's. Livery Stable, any note. Western & Atlantic R.R 10N; 25 & 504- SERIAL LETTER K. AUGUSTA Augusta Insurance & Banking Co., any note payable "AT THE AGENCY IN Augusta R.R. & Banking Co., any note. Bank of Augusta. any note Pre 1824. Bank of Brunswick (BRANCH). any note. Bank of Darien (BRANCH), any note. Bank of the State of Ga, (BRANCH), S50.00, S100.00. Bank of the United States (BRANCH, RARE) pay high, any note, also CONTEMPORY COUNTERFEITS. Bridge Co. of Augusta, any fractional; S1.00. S2.00, S3.00, S50.00, S100.00. Change Co. of Ga., any note. City of Augusta, any note. CWy Bank, 5(t, 50d, S20.00, S50.00, SI 00.00. City Council of Augusta, 61/44, lod, 1 21/24, S5.00, S10.00; any note over S10.00. Augusta Clearing House Association, (1907) S1.00, S2.00, $5.00, S20.00. Confederate Exchange, any note, Farmers & Mechanics Bank, any note. Ga. R.R. & Banking Co. any note including contemporary counterfeits. Mechanics Bank, Sit: 504, "BLACKSMITH"; S500.00, SI .000.00, also notes reading "will pay to or order at Merchants and Planters Bank, any note. Union Bank, S500.00. A URAR Bank of Darien (Branch), any note. PIGEON ROOST MINING CO. (RARE AND WORTH A LOT) any note. BAINBRIDGE Brunswick Exchange Bank (Branch), any note. W.S. BIUHL (SCRIP), any note. Merchants Bank, any note. Decatur County, any nore. Southern Bank, any note. (Also altered notes.) BRUNSWICK Brunswick & Albany R.R., S1.00, S2.00. Exchange Bank, any note. City of Brunswick, S1.00. City Council of Brunswick, any note. Commercial Bank of Brunswick, any note. CATIU'FAH Savings Bank of Calmtald S1.00, S3.00, and any GENUINELY SIGNED. CALHO UN Individual's scrip, any not e. CAMPB ELLTON Campbell County, any note. CARROLTON Merchant's & Planters Bank, any note, Particularly Genuinely signed. CASSVILLE Monroe R.R. & Banking Co (Branch), any note, CLINTON Scrip, any note COL UNIBUS Agency, Bank of the State of Ga., (actually Scrip, payable at the bank to bearer), any note. Bank Of Chattahoochee, any note. Bank of Chattahoochee County, any note. Bank of Columbus, almost any Iractionals, S50.00, S100.00, S500.00. Bank of St. Marys (BRAN(31), (some issued from APPALACHICOIA Fla., & payable at Columbus). any note. Tom Brassill, any note. Chattahoochee R.R. & Banking Co.. any note. City Council of Columbus, any note. City of Columbus, any note. Columbus armory, any note. Columbus Iron Works, -There :ire many varieties, need quite a few. Write or send for ofer. Dillard Powell & Co., any note. EAGLE & PHOENIX MFG: CD. (1893), any note. Ellis & Livingston, any note. Farmers Bank of Chattahoochee, any note. Greenwood & Grimes, any note. T.M. Hogan, any note. I nsurance Bank, any mite. Livery Stables, any note. Manufacturers & Mechanics Bank, S2.00, S3.00, S10.00. Mobile & Girard R.R., any note, MUSCOGEE MFG. CO . (1893), any note. Palace Mills, almost all notes. Phoenix Bank, any note. Planters & Mechanics Bank, any note. COOL SPRINGS WILLIS ALLEN (store), any note. CORDELE Crisp County Cotton association (1915), any note. COVINGTON Richard Camp, any note. cuTHBERT Bankin g How,. of John MeGunn, any note. DA HLONEGAH Rank of Darien (BRANCH), any note. Cherokee Bank, .my note. Pigeon Roost Mining Co, any note, DALTON li:utk of Whit field tractional; "NIANOUVIER - S3.00 & S5.00. Cherokee Insurance & Banking, any Fractional: S2.00, S5.00. S10.00. City Council of Dalton, any- note, especially signed. Planters Insurance Trust & Loan Co. anv note, ESPECIALLY SIGNED. Planters & Mechanics Bank, any FRACTIONAL. DARIEN Bank of Darien, any note. DEC:A . 11:R .Scrip, Various issuers, want any note. DUBLIN Laurens County, any note. EATONTON Bank of the State of Ga. (Branch), S50.00. S 00.00. 1 LB RTO N LB, t Count y any nuts, FORSVIHE Cuu ut y of Monroe, ally not e. Monroe R.R. & Banking Co., (Branch), any. note. Scrip payable at ATENCY OF THE Monroe R.R. Bank, any note. FORT GAINES Fort Gaines, any note. FORT VALLEY Agency Planters Bank (Scrip), any note. GAINESVILLE City of Gaineville, any note. GEORGETOWN J ohn N. Webb, any note. GREENSBOROUGH D.B. Lanford, any note. BANK OF THE STATE OF GA (BRANCH) (RARE) Pay high. any note. BANK OF GREENSBOROUGH, any note. GREENVILLE County of Merriwether, any note. GRIFFIN City Council of Griffin, any note. County of Spaulding, any note. Exchange Bank, any note, Interior Bank, any note, also CONTEMPORARY COUNTERFEITS. Monroe R.R. & Banking Co. (Branch), any note. HAMILTON Harris County (HAMILTON NOT ON NOTES), any note. HARTWELL Hart County, any note. HAWKINSVILLE Agency Planters Bank (Scrip), any note. Bank of Hawkinsville, any note. Pulaski County, any note. J.ACKSON Butts County, any note. JONESBORO' Clayton County, any note. JEFFERSONION (Scrip), any note LA FAYETTE Western & Atlantic R.R., any note. LA GRANGE La Grange Bank, any note,-DON'T WANT "RECONSTRUCTIONS. - I. UMPKIN Stewart County, any note. georgic obsolete currency wanted The following is a partial wantlist of Georgia currency wanted for my collection. I will pay fair and competitive prices for any Georgia notes. H you have Georgia currency for sale, please write, or send for my offer. Any material sent for offer, held until my check is accepted or refused. Member of the ANA for 18 years, No. 31775. Claud murphyjr. BOX 921 DECATUR, GEO. 30031 PHONE (404) 876-7160 After 5:30 EST P. O. BOX 1358, WARREN HENDERSON VENICE, FLA. 33595 OV EEI I-1 D IF CADES ( Phone AC 904 685-2287) CRISWELL'S CITRA, FLA. 32627 FLORIDA NOTES WANTED ALL SERIES Also A Good Stock Of Notes Available M- 6036E k Kt' Pk 14.44-44 S (t1 mosioNA1411ANK 122 P 's.AGS • ..;,a4.4 ,L,144,44.44.1,14,a As America's Largest Dealer in Obsolete Currency Means Very Simply That . . .elan mug CAN HELP YOU BUY OR SELL! If you are not on our mailing list, write today for your free copy of our latest 48 Page offering of notes, and send us your WANT LIST. CONFEDERATE AND SOUTHERN STATES CURRENCY LATEST EDITION (1976), (Autographed if You Wish I Revised, 300 Pages, Hard Bound. $15 BANKS, BANKNOTES, CURRENCY Want books, counterfeit detectors, banknote re- porters, vignette sheets, publications issued by bank note companies, etc, relating to early paper money and banking, especially the period 1790- 1865. Also want early individual bank notes and sheets . DAVID BOWERS BEVERLY HILLS, CA 90210 (70) REMEMBER Or" /.5' Because that the next AP DEADLINE Page 50 Paper Money NUMISMATIC AND ANTIQUARIAN SERVICE CORPORATION OF AMERICA 265 Sunrise Highway, County Federal Bldg.. Suite 53 Rockville Centre, L.I., New York 11570 516/764-6677-78 George W. Ball, Chairman of the Board Whole No, 67 Page 51 Attention Obsolete, Weste rn Confederate Collectors WH Y PAY MORE! Nevada Manhattan Silver Mining Co. "PAYABLE IN SILVER" $1.00 Black Gem Crisp Unc. $10.00 each $5.00 Green Gem Crisp Unc. $10.00 each $10.00 Blue Gem Crisp Unc. $10.00 each $20.00 Sepia Gem Crisp Unc. $10.00 each SPECIAL COMPLETE SET $30.00 Ppd. Confederate Notes (liste d by Criswell # ). All notes VFIXF unless otherwise listed. T-16 $50 VF C.O.C. $17.99 T-63 50( VG 2.50 1-18 $20 VF $17.99 1-64 $500 24.99 1-36 $5 4.99 1-65 $100 4.99 T-40 $100 4.99 T-66 $50 Unc. 4.99 T-41 $100 4.99 T-67 $20 XF 2.99 T-42 $2 Unc. 19.99 T-68 $10 XF 1.99 1-52 $10 4.99 T-69 $5 2.99 T-55 $1 Inc. 19.99 T-70 $2 F/VF 4.99 T-59 $10 4.99 1-71 $1 5.99 T-60 $50 XF 4.99 T-72 50( VF 2.99 TOTAL $152.31 SPECIAL -1 Each of the Above $149.95 Ppd. VARIETY COLLECTORS - Please send in your specific wants. BOND COLLECTORS Please write for our current price list. SEND S. A. S. E. AwaiiiimnifiliMI1111■111■11, Page 52 TAKE A CENTURY-OLD TOUR of the AMERICAN BANK NOTE COMPANY thru the pages of .. . MAKING MONEYat the PHILADELPHIA MINT and the AMERICAN BANK NOTE CO Follow each step of bank note production as it was over 100 years ago A 36-page reprint of the famous articles which originally appeared in Harper's New Monthly Magazine in 1861 and 1862. Beautifully illust- rated with dozens of fine-line woodcut engravings. $2.95 plus .40 first class postage. N.Y. residents please add 7%tax. GEORGE A. FLANAGAN P. O. BOX 191 BABYLON, N.Y. 11702 HICKMAN • OAKES 2nd MAIL BID SALE OF NATIONAL BANKNOTES CLOSING DATE: APRIL 10TH 1977 Many interesting and rare notes for every collector including: • NOTES FROM ALL 50 STATES AND 4 TERRITORIES • COMPLETE TYPE SET OF FIRST CHARTER NOTES $1, $5, $10, $20, $50, $100 DENOMINATION • OVER 30 RED SEAL NATIONAL BANK NOTES, 1902 SERIES, FROM OVER 22 DIFFERENT STATES • COMPLETE TYPE SET OF RED SEAL NOTES Catalog and Prices Realized $1 ($2.50 after sale) HICKMAN • OAKES P. O. BOX 1456 IOWA CITY, IA 52240 Paper Money Whole No. 67 Page 53 U.S. CURRENCY CONTINENTAL CURRENCY May 10, 1775 S3 G-VG 20.00 S7 VG+ 25.00 May 9, 1776 S5 VG 20.00 Sept. 26, 1778 S5 VG-F 17.00 $20 F-VF 24.00 S30 F+ All signatures bright 24.00 S60 AG 15.00 Jan. 14, 1779 S65 G-VG 15.00 COLONIAL CURRENCY MARYLAND April 10, 1774 S1/2 F-VF 23.00 S8 VG 17.50 S8 VG-XF One central fold which is not evident on obverse. Stain. Bright signatures 30.00 MASSACHUSETTES May 6, 1780 S2 cancelled 21 00 S2 CU cancelled. Excellent sigs .. 38.00 S5 Fine cancelled 15.00 S5 VG-XF cancelled 21.00 S20 Crisp AU cancelled 28.00 NEW JERSEY June 9, 1780 Choice AU. Crisp. Signed by P. Dickinson, D. Bearley, and J. Borden 140.00 RHODE ISLAND July 2, 1789 S5 CU 60.00 May 1787 10 Shillings XF corner clip. J. Hazard and N. Knight sigs 24.00 FRACTIONAL CURRENCY Fr. #1226 3¢ VG 5.00 Fr. #1226 3¢ XF Well centered. Clean 17.50 Fr. #1232 5¢ AU cut close at top . . 18.00 Fr. #1233 5¢ Poor. taped 2.00 Fr. #1238 5¢ CU Not well centered but some border on all sides 30.00 Fr. #1242 10¢ CU 29.00 Fr. #1244 10¢ AU 17.50 Fr. #1245 10¢ CU Pinholes 18.00 Fr. #1255 10¢ Unc. but for one corner crease. Light stains 18.00 Fr. #1256 10¢ F+ unevenly cut 9.00 Fr. #1256 10¢ no folds. Light stains . 25.00 Fr. #1258 10¢ Good 3.00 Fr. #1258 10¢ CU Well centered . 28.00 Fr. #1259 10¢ CU 25.00 Fr. #1261 10¢ Ch. AU one pinhole 19.00 Fr. #1265 10¢ XF+ 16.00 Fr. #1265 CU Well centered 23.50 Fr. #1267 15e Ch. CU Nicely centered 62.50 Fr. #1269 15¢ Ch. AU One pinhole. Well centered 35.00 Fr. #1281 25¢ CU Well centered . 47.50 Fr. #1294 25¢ Fine 11.00 Fr. #1308 25¢ Fine 6.00 Fr. #1308 25¢ CU 22.00 FRACTIONAL CURRENCY Fr. #1318 50¢ XF+ cut close on rev . 15.00 Fr. #1333 500 Gem CU Well centered 70.00 Fr. #1362 50¢ Ch. CU Surcharges are very sharp and clear 65.00 Fr. #1379 50¢ XF-AU two pinholes. Well centered 25.00 Ft. #1381 Ch. CU 50¢ Well centered 45.00 LARGE SIZE CURRENCY Fr. #18 Si 1869 Fair 22.00 Fr. #36 S1 VG-XF 19.00 Fr. #37 SI 1917 VF-XF 20.00 Fr. #39 SI 1917 VF+ 19.00 Fr. #39 Si 1917 Choice XF 25.00 Fr. #60 S2 1917 VG+ 15 00 Fr. #60 S2 1917 VF 25.00 Fr. #91 S5 1907 VF 20.00 Fr. #225 ill 1896 Educational. CU. Well centered. Smal light stain at bottom of note 250.00 Fr. #237 SI 1923 VG+ 10.00 Fr. #237 Ch. CU Well centered .. . 32.50 Fr. #238 S1 CU 35.00 Fr. #279 S5 1899 Chief Onepapa. Ch. AU Clean and well centered. Only one light fold away from Unc 197.50 Fr. #357 S2 1891 VG+ Rare 70.00 Fr. #836 S5 1914 VG soiled 22.50 Fr. #871 S5 1914 B-VG 10.00 Fr. #915 S10 1914 Very fine 25.00 Fr. #1187 S20 1922 Fine 42.50 Fr. #1187 S20 1922 Fine+ 47.50 SMALL SIZE CURRENCY Fr. #2300 S1 19350A Hawaii CU. 17.00 Fr. #2309 S10 1934-A North Africa. Ch. AU 22.50 Fr. #2400 S10 1928 Gold certificate Small piece of upper right corner missing. AU 35.00 NATIONAL CURRENCY Bridgeport, Connecticut. Charter #335 $20 1929-I F-VF 39.00 Morris, Illinois. #1773 S50 1929-1 XF lightly soiled 95.00 Madison, Indiana. #111 S5 1902 Fine+. 50.00 Cincinnati, Ohio. #2524 S5 1902 VF 50.00 Hamilton, Ohio. #56 S10 1902 VF. 75.00 Hamilton, Ohio. #56 S20 1929-1 VF 55.00 Ambridge, Pennsylvania. #10839 S20 1929-11 Fine+ 55.00 Memphis, Tennessee. #13349 S20 1929-1 Very fine 55.00 OBSOLETE CURRENCY CONNECTICUT S5 Bank of New England N-96 Ch. CU 6.00 FLORIDA 50¢ State of Florida Cr. #20 CU 5.00 FLORIDA 25¢ State of Florida Cr. #24 CU 5.00 GEORGIA SIO State of Georgia Cr. #4 Ch. AU 5.50 LOUISIANA S5 State of Louisiana Cr #10 Fine stain 6.00 LOUISIANA S5 State of Louisiana Cr #30A R-8 Ch. AU 12.50 LOUISIANA S100 Citizens Bank of Louisiana CU 7.50 LOUISIANA S50 Citizens Bank of Louisiana. Small corner tear. C-192 CU 5.50 LOUISIANA S5 Bank of Louisiana L-529 AU 9.00 MARYLAND S2 Allegany County Bank A-634 CU 10.00 NEW JERSEY S6 Peoples' Bank of Patterson. P 156 Small notch at top of note. Ch. AU 32.50 S7 P-157 Ch. AU 37.50 S8 P-158 Ch. CU 45.00 NORTH CAROLINA 50¢ State of N Carolina Cr. #99 CU 7.00 S1 State of N. Carolina Cr. #132 CU 5.50 10¢ State of N. Carolina Cr. #147 CU 3.50 OHIO 5¢ Summit County County Bank S 880 AU 3.25 OHIO 50¢ Tarleton. October 20, 1837 Issued by David King Ch. AU . . .. 15.00 OKLAHOMA 25¢ J.J. McAlester trade note. Indian territory. M-125 Ch. CU . . . 40.00 OKLAHOMA 50¢ J.J. McAlester. M-140 Ch. CU 45 00 OREGON 25¢ Multnomah County scrip. CU 7.50 OREGON 50¢ Silverton scrip Ch. CU 7.50 SOUTH CAROLINA S20 State of S. Carolina Cr. #7 Ch. CU 9.50 $50 State of S. Carolina Cr. 8 Ch. CU 11.00 SOUTH CAROLINA S10 Farmers and Exchange Bank #F 83 Good 3.00 TENNESSEE 5¢, 10¢, 25¢ set. New York and East Tennessee Iron Co 17.50 VIRGINIA treasury note S1 Cr. #18 CU 6.00 CONFEDERATE CURRENCY Type 8 Cr. #20 S50 12 5 F VF 9.00 Ty. 14 Cr. #76 S50 R-4 VG-F 10.00 Tv. 16 Cr. #86 S50 R-6 VG 9.50 Ty. 20 Cr. #141 S20 R-3 XF clean .. 10.00 Ty. 22 Cr. #152 510 R-8 Reverse heavily taped. Fine+ 23.00 Ty. 24 Cr. #164 SIO R-4 Fine 15.00 Ty. 26 Cr. #213 SIO R-4 Fine 15.00 Ty. 36 Cr. #278 S5 R-3 Fine 6.00 Ty. 37 Cr. #285 S512-4 VF 10.00 Ty. 40 Cr. #306 S100 R-5 AU 8.00 Ty. 41 Cr. #317 S100 R-5 Ch. CU . 15.00 Ty. 42 Cr. #336 S2 R-4 VG+ 5.00 Ty. 43 Cr. #338 S2 R-6 VG+ 20.00 Ty. 50 Cr. #355 S50 R-4 Cancelled Fine 10.00 Ty. 52 Cr. #375 S10 R-4 Very fine. . 5.00 Ty. 53 Cr. #383 S5 R-5 Fine 4.00 Ty. 56 Cr. #403/2 S100 R-6 Fine. . 10.00 Ty. 60 Cr. #453/5 S5 R-3 cancelled VG 3.00 Ty. 62 Cr. #474 S1 12-5 Abt. Fine . . 5.00 Ty. 63 Cr. #485 50¢ 12-3 set of two with consecutive serial numbers Ch. CU . 12.50 Ty. 64 Cr. #489 S500 R-7 AU 27.50 Ty. 66 Cr. #497 S50 12-3 Ch. AU . . . 5.00 Ty. 67 Cr. #511 $20 12-2 VF 3.50 Ty. 68 Cr. #543 S10 R-2 Fine 3.00 Ty. 69 Cr. #561 S5 12-1 Very tine. . . 3.00 Ty. 71 Cr. #576 Si R-4 Ch. AU 7.00 FREE PRICE LIST ON REQUEST TERMS All items guaranteed genuine. 10 day return privilege. Add S1 postage to all orders under 535.00. Ohio residents add 4% sales tax. Personal checks must clear before shipment is made. Orders by certified check or money order will be shipped within 24 hours. MIAMI VALLEY COINS & CURRENCY P.O. Box 2094 Hamilton, Ohio 45015 Page 54 Paper Money WANTED U. S. COLONIAL CURRENCY & DOCUMENTS Of The Era Of • BONDS • LAND GRANTS • SOLDIERS' PAY SCRIP • TREATIES • BROADSIDES • LOTTERY TICKETS Inquiries or want lists are respectfully solicited We Are The COLLECTORS' DEALER J. J. TEAPARTY 43 BROMFIELD ST. Tel, 617-542-0023 428-3298 BOSTON, MA 02108 Member: ANA SPMC PNG WANTED: RARE LARGE-SIZE NOTES We require RARE large-size notes in any grade; type notes in CU only (no Federals, please), in $1 through $100 denominations. We also need all grades large-size NATIONAL BANK NOTES, mainly FIRST CHARTER. $1, $2 and $5; SECOND CHARTER brownback $5s, and THIRD CHARTER RED SEALS $5, $10 and $20. TOP DEALER PRICES PAID FOR REQUIRED MATERIAL. We also pay top dealer prices for required "AMERICANA" WESTERN, INDIAN & TERRITORIAL items of mid-1840s to early 1900s ONLY, such as: broadwides, Gold Rush, Pony Express and Wells Fargo memorabilia; documents, letters, coins, photos, law badges, signs, frontier artifacts, bars, books, autographs, checks, bonds, certificates, drafts, covers, Indian artifacts of all types (no current jewelry), pre-1898 firearms, etc. (No "Wells Fargo" buckles or reproductions of any kind, please.) WRITE or CALL (collect) first and describe what you have to offer As dealers, we also have on hand a fine selection of notes and Western collateral for sale. Your inquiries are respectfully solicited. M. PERLMUTTER Phone: 1-617 332-6119 P. 0. BOX 476, NEWTON CTR., MA. 02159 Specializing in U. S. LARGE paper currency, Series 1861-1923, and Western "Americana." Researchers, Dealers and Appraisers. Contributors to the leading publications and trends in the field of U. S. paper money. Members of SPMC (948), ANA, ANS, PMCM, CCRT and other leading syngraphic, numismatic, exonumistic organizations. Whole No. 67 Page 55 r( am interested in Coins/Banknotes (delete not applicable). I am especially interested in 1 Name (BLOCK LETTERS PLEASE) Street City PM Stanley Gibbons have something to tempt the most discerning collector. Tiberius11(578 — 582). Ae Follis of Nicomedia. Bust facing holding globe. Rev. ANNO III NIKO R. 951. GEF. N,15)))10" $1 Chinese American Bank of Commerce. Rare foreign bank in China with vignette of the Statue of Liberty. Stanley Gibbons Currency are the world's leading specialists in paper money and experts on coins of all periods. Call in at our showrooms and view at your leisure our large stocks which include banknotes from almost every country of the world together with some of the most ancient and beautiful coins ever produced. Our staff are always available to offer expert advice if required. Alternatively write for literature and latest price lists. STANLEY GIBBONS CURRENCY LIMITED 395 STRAND, LONDON, WC2R OLX State Zip tllllllllte MISSOURI NATIONALS WANTED Moniteau National Him WEC113110111VEKSII lav Will Buy Any Condition If I Need The Bank. Keenly interested in Uncut Sheets & other material pertaining to National Banks from 1863-1935 List information and prices in first letter and send for prompt action to: FRED SWEENEY BOX 10144 KANSAS CITY, MO 64111 RHODE ISLAND OBSOLETE NOTES WANTED FROM THE FOLLOWING BANKS ANTHONY VILLAGE Coventry Bank ASHAWAY Ashaway Bank BLOCK ISLAND Island Bank BURRILLVILLE Burrillville Agricultural Bank NEW PORT Aquidneck Bank The Bank of Rhode Island New Port Exchange Bank Traders Bank PAWTUXET Pawtuxet Bank PHENIX Phenix Village Bank Northern Bank Pawtuxet Bank Roger Williams Bank Mater Bank Smithfield Lime Rock Bank State Bank Traders Bank Union Bank What Cheer Bank WAKEFIELD Peoples Exchange Bank Wakefield Bank WARREN Hope Bank Sowamsett Bank WICKFORD North Kingston Bank North Kingston Exchange Bank CUMBERLAND PROVIDENCE SCITUATE Wickford Bank Citizens Bank Atlantic Bank Scituate Bank WOONSOCKET EAST GREENWICH Atlantic Mediterranean Banking SMITHFIELD Producers Bank Bank of New England Greenwich Bank and Navigation Co. Atlas Bank Globe Bank Smithfield Union Bank Railroad Bank Woonsocket Falls Bank GLOUCESTER Franklin Bank Jackson Bank Lime Rock Bank SOUTH KINGSTON South Kingston Bank Citizens Bank PASCOAG Marine Bank Granite Bank Mechanics Bank TIVERTON Pascoag Bank Mercantile Bank Bristol Union Bank If you have any notes from the above banks or any other scarce Rhode Island sheets, proofs, scrip, etc. please state your asking price or send for my fair offer. If your notes are not for sale I would appreciate a photo copy for reference as I am nearing completion of the State of Rhode Island for the S.P.M.C. project. Also I have several rarities from other states if trades are preferred. P. 0. BOX 186, ROGER H. DURAND REHOBETH, MASS. 02769 Page 56 Paper Money Whole No. 67 Page 57 ••••■:.•■ 'N.. - Z---; - ' 11101111MWIMIMII0101.- i „ FREE $12.50 VALUE FRACTIONAL CURRENCY OF THE UNITED STATES BY D. W. VALENTINE VOL. 1 & 2 1976 REPRINT The Bible on the Subject — 01-44inally Published in 192 I NOW SELLING NATIONALLY AT $12.50 NASCA — Numismatic and Antiquarian Service Corporation of America is delighted to announce that they have reprinted 1,000 copies only of this "classic" work in 1 single soft covered edition. Bringing as much as $50-$70 at auction (when a copy is available), the work can be yours AT NO CHARGE! It is our gift to you as a way of introducing you to our fine public auction sale catalogues. FOR A LIMITED TIME ONLY ... we will send FREE — The 1976 reprint to all those who subscribe to our 1977 auction sale cata- logues @ $10.00 per annum. Just fill out the card and mail it. We will send the book to you with our bill. NASCA NASCA c/o Herbert Melnick 265 Sunrise Highway — Suite 53 NUMISMATIC AND ANTIOPARIAN SERVICE CORPORATION OG MAE SPCA Rockville Centre, N.Y. 11570 265 Sunrise Highway. County Federal Bldg Suite 53 Rockville Centre. LI.. New York 11570 Please enter a 1977 annual subscription 516 /764-6677.78 $10.00 and send me my FREE Valentine-Frac- tional Currency — 1976 Reprint. NAME ADDRESS CITY _ _ _ _ _ STATE ____ ZIP __ George W Ball. Chairman of the Board SMALL-SIZE MASSACHUSETTS NATIONAL CURRENCY WANTED #1386 Abington #268 Merrimac #462 Adams #12800 Methuen #4562 •Adams #866 • Milford #1049 Amesbury #13835 Millbury #393 Amherst #383 Northampton #2172 Athol #1279 Northbourgh #3073 Ayer #5964 •Eepperell #969 Beverly #1260 •Pittsfield #643 •Boston #4488 Reading #684 Milton-Boston #934 Southbridge #11347 Braintree #8150 South Deerfield #11270 Chelsea #2288 Spencer #14087 Chelsea #2435 •Springfield #7452 Danvers #1170 •Stockbridge #7957 Edgarton #947 Taunton #490 •Fairhaven #1274 Tisb ury #9426 Foxboro #688 Waltham #484 •Haverhill #2312 Webster #14266 Haverhill #13780 Webster #13395 Hyannis #421 Westboro #4774 Ipswich #769 •Whitinsville #1329 •Lowell #4660 Whitman #697 Lynn #11067 •Woburn #1201 •Lynn #14033 Woburn Those notes with dots indicate large siz e notes for trade. JOHN R. PALM 6389 St. John's Drive Eden Prairie, Minnesota 55343 BANKNOTE RARITIES FROM THE BRITISH ISLES LIST No: One. 1977 Collectors! WRITE NOW FOR THIS LISTING TO David Heable & Co 38 CLYDE ROAD, CROYDON, SURREY, U.K. TEL. 01 656 2219 Historical -Documents • Cheques • Shares British•Colonial • Banknotes Foreign- Banknotes WANTED * * New Jersey State Nationals * * (Small Size—Series of 1929) NORTH ARLINGTON, Charter No. 12033 PALISADES PARK, Charter No. 14088 (Large Size; 1st, 2nd, and 3rd Charter Periods) FORT LEE, Charter No. 12497 HACKENSACK, Charter No. 1905 LYNDHURST, Charter No. 10417 NORTH ARLINGTON, Charter No. 12033 RAMSEY, Charter No. 9367 RIDGEFIELD PARK, Charter No. 9780 RIDGEVVOOD, Charter No. 11759 The Above Nationals wanted in any condition and in any denomination. just ship with best price for prompt payment to: WOODCLIFF INVESTMENT CORP. P. 0. BOX 135 LODI, N.J. 07644 PHONE 12011 327-1141 S.P.M.C. #2127 WANTED Fractional currency shields. Need several low grade shields. Can use damaged, stained or parts of a shield. Ship with asking price. I will pay postage and insurance both ways plus $5 for your trouble if no deal. Wm. J. Skelton PO Box 3291A Wham. Al. 35205 Page 58 Paper Money WANTED A "CHOICE" CRISP UNCIRCULATED SET OF 1896 SERIES "EDUCATIONAL NOTES" Must be well Centered and Paper Shade Matched in all Three Notes. PLEASE WRITE; STATE PRICE WANTED. ALL LETTERS AND OFFERS WILL BE GIVEN MY IMMEDIATE AND PERSONAL ATTENTION. DO NOT SEND NOTES EX- CEPT UPON MY REQUEST. ROBERT A. CONDO P. O. BOX 304, DRAYTON PLAINS. MICHIGAN 48020 ANA-LIFE ,-.±813; SPMC 2153 COLONIAL FISCAL PAPER Information sought for my book about the certificates issued by Congress and the states to finance the American Revolution. I am seeking copies of all rare interest bearing notes and interest certificates issued by Congress or the states (except for Massachusetts and Connecticut) between 1775 and 1800. Dr. William Anderson 16 Pickwick Dr. Commack, N.Y. 11725 GEORGIA OBSOLETE & STATE NOTES 1.00 Augusta Ins. & Banking, 1861. V.F. $ 7.00 10.00 Augusta Ins. & Banking, 1860. Fine 7.00 20.00 Augusta Ins. & Banking, 1860, V.F. 8.00 2.00 Bank of Augusta, 1861. Unc. 6.00 5.00 Bank of Milledgeville, 1854. V.F. 7.00 10.00 Bank of Milledgeville, 1854. V.F. 8.50 2.00 Mechanics Bank, 1858. Fine 6.00 5.00 Mechanics Bank, 1856. V.F. 6.50 50.00 Mechanics Bank, 1854. V.F. 10.00 5.00 Northwestern Bank, 1861. Fine 8.50 1.00 Bank of State of Ca. 1861. Fine 7.50 2.00 Bank of Commerce, 1861. Fine 7.00 1.00 Farmers & Mechanics Bank, 1860. Fine 8.00 10.00 Farmers & Mechanics Bank, 1860. Fine 8.00 10.00 Merchants & Planters Bk. 1860. Fine 8.00 5.00 Bank of Whitfield, 1860. Unc. 7.00 100.00 State of Ga. 1863. C.6. Unc. 8.00 500.00 State of Ga. 1864. C.20. V.F. 150,00 50.00 State of Ca. 1864. C.22. X.F. 8.00 3.00 State of Ga. 1864. C.28. V.F. 25.00 100.00 State of Ga. 1864. C.21. X.F. 10.00 100.00 State of Ga 1862. C.1. Unc. 21.00 50.00 State of Ga. 1865. C.31. Unc. 37.00 Many ether notes of all kinds in stock. Want lists solicited. RICHARD T. HOOBER 9302 P.O. Box 196, Newfoundland, Penna. 18445 Fractional Currency selling: High quality and/or scarce notes, fully described and attributed. New list available on request, or send your want list. buying: Nice condition fractional and/or related material, etc. Write first, with description. Tom Knebl, ANA, SPMC, NASC, CSNA. Classic dept. P Box 5043 Santa Ana, Calif. 92704 Whole No. 67 Page 59 FREE PRICE LIST • U.S. CURRENCY • Continental • Colonial • Fractional • Large & small size currency • Confederate • Obsolete currency MIAMI VALLEY COINS & CURRENCY P.O. Box 2094 Hamilton, Ohio 45015 ANA No. 80862 SPMC No. 4756 KENTUCKY LARGE AND SMALL SIZE NATIONAL BANK NOTES WANTED BARRY MARTIN #112, 4646 Amesbury Drive Dallas, Texas 75206 Collector/Dealer Since 1935 SPMC #38 WANTED Large-Size Wisconsin National Bank Notes Universal Numismatics Corp. FLOYD 0. JANNEY LM No 415 P. 0. Boa 143 Waukesha. Wisc. 53180 Society Certified Professional Numismatists LISTS *28 Page list of checks and one Territorial Check-$1.00 *30 Page list of stocks and bonds and one Railroad Stock-$1.00 A•Z Coins Neil & Diana Sowards Ft. Wayne, Ind. 46807 , Page 60 Paper Money Needed to maintain integrity of collection $1.00 C.U. FRN'S BIk & Set. # Within Series Ending Serial # Range 1969B B — 02C B99840001C - B99999999C B — 00C B99840001C - B99999999C 1969C B — 02D B76160001D - B79360000D B — OOD B76160001D - B79360000D 1974 F — 06A F99840001A - F99999999A F — 00A F9984000 I A - F99999999A Please price or state trade considerations. JAMES E. LUND Route 3, South Lake Cowdry Alexandria, Minnesota 56308 WANTED OBSOLETE PAPER MONEY of NEW JERSEY WILLIAM H. HORTON, JR. P. 0. Box 302 Cliffwood, N.J. 07721 201-566-0772 OBSOLETE PRICE LISTS 3,0011 notes offered for sale: Request one or more) individual lists : • Southern State Broken Bank Notes, Scrip • Virginia Collection, offered individually • Eastern. Ohio Valley, Midwestern, BBN and Scrip • Fractional Currency and Encased Postage • Con fererate Currency and Bonds • Uncut sheets, proof notes, Depression Scrip, Checks-1800's Enclose 13e SASE. Please describe in detail what notes are of interest, which states you collect and condition desired. Always Buying: Ship for offer. DONALD E. EMBURY SPMC 3791 P. 0. BOX 61, WILMINGTON, CA 90748 OBSOLETE NORTH CAROLINA PAPER MONEY WANTED I need North Carolina colonial and continental notes and obsolete North Carolina bank notes. I have many North Carolina duplicates that I will trade for North Carolina items that I need. Please write for my detailed want list. CHARLES F. BLANCHARD P. 0. DRAWER 30, RALEIGH, N. C. 27602 SELL HARRY YOUR MISTAKES Harry wants to buy Currency Errors Also Interested in Buying Nationals ... Large and Small size Uncut Sheets Red Seals Type Notes Unusual Serial numbers HARRY E. JONES PO Box 42043 Cleveland, Ohio 44142 216-884-0701 MINNESOTA NATIONAL CURRENCY WANTED Adrian, Nat. B. of Adrian #9033 Canby, 1st Nat. B. #6366 Cold Spring, 1st Nat. B. #8051 Cottonwood, 1st Nat. B. #6584 Deer River, 1st Nat. B. #9131 Grand Meadow, 1st Nat. B. #6933 Hendricks, 1st Nat. B. #6468 Hendricks, Farmers Nat. B. #9457 Kerkhoven, 1st Nat. B. #11365 Le Sueur, 1st Nat. B. #7199 Lanesboro, 1st Nat. B. #10507 Madison, 1st Nat. B. #6795 Mankato, Nat. B. Commerce #6519 McIntosh, let Nat. B. #6488 Minnesota Lake, Farmers Nat. B. #6532 Osakis, 1st Nat. B. #6837 Park Rapids, Citizens Nat. B. #13692 Pipestone, Pipestone Nat. B. ;#10936 Sauk Center, 1st Nat. B. #3155 Wendall, 1st Nat. B. #10898 State price and condition or send for my fair offer. I have many notes in stock as well! What do you need? JOHN R. PALM 6389 ST. JOHN'S DRIVE EDEN PRAIRIE, MINN. 55343 WANTED OBSOLETE PAPER MONEY (Bank Notes. Script, Warrants. Drafts) of the AMERICAN WEST Oregon. California, Idaho, Nevada, Arizona, Utah, Mon- tana, New Mexico. Colorado: Dakota. Deseret. Indian, Jefferson Territories! Cash paid, or fine Obsolete Paper traded. Have Proof notes from most states, individual rarities, seldom seen denominationals, Kirtlands, topicals; Colonial, Continental; GSA, Southern States notes and bonds. Also have duplicate Western rarities for advantageous trade. JOHN J. FORD, J. P. O. BOX 33, ROCKVILLE CENTRE, N. Y. 11571 Bank Notes are Our Business If you are selling: We are seriously interested in acquiring large size and scarcer small size United States paper money. We are interested in single items as well as extensive collections. We are especially in need of national bank notes and we also buy foreign paper money. If you have a collection which includes both paper money and coins, it may prove in your best financial interest to obtain a separate bid from us on your paper money as we deal exclusively and full time in paper money. We will fly to purchase if your holdings warrant. If you are buying: We issue periodic extensive lists of U.S. paper money, both large size, small size and fractional. Our next list is yours for the asking. Phone (602) 445-2930 The Vault P. O. BOX 2283 PRESCOTT, ARIZ. 86301 Whole No. 67 Page 61 Page 62 Paper Money WANTED NATIONAL BANK NOTES FROM OHIO, ESPECIALLY FIRST AND SECOND CHARTER NOTES FROM CINCINNATI AND SURROUNDING CITIES. FOR SALE I have many good types notes to trade for Ohio issues that I need. Ohio notes aren't particularly scarce and should be tradeable with type collectors for notes from surrounding states. Satisfaction guaranteed. Collecting paper money since 1942 has produced some duplicates. Are any of the following of interest? LEGAL TENDER NOTES, SERIES OF 1862-63 LEGAL TENDER NOTES, SERIES 1874-75-76 Fr 16 $1 XF. Bright and clean with only faint creases 16 $1 UNC. Faint traces of ageing paper at the top Fr 41 82 VG-F. No heavy creases and no tears. Ink is bright; attractive note of this type for the price 41 $2 XF-AU. Light corner folds keep this one from AU-UNC LEGAL TENDER NOTES, SERIES OF 1869 Fr 42 $2 VF+. Very nice note for this grade 42 $2 XF+. Bright as new; faint trace of folds visible Fr 64 $5 ?? Would be AU except for small tear at the top. This note has very bright blue anti-counterfeiting tint Fr 19 51 VF+. Clean and bright $90 $160 19 $1 XF-AU. Bright and crisp; a bit close at the top. Faint spots of ageing remove $265 from the UNC status $190 Fr 27 51 VF. Average copy for the grade $90 27 81 AU. Bright and well-centered; faint $85 trace of a fold 8185 Fr 67 $5 UNC. Bright and well-centered; faint $230 signs of ageing. About the scarcest note of the —Woodchipper" series. .8325 Fr 68 $5 VF. Average copy $65 $245 Fr 69 55 XF. Well-centered, vivid inking. Deep blue tint on back of note. Also a $375 scarce variety $275 Fr 98 $10 For better No tears or heavy creases $85 Fr 129 $20 UNC. Bright, well-centered note; broad $160 blue tint $1050 LEGAL 'FENDER NOTES, SERIES OF 1880 Fr 74 S5 XI'. Trace of told,. bin bright and crisp .5165 Fr 75 S5 W. Nue copy tor the grad, nice early type with large Treasury seal 575 Fr 79 55 UNC. but has been wet and color trom the red and blue silk thread, has bled into paper a for 565 Fr 80 55 AL. Nice bright copy S95 Fr 107 SIO AL. Bright and clean. Scarcest of the SI 0 Websters except the 1869 series 5340 Fr 113 510 AC. Would appear CU except for some general soil from counting at the right 5165 Fr 147 5211 VF-. Average circulated copy but nice as a type. No ink breaks in folds. FA, a FE; back is F+.... . .. 590 LEGAL TENDER NOTES, SERIES 1901 -07.17 -23 Fr 40 SI XF. E1111t vertical folds 555 40 SI UNC. Low serial number, A560. Faint signs of counting. Grades UNC but not choice 5135 Fr 60 S2 XF, Vertical folds bur bright and clean 535 Fr 83 55 AU. Nothing else to describe it! 045 Fr 86 55 AU. Folds visible on reverse. A fully uncirculated copy of this note sold in the Rothert Sale in 1973 for 51050. The note offered here of course, worth less 5450 Fr 122 510 AU. Note has two faint verticle touts bur is fully as bright as new 5210 122 510 CU. Well-centered and as bright as rho day printed 5385 SILVER CERTIFICATES Fr 219 51 VF-XF. Appears better (about AU) but is creased 5160 Fr 222 51 VF. Face looks XF, reverse is only F with soil at vertical creases S85 Fr 223 SI (INC. Paper has slight overall rose cast bin does not appear washed. 01 fered on apploval 81411 Fr 228 SI CU. CUT SHEET OF 4...last note has small green ink run on the back, a printing error 5225 Fr 231 SI XF. Slightly soiled crease left of center. otherwise UNC 51611 Fr 244 S2 CU. No reason 110t tO call it d GEM . . 5365 Fr 245 52 XF-. Scarce Windom note. Bright and clean as AU but creases (no broken ink) reduce the grade 5310 Fr 266 55 NO heavy fold, some soil on back 575 Fr 281 S5 About FINE, Has not been doctored 545 GOLD CERTIFICATES Fr 1171 810 XF. Bright copy( good color on hack . 885 Fr 1173 510 AU. Also a bright copy but better grade , b an above 890 Fr 1182 5211 VG. Well circulated, no tears 040 Fr 1197 550 F-VF. Vivid dik, evenly circulated 5220 Fr 1215 5100 VF. Clears, average copy for the grade 52211 Fr 2405 5100 VF, No creases (this is the small size note. Series 1928 SI 35 NATIONAL BANK NOTES, FIRST CHARTER PERIOD Fr 380 51 Mechanics NB of Newark, NJ, Er El:. pen sigs. is VV. ( back has ink breaks at folds. Scarce bank, early closing 5150 Fr 380 SI Stafford NB of Dover, New Hampshire (1353) VF+, nice pen signatures. 1(5 . .5290 Fr 4114 85 First NB of Roudout, NY (2493), VF lace. back en. Donlon collection . SI 75 4114 Si Green County NB of Carrolton, IL (2390) AU/XF 5325 Fr 432 520 Duquense NB of Pittsburgh. PA (2275) VI' face. F back VAIllly pen signature of cashier extends over hall the height of the note. Both pen signatures bright. Inking vivid overall. Excellent , pportunny Ins a ty pc drib desIgn S425 NATIONAL BANK NOTES, SECOND CHARTER PERIOD Fr 467 S.5) A matching par , m the Fa r ntI 80 S10) \ICA11.11111, Nn ol Philadelphia. PA (538). Both notes are k. 4'h, layouts of the hank logo. etc are completely' different. making an interesting set to own 551111 Fr 469 S5 Fourth Street NB of Philadelphia. PA (3557) Xi' Al. Bright. well.centered: sold reverse 5200 Fr 474 S5 First NB of Attleboro, Mass (2732) VI XF . 5130 Fr 179 510 First NB of Oswego. NV (255, Untirculated 8275 Fr 496 520 Third NB of Jersey City. NJ (16811) VF. pen signatures including the VIOL President of t h e bank .. 51 70 Fs 504 520 Grand Rapid, NI) (Michigan. 2460) CU. well (.,:inered 8425 Ft 545 810 N Shawinur Bank of Boston. Mass (5155) 5145 Fr 545 SI II American NB of Richmond. FA (5220) S70 NATIONAL BANK NOTES, THIRD CHARTER PERIOD Er 6 5 SI 11 Citizens NB of Green Bay, Wisconsin (3084) 585 Fr 624 SI 0 First NB of Minneapolis, Minnesota (710) bright and clean for the graLle 555 624 510 First N13 of Madison. Indiana VI' . 555 Fr 650 520 First NB01 Ironton. OH (98) VE•XF 585 Fr 652 520 Angle and London Paris NB of San (9174) Fir 571) I offer the standard terms of sale and I pay the postage. Certified or Cashier's Checks receive immediate shipment. Notes may be returned in seven days for refund. But there is more: As a collector I am very sensitive to grading and I would like to find some way to prop up the sagging standards of grading paper money that seem to be moving in upon us. For notes I sell, I extend the "guarantee" another notch. Should anyone return a note to me for vague or general reasons...his privilege...he pays the return postage and insurance. But if he honestly feels the note is overgraded...m defects not ad viluat ely described...he tells me so with his return and I reimburse him for the return postage and registration fee. That's fair to him. . .and keeps rue holiest. SPMC # 3240 WILLIAM P. KOSTER ANA #70083 8005 SOUTH CLIPPINCER DRIVE, CINCINNATI, OH 45243 Li L\,4 I WANT TO BUY ALL TYPES OF SOUTH CAROLINA PAPER MONEY FOR MY PERSONAL COLLECTION. I Need — PROOF NOTES OBSOLETE BANK NOTES S.C. NATIONAL BANK NOTES CITY, TOWN & PRIVATE SCRIP I HAVE SIMILAR MATERIAL FROM OTHER STATES THAT I WILL TRADE FOR NOTES THAT I NEED. PLEASE WRITE FOR MY DETAILED WANT LIST. I Also Collect — PROOF NOTES WORLDWIDE SPECIMEN NOTES BRITISH COMMONWEALTH VIGNETTES USED ON BANK NOTES COUNTERFEIT DETECTORS BANK NOTE REGISTERS J. ROY PENNELL, JR• SPMC #8 P. O. BOX 858 ANA #11304 ANDERSON, SOUTH CAROLINA 29621 NOW ACCEPTING CONSIGNMENTS of Choice U.S. Paper Money for NEXT MAIL BID SALE Single notes or private collections Liberal terms and cash advance IF YOU PREFER TO SELL OUTRIGHT DONLON PAYS TOP DOLLAR FOR CHOICE U.S. PAPER MONEY SERIES 1861-1923 Send yo•ni duplicate. or complete collection by registered mail. Indicate whether you iei Mail P'cl or outright sale. will be quoted sale Terms, or if selling outri5 Check sent subject to your of Price cd November 10th sale $1, with cata oq $3.00. DONLON CATALOG 1977 ed. U.S. LARGE SIZE PAPER MONEY ppd. $3.95 WILLIAM P. DONLON Specializing in United States Large Size Paper Money P. O. BOX 144 UTICA, NEW YORK 13503 ANA 4295 LIFE MEMBER 101