Paper Money - Vol. XVI, No. 3 - Whole No. 69 - May - June 1977

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Itio,t maw w May • June 1977 Volume XVI No. 3 Whole No. 69 ("/ //'(/ bring s to-datrender notes. he financia kes Jr. explains t onfederate States. Obsolete currency, something of interest for everyone — Maurice Burgett. art HLY P LICATION OF THE SOCIETY OF PAPER MONEY COLLECTORS Save $$$'s on Book Orders - Deduct 20% Discount IF you include an Order for Notes - or Just Order any two Different Books. Please Add 75c on Book Orders (Over $50.00 Add $1.00). Bradbeer "Confederate & Southern States Currency" Repring Criswell "North American Currency" 2nd Ed. Incl. Canadian & Mexican Currency. Illus'd ; Values Special: Above BIG Pair New NET Criswell. New 1976 Ed. "Confederate & So. States Currency" Slabaugh. New 5th Ed. "Confederate States Paper Money" SPECIAL - Both Books NET Pick. New 2nd Ed. "The Standard Catalog of World Paper Money". 20,00Q Notes Listed; 4,000 Photos. Up-to-date Valuations Friedberg "Paper Money of the United States". 8th Ed. Gaytan/Navarro. New 2nd (English Language) Ed. "Paper Money of Mexico". Illus'd , Values Hessler. "The Comprehensive catalog of U.S. Paper Money". Illus'd., Values it's terrific Valentine. New Reprint "Fractional Currency of the U.S.". A MUST Newman. New 2nd Ed. "The Early Paper 12.50 Money of America". All Colonial & Conti- nental Notes Illus'd. & Priced (in 3 Grades). A MUST 15.00 Van Belkum. "National Bank Notes of the 21.50 Note Issuing Period 1863/1935" List all Charter Banks (14,343) 15.00 Warns. "The Nevada Sixteen National Bank Notes". An Exciting Work 2.95 * Kagin/Donlon. "U.S. Large Size Paper 15.95 Money 1861/1923", New 1976 1977 Ed. * Hewitt/Donlon. "Catalog of Small Size Pa- per Money". 18th Ed. * Kemm. "The Official Guide to U.S. Paper Money". New 1977 Ed. * O'Donnell. "The Standard Handbook of Modern U.S. Paper Money". 6th Ed. All You'll Want to Know about Block Collect- 12.50 ing. NET * Shafer. "Guide Book of Modern U.S. Cur- 20.00 rency". 7th Ed. * Werich. "Catalog of U.S. & Canada Paper Money". New 1974 Ed. 12.50 SPECIAL - The above BIG Six, Starred NET 17.50 17.50 22.50 13.50 17.50 3.95 2.50 1.65 15.00 2.95 3.95 24.95 SUPERB U. S. UNCUT SHEETS Beautiful Superb Crisp New "Uncut Sheets" that can put Your Collection in the "Blue Ribbon Winner Class". Buying/Selling Crisp New Sheets (4, 6, 12, 18, Fractional). Please Send Want List on•any Sheets you wish to Buy & List any Sheets you may wish to sell. (Also any Choice, Scarce/Rare Large Notes.) 1935D $1.00 Silver Certificates Uncut Sheet (12). Clark/Snyder. Of the 100 Sheets issued, only 37 Sheets Recorded as known, in Chuck O'Donnell's 5th Ed. "Standard Handbook of Modern U.S. Paper Money" . . . Estimated Value of this Sheet is $1,350.00. Our Price - SPECIAL $1095.00 1928G $2.00 Legal Tender Uncut Sheet (12). Clark/Snyder. 100 SA issued, but O'Donnell's 5th Ed. Records to Exist, with a Value of $1,400.00. We offer this Splendid Sheet for SPECIAL - This Superb Pair only 20 known $1,295.00 $1.995.00 $1 FEDERAL RESERVE SETS Superb Crisp New Sets + Low Prices Regular Sets Star Sets 1963 (12) 29.95 (12) 29.75 1963A (12) 27.75 (12) 28.75 1974 1963B ( 4) 8.75 1969 (12) 24.75 1969A (11) 22.75 19698 (12) 24.75 1969C ( 9) 22.75 1969D (11) 23.75 ( 5) 9.75 (12) 21.75 (12) 21.75 (12) 20.75 (10) 18.75 (12) 19.35 (12) 18.75 Above Complete (99) 179.75 - (83) 178.75 For any above set - with the last Two Nos. Matching, please add $2.00 per set. MATCHED NUMBERED SETS All sets with identical last two numbers 1963/1974 - All 9 Sets (99) 214.75 1963/19690 - All 8 Star Sets (83) - 212 75 RARE COMPLETE SET RED SEAL $2 BILLS Superb Crisp New Set (14): 1928 - 1928A - 1928B - 1928C - 1928D - 1928E - 1928F - 1928G - 1953 - 1953A - 1953B - 1953C • 1963 - 1963A Just this One Rare Set - All Fourteen are Perfectly Centered 969.50 Similar Set = a Few are not as Nicely Centered 869.50 1976 BI-CENTENNIAL $2.00 SET FEDERAL RESERVE NOTES Superb Crisp New-the Last Two Serial Nos. Match on all 12 Districts 31.75 RED SEAL $1 NOTE 1928 $1.00 Legal Tender = Low Serial No. under 5,000 Superb CN 56.50 Similar = but not as well Centered 48.50 RARE EXPERIMENTAL ISSUE 1935A Red "R" & "5" Pair - Superb Crisp New 174.50 Similar Pair - Crisp New but not quite as well centered 149.50 MAJOR ERROR NOTE 1957B $1.00 Mis-Matched: US7/U47 = Superb Crisp New 49.50 Same - Encased in Lucite Holder, with Title 54.50 WANTED Major Errors. Please Describe and Price. Please add $1.50 to all Currency Orders. Nebraskans add Sales Tax. 100% Satisfaction Guaranteed. SASE - for our List of Small Size Notes, Fractional and Confederate Currency - plus Books and Supplies. lichee's, inc. "Pronto Service" 4514 North 30th Street Phone 402-451-4766 Omaha, Nebraska 68111 SOCIETY OF PAPER MONEY COLLECTORS INC. 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. (c) 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 $48.00 $130.00 $245.00 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. 3 Whole No. 69 May/June 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 THE 1880 LEGAL TENDERS Walter Breen 133 AMERICAN HISTORICAL VIGNETTES John R. Isted 142 DEFENSE OF OBSOLETE CURRENCY Maurice Burgett 146 PSSST, GOT CHANGE FOR AN EIGHT? Roger H. Durand 152 FINANCIAL WOES OF THE CONFEDERACY Sam Roakes Jr. 158 YOUR LIBRARY, WORTH IT'S WEIGHT IN PAPER MONEY 166 REGULAR FEATURES COPE PRODUCTION 156 SECRETARY'S REPORT 168 INTEREST BEARING NOTES 174 LIBRARY NOTES 174 SYNGRAPHIC CHAT 176 PASSING THE BUCK 178 Whole No. 69 Page 131 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, 7425 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. Vol. 4, 1965, No. 2 (No. 14) Vol. 10, 1971, No. I (No. 37) Vol. 4, 1965, No. 3 (No. 15) Vol. 10, 1971, No. 2 (No. 38) Vol. 10, 1971, No. 3 (No. 39) Vol. 5, 1966, No. 1 (No. 17) Vol. 10, 1971, No. 4 (No. 40) Vol. 5, Vol. 5, Vol. 5, 1966, 1966, 1966, No. 2 No. 3 No. 4 (No. 18) (No. 19) (No. 20) Vol. 11, Vol. 11, Vol. 11, 1972, 1972, 1972, No. 1 No. 2 No. 3 (No. 41)1 (No. 42)' (No, 43) Vol. 11, 1972, No. 4 (No. 44) Vol. 6, 1967, No. 1 (No. 21) Vol. 6, 1967, No. 2 (No. 22) Vol. 12, 1973, No. 1 (No. 45) Vol. 6, 1967, No. 3 (No. 23) Vol. 12, 1973, No. 2 (No. 46) Vol. 6, 1967, No. 4 (No. 24) Vol. 12, 1973, No. 3 (No. 47) Vol. 12, 1973, No. 4 (No. 48) Vol. 7, 1968, No. 1 (No. 25) Vol. 13, 1974, No. 1 (No. 49) Vol. 7, 1968, No. 2 (No. 26) Vol. 13, 1974, No. 2 (No. 50) Vol. 7, 1968, No. 3 (No. 27) Vol. 13, 1974, No. 3 (No. 51) Vol. 7, 1968, No. 4 (No. 28) Vol. 13, 1974, No. 4 (No. 52) Vol. 13, 1974, No. 5 (No. 53) Vol. 8, 1969, No. 1 (No. 29) Vol. 13, 1974, No. 5 (No. 54) Vol. 8, Vol. 8, Vol. 8, 1969, 1969, 1969, No. 2 No. 3 No. 4 (No. 30) (No. 31) (No. 32) Vol . 14, Vol . 14, Vol . 14, 1975, 1975, 1975, No. 1 No. 2 No. 3 (No. 55) (No. 56) (No. 57) Vol . 14, 1975, No. 4 (No. 58) Vol. 9, 1970, No. 1 (No. 33) Vol . 14, 1975, No. 5 (No. 59) Vol. 9, 1970, No. 2 (No. 34) Vol. 14, 1975, No. 5 (No. 60) Vol. 9, 1970, No. 3 (No. 35) Vol. 9, 1970, No. 4 (No. 36) Index Vol. 1-10 81.00 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 82.50 per issue. The Society of Paper Money Collectors, Inc. P. 0. Box 858, Anderson, S.C. 29622 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 Non-Member. . $10.00 MINNESOTA OBSOLETE NOTES & SCRIP, Rockholt $6.00 Non-Member. . $10.00 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 86.00 Non-Member. . $10.00 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. Page 132 Paper Money First emission large brown seal Scofield-Gillfillan 111 -11-N41.1 Whole No. 69 Part III (Editor's Note: This continues Walter Breen's updated history of the large size Legal Tender notes which was begun in Paper Money No. 67.) The 111480 Legal Tenders by Walter Breen, N LG SERIES 1880 Denominations $1 to $1,000 inclusive. Four emissions as follows: First Emission. Large brown "spikes" seals, red serial numbers (SNs), block Z-doublecross (one x vertically above another, joined). Complete block in any one denomination-100,000,000 for the first time. Second Emission. Large red or brown seal, blue SNs, block A-sidewise chevron. Third Emission. Small red "scallops" seal. Blue SNs. Fourth Emission. $20, $1,000 only. Same seal. Red SNs. Page 133 ONE DOLLAR FIRST EMISSION. The large brown seal replaces floral ornament at right. Three signature combinations as below. Total printed-57,600,000. The breakdown according to signature combinations is not completely known, but a vaulable clue to it exists—if its owner will ever exhibit it where I can see it. This is a note from the first sheet of the Bruce-Gilfillan signature combination, autographed by O.H. Irish and W.P. Titcomb (of the Bureau of Engraving and Printing), ex Boyd:79 (Kosoff, Oct. 20, 1951), later Kagin 276:1445. Until that note turns up, the probable ranges in the tabulation below remain conjectural, though that for Friedberg-28 is based on the print order through June, 1882. F Sigs. Observed Range Probable Range 28 Scofield-Gilfillan 443061-15130506 1-15308000 29 Bruce-Gilfillan 20248665-36686869 15308001-37500000 30 Bruce-Wyman 38979106-54430660 37500001-57600000 Face plates as high as 108. Back plates as high as 32 on F-28, 49 on F-29, 82 on F-30. Higher numbers are possible. SECOND EMISSION. Three signature combinations, all rare. The blue SNs appear to have been intended to distinguish these from earlier issues. F-31, with large red "spikes" seal, is the least rare of these, but still very difficult to find. I am unable to make sense out of the face plate data: F-31 has face plates as high as 125, probably continued from preceding emission; but the face plate seen on the few F-32 notes, is 2766, and that seen on the few F-33s (Rosecrans-Nebeker signatures) is 5. During the mid to late 1880s, four-digit face plates are found on most series and denominations, reason unknown. The following tabulation summarizes all that is known about this rare group, which is not much: F Sigs./Seal Observed Range Probable Range 31 R Huston red 1704659-2258007 1-2280000? 32 R-Huston brown 2348234-2565466 2280001-2640000? 33 R-Nebeker brown 2798314-2900221 2640001-2960000? The observed ranges indicate that if the probable ranges are in error, they are at least in the correct part of the ballpark; and they fully account for the rarity of this group. Tnas NOTE IS le LOA. 11414,LlIKS • red scalloped seal. Rosecrans-Nebeker Page 134 THIRD EMISSION. Same face plate designs. The small red "scalloped" seal—standard through 1927—is now placed at left; blue SN's, still in block A-sidewise chevron, continued from previous emission, but in larger quantities. There was a tiny hoard of F-34, between 36559xx and 3656xxx. Face plates appear to have been renumbered, as plates 3 and 5 have been seen on F-34 (Rosecrans-Nebeker), and plate 8 on F-35 (Tillman-Morgan). F Sigs. Observed Range Probable Range 34 R-Nebeket 3041320-4283088 2960001-4320000? 35 Tillman-Morgan 4371452-6296888 4320001 —6400000 TWO DOLLARS FIRST EMISSION: Similar to 1878, but large brown seal at right, replacing the floral ornament. Three signature combinations, as on the similar $1's; block Z-doublecross. Total printage not certainly known, though partial figures are available and are the basis for the probable ranges given below. The following tabulation represents the most recent information available: F Sigs. Observed Range Probable Range 50 Scofield-Gill. 960339— 4917754 1— 6488000? 51 9482010-14735967 6488001-16200000? 52 B-Wyman 16682311-23322820 16200001-24000000? Face plates as high as 6 on F-50; from 14 to 22 on F-51; from 31 to 54 on F-52. Higher numbers are possible. Paper Money SECOND EMISSION. These notes with large red or brown "spikes" seal and blue SNs are even rarer than the corresponding $1s. To date only two varieties are known, both signed Rosecrans-Huston; the third variety (corresponding to F-33), Rosecrans-Nebeker, large brown seal, is unknown and may not have been issued. Block A- sidewise chevron. Paper with long horizontal threads (F-51 through 54). The following tabulation says it all. F Seal Observed Range Probable Range 53 Red 1052559-1352166 1-1440000?? 53 Brown 1524727 1440001-1620000?? Face plate range 55 to 64 on F-53, to date. In my experience, the F-54 is rarer than the more famous Schofield-Gilfillan $2 of 1878, and is in fact the rarest of all $2 Legals. I have only seen the one specimen, though surely others are around. The probable range tabulation is sheer guesswork but it is at least in the right ballpark, even though possibly out in left field. THIRD EMISSION. These notes with small red "scalloped" seal, respectively signed Rosecrans-Nebeker and Tillman-Morgan, are also rare though not in a class with preceding. Blue SN's continue in block A-sidewise chevron from preceding. Paper with two vertical regions of scattered silk fibres from now on. Third emission, red scalloped seal. Rosecrans-Nebeker !I, t C41 IF ENDUE% It FIVE OW! !AIR .1.1 Aram TOO efl.R , Whole No. 69 Page 135 F Sigs. Observed Range Probable Range 55 R-N 1729107-2378229 1620001-2880000? 56 T-M 3213087-3676792 288(1001-4000000? FIVE DOLLARS FIRST EMISSION. The large brown seal replaces the red floral ornament at right; red SN's in block Z-doublecross. Three signature combinations Paper with single verticle thread. The first of the three signature combinations, Scofield-Gilfillan, is—with one possible exception, F73a, below—the rarest of all $5 Legals, and much rarer than the Series of 1878 which has always listed higher. Total printage of all three emissions is given by Hessler as 72,992,00 from Bureau records, but no further breakdown is known with certainty. My tentative figures of 17,600,000 for first emission and 55,392,000 for the second and third are based partly on partial figures in annual reports and partly on SN ranges. F Sigs. Observed Range Probable Range 70 S-Gilt 3655491 I— 3960000? 71 B-Gilt 4131910-10733289 12000001-17600000? Face plates 22 to 24 seen on F-71, 34 to 57 on F-72; higher numbers are possible. SECOND EMISSION. Six or seven varieties, one of which (F-73a) has not shown up in dealer's stock, auction or mail bid sale, fixed price list, or exhibit known to me. I do not know where Friedberg got the listing; unfortunately, Bob Friedberg died before I could ask him if he had ever seen any such note. The blue SN's in block A-chevron go as high as (probably) 19,600,000 in this emission and continue into the next. The following tabulation says it all, except that brownish seals are reported in both F-73 and 74 (respectively Kagin 285:249 and 286:320, the latter reappearing in Kagin 297:976). I do not know if these are inking errors or the result of chemical instability of the red inks then available. F Sigs/ Observed Range Probable Range 73 B-Wy LR pl 922955— 2438674 1— 2560000? 73a B-Wy LR sp None seen 74 R-J LR pl 2695385— 8548665 2560001— 9200000? 75 IL-Hy LR pl 9484426— 9910942 9200001-10400000? 76 R-Hu LR sp 12750011-14418614 10400001-15600000? 77 R-Hu LB sp 15949221-18798170 15600001-18960000? 78 R-Neb LB sp 19162954-19516213 18960001 —19600000? F-75 and 76 are extremely rare. Face plates 53 to 61 have been seen on F-73; 74 to 81 on F-74; 56 (!) on F-75; 2537 (!?) on F-76; 165 on F-77, lower right. On F-78 the plate numbers resumed from 1 and are found at left of check letter; I have seen 1 to 3, but higher numbers are certain to exist. any collection or THIRD EMISSION. Small red "scalloped" seals; blue First emission, large brown seal. Scofield-Gillfillan Page 136 Paper Money SNs continued from above. Four signature combinations. A single uncut sheet is known of F-82 (Lyons-Roberts); this was Grinnel:421, "sheet no. 9196", obtained 11/23/99. I have not seen it. F Sigs. Observed Range Probable Range 79 R-N 19815171-25300461 19600001-28800000? 80 T-M 30239566-39238033 28800001-43200000? 81 B-R 43511754-47285593 43200001-47680000? 82 L-R 50465625-53268421 47680001 —55392000? There was a small hoard of F-79s, 25300xxx, mint state. Plates as high as 29. On F-81, face plates are seen in the range 7 to 14; on F-82, as high as 32. The issue was replaced by the Series of 1907, for unknown reasons. TEN DOLLARS FIRST EMISSION. The large brown seal replaces the red TEN at right center; red SN's, in block Z-doublecross. Backs are modified; the Bureau credit being laid out differently in the empty space at left. The total printage for all three emissions is given by Hessler from Bureau records as 43,340,000, which breaks down tentatively to 6,540,000 of first emission, 36,800,000 of second and third. Of the third, it is suspected that not all printed were released, the Series of 1901 interrupting the issue. Of the first emission there are, as usual, three signature combinations, of which the first two are much rarer than the third, the second being rarest of the three. Face plates as high as 11 on F-102. F Sigs. Observed Range Probable Range 100 S-Gill 104747— 984974 1 —2560000 ? 101 B-Gilt 2713990-3160763 2560001-3600000? 102 B-Wy 3801749-6029585 3600001-6540000? SECOND EMISSION. Blue SN's in block A-sidewise chevron. Backs slightly modified, all mention of Columbian Bank Note Co. being replaced by Bureau credits. The horizontal thread paper continues apparently until the beginning of the Rosecrans-Nebeker signature combination, being replaced first by vertical thread paper and thereafter (in Lyons-Roberts?) by the later type of paper with two vertical regions of silk fibres. F-104 is very rare. I have never seen a specimen of F-109, and suspect it is of extreme rarity. A possible unlisted variety was Mehl-Grinne11:1922, a cut sheet said to have Rosecrans-Jordan sigs. and large brown seal. As all examples with the R-J signatures seen to date have large red plain seal, either Mehl's color perception was confused, or the notes had suffered from the chemical instability of red inks, or the variety is unlisted. F Sigs/Seal Observed Range Probable Range 103 B-Wy LR pl 221066— 770333 1— 960000? 104 R-J LR pl 1172076— 1334382 960001— 1600000? 105 R-Hy LR pl 2262673— 3480944 1600001— 3600000? 106 R-Hy LR sp 4093333— 6225891 3600001— 6264000? 107 R - Hu LR sp 6313810— 8887877 6264001— 8960000? First emission, large brown seal. Scofield-Gillfillan Whole No. 69 Page 137 108 R-Hu LB 9128532-10321809 8960001-10640000? 109 R-N LB 10640001-10800000? There was a tiny hoard of F-106, SN's 40933xx. THIRD EMISSION. Four signature combinations, all with small red "scalloped" seals. The blue SN's in block A- sidewise chevron continue from preceding issue. Cut sheets exist of F-110 and 111 and possibly the others. All are scarce but not in a class with preceding. F Sigs. Observed Range Probable Range 110 R-N 10996894-14153412 10800001-14400000? 111 T-M 15444472-22707266 14400001-24600000? 112 B-R 24994571-25335707 24500001-25360000? 113 L-R 25571130-35278366 25360001-36800000? TWENTY DOLLARS FIRST EMISSION. Large brown seals, no red XX's; red SN's in block Z-doublecross; three signature combinations, as usual. The first of these is extremely rare. Probable totals are based in part on Bureau and Treasury printage and issue figures, in part on SN data. Hessler quotes Bureau records to the effect that 20,792,000 were printed, through 1926, which I have broken down into the five blocks as follows: Z-doublecross 1,440,000 A-chevron 13,580,000 B-chevron 404,000 D-chevron 408,000 A-A 4,960,000 20,792,000 Not all of the notes printed were issued, especially in the later blocks. F Sigs. Observed Range Probable Range 130 S-C 48033 1— 352000? 131 B-G 395131— 717066 352001— 852000? 132 B-Wy 904160-1437479 852001-1440000? The only F-130 I have examined is from plate 2 and came from the Oat Bin Hoard. Where are the others? Grinne11:134 was from plate 3, "About fine," with the comment "very rare, few known in any condition." Face plates seen to 3, backs to 4. SECOND EMISSION. A very difficult and complex group. Blue SN's in block A-sidewise chevron. The first three varieties have large red plain seal and are of great rarity. The next two have large red "spikes" seal and are also very rare. The last two have large brown "spikes" seal and are the rarest of the group; I have seen only two of F-139, and the SN data indicate that the issue was very small. Kagin reported a brownish seal on F-134 (Kagin 216:646), probably the result of chemical instability of the red inks then available. F Sigs/Seals Observed Range Probable Range 133 B-W LR pl 38144— 271912 1— 600000? 134 Rj LR pl 658044-1013511 600001-1040000? 135 R-Hy L12 pl 1092850-1751285 1040001-1800000? 136 R-Hy LP, sp 1998430-3486921 1800001-3600000? Third emission, red scalloped seal. Lyons-Roberts Page 138 137 R-Hu LR sp 3994860-5446233 3600001-5760000? 138 R-Hu LB 5961746-6370016 5760001-6480000? 139 R-N LB 6583623-6583653 6480001-6600000? I have seen less than ten of any one variety in this group. The F-133s seen to date are from plate 6, through Grinne11:137, "Obv. About Fine, rev. Very Good," was from plate 4, back plate 5. The mentioned low came from the Oat Bin Hoard; the mentioned high is from A.M. Kagin. In F-134 both the mentioned low and the mentioned high are from the Oat Bin Hoard, as are the low for F-135, and the high for F-139. The mentioned low for F-137 is ex R.F. Schermerhorn, Dean Oakes. THIRD EMISSION. Small red "scalloped" seals; the blue SN's in block A-sidewise chevron continue, but after (apparently) 13580000 at the end of the long Lyons- Roberts reign, some official, possibly Treasury Secretary Treat, ordered that the block should be changed, so that the Vernon-Treat notes come only in block B-sidewise chevron, the Vernon-McClungs only in block D-sidewise chevron. Though no details are yet available, sometime in 1909 experimental paper was briefly used; B127321 is the top note from a sheet on semi-transparent paper, whereas B127320 is the bottom note from a sheet on regular paper. The fibre characteristics are similar on both. F Sigs. Observed Range Paper Money Probable Range 140 R-N A6632378— 7689972 A6600001— 8000000? 141 T-M A8250216— 9652866 A8000001-10400000? 142 B-R A10715157-11904305 A10400001-12000000? 143 L-R Al2080249-13267677 Al2000001-13580000? 144 V-T B42408— 381658 81— 404000 145 V-Mc D29952— 238209 D1— 408000 The mentioned high in F-140 is the last note of two cut sheets. Nos. 7680065-68 went in Boyd:133, 7680069-72 went from W.A. Philpott Jr. to Dean Oakes. The mentioned low in F-141 is ex Oat Bin Hoard. The mentioned high in F-142 is from face plate 8. Of F-144, 404,000 were printed in 1908-09, but it is unknown if all were released. Of F-145, 408,000 were printed in 1910; 396,000 were released between March and August, 1917; but there is no record of later releases. (Treasury records in this period are fragmentary.) FOURTH EMISSION. Similar to preceding but red SN's in block A.A. On the F-146 (Teehee-Burke), plate check numbers are to left of left subject letter, 18 the highest seen. On the F-147, Elliott-White, plate check numbers follow left subject letter, 1 to 28 seen to date. In this group are also found the earliest star or replacement notes, though the concept was developed under Vernon-McClung about 1910. The first 400,000 in block A-A were released between April and June, 1921; the final delivery was 1,828,000 notes in 1926. Second em ission, large "spiked" seal. Rosecrans-Huston Whole No. 69 Page 139 F Sigs. Block Observed Range Official Range 146 T-B A-A 142226-- 318923 1— 400000 *-B 450 ? 147 E-W A-A 790169-4959488 400001-4960000 *-8 19514— 45092 ? The unique (?) F-146 star is ex J.M. Wade. I have seen, in all, three F-147 stars and heard of two more. The mentioned low turned up at the 1974 ANA Convention; the mentioned high was last seen in RARCOA's stock, ex Wills coll.; and no. *23744B is in a private collection, also ex Wills. FIFTY DOLLARS. Hessler gives a total printage figure from Bureau records. This can be accurately broken down as follows: Block Z-doublecross 256,000 A-chevron, F-157-161 484,00 A-chevron, F-162-163 276,000 July 1893—June 1899 A-chevron, F-164 264.000 July 1899—June 1901 Total printage 1,280,000 Treasury Department writeoffs over-enthusiastically specify $25 or one-half a note as outstanding for this entire period, as of June, 1971. This is either a typographical error or an unusually gross bookkeeping error or a left-field statistical estimate, but in any event it is reason to distrust similar writeoff figures. First Emission. Large brown "spikes" seal, block Z-doublecross, blue SN's, no red L's. Two signature combinations, Bruce-Gilfillan and Bruce-Wyman, both of great rarity; of the former no uncirculated specimen is reported to date, Grinne11:156 being only VG. The F-156, Bruce-Wyman, is represented by five or six examples in various grades (Grinnel did not have one) and by Harry Jones's non-negotiable "Specimen furnished the Corean Government" with vertical arrows on face. F Sigs. Observed Range Probable Range 155 B-G Z59164 Z1 — 80000? 156 B-W Z89993 — 192473 Z80001 — 256000 No. 59164 of F-155 is in a private collection. I am not sure if it is the Grinnell note, which had face and back plate 1. The five F-156s I have seen are numbered 89993, 91855, 99363, 137687 and 192473; the only plate number recorded is 1, on the third and fifth of these. Second Emission. Five signature-seal combinations; SN's are in block A-sidewise chevron. Signatures remain transposed. The breakdowns (except for the official high) remain conjectural, on rather less grounds than usual. F Sigs. Seals Observed Range Probable Range 157 R-J LR p1 A48327-67735 A-1-80000? 158 R-Hy LR pl 87408-157128 A80001-160000? 159 R-Hy LR sp 167998-179803 A160001-240000? 160 R-Hu LR sp 375590-394757 A2400001-400000? 161 R-Hu LB sp 448533-461861 A400001-484000 The two mentioned F-157s are the only ones I have met Page 140 with; the mentioned high is in Chase Manhattan Bank, pictured in Hessler. One of these is possibly Grinne11:157, plate 1, "practically Unc." The two mentioned F-158s are the only ones I have seen; both in private collections. The two mentioned F-159s are also the only ones I have seen; the mentioned low is in CMB. The two mentioned F-160s are likewise the only ones I have seen. Grinnell had uncirculated examples of each of these signature combinations. A tiny hoard of F-161 was discovered many years ago, including allegedly seven (but probably originally at least eight and maybe more). From this hoard a single cut sheet, 448545-548, face plate 2468, back plate 6, went from Col. Green to Grinnell, thence Mehl-Grinnel Duplicates:1926, J.M. Wade, R.F. Schermerhorn estate. No. 448533 was Limpert:37. No. 448550, Walton, Donlon; no. 448561, pvt. coll.; no. 448570, CMB; no. 461861, probably not from the hoard, pvt. coll. One of these is ex Grinnell: 161, Unc. Third Emission. Signatures normal, no longer transposed; three signature combinations, the last must less rare than the others. Block A-sidewise chevron continues. Plate numbers resume from 1 in each signature combination. Official highs derive from Bureau printing records. It is not at all certain that all these reached circulation, any more than previous issues. Paper Money Second Emission. Five signature-seal combinations. SN's resume from 1 in block A-sidewise chevron. This is an excessively difficult group. F Sigs. Seals Observed Range Probable Range 174 R-J LR pl A9915-16150 A1-40000? 175 R-Hy Lr pl A40001-120000? 176 R-Hy LR sp 108010 Al20001-180000? 177 R-Hu LR sp 197695 A180001-240000? 178 R-Hu LB sp A259512-288196 A240001-360000? Of F-174 I have seen only the mentioned two, the high from plate 2; the low possibly ex Grinne11:171. I have never seen nor heard of a survivor of F-175; Grinnell had none. The lone F-176 showed up at the 1976 ANA Convention; I did not have a chance to examine it closely enough for plate numbers, but if it is Uric. and from face plate 2, back plate 3, it may be ex Grinne11:172. The unique (?) F-177 is in a pvt. coll., believed ex Grinne11:173. I have seen only the mentioned two of F-178, the low (Unc.) ex Donlon and pictured in his book, the high in CMB; Grinne11:174, "Fine," may be a third. Third Emission. Four signature combinations, the fourth (F-182, Napier-McClung) probably belonging to a fourth emission like the twenties; if so it will be in a different block, either D-chevron or A-A but to date the question is moot as no specimen is known. F Sigs. Observed Range Probable Range F Sigs. Observed Range Probable Range 162 T-M A608788-700345 A484001-720000? 179 T-M A427364 A360001-480000? 163 B-R A723583-734752 A720001-760000 180 B-R A494598 A480001-560000? 164 L-R A760992-1010360 A760001-1024000 181 L-R A651381-681385 A560001-660000? 182 N-Mc Unknown. [8,200 printed April-May, In F-162, the observed high is in the Amon Carter Jr. coll.; besides it and the mentioned low is a third, A609 A609636, plate 7, pvt. coll. One of these is ex Grinne11:162, "practically Uric." In F-163, I have seen only the mentioned two, the low from plate 2. One of these is probably Grinnell-163, "Unc." Of F-164 at least nine different specimens survive. The mentioned high is in CMB. Grinne11:164 was Unc. from plate 1, but not now certainly identified; at least four of the survivors are from this plate, and its position letter A may mean that it is A998089, ex 1965 Kreisberg-Schulman:899, or possibly A975997, if the latter is Unc.; other survivors are from other palate positions. ONE HUNDRED DOLLARS. First Emission. Two signature combinations with large brown seal in block Z-doublecross; top central floral design printed in black from now on. F Sigs. Observed Range Probable Range 172 B-G Z653-Z27005 Z1-64000?? 173 B-W Z64001-176000? We are on very uncertain grounds with the probable ranges; Bureau printage and Treasury release figures indicate some overlap between the 1878 and 1880 series and it is not at all clear that all notes printed were released in the latter. Besides the two mentioned F-172s, the high from plate 1, I have seen one other, 2675, plate 1, ex Limpert. A fourth must exist, face and back plate 1, position letter D, Unc., with obv. ink stain, ex Grinne11:169. I have never seen a specimen of F-173, though Grinnell had a "strictly fine" one from face and back plate 2. 1915] One other F-179 must exist, as Grinnell:175 (Unc.) was from plate 2, position letter A, so that its SN must have ended with an odd number. One other F-180 must exist, ex Grinne11:176, plate 1, position letter C, its SN also ending with an odd number. There are at least two other F-181s, 658841 and 651608, latter plate 1. The mentioned low is ex Kagin 306:982 and may conceivably be ex Grinne11:177 if it is Uric. and from plate 1-or else Grinnell's might be 658841. Printing ended as of June, 1901. The F-182s were distributed as of Feb., 1918. FIVE HUNDRED DOLLARS. Our information is woefully incomplete. Nothing is known of the First Emission (large brown seals, block Z-doublecross); no specimen is reported. Friedberg lists Scofield-Gilfillan and Bruce-Wyman signatures, but I have been unable to ascertain his source. Nothing is known of the Second Emission (various seals, block A-sidewise chevron); no specimen is reported. Friedberg lists four varieties on unknown authority. Hessler gives a printage figure of 108,000 for the three Emissions together, from Bureau records, but it is not clear if this includes the 8,700 unseen Napier-McClung notes printed and issued in 1914, and the SN data would tend to indicate that if not, many of the 108,000 remained unissued. The subjoined tabulation for Third Emission tells what is known, which is very little. F Sigs. Observed Range Amount Printed 185k T-M [24,0001 7/94-6/98 1851 B-R A69089 [8,000] 7/98-6/99 185m L-R A81758-87127 [20,000] 7/1900-6/1901 185n N-Mc [8,700] 1914 Whole No. 69 Page 141 Third emission, red scalloped seal. Lyons-Roberts 11, .6- ■• 11110•1•011. IS • 11 f.11 V I • 0. n lelt 0•11 allow 001111111•• •PO tO:60 The unique Bruce-Roberts note, face plate 1, went from Grinne11:179 to Robert Friedberg and Amon Carter Jr. The mentioned low in Lyons-Roberts is ex Dean Oakes, face plate 1. The mentioned high is ex F.C.C.Boyd and is pictured in Limpert and Hessler. At least one other is known, A85034, ex 1970 ANA:1704. ONE THOUSAND DOLLARS. First Emission consisted, apparently, of 12,000 notes, block Z-doublecross, issued between August 1884 and June 1886. Friedberg says they were signed Bruce-Wyman. No survivor is reported. Second Emission consisted of allegedly four signature combinations (listed by Friedberg on unknown authority), printed between unknown dates 1887-93?, issued between July, 1887 and June, 1893, in block A-sidewise chevron; printage unknown, but in this period 54,380 notes were issued. Friedberg describes four signature combinations, on unknown authority. No survivor is reported. Third Emission consisted of notes with small red "scalloped" seals. The first group, issued between July, 1893 and June, 1901, consisted of 85,720 notes, which would account for SN's to A140000; but evidently more were printed, as Hessler mentioned Bureau records of a total printage of 188,000 = 12,000 in Z-doublecross + 176,000 in A-sidewise chevron; and in confirmation, the Lyons-Roberts survivors (probably originally from A156001 through A176000) are in the range A156404 through A170690. There are in actuality at least five Lyons-Roberts notes as follows: A156404 Plate 1. M.H. Loewenstern. Ill. PM 23 A157509 Plate 1. Amon Carter Jr. A162391 W.P. Donlon A162909 Amon Carter Jr., pictured in Friedberg A170690 H.E. Spain, pictured in Limpert Fourth Emission consisted of 20,000 notes sgd. Vernon-Treat, printed and issued 1908-09, probably in block B-sidewise chevron; a single survivor is reported, ex Kagin 279:280. I have not seen this piece. Then followed a total of 13,400 Napier-McClung notes, of which 12,500 were issued, 3,100 in 1914, 9,400 in 1917-18; these possibly were from either block D-sidewise chevron or A-A. No survivor is reported. FINAL DUES NOTICE If there's anything that the Society of Paper Money Collectors doesn't like to do it's losing members. However there are those who have failed to pay their 1977 dues thru forgetfulness. So we'll remind you once more—and the last time—send your $8 to Society secretary Harry Wigington, P.O. 4062, Harrisburg, PA 17111. American Historical Vignettes By John R. Isted Page 142 Paper Money Foreward: Numismatics is a multi- faceted educational tool For ex- ample, one may study the creation of an item from idea to production; the economic or political climate responsible for the item's creation; or the item's economic, political, or social impact; and the list goes on. As an historian I find United States paper money interesting because each vignette and portrait tells a story about the development of American civilization. With this in mind, I hope that "American His- torical Vignettes" will be interest- ing and educational to the member- ship. America's frontier heritage has been depicted through such mediums as books, newspapers, films, paint- ings, and its paper money. The Series 1869 $5 Legal Tender was issued when the frontier was still very much alive and its realities still felt by the people who inhabited those sparsely settled regions. There were many frontiers — log- ging, mining, fur trapping, cattle, the Cotton South, and New England Farming to name a few. America's frontier heritage began with the founding of the Roanoke Island Colony in 1584 and ended in 1890 when the Eleventh Census of the United States stated "Up to and including 1890 the country had a frontier of settlement but at pre- sent the unsettled area has been so broken into by isolated bodies of settlement there can hardly be said to be a frontier line." Actually there was never a frontier line, per se. People fanned out from the Eastern seaboard in all directions, and much later in his- tory repeated the process from the West Coast. One general rule of thumb, however, can be applied to American frontier movement: First came the "users" followed by the "subduers." The "users" depended upon wilderness conditions to main- tain their livelihood. Thus the fur trappers, explorers, missionaries, and herdsmen were forced to move on with the arrival of permanent settlers. The permanent settlers, or "subduers," forced out the fur- bearing animals, decimated or relo- cated the Indians to the mission- aries' chagrin, and ruined the grass- lands for the cattlemen and herders. Although "users" and "subduers" would sometimes co-exist in an area, eventually the "users" would be forced to move on. One of the ear- liest recorded cattle frontiers was along the Charles River near Boston in the 1630s. Virginia, too, had its cattlemen. A few decades before the American Revolution, Virginia's borderlands had ranchers of which a contemporary traveler said "go in ganges ... which move, like unto the ancient patriarchs or the modern Bodewins in Arabia, from forest to forest in a measure as the grass wears out or the planters approach them." There were three distinct types of farmers (or planters) which settled areas and drove out the "users." The first group, variously known to their contemporaries as "squatters," "backwoodsmen," or "hunters" resided on the outer fringe of the agricultural zone. They were char- acterized as tilling the soil as little as possible — rather they would hunt for their subsistence. To trav- elers of the day they appeared un- dernourished, "wan and pale like vegetables that grow in a vault, pining for light." Nevertheless, a remnant of a shabby farm would be under minimum supervision in order that they might sell out for a profit and move on. Squatters often mi- grated a dozen times during their adult life, usually at least one jump ahead of the second group, "the small propertied farmers." This group avidly tilled the soil and sought to improve their holdings through capital improvements by borrowing money. The rough but or lean-to of the squatter was replaced by a log cabin, fences were erected, orchards planted. These were the pioneers which significantly changed the face of the continent from frontier to civilization. They even- tually secured an area enough to ma ke it feasible for the third group, "the propertied farmers," to move in. The propertied farmers brought enough capital goods and money to thoroughly exploit the land. They were the final phase of settlement on the farming frontiers. The log cabin gave way to the frame house, barns were erected, clearings ex- panded, and animal holdings en- larged by providing winter feeding. Towns grew, commerce expanded, and a more complex social order evolved imitating that of the Eastern seaboard cities. The family vignette of the $5 Legal Tender note appears to be a compo- sition of the "small propertied" and "Propertied" farmer. The family def- initely does not belong to the squatter, backwoodsmen, or hunter class. For unlike that group, a fin- ished log cabin or frame house stands behind them, the man is a hard worker — he rests his axe on a tree stump, and they all appear well nourished. Common to all fron- tiersmen, however (except most mis- sionaries), was the versatile tool, the muzzle-loading rifle. A rifle rests within handy reach of the farmer. This may have been a better friend than the dog, also a frontier tool, which eagerly looks to the woods or fields in the vignette. The muzzle-loading rifle has been described as "a work of art — technologically perceptive, keenly designated, esthetically pleasing. It was food, clothing, amusement, championship. It was money in the pocket. A man carried it, slept alongside it, decorated it, taught his son to use it." After being brought from Europe the American frontier demanded that the weapon be drastically changed. Its bore was reduced to a bit over forty caliber in order to save expen- sive lead and powder. Gunsmiths in Pennsylvania lengthened and grooved the barrel to increase ac- curacy and to insure total burning if the black powder. The flintlock and trigger guard were improved to withstand the punishment of frontier conditions, and its stock was curved and lengthened to im- prove balance. New, more accurate sights were attached. It was a deadly, accurate weapon at one-hundred yards. A good marks- man could hit a deer at two-hundred yards. But it was an inefficient weapon for war. After discharging a round, reloading time was from one-half to one full minute. Enough time, as a frontiersman put it, for "an Indian to discharge a dozen arrows while a man was loading his gun, and if they could manage to draw or fire all at once they had us at their mercy unless we had a safe retreat." It was also a futile weapon against a mass infantry on- slaught. Although guerilla tactics could harass an enemy, in pitched battle the butt-end club of the fron- tier rifle was a poor match for the bayonetted rifle of the soldier. When the Americans advanced onto the plains and prairies, Western gunsmiths shortened the barrel and lightened it so the "Plains model" could be carried on horseback. How- ever, it was still an inferior mil- itary weapon: Nearly impossible to load while riding and a waste of shot and powder if discharged from a moving horse. The muzzle-loading rifle, however, had no equal for hunting. For more than a century it was relied upon to supply a man or family with many necessities. Bears, for example, were not only food, but supplied the grease for cooking, oiling guns, fuel- ing lamps, greasing equipment, and the luxury of grooming one's hair! The skins were used for bedding, rugs and robes, and a good skin would bring a couple of dollars on the market during the first few de- cades of the nineteenth century. The money, in turn, could purchase tools, powder, lead, or other industrial items. One American historian re- Whole No. 69 Page 143 Page 144 cently stated that "The muzzle- loading rifle was a magnificent tool. It was the common denominator of frontier living." As popular as the rifle, and com- mon to all family members, was the pursuit of the written word. Librar- ies, schools, books, bookstores, news- papers, magazines, and anything with the written word on it was cherished. The majority of the books were transported from the East. Al- though Lexington, Kentucky, con- tained less than 700 inhabitants in 1788, six dealers were advertising books for sale. In 1796 Cincinnati, Ohio, had two book stores selling "books of divinity, law and physic, several entertaining histories; some English and Latin school books; a variety of books for the instruction and entertainment of children; Amer- ican magazines and museums of the latest date." Everywhere that settlers arrived subscription libraries sprang up. Ten years after the founding of Dayton, Ohio, and although containing fewer than 100 inhabitants, its first library was opened in 1805. Kentucky by 1800 had a dozen communities all with populations under 800 — and each had its library. From the East came the classics and novels. The frontier also sup- plied some of the reading material, but the overwhelming majority which came off the western presses were almanacs, gazetteers, religious works, and instructional books. Local printers were more aware of the practical needs of the frontier family. Most frontier printers of books were newspaper publishers. They would fill-up their slack moments by printing pamphlets, verse or books. The first book printed west of the Appalachians was produced by the editor of the Pittsburgh Gazette in 1793. Frontier printers were prolific: 647 titles produced in Kentucky by 1815; 600 in Ohio by 1820; 601 in Indiana by 1835; and 474 titles in Illinois by 1840. In between their rare, slack mo- ments the newspaper editors were always hard at work trying to meet deadlines. Newspapers, in fact, were usually the first cultural transplant in each new community. It was not uncommon to see a journeyman printer arrive with the pioneers "driving a cart with his fonts and hand press, and ready to accept the small subsidy that the town planters would give to advertise their com- munity." The thirst of the frontiersperson for the printed word is well demon- strated by an Ohio settler who stated in his diary that upon arrival of the first books to his community "I had no candles; however, the woods af- forded plenty of pine knots — and with these I made torches by which I could read, though I nearly spoiled my eyes. Many a night I passed in this manner till 12 or 1 o'clock read- ing to my wife, while she was hatchelling, carding or spinning." Life on the frontier could not have flourished and grown without the family unit. While the husband in most all instances served as hunter and builder, the wife had various duties equally important in main- taining a comfortable living. On the smaller farms she planted and har- vested alongside the men. In addi- tion, she had to prepare the meals, preserve vegetables and fruit, clean house, make candles, spin, weave and sew, and rear the children. The "prime of life" category, ages twenty-nine to forty, was when most people migrated to the frontier. It is natural enough that they traveled during these years — frontier life was rugged, and life could be short. For example, there was a high death rate amongst women due to compli- cations during the birth process. Surgical techniques were practically unheard of on the frontier. When the mother did live, there was a good chance that the baby would die instead. Infant mortality was high. The average frontier family had four living children with perhaps that many buried. Frontier life has always been the target of myths. Two prominent myths that grew up about the fron- tier, and first promulgated by Adam Smith's An Inquiry into the Nature and Cause of the Wealth of Nations, are that Americans married at an early age, and women remarried with the passing of their husbands. Studies reveal that a great many widows and divorcees did not re- Paper Money marry, but managed as head of the household until they died. One in- teresting story, however, does come to mind. The first divorce granted in Dallas, Texas, was to Joseph and Charlotte Dalton in 1846. That same December afternoon Charlotte mar- ried Henderson Couch, the foreman of the jury that had granted the divorce. Dispelling the myth about early marriage on the frontier, demo- graphic studies conclude that men married in their middle-to-late twenties, and women from their early-to-middle twenties. Of course there were exceptions when marriage at an early age took place, but these exceptions were to be found on the established Eastern seaboard as well as the frontier. Another prominent myth held that anyone could pick up their belong- ings, head out west, and set up a farm. Migration, however, was not cheap. For example, a family mov- ing from New York to Illinois dur- ing the 1850s would need $30 per person for coach fare or canal boat passage. In addition, the cheapest government land cost $1.25 per acre, and the price of farm equipment ran into the hundreds of dollars. In fact the average farmer during this period needed $1,500 to $2,500 to put a forty acre farm into production. Con- sidering that the Eastern worker made between $1 and $2 per day, farm costs were prohibitive for most people. Although facing stiff odds, the pioneer family moved on. By 1870, some 407,735,000 acres were under the plow from coast-to-coast. And although the 1890 Census alarmed the public by stating that the fron- tier had closed, and that the avail- ability of free land had passed, farm lands rose to 838,592,000 acres by 1900. In other words, more new land was put under cultivation in just three decades, from 1870 to 1900, than had been farmed in the pre- vious two and one-half centuries. There were many frontiers. Even the farming frontier varied a bit from region to region. However, cer- tain things were common to all of them, but none so much as that overwhelming desire to see if the grass was greener on the other side. Whole No, 69 SA° Kazias 44, e e may tiffeTtey t4ecia444 KAGIN'S NUMISMATIC AUCTIONS, Inc. * We've handled OVER 99 r/c of all the notes listed in the DONLON & FRI EDBERG catalogs * A.M. KAGIN has personally cataloged over 30o auction sales in over 4o years as a professional ! 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Des Moines, Iowa 50309 Phone: (515) 243-0129 Page 145 Page 146 Paper Money For many years thare has been a real need for the dark clouds of ignorance, indifference and outright dislike surrounding obsolete currency to be dispelled. The writer, who has collected and studied this material for many years, is not naive enough to believe that this article alone will accomplish this result, but he hopes that it will prove to be, at least, a step in the right direction. His only aim is to "tell it like it is," and if, as a result of reading it, a few new collectors are induced to enter the field and begin to collect these interesting notes, he will feel that his work has not been in vain. The material covered in this article covers uncurrent bank notes, private issues of all kinds, municipal issues, warrants, checks, drafts, transportation issues, certificates of deposit, college bank scrip, depression scrip, commission scrip—in fact, any piece of paper, cardboard, leather, wood, or man-made fabric which may have been used in trade, as a medium of exchange, or redeemed in merchandise or services. The highly significant and valuable issues of the Revolutionary period are not covered, due to their wide acceptance by the numismatic fraternity, and the esteem in which they are held by historians. Neither is any material included which was officially issued by the United States Government nor the Confederate States of America. HISTORICAL SIGNIFICANCE Following the close of the Revolutionary period and continuing in an uninterrupted stream until about the 1870s, obsolete paper money of many sorts was issued and circulated in the United States for a variety of reasons. Much of this money was quite good, and was, no doubt, redeemed in full by its issuers. Some of it, however, was fraudulently issued and sent for circulation to remote areas, from where it might never return and be presented for redemption. Practically every historically important event in our history can be associated with these notes, from the War of 1812 to the Great Depression of the 1930s. An Almost complete history of the Civil War can be illustrated by the notes of the South, even to the alignment of certain of the Indian Nations of present-day Oklahoma with the Confederacy. Portraits and scenes of historical interst abound, and manuscript signatures of well-known patriots and statesmen can be found on these notes. In Defense of Obsolete Currency by Maurice Burgett fiterfitiiilim;tr 1 Ut 40 It :1Flipti i■ lyli IOW trlirgi , fttfiliit,f0mititlfl 4 if !1,,, ! ,Y4!"!'''''''f''t CIIANDIS Whole No. 69 Page 14 7 THE ROMANCE OF OBSOLETE CURRENCY How would you like to own a note which may have been a part of the loot obtained by Quantrill's band of guerrillas during their raid on Lawrence, Kansas? Or a note issued by one of the famous mining concerns which operated the gold and silver mines in the early West? Perhaps you would prefer a bill issued by the Bank of North America—our first bank, which was chartered by the Continental Congress in 1781. You might fancy a piece of currency which originated in the Indian Territory, and was actually signed by a ruling chief of the Cherokee, Choctaw, or Seminole tribes. Maybe you would like a note on the famous Bank of the United States, which issued denominations up to $10,000. A more nebulous association, but a possibility, is the thought that an early president, or other famous individual, may have carried your note in his wallet for a time. Many, many more such associations might come to mind; the list is endless. THE BEAUTY AND CHARM Whether engraved, lithographed, type-set or hand- written, the obsolete currency possesses a unique fascination for the aficianado which can be surpassed by no other numismatic materials. The majority of the earlier issues, produced by major engraving concerns which employed only the most competent artists, are superb in detail. Vignettes on a goodly number of the notes feature famous personages, battles, ships, trains, Indians, birds, agricultural scenes, hunting, fishing; and, in fact, all aspects of 19th Century life. Some of the major producers of engraved bank notes were Wright, Hatch, and Edson; Casilear, Durrand, Burton and Edmonds; Wellstood, Hay and Whiting; and Draper, Underwood, Bald and Spencer, as well as a host of others. Lithography was utilized very successfully to produce notes at a somewhat later period, at which time color was also utilized, in a very advantageous manner. Previous issues had been mostly uniface, but ornately prepared back designs came into existence at about the middle of the century and added further beauty to the notes. As can be imagined, the designs produced by type- setting are quite plain and simple, but many of these possess a certain archaic "flavor" and quaint appeal. They are normally printed in black, but occasionally examples in color may be encountered. Many of the notes of the territorial period of the Western frontier were type-set, doubtless by the early newspaper printers. Hand-written notes are seldom encountered; they were usually utilized as a result of some emergency or crisis which permitted no time to procure notes manufactured by any other process. The handwritten notes are usually strictly utilitarian in design and format, with little or no attempt at embellishment. RARITY OF OBSOLETE CURRENCY In this engrossing and fascinating field, extreme rarities abound. Many of the notes are classed as Rarity 7 (1-5 known) and sometimes the bargain hunter can find these at a reasonable price, provided he possesses the experience and knowledge necessary to enable him to recognize rarity when he encounters it. Despite current research, many of these "sleepers" are doubtless lurking in some dusty album, trunk, or between the pages of a book; undiscovered and unappreciated. Many of the rarities which are known and listed can even be considered unique, although this distinction is a precarious one. At any time, another, or indeed several other, identical pieces may turn up. Although large hoards of notes are not often discovered, the eager hunter will be well advised to leave no stone unturned in his search, as notes appear occasionally in the most unlikely places. The reasons for the rarity of so many of the notes are Pirt: 2 TWENTY 20 TATI2lIdliiATIV 20 t 3:1 1 lNil .t.zriitggrctrtvi-5x4---4-4.114ZEMEICCIIIWCPX4 TUENTI 20 Tit Mei 20 TWEN aro ;say EO r 21 '1'14 ENT ..;:o114 E t toor/A ///i/ //);',---/////'/Kii(7/1/'*ri' WCie///i/(4?;,' r1/;';Vi/e'lx,/// , ii/441; / 3 4 3 40111.0 4(9 Page 148 Paper Money legion; a few of the major ones are: The small number issued, their age and the fragile material utilized for their manufacture. During the War Between the States, certain Southern notes were even printed on tissue paper. Notes of R-7 status are much rarer than amny coins, stamps, or other more popular "collectibles" which sell for thousands of dollars. Any of the R-7 notes is at least as rare as the famous 1913 Liberty head nickel, and almost all of them were made for actual use in the market-place, a characteristic not possessed by the nickel, the origin of which is somewhat dubious, to say the least. METHODS OF COLLECTING The numismatist who decides to commence a collection of obsolete U.S. currency can enter any number of fertile (and fascinating) fields. He can "go for broke" and embrace all the issues, of all types, from all states and territories, from the close of the Revolutionary Period to the present day—a monumental task but a very pleasant, instructive, and rewarding one. Or, he can specialize in many different ways, such as collecting the notes of only one state; a certain group of states; territorial issues, or notes issued and used during a specific period, such as the Civil War. Perhaps he would rather restrict his acquisitions to only the bank notes, municipal issues, or private scrip. Another enjoyable pursuit is the formation of a topical collection, an unlimited field which might include only obsolete bank notes, which may be selected to form a topical collection. "BROKEN-BANK" OFTEN A MISNOMER A great dis-service, and a real stumbling-block, to the serious study, collecting, and appreciation of the richly rewarding field of obsolete curency is the term "broken- bank notes" which, all too often, is considered applicable to all uncurrent notes. On most occasions, the collector is forced to use this term when inquiring whether a dealer has for sale obsolete notes of any sort, as most dealers just do not know the difference. Some dealers also seem to possess an inherent antipathy for the subject, perhaps a carry-over from earlier days, when the commoner obsolete notes could be purchased in stacks for a dime or so each. In recent years, when this question is asked of the "Johnny-come-lately" type of dealer, it has usually elicited a pitying and condescending "Oh, we don't carry anything like that!" In one brief sentence, the speaker has thus exhibited not only his own ignorance, but has also managed to convey to others who may be within earshot, the utterly false and misleading impression that the material being discussed is junk. To such individuals, it may come as quite a surprise to learn that certain important rarities in this field have recently been sold for sums in the four-figure bracket. If obsolete paper ever attains even a fraction of the popularity notes bearing vignettes of ships, trains, presidents, statesmen, animals, birds, machinery, or Indians. To another collector, the many odd denominations issued might appeal, such as .01, .02, .03, .04, .06 1/4, .12'/2, .18 3/4, and so on, ad infinitum. A well-known numismatist has gathered a collection of notes portraying coins. Beautiful specialized collections containing only the notes issued by specific bank note companies have been formed. Green and Roman gods and goddesses abound, making possible a fine collection of mythological scenes and figures. Famous works of art by painters such as Gilbert Stuart, Sir Edwin Landseer, and Rosa Bonheur are found on possessed by coins, the rarer notes will command astronomical figures. A RIDICULOUS COGNOMEN A "black-eye" inflicted years ago upon the devotees of paper money (especially obsolete notes) is the derisive appellation of "rag-picker." This nickname, no doubt applied originally as a good-natured jest, has clung to us through the years. The dedicated enthusiast in the field of obsoletes, therefore, has been forced to develop the hide of a pachyderm, in order to continue in his chosen avocation. In recent months two new names have been devised, which '10 !aro' TY CENTS. $111118 1?1 Ow Dollar and ?limo ou•rent Bank Bilts "*??0w*zi,e... H., S. C,. Ai' rust j 41862. - ‘ ;:;.? Whole No. 69 Page 149 are supposed to designate the entire field of paper money study and collecting, but they have not received any wide acceptance. I believe that the ponderous (and pompous) names of "syngraphics" and "notaphily" will be as unwelcome to most collectors of obsolete currency as is the jeering appellation of "rag-picker" and a great deal harder to pronounce. Why not just call us "numismatists" and let it go at that? TRAITORS IN THE RANKS Another sad fact is that, among the devotees of obsolete currency themselves, there exists a group which is unwilling to assist in raising our collecting speciality out of the abyss in which it lies. I refer to those collectors who short- sightedly "talk down" the notes in order to purchase them for low prices. While we all like bargains, I am sure that it behooves all enthusiats in the field of uncurrent notes to endeavor to attract potential buyers into all different areas of the field, and higher prices will be realized by all collectors, if and when they decide to dispose of their treasures. It would be sad, indeed, to see a note of great rarity sold for "peanuts" at an auction or, perhaps, receive no bids at all, just because none of the potential bidders appreciated it. The writer has seen this identical event occur, having purchased notes rated R-7 for amounts far below their true value, simply because he was the only bidder. It must also be mentioned in relation to this situation that, due to the lack of expertise possessed by many of those who are responsible for preparing auction catalogs, some very weird and confusing descriptions can, and do, creep into the lists. Therefore, unless the prospective bidder has an opportunity to examine a note before submitting his bid, he may not be at all certain just what he is obligating himself to buy. Some years ago, a prominent Eastern dealer offered for sale, at a fixed price, a pair of extremely rare, and perhaps unique, essays for municipal scrip notes of a Western city. While the notes did possess some unusual features, the dealer had described them so poorly that many prospective buyers ignored the listing, not sure what the material really was. Only by providing a full and accurate description for each note which he lists can a cataloger hope to realize a fair return for his labors. LOW EXHIBIT STATUS The original chairman of the Wismer Revision Committee, Fred R. Marckhoff, once wrote: "When obsoletes and legal tender notes are exhibited in the same category, you will find the greenbacks always winning out over the obsoletes." Marckhoff thus described accurately a situation which has, apparently, existed since the beginning of display competition. Following the presentation of exhibit awards at any major convention, one can hear similar comments, some of which are usually much more emphatic and may even border on the profane. Marckhoff further theorized that exhibit judges evidently grade, or rate, the exhibited material first, and then evaluate the other features of the displays. If, indeed, an unwritten scale or sequency of importance is applied to different types of paper money, obsolete currency must occupy the lowest portion of the totem pole. Most judges are coin collectors only, and do not seem to have any knowledge or appreciation of obsolete paper— worse still, some of them may have a definite dislike or even contempt for it. Seemingly, they do not realize the amount of time and effort (not to mention money) which is required to assemble even a modest display. Most convention viewers, upon recognizing a display of obsolete notes, hurriedly pass by it with only a glance. While point systems for judging displays are supposedly used at all major shows, and were designed to give equality to exhibits of different types, most judges follow their own desires and whims when grading. A judge, who shall be nameless, was once even heard to state: "I grade all paper money low." This unfortunate discrimination, coupled with a lack of knowledgeable judges, has resulted in the loss of deserved awards to many beautiful exhibits of obsolete notes. As a result, many owners of rare and desirable uncurrent notes will no longer exhibit them, feeling that they cannot win a top award. At a regional convention held last spring, a judge, who was examining a display of obsolete notes designated as "great rarities" was heard to say peevishly to the exhibit chairman: "I don't know anything about the rarity of these notes." It will be immediately evident that the proper course of conduct would have been for the exhibit chairman to call in, for consultation, one of at least three experts who were available in the adjacent bourse room, who would immediately have been able to rescue the judge from the horns of his dilemma. It is not known what action, if any, was taken, but the display in question did not win a top award. Incidentally, the judge mentioned happens to be a highly respected authority in the category of U.S. coins. The American Numismatic Association provides, as its annual convention display competition, a separate classification for obsolete paper money. This, of course, is the way it should be, and ought to prove to be a great encouragement to the prospective exhibitors of uncurrent notes. The author knows of only one state association which followed this procedure at one time, but it does so no longer. There are a number of reasons why obsolete currency should not be judged against the same criteria as those applied to notes issued by the United States government. These reasons include differences in manufacturing methods, materials, age, etc., which make the two types of currency incompatible. Page 150 NEW INFORMATION AVAILABLE In years past, the owner of an obsolete note with which he was not familiar, and which had not been listed by D.C. Wismer, had two courses of action open to him: He could busy himself by doing his own research, in the accomplishment of which he was quite likely to be unsuccessful; or he could continue onward in a state of blissful ignorance. Original research can be both difficult and time-consuming, and most collectors just do not possess the stamina for it. So, knowledge concerning obsolete currency has remained, for many years, at the level to which it had been raised by D.C. Wismer, the late authority and pioneer researcher whose works are classic references today. Then, in the early sixties, the Society of Paper Money Collectors was formed. Long-time obsolete currency specialists such as Fred Marckhoff of Elgin, Illinois, hailed the new society as the savior of the collectors of uncurrent notes. The Society does publish an excellent magazine and, from its inception, has included therein a great many very fine artieles on obsolete paper. Also commenced in early 1964 was the Wismer Revision project, a monumental task which, when and if completed, will present in book form every known obsolete note issued in every state. A remarkable beginning has been made, with bound volumes available covering the states of Florida, Nebraska, Texas, Minnesota, and Vermont, with several others expected to appear soon. Necessarily smaller listings, which have been decreed by the Society not to be important enough to warrant being published as separate volumes, have been printed in this journal, originally a quarterly, but now appearing bimonthly. These listings are limited to Inidan-Territory-Oklahoma, California, Kansas, and Montana. Other publications of importance are "State Bank Notes of Michigan" by Harold L. Bowen; "The Obsolete Paper Money of Virginia" by Charles J. Affleck and, last but not least, the well-known volume entitled "North American Currency" by Col. Grover Criswell, whose earlier works on Confederate currency and bonds have achieved wide acclaim. Thus, it will be seen that the often-quoted excuse of lack of information, which has caused collectors to shun the obsoletes, is no longer valid, if, indeed, it ever was. The task of revising the Wismer listings, where they existed, and of completely preparing catalogs where they did not, has been undertaken by a group of dedicated specialists on a voluntary basis; their only reward being the satisfaction of a task well done. The completion of the five volumes and the four magazine listings just mentioned has not resulted, however, in a mad rush by collectors eager to acquire these notes. A modest increase in demand, (and price) for the notes of the states whose listings have been completed may exist, but no great influx of people into the field has yet been noted. SELLING OBSOLETE CURRENCY While several methods exist for the disposal of a collection of uncurrent notes, the auction sale is considered by many to be the preferred means, when the time comes to sell. Selling an entire collection intact to a dealer or collector is seldom advisable; neither is breaking it up and Paper Money selling it piece-meal, unless the owner knows definitely that a buyer is available for each and every note. The piece-meal method will indeed move the rarities, but the common material will very likely remain unsold. Selling a collection intact results, in many cases, in the owner being forced to accept a ridiculously low offer, in order to move the material. A classic example comes to mind of a large general collection of obsoletes, which contained many "scrumptious" rarities, being sold at a low figure by the surviving family of a deceased collector, merely because the disposal would be quickly effected; no research or study would be required, and quick cash would be obtained. Most collectors of obsolete notes now specialize in one or more of the "by-ways" and prefer, it seems to buy their notes at auction. However, should the owner choose this method of disposal, he must be certain to give full and complete descriptions to the cataloger, so that his listings will be readily understood and identification will be easy. One can say that the description is almost as important as the note itself. SUMMARY In summary, the writer has attempted to set forth the benefits and pleasures to be gained by those who collect and study obsolete notes, and to exorcise all of the imaginary demons and bugbears which have plagued this segment of numismatics for so long. In years to come, when these notes have risen to their rightful height in the numismatic firmament, the great majority of them will not be obtainable at any price. Due to the cycles of popularity through which all numismatic material passes, it can only be a matter of time until obsolete currency achieves the popularity which it so richly deserves, so why not secure a few of these classic pieces while they are still available? They will probably never be cheaper. REFERENCES Numismatic Scrapbook, September 1961. S. P. M. C. Quarterly, Volume 1, 1962. ?red R. Marckhoff, Letter dated 5/14/63. EDITOR'S NOTE: Since this article was written the book "New Jersey's Paper Money" authored by George W. Wait, has been published by the Newark Museum. YOUNG PRINCE OF WALES Appealing portrait of youthful Prince of Wales is featured on this Jan. 1, 1910 $5 Imperial Bank of Canada note which appeared in the recent Charlton Auctions' CAND sale. Even with a trimmed upper right margin, the VF note drew a bid of $360 against a $150 estimate. 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. 69 Page 151 Attention Obsolete, Western & Confederate Collectors WHY 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 Nla 64'4 t &ttittlis:y as. SPECIAL COMPLETE SET $30.00 Ppd. Confederate Notes (listed by Criswell # ). All notes VF/XF unless otherwise listed. T-16 $50 VF C.O.C. $17.99 T-63 54 VG 2.50 T-18 $20 VF $17.99 T-64 $500 24.99 1-36 $5 4.99 T-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 1-69 $5 2.99 T-55 $1 Unc. 19.99 T-70 $2 F/VF 4.99 T-59 $10 4.99 T-71 $1 5.99 1-60 $50 XF 4.99 T-72 50G VF 2.99 SPECIAL -1 Each of the Above TOTAL $152.31 $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. Pssst Got Change Page 152 Paper Money for an Eigh t fm) In the early 19th Century, as the country went through the growing pains of a rapid expansion, the establishment of states, the settling of frontiers and the fighting of wars; we had a monetary system that was entirely in keeping with the turbulent times. With an almost chronic shortage of specie in most of the nation, paper currency and scrip issues were brought forth in large quantities and colorful form to help in bringing some order to a monetary situation that made day-to-day commerce difficult at best. These issues were usually backed with nothing but good faith; but private individuals and firms put out notes to fill a monetary void and in some cases their own pockets. Currency issues of this type often did not conform to the decimal monetary system as we know it today, but rather were designed to fill local needs. Local banks wete established to complement local industry and often even took the name of the industry which was its major customer; hence the plethora of Farmers Banks, Merchants and Mechanics Banks so familiar to collectors of obsolete paper money. Merchants were responsible for many scrip issues. If a shop keeper had a particular need of a paper note to make change in a situation where specie was almost non-existent, he made his own. Some had only one denomination. If, for example, a merchant had a popular item that sold for 98 cents, and there was a shortage of coinage in the community, he might issue a note with a 2-cent face value. He may have had no other use for other denominations and so issued no other notes. Other merchants had complete series of fractional currency issued; such as 10, 50, 100, 150, 250, 500, etc. The Spanish influence on our early monetary system is responsible for such currency denominations as 6 1/40 and 12 1/20 notes, corresponding to a half-bit and a bit, respectively. Such denominations as 33-1/3d and 66-2/3d represent attempts to divide a dollar evenly into 1/3 and 2/3. By Roger H. Durand Until 1863, laws governing the issue of paper currency were either vague or non-existent, avy individual or firm was entitled to print any such currency as he desired. Choice of design was also up to the issuer, who could and did use any vignette from a relative's likeness to details from favorite paintings. Merchants scrip usually circulated locally or at best in a small section of a state where the merchant was known and his scrip trusted. Whole No. 69 Bank note issues were another matter. They circulated far and wide and in the early days of their issue were often accepted without question across the country. But, as insolvencies and outright frauds became more common, people became more wary of the bank notes which they would accept. Banks, insurance companies, railroads and communties also issued notes. Again, as the need arose, the situation was satisfied by the issue of the needed denominations. These institutions dealt mostly in dollar amounts but there are also fractional notes in existence. An example of the need of an odd denomination would be if a certain firm in a given town had many employees who received the same pay—for example $7 a week. The local bank could see the need for such a note therefore a $7 bill is born. Almost any denomination was possible with no laws to comply with. The famous $3 bill which today is the subject of all sorts of jokes was fairly common in the early days of banking. Our currency system of today is rather bland compared to the days when anyone could (and did) print their own notes and scrip. The collecting of odd denomination paper money has been a popular topical theme since people began to collect obsolete paper. A collection of several of the existing denominations always generates an interest in the person viewing the display whether they are interested in paper money or not. Whenever a person sees a $3 bill this romantic denomination generates the thought that this must be a scarce note. Sometimes it is, but as often as not it is fairly common. As one acquires different specimens for his collection he is bound to acquire various odd denominations. The denominations we use today which are naturally common were also common in the years gone by. Each denomination has its own rarity in comparison to the other denominations. We know that the one dollar or the five dollar bill is relatively common because most of the bills we come across are of these denominations. But let's take three for instance, how often do we see this denomination compared to a one or a five? We doiq't really know except that it has to be scarcer than the one or the five. This article was written to try and shed some light on this interesting subject. The results although not conclusive nevertheless show some interesting patterns. Also, keep in mind that what is scarce today could become common tomorrow if a new hoard were discovered of a particular note. In researching this article I examined approximately 20,000 notes. I counted notes on dealers' price lists, in dealers' stock, notes advertised in various periodicals, past and present, catalogs, etc. As the notes were being recorded a pattern developed. The following listing comprises both bank notes and merchant scrip. The scarcity of certain denominations is obvious but just how scarce is indicated as follows: 1¢ one/five hundred. A scarce denomination not usually encountered in the average dealer's stock. But not in the rare class because with a little effort a specimen can readily be obtained. This denomination can be found in notes from several different states. 2¢ one/two thousand. Much scarcer than the one cent, but Page 153 a specimen can still be located without too much trouble. New Hampshire scrip in this denomination is fairly easy to locate. 3¢ one/two hundred fifty. This is a fairly common scrip denomination to acquire. It would seem to be a scarce denomination at first thought but the results of this survey prove otherwise. 4¢ one/four thousand five hundred. A rare denomination and fairly hard to acquire. For some reason this denomination does not usually come in denomination sets issued by merchants such as 1¢, 20, 30, 54 etc. Massachusetts and Virginia among other states issued notes with these denominations. 5¢ one/thirty. One of the more common denominations, can be found in most states without any difficulty. 6¢ one/six thousand. A very rare denomination and difficult to acquire. There are specimens known from the states of Vermont, Virginia and Massachusetts to name a few. 61/40 one/two hundred fifty. This denomination is not uncommon because it is 1/2 a bit. At the time these notes were in circulation we were still closely related to the Spanish influence in our coinage. This denomination can be obtained from several states without any difficulty. 74 one/twenty thousand. Extremely rare and naturally very difficult to acquire in a denomination collection. Mississippi is a state where a specimen could be acquired. 8¢ one/ten thousand. Very rare and hard to come by. One of the few states where a specimen could be acquired would be Virginia. 94 one/twenty thousand. Extremely scarce. None offered for sale or listed in any catalogs that I could find. Rhode Island is a state that has a merchant that issued scrip of this denomination. 100 one/twenty. A very common denomination which can be found in most states. 11¢ one/twenty thousand. Extremely rare. 12¢ one/ten thousand. A rare denomination and not easy to locate. A specimen could be located from the states of Massachusetts and Virginia. 121/2¢ one/hundred. Fairly common and can be found in many states. Again referring to the Spanish influence on our decimal system. Equal to one bit. 15¢ one/seventy five. More common than one would assume at first glance. Specimens can be found in several states, especially the South, with little or no difficulty. 18 3/4 one/ten thousand. Very rare; although specimens can be located from the states of Florida and Mississippi. 20¢ one/hundred fifty. A little less common than the 15¢ denomination which is surprising but specimens can be located with no difficulty at all. 25¢ one/thirteen. Just about the most common scrip denomination. 30¢ one/six hundred fifty. Fairly common from the state of Virginia, rare from just about anywhere else. 33-1/3¢ one/twenty thousand. Excessively rare. Reason for issue of this denomination is that it is 1/3rd of a dollar. 35¢ one/three thousand. Can be found in Virginia; very rare from anywhere else. 371/2V one/thirty five hundred. Very rare but this denomination can be acquired from the states of Texas INIUMNIONI ,„ BO V 7" 0 .1' C Page 154 Paper Money and Virginia. Rare from anywhere else. 400 one/two thousand. This is a scarce denomination from most states except Virginia. Texas and Rhode Island also has merchants which issued scrip in these denominations. 500 one/fourteen. About the most common scrip denomination; can be found in all states. 600 one/thousand. Common from Virginia; rare from any other state. 62'/2 one/twenty thousand. Excessively rare; five bits from our Spanish heritage. About the only state with this denomination is Mississippi. 66-2/30 one/twenty thousand. Again excessively rare. This is a two-third dollar denomination. 700 one/twenty thousand. Extremely rare denomination, from Virginia. 750 one/seventy five. Common denomination which could be found in most states. 800 one/ten thousand. Very rare denomination which is usually found in Tennessee or Virginia. 871/20 one/twenty thousand. This extremely rare 7-bit note can be found in the state of Mississippi. 900 one/two thousand. Scarce denomination from Virginia. $1 one/six. The most common denomination of all obsolete notes. Mostly found as a bank note but also common as merchants scrip. Issued from all states. $1.25 one/five hundred. A scarce denomination from most areas except Vermont and Virginia. These notes can be located from several states with a little effort. This denomination is one-fourth of a $5 bill. $1.50 one/three hundred fifty. Scarce but can be found in several states with a little effort. This denomination is one-half of a $3. $1.75 one/seven hundred. Fairly scarce but can be readily found in Vermont. Moderately rare from most other areas. $2 one/ten. Easily obtainable from most states. $2.50 one/three hundred. Common from Texas, Virginia and Mississippi. From scarce to rare from any other state. $3 one/fifteen. This denomination, which is the most famous, and which has brought the most publicity to currency collecting, is readily obtainable from most states. $4 one/two hundred. More common than would first appear. Very popular with obsolete collectors. The easiest states to obtain a specimen from would be North Carolina and Georgia. Extremely rare from some states such as Rhode Island with only one specimen known. There are about 40 different $4 bills that could be acquired. $4.50 one/fifteen hundred. This is a Missouri defense bond and not a note. It is said that they circulated as notes in the early 1860s and therefore is included in this listing. $5 one/seven. Almost as common as the $10. Several banks only issued from the $5 bill on up. $6 one/thousand. Scarce denomination which usually is from New Jersey when this denomination is found. Also pretty scarce from Georgia and South Carolina. Very rare from any other state. $7 one/seven hundred. About the same rarity as the $6 bill and usually from same series or bank. $8 one/twelve hundred. Approximately the same as previous two denominations. $9 one/twelve hundred. Same as above. $10 one/seven. Very common from all over. $11 This denomination is just about unique. $12 Also just about unique. $13 About unique. $14 About unique. $15 one/twenty five hundred. Rare and seldom seen except from Virginia. $20 one/twenty. Common and found in all states. $25 one/nine hundred. Scarce, usually found in Mississippi. Also from Virginia; very rare from anywhere else. $25 Rare denomination from Rhode Island. Printed in 1800 by A. Doolittle of New Haven, Connecticut. The Washington Bank in Westerly is still operating today. This is the first bank note in the United States to use Washington's portrait. $30. This is a good example of this denomination from the Union Bank of Boston, Massachusetts. This note is the bottom note of a sheet of $10-$20-$20-$30. It was printed in 1795. $30 one/ten thousand. Very rare but specimens are known from Virginia, Rhode Island and Massachusetts. $40 one/twenty thousand. Extremely rare; but a specimen could be located from Pennsylvania. $50 one/thirty three. Common and located in all states. $100 one/thirty eight. Again common from most states. $200 one/twenty thousand. Extremely rare denomination but it can be found from the state of Louisiana. $250 I have seen one very worn and mutilated note of this denomination. $300 Extremely rare but I have seen one offered for sale. $500 one/four hundred. Not common but specimens can be located from several banks in several states. $1000 one/six hundred fifty. There are four fairly common $1,000 bills including The Bank of the United States and Whole No. 69 the New Orleans Canal Bank. Other than that they are all extremely rare to unique. $2000 one/forty three hundred. Rare and available only from the Bank of the United States and the Morris Canal and Banking Co. $3000 one/ten thousand. Rare and same as above. $5000 one/twenty thousand. Available from the Bank of the United States only. $10,000 Penned-in denomination from the Bank of the United States. $20,000 Same as above and exceedingly rare. $20,000 Penned in denomination on a post note of the Bank of the United States. This is the highest denomination available to collectors. The preceeding mentioned denominations are among the most likely to be acquired but anything is possible. Newly discovered notes are appearing all the time. Yesterday a note was unknown, today it is unique, tomorrow it might be common. The discovery of a new note happens rather often even in this day and age, but the discovery of a new denomination is quite a rare occurrence. Years ago some merchant probably had a need for a 590 note or some other very odd denomination which as of this writing, still hasn't come to light. Penned-in denominations such as on a post note might be in any amount such as on a check but these type of denomination notes are not normally as desirable to a Page 155 denomination collector. A printed denomination, especially if it is very odd, is in great demand to us denomination collectors. Through our Spanish heritage with the use of bits and half, quarter and third bits almost any odd denomination in our decimal system is possible. The thrill of a new discovery is what makes this such a fascinating hobby. Not only do notes come in denominations but sometimes they describe an article such as, good for one book or 750 cash. This type of note is almost a type of promotion for the merchant. Some collectors also include notes that have as their denominations, bits, pounds and mills as their monetary measurement. Another form of denominations are foreign units of monetary measurement such as the 'Dix' note of Louisiana; this is the French unit for $10. New York's Hungarian settlement had notes of egy forint, ket forint and of forint; $1, $2 and $5 respectively. Pennsylvania also had German settlements with German denominations and I'm sure other nationalities could have their denominations as well. No table of numismatic valuations is included in this listing. All obsolete paper valuations are usually covered in other type listings such as state listings or other catalogs. Usually the rarity of a note itself is determined by the number available and not the denomination. An obsolete $1 bill is worth no more than a $5 bill based on denomination alone; other factors create its value. A $25 note from any state is a rarity in itself in the state of its origin; of course it is equally desirable to denomination collectors so the law of supply and demand will set its real value. Very odd denominations are rarities in themselves and therefore are usually valuable. The challenge of this type of collection is to see how many different denominations can be acquired. A denomination collection can never really be complete because as previously stated new notes and denominations are still being discovered. After you have 50 or 55 different denominations in your collection it becomes quite a challenge to add each and every new denomination from then on. With a lot of patience and a little luck and if you are in the right place at the right time; that's when you add the next specimen to your collection. Good hunting. NOTES ON COUNTERFEIT NOTES Specialists in obsolete bank note often include in their collections specimens of counterfeit notes. These are often stamped or otherwise marked as fakes and often they contain writing on the otherwise blank back. The meaning of some of the dates, symbols, etc., on the back of these counterfeits is often subject to conjecture; but the following article from an 1852 number of "Banker's Magazine" may shed some light on the matter. "The Suffolk Bank has devised a method of checking, to a great extent, the passing of bad money. In their foreign department there are daily received from the different -banks in New England large numbers of counterfeit bills. These of course are returned as worthless, but before this is done a description is taken of each, with the name of the depositor, which by bank laws is always placed on the band of each parcel. "On the back of the note is marked the date, and a reference letter, and the bill is then returned. Should it again be placed in circulation, the person who receives it has but to call at the Suffolk Bank, and he can ascertain through whose hands it has passed, and oblige the party to make it good, the record of the bank being sufficient evidence to force a redemption. In most cases where these counterfeits are put in circulation after once passing through the Suffolk Bank, the emission is accidental. In some cases, however, the bill is passed knowing it to be worthless, and we know of one instance where a man paid ten times the value of the bill in order to save prosecution." Page 156 Paper Money 1_,REAL IFAGRAVING PRINTING COPE PRODUCTION FEDERAL RESERVE NOTES SERIES PRINTED DURING JANUARY 1977 FROM TO QUANTITY ONE DOLLAR PRINTED DURING FEBRUARY 1977 SERIES FROM TO QUANTITY ONE DOLLAR 1974 C40 320 001 C C 52 480 000 C 12,160.000 1974 A 92 160 001 B A 98 560 000 B 6,400,000 1974 D 69 760 001 B D 90 240 000 B 20,480,000 1974 B 79 360 001 F B 95 360 000 F 16,000,000 1974 E 87 680 001 E E 98 560 000 E 10,880,000 1974 E 98 560 001E E 99 840 000 E 1,280,000 1974 F 36 480 001 E F 56 320 000 E 19,840,000 1974 E 99 840 001 E E 99 999 999 E/1 160,000 It 1974 G 16 640 001 D G 40 960 000 D 24,320,000 1974 E 00 000 001 F E 07 680 000 F 7,680,000 1974 I 98 560 001 A 1 99 840 000 A 1,280,000 1974 E 04 640 001 * E 05 120 000 * 480,000 # 1974 1 99 840 001 A 1 99 999 999 A/1 160.000 # 1974 F 56 320 001 E F 67 840 000 E 11,520,000 1974 1 00 000 001 B 1 05 760 000 B 5,760,000 1974 G 40 960 001 D G 76 160 000 D 35,200,000 1974 1 00 160 001 * 1 00 640 000 * 480,000 # 1974 1-1 10 880 001 C H 35 200 000 C 24,320,000 1974 K 44 160 001 C K 51 200 000 C 7,040,000 1974 J 37 120 001 B J 47 360 000 B 10,240,000 1974 L 24 320 001 F L 35 840 000 F 11,520,000 1974 K 51 200 001 C K 86 400 000 C 35,200,000 1974 L 35 840 001 F L 44 160 000 F 8,320,000 TWO DOLLARS 1976 E 50 560 001 A E 56 960 000 A 6,400,000 TWO DOLLARS 1976 E 00 640 001 * E 01 280 000 640,000 # 1976 E 00 640 001 * E 01 280 000 * 640,000 # ## 1976 H 26 880 001 A H 39 040 000 A 12,160,000 1976 H 00 640 001 * H 01 280 000 * 640,000 # FIVE DOLLARS 1974 B 27 520 001 F B 33 280 000 F 5,760,000 FIVE DOLLARS 1974 F 98 560 001 C F 99 840 000 C 1,280,000 1974 D 87 040 001 B D 93.440 000 B 6,400,000 1974 F 99 840 001 C F 99 999 999 C /1 160,000# 1974 F 92 160 001 C F 98 560 000 C 6,400,000 1974 F 00 000 001 D F 03 840 000 D 3,840,000 1974 G 16 000 001 D G 19 200 000 D 3,200,000 1974 H 29 440 001 B Fl 34 560 000 B 5,120,000 1974 F 11 040 001 * F 11 520 000 * 480,000 # 1974 H 04 480 001 * 05 120 000 * 640,000 # 1974 G 19 200 001 D G 26 240 000 D 7,040,000 1974 L 43 520 001 D L 49 280 000 D 5,760,000 1974 J 45 440 001 B 46 720 000 B 1,280,000 1974 K 53 120 001 B K 61 440 000 B 8,320,000 TEN DOLLARS 1974 A 49 920 001 C A 56 960 000 C 7,040,000 TEN DOLLARS 1974 D 07 680 001 C D 10 880 000 C 3,200,000 1974 G 83 840 001 D G 87 680 000 D 3,840,000 1974 E 20 480 001 C E 23 680 000 C 3,200,000 1974 H 10 240 0001 B H 16 000 000 B 5,760,000 1974 F 88 320 001 B F 93 440 000 B 5,120,000 1974 L 09 600 001 C L 16 000 000 C 6,400,000 1974 F 08 320 001 * F 08 960 000 640,000 # 1974 J 80 000 001 A J 83 200 000 A 3,200,000 TWENTY DOLLARS 1974 L 06 400 001 C L 09 600 000 C 3,200,000 1974 B 78 080 001 F B 84 480 000 F 6,400,000 1974 F 46 080 001 B F 49 280 000 B 3,200,000 TWENTY DOLLARS 1974 G 34 560 001 E G 46 080 000 E 11,520,000 1974 A 79 360 001 A A 85 760 000 A 6,400,000 1974 H 19 200 001 B Fl 30 720 000 B 11,520,000 1974 B 72 320 001 F B 78 080 000 F 5,760,000 1974 K 08 320 001 B K 12 800 000 B 4,480,000 1974 C 12 800 001B C 16 000 000 B 3,200,000 1974 L 31 360 001 D L 39 680 000 D 8,320,000 1974 D 61 440 001 C D 65 280 000 C 3,840,000 1974 E 16 000 001 E 21 120 000 D 5,120,000 1974 F 42 880 001 B F 46 080 000 B 3,200,000 # Indicates Printing Other Than COPE 1974 1 61 440 001 A 1 64 640 000 A 3,200,000 ## Indicates Correction to Previous Report FIFTY DOLLARS 1974 A 00 384 001 * A 00 448 000 * 64,000 # 1974 A 08 960 001 A A 10 240 000 A 1,280,000 1974 B 58 880 001 A B 62 720 000 A 3,840,000 1974 B 01 664 001 * B 01 792 000 * 128,000 # 1974 J 05 120 001 A J 05 760 000 A 640,000 1974 J 00 256 001 * J 00 320 000 * 64,000 # ONE HUNDRED DOLLARS 1974 B 77 440 001 A B 83 200 000 A 5,760,000 /1 A star note is used for the 100,000,000th note in a series 1974 B 01 856 001 * B 01 920 000 64,000 # since the numbering machines provide for only eight digits. Whole No. 69 Page 157 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 STILWELL 1397 TONKAWA 5347 ST I LLWATER 8138 GUYMON 9976 SAYRE 1763 CARNEGIE 5546 PRYOR CREEK 8140 FREDERICK 9980 HARRAH 1913 IDABEL 5587 ALVA 8203 CHICKASHA 9987 SHATTUCK 20135 MOORE 5811 MANGUM 8294 MAUD 0003 BRAMAN 2078 WELLSTON 5955 CHELESEA 8313 PAWHUSKA 0005 POND CREEK 2104 DEPEW 5958 MARIETTA 8472 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 WAURIKA 0205 MARLOW 2801 HUGO 6517 QU I NTON 8852 TEXHOMA 0239 HEAVENER 3021 MADILL 6641 WANETTE 8859 VERDEN 0240 HOLLIS 3751 OKMULGEE 6660 MCLOUD 9016 SULPHUR 0286 MADILL 3760 FREDRICK 6868 BEGGS 9709 WAYNOKA 0304 TECUMSEH 3891 PONCA CITY 6879 COWETA 9881 KINHSTON 0380 ACHILLE 4005 DURANT 6980 CALV I N 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 or T by Sam Roakes Jr. #2517 OES ENACT Page 158 Paper Money With the outbreak of the Civil War, the infant government of the Confederate States of America found it necessary to immediately establish a Treasury Department and produce a national currency to finance the war effort. As Secretary of the Treasury, it was Curtiss G. Memminger's task to develop the financial policy, establish a financial structure for the Confederacy and convince the public that the Treasury Department would stand behind its policy in reality, that if Treasury policy was to succeed, it had to consider public confidence as its basic foundation. While the ultimate outcome to the war was being decided on the fields of battle, events in the Congress and Cabinet contributed to the loss of the war as a result of their failure to establish an adequate financial program. Memminger's task was an impossible one. He was called upon to convert the non-liquid capital of an agrarian economy—primarily land, slaves, and one season's crop of cotton—into an immense fund of cash and credit to wage a Central Bank of Alabama, requesting a line of credit for the Confederate Treasury, based upon the personal obligation of the Secretary. At the suggestion of Seccretary Memminger, a convention of bankers was held in Atlanta, Georgia, on June 3, 1861. The object of this meeting was expressed in the final resolution which recommended that all Southern banks accept the soon-to-be issued Treasury notes in payment of all dues. In a circular to the various banks dated June 17, 1861, Memminger assured the bankers that the notes would be safeguarded by an early levy of a direct tax and also would be fundable in 8% bonds to prevent any depreciation. Until the first Confederate Treasury notes could be printed and circulated, Memminger called on the bankers for a temporary loan of their banknotes to fill the need for small denominations of currency. On May 28, 1861, Memminger proposed that the $1,000 and $500 total war for an undetermined period of time. To compound this challenge, his government possessed neither a standing army nor the supplies to outfit the army that would ultimately be called to action. In the opinion of many historians, Memminger's lack of foresight was compounded by the fiscal ineptitude of the Congress and the financial conservatism of the Southern people. To better illustrate the limited resources with which the Confederacy began its operations, reference is made to the first requisition on the Confederate Treasury. On the morning of February 19, 1861, Captain Deas, formerly of the United States Army, arrived at the office of Secretary Memminger and advised Henry D. Capers, private secretary to Memminger, that "I have been instructed, sir, by the President, whose letter of introduction to the Secretary I have handed to you, to provide blankets and rations for one hundred men, who have reported to him for duty in the Army. I want the money, sir, to carry out the instructions of the President." In reply, Capers drew a lean purse from his pocket and opened it, stating, "I have been on a considerable frolic in Montgomery for the past two weeks, and my finances at this moment are somewhat demoralized. This, Captain, is all the money that I will certify as being in the Confederate Treasury at this moment." This embarrassing predicament was ultimately resolved by a note from Memminger to Mr. Know, President of the Confederate notes be deposited as security and that interest be paid on the notes at the rate of 3.65%. The actual interest paid for the use of banknotes was, at least in the case of the Bank of Clarendon, 6%. With the issuance of the first emergency lithographic issues, numerous complaints were lodged about their inferior quality and resultant susceptibility to counterfeiting. In October, 1861, the banks offered a second loan of their notes at 5% interest until the engraved notes were ready for circulation; a total loan of $10,602,134 provided temporary relief to the already overextended Confederate Treasury. In his initial review of the financial situation, Secretary Memminger found that, in the period from 1852-1858, the circulating currency and deposits in the seven Confederate States where banks were located amounted to $85,000,000 with a total coinage of $18,500,000 on hand. There was estimated to be another $200,000,000 on interest outside of the banks, whose capital amounted to $85,000,000. The Secretary thus reasoned that the Confederacy could easily sustain $100,000,000 of Treasury notes, especially if a large portion of the interest-bearing notes were treated as an investment by the citizens and withdrawn from circulation. Their use as money was expected to increase their value by one-half and therefore Memminger reasoned that a maximum of $150,000,000 in Treasury notes could be safely absorbed. Whole No. 69 The Provisional Congress, in its first session, enacted a system of measures designed to produce revenues from direct taxes and duties. All officers who held any position connected with the collection of customs, duties and imposts, as well as assistant treasurers entrusted with the custody of monies collected from customs, duties, and imposts remained in office with the same powers and subject to the same duties. The tariff laws of the United States were continued in force until the Congress could find time to alter them. Finally, the duty-free list was enlarged to include many articles necessary to the Southern lifestyle. Additional ports and places of entry were established, restrictive laws were repealed, foreign vessels were admitted to the coast, a lower rate of duties was imposed on a number of enumerated articles, and an export duty of one-eighth of one cent per pound was imposed on all cotton exported in the raw state. In May, 1861, the second session of the Provisional Congress enacted a complete tariff law with a lower scale of duties than had previously existed. On August 19, 1861, a war tax of fifty cents on each hundred dollars of certain classes of property was levied for the special purpose of paying the principal and interest of the public debt and of supporting the Government. The different classes of taxable property were: Real estate of all kinds; slaves; merchandise; bank-stocks; railroad and other corporation stocks; money at interest, or invested by individuals to purchase bills, notes, and other securities for money, except the bonds of the Confederate States, and cash on hand or on deposit; cattle, horses, and mules; gold watches, gold and silver plate, pianos, and pleasure-carriages. The popular aversion to internal taxation by the Confederate Government was so strong that, within the first six months, only in Mississippi, South Carolina and Texas were the taxes actually collected from the people. The quotas of the remaining states were raised by issuing either bonds or State Treasury notes. The financial system which had been adopted out of necessity proved adequate to supply, in most cases, the wants of the Government and the people during this early period. In the opinion of Jefferson Davis, the first signs of trouble appeared as an unexpected and very large increase of expenditures resulting from the expansion of the military. It is essential to a complete understanding of the financial situation that the reader understands that both Davis and Memminger were in full agreement that the conflict would be brief at best. Their reason for this belief is found in the declaration of right upon which the seccession movement was based. Granting the right, seccession was beleved by some to be a peaceful remedy for the wrongs which the Southern States had so long endured. It never entered into the minds of the very large majority of the Southern Democrats (and was only entertained by a minority of the North, called "Northern Democrats") that the States did not have the right to resume their sovereignty at their pleasure. With this sentiment so widespread, it is easier to understand why the Provisional Congress of the Confederate States made no further provision for the exigencies of the revolution than was necessary to maintain the Government on the basis of a peace establishment. Having briefly introduced the initial revenue-producing Page 159 efforts of the Provisional Congress, it is essential to turn now to a discussion of the over-all ineffectiveness of the above measures. The total expenditures of the first year, which ended on February 1, 1862, amounted to $175 million. By August 1, 1862, total expenditures had soared to $347 million while receipts totalled only $302 million, leaving a deficit of nearly $45 million. A cursory review of Table 1 will reveal the dramatic impact of military expenditures on the total budget of the Confederate States of America even in this relatively early period of the war. TABLE 1 EXPENDITURES AND RECEIPTS TO AUGUST 1, 1862 Expenditures: War Department $298,376,549.41 Navy Department 14 605,777.86 Civil and Miscellaneous 15 766 503.43 Total $328,748,830.70 Outstanding Requisitions 18,524,128.13 Total Expenditures $347,272,958.85 Total Receipts 302,482,096.60 Deficient Treasury Notes Authoirzed 16,755,165.00 Deficient Treasury Notes To Be Provided 28,035,697.25 Total Deficit $44,790,862.25 SOURCE: Jefferson Davis, Rise and Fall of the Confederate Government, Ed. Thomas Yoseldorf (New York, 1958), p. 485. Having established the confederacy's dire need for revenues, it is important to explain why taxation was not utilized more effectively to maintain the Government. While the Provisional Constitution placed no restrictions on Congress in levying taxes except that "all duties, imposts, and excises should be uniform throughout the States of the Confederacy," the permanent Constitution provided that "representatives and direct taxes shall be apportioned among the several States according to their respective numbers, which shall be determined by adding the whole number of free persons—including those bound to service for a term of years, and, excluding Indians not taxed—and three-fifths of all slaves." In the opinion of Jefferson Davis, taxes on land and slaves were viewed both by the Constitution of the United States (essentially the model for the Confederate Constitution) and the permanent Constitution as direct taxes. The Constitution further required a census within three years after the first meeting of Congress and ordered that "no capitation or other direct tax shall be laid, unless in proportion to the census or enumeration hereinbefore directed to be taken." The Congress, by failing to utilize direct taxes until the census was completed, doomed the Confederacy to a policy of financing the war through the power of the printing press and, ultimately, rampant inflation and economic chaos. Early in July, 1861, as a lengthy war appeared more certain, it became necessary to devise a financial system on a basis sufficiently large for the vast proportions of the conflict. The financial plan adopted was based on the theory of issuing Treasury notes, convertible at the pleasure of the holder into eight per cent bonds, with the interest REP Erkfactal IN P,I.V "OAT OPALL ES E LIT EX PORT IR.; T ES , Page 160 Paper Money SECOND ISSUE, JULY 25, 1861 — Printed by Hoyer & Ludwig, Richmond. Note is fundable in Confederate States Stock bearing 8°7o interest. payable in coin. It was assumed that any tendency to depreciation which might arise from the overissue of the currency would be checked by the constant exercise of the holder's right to fund the notes at a liberal interest, payable in specie. As Jefferson Davis later remarked, the success of this system depended on the ability of the Government to pay the interest in specie. While the initial interest paments were made from a reserve of coin existing in the country, the effects of the embargo were soon felt and, as the initial supply of specie was depleted and could not be replenished through foreign trade, resulted in a premium for specie and a discount on Confederate notes. Reference to Table 2 will provide insight into the progressive worsening of this condition. In his report of March 14, 1862, Memminger recognized the issuance of paper money as the most dangerous of all methods of raising money and accurately described the deplorable possibilities which were realized in less than two years. However, expenditures for the next nine months were estimated at $215,000,000, and the only practical thing to do was to request authroization for an additional $50,000,000 in notes, increasing the limit to $200,000,000. While this increase in currency was not dangerous in itself, the tendency to finance expenditures with notes would ultimately destroy all faith in the national currency. By June, the situation was critical, with only a few million dollars of notes remaining unissued of the prescribed $200,000,000. In his special report to President Davis on June 7, 1862, Secretary Memminger insisted that in the event that calls for Confederate currency should exceed the amount then authorized by Congress, interest- bearing notes should be substituted for the millions of bonds which had lost their appeal. Specifically, Memminger intended to issue $100 notes, bearing interest at the rate of two cents a day, to exchange them for notes of smaller denominations; within two months, the banks of Savannah and Charleston had exchanged $23,000,000 in notes. The second session of the First Congress -placed the THIRD ISSUE, SEPTEMBER 2, 1861 — Printed by Southern Bank Note Company. Inscription states . . will pay Fifty Dollars to bearer with interest at half cent pr day." Whole No. 69 Page 161 FOURTH ISSUE, 1862 — Engraved by Keatinge & Ball, Columbia, S.C. This note states that the CSA will pay the bearer on demand One Hundred Dollars with interest at two cents per day. final seal of approval on the program of printing government paper in response to every claim on its creditors. The Act of September 23, 1862, first authorized an additional $50,000,000 in currency and then eliminated the limit of $250,000,000 by authorizing notes to be put forth in such amounts as were needed to meet appropriations. President Davis, in his message of August 19, 1862, favored giving the people what they wanted— notes instead of bonds—saying that the accumulated debt was insignificant when compared with the magnitude of the war. New appropriations for the last quarter of 1862 reached $150,000,000. To meet these appropriations, the government printing presses produced a monthly increase of $40,000,000 in notes. In fact, by January 1, 1863, the total circulation amounted to $290,000,000 in general currency and $120,000,000 in interest-bearing notes for a total of $410,000,000. This represented a three-fold increase in Treasury notes over the past ten months as compared to the total circulation during the one year of the Provisional Government. The problem submitted by the Secretary to Congress was to reduce the volume of Treasury notes from $450,000,000 to $150,000,000. The Act of March 23, 1863, limited the issue of notes to $50,000,000 a month and contained refunding provisions which established the new policy for the withdrawal of the excessive issues of currency. Recognition of the inadequacy of the Tax Act of 1863 finally brought sentiment around in favor of a direct tax. In his report to the fourth session of the First Congress on December 7, 1863, Memminger said that the necessities of the situation no longer allowed the strict interpretation of the Constitution; i.e., waiting for the census before levying a direct tax. President Davis joined Memminger in asking for a property tax of 5% on an estimated tax base of $3,000,000,000 of property which, after allowing 20% for evasions, expenses and contingencies, was expected to yield $120,000,000. Half of this sum was to go for supplies FIFTH ISSUE, DECEMBER 2, 1862 — Engraved by Keatinge & Ball, Columbia, S.C. Printed by B. Duncan. Refundable in stocks or bonds of the Confederate States. 1861 1862 1863 1864 1865 January $1.25 $3.00 $20.00 to 20.50 $45 to 60 February 1.25 4.00 22.50 to 25.00 45 to 65 March 1.30 5.00 23.00 to 24.50 70 to 60 April .... 1.40 5.50 22.00 to 23.00 60.00 May $1.10 1.50 5.50 18.00 to 21.00 June 1.10 1.50 7 to 8 17.00 to 19.00 July 1.00 1.50 9.00 20.00 to 23.00 August 1.10 1.50 12 to 13 22.50 to 25.00 September 1.10 2.50 12 to 13 22.50 to 27.50 October 1.15 2.50 14.00 26.00 to 27.00 November 1.15 3.00 15 to 17 27.50 to 33.50 December 1.20 3.00 18 to 20 34.00 to 49.00 SOURCE: Richard C. Todd, Confederate Finance (Athens, Ga., 1954), p. 198. "";;` 51/12 Page 162 Paper Money SIXTH ISSUE, APRIL 6, 1863 - Engraved by Keatinge & Ball, Columbia, S.C. Fundable in stock and bonds of the CSA. Receivable in payment of all dues except export duties. and half to sustain a new issue of bonds designed to consolidate the public debt. The bill was passed on February 17, 1864, along with the Currency Act and Compulsory Funding. When Congress met on December 7, 1.863, it was estimated that almost one and a half billion dollars must be provided for outstanding appropriations and estimated expenses through July 1, 1864. The Treasury Department felt that, by retiring $500,000,000 in notes, prices would return to normal and the expenditures for 1864 would only require $400,000,000. A new loan of one billion dollars, payable in twenty years at 6% interest, was introduced with a dual purpose: $500,000,000 was devoted to the funding of the excess notes, and $500,000,000 was sold to purchase supplies and consolidate the debt already funded. Government expenditures for the first two quarters of 1864 decreased at least partially because requisitions were held back for the new note issue. Expenditures for the last nine months of 1864 equalled $608,000,000 while receipts TABLE 2 AVERAGE VALUE OF ONEDOLLAR IN GOLD IN RICHMOND AS COMPARED WITH CONFEDERATE TREASURY NOTES DURING EACH MONTH OF THE WAR, FROM MAY 1861 TO APRIL 1, 1865 SEVENTH ISSUE, FEBRUARY 17, 1864 - Engraved by Keatinge & Ball, Columbia, S.C. Inscription reads "The CSA will pay Twenty Dollars to the bearer on demand." No mention of interest. Whole No. 69 since October 1, 1863 were $690,000,000; a considerable part of this surplus income came from $250,000,000 in 4% stock and $39,000,000 in call certificates. The problem of the second session of Congress was to satisfy the claims on the Treasury without a speedy recurrence of the condition of overissue from which legislation had so recently set it free. A brief attempt to meet requisitions by the certificates of indebtedness, taxes, and the sale of a half-billion dollars in new non-taxable bonds met with failure and the amount of notes in circulation again increased. Reference to Table 3 will provide insight into the actual supply of money in circulation during each month. While many historians have credited General Lee with waging war effectively for four years against impossible odds, history has not been as kind to C.G. Memminger. After seeing his fiscal and monetary recommendations repeatedly rejected by the Confederate Congress, Memminger submitted his resignation to President Davis on June 15, 1864. Even after the war ended, General Joseph E. TABLE 3 TOTAL STOCK OF MONEY IN THE SOUTH IN MILLIONS OF DOLLARS Bank Notes Date and Deposits 1861: Confederate Government Notes Total Index: January, 1861=100 January. . $ 94.6 5 94.6 100 April 121.8 121.8 130 June 119.3 5 1.1 120.4 130 October . . 146.3 24.5 170.8 180 1862: January. . . . 165.2 74.6 239.8 250 April 151.1 131.0 282.1 300 June 142.9 166.1 309.0 330 October .. . 181.5 287.3 468.8 500 1863: January. . .. 239.1 410.5 649.6 690 April 257.1 561.7 818.8 870 June 267.5 637.3 904.8 960 October .. . 274.7 792.4 1,067.1 1130 1864: January. . . . 268.1 826.8 1,094.9 1160 SOURCE: Eugene M. Lerner, "Money, Pirces, and Wages in the Confederacy, 1861-65," Journal of Political Economy, Vol. 63 (1955), p. 21. Johnston charged that the failure of its finances and that the Government had failed to adopt a true financial policy which was easy enough to see and generally understood in the Confederacy. Even under the leadership of Memminger's successor, G.A. Trenholm, the money machine continued to operate in excess of the legislated limits. The recurring flood of currency was marked by successive issues of $57,500,000 on May 31, 1864; $120,000,000 on July 1; $345,000,000 on November 10; and $468,000,000 on January 21, 1865. While most of the notes were used to satisfy direct demands, the exchange fo the old currency for the new required $121,000,000 in the first six months after Page 163 enactment. The utter collapse of the Treasury Department was evidenced by joint resolutions from Congress and the Secretary on March 20, 1865, which called for public donations. It might be concluded, therefore, that an adequate tax, levied throughout the existence of the Confederacy, would doubtlessly have aided in improving the Government's financial status. However, the decisive factor in determining the stability or soundness of Confederate finance rested on the success or failure of the military. In the end, it was the failure of the armed forces to achieve their goal quickly that caused the strained Confederate financial structure to collapse, despite its own numerous and significant weaknesses. A SELECTED BIBLIOGRAPHY Capers, Henry D. The Life and Times of C.G. Memminger. Richmond: Everett Waddey Co., 1893. Davis, Jefferson. Rise and Fall of the Confederate Government, ed. Thomas Yoseldorf, New York: Sagamore Press, 1958. Lerner, Eugene M. "Money, Prices, and Wages in the Confederacy, 1861-65," Journal of Political Economy, Vol. 63 (2955). 20-40. Smith, Ernest A. The History of the Confederate Treasury. Harrisburg: Harrisburg Publishing Co., 1901. Thian, Raphael P. Register of the Confederate Debt. Boston: Quarterman Publications, Inc., 1972. Todd, Richard C. Confederate Finance. Athens, Ga.: University of Georgia Press, 1954. TRIO OF OLD NOTES FOUND Old bank notes were objects of interest even in 1852, according to a story in "Banker's Magazine," about the finding of a trio of old notes in the effects of a Dr. Wing of Albany. In a package marked "Oram's New York Price Current of August, 1804," were the following bills: A $10 of the Farmer's Bank of Troy, serial number 1766, dated Feb. 22, 1802. On the back of the bill was written "John Potter"; a $2 bill on the Bank of Albany, number 342, dated Aug. 24, 1804, and a $2 bill on the New York State Bank, serial number 917, dated June 20, 1804. The editors commented "These notes appear, from a memorandum on the wrapper, to have been set aside to pay a bill. But they never performed their intended functions, and have been lying idle-judging from the date of the paper in which they were enclosed-at least forty-seven years! "It so happens that the three banks which issued these bills fifty years ago, are still in existence, ready to redeem these venerable relics of their youth. They are curiosities in point of engraving-presenting a striking contrast to the finished work found upon the bank-notes of the present day." Page 164 Paper Money NEW YORK STATE CURRENCY WANTED NATIONALS ALL SIZES AND TYPES Alexandria Bay 5284 Amityville 8873 Babylon 4906 Babylon 10358 Baldwin 11474 Bay Shore 10029 Bellerose 13234 Bellmore 11072 Bellport 12473 Bridgehampton 9669 Brooklyn (Long Island N.B.) 12885 Brooklyn (Nassau N.B.) 658 Cedarhurst 11854 Central Islip 9322 Cutchogue 12551 East Hampton 7763 East Islip 9322 East Northport 12593 East Rockaway 12818 East Setauket 11511 East Williston 13124 Farmingdale 8882 Floral Park 12499 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 New York City (Long Island, N.B.) 12885 New York City (Nassau N.B. 658) Northport 5936 Oceanside 12458 Patchogue 6785 Patchogue 12788 Port Jefferson 5068 Riverhead 4230 Rockville Center 8872 Rockville Center 11033 Rossevelt 11953 Roslyn 13326 Sayville 5186 Smithtown Branch 9820 Southampton 10185 Valley Stream 11881 West Hempstead 13104 Westbury 11730 Woodmere 12294 I also need Obsolete Currency and Scrip from any of these above towns as well from: BROOKLYN LONG ISLAND PORT JEFFERSON FREEPORT ORIENT POINT SOUTHOLD JAMAICA GREENPORT GLEN COVE SETAUKET WILL IAMSBURGH SOUTH HUNTINGDON Suffolk County Bank of Sag Harbor Interested also in Chicago, Illinois #12227—Douglass National Bank. I will also buy old "Satirical" cartoon currency poking fun at political candidates. Also needed are any bills of any country, any series with repeater numbers similar to 20202020, 00002020, 2020 DR. ALAN YORK NUMBER ONE MAIN STREET, EAST HAMPTON, NEW YORK 11937 516-324-1024 $530481• $637,951 5504,680* $413,698'$403,315 Our Auctions your currency into cash. IN BOSTON wi urn11 help you t September 23 & 24, 1977 Hyatt Regency Cambridge Cambridge, Massachusetts November 10 - 12, 1977 Sheraton-Boston Hotel Boston, Massachusetts In our last 5 auctions, 258 consignors earned $2,490,125, proof positive of continued market strength and the confidence bidders have in New England Rare Coin Auctions. You, too, can take advantage of the high prices realized that haye become synonymous with New England Rare Coin Auctions. If you are interested in turning your currency into cash, just call our President, Lee J. Bellisario toll-free at 1-800-225-3858 or send the coupon. I AM INTERESTED IN CONSIGNING FOR YOUR Ili 0 September Auction q November Auction q Please send me your free brochure. \iat• NEW ENGLAND? RARE COIN I MJCTIONS or Toll-Free 1-800-225-3858 Name Address City Type of material Approximate value of holdings Please call me at Best time to call MAIL TO New England Rare Coin Auctions Dept. PM-3 1661 Worcester Road Framingham, Massachusetts 01701 :,""` An Affiliate of New England Rare Con Gal eries IN k - Dept. PM-3, 1661 Worcester Rd., Framingham, Mass. 01701 (617) 879 -7711 0•,, ..,.... I State Zip MI MI - - - - Whole No. 69 Page 165 Page 166 Paper Money YourLibrary, Worth its Night in Paper Money by Ben E. Adams, SPMC 2426 By definition a library is an organization of facts, but the building of a library concerned with a hobby, may be either organized or disorganized. What follows is my trial and error means of colating a paper accumulation of facts into a library. Most of the publications and printed matter concerned with our hobby come in a variety of sizes, shapes, and thicknesses. With this in mind, there had to be a way to organize this accumulation of facts for ready reference. My answer to the problem was in bookbinding. I contacted a binder and he told me an ideal bound volume should not be over one and one-half inches in thickness. This is not a measure of the loose materials, but rather one and one-half inches compressed in the book press. He also told me that cloth on hard board was more serviceable than vinyl or leather. Since the main purpose for a hobby library is repeated use for reference, and not for colorful interior decoration, the cloth bound suited my needs perfectly. In doing research for an article in Paper Money, I found it extremely difficult to search through pamphlets, large and small, thick and thin, to find the information needed. Fortunately for me at least, I had started to bind my issues of Paper Money into volumes. This also taught me that my other materials could be treated in the same manner for preservation. The back issues of Paper Money were the easiest to have bound since the format has not changed since 1962, when Volume One, Number One came out. However, I was unable to obtain anything earlier than Volume Four in the printed issues. This is where the society's library came into the picture. I asked Wendell Wolka to photocopy the back copies of Paper Money which were missing from my files. This he was able to do for a very nominal fee when you consider that this also included all the advertising and covers. The binding of the photocopied volumes of Paper Money is made better by putting Volumes One and Two together with the Index of Volumes 1-10, which was published in 1972. As I said before, I am still waiting to obtain copies of the three issues to complete the second book which will contain Volumes Three and Four. Volumes Five to Eight (1966 to 1969), and Volumes Nine to Twelve (1970 to 1973) made good sets for binding. It was also nice to see that the thickness of these two volumes increased as the years went by. With the advent of the bimonthly issues of Paper Money in 1974, from the previous quarterly issues, as well as the increased pages of each issue, a single-year book became possible. Additional information published by the Society, such as membership lists and yearly index pages, are easily bound in the proper volume since they are all the same size. I also used my past membership cards as book plates in the bound volumes. The various publications of William P. Donlon lend themselves very well to binding since they have remained uniform for the most part. The Donlon United States Small Size Paper Money (1964 to 1971) and the Hewitt-Donlon edition of 1972, made a one and three-quarters inch volume, which is only slightly oversized. The Donlon United States Large Size Paper Money 1861-1923, had one drawback in that the size changed in the fourth edition, so these four volumes could not be Whole No. 69 Page 167 trimmed without losing some of the text and autographs. The first seven Donlon mail bid sale catalogs have made a good volume even though the 1975 sales are divided. The addition of the eighth sale (November, 1975) would have exceeded the size restrictions. I also bind the prices realized lists into the appropriate catalog for future reference. The Standard Handbook-Fifth Edition, by Check O'Donnell, which was issued in 1975 in loose leaf and bound versions, lent itself to binding very well if you bought the unbound edition. The previous editions of the Standard Handbook were varied in size, which means they will have to remain in the bottom drawer getting dog-earred. Another form of binding, which is not illustrated, is the binding of the loose leaf album pages published by Sam Sloat, Inc. and Phoenix, which produces a stamp-album type of volume for currency. However, there is one precaution which must be taken before you send the pages to the binder—other than removing the bills from the acetate holders—and that is to put a strip over the three ring holes. This is not to cover the holes up, rather it is to give added thickness to the binding in order to compensate for the thickness of the bill and the holder at the center of the page. Divided up into separate books these make nice customize d volumes. There are any number of combinations which are possible—$ 1 FRN 1963-1963B, Silver Certificates, etc. In making inquiries of binders I have found the cost of one bound set of papers is approximately $8.50 with gold stamped lettering free. Also, I have found the people doing the binding always remove the last page of a magazine or catalog. I have asked any number of times to leave the last page or cover on, but it always goes. Any student of paper money, or for that matter any student of any subject, will become better organized by codifying and binding permanently his loose materials. I have found out the hard way, that left loose in a bottom drawer, they become dog-earred and dirty. When they are loose they are never where I remember leaving them, and for this reason alone, my advice is to bind your papers and start a personal library. Autograph Hound's Find Signing as vice-president (at bottom right) of the National Bank of Commerce in New York City on this 1882 brown back $20 was J. Pierpont Morgan, the famous financier. His sig, and the CU condition of the note, drew a $400 bid, about 25% over estimate, in the Nov. 10 William Donlon paper money mail sale. georgia 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. If 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. ALBANY Ocrnulgee & Fling River Railroad, any note. Western Bank of Georgia (Branch). any note. AMERICUS City Council of Americus, any note. Warehouse Insurance & Deposit Co, any note. ATHENS Bank of Athens, any note. Bank of the State of Georgia, (BRANCH), $50.00, 5100.00. Georgia R.R. & Banking Co., any note. ATLANTA Alabama Insurance Co., 5¢, 25¢, 75¢, $1.00, $2.00, 53.00. Atlanta Bank, any note. These are rare and I 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 510.00, 520.00, 550.00 & 5100.00. City of Atlanta, any note, except depression scrip of 1930's. Livery Stable, any note. Western & Atlantic R.R., 5¢, 10¢; 25¢ & 50¢ 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), $50.00, $100.00. Bank of the United States (BRANCH, RARE) pay high, any note, also CONTEMPORY COUNTERFEITS. Bridge Co. of Augusta, any fractional; $1.00, $2.00, $3.00, $50.00, 5100.00. Change Co. of Ga., any note. City of Augusta, any note. City Bank, 5¢, 50¢, 520.00, $50.00, $100.00. City Council of Augusta, 61/4¢, 10¢, 121/20, 55.00, $10.00; any note over $10.00. Augusta Clearing House Association, (1907) $1.00, $2.00, $5.00, $20.00. Confederate Exchange, any note. Farmers & Mechanics Bank, any note. Ga. R.R. & Banking Co. any note including contemporary counterfeits. Mechanics Bank, Sit; 504, "BLACKSMITH"; $500.00, $1,000.00, also notes reading "will pay to or order at Merchants and Planters Bank, any note. Union Bank, $500.00. AURARIA 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 note. Southern Bank, any note. (Also altered notes.) BRUNSWICK Brunswick & Albany R.R., $1.00, $2.00. Exchange Bank, any note. City of Brunswick, $1.00. City Council of Brunswick, any note. Commercial Bank of Brunswick, any note. CAHUTAH Savings Bank of Cahutah, $1.00, $3.00, and any GENUINELY SIGNED. CALHOUN Individual's scrip, any note. CAMPBELLTON Campbell County, any note. CARROLTON Merchant's & Planters Bank , any note, Particularly Genuinely signed. CASSVILLE Monroe R.R. & Banking Co., (Branch), arty note. CLINTON Scrip, any note. claud murphy, jr. Member of the ANA for 18 years, No. 31775.BOX 921 DECATUR, GEO. 30031 PHONE (404) 8767160 After 5:30 EST EPOIrr P.O. Box 4082 Harrisburg, PA 17111 SECRETARYS HARRY G. WIGINGTON, Secretary Page 168 Paper Money MEMBERSHIP LIST No. 4902 New Members Carl Bryan, P.O. Box 233, Alva, FL 33920 Dealer or Collector Specialty Paper Money 4903 Roman Szyszka, Jr., 8949 So. Austin, Oak Lawn, IL C All large size currency—fractional paper money. 60453 4904 John Conway, 1110 S. Washington, Aberdeen, SD C/D U.S. 57401 4905 Gary Segal, 6230 Summerdale Ave., Phila., PA 19111 4906 Kenneth C. Elwell, 63 Glenwood Ave., Middlebury, CT 06762 C Obsolete Banknote of New England 4907 Larry Hitchens, 15 Plum St., Easton, MD 21601 Large size U.S. Notes & Fractional Currency 4908 Edward J. Weiss, D.D.S., 2020 N. Arthur #207N, Cocoa Beach, FL 32931 C Small Nationals—crisp, also Florida & Michigan National Currency 4909 Michael J. Klein, 348 Camino del Sol, South C Beginner Pasadena, CA 91030 4910 Jeffrey Martin Rauch, 2 Horizon Rd., Ft. Lee, NY C Large size—other National Currency 07024 4911 Paul Schroeger, Jr., 9416 W. 88th St., Overland Park, KS 66212 4912 Fred L. Reed, III, 522 N. West Ave., Sidney, OH C Civil War, Merchant scrip & Eastman Business 45365 College scrip 4913 John Krotina, c/o Simon's Coin Co., 328 So. 72nd St., Omaha, NB 68114 4914 Donald E. Lewis, 1717 C So. Andrews Akre., Ft. C/D Lauderdale, FL 33315 4915 George J. Chonko, Buckberg Mountain Rd., Tomkins C U.S. Large size Cave, NY 10986 4916 David H. Klein, 421 Adley Rd., Fairfield, CT 06430 4917 Philip H. Snyder, c/o Cohasco, Inc., 321 Broadway, NYC, NY 10007 4918 Richard J. Schwary, 8145 Redlands #202, Playa Del Rey, CA 90291 Nationals & type notes 4919 Donald A. Mates, Sr., P.O. Box 7, Sayville, NY 11782 C U.S.A. & Cuba & Iran 4920 W. Robert Gillespie, P.O. Box 134, East Petersburg, PA 17520 C Schuykill Co., Pa. small National Bank notes C.N. 7903—Gillespie, IL 4921 Jeffrey F. Poyer, 1601 Midkiff, Apt. #216, Midland, TX 79701 C U.S. Paper Money 4892 James R.. Clayton, P.O. Box 189, Fishkill, NY 12524 C/D U.S. Colonial, U.S. Regular issue 4893 Frank Boone, Rt. #2, Box 104, Karnes City, TX C Texas National Currency 78118 4894 R.W. Dando, P.O. Box 54, Ft. Washington, PA 19034 4895 Kevin Foley, P.O. Box 589, Milwaukee, WI 53210 4896 Charles E. Worcester, 65 East India Row, 12A, Boston, MA 02110 4897 Howard E. Baker, P.O. Box 26348, Tempe, AZ 85282 4898 Joseph H. Jones, c/o Krause Publications, Iola, WI C 54945 4899 Bruce H. Wilkins, 666 Klee Mill Rd., Westminster, MD 21157 4900 William Cruthfield Williams, II, Rt. #1, 915 Ivy, Kemah, TX 88565 C/D Confederate & Southern States and other U.S. 4901 Frank R. Trask, Box 453, Exeter, MN 03833 U. S. TYPE NOTES & NATIONAL CURRENCY NATIONALS SMALL SIZE $5 Ty 1 Penna. Myerstown N.B. Myerstown VG 5341 50.00 $5 Ty 11 Penna. Glen Lyon N.B. Glen Lyon VF 13160 55.00 $10 Ty 1 N. Jersey Cumberland N.B. Bridgeton F 1346 45.00 $10 Ty 11 New York Ilion N.B. Trust Co. ILion AbF 1670 45.00 $10 Ty 1 Michigan Southern Michigan N.B. Coldwater VG 1924 45.00 $10 Ty I New Jersey Atlantic N.B. Atlantic City VG-F 2527 55.00 $10 Ty 1 Kentucky Mercer N.B. Harrodsburg F 2531 105.00 $10 Ty 1 New York Union N.B. Franklinville VG Rust Marks 2755 50.00 $10 Ty 1 Vermont First N.B. White River Junction F+ 3484 110.00 $10 Ty 1 Maryland First N.B. Frostburg VG-F 4149 90.00 $10 Ty 1 Penna. Peoples N.B. Delta VG 5198 48.00 $10 Ty 1 New Jersey Carlstadt N.B. Au. 5416 75.00 $10 Ty 1 Penna. Ridgway N.B. Ridgway VG 5945 40.00 $10 Ty 1 Penna. Fredonia N.B. Fredonia VG Apears Washed 7471 78.00 $10 Ty 1 Penna. First N.B. Oakmont VF 7642 60.00 $10 Ty 1 Michigan First N.B. Flint F 10997 39.00 $2Q Ty 1 Penna. First N.B. Milton VF 253 45.00 $20 Ty 11 New York First N.B. Waverly AbF lightly washed A000002 297 85.00 $20 Ty 1 Mass. Leominster NB Leominster Ab F 3204 48.00 $20 Ty 1 New York First N.B. Kingston Ab VF 2493 55.00 $20 Ty 1 Michigan First N.B. & Savings B. Port Huron VG 4446 59.00 $20 Ty 1 North Carolina First Citizens N.B. Elizabeth City Ab F 4628 100.00 $20 Ty 1 Penna. First N.B. Mount Union VG+ 6411 65.00 $20 Ty 11 Texas State N.B. Corpus Christi VG corner torn off 12235 40.00 NATIONALS LARGE SIZE $5 New Jersey N.D. First Camden N.B.T.Co. VG 1209 39.00 $5 New Jersey N.D. Phillipsburg N.B. VG 1239 55.00 $5 Penna. 1902 N.D. East Stroudsburg N.B. F+ 4011 65.00 $5 Penna. 1902 N.D. Ridgway N.B. F Ink mark border 59.00 $5 Texas 1902 N.D. State N.B. Corsicana AbVG Small Tear Bottom no signatures 11022 70.00 $10 Penna. 1902 N.D. First N.B. Mahanoy City VG 567 49.00 $10 New York 1902 N.B. N. Union B. Kinderhook VG-F 929 60.00 $10 New Jersey 1902 Dates Union N.B. Newark F-VF 2045 78.00 $10 New York 1902 N.D. Exchange N.B. Seneca Falls F 3329 130.00 $10 Indiana 1902 N.D. First N.B. Vernon Ab VF 4688 90.00 $10 Penna. 1902 N.D. Red Lion First N.B. VF 5184 150.00 $10 New York 1902 Dates Gavitt N.B. Lyons Ab VG 7479 89.00 $10 Penna. 1902 Dates First N.B. Youngsville VG No signature 8165 62.00 $10 New Jersey 1902 N.D. Boardwalk N.B. Atlantic City VF NO sigs 8800 85.00 $10 Penna. 1902 N.D. First N.B. Bernville Ab VG 8193 65.00 $10 New York 1902 N.D. N.B. Fredonia F 9019 85.00 $10 New York N.D. N.B. Liberty F 10037 85.00 $10 New York 1902 N.D. Fairport N.B.T. Co. F 10869 90.00 $10 Virginia 1902 N.D. N.B. Harrisonburg AbF Light Tear Top Margin 11694 115.00 $20 Penna. Dates Honesdale N.B. F 644 65.00 $20 Penna. N.D. N.B. Fayette County Uniontown, 681 VF 80.00 $20 Penna. Dates First N.B. Girardville VF 4422 85.00 $20 New Jersey N.D. First N.B. Perth Amboy G-VG Paper Skined on Reverse 5215 70.00 All notes advertised are guaranteed with a seven day return privilege. We are interested in buying please let us know what you have. A. N. A. R079115 S.P.M.C. 4168 V. H. OSWALD, JR. Phone 215-791-1038 P. 0. BOX 304 EMMAUS, PA 18049 Whole No. 69 RE-INSTATEMENT Page 169 1686 Arthur J. Ottowitz, 520 Middle River Dr., Ft. 3608 Jay Steinberg, 211-40 18th Ave., Bayside, NY Lauderdale, FL 33304 11360 3869 Dwyer Q. Wedvick, P.O. Box 526, New York, NY 10004 SPECIALTY CHANGE 4777 Patrick A. Lang Massachusetts Obsolete notes & Scrip. RESIGNATIONS 3118 George E. Lyons, Jr. 3945 John A.B. Cormack 3935 Alphonse A. Veltri 3554 Frederic G. Mantei, Jr. 4245 Michael Harris DECEASED 3970 Sim Smith DAIRYLAND DOLLARS Unlike the National Currency, very little is known about the amount of notes most banks issued during the early 19th Century. Most collectors of obsolete paper money would be interested to learn the face value of notes circulated by each bank, thereby gaining more insight into the true scarcity of their notes. In connection with an article in the August, 1861, "Banker's Magazine" about a currency panic in Wisconsin, the journal published the circulation of several banks within the state as of May 28, 1861, as follows: Bank of Colombus $63,851; Bank of Grant County $60,016; Bank of Green Bay $43,964; Bank of Portage $47,223; City Bank of Kenosha $19,411; Dodge County Bank $20,257; La Crosse County Bank $12,800; Northern Bank $19,060; Wisconsin Pinery Bank $46,361 and Waupun Bank $22,063. SPMC 1977 REGIONAL MEETINGS JUNE 4, Paper Money Convention, Memphis, Holiday Inn, Rivermont, TBA. JULY (?), Metro, Wash., Lanham, Md., Sheraton, TBA. AUGUST 27, ANA, Atlanta, Marriott, TBA. Members are urged to mark their calendars and to attend these meetings if possible. They promise to be rewarding experiences. Page 170 Paper Money BROKEN BANK NOTES MAIL BID SALE BY DOROTHY GERSHENSON, INC. PHONE 215-667-2634 P. O. BOX 395 BALA CYNWYD, PA 19004 LOT NO. DEN L 1 10.00 2 1.00 3 1.00 4 5.00 5 2.00 6 5.00 7 .20 8 .25 9 20.00 10 .10 11 .25 12 1.00 13 .50 14 .10 15 .05 16 .05 17 5.00 18 .25 19 .05 20 10.00 21 20.00 22 50.00 23 .25 24 3.00 25 2.00 26 2.00 27 10.00 28 10.00 29 5.00 30 5.00 31 .25 32 .25 33 1.00 34 2.00 35 5.00 36 5.00 37 5.00 38 3.00 39 50.00 USUAL MAIL BID RULES APPLY ESTIMATED DESCRIPTION VALUE ALABAMA Eastern Bank of Alabama, Eufala-Red Lathework- handsome loading vg. U/S 18, Unc. 18.00 Central Bank, Montgomery, 1861 3 lovely vignette. Edge stain, Abt. Fine 22.50 IOWA Banking House of Baldwin & Dodge 185-Connul Bluggs. 1 Fold (Red lattice) Steam Engine vignette. Abt. Unc. 20.00 INDIANA Boone County Bank Lebanon, 1860 some tan toning) Beautiful train vig. X.F. 30.00 RHODE ISLAND Centreville Bank (Stunning Eagle & flag vig.) two maidens. Slt tear upper rt cor. Prf. 85.00 Farmers Ex Bank Glaucester 1806 Some Foxing. Repaired in Center. Very Good 12.00 NEW YORK (More New York notes-Lots 51 to 60) Bank of Binghamton N.Y. 1862. Small cardboard (Signed) Stained on reverse V.F. 15.00 James C. Knox Oneida Co. 1862 (Eagle Vig) Green, black & white. C Unc. 10.00 New York Loan-3/27/38 1 end frayed-otherwise Very Fine 4.00 Farmers & Manufacturers Bank Poughkeepsie 7/17/62 signed Mayer Bowne. Red and tan. Extra Fine 17.00 State of N.Y. Bank Village of Kingston 1862. Very Fine 8.00 Bank of Hudson, 1817, Very Good 10.00 Sutler-Scotts 900 U.S. Cavelry. Stained, Good 7.00 Sutler-Scotts 900 U.S. Cavelry. Very Good Plus 10.00 Sutler-Scotts 900 U.S. Cavelry. Unc. 20.00 Van de Bogert Bros. Schenectady 1862 (Brown 5) Fine 12.00 GEORGIA Timber Cutters Bank, Savannah 1858, Good 4.00 Bank of Augusta (A) 1/1/1863, Abt. Unc. 4.00 State of Georgia (G) Milledgeville 1863, Very Good 3.00 State of Georgia (A) Milledgeville 1865 C32, Unc. 15.00 State of Georgia (A) Milledgeville 1864 C23, Extra Fine 10.00 State of Georgia (A) Milledgeville 1864 C22, Abt. Unc. 15.00 State of Georgia (R) Milledgeville 1863 C15, Abt. Unc. 5.00 State of Georgia (A) Milledgeville 1864 C10 RARE, Very Good 35.00 State of Georgia (A) Milledgeville 1864 Cl 1, Very Good 8.00 State of Georgia (D) Milledgeville 1864 C29, Unc. 17.00 State of Georgia (D) Milledgeville 1864 C24, Abt. Very Fine 5.00 State of Georgia (A) Milledgeville 1862 C4, Abt. Unc. 15.00 Mechanics Savings & Loan, Savannah 1862, Fine 8.00 Mecahnics Savings & Loan, Savannah 1862, Very Fine 8.00 Western & Atlantic R.R. Atlanta 1862 (Red Train) Very Good 6.00 Bank of State of Ga. Savannah (Black train), Very Good 4.00 Manufactures Bank Macon, 1862 lathework, Fine 9.00 Manufactures Bank Macon, 1862 Green lathwork, Abt. Fine 12.00 Manufactures Bank Macon, 1862 Green lathework, Very Good 8.00 Farmers & Mechanics Bank Savannah, 1860 (Red 5's), Very Good 5.00 Merchants & Planters Bank Savannah, 1856 (Red 5), Abt. Fine 9.00 Merchants & Planters Bank Savannah, Red Three 1856 Sm. hole Canc., Fine 14.00 Merchants & Planters Bank Savannah, Red Fifty. A few pin holes, Fine 22.00 CLOSING DATE JULY 8 L T ESTIMATED NO. DEN DESCRIPTION VALUE 40 20.00 Farmers & Mechanics Bank Attractive Red, white & black, 1860, Abt. Unc, 17.00 41 5.00 Bank of Millegeville 1854 3 nice vignettes, Extra Fine 16.00 42 5.00 Bank of Augusta, N/X, N/D, Unc. 6.00 43 50.00 Bank of Augusta, N/S, N/D, Unc. 16.00 44 1.00 Augusta Ins. & Banking Co., Good 4.00 45 1.00 Bank of Commerce, Savannah 1861, Red One, Good 4.00 46 2.00 Bank of Commerce, Savannah 1861, Red Two, Very Good 8.00 47 10.00 Bank of Commerce, Savannah 1862 Red Ten Handsome ship vig., Fine 15.00 48 1.00 Mechanics Bank, Augusta 1858, Very Good 4.00 49 1.00 Mechanics Bank, Augusta 1858, Very Fine 10.00 50 50.00 Farmers & Mechanics Bank. Handsome note Red L and 50's. 3 vig/Say. 1860, X Fine 16.00 50A 20.00 Phoenix Bank Columbus, Geo. Some ink holes. 1 affects the date which appears to be 12/1/1842. Small portion missing on bottom, Fine 18.00 50B .25 Treasurer of City Council, Dalton 187-Green & black (Beehive-dog & safe) Abt. Unc. 16.00 50C 10.00 The Oconulgee Bank, Macon, 1840 (Neptune), Abt. X. Fine 15.00 50D 100.00 Farmers and Mechanics Bank, Savannah 1860. Cut down center & rep-otherwise V.F. 12.00 NEW YORK CONT'D. 5 .05 Farmers Mfg. Bank, Poughkeepsie 1862 (tan), Very Fine 9.00 52 .25 City of Troy, 1862, Very Good Plus 6.00 53 1000.00 Morris Canal Banking Trust Cert. Scarce 1 fold away from Crisp Unc. 195.00 54 2000.00 Morris Canal & Banking Trust Certificate 1 fold away from Crisp Unc. 350.00 55 3000.00 Morris Canal & Banking T irust Cert. 1 fold away from Crisp Unc. 495.00 56 .25 Indian Head Bank 10/1/62 White & Hill, Very Good 7.00 57 .10 City of Troy 10/1/62 Spotted, Very Good 5.00 58 .01 Store of the Union Cotton man of Hartwick, U/D, U/S Roman Num T 18- Crisp Unc. 12.00 59 .50 Tanners Bank 10/3/62 U/S Red & White, Crisp Unc. 12.00 60 .50 Lockport Mills 1851 Signed L.A. Spalding. Fine white paper. Repaired, Good 15.00 VERMONT 61 1 share, Boston & Montreal Turnpike Co. Greensboro 9/11/1809-1 share to James Thomas Light stain. SCARCE. Very Fine Plus 25.00 62 2.75 Receipt Montpelier U.S. Mail Coach Office 5/18/1847. Blue & white striking vignette.of stage coach & 6 horses. Stage left daily except Sunday for N.Y., Canada, N.H., Mass. & Conn. Brown ink blot, Very Fine plus 25.00 63 Ticket Connecticut Valley Steam Boat Co. Windsor 1831 Pink & BI stmboat vig. Scarce V.F. 18.00 64 Ticket Vermont Historical Society. R.R. Ret. check 186-, Aht. Unc. 12.00 65 1 share Winooskie Turnpike Commission Williston # 1806 scarce item, Extra Fine 25.00 66 .05 & .50 Bank of Montpelier 1863 (One pc dated) sm bl & wh. Gr numbers on rev. 2 pcs. Unc. 18.00 67 .05 Bank of Burlington 1862 C.). French & Co. sheet of w Fold bet. notes Gr & wh. Cr. Unc. 28.00 MICHIGAN 6 5.00 Central Mining Co. Eagle Harbor 1865 Sm. Note green FIVE (3 females), Ex. Fine 9.00 69 5.00 Central Mining Co. 1869 Lg note. Hole Canc. Green FIVE, Very Fine 8.00 70 10.00 Central Mining Co. 1868 Lg note. Hole Canc. Ble TEN, Ex. Fine 9.00 Whole No. 69 Page 171 BROKEN BANK NOTES MAIL BID SALE BY DOROTHY GERSHENSON, INC. PHONE 215-667-2634 P.O. BOX 395 4 BALA CYNWYD, PA 19004 LOT NO. DEN USUAL MAIL BID RULES APPLY ESTIMATED DESCRIPTION VALUE LOT NO. DEN CLOSING DATE JULY 8 ESTIMATED DESCRIPTION VALUE 71 10.00 Central Mining Co. 1870, Sherman-Lg draft Hole Canc. 112 .05 Cochranton Borough Crawford County 1863, C.U. 12.00 Indian Vig., Very Fine 8.00 113 .25 Milton Bank 1862 Lovely Vigs Blue #6, Abt. V.F. 14.00 OHIO 114 1.00 Towanda Bank 1841 (State Seal), VF+ 10.00 72 .05 John Lewis, New Baltimore 1862 Green & Orange (cows), 115 .25 Pittsburgh Bank 1863 Nms & Limber Oil City, orange Unc. 10.00 & green & white, Attr. C.U. 15.00 73 .10 Summit Co. Falls Cayahoga Falls 1862 Green & black. 116 1.00 Towanda Bank 1841, VF+ 10.00 Reverse advertising of Paper money, coins & Lincolniana 117 5.00 Bank of Lewistown 1845 (Farm Scene) Lovely, A.F. 12.00 dealer in Mass, Unc. 10.00 118 5.00 Monongahela Valley Bank, McKeesport N/S N/D 74 .25 0.G. King, Newark Redeemable with purch of 5.00. Good Buchanan vig, beautiful farm scene, bright V.F. 20.00 until 1879. Green & Tan. New York Lithograph, Fine 10.00 119 3.00 Bank of Fayetteville, New Salem, 1816 (Eagle), V.F.+ 22.00 CONNECTICUT 120 Set 4 notes Bank of Chambersburg 1862-5d-10d- 75 2.00 Manufacturers Exch. Co. Bristol 1814, Very Fine 10.00 25d-50d. Nos. 5-37-40-29 Gr. & Black. Cut Canc. 76 5.00 Manufacturers Exch. Co. Bristol 1814, Ex. Fine plus 13.00 4 lovely notes all X.F. & Nice 36.00 77 1.00 Bank of New England E Haddam (Riverboat vignette.), 121 1.00 Eastern & Wilkes Barre Turnpike Co. 3/20/1816 C.U. 6.00 (Old Farm), Good 12.00 78 2.00 Same as Above 7.00 122 .10 The Banking House of Wm. Blumer & Co., Green ten, 79 5.00 Same as above (ship building vig), C.U. 7.00 VG 14.00 80 .25 Bridgeport Inc. Exchange Association Pay at N.Y. Office 123 .12V2 Franklin Institute, Phila. 183- (B.F. vig) Proof 75.00 1837 Note #26, Good 15.00 124 20.00 Manual Labor Bank, Phila 1838, Franklin vig, glass factory, vig, Dyott sig., C.U. 20.00 MARYLAND 125 .05 Honesdale Bank 1863, V.F.+ 15.00 81 2.00 American Bank, Balt. 1863 Handsome green, black NEW HAMPSHIRE and white (plowing scene) Bright xf au 20.00 126 1.00 Piscataqua Exchange Bank, Portsmouth, C.U. 6.00 82 3.00 American Bank, Balt. 1863 Same bright note with large 127 5.00 Piscataqua Exchange Bank, Portsmouth, C.U. 6.00 Steam Engine and Loading Vig., F 15.00 128 20.00 Piscataqua Exchange Bank, Portsmouth, C.U. 7.00 83 5.00 Same as above Red FIVE-Green v's Lg. sailing ship 129 100.00 Piscataqua Exchange Bank, Portsmouth, C.U.' 18.00 vig. All handsome. This about X.F. 20.00 All above notes black-white, exquisite vignettes 84 5.00 Valley Bank Hagerstown 1866 Red five abt. V.F. 6.00 130 .03 S.D. Green Manchester 1863, F. 12.00 85 20.00 Hagerstown Bank (Lovely Nee black and white 131 .02 L.E. Martin Manchetsr 1864 Meat & Grocery n/s n/d C.U. 10.00 (steer vig), F. 12.00 86 50.00 Hagerstown Bank (Washington Cherubsvigts) C.U. 18.00 132 1.00 Farmington Bank N/S N/D Eagle Red ONE, C.U. 7.00 87 100.00 Hagerstown Bank (Lovely BI and Wh. u/c u/d C.U. 22.50 133 2.00 Farmingron Bank N/S N/D Cattle sale Red TWO, C.U. 7.00 88 5.00 Alleghany County Bank Cumberland 1864 Red Lathe 134 .05 State Capital Bank, Concord 1862 Green, F 10.00 backgrnd, V.F. X.F. 15.00 135 10.00 Hillsborough Bank Amherst 1806, C.U. 16.00 89 5.00 Same as above (Green) Beautiful Vigs. xf 15.00 NEW ORLEANS WISCONSIN 135A 20.00 City of New Orleans, Municipality #1, C.U. 27.50 92 2.00 Marine Fire Ins. Co. Grant Co. 1844 Pay at 1358 50.00 City of New Orleans, Municipality #1, C.U. 27.50 Chicago C.U. 50.00 135C 100.00 City of New Orleans, Municipality #1, C.U. 30.00 93 2.00 Corn Exchange Bank, Waupun n/s n/d Red two Eagle Vig Handsome C.U. 30.00 94 2.00 Bank of Watertown Beautiful note Red 2's C.U. 25.00 135D 500.00 City of New Orleans, 1843 Stamped PAID, C.U. 40.00 95 3.00 Bank of Watertown red 3 Cherubs and Farm scene 136 50.00 State of Louisiana Shreveport 3/10/63 C12 Gr Rev, C.U. 30.00 X.F. 15.00 96 5.00 Bank of Watertown (Lazy 5 and Animal Vig) C.U. 30.00 137 5.00 State of Louisiana Baton Rouge 11/10/62 Lazy 5 97 Set of 4 notes City of Hudson Stunning green, black C.U. 16.00 and white with handsome vigts A lovely and unusual 138 1.00 State of Louisiana Shreveport 3/1/64 C16 (wash vig), set of notes, C.U. 45.00 V.F.-X.F. 7.00 PENNSYLVANIA 139 1.00 Canal Bank New Orleans (Loading Carton-Washington), 98 .10 Phila. City Savings Institution Proof 60.00 C.U. 8.00 99 5.00 Bank of Penn. Township, Phila. (Wm. Penn vig) 140 50.00 Canal Bank New Orleans, Beautiful vignettes, C.U. 7.50 1846, A.G. 5.00 141 1.00 Citizens Bank Louisian 18-- N/S Sail Boat, C.U. 5.00 100 5.00 North Western Bank, Warren, 1861, Good 8.00 142 2.00 Parish of Concordia, Vidalia 4/15/62 Green lathework, 101 2.00 North Western Bank, Warren, 1861, (Deers), V.G. 10.00 C.U. 15.00 102 10.00 Harmony Institute, Harmony 1817, X.F. 22.00 143 .50 Parish of St. Landry 7/19/62 Blue (Small) C.U. 18.50 103 .50 The Sander's House, Kutztown 1862, Scarce, V.F. 20.00 144 3.00 Parish of Concordia 5/15/62 Green lathework, V.G.+ 9 00 104 2.00 Wayne County 1859 Note #110, Stained & Rep'd. 145 2.00 Parish of Concordia 5/15/62 Green lathework, V.G.+ 9 00 Fine 12.00 146 20.00 State of La. Shreveport 3/10/63 Red, BI & white CU, 105 5.00 Wayne County 1859 Extra Fine 15.00 Blue 20 Rev., C.U. 14.00 106 Marietta & Susquehanna Trading Co. Marietta 1816 MAINE Note #18, A.F. 20.00 147 5.00 State of Maine, Washington Co. Bank, Calais 107 1.00 Borough of Erie 1836 5 vignettes, X.F. 12.00 10/15/35, Fine .6.50 108 5.00 Berks Co. Bauk Reading N/S N/D St. Foxing, C.U. 12.00 148 5.00 State of Maine, Washington Co. Bank , A.U. 13.50 109 5.00 Northhampton Bank, Allentown 1841 (Beehive), F 10.00 110 10.00 Towanda Bank 1841 (Washington), F+ 10.00 MASSACHUSETTS 111 20.00 Towanda Bank 1835 (B. Franklin) Abt X.F. 12.00 149 10.00 Franklin Bank Boston 4/1/36 (Franklin vig.), V.F. 18.00 Page 172 Paper Money BROKEN BANK NOTES MAIL BID SALE BY DOROTHY GERSHENSON, INC. PHONE 215-667-2634 P. O. BOX 395, BALA CYNWYD, PA 19004 USUAL MAIL BID RULES APPLY CLOSING DATE JULY 8 LOT ESTIMATED LOT ESTIMATED NO. DEN DESCRIPTION VALUE NO. DEN DESCRIPTION VALUE 150 5.00 Lafayette Bank, Boston 1/19/37 (Factory town vig.) 181 1.00 Buffalo Clearing House, N.Y. 1933, Punch Cove, Unc. 7.00 Note #89, X.F. 15.00 182 1.00 Joliet Clearing House, Assn. 18. 1933 (Eagle & Flag, 150A 1.00 Phoenix Bank Nantucket 18-- U/S, A.U. 30.00 Unc. 7.00 1508 100.00 Merchants Bank Boston, Backed and pasted at 1 corner, 183 10.00 Augusta Clearing House, Ga, 1907 Series B (Warrior), Lovely black & white, Proof 100.00 Uric. 7.00 150C 10.00 Provincetown Bank (Sailboats) striking proof 125.00 184 .01 Scranton Clearing House, Assn. (Sm. cardboard chit, 151 20.00 Mass Bank, Boston BI & wh. mounted sword in hand. Fine+ 7.00 Proof 10.00 185 20.00 Facsimile Confed., Rev. Ad, Dr. Morse's Indian Root Pills, V.F. 12.00 MICHIGAN 186 5.00 Bank of Selma Crude litho of ABN Co 1852, Green & 152 1.00 State Bank Detroit (Adhl Co) Red, white & black, tail, Interesting! Unc. 1200 stunning, C.U. 8.00 153 2.00 Same as above (Indian spearing lion), C.U. 10.00 NORTH CAROLINA 154 3.00 Same as above (Harvest) C.U. 12.00 187 3.00 Bank of Cape Fear, Wilmington 1836, Staining 1 side, 155 5.00 Same as above (Lg steamboat, Am Flag, anchor, C.U. 9.00 V.G.+ 20.00 156 5.00 Peninsular Bank Detroit (Green, bl & wh. 18-- N/S, C.0 188 5.00 Bank of Washington, Red & Blk (B) 1861, Abt. X.F. 12_00 5.00 Peninsular Bank Detroit Matched proof to above note-- 189 5.00 Bank of Washington, Black & white. 1832, Good 10.00 Pair 150.00 190 20.00 Bank of Washington, Black & white, (Indian), A.G. 8.00 191 5.00 Bank of Clarendon, Fayettville 1853, Red FIVE, V.G. 8.50 VIRGINIA SOUTH CAROLINA 157 1.00 Virginia Treasury Note 1862 Red ONE (D), V.F. 5.00 192 10.00 Bank of Hamburg 1856, Red & BI. Cor off, Good 6.50 158 5.00 Virginia Treasury Note 1862 Green (Richmond), A.U. 8.50 193 20.00 Bank of Hamburg 1859, Red & BI., Fine 9.50 159 1.00 Treasury Note C6, Red C's 1862 Minor stain, 194 10.00 State Bank S.C. Charleston 1860, Red TEN, V.F. 7.50 Beautiful, X,F.+ 60.00 195 20.00 Commercial Bank of Columbia 1850, A.G. 7.00 160 1.00 City of Portsmouth 1862, Minor Foxing, V.F. 8.00 196 20.00 Commercial Bank of Columbia 1850, V.G.+ 10.00 161 2.00 Bank of the Commonwealth 1861 Richmond Blue & wh 197 5.00 State of So. Carolina, Rev. Bond Scrip 1872, C.U. 12_00 Fine 8.50 162 .60 State of Va. City of Richmond 1862 Back of another FLORIDA note, Good 6.50 198 10.00 Bank of West Florida Appalachia 11/3/32 (Washington & 162A .25 City of Richmond 4/1/62, Abt. X.F. 6.50 Coins) of 1799 vignts., X.F.+ 18.00 163 .50 County of Scott Estillbille 1862 Green 50, X.F.+ 12.00 199 5.00 Bank of St. Johns, Jacksonville 1/2/60, Red Lathework, 164 .25 County of Augusta Staunton 1862 (county dues), C.U. 6.00 (Cotton plant & train vignts.), Lovely, V.F. 18.00 165 .15 County of Augusta Staunton 1862 (county dues), V.G. 4.00 200 5.00 Same as above, Beautiful hugat note, X.F. 28.00 166 .50 County of Scott Estillbile 1862 Green 50, C.U. 16.00 167 1.00 Corp. of Winchester (steam engine) 1861 Some Foxing, KENTUCKY A.F. 6.00 201 5.00 Frankfort Bank 18-- U/S, C.U. 6.00 168 .50 Corp. of Winchester 1861 (Beehive) Cotton picking, 202 10_00 Frankfort Bank 18--, U/S, C.U. 6.50 Bro. & Wh. Foxed, A.F. 8.00 203 1.00 Farming & Commercial Bank of Carlisle, 12/9/19, 169 .15 Corp of Winchester 1861, Red & White (maiden), F+ 16.50 Pink, A.U. 22.00 170 10.00 Exchange Bank Norfolk, 1855, a Wismen note, V.F. 12.00 204 3.00 Farming & Commercial Bank of Carlisle 2/14/19, 171 5.00 Bank of Pittsylvania, Chatham 1861 (Cherubs & Pink, A.U. 24.00 Washington, Attr. green black & white, sl cor. repair, 205 5.00 Farming & Commercial Bank of Carlisle 12/9/19, Fine 10.00 Pin, C.U. 2400 172 10.00 Bank of Howardsville 1861 Int vignette, Green X's, V.G.+ 9.00 173 20.00 Central Bank of Virginia Staunton 1860, Justice Farm & train vig. Red TWENTY, Handsome strong, Fine 9 00 174 10.00 Bank of City of Petersburg, Red, green, small clover cut out cancel, strong. Fine 26.00 MISCELLANEOUS ITEMS OF INTEREST 175 .10 Bishops Gen. Store House (Meat), Red 1898, Unc. 12.00 176 177 .10 1.00 Bishops Gen. Store House (Produce), Blue 1898, X.F. Fostoria Ind. Corp. Ohio 1935 yellow & green, 10.00 SEND YOUR WANT LISTS. 3 stickers, A.U. 6.00 OFFER US YOUR PAPER MONEY. 178 .01 Lewisburg Tobacco Co. Ohio Waldo Moore 1933 (NRA Seal), scrip, Unc. 8.00 SEND WITH PRICE FOR OUR RETURN CHECK. 179 .01 Peoples Banking Co. Waldo C. Moore, Lewisburg, Ohio, 1917, Unc. 8.00 180 1 Bit Moore's Hennery, Waldo C. Moore, Lewisburg. Ohio, 1907, Unc. 10 .00 Thank you for your participation. The pieces shown are ball park figures. Higher bids are welcome. Whole No. 69 Page 173 a pound of history by Louis H. Haynes I had always thought of a pound as being a unit of weight measure for candy, groceries, etc; but learned differently in 1944. My brother, was stationed in London, England, in the spring of 1944, with the United States Army. They were waiting for the coming invasion of France, at Normandy, on June 6, 1944, the famous "D" day. While in London, he bought a one-pound note at the approximate exchange rate of $4.95, and mailed it to me for a souvenir. At that time, even though not a paper money collector, I was happy to receive it, and put it in a holder so that it would not get any more soiled. The accompanying photograph is of that note which has been in my possession since receiving it 32 years ago. The Bank of England printed this note. The Bank has a long history dating back to its founding in 1694. From 1791 to 1956, all Bank of England notes were printed on their own premises, the St. Luke's Printing Works in London. In 1956, larger quarters were needed, and they constructed a new printing works at Loughton, Essex. Although undated, this English pound was printed between the years of 1940 and 1944. It had to have been before June, 1944, as my brother was on the beaches of Normandy on "D" day plus eight. The approximate date has to be determined by the issue. The subject note was the second issue of pounds under Kenneth Oswald Peppiatt, the chief cashier of the bank. He held that position from 1934 to 1949, and all notes of this period have his printed signature. The first issue was from 1934 to 1940. This second issue under Peppiatt, (1940-1948) was an emergency printing against possible forgery which the Germans did try in World War II. An invention of S. B. Chamberlain—a metal filament—was added to the pound banknotes and the main color of green was changed to blue. All English notes are printed on white paper. In 1724, Henry Portal, of Whitchurch, Hampshire, secured the position of supplying the bank with paper. To this day, this firm still has the contract as the bank's paper supplier. The watermark in the lower center of the note is that of the head of the famous Britannia. The designs are the same ones that were used by Basil Gage Catterns, Chief Cashier from 1929 to 1934, and Cyril Patrick Mahon, Chief Cashier from 1925 to 1929, on their pound notes. These designs were the result of collaborations between various art and printing experts. They cannot be attributed to any persons in particular. The medallion can be attributed to Daniel Maclise, who made it for high denomination notes of the 1850s. This obverse has a blue color with a checkered brown pattern background. The serial numbers are printed in red at the right top and lower left. On the reverse, across the top is a picture of the Bank of England, in brown. Below, on each side, is a scene which shows St. George on a horse slaying the dragon. St. George was a patron saint of England, and the first one to appear on an English regal coin. This was in 1526, under the reign of King Henry VIII. It was a gold coin called the "George Noble", and St. George and the dragon appeared on the reverse. He is most widely known on the reverses of crowns from King George III through the present. There are blue ornate leaves around the watermark and St. George pictures and a very wide white margin of all the sides of the reverse. This pound banknote of the early 1940s, is no longer legal tender in Great Britain, although it still may be exchanged for new legal tender notes of equal value at the Bank of England. Only the notes with Queen Elizabeth's, portrait are legal tender now. In other words, my pound is still worth a pound if I exchange it. But, this $4.95 pound of 1944 is only worth about $1.67 of today's pound. I don't believe I'll trade it in, as such a famous war-measure note with a metal filament in it, surely has some collector or historical value now and besides, it was given to me by my brother. Whether it be pounds, pesos, rubles, rupees or whatever in foreign paper money collecting, there is color, pleasure, art and history involved. Notes are priced from a few cents to thousands of dollars, so anyone can own at least a few Foreign paper money collectors have increased in numbers the past few years. Because of publications of articles and catalogues, along with the interest, they will continue to grow. Why not get on the bandwagon and have some fun? CANADIAN MIS-MATCH Considerably rarer than its American cousins, this 1954 Bank of Canada $1 with mis-matched serial numbers sold for $150 in the recent Charlton auction. The note was circulated to a soiled VF before the discrepancy in the serial numbers was noted and the bill withdrawn from circulation. WOMEN'S LIBERATION Few collectors of National Bank Notes realize that several women served as presidents and cashiers of National Banks during the note-issuing period. In the "Banker's Magazine" of June, 1883, it was reported that Mrs. Louisa B. Stephens, widow of R.D. Stephens, had been elected to succeed her husband as president of the First National Bank of Marion, Iowa. Page 174 Interest Bearing Notes ,TE The Get Together of SPMC in conjunction with the Metropolitan New York Coin Convention, was held at the Barbizon Plaza Hotel on March 26th. Twenty-seven persons attended the meeting. Yours truly gave a report on current projects and prospects for the Society. Honorary member, James A. Conlon, Director of Bureau of Engraving and Printing, came from Washington to speak to the group. His remarks and the lengthy question and answer session that followed, covered many subjects. Electronic Funds Transfer and the future of paper money in the U.S.—we are now in a cashless society as we Americans use over 42 billion checks per year. EFT would eliminate checks. No $100 or higher notes have been issued since 1968. $50's and $100's constitute only 3% of BEP production. This is in spite of the U.S. money needs—are increasing by 5% per year. Color copiers such as the Zerox 6500, should present little risk to U.S. Currency. The most difficult colors to copy are black and green. Foreign currency printers, according to Mr. Donlon, need be more concerned. The U.S. has relied on consistent quality of the vignettes whereas most printers of foreign currencies have relied on quality color and sizes to deter counterfeiting. One of the incentives of systematic collecting is the pleasure of competition associated with displaying at local or national conventions. For some, the awards are prizes to be cherished and displayed at home. For others, the pleasure is derived from the showing of prized possessions. The writing of articles and books and the research, are the pleasure of others of us. Transmitting of syngraphic knowledge gained and of having the literary work accepted and honored by persons of similar interests, likewise produces much pleasure. All of this leads to the thought that SPMC honors its members in a number of ways. Those who display, those who research and write, and those who serve the Society through their labors, all are eligible for recognition. Elsewhere in this issue of Paper Money, is a review of the various awards given by your Society and the factors used in making the determination. Displays are one of the best ways to attract new people to syngraphics. The ANA convention in Atlanta is only a few months away and time is growing short. Paper Money displays have won more Best of Show awards at the ANA than any other category. So your chances are good to win all the marbles. Resolve to work up the best display ever presented. Good Luck! Paper Money Following a suggestion by George Wait and Nick Bruyerer, your Society proposed to the ANA Board a sort of Specialty Mall for the Atlanta ANA. Subject to a space availability, we hope to have a SPMC Booth manned by officers and members where we can present the SPMC Story, have our Banquet Tickets available, membership applications, etc. Details have yet to be worked out and we may not even be able to do it this year, but certainly at Houston, where space is to be no problem. More on this in the next issue, I hope. Ya'All Come. Bob Medlar New Confederate Note Checklist Ann & Hugh Shull announce the printing of their new Confederate Note Checklist which is designed with the C.S.A. collector in mind. They hope that the checklist will prove useful to the collector as a means of keeping an accurate record of his or her collection. The checklist can serve as an inventory control for dealers and as a want list for collectors. Type numbers (T-) are used for the 72 major designs of Confederate notes. Criswell numbers (Cr-) are listed when only one variety of the Type number exists. Where Criswell numbers are not shown, due to the many varieties of a Type number, the collector may fill in the Criswell number(s) of the note(s) he owns. Each note is identified by date, denomination, and a brief description. Space is also provided to record the grade and additional information such as, serial letter, date purchased, amount paid, and etc. Ann & Hugh wish to acknowledge the use of Type and Criswell numbers from Confederate and Southern States Currency by Grover C. Criswell. The Confederate Note Checklist is available at no charge. Requests should be sent to: Ann & Hugh Shull, 246 McDonnell Sq., Biloxi, Miss. 39531. • LIBRARY NOTES WENDELL WOLKA, P.O. Box 366, Hinsdale, IL 60521. VA 50 WILDCAT BANKING PRACTICES AND THE DEVELOP- M4 MENT OF STATE BANK SUPERVISION by M. Patricia McShane 1970, 114 pp., Illus. Donated by James F. Stone. This well written and fully documented work traces the development of private banking from the beginnings of the Republic to the demise of the "wildcat bank" era in 1863 when National Banks were created. In addition to dealing with the banks themselves, the author also explores the various states' attempts at bank regulation. This is a very worthwhile reference source for both new and experienced collectors of obsolete currency. Whole No. 69 Page 175 FRACTIONAL CURRENCY FOR SALE NEW LARGER LIST NOW AVAILABLE WANTED Any and all Fractional or related material (books, Spinner items, etc.). Sell to a specialist for the best possible offer. A.N.A. SPMC LEN AND JEAN GLAZER P. O. BOX 111 FOREST HILLS, NEW YORK 11375 Page 176 Paper Money READER'S PARTICIPATION COLUMN SYNGRAPH IC CHAT I read with interest your January-February issue of 1977 and of course was most interested in Bill Koster's "Thoughts on Grading". All of us in numismatics and most especially the paper money collectors have been deeply interested in formulating some types of grading system. Last year, the Paper Money Club of Michigan with Bill Anspach, Bill Koster and I discussed this and came up with some guidelines. As you know, it was again discussed at the Syngraphics Liaison meeting of the A.N.A. in August of 1976. Since then, The Currency Club of Chester County has come up with a grading system very similar to Bill Koster's and continues to modify it and discuss it monthly. Initially we look at a note and decide if it's a desirable collectible note. Does it have a good general appearance keeping in mind the technique and ability of the printing and paper available at the time? Was it laundered, repaired, doctored or could it be counterfeit? Is the seller reputable, and even better, is he knowledgeable and even more important—are you? For he probably was forced to handle paper money and is gaining knowledge too. With the universal coming of the decimal system, perhaps a scale of 0-100 (increments of 5) is a realistic and simple system. We would greatly resist any use of "over a 100" for a super note—as the super note is the 100. Also there should be no odd numbers like 87 1/2, although these undoubtedly will occur. While rarity should not be considered in the grading of a note—it may be a factor in accepting for collecting the note and certainly in its cost. We recognize that the back has little to add to grading so "the face is the thing." For simplicity of description five (5) groups seems manageable. CRISP Uncirculated 80-100 100—the perfect note. 95—a crisp unc note with no folds, pin holes, paper color change or ink change, or fiber bleed and well centered. 90—a crisp note with no folds but 1 of the other. 85--a crisp note with folds but 2 of the other. 80—a crisp note with no folds but 3 of the other. Yes, there can be a CU 80 and an AU 80 but for different reasons. AU 60-80—A circulated note 80—A crisp note and a single crease or fold. 75—Above with one of the following: *pin hole *paper color change, fiber bleed or ink change *face centering 70—A less than crisp note with 2 or 3 of the above 65—A limp note with 2 or 3 of the above XF-F 60—Light folds (not distracting) 55—Above with 1 of the * 50—Above with 2 of the * 45—Above with 3 of the * Fine 40—Heavy creases 35—Heavy creases and 1 of * 30--Heavy creases and 2 of * 25—Heavy creases and 3 of * 20-0—Varying degrees of a poor note to be considered V.G. as a filler, sentimenal piece or because of its G. extreme rarity, a necessary piece of paper to Fair contain in a collection. Nota bona: Don't reject this system—work it over and improve on it—but remember "simplicity". While there will always be some that will insist on grading by words similar to coin grading, I must agree that a new system based on a scale of 100 would in the end be the most easily handled. I certainly cannot disagree with the fact that it should consist of three elements. The first a verbal description which has long been touted by paper money specialists to include "eye appeal". Secondly, the numerical grade from 0 to 100. On this point we differ considerably as 100 is the perfect note and other attempts to grade from 100 on up to 130 have in my opinion no place in the system. Where they do have a place is in the third category where discussion of modifications of grading both detrimental such as pin holes, tears, flaws and other defects can be considered. Also, the super qualities can be considered. I certainly am happy to see that more and more articles on grading are coming forth. This truly is the only way that constructive criticism can be given and eventually an ideal acceptable system can be obtained. Let me congratulate you on your inclusion of Bill Koster's article, and I trust many more will be forthcoming from the fraternity. This augers well for the future of paper money collecting. Respectfully, Nelson Page Aspen, M.D. Founder Currency Club of Chester County OLD NOTES BEING CALLED IN A contemporary opinion of an obsolete bank note found in the collections on several Ohio specialists was rendered in the Cincinnati Gazette in the early 1850s. Under the title "Fale Economy" was the following article: "The State Bank of Ohio is calling in its old notes, in consequence of so many counterfeits, and is issuing new ones. We were shown yesterday a ten-dollar bill, new issue; which was infinitely worse, both in the engraving and in the impression, than the old ones. It would be more economical were they to pay the engraver a little more for a good plate, than to issue bills so very imperfect and so easily counterfeited." Whole No. 69 Page 177 COLONIAL CURRENCY CONTINENTAL NOV. 29, 1775 Five Dollars, Daniel Clymer, G. Campbell, VF+ 837.50 Five Dollars, A. Morris, Jr., 7 7, F+ $22.50 Six Dollars, G. Campbell, Daniel Clymer, F+ $22.50 Seven Dollars, B. Fuller, Joel Evans, VF+ $35.00 MAY 9, 1776 Eight Dollars, John Sellers, ??, VF+ $39.50 Seven Dollars, Joseph Parker, Robert Evans, VF $33.00 SEPT. 26, 1778 Sixty Dollars, J. Leacock, Wm. Stretch, XF $39.50 Sixty Dollars, T. Edison, G. Bond, Small corner off, VF $29.50 CONNECTICUT OCT. 11, 1777 Three Pence, Blue, C. Phelps, Uncanceled, VF $25.00 Four Pence, White, T. Mumford, Uncanceled, F $25.00 Five Pence, Blue, John Brooks, Uncanceled, VF $25.00 Seven Pence, White, Slash cancel, repaired on reverse, F $13.50 Seven Pence, Blue, C.Phelps, Slash cancel, attractively mounted, VF+ $15.75 JULY 1, 1780 Five Shillings, E. Williams, Morrison, Light X cancel, Clean but rough edges reduces grade, VG $13.50 Ten Shillings, Wm. Pitkin, John Chester, Invisible X cancel, bright & clean, F $13.50 Twenty Shillings, E. Williams, J. Hamlin, Invisible X cancel, never folded but edges a little rough, XF 821.75 Forty Shillings, J. Hamlin, E. Williams, Light slash cancel, F+ $15.00 DELAWARE JUNE 1, 1759 Ten Shillings, Printed by Hall & Franklin, Light signatures, split and backed, Rare, G $45.00 JAN. 1, 17-76 Twenty Shillings, J. McKinly, T. Collins, Boaz Manlove, Choice condition, nice signatures, CU $95.00 MARYLAND APRIL 10, 1774 One Third Dollar, Clapham & Eddis, F $22.50 Two Third Dollar, Clapham & Eddis, F 822.50 One Dollar, Clapham & Eddis, Edge repair, VG $14.00 Four Dollar, Clapham & Eddis, F/VF $25.00 Six Dollar, Clapham & Eddis, XF $35.00 Eight Dollar, Clapham & Eddis, XF $35.00 DEC. 7, 1775 Six Dollars, N. Harwood, J. Brice, G $18.00 MASSACHUSETTS MAY 5, 1780 One Dollar, Cranch, Henshaw, Uncanceled, hinge on rev., XF+ $49.50 Two Dollar, Baldwin, Cranch, Hole cancel, VF+ $16.75 Four Dollar, Baldwin, Cranch, Hole cancel, XF $19.50 Five Dollar, Baldwin, Dawes, Hole cancel, VF $15.75 Seven Dollar, Baldwin, Cranch, Hole Cancel, AU $27.50 Eight Dollar, Dawes, Baldwin, Hole cancel, VF+ $16.75 Twenty Dollar, Cranch, Baldwin, Hole cancel, skinned spot on reverse, VF $15.75 Twenty Dollar, Baldwin, Cranch, Hole cancel, CU $42.50 NEW JERSEY APRIL 23, 1761 Six Pounds, S.Nevill, T.Rodman, S.Smith, Heavy center fold, worn, but still looks decent, G $49.50 APRIL 8, 1762 Thirty Shillings, Nevill, Rodman, Smith, Heavy center fold, VG $$35.00 MARCH 25, 1776 One Shilling, Deare, R.Smith, J.Smith, CU $59.00 Eighteen Pence, Johnston, R Smith, J.Smith, CU $59.00 Three Shillings, Same signatures, XF $29.50 Twelve Shillings, Same signatures, CU $59.00 Fifteen Shillings, Same signatures, XF $29.50 Thirty Shillings, Same signatures, XF $29.50 Thirty Shillings, Same signatures, VF+ $65.00 NORTH CAROLINA APRIL 2, 1776 Ten Dollars, Cupid, Alston, Bradford, Hill, McCulloch, Unfolded, Corners and edges worn somewhat, light soil, F+ 8295.00 MAY 10, 1880 Two Hundred Fifty Dollars, Thin paper, James Coore, Is. Guoin, T not boxed, small tear at top, VF $148.00 PENNSYLVANIA OCTOBER 1, 1773 Eighteen Pence, Emlen, Fisher, Cormick, VG $9.50 Two Shillings, Same signatures, F $14.50 Ten Shillings, Morgan, Barnes, Fisher, F $14.50 APRIL 25, 1776 Twenty Shillings, Kenley, Crispin, Betteroon, XF S32.50 RHODE ISLAND JULY 2, 1780 Three Dollars, Harris, Metcalfe Bowler, Choice note, CU $47.50 VIRGINIA APRIL 1, 1773 Eight Pound, James River Note, Randolph, Blair, Nicholas, Appears fine or better but for rough bottom edge, Scarce, VG+ 8325.00 JULY 17, 1775 (small notes) One Shilling, Three Pence, Edmund Randolph, VG+ $49.00 Five Shillings, Norton, Dixon, F+ $72.00 MAY 6, 1776 Twelve Shillings, Six Pence, Morris, Seaton, F/VF $69.00 OCT. 20, 1777 Eight Dollar, Dixon, Wray, VF $52.00 JULY 14, 1780 Three and One Third Dollar, Turner, Hopkins, AF $59.00 OCT. 16, 1780 Two Hundred Dollar, Simmons, Lyne, Hopkins, VF $85.00 MAY 7, 1781 One Thousand Five Hundred Dollars, Stark, lyne, Hopkins, VF $185.00 ORDERING INSTRUCTIONS 1-All material guaranteed genuine and as described. Seven day return privelege included. 2-All notes are mailed insured at no additional cost. 3-Phone calls will reserve notes for 7 days. 4-All personal checks must wait to clear. Money orders and cashiers checks for immediate shipment. Sample lists of nationals, types and obsoletes available. Send me your name for a free copy. Specify which types of currency you are interested in. ARMAND SHANK, JR. BOX 233 LUTHERVILLE, MD. 21093 301-666-7369 Page 178 Paper Money Passing BLIC DOUG WATSON I would like to take a couple lines of type to thank all the members who have contributed their time, effort and knowledge in the form of articles so that members of our Society can further enjoy their hobby. A number of members have written offering constructive criticism in regards to the contents of Paper Money. I appreciate any comments you might have and will do my best to make the publication something that is worthwhile for our members. One of the suggestions received was that a "letters to editor" column be included in each issue. When Barbara Mueller edited Paper Money she ran a membership participation called "Syngraphic-Chat" which was a sounding board for SPMC members. So effective this issue we'll run the column as long as members keep writing. Members can help themselves when corresponding with me or officers of SPMC by directing it to the attention of the proper person. The editor handles manuscripts and advertising for Paper Money. Questions regarding back issues, membership information and changes of address should be directed to our Secretary, Harry Wigington. Foreign paper money is one aspect of our hobby that is not being covered by Paper Money. I know a lot of our members are interested in foreign paper and I would like to include an article in each issue on it, however finding someone to submit the articles has been somewhat fruitless. If any of our readers cares to offer their services, or knows of someone who might, please contact me. Help is being solicited from members for names and addresses of firms that are in the business of printing banknotes and securities, both U.S. and foreign. Your assistance will be appreciated. SUCCESSFUL LOS ANGELES GET-TO-GETHER The SPMC meeting at the NASC Show held in Los Angeles was a great success, not in numbers who attended but in quality and interest of the program, states President Robert Medlar. Mr. Martial G. Lester, Vice President and Technical Director of Jeffries Banknote Co. of Los Angeles presented a program on the Zerox 6500 Color Copier. Also a film on security paper manufactured by the Portal Company of England was shown. Jeffries Banknote Co. is one of only three companies in the United States to print cashier checks, travelers checks and other security printing. Mr. Lester talked about the security problems and risks caused by the 6500 Color Copier. He showed samples of the genuine and of the copies of various securities. Instances were given of improper usage, for example: fraudulent stock certificates used as loan collateral, food stamps, cashier checks used to buy automobiles, overseas travelers checks (It is reported that Japanese businessmen have suffered losses of over $320,000 as a result of improper use of the copier, raised denominations on notes, etc. An interesting statistic was cited: 87% of the counter- feiting in the world is of U.S. currency, and counterfeiting is increasing at the rate of 16% per year. Arrangements for the program were handled by Charles Colver and Elizabeth Wissland. There were 29 interested persons in attendance, with 2 new members signed up. NEW JERSEY'S MONEY. By George W. Wait. 436 pages, illutrated, hard covers, Newark, N.J., 1976, The Newark Museum Association. $15.50 to SPMC members. Included as part of the Society's series on the obsolete paper money of the individual states; Wait's book goes far beyond that and becomes what should be a standard for all future issues of such volumes. The art, photography and layout of the work enhance it's contents and utility. Hundreds of photos illustrate specimens of nearly everything that was ever used as money originating in the Garden State. Opening with a history of money and banking in the state, the book begins the actual cataloging work with the wampum of indigenous tribes. Coinage and paper currency of colonial New Jersey are treated in an abbreviated and updated form from that information available in other well known references; still covering the subject in adequate depth. It is, of course the section on the obsolete paper money of New Jersey that will most interest most buyers of the book. Covered in this section are bank notes, local government and merchant's scrip, commission and business scrip, business college currency, political, satirical and advertising notes, counterfeits, raised, altered and spurious notes and more. Of special interest in this section are pages from an 1859 counterfeit detector covering the state of New Jersey and pages from an 1853 "Autographical Counterfeit Detector" which illustrate the written signatures of signers of New Jersey obsolete bank notes. 16lso included besides the comprehensive cataloging of the notes themselves, are such features as a rarity/value chart; a list of printers of New Jersey paper money and a comprehensive bibliography. Over 300 pages are devoted to the cataloging of the obsolete paper. Appended thereto are listings of "maverick" New Jersey notes; a supplement of known notes for which specimens were not available for descriptive cataloging and an index to the section. The section devoted to New Jersey Nationals begins with a complete list of the National banks, by locale, with charter number and year chartered. All major types of large and small size notes are described and illustrated with New Jersey notes. Closing this important volume is a liting of New Jersey Depression scrip, the first substantially complete listing published of such notes. This volume is a must for every collector of New Jersey money. Available to SPMC members for $15.50, others $18.50 postpaid. Order from The Newark Museum Association, 49 Washington St., Newark, N.J. 07101. \JZip - MI= •I■1 — State Eno — Stanley Gibbons have something to tempt the most discerning collector. Vitellius 69 AD. AE Sestertius. Bust, draped and laureate, r. Rev: S.C. Mars advancing r., holding spear and trophy. RIC.10. C.79. A superb specimen found in the Tiber. Unissued £5 from The Provincial and Subur- ban Bank Limited Melbourne, Victoria 18. I. HE PROVINCIAL AND SUIlti N't 095 F IV 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, NOM lam interested in Coins/Banknotes (delete not applicable). I am especially interested in I Name (BLOCK LETTERS PLEASE) Street City .d1111101 Page 180 moneymart Paper Money will accept classified advertising from members only on a basis of 54 per word, with a minimum charge of $1.00. 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 to legibly printed or typed, accompanied by prepayment made payable to the Society of Paper Money Collectors, and reach the Editdr, 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) 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, Box 34, Stevens Point, WI 54481 (69) WANTED: STOCK CERTIFICATES and bonds—all types—any quantity. Please write—I'm eager to buy! Ken Prag, Box 431PM, Hawthorne, California 90250 (74) 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, N.J. 07936 (79) WANTED DELAWARE LARGE and small size National Bank Notes also Lazy Two's any state. Write with full description and price, or trade interest. All inquiries answered. S.C. Michaels, P.O. Box 571, Quakertown, PA 18951 (71) 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) 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 (74) WANTED: GEORGIA OBSOLETE currency, scrip. Will pay fair prices. Especially want—city, county issues, Atlanta Bank, Bank of Athens, Ga., R.R. Banking, Bank of Fulton, Bank of Darien, Pigeon Roost Mining, Monroe R.R. Banking, Bank of Hawkinsville, La Grange Bank, Bank of Macon, Central Bank Miledgeville, Ruckersville Banking Co., Bank of St. Marys, Bank of U.S., Central R.R., Marine Bank, Cotton Planters Bank. Many other issues wanted. Please write for list. I will sell duplicates. Claud Murphy, Jr., Box 921, Decatur, GA 30031. (73) Paper Money 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 WELLS FARGO 2nd competitor banks, fiscal documents, Certificates of Deposit, Bills of Exchange, Sight Drafts, checks. Anything to do with California gold rush. Steve Meier, 135 E. Lomita Blvd., Carson, CA 90745 (73) LARGE STAR NOTES wanted: F-92, F-119, F-120, F-257, F-303, F-321, F-322, any Gold Certificate*-B. Doug Murray, 326 Amos Avenue, Portage, Michigan 49081 (71) SMALL STAR NOTES wanted: Any with eight (8) identical digits, any $2 FRN with serial 00000474. Doug Murray, 326 Amos Avenue, Portage, Michigan 49081 (71) COLORADO AND CHICAGO area 1929 nationals wanted. Have over 200 nationals (large and small) to trade or will buy. Send for lists. John Parker, P.O. Box 3004, Denver, Colorado 80201 (71) WANTED PLATE INITIALS in margins of US paper money. Will buy, trade, and swap information. Samuel Smith, 407 Lincoln Road 711, Miami Beach, FL 33139 (70) SMALL SIZE NATIONALS wanted. Any state. Write first, all letters answered. Frank Bennett, 6480 NW 22 Court, Margate, FL 33063 (72) SELECT CONFEDERATE NOTES, obsolete, Confederate bonds, large U.S., choice small U.S., and a few National notes. All on our latest currency list available for a large SASE. Ann Shull, 246 McDonnell Sq., Biloxi, MS 39531 (69) COUNTERFEIT FOREIGN CURRENCY wanted, both banknotes and coins. Obsolete only. Doug Watson, P.O. Box 127, Scandinavia, WI 54977. WANT CONFEDERATE TYPE NOTES. 10, 21, 49, XXI, in used condition. Also 1923 $10.00 bills in used condition. Buying 1864 half dimes. Want stock certificates and bonds. Want 1892-S dollar. Want 1925 Norse medals. Write first. Frank Sprinkle, Box 864, Bluefield, W. Va. 24701. FREE PRICE LIST of U.S. obsolete banknotes and merchants scrip. Charles E. Straub, P.O. Box 200, Columbia, CT 06237. (71) WANTED VIRGINIA: Large National Bank Note. First National Bank of New Castle, Virginia any denomination. Sigs: G.W. Layman, F.B. Leffel. Charter number 10993. J.W.B. Bason, P.O. Box 21066, Greensboro, N.C. 27420. FOR SALE: More than 100 broken-bank notes from various states. Send SASE for list. E.B. Overlock, 66 President's Road, Buzzards Bay, Massachusetts 02532. PUERTO RICO and Danish W. Indies notes wanted. Write: David Tang, Box 4343, Pasadena, CA 91106. WANTED: Books, auction catalogs, documents, back issues of "Paper Money" and other publications related to US Large, Small, Fractional and Obsolete currency. Also interested in purchasing various US Banknotes. Write to Jerry Lewicki, Box 372M, Rochester, New York 14602. (71) WANTED NEW YORK state nationals, large and small. Also buying other states. Describe and advise price. Have numerous nationals and other notes to trade. Michael Robelin, P.O. Box 172, Plainview, New York 11803 (70) Page 181 STILL "KING" of FDIs! $2.00 C.U. Jefferson original cancellations with set of (3) "Spirit of 76" commemorative stamps affixed. $3.95 each. Michael Robelin, P.O. Box 172, Plainview, New York 11803 (70) Whole No. 69 SET OF (50) C.U. $2.00 legible FDIs with different commemorative state flag stamps affixed in sequence of statehood entry. Sale priced 8195.00! Satisfaction guaranteed! Trades for your nationals considered. Michael Robelin, P.O. Box 172, Plainview, New York 11803 (70) TRADE NATIONALS for self-contained motor travelall wanted. SPMC member. Box 242, Lehigh, OK 74556. TRADE: These states notes for Western, Southern Nationals: Massachusetts, New York, Nebraska, New Hampshire, Vermont. Box 242, Lehigh, OK 74556. 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 (73) SPRINKLE HAS STOCK certificates for 1U each in lots of 1000. Will also buy stock certificates. Also buying uncut sheets of obsolete bills and sheets of old bank checks. Want 1864 half dimes. Frank Sprinkle, Box 864, Bluefield, W. Va. 24701. TRADE NATIONALS for wanted items such as: Travelall van, 8-track recorder, cassette recorder, guns or what? Member, Box 531, Lane, OK 74555. WANTED: CONTEMPORARY CONFEDERATE counterfeits, or information pertaining to same. Also interested in scarcer genuine issues. Charles E. Worcester, Box 12A, 65 East India, Boston, MA 02110. SPMC ANNUAL AWARDS 1. Nathan Gold Memorial Award. Established and formerly (1961-1970) presented by Numismatic News. Presented to a person who has made a concrete contribution toward the advancement of paper money collecting. Recipients, who need not be a member of SPMC, are chosen by the Awards Committee. 2. Julian Blanchard Memorial Award. Awarded to a member of SPMC for an exhibit, at annual ANA conventions, of proof notes, tie-in of stamps and paper money and/or notes with matching vignette proofs and other related material. Notes may be of any kind and of any period or country. The Awards Committee or a committee appointed for the purpose will select the recipient. 3. Award of Merit. For SPMC member (or members) who, during the previous year, rendered significant contribu- tions to the Society which bring credit to the Society. May be awarded to the same person in different years for different contributions. Recipients to be chosen by the Awards Committee. 4. Literary Awards. First, second and third places. Awarded to SPMC members for articles published originally in Paper Money during the calendar year preceding the annual meeting of the Society. A. Elected officers not eligible if the article is published while in office; nor to an Awards Committee member if voted while he is on that committee. B. Serial articles are to be considered in the year of conclusion, except in case the article is a continuation of a related series on different subjects; these to be considered as separate articles. C. Suggested operating procedures: The Awards Committee chairman will supply each committee member a copy of the guidelines for making awards. Using the grading factors and scoring points which follow, each member will make his selection of the five best articles published in the preceding year, listing them in order of preference. The lists will be tabulated by the chairman and the winners chosen. A second ballot will be used by break any ties. D. Grading factors and scoring points: a. Readability and interest—Is the article interesting- ly written? (20 points) Is it understandable to someone not a specialist in the field? (10 points) Would you study the article rather than just scan through it? (10 points) b. Numismatic information conveyed—In your opinion, will the article be used by future students as a reference source? (20 points) Has the author documented and cross referenced his source material? Give credit for original research and depth of study. (20 points) Is the subject a new one, not previously researched, or a rehash? If it presents a new slant on an old subject, give proper credit. (20 points) Larry Adams, Chairman SPMC'S ATLANTA ANA SCHEDULE President Robert Medlar, and Art Fitts of ANA Headquarters, have just completed the following schedule of SPMC events at the annual ANA convention to be held this year in Atlanta. BOARD MEETING: August 25th (Thursday) 9:00 A.M. Grand Suite. GENERAL MEMBERSHIP MEETING: August 25th (Thursday) 2:00 P.M., Tara 4-5 Rooms. RECEPTION and BANQUET: August 26th (Friday) 5:30-8:00 P.M., Grand Ballroom North. Details on the reception and banquet are still pending. TRANSPOSED PHOTO CAPTIONS R.H. Lloyd points out that in Peter W. Huntoon and W.K. Raymond's article in the November/December 1976 issue that the photo captions on page 255 are transposed with those on page 258. Transpose the top caption on 255 to the top photo on 258, also the bottom captions. Page 182 Paper Money NATIONAL CURRENCY NO. 3 CHECKS MUST CLEAR ORDERS GO POSTPAID DEN. & SERIES BANK & CITY CH. # GRADE PRICE ALABAMA SI 11 1902 4th N.B. of Montgomery, 5-5877, VG, no sigs . .5 75.00 510 1929-T2 1st N.B. of Montgomery, 1814, XF, 4 pin holes 70.00 510 1929 City of N.B. of Selma, 1736, F 40.00 ARIZONA 55 1902 Commercial N.B. of Phoenix, P-11559, VG-F. . . . 395.00 020 1929 Phoenix N.B., 4729, F 175.00 ARKANSAS 010 1902 Exchange N.B. of Little Rock, S-3300, VG . . . 195.00 55 1929-T2 Commercial N.B. of Little Rock, 14000, VG-F.. 95.00 CALIFORNIA 55 1902 Central N.B.. of Oakland, 9502, VG-F 65.00 510 1902 Cal. N.B. of Sacramento, 8504, VG-F 70.00 810 1929 1st N.B. in Riverside, 8377, F 95.00 520 1929 Cal. N.B. of Sacramento, 8504, F-VF 70.00 020 1929 Sebastopol N.B., 11161, VF-XF 175.00 020 1929-T2 1st N.B. of Torrance, 10396, VG-F 125.00 COLORADO 55 1902 American N.B. of Denver, 12517, F VF 140.00 820 1929 Denver N.B., 3269, VF-XF 40.00 CONNECTICUT SI org 1st ch. Thames N.B. of Norwich, 657, VG 175.00 SI org 1st ch. Middletown N.B., 1216, F 200.00 55 1902 Hartford N.B.&T.C., 1338, XF 85.00 55 1929 1st N.B, of Hartford, 121, F-VF 30.00 510 1929 Meriden N.B., 1382, F 65.00 820 1929-T2 1st N.B.&T.C. of Bridgeport, 335, VG-F 45.00 DELAWARE 510 1929 1st N.B. of Dover, 1567, F 145.00 Dist. of COLUMBIA 510 1902 Nat. Metropolitan B. of Washington, 1069, VG-F.. 60.00 FLORIDA 510 1929 American N.B. of Winter Haven, 13383, F 170.1)0 GEORGIA 520 1902 4th N.B. of Atlanta, 5045, VG-F 65.01) 520 1929 1st N.B. of Atlanta, 1559, F 40.00 IDAHO 510 1902 Pacific N.B. of Boise, P-10083, F stain 140.00 ILLINOIS SI org 1st ch. 1st N.B. of Springfield, 205, F 195.011 010 1902-DR Ridgely N.B. of Springfield, M-1662, VF-XF . 85.00 510 1929 III. N.B. of Springfield, 3548, VG-F 45.00 55 1929 1st N.B. of Mount Pulaski, 3839, VG 45.00 55 1929 American N.B. of Lincoln, III. 3613, F 45.0(1 SI 11 1929 Rockford N.B., 1816, F 34.50 INDIANA SI 0 1902-RS Indiana N.B. of Indianapolis, M-984, F . . 225.00 IOWA 55 1902 Iowa N.B. of Des Moines, M-2307, XF 80.00 S 111 1902 1st N.B. of Iowa Falls, M.3252, VG stain 95.00 SI 0 1902 Washington N.B., M-1762, VG 70 00 5111 19(12 Toy N.B. of Sioux City, 10139, VG no sigs 45.00 $5 1929 Central N.B.&T.C. of Des Moines, 13321, VG • 19.00 SI 0 1929 Central N.B.&T.C. of Des Moines, 13321, VF • 30.00 S20 1929 Toy N.B. of Sioux City, 10139, VG 35.00 520 1929 Fort Dodge N.B., 2763, VG 45.00 510 1929 Citizens N.B. of Hampton, 7843, VG-F 50.00 SI 0 1929 1st N.B. of Waverly, 3105, VG-F 45.00 S10 1929 1st N.B. of Davenport. 15, G-VG 35.00 S20 1929 Citizens N.B. of Charles City, 4677, VG-F 45.00 KANSAS S10 1902 Central N.B. of Topeka, 3078, F 45.00 55 1929 Kaw Valley N.B. of Topeka. 11398, VF 40.00 55 1929 1st N.B. ()1St. Marys, 3374, VG-F 65.01) LOUISIANA S10 1929 Louisiana N.B. of Baton Rouge, 9834, F-VF . . 80.01) MA INE SI org 1st eh. Lincoln N.B. of Bath, 761, VG 350.00 510 1929 1st Nat. Granite Bank of Augusta, f-VF 100.00 Si 0 1929 1st Nat. Granite Bank of Augusta, CU 195.00 SI 0 1929 Liberty N.B. of Ellsworth, 3804, VG tape on rev 30.00 MASSACHUSETTS SI org 1st ch. Its N.B. of Chicopee. 1056, VG-F 165.00 SI org 1st ch. 1st N.B. of Fall River, 356. VG-F 130.00 SI org Ist ch. Pittsfield N.B., 1260, VG-F 140.111) 510 1929 Federal N.B. of Boston, 12336, F 45.0(1 MICHIGAN $20 1902 1st N.B. of LaPeer, 1731, VG 75.00 S10 1902 City N.B. of Lansing, 3513. VG 100.00 S10 1902 City N.B. of Lansing, 3513, CU 230.00 Sill 1929-T2 Capital N.B. of Lansing, 8148, VG 31) 00 520 1929 Capital N.B. of Lansing, 8148. F-VF 55.00 DEN. & SERIES BANK & CITY CH. # GRADE PRICE MINNESOTA S11) 1929 North Western N.B. of Minneapolis, 2006, F . . . . 211.00 520 1929 1st N.B. of Vergus Falls, 2030, VF 135.00 520 1929-T2 Fergus Falls N.B.&T.C., 2648, F rust 95.00 510 1929 10 N.B. of Spring Valley, 6316, VF 150.00 520 1929 Goodhue Co. N.B. or Red Wing. 7307, VG-F . 66.50 510 1929 1st N.B. of Braham. 7387. VG 125.00 52(1 1929 1st N.B. of Woodstock. 7625, VF 160.00 MISSISSIPPI 55 1882.101 1st N.B. of Yazoo City, 3566. VG P O.R. MISSOURI 010 1902 1st N.B. of Jeffs . City, 1809. G-VG no rigs . . . 50.00 S5 1929 1st N.B. of Jefferson City, 1809, VG-F 10.00 Sill 1929 Mercantile-Commerce N.B. in St. Louis. 4178, VF . 33.11(1 MONTANA 510 1929 1st N.B.&T.C. of Helena, 4396. XF 220.00 520 1929 I st.N.B. of Great Falls, 3525, VG stain 125.00 NEW HAMPSHIRE SI org 1st ch. 1st N.B. of Portsmouth, 19, VG-F 400.00 510 1882-BB Nat. State Capital Bank of Concord. 758, F 3511.00 55 1902 1st N.B. of Concord, 318, AU 195.00 85 1929 Nat. State Capital Bank of Concord, 758, F-VF . . 90.00 NEW JERSEY 55 1902 Mechanics N.B. of Trenton, E-1327, XF 110.00 520 1929 1st Mechanics N.B. of Trenton, 1327, F-VF 40.00 NEW YORK $1 org 1st ch. Continental N.B. of New York, 1389, VG•F . 110.00 $5 1902 Nat. Commercial B.&T.C. of Albany, 1301, F . 45.00 S5 1882-BB New York State N.B. of Albany, 1262, VF . . . 220.00 S5 1929-T2 Nat. Commercial B.&T.C. of Albany, 1301. F . . 25.00 510 1929 Nat. Commercial B.&T.C. of Albany, 1301, VF-XF 30.00 510 1929-T2 Nat. Commercial B.&T.C. of Albany, 1301, XF. 35.00 55 1929 Nyack N.B., 2378, VG 25.00 020 1902-RS 1st N.B. of Hudson, E•396, VF-XF 300.1)0 NORTH DAKOTA $20 1929 Dakota N.B.&T.C. of Mismarck. 13398, F 145.00 520 1929-T2 1st N.B. in Grand Forks, 13790, F 115.00 NORTH CAROLINA 510 1902 Commercial N.B. of Raleigh, 9067, VG 275.00 510 1929-T2 Commercial N.B. of Charlotte, 2135, VG-F 105.01) OREGON 510 1902 1st N.B. in Salem. 3405. VG-F 360.00 OHIO SI mg 1st eh. 2nd N.B. of Toledo, 248, G tape on rev. . . . . 35.011 $5 1882-BB Ohio N.B. of Columbus, M-5065, VG-F 125.00 520 1902 Ohio N.B. of Columbus, 5065, XF 85.00 010 1929 Huntington N.B. of Columbus, 7745, F-VF 27.00 S20 1929 1st N.B. of Salem, 43, AU serf] F000700A 70.110 OKLAHOMA S10 1902-DB Chickasha N.B., W-8203, G-VG no sigs .... 225.0(1 510 1929 1st N.B. of Anadarko, 5905, VG 90.00 S10 1929 1st N.B.&T.C. of Oklahoma City, 4862, VG 17.00 520 1929-T2 1st N.B.&T.C. of Iklahoma City, 4862, F . . 35.00 510 1929 1st N.B. in Bartlesville, 6258, VG-F 40.00 PENNSYLVANIA SI org 1st ch. Marine N.B. of Erie, 870, VG 125.01) $5 org 1st ch. Harrisburg, N.B., 580, F 325.00 S1(1 1902-DB Peoples N.B. of Jeannette, 7792, F 115.00 S111 1902 Harrisburg, N.B., E.580, VG-F 95.00 $10 1929-T2 Harrisburg, N.B., 580, VG 48.00 $10 1929 1st N.B. of Greenville, 249, VG 311.110 $5 1929 1st N.B. of Marietta, 25, F 34.50 810 1929 1st N.B. of Grove City, 5044, F 44.50 SOUTH CAROLINA 55 1902 Palmetto N.B. of Columbia, S-8133, G-VG 70.00 85 19(12 1st N.B. of Spartanburg, 5.1848. VG-F 125.011 510 1902 1st N.B. of Spartanburg, 5.1848. F 145.00 $10 1929 Nat. Loan & Exchange Bank of Columbia, 6871, F. 95.110 SOUTH DAKOTA SI 0 P902 1st N.B. of Pierre. W-2941, VG-F 195.00 $20 1902 1st N.B. of Pierre, 2041, VG-F rust spot 185.00 S10 1902 1st N.B. of Hudson, S-7335, VG no sign 250.00 $20 1929 1st N.B. of Pierre, 2941 VG-F 125.00 55 1929 Deuel Co. N.B. of Clear Lake, 12877. CU 285.00 SI() 1929 I st N.B. of Gary. 9393, VF 195.110 VERMONT 510 19112 Howard N.B. of Burlington. 1698. F 65.00 55 19112 Montpelier N.B., 857 XI' 200.00 WYOMING 510 191)2 Citizens N.B. of Cheyenne. W 8089, VG 275.00 PETERSON COINS PH. 712-276-47604232 ORLEANS, SIOUX CITY, IA. 51106 Whole No. 69 Page 183 1929 NATIONAL BANKNOTES FROM 40 STATES (Send want lists. We can find them for you.) FREE: With each purchase-"Let's Collect Paper Money ' 6 4 p by Neil Shafer. Small Note List-1929 ALABAMA Mobile $5 #1595 INIS I G 15.00 ARIZONA Tucson $20 #4287 Consolidated NB, VF 175.00 CALIFORNIA Los Angeles $10 #2491 Security FNB, VG 20.00 San Fran. $20 #1741 Crocker FNB, T2 VG 35.00 San Fran. $10 #1741 Crocker FNB,I1 VG 28.50 San Fran. 55 #13044 B of America NT & S, T1 G . 10.00 San Fran. $20 #13044 B of America NT & S, T1 VG 32.00 COLORADO Cortex 520 #9100 Montezuma Valley NB, T1 VG .. 100.00 Denver S10 #1016 FNB, T2 G-VG 28.00 Denver $10 #3269 Denver NB, TI G-VG 28.00 CONNECTICUT Hartford S10 #1338 Hartford NB & T, TI AU 45.00 New Haven $20 # FNB & T, TI VG '35.00 Torrington $5 #5235 Torrington NB & T, II VG . . . 20.00 DISTRICT OF COLUMBIA Washington $10 #5046 Riggs NB, TI F 23.00 Washington $10 #9545 District NB, T I G 20.00 FLORIDA Jacksonv ilk 510 #6888 Atlantic NB, T1 F 75.00 Jacksonville $10 #8321 Florida NB, T2 VG 55.00 Tampa $20 #4949 Exchange NB, T1 VG+ 65.00 GEORGIA Atlanta $20 #1559 FNB, T1 G 33.00 Savannah S 10 #13068 Citizens & Southern NB, T1 G . 34.00 ILLINOIS Chicago $20 #13674 Live Stock NB, T2 G 35.00 Decatur $20 #4576 Citizens NB, TI VG 37.00 Galesburg $20 #241 F Galesburg NB & T, F 28.00 Jacksonville $10 #5763 Ayers NB, T1 F 35.00 Monmouth $20 #4400 NB of Monmouth, TI VG ... 40.00 Ottawa, S20 #1154 FNB, TI VG 33.00 Paris $20 #6451 Citizens NBT I F 80.00 INDIANA Brookville $20 #7805 N Brookville B, 'f2 VG 45.00 Danville $20 #152 FNB, II VG 37.50 Evansville $!0 #12444 Old NB, I VG 18.00 Muncie S5 #2234 Merchants NB, T2 VG 18.00 Muncie $20 #20 #4809 Delaware Cty. NB, T1 F 45.00 Wakarusa SIO #I1043 FNB, T1 F 65.00 IOWA Clinton $10 #2469 City NB, TI G • 22.00 Creston $5 #12636 FMB, TI VG . 27.00 Hampton S 10 #7843 Citizens NB, T I F . 30.00 Lenox $20 #5517 FNB, TI VG 45.00 Waterloo 55 #5120 Pioneer NB, T1 VG 21.00 KANSAS Coffeville $20 #6796 Condon NB, T1 F 60.00 Lawrence $20 #3849 Lawrence NB TI VF 60.00 Leavenworth $20 #3033 LEavenworth NB, T1 VG 39.00 Wichita $5 #2782 FNB, T2 G 18.00 Wichita $5 #2782 FNB T2 AU • 42.00 KENTUCKY Bowling Green $20 #9365 American NB, T1 VG . . .. 60.00 Louisville $10 #2164 Citizens Union NB TI G . . .. 28.00 Paintsville $20 #6100 Paints-ville NB T1 G . 75.00 LOUISIANA New Orleans $20 #3068 Whitney NB VG 30.00 Shreveport $50 #3600 Commercial NB, T I F 125.00 MARYLAND Baltimore $5 #11207 N Central S, T2 G+ 18.00 Cumberland $20 #1519 2nd NB, T I F 80.00 Cumberland $20 #1519 2nd NB, T1 VG 70.00 Hagerstown $20 #4049 2nd NB, T2 F 80.00 MASSACHUSETTS Lawrence $10 #10I4 Bay State NB, VF+ 35.00 Watertown $20 #2108 Union Market NB, TI VF • 65.00 MICHIGAN Escanaba $20 #3761 FNB, TI G 40.00 Ironwood $5 #12387 Merchants & Miners NB T1 VG+ 27.00 MINNESOTA Duluth $10 #6520 City NB, T1 G 18.00 Mankato 520 #4727 N Citizens B, TI AU 75.00 Minneapolis $10 #710 FNB, T1 VG 17.00 Minneapolis $20 #9409 Midland NB & T, TI G 37.50 Saint Paul $10 #203 FNB T2 VG 20.00 Saint Paul $10 #203 FNB, T1 F 15.00 Saint Paul $10 #203 FNB, T(0 VG 14.00 Saint Paul $20 #203 FNB, TI VG 26.00 Saint Paul $20 #203 FNB, T2 VG 27.00 Saint Paul $10 #6828 American NB, T2 F 22.00 Winona $20 #3224 FNB, T1 AU 60.00 MISSOURI Philadelphia $10 #542 Corn Exchange NB &I, I F. . 22.00 Carrollton $20 #4079 FNB, TI G 38. 00 Philadelphia $10 #544 Kensington NB. T2 VG . . . . . 29.00 Kansas City 511) #11344 Fidelity NB & T, TI VF .. . 22. 00 Philadelphia $5 #546 NB of Germantown, T2 C . . . . 22.00 Philadelphia $10 #4604 Commercial NB, '12 VG . . . 29.00 NEBRASKA Philadelphia $5 #13003 Tioga NB, T2 VG 22.00 Crofton $10 #8186 FNB, TI VG+ 45. 00 Philadelphia $10 #13)75 Northeast NB, T2 F 37.00 Fairbury $20 #2994 FNB, T1 F 55. 00 Philadelphia $10 #13180 City NB, T2 VG 19.00 Grand Island 510 #2779 FNB, T2 F 37. 50 Pittsburgh SI0 #685 Farmers Deposit NB '1'1 VG+ . . 19.00 Kimball $10 #13420 American NB, TI G 37. 50 Pittsburgh $10 #6301 Mellon NB, T2 F 20.00 Lincoln $20 #1798 FNB. VG 45. 00 Rices Landing $10 /090 Rices Landing NB. T I F . . . 45.00 Nebraska City $10 #1855 Nebraska City NB, TI F. 55. 00 Ridgeway $10 #5014 Elk County NB, T2 G 27.00 Stromsburg $10 #8286 FNB, T1 F 75. 00 Rochester $10 #2977 FNB, 11 F 39.00 York $20 #2683 FNB VI 65. 00 Scranton $20 #77 FNB, I I Unc 65.00 NEW HAMPSHIRE Sharon $20 #6560 Merchants & Manuf. NB, T1 F . 65.00 Dover $10 #5274 Merchants NB, T I VG 47.50 Sharon 520 #1685 FNB, T'1 VG . 55.00 Keene S20 #946 Ashuelot Citizens NB, T1 G 65.00 Shenandoah $20 #9247 Citizens NB, T1 VG Tyrone $20 #6516 Blair City NB &T, TI VG 49.00 39.00 NEW MEXICO Washington $10 #3383 Citizens NB, TI F 29.00 Elida $10 #8348 MB, F 325.00 York $10 #9706 Central NB, T1 G 29.00 NEW YORK Zelienople $10 #614I FNB, TI AU 90.00 Albany $20 #1262 NY State NB, II VG 35.00 RHODE ISLAND Binghampton S5 #202 FNB, T1 VG 29.00 Newport $50 #1492 Newport NB, TI F+ 135.00 Cuba $10 #I143 Cuba NB, T1 F 49.00 Providence $10 #1302 Providence NB, T1 G+ . 39.00 NY City S20 #1461 N City 13, T1 G 24.00 Providence $20 #1328 Blackstone Canal NB, TI G. . . 59.00 NY City $10 #2370 Chase NB, TI VF 37.00 TENNESSEE NY City $10 #11034 Public NB & T, T1 VG 22.00 Chattanooga $20 #1606 FNB, T1 VG 39.00 NY City $20 #I2892 Lafayette NB, T 1 F 47.50 Chattanooga $20 #1606 FNB, It G 35.00 Poughkeepsie $20 #1312 Farmers & Manuf. NB, T2 F 75.00 Chattanooga $10 #7848 Hamilton NB, T2 G 30.00 NORTH DAKOTA Memphis $100 #13349 Union Planters NB &T, II VF 195.00 Grand Forks $20 #2570 FNB, TI G+ 45.00 TEXAS Brenham $10 #10860 Farmers NB , TI F 65.00 OHIO Dallas $10 #2455 City NB, T I VG 28.00 Arcanum $5 #4839 F Farmers NB T1 G 26.00 Houston $20 #8645 2nd NB, T2 G+ 36.00 Bellaire S IO #1944 INB,II G 35.00 Houston $10 #8645 2nd NB T I G 24.00 Gardington $20 #=127 FNB, T1 F 52.00 Waco $20 #2189 FNB, T I F 55.00 Cincinnati S20 #32 2nd NB T I VG 32.00 UTAH Cleveland $10 #786 N City B, T2 VG 21.00 Ogden $20 #2597 FNB, TI VG 55.00 Cleveland $20 #4318 Central United NB, T2 VG . . . 37.00 VIRGINIA Cleveland $10 #4318 Central United NB, 'II VG . . . 21.00 Charlottesville $10 #2594 Peoples NB, T I VG 50.00 East Liverpool $10 #2146 INS, G 32.00 Norfolk $10 #6032 Norfolk NB of Com. & 1, II G 29.00 Marietta $20 #142 ['NB, TI VG 37.50 Portsmouth $10 #11381 American NB, TI G 29.00 Marietta S20 #4164 Citizens NB, T2 VG+ 37.50 Richmond $5 #10080 Central NB, T1 G 21.00 Massilon $10 #216 FNB ,T'1 VG+ 27.00 WASHINGTON Miamisburg $10 #3876 FNB, TI G 27.00 Everett $20 #4686 FNB II G 55.00 Middletown $10 #2025 F & Merchants NB, TI F 27.00 Seattle $20 #11280 1st Seattle Dexter Horton, T1 VF Springfield $20 #14105 Lagonda NB, T2 VG 39.00 Seattle $20 #11280 1st NB, TI G 32.00 Wapakoneta $10 #3157 FNB, TI VG 37.00 WEST VIRGINIA Youngstwon $5 #3 FNB, T1 VG 29.00 Parkersburg $ I 0 #2649 Citizens NB, TI G 32.00 Zanesville $20 #5760 Citizens NB, T2 VG 37.1)0 Wheeling $20 #5764 N Exchange B, TI G 28.00 OKLAHOMA WISCONSIN Oklahoma City $10 #4862 FNB & T, TI G 22.00 Appleton $10 #2649 Citizens NB T1 VG 3200 Oklahoma City $20 #4862 FNB & T, TI G 35.00 Beaver Dam $5 #7462 Old NB, T1 F 32.00 Tulsa 55 #9658 Exchange NB, II G 22.00 Darlington $5 #3161 FNB, '1'I VF 32.00 Eau Claire 55 #8281 Union NB,I I G 28.00 OREGON Fond du Lac $20 #555 F Fond du Lac NB, I VG. 32.00 Portland $ I 0 #4514 United States NB, TI AU 65.00 Fond du Lac $20 #6015 Commercial NB, G 32.00 Green Bay $10 #2132 Kellogg Citizens NB, T I VG. . 22.00 PENNSYLVANIA Green Bay $20 #2132 Kellogg Citizens NB, 'El VG 35.00 Avonmore $10 #7594 FNB, TI VF 49.00 La Crosse $20 #5047 NB, TI VG 35.00 Braddock $10 #2828 Braddock, NB, TI G 25.00 La Crosse $20 #7347 Batavian NB, TI 35.00 Braddock $5 #13866 FNB, T2 VG 19.00 Menominee $10 #2851 FNB, TI VF 38.00 Carmichaels $11) #5784 FNB VF 35.00 Milwaukee $10 #64 F Wisconsin NB, T1 VF 19.00 Erlenburg $10 #6182 Clarion City NB T 1 F 35.00 Milwaukee 55 #64 F Wisconsin NB, TI VG 11.00 Franklin S20 #5221 Lantherton NB, I G 45.110 Milwaukee $10 #64 F Wisconsin NB, T2 F 17.00 Lancaster $10 #2634 Futon NB, T1 F 39.00 Milwaukee $10 #5458 Marine N Exchange B, TI F. 19.00 Mercer $10 #2256 Farmers & Mech. NB, T I F 45.00 Neenah $50 #1602 FNB, TI F 165.00 Mount Pleasant $20 #9198 Peoples NB, T1 F 45.00 Rhinelander $10 #11646 Oneida NB, T1 35.00 Nantikote $5 #3955 FNB, T2 G 22.00 Stevens Point $20 #4912 Citizens NB, TI F 45.00 New Castle $100 #4676 Citizens NB, AU 200.00 Wausau $5 #4744 American NB, 'F l G 17.00 Norristown $10 #1148 Montgomery NB, TI F 24.00 Wausau $ I 0 #4744 American NB, TI F 27.00 Philadelphia $10 #213 2nd NB, I VG 28.00 Wisconsin Rapids $10 #4639 Wood County NB TI G. 29.00 Philadelphia $IO #839 Philadelphia NB, TI VG 27.00 WYOMING Philadelphia $20 #539 Philadelphia NB, TI AU 55.00 Green River $10 #10698 FNB, T I VG 210.00 HOBBY SALES Write: Maurice M. (Mort) Melamed LIBERTY BANK BLDG. ST. PAUL, MINN. 55104 Phone 612-645-5061 CONFEDERATE CURRENCY DEN TYPE DESCRIPTION BONDS 16 Different Bonds $495.00; 13 CSA, 3 S.C. STATE Bonds. Write for list. 500$ TY64 EF 30.00 VF 25.00 #489a (bright red) FINE 32.50 100$ 5 UNC $130.00 13 AU 22.50 EF 20.00 VF 17.50 FINE 12.50 39 UNC 8.50 EF 7.50 VF 6.50 FINE 6.00 40 UNC 8.50 EF 7.50 VF 6.50 FINE 6.00 41 UNC 8.50 EF 7.50 VF 6.50 FINE 6.00 49 AU 40.00 56 UNC 30.00 AU 27.00 EF 25.00 65 UNC 7.50 AU 7.50 VF 6.50 FINE 6.00 50$ 8 UNC 22.50 AU 20.00 EF 17.50 VF+ 15.00 14 AU 20.00 EF 17.50 VF 15.00 15 FINE+ c/c $575.00 VF c/o/c, expertly repaired $495.00 16 EF c/c 35.00 VF c/c 25.00 FINE c/c 20.00 50 VF 20.00 57 UNC 30.00 AU 25.00 VF 17.50 VF c/c 10.00 66 UNC 6.50 EF 5.50 VF 5.00 FINE 4.00 20$ 9 EF 17.50 VF 12.50 VG 7.50 17 AU $110.00 VF 90.00 FINE+ 80.00 EF $100. 18 UNC 11.00 AU 9.00 VF 7.50 FINE 6.50 VG 5.00 19 VF $450.00 scarce, nice 20 EF 8.50 VF 7.50 FINE 6.00 47 FINE + $1,250.00 exceedingly rare 51 VF 20.00 FINE 12.50 FINE c/c 7.50 58 VF 9.50 FINE 7.50 AU c/c 9.50 EF c/c 8.00 VF c/c 6.50 F INE c/c 5.00 67 UNC 4.00 EF 3.50 VF 3.00 VG 2.50 10$ 10 F/VF 35.00 22 VF 90.00 FINE+ 75.00 FINE 70.00 23 FINE $175.00 nice color 24 FINE 25.00 26 AU 50.00, solid overprint 26 FINE 27.50 VG 17.50 course lace T26 FINE 27.50 finp DEN TYPE DESCRIPTION 29 AU 60.00 FINE 30.00 EF c/c 30.00 46 VF 17.50 52 AU 9.50 EF 8.00 VF 6.50 FINE 5.00 59 EF 7.50 VF 6.00 EF c/c 6.00 VF c/c 5.00 68 UNC 3.50 EF 3.00 VF 2.50 VG 2.00 5$ 31 VF 90.00 FINE 75.00 VG 50.00 32 FINE $175.00 VG/FINE, two inch tear repaired reverse 75.00 (scarce) 33 FINE c/o/c 15.00 34 EF 55.00 UNC.c/c 50.00 F INE+ c/c 25.00 G/VG 15.00 36 EF 11.00 VF 8.50 Fine 6.00 VG 5.00 37 FINE c/c 5.00 53 UNC c/c 7.50 EF 7.50 VF 6.50 T53 Error: #38 Letters: C G VF $125. 60 EF 7.50 VF 6.00 FINE 4.00 69 UNC 3.50 EF 3.00 VF 2.50 VG 2.00 2$ 42 UNC 30.00 AU 25.00 EF 20.00 FINE 12.50 VG 7.50 45 F I N E+ 25.00 54 UNC 75.00 AU 45.00 FINE 25.00 VG 15.00 70 UNC 8.50 EF 7.50 1$ 44 VG 7.50 . 45 VG 15.00 GOOD 9.50 1865 CHEMIGLYPHIC BACKS printed from plates captured by a Union blockade ship. All UNC: 5$ 7.50 10$ 10.00 20$ 1.00 50$ 12.50 100$ 15.00 500$ 20.00. 1864 $10,000 Certificate of Deposit 8" x 6" VF 20.00 1861 Counterfeit Notes: 15 different-write for list. c/c-cut cancel c/o/c-cut out cancel Orders under $100.00, add postage and insurance; over $100-postpaid. Your satisfaction essential or refund. Calif. residents add 6% tax. Other lists: Southern State Obsoletes; Eastern-Mid West-Western Obsoletes; Franctional currency-enclose 13d SASE and indicate collecting interest and conditions desired. Donald E. Embury P.O. BOX 61 SPMC 3791 WILMINGTON, 90744 NATIONAL CURRENCY $20 #4287 Tucson, Az VF $10 #3072 Clay Center, Ks VG 150.00 67.50 45.00 35.00 250.00 120.00 $20 #6012 T2 Price, Utah CU (#3 note) $20 #3778 Chippewa Falls, Wi VG $20 #8573 T2 Brady, Tx VG $20 #4301 Corvallis, Or VG 450.00 85.00 125.00 95.00 $10 #8104 Colville, Wash. AU 335.00 55.00 $20 #3161 Darlington, Wi VF/XF 110.00 45.00 $20 #12857 Lemmon, SD F/VF 190.00 47.50 $20 #64 Milwaukee, Wi VF 29.00 65.00 $20 #6604 Oshkosh, Wi Fine 75.00 57.50 $20 #10106 Baldwin, Wi VF/XF 150.00 57.50 $20 #7428 Cambridge, Minn VF 100.00 57.50 $20 Minneapolis, Minn #9409 XF 35.00 75.00 $20 #13350 T2 Northfield, Mn XF (note #4) 125.00 235.00 $20 #6631 Alden, Minn XF/AU (note #88) 160.00 day return privilege. Bank cards welcome, please send the 1902 $20 #4137 Marinette, Wi VG/F $ 5 #474 Greenfield, Mass VG $10 #W3450 Trinidad, Colo VF $10 #461 Cobleskill, NY VF 1929 $10 #7372 Bellingham, Wash XF $10 #4446 Port Huron, Mich F/VF $20 #3355 Yakima, Wash Fine $20 #3417 T2 Tacoma, Wash XF/AU $20 #9207 Littlestown, Pa XF/AU $20 #912 Manheim, Pa VF/XF $10 #3001 Stevens Pt, Wi F/VF $10 #2597 Ogden, Ut VF/XF $10 #6558 Murray, Ut XF Satisfaction guaranteed. Seven information as it appears on your bank card. Member ANA-SPMC. AURORA COIN SHOP 507 3RD AVE #5-PM SEATTLE. WASH. 98104 206/283-2626 Page 184 Paper Money • BONDS • SOLDIERS' PAY SCRIP • BROADSIDES • LAND GRANTS • TREATIES • LOTTERY TICKETS 43 BROMFIELD ST. Tel. 617-542-0023 428-3298 BOSTON, MA 02108 I-44sOVER TERIKE DECAD LATEST EDITION (1976), (Autographed if You Wish)ir' ** **;abb,_'*. Revised, 300 Pages, Hard Bound. $15 CRISWELL'S CITRA, FLA. 32627(Phone AC 904 685-2287) WANTED U. S. COLONIAL CURRENCY & DOCUMENTS Of The Era Of Inquiries or want lists are respectfully solicited We Are The COLLECTORS' DEALER J. J. TEAPARTY Member: ANA SPMC PNG 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 As America's Largest Dealer in Obsolete Currency Means Very Simply That .. . awn CRISIELL CAN HELP YOU BUY OR SELL! Whole No. 69 Page 185 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 • Pepperell #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 #2312 Webster #14266 Haverhill #13780 Webster #13395 Hyannis #4774 Ipswich #769 • Whitinsville #1329 • Lowell #4660 Whitman #697 Lynn #11067 •Woburn #1201 • Lynn #14033 Woburn Those notes with dots indicate large size notes for trade. JOHN R. PALM 6389 St. John's Drive Eden Prairie, Minnesota 55343 $10,000 Gold Certificate Series of 1900 Uniface printing. Canceled with punch holes which read, "Payable only to the Treasurer of the U.S. or a Federal Reserve Bank". VF+ and most desireable. $750. Ten Day Return. N.Y.S. residents please add tax. Steven Dubinsky Phone (914) 624-8198 P.O. BOX 642 Bardonia, N.Y. 10954 MEW- 1, 4,1.1101' ‘NiTiMOIVO *AAR:NS/ 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 RI DGEVVOOD, 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./. 07644 PHONE 1201) 327-1141 S P M.C. #2127 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, wit description. Tom Knebl, ANA, SPMC, NASC, CSNA. Classic dept. P Box 5043 Santa Ana, Calif. 92704 Page 186 Paper Money WANTED KANSAS NATIONALS 20 .11eliiI4ou) 4itmai I 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 Series 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. cr 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 #2990 #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 f e, RARE COINS INC. .=-=- 2854 W 47TH STREET PHONE 913-236 7171 = PO. BOX 3140 kANSAS C1'11.104.6610:I JOE FLYNN &SON Whole No. 69 Page 187 LOOK FORS THESE FACES BOB MEDLAR BETTY MEDLAR WHEN BUYING OR SELLING! Whether it's rare U.S. Currency, Obsoletes, Bank Notes, Texas Documents, etc., well be happy to provide quotes or arrange to include your material in any of our auctions Beside the Alamo 71tedlet* RARE COINS AND CURRENCY 220 Alamo Plaza41 San Antonio, Texas 78205Call us at (5121 226-2311 FOR SALE CURRENCY FOR SALE U.S.A. LARGE & SMALL SIZE CURRENCY INCLUDING: NATIONAL CURRENCY OBSOLETE CURRENCY RADAR & FANCY SERIAL NUMBER NOTES "ERROR" NOTES & OTHER TYPES LARGE MAIL LISTING AVAILABLE FOR A LARGE-SIZE, SELF-ADDRESSED STAMPED ENVELOPE. 10-DAY RETURN PRIVILEGE. YOUR SATISFACTION GUARANTEED. ROBERT A. CONDO P.O. BOX 305 — DRAYTON PLAINS, MI 48020 A•Z Coins COINS — NEIL SOWARDS Glenbrook Shopping Center 4201 Coldwater Rd. Ft. Wayne, Ind. 46805 BEVERLY HILLS, CA 90210 (70) BOX 1669 P. 0. Box 143 Waukesha. Wisc. 53180 Society Certified Professional Numismatists Universal Numismatics Corp. FLOYD 0 JANNEY LM No 415 WARREN HENDERSON VENICE, FLA. 33595P. 0. BOX 1358, The Handbook of Check Collecting $5.00 30 Page List of stocks, Bonds, plus One Railroad Stock $1.00 28 Page List of checks plus one pre-1850 check $1.00 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 Collector/Dealer Since 1935 SPMC #38 WANTED Large-Size Wisconsin National Bank Notes REMEMBER Aye Ism fif Because Chats the next AD DEADLINE FLORIDA NOTES WANTED ALL SERIES Also A Good Stock Of Notes Available IIRENcy—NA5)F—liti..444' Y172271 3- vr7 Page 188 Paper Money WANTED!! CONFEDERATE & SOUTHERN STATES NOTES We want to buy C.S.A. notes and bonds, Southern states and obsolete currency banknotes. Also want books related to same. Please write and describe what you have to offer. We need your material so please contact us before you sell! ANN & HUGH SHULL 246 McDonnell Sq. Biloxi, Miss. 39531 (601) 432-1902 SPMC PMCM ANA SCNA (70) L & M ASSOCIATES $10 Ti , New York, N.Y. Ch. #2370, VG 512.50 $10 T2, St. Paul, Minn. Ch. #203, VG $17.00 $10 T1, Elmira, N.Y. Ch. #149, CU $40.00 $10 T1, Kankakee, Ill. Ch. #4342, F-VF $35.00 $20 Tl, Wilkes-Barre, Pa. Ch. #30, VG $29.00 $20 T1, New York, N.Y. Ch. #1461, VF+ 531.00 $20 Tl, Inwood, N.Y. Ch. #12460, F $44.50 $50 T1, Butler, Pa. Ch. #4374, F $65.00 F1226 3¢ XF-AU 530.00 F1265 10¢ CU $21.50 F1232 5¢ VF-XF $12.50 F1267 15¢ CU . $55.00 F1238 5¢ XF $31.00 F1308 25¢ AU . . $27.00 F1265 10¢ XF 512.50 F1380 50¢ CU . . $49.00 Also WANTED: US LARGE & SMALL NOTES P. O. BOX 372P ROCHESTER, NEW YORK 14602 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 Lanesboro, 1st Nat. B. #9033 #10507 Canby, 1st Nat. B. #6366 Madison, 1st Nat. B. #6795 Cold Spring, 1st Nat. B. Mankato, Nat. B. Commerce #8051 #6519 Cottonwood, 1st Nat. B. McIntosh. 1st Nat. B. #6488 #6584 Minnesota Lake, Farmers Nat. Deer River, 1st Nat. B. #9131 B. #6532 Grand Meadow, 1st Nat. B. Osakis, 1st Nat. B. 46837 #6933 Park Rapids, Citizens Nat. B. Hendricks, 1st Nat. B. #6468 #13692 Hendricks, Farmers Nat. B. Pipestone, Pipestone Nat. B. #9457 410936 Kerkhoven, 1st Nat. B. Sauk Center, 1st Nat. B. #11365 #3155 Le Sueur, 1st Nat. B. #7199 Wenclall, 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, Cal ifornia, Idaho, Nevada, Arizona, Utah, Montana, 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; CSA, Southern States notes and bonds. Also have duplicate Western rarities for advantageous trade. JOHN J. FORD, JR. P.O. BOX 33, ROCKVILLE CENTRE, N.Y. 11571 rah • „r. ; • 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. 0. BOX 2283 PRESCOTT, ARIZ. 86301 Whole No. 69 Page 189 LEGAL TENDER NOTES, 1869 VF+, nice note for the grade XF+, bright as new; faint trace of folds Bright AU 4. F-42 $2 5. F-42 $2 6. E-96 $10 LEGAL TENDER NOTES, 1874-80 VF+; nice copy of scarce note Bright AU UNC, deep blue tint on reverse Average VF copy Bright AU Bright UNC, well-centered. Faint local signs of ageing Well-centered, vivid inking. Deep blue anti-counterfeiting tint on the back of the note Nice VF Bright and clean AU. Scarcest of the Webster notes escept the 1869 issue 7. F-19 $1 8. F-19 $1 9. F-26 $1 10. F-27 $1 11. F-50 $2 12. F-67 $5 13. F-69 $5 14. F-75 $5 15. F-107 $10 Page 190 Paper Money TYPE NOTES--MAIL BID SALE CLOSING: JULY 15, 1977 An excellent grouping of notes is offered. Most are pre-1900 series. The usual mail bid rules apply. Each note is sold to the highest bidder; price is determined as a small increment over the second highest bid. Prices in parenthesis ( ) are estimates only. You may bid higher or what the note is worth to you. F- numbers refer to Friedberg Catalog numbers'on all notes. These notes are conservatively graded. Your satisfaction with grading is guaranteed. Lot DEN CONDITION LEGAL TENDER NOTES, 1862-63 1. F-16 $1 Bright, faint creases only 2. F-16 $1 UNCIRCULATED 3. F-41 $2 Bright AU EST. 16. F-1 13 $10 XF to AU note except for some counting soil at right (140) (180) 17. F-129 $20 UNC. Bright, well-centered note (290) with broad blue tint (1000) (260) 18. F-147 $20 Average circulated copy. Face is VF, back is F+ (95) SILVER CERTIFICATES 19. F-219 $1 Bright VF-XF (Appears AU but is creased) (150) 20. F-223 $1 UNC. Paper has overall rose cast (130) 21. F-245 $2 VF-XF. Looks bright and clean but creases (no broken ink) (100) reduce the grade ( 300 ) (215) 22. F-266 $5 F, no heavy folds (70) (150) 23. F-281 $5 F, some folds but no (90) broken ink (50) (100) 24. F-321 $20 Grading it VF-XF. Note appears bright and fresh as new but has (325) been folded (375) (230) (400) (525) All bids will be received by mail only. Please do not (290) telephone to ask about status on bidding. No unlimited bids (80) will be accepted. No bids for less than 60% of the estimated values will be entered. Successful bidders will be notified within a few days of the closing date. (325) SPMC # 3240 WILLIAM P. KOSTER. ANA #70083 8005 SOUTH CLIPPINGER DRIVE, CINCINNATI, OH 45243 Home: 513/561-5866 Office: 513/271-5100 N CAM R M N 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. OY PENNELL, JR. SPMC #8 P. 0. BOX 858 ANA #11304 ANDERSON, SOUTH CAROLINA 29621 WILLIAM P. DONLON United States Paper Money and Paper Money Supplies. S.P.M.C. NO.74 BUYING OR SELLING DEAL WITH DONLON FOR BETTER DEALS! UNITED STATES PAPER MONEY AND PAPER MONEY SUPPLIES, EXCLUSIVELY. PAYING OVER CATALOG FOR MANY NATIONAL BANKNOTES SINGLE NOTES OR UNCUT SHEETS, ALL SERIES ALSO PAYING TOP PRICES FOR UNITED STATES LEGALS, 1861-1923 SILVER CERTIFICATES 1878-1923 CALIFORNIA GOLD BANKNOTES TREASURY NOTES 1890-1891 1929 NATIONAL BANK NOTES Send your duplicates or complete collection by registered mail, for best possible offer accompanied by check in full, sent subject to your complete satisfaction. If check is returned, your notes will be returned to you prepaid. SORRY! NO BUYING OR SELLING PRICE LISTS AT THIS TIME. 1977 EDITION "U.S. LARGE SIZE PAPER MONEY" ... 3.95 ppd 1977 EDITION "U.S. SMALL SIZE PAPER MONEY" ... 2.50 ppd P. 0. BOX 144 UTICA, NEW YORK 13503