Paper Money - Vol. XVII, No. 1 - Whole No. 73 - January - February 1978

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January • February 1978 Volume XVII No. 1 Whole No. 73 Alaskan Gold in Missouri e Alaskan Territorial National by M. Owen Warns Gene Hessler offers readers historical background n the motto "In God We Trust" Tom Knebl tells abou the varieties o 50d "Justice" Fractionals BIMONTHLY PUBLICATION OF RI SOCIETY OF PAPER MONEY COLLECTORS It pays to look closely. You know that it pays to look closely when collecting. It does when you are thinking of selling, too. Since you collected with such care, we know you want to be equally as careful when selling. At Medlar's, we take pride in the fact that we've been buying and selling currency for over 25 years. So, we feel we must be doing something right for our many friends and customers. WE ARE BUYING: Texas Currency, Obsoletes and Nationals, Western States Obso- letes and Nationals, U.S. and Foreign Coins. We will travel to you to examine your holdings, Profes- sional Appraisals, or as Expert Witness. Member of SPMC, ANA, PNG, NLG, CPN ., edates COINS CURRENCY,.. RARE and .0. , ,0 ss10 ANA . *smogs (BESIDE THE ALAMO) 220 ALAMO PLAZA ' SAN ANTONIO, TEXAS 78205 (512) 226-2311 AN INDEX TO PAPER MONEY Vol. 16, 1977 Nos. 67, 68, 69, 70, 71, 72 No. Page Adams, Ben E. National Currency of El Paso. Illus. 70 197 National Currency of El Paso. Illus. 71 261 Your library, worth its weight in paper money 69 166 All Paper Money Show 1977. Report on. Illus. 70 241 AUCTION PRICES REALIZED NASCA sale. Jan. 21-24, 1977, Illus. 63 108 Hickman & Oakes. April 1977. Mail bid 70 242 71 287 Bowers & Ruddy. May 5-6, 1977 70 242 AWARD WINNERS ANA Award of Merit. 1977. Bob Medlar 72 328 BANKS and BANKERS El Paso, Texas National Banks. Illus. B. E. Adams 70 197 First National Bank of Gainsville, Georgia. Illus. M Carter 72 342 Bank of Greensborough, Georgia. Illus. G. L. Doster 72 325 First National Bank of Lewiston, Idaho. Illus. /VI. 0 Warns 68 90 Bank of Detroit, Mich. Judge A. B. Woodward. Illus C. Kemp Jr. 68 82 Banking on Frontier Iowa, 1836-1865. A book review 67 18 Bicentennial $2 Cancellation Collectors 72 367 Binding Syngraphic Publications. B. E. Adams 69 166 Breen, Walter Notes that almost weren't. Illus. 67 5 Chasing rainbows. Series 1869-1874, 1875-1878. Illus. 68 69 The 1880 Legal Tenders. Illus. 69 133 The Twentieth Century U. S. Notes. Illus. Part IV 71 266 Bureau of Engraving & Printing Cope production, List of Federal Reserve Notes printed October-November 1976 67 36 December 1976 68 106 January-February 1977 69 156 March-April 1977 70 232 May 1977 71 284 Director James A. Conlin resigns 70 239 Burgett, Maurice In defence of Obsolete Currency. Illus. 69 146 Carter, Mike The First National Bank of Gainsville, Florida. Illus. 72 342 CHECKS Color slide program, "The History and Collecting of Checks" 67 21 CONFEDERATE and SOUTHERN STATE CURRENCY Confederate note check list printed by Ann and Hugh Shull 69 174 Financial woes of the Confederacy. Illus. S. Roakes, Jr 69 158 Doster, Gary L. The Bank of Greensborough, Georgia. Illus. 72 325 COLONIAL and CONTINENTAL CURRENCY The first issue of Continental Currency and its signers. Illus. J. R. Lasser 72 330 North Carolina Colonial Currency. Illus. C. E. Kirtley 68 96 Pennsylvania's first notes benefited the commoner. Illus. R. T. Hoober 67 16 COUNTERFEIT, ALTERED AND SPURIOUS NOTES Kansas bogus and questionable bank notes. The Delaware City Bank. Illus. S. K. Whitfield 67 32 Notes on counterfeit notes 69 155 Dean, Charles A. Those Lazy Two's. A list of banks which issued. Illus. 70 234 Douglas, Ben M. Territory or State ? A list showing date area became a territory and date of statehood 67 34 Durand, Roger H. Pssst, got change for an eight ? Illus. 69 132 Encased postage collecting. Illus. Terry Vavra 67 30 ERRORS Series 1974 $1 Federal Reserve Notes with inverted over- prints. Illus. 67 37 FACSIMILIES and REPRODUCTIONS Xerox and Canon copies 67 39 First Paper Money Convention. Memphis Coin Club host . . 67 22 FOREIGN CURRENCY Bahamas Government Treasury Notes of 1868-1569 Illus. S. L. Smith 72 352 Denmark. Danish Assn. of Coin Dealers available 67 22 England. A pound of history. L. H. Haynes 69 173 Iran's "Israeli" two hundred real note. Illus. A. Kafi 70 242 Japanese Invasion Money by A. R. Slabaugh. Reviewed 70 207 FRACTIONAL CURRENCY New variety 10c second issue note. Illus. 67 46 GRADING PAPER MONEY Some thoughts on. W. P. Koster 67 28 A decimal system of grading. M. P. Asper, M.D. 69 176 Harrison, William J. The copper plate (mystery) for the first notes of the first bank chartered in Ohio. Illus. 70 210 No. Page Haynes, Louis H. A pound of history 69 172 Indiana's Railroad Money. Illus. 70 222 Hessler, Gene Design update. Notes on the Panic and Revulsion of 1857 leading to issue of 1353 Treasury Notes. Illus. 70 204 Indiscriminate face and back printing of Legal Tender Notes 71 286 Hickman, John Thumbnail biography of speaker at SPMC educational forum 70 207 Hoober, Richard T. Pennsylvania's first notes benefited the commoner. Illus. 67 16 Horstman, Ronald Tragedy on the steamer RUTH. Illus. 70 214 Isted, John It. American Historical Vignettes. Illus. 69 142 American Historical Vignettes. Illus. 70 224 American Historical Vignettes. Illus. 72 358 Johansen, Paul H. Type collecting U. S. paper currency 70 228 Kafi, All Iran's "Israeli" two hundred real note. Illus. 70 243 Kashin, Seymour Project turnkey. Illus. 71 302 Kemp, Charles V. Jr. Judge Woodward and the Michigan Wildcat. Illus. 63 82 Kirtley, Charles E. Carolina Colony's paper problems. Illus. 68 96 Koster, William P. Some thoughts on grading 67 28 Lasser, Joseph R. The first issue of Continental Currency and its signers. Ill s. 72 330 Listings of Obsolete Notes Gwynne & Day's 1862 edition of "Descriptive Register of Genuine Bank Notes" reprinted by Pennell Publishing Co. 72 355 Money and Finance in Mexico during the Constitutionalist Revolution 1913-1917 by R. A. Banyai. A book review 67 27 Marchand, E. Walker Some pragmatic considerations (on value and taxation of note collections) 67 20 MILITARY CURRENCY Military Payment Certificates. Project turnkey. Illus. S. Kashin 71 202 Yellow seal notes and their various war time function Illus. J. Semeniuk 71 274 MONEY MART New Jersey's Money by George Wait. Reviewed OBSOLETE CURRENCY In defence of Obsolete Currency. Illus. M. Burgett 69 146 Gwynn & Day's 1862 edition of "Descriptive Register of Genuine Bank Notes" reprinted by Pennell Publish- ing Co. 72 355 Kansas. Delaware City Bank Notes. Illus. S. K. Whitfield 67 32 Michigan. Bank of Detroit. Judge Woodward. Illus. C. V Kemp 68 82 New Jersey's Money by G. Wait reviewed 69 178 Odd and unusual denominations. Pssst, got change for an eight ? Illus. R. H. Durand 69 152 Ohio, Cincinnati. Plate for and First notes issued by the Miami Exporting Co., first bank chartered in Ohio. Illus. W. J. Harrison 70 210 RAILROAD NOTES Indiana's Railroad Money. Illus. L. H. Haynes 70 222 Roakes, Sam, Jr. Financial woes of the Confederacy. Illus. 69 158 ROBBERY Currency collection stolen. List of missing notes 70 240 SCRIP Odd and unusual denominations. Pssst, got change for an eight ? Illus. R. H. Durand 69 152 SECURITY PRINTERS A listing of printers of security paper. Published by Check Collectors Round Table 67 21 Semeniuk, John Yellow seal notes and their various war time function 71 274 Smith, Samuel L. The Bahamas Government Treasury Notes of 1868-69. Illus. 72 352 SIGNATURES ON CURRENCY Autograph hound's find, J. P. Morgan's signature. Illus. 69 167 67 38 68 112 69 180 70 244 71 308 72 368 69 178 No. Page No. Page The first issue of Continental Currency and its signers. Notes that almost weren't. Illus. W. Breen 67 5 Illus. J. R. Lasser 72 330 Chasing rainbows and other colorful notes. W. Breen 68 69 SPMC The 1880 Legal Tender Issue. Illus. W. Breen 69 133 Annual Awards Rules 69 181 National Bank Notes Annual Meeting 1977 Report 71 298 El Paso, Texas National Currency. Illus. B. E. Adams 70 197 Editorials. Passing the buck. Doug Watson 67 46 71 261 Contributing to the cause. Doug Watson 68 107 Idaho Territorial No. 1 issued by First National Bank Passing the buck Doug Watson 69 178 of Lewiston. Illus. M. 0. Warns 68 90 Interest bearing notes. R. Medlar 67 22 Rhode Island's "Country" National Banks. Illus. S. K. 68 100 Whitfield 71 293 69 174 Those Lazy Twos. A list of banks which issued. 70 220 Illus. C. A. Dean 70 234 72 362 Silver Certificates Library notes 68 104 American Historical Vignettes. Illus. J. R. Isted .... 71 288 69 174 Rarity Index. $1 Silver Certificates, series 1928C, 70 240 1928D, and 1928E. Illus. G. M. Ton Jr. 70 216 New Election procedure for Board Members 72 360 Series 1899 $5 Vignette. Illus. J. R. Isted 70 224 Nominating Committee appointed 68 100 U. S. SMALL SIZE CURRENCY Nominating Committee Report 1977 70 236 Federal Reserve Notes Secretary's Report. New Members, etc. 67 44 Bicentennial $2 cancellation collectors 72 367 68 102 Cope production for October & November 1976 67 36 69 168 Cope production for December 1976 68 106 70 238 Cope production for January & February 1977 69 156 71 300 Series 1974 $1 notes with inverted overprints. Illus. 67 37 72 365 National Bank Notes Wismer project researchers for Louisiana and New York El Paso, Texas, National Currency. Illus. B. E. Adams 70 197 announced 70 236 El Paso, Texas, National Currency. Illus. B. E. Adams 71 261 1Vismer project coordinator task assigned to Wendell Rhode Island's "Country" National Banks. Illus. Wolka 72 369 S. K. Whitfield 71 293 Syngraphic Chat. Illus. 71 278 Wisconsin No. 1 notes. Illus. M. 0. Warns 67 24 Statehood Dates. B. M. Douglas 67 34 Issues of 1929 - 1935. Supp. IV. Illus. M. 0. Warns 71 280 Territorial Dates by States. B. M. Douglas 67 34 Yellow Seal Notes and their various war time functions. Ton, Graeme M. Jr. Illus. J. Semeniuk 71 274 Rarity Index. $1 Silver Certificates of 1928C, 1928D, and Warns, M. 0. 1928E. Illus. 70 216 The Idaho Jewel. Illus. 68 90 U. S. LARGE SIZE NOTES National Bank Note varieties. 1929-1935. Illus. 71 280 Legal Tender Notes. Whitfield, S. K. American Historical Vignette. Illus. J. R. Isted. 72 358 Kansas bogus and questionable bank notes. The so-called Indiscriminate face and back printing of Legal Delaware City Bank. Illus. 67 32 Tender Notes. G. Hessler 71 286 Rhode Island's "Country" National Banks. Illus. 71 293 $2,600,000 destroyed by fire on Steamship Ruth in Vavra, Terry 1863. Illus. R. Horstman 70 214 The case for collecting encased postage. Illus. 67 30 Fifth Issue Series 1901, 1907, 1917, 1923. Part IV 71 266 Compiled by William J. Harrison Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. VOL XVII — No. 1 Whole No. 73 Jan/Feb 1978 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 he addressed to the Secretary at P.O. Box 4082, Harrisburg, PA 17111. IN THIS ISSUE ALASKAN DISCOVERY... IN MISSOURI M. Owen Warns 5 PRECURSORS OF THE MOTTO "IN GOD WE TRUST" Gene Hessler 10 JUSTICE PREVAILS Tom Knebl 16 BANK NOTE ENGRAVING 22 A BANK THAT CHANGED IT'S NAME Howard W. Parshall 24 COUNTERFEIT CAPERS Bruce Smith 31 WINNERS CIRCLE 20 COLLEGE CURRENCY Robert H. Lloyd 32 SOONER CHECKS Brent H. Hughes 36 END OF A STAR PERFORMANCE Douglas D. Murray 37 TWO BANKS UNDER ONE ROOF Terry F Vavra 46 AN OBSOLETE NOTATION C. John Ferreri 49 REGULAR FEATURES COPE PRODUCTION 26 INTEREST BEARING NOTES/SYNGRAPHIC CHAT 38 SECRETARY'S REPORT 39 AUCTION ACTION 42 MONEY MART 50 SOCIETY OF PAPER NIONEY COLLECTORS INC. PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors, Inc., Harold Hauser, P.O. Box 150, Glen Ridge, NJ 07028. Second class postage paid at Glen Ridge, NJ 07028 and at additional entry office, Federalsburg, MD 21632. (Society of Paper Money Collectors, Inc., 1978. 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. Individual copies of current issues, $1.75. ADVERTISING RATES Contract Rates SPACE 1 TIME 3 TIMES 6 TIMES Outside Back Cover $48.00 8130.00 $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 first of the month preceding month of issue (e.g. Feb. 1 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. Whole No. 73 Page 3 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 Ferreri, P.O. Box 33, Storrs, CT 06268 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 Charles Colver, Michael Crabb, Jr., Richard Jones, Charles O'Donnell, Jr. Roy Pennell, Jr., George W. Wait, M. Owen Warns, J. Thomas Wills, Jr. 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. 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) , Val. 10. 1971, No. 1 (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. 5, Vol. 5, 1966, 1966, No. 2 No. 3 (No. 18) (No. 19) Vol. 11, 1972, No. 1 (No 41)1 Vol. 5, 1966, No. 4 (No. 20) Vol. 11, 1972, No. 2 (No 42) 1 Vol. 11, 1972, No. 3 (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, 1969, No. 2 (No. 30) Vol. 8. Vol. 8, 1969, 1969, No. 3 No. 4 (No. 31) (No. 32) Vol. 14, Vol. 14, 1975, 1975, No. 1 No. 2 (No. 55) (No. 56) Vol. 14, 1975. No. 3 (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 (Nu. 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 11.00 The Society of Paper Money Collectors, Inc. P.O. Box 150, Glen Ridge, N.J. 07028 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 MAINE OBSOLETE NOTES & SCRIP, Wait $10.00 Non-Member $14.50 NATIONAL BANK NOTE ISSUES OF 1929-1935, Warns - Huntoon - Van Belkum $9.75 Non-Member. . $12.50 MISSISSIPPI OBSOLETE PAPER MONEY & SCRIP, Leggett $6.00 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 4 Paper Money Whole No. 73 Page 5 rH1-4" ‘ 41';■41 4 :;;:,„1;,, by M. Owen Warns Collectors of National Bank Notes will be pleased to learn that at long last a territorial National Bank Note from Alaska has been uncovered. With the discovery of this unique rarity comes the long-awaited breakthrough to researchers of territorial notes, with the reporting of this "Alaska straggler," we have found the missing link in the representative group of territorial National Bank Notes. The Date Back $20 of The First National Bank of Juneau, Territory of Alaska, was discovered by Thomas Kolbrenner of the Midwest Money Co., Clayton, Mo., while settling an estate. This bit of good fortune brings to mind the old axiom often heard among paper money collectors: "Be patient, keep a weather eye out, somehow, somewhere, the long-sought-after note will eventually turn up." So it was in uncovering the "Johnny-Come-Lately" Alaska territorial. National Bank Note-issuing Alaska employed four different status designations: Territorial-status notes, $20.00 Second Charter Green Dated Back 1882-1908 First National Bank of Juneau, Alaska Territory, dated February 15, 1898, with blue Treasury Seal, and the signature of John Reck as bank president. District-status notes, Engraved no-status notes and Type-set no-status notes. TERRITORIAL-STATUS NATIONALS were issued only by The First N.B. of Juneau, charter No. 5117. The bank was chartered in 1898 with a capital of $50,000. Notes issued were $38,500 worth of Brown Back $10s and $20s (10-10-10-20 plate), with bank serial numbers 1-770; and, $46,400 worth of Second Charter Date Backs, also from the 10-10-10-20 plates, serials 1-928, a total of $84,900 worth of Alaska territorials. What currently appears to be the sole survivor of that issue—the "B" position $10, serial 813 Date Back—was issued during the period covered by the Oregonic Act of Page 6 Paper Money mawzr,t. Reverse—of The First National Bank of Juneau Territorial Note Congress, 1884; whereby the laws of Oregon were extended to Alaska, as far as applicable. From 1884 to 1912, the area was officially known as The District of Alaska. John Kinkead became the first district governor (1884-1885), followed by half a dozen others. It was during the term of District Governor John G. Brady (1897-1906) that the Juneau territorial note was issued. The Juneau Second Charter notes are the only bank notes of Alaska on which the territorial status appears. The issue of these territorials was unknown to Robert Friedberg; they do not appear in his authoritative book "Paper Money of the United States." (The publishers of the book have advised, however, that this note will be listed in the next edition of the Friedberg book, with the number S-794A assigned to it.) A territorial seal of Alaska was non-existent in the Francis E. Spinner Collection of Seals, and was likewise unknown to Dr. Frank A. Limpert, the eminent authority of seals employed on the backs of First and Second Charter National Bank Notes; because Alaska, while under District and Territorial status, did not have a representative seal. It was the custom of the Bureau of Engraving and Printing to place the representative seal of the State or Territory on Fr. No. 595—Third Charter Red Seal Notes Issued by the First National Bank of Fairbanks, District of Alaska. 6400 notes printed 1r1P031,•110111/X40.32,111MLAMMIEbtr,0- Fr. No. 598—Third Charter Blue Seal Notes Plain Backs, Issued by the First National Bank of Fairbanks, District of Alaska. 10,400 notes printed Whole No. 73 Page 7 such Nationals, in the left oval panel on the back of each note. In the case of the Alaska territorial note, the Bureau employed, in place of a territorial seal on the left side, a crouched—ready to fly or fight—eagle atop a shield. Above are the intertwined letters "U" and "S", with 13 stars around the top. A different eagle and shield design was used in the right panel. This same design combination was initially employed on the Original Series notes of the First Charter Period. The official representative seal for Alaska was not approved until after statehood was attained, Jan. 3, 1959. ALASKAN DISTRICT STATUS NATIONALS were issued only by The First N.B. of Fairbanks, charter No. 7718. Chartered in May, 1905, (according to the Comptroller's Report, although the notes are dated March 1, 1905) the bank's note issues were as follows: Third Charter Red Seals; $32,000 worth of $5s, serials 1-1600, and $73,000 worth of $10s and $20s, (all of the bank's higher denomination notes were printed from 10-10-10-20 plates) serials 1-1460. Third Charter Date Backs; $52,000 worth of $5s, serials 1-2600 and $98,000 worth of $10s and $20s, numbers 1-1960. Third Charter Plain Backs, Blue Seals; $77,200 in Third Charter Blue Seal Plain Back. Issued by the First National Bank of Juneau. 7,780 notes printed. ilEgizff„...ei, *ITT $20. Type I First National Bank of Juneau TOE FIRST 101- 101ilit BANK OF II••• JUNLAUALASKA '$RE4.RrYQN ISESW., IIA TwENTv ut)mtits , Fr100145A $5. Type II, First National Bank of Fairbanks $10. Type I, First National Bank of Ketchikan 1011,11VITONA1114C11711110 1631.4 11161114411111114s. Ire A000913FIRST NATIONAL BANK OF FAIRBANKS ALASKA NC* TO THE 844ME.R ON 14:144NE, Eu01199ATHE FIRST NATIONAL IANA OF KLICIIIKAN A...stsg A Al Rat tilt 11) tHIE SIARIN ON EMECEAKE TEN ll►LL.1.11,14 E00 .99A n DOIX. 14111117/411114417t. 4 111114111111EN4 Page 8 Paper Money $5 notes, numbered 2601-6460 and $143,000 worth of $10 and $20 bills, serials 1961-4836. The Engraved no-status Alaska notes were again issued only by the First N.B. of Juneau. In 1912, Congress authorized a restricted, circumscribed territorial status to Alaska, with the first meeting of the Territorial Legislature convening March 3, 1913. ENGRAVED NO-STATUS DESIGNATION NOTES were dated Feb. 15, 1918, 20 years to the date after the first Second Charter notes were issued by the Juneau bank. Alaska was not proclaimed a full-fledged Territory until Nov. 5, 1924. During the 12 intervening years (1912-1924) and during the tenure of Territorial Governor John F.A. Strong (1913-1918) the "no-status" notes were issued. These notes have ALASKA engraved in a curved arc in the bottom center of the bank's title format. Such Third Charter Plain Back Blue Seal notes issued by the Juneau bank amounted to $77,800 worth of $10 and $20 notes, serials 1-1556. Whole No. 73 TYPE-SET NO-STATUS NOTES OF ALASKA were issued by The First National Banks of Fairbanks, Ketchikan and Juneau, all Series 1929 (small size) notes. They circulated during the Alaska Territorial period and were without the "Territory" designation in the bank title formats, following the example of the Third Charter notes of Juneau. Issues of small size Alaska Nationals were as follows: First N.B. of Fairbanks-$5 Type 1, $31,500 worth, serials 1-1050; $10 Type 1, $31,200, serials 1-520; $20 Type 1, $20,400, serials 1-170; $5 Type 2, $10,430, serials 1-2086; $10 Type 2, $10,340, serials 1-1034; $20 Type 2, $6,480, serials 1-324. First N.B. of Ketchikan-$5 Type 1, $69,060 worth, serials 1-2302; $10 Type 1, $76,440, serials 1-1274; $20 Type 1, $39,600, serials 1-330; $5 Type 2, $24,550, serials 1-4910; $10 Type 2, $18,010, serials 1-1801; $20 Type 2, $12,000, serials 1-600. Established in September of 1924, with a capital of $50,000 and charter No. 12578, this bank was eligible to circulate Third Charter Nationals, but elected not to do so. First N.B. of Juneau-$10 Type 1, $50,400 worth, serials 1-834; $20 Type 1, $24,960, serials 1-208, $10 Type 2, $16,710, serials 1-1671; $20 Type 2, $3,520, serials 1-176. Of the five Alaska National Banks eligible to issue circulating bank notes, only three participated in this endeavor. The two non-issuing National banks were: The Page 9 Harriman N.B. of Alaska at Seward, charter No. 10705, Feb., 1915; title changed to First N.B. of Seward, Feb., 1924; liquidated April, 1921. and The First N.B. of Anchorage, charter No. 12074, Dec., 1921. Our appreciative gratitude is extended to the following members of the Society of Paper Money Collectors whose cooperation made this article possible: William P. Donlon Dave L. Levitt John Hickman Dean Oakes Peter Huntoon John T. Waters Lyn F. Knight Louis Van Belkum Included In The List Of Publications Consulted Are: "National Banks of the Note Issuing Period, 1863-1935", Van Belkum. "Paper Money of the United States", Robert Friedberg. "The National Bank Notes Issues of 1929-1935", Warns, Huntoon and Van Belkum. "United States National Bank Notes", Dr. Frank A. Limpert. "United States Large Size Paper Money, 1861-1923", Wm. P. Donlon. Comptroller of the Currency Reports. National Archives, Washington, D.C. Auction catalogs, Stacks, Rarcoa, Hickman & Waters, Hickman & Oakes. John M. Kinney, Archivest, State of Alaska, Juneau, Alaska. REWARD OFFERED FR# 247 AM'T. 2.00 DATE GRADE 1896 Unc. SERIAL# 7788394 $1,000.00 Reward will be given for the return of this 253 2.00 1899 Unc. 96731393 collection. Last seen in rear seat of a taxi. For further 260 5.00 1886 Unc. 3214779 information contact: Atlanta, Georgia Police Department, 268 281 5.00 5.00 1896 1899 Unc. E.F. 3447124 26859341 Telephone (404) 658-6772 or Carl Bryan, White Oak, NC 282 5.00 1923 Unc. 4196027 28399, Telephone (919) 866-4151. 289 10.00 1880 E.F. 5268250 296 10.00 1886 E.F. 1315914 FR# AM'T. DATE GRADE SERIAL# 311 20.00 1880 V.F. 2137605 LEGAL TENDER 314 20.00 1886 E.F. 693635 62 85.00 1862 E.F. 43624 95 10.00 1863 E.F. 81122 COIN NOTES 125 20.00 1862 E.F. 58671 347 1.00 1890 Uric. 631763 16 1.00 1862 E.F. 42324 353 2.00 1890 Uric. 407141 18 1.00 1868 E.F. 326587 359 5.00 1890 Uric. 3073769 27 1.00 1878 Unc. 3828455 368 10.00 1890 Unc. 4480742 40 1.00 1923 Unc. 31424850 372 20.00 1890 E.F. 189910 41 2.00 1862 E.F. 983 FIRST CHARTER 42 2.00 1869 V.F. 411914 380 1.00 1865 E.F. 78969 60 2.00 1917 Unc. 50710868 387 2.00 1865 E.F. 871136 64 5.00 1869 Uric. 3841654 399 5.00 1871 E.F. 549512 91 5.00 1907 Unc. 4225381 418 10.00 1875 E.F. 537106 96 10.00 1869 V.F. 3428326 429 20.00 1865 E.F. 591288 99 10.00 1878 Unc. 1323593 SECOND CHARTER 114 10.00 1901 Unc. 46868780 472 5.00 1892 Uric. 620473 123 10.00 1923 Unc. 399074 537 5.00 1900 E.F. 281898 147 20.00 1880 Unc. 1910604 581 20.00 1882 V.F. 271292 SILVER CERTIFICATES FEDERAL RESERVE 219 1.00 1886 Unc. 61177557 1107 100.00 1914 Uric. 243934 224 1.00 1896 Unc. 13827117 236 1.00 1899 Unc. 41089457 244 2.00 1886 Unc. 18408109 245 2.00 1891 Unc. 19046332 1173 1200 1215 10.00 50.00 100.00 GOLD CERTIFICATES 1922 Unc. 1922 Unc. 1922 Unc. 42185167 2138188 1143233 Page 10 Paper Money PhECUE210M i FHE MOV'70 "5H CLOD W _ Mr" oa Moto PAPER MOHEY tind DGAgn Udz . vcADM qcq n@MG-d HICA@2 , by Gene Hessler NLG In late 1977, we heard the first rumblings of a movement to discontinue the use of the motto "In God We Trust" on U.S. coins and paper currency. I prefer not to expound the constitutional legality of such use of this motto—we all have our opinions for or against, or perhaps claiming indifference. I can't resist repeating something I once read: after a lengthy argument between a believer and a non-believer, over the existence of non-existence of God, the latter concluded by exclaiming, "I'm an atheist, thank God." I will say no more, except to add that according to Voltaire, "If there was no God, it would be necessary to invent Him." The precursor of the motto "In God We Trust" appeared on U.S. paper money one year before its first use on a U.S. coin—the two-cent piece dated 1864—bore this motto, and 88 years before the Act of July 11, 1955, required the motto to appear on all our coins and currency. The 1955 act came about through the efforts of Matthew H. Rothert, former president of the ANA; Secretary of the Treasury Humphrey, Senator Fulbright of Arkansas and Congressmen Bennett of Florida and Harris of Arkansas. However, there is a record of a John H. Shenkel writing to President Eisenhower in July, 1953, about the same proposal. In November, 1861, the Reverend N.R. Watkinson of Ridleyville, Pa., grieving over the Civil War, wrote to Salmon P. Chase, Secretary of the Treasury. "You are probably a Christian. What if our Republic were now shattered beyond reconstruction? Would not the antiquaries of succeeding centuries rightly reason from our past that we were a heathen nation?" Rev. Watkinson's suggestion for a motto was, "God, Liberty, Law." Communications between Secretary Chase and James Pollock, U.S. Mint Director, reveal that four mottos were under consideration: "Our Country, Our God," "God, Our Trust," "Our God, and Our Country" and "In God We Trust," the latter proposed by Secretary Chase. If one looks at the $20 Interest-bearing Notes of 1863 and the Compound Interest Treasury Notes of 1864, it would appear that these notes were testing vehicles for a motto yet to be approved. The one-year $20, $100 and $1,000 Interest-bearing Notes issued under the Act of March 3, 1863, were the first to carry mottos which can be ‘,..LIEGAL fru YE FOIL E II 1$ LEAH S 170:r,g-f AS6 I Both the $20 one-year Interest-bearing Notes and the three-year Compound Interest Notes bear the mottos, "God And Our Right" and "In God Is Our Trust" Whole No. 73 Page 11 considered forerunners of the motto seen on the money we handle each day. The $20 note actually bears two mottos, "God And Our Right" and "In God Is Our Trust." The latter phrase can be traced to the fourth stanza of the "Star Spangled Banner,"* written in 1814: Then conquer we must, for our cause is just And this be our motto, In God is our Trust. Francis Scott Key's declaration was used on the $100 and $1,000 denominations, although the original model for the $1,000 note called for the motto, "God And Our Right". A letter dated August 29, 1863, from S.M. Clark, Director of the National Currency Bureau to W.D. Wilson, President of the Continental Bank Note Company, reveals the Director's desire to change the motto to "In God Is Our Trust". It is interesting to note that the $100 Compound Interest Treasury Note, which is almost identical to the Interest-bearing note design, with an overprint, does not bear the motto "In God Is Our Trust". Approximately 20 years later, the motto we are most familiar with, "In God We Trust,"** made its debut on the $5 Silver Certificates of 1886. The beautiful backs for these notes bear the rendition of five silver dollars. These cartwheels, designed by George T. Morgan, were first issued in 1878. With the depiction of four silver dollar reverses, one can claim the $5 Silver Certificates of 1886 are the only notes to have the motto "In God We Trust" four times thereon. *The melody of "Anacreon in Heaven", borrowed by Key has finally been attributed to John Stafford Smith. THE NEW YORK TIMES, October 30, 1977. **This is also the motto for the state of Florida, and is therefore found on the rare first charter notes of this state. Prior to 1868, the motto was "In God Is Our Trust". Design Background For The $20, $100 & $1,000 One-Year Interest-Bearing Notes Unfortunately all the U.S. paper money models referred to in the following letters found in the National Archives, are unknown; nevertheless it is interesting to observe how the recommendations of S.M. Clark, Director of the National Currency Bureau, were followed and applied to the accepted designs. On occasion his recommendations were ignored. The earliest letter to be found, which relates to the designs for the one-year Interest-bearing Notes was an invitation to Fitch Shepard, President of the National Bank Note Company, to submit models for the $20 and $500 denominations. In his letter of July 20, 1863, S.P. Chase made it clear that only new work would be acceptable when he said, " ... all the work must be new or not have been before used ... " In the amazingly brief span of only 19 days, on August 8, S.M. Clark wrote to Mr. Shepard requesting that the head of President Lincoln be substituted for the Secretary of the Navy on the $20 Interest-bearing Note model, submitted by the National Bank Note Co. Giddeon Welles served as Secretary of the Navy under Presidents Lincoln and Johnson; Welles held this cabinet position from 1861 to 1869. Welles built a navy which began with a few American ships scattered around the world's oceans. Welles had many critics; nevertheless, to quote C.A. Dana, "There was nothing decorative about him; there was no noise in the street when he went along; but he understood his duty, and did it efficiently, continually, and unvaryingly." With the long conflict between North and South grinding to a halt, it was probably prudent to portray the president on a new $20 note rather than honor a cabinet member with no charisma. The $100 Compound Interest Note does not bear "In God Is Our Trust" on the shield of "The Guardian," as seen motto "E Pluribus Unum" on the shield. Clark's recommendation for the placement of "Justice" and the motto "God And Our Right" was not accepted. (Courtesy of Amon Carter, Jr.) Page 12 Paper Money The American Bank Note Company submitted models for the one-year $100 Interest-bearing Note. A letter dated July 17, 1863, addressed to S.P. Chase tells us of the recommendations of Mr. Clark. "For the $100 I respectfully recommend the non-coupon model submitted for the $50 Note as a The portrait of Giddeon Welles, Secretary of the Navy was on the original model for the $20 Interest-bearing Note. basis, with the following alteration: The Interest tablet at the right hand upper portion and the 'Fifty' tablet in the right hand lower corner to be omitted. Place the figure of Washington in the center (from end to end) of the Note. Move the sitting figure of Justice to the left hand end and engrave upon the shield the words 'God and our Right' and put [indecipherable], a little larger, in its place. There is no suitable vignette for the purpose on the models submitted; but Mr. [Lorenzo] Hatch has exhibited to the Comptroller of the Currency the proof of an engraving of 'America grasping the lightning' which is suitable both in size and workmanship. I respectfully recommend its acceptance for the purpose. The lettering to be entirely remodelled, the words `Fifty dollars' are comparatively insignificant, but should be very prominent and the place for the seal should be nearer the right hand portion of the Note. Three years after date to be altered to one year after date and the end of the Note to be like the coupon model. If green tint is to be used on the face, there is not enough of it nor is it rightly placed. But, I do not think its additional security at all commensurate with its additional cost. One of the numbers should be on the upper right hand end of the Note, the other on the lower left hand end. The Note should express upon its face in the central Whole No. 73 rix 1, a vrcxr 1. acs • • t s -WE) The $1,000 one-year Interest-bearing Note with the motto "In God Is Our Trust" originally was to have "God And Our Right," (Courtesy of J. Roy Pennell) Page 13 portion of the upper border that it is a legal tender for $100 and should also carry the date of the Act authorizing the issue. The date of the Note to be fixed by the Secretary." [F193, H1339] The accepted design, which is illustrated, does not reflect all of Mr. Clark's recommendations. Additional correspondence, perhaps since lost, might have enlightened us about the design. A model for the $1,000 Interest-bearing Note was submitted by the Continental Bank Note Company and subsequently prepared with the changes recommended by S.M. Clark in a letter dated July 17, 1863, to Secretary Chase. "That the two designs of 'Justice' on the $20 model and of 'America' on the $500 model be adapted for the $1,000." [F201, H1393a] Design Background For The $10, $50 Si $500 One-Year Interest-Bearing Notes The inter-departmental letter of July 17, 1863, addressed to Secretary Chase from Director S.M. Clark also refers to the $10 and $50 one-year Interest-bearing Notes. "For the $10's I recommend as a basis the model of the $10 non-coupon, substituting the head of the present Secretary on the $100 non-coupon model for that of Hamilton (Hamilton being on the $20), and placing it nearer the left hand end. Omit the Interest tablet and put in its place and move "America Grasping the Lightning" by Lorenzo Hatch, was S.M. Clark's suggestion for the right side of the $100 Interest-bearing Note. Unused on the note just mentioned, it was later placed on the $10 National Currency Note of the First and Second Charter periods. to the left the eagle from the $50 coupon model. Remove the counter and vignette from the right hand end and substitute therefore the full length female figure of which a proof has been submitted to the Secretary, with a proper counter above it. The lettering to be varied accordingly. The seal to be near the right hand and the numbers at top and bottom same as the other notes. For the ends of the $10 I recommend the ends of the $10 coupon model.* The main lines of lettering on all the models are objectionable, chiefly because they are similar to those Page 14 Paper Money The $5,000 Interest-bearing Note on which this vignette appears is unknown. The vignette without the misspelled title is somewhat more feminine, especially the left hand which S.M. Clark described as looking like "an animal's paw" already in use. I respectfully recommend that they be of new design. [F196, H496] For the $50 I respectfully recommend similar changes in the legends to those of the $100s. Taking the coupon model of $20* as a basis, I respectfully recommend that the end of the Note be as those modelled (omitting coupons) but that the right hand counter be removed to the top of the Note and changed for the pattern of counter on the $500 coupon model and the date of the Act removed. The left hand vignette to be removed and the left vignette of the $1,000 coupon model be substituted therefore with the date of the Act above it and a narrow oblong counter beneath it. The seal to be placed near the right hand end of the Note, omitting the ornamental work and the numbers to be placed at right hand top and left hand bottom." [F198, H945] In the letters dated July 17 and August 8, 1863, Clark recommends changes in the $5,000 Interest-bearing Note. Referring to the $1,000 and $5,000 Interest-bearing Notes, Clark writes: "That the models submitted, from paucity of material and haste of making up, afford a narrow image for selection, and only enable me to specifically report in part, and make suggestions for the remainder. I respectfully recommend that the vignette of 'Wealth offering her jewels on the Country's alter' [sic] on the *It would appear that three-year Interest-bearing Notes of less than $50 were considered; only three-year notes bore coupons. The Act of March 3, 1863, stated that notes of " . . . not less than $10 . • • " were to be " .. payable... at such times not exceeding three years from date . . . " $100 model be adopted for the $5,000 Notes." [F202, H1435a] This vignette is more often referred to as "The Altar of Liberty." In a later letter, dated August 29, 1863, S.M. Clark makes the following observation to W.D. Wilson, President of the Continental Bank Note Company, the company which ultimately prepared the accepted version: "If you can remedy the ludicrously awkward appearance of the left hand of the figure of Wealth in the vignette, it will very much improve it, and save it from some mortifying criticism. It looks more like an animal's paw than a female hand." Clark's observation was quite descriptive as one can see in the illustrated vignette. A second version presents Wealth with a somewhat more feminine left hand and the facial features in general. Although the law providing for the inclusion of "In God We Trust" on all U.S. coins and currency was passed in 1955; most, if not all collectors are aware that it was not until 1957 that our national motto was first added to small size U.S. currency. The Bureau was in the process of changing to high-speed presses at this time. Some 1935G $1 Silver Certificates were printed after this date and therefore are found with and without the motto. "Beginning with September 15, 1961, all $1 notes have been printed with `In God We Trust' "* To reiterate in closing, illustrations of all the original models mentioned would give us a better picture of the changes and recommendations referred to in the foregoing letters. It is unlikely however, that the original designs are still in existence. Notwithstanding, we now have more insight as to how these designs came to fruition under the guidance of S.M. Clark, Director of the National Currency Bureau and Salmon P. Chase, Secretary of the Treasury. Whole No. 73 Page 15 New 65 page illustrated catalogue now available. Any and all Fractional or related material (Books, Spinner Items, etc.). We are also strong buyers of U.S. Encased Postage, Fractional Denomination Continental, Colonial, and Obsolete Currency. Sell to a Specialist for the Best Possible Offer. LEN & JEAN GLAZER P.O. BOX 111 FOREST HILLS, N.Y. 11375 SOCIETY OF PAPER MONEY COLLECTORS INC Page 16 Paper Money One of the most interesting and complex series of notes within the field of U.S. Fractional Currency is the 500 "Justice" type of the Third Issue. The type contains over 30 varieties; having been issued with red backs and green backs, printed signatures and autographed signatures, with and without bronze surcharges, and on different types of security papers. To complicate things further, the addition of position figures indicative of the each's note's position on the original sheet adds more varieties. Normally, Justice notes were printed with 12 subjects to the sheet. The position designators "1" or "a" or both were used to indicate the notes' position on the sheet (Fig. 1). The upper left note on a sheet showed both the "1" and the "a". The top center and upper right notes showed only the "a", while the notes along the left side (except, of course, the top note) showed only the "1". As illustrated by Fig. 1, notes which carry both the "1" and the "a" are six times as scarce as notes with no position figure; the "a" notes are three times as scarce, and the "1" notes twice as scarce. Because the final loop on Francis E. Spinner's famous flourishing signature always entered into the design of the note to the right, all Justice note varieties with the "a" only, or no position designators, must show the presence of this loop. Of course, as most collectors of Fractionals know, many of the Justice notes were poorly trimmed, due to the narrow margins between notes on the sheet. The spacing was, in fact, closer than on any other Fractional type. So, in cases where the note has been closely trimmed on the left, the loop from Spinner's signature may have been scissored off. But, if there is any sort of left margin or if the note is not trimmed into the design, that loop is easily seen. by Torn Knebl I was quite satisfied with the above information until I read an article published in 1972 by Martin Gengerke, an avid collector and researcher in the field (Paper Money, vol. 11, #2, Whole 3 42). The balance of this article is possible only through his research and help. In examining the plate proofs in the files of the Bureau of Engraving and Printing, it was discovered that a few Justice note plates were arranged with 30 subjects—three across and 10 down'T-rather than the usual 12. On one of these, (face plate #62) all 10 notes in the left column had the position letter "a" only, rather than the figure "1" or the combination of letter and figure. JUSTICE ?MAI aa a a a a a a Whole No. 73 Page 17 1 1 1 A bove: Figure 1—Regular Justice sheet showing the 'normal' location of plate position figures. Right: Figure 2—Location of position figures on a 'sheet' from plate #62. Far Right: Figure 3—Location of position figures on a 'sheet' from plate #5. a a • On another plate, (face plate #5) the top three notes had the "a" only, and all others had no position designators (Figs. 2 and 3). As mentioned earlier, any note with the position letter "a" alone would always show the end of the signature loop from the note to its left (Fig. 4), unless it was from plate #62 or the upper left corner note from plate*5 Whether or not any regular issue notes were printed from these plates could not be verified until an actual specimen was discovered. This would require a Justice variety with the position letter "a" only, a fairly decent left margin and no signature loop. After learning this, I began to examine every "a" note I Figure 4—Showing location of a signature loop on a regular 'a' only Justice note. could find, hoping to find this "no loop" variety. This in itself is not an easy task, as the whole Justice series is quite scarce. Many varieties are almost impossible to obtain— especially in decent condition—and it becomes quickly apparent that the series is full of super sleepers, by today's standards. I visited shows, examined dealers' stocks, (what little there are) but to no avail; all of the notes I saw had the errant loop. I had all but given up when one evening, while evaluating a group of Justice and Spinner type notes I had just acquired, I realized that the Friedberg-1365 I was looking at did not have the loop (Fig. 5). Upon a closer examination, it was also found that the note had an Figure 5—No signature loop from note to left. Page 18 Paper Money Figure 6—Normal location of an inverted plate number. inverted plate number (#29) on the back, but in the wrong location for a normal "a" note. Usually an inverted plate number would appear at the intersection of the upper right four notes on the sheet. An "a" note, when it shows an inverted plate number, normally would have the number at the lower right corner of the back (Fig. 6). A "1" and "a" note would show this number, when it appears, in the lower left corner of the back. On this Fr. 1365 note, the inverted plate number was in the lower left corner, (Fig. 7) which would put this note in the upper right corner of the sheet (when viewed from the back). This, of course, becomes the "1" and "a" note position when the sheet is turned over. Additionally, there was some ink smear evident along the top and left edges of the back, indicating that same corner position. The edges of a sheet were very prone to receiving these smears and smudges, and although they are the bane of many condition-conscious collectors, they can at least be useful as indicators of a note's position on a sheet. Of interest also is the fact that back plate #29 was Figure 7—Location of inverted plate number 29 on FR 1365a. indeed inverted, but was a 12-subject plate, rather than a 30. This would indicate that the 30-subject face plates were cut to 12 before being used. This was, in fact, positively done, It was stated in an old ledger, (Record of Plates, No. 1, National Currency Bureau) "plates of thirty—cut to twelve." The ledger was found in the BEP, buried on a shelf behind some other volumes. Also interesting is the fact that this cutting down of plates was also done with some of the plates used to produce Fractionals of the Second Issue. There are uncut sheets of the Second Issue which show traces of additional notes from these larger plates. It was noted in the ledger that Justice plate #5 was dated November 22, 1864; plate *62 was dated April 20, 1865, and back plate t/29 was dated December 9, 1864. It is my guess that the example presented here is from face plate #5 . Now that this "no loop" variety is known to exist, we are confronted with a legitimate new sub-variety. It would be most interesting to hear about any other specimens that may now be discovered, and correspondence on the subject would be welcome. A BARREL FOR A SAFE The following banking incident is extracted from the Sandusky (0.) Journal. It was related by Mr. Hackerdorn, attorney for the N.Y., Lake Erie & W. Railroad. In former days gold was in demand, and it was a hard matter to have script redeemed in this coin, for, if the banks went to dealing in script, it meant their ruin, and it was a hard matter to find a bank willing to redeem the paper, if it could be avoided in any possible manner. In fact, when there was any script offered for redemption, the banks never could be found. It appears that an express company had $10,000 worth of script in its possession, which it wanted redeemed. The company's officials learned that there was a bank at Jonesville, Ind., and immediately dispatched a messenger for that place on horseback, to secure gold for paper. The messenger drove around through the country for several days, searching for the town of Jonesville: No one appeared to know where it was, neither had any one ever heard of the Jonesville Bank. Finally the messenger came up to a man whom he met along the road, and made further inquiry as to the town of Jonesville and the Jonesville bank. The man told him that the place was Jonesville, and that the bank was at the corner, pointing out a dingy looking little blacksmith shop at the intersection of two country roadways. The messenger approached the shop with a look of astonishment, and on entering inquired of the smithy: "Is this the Jonesville Bank?" "Yes, sir," was the reply; "got some of that 'ere script, I suppose." "Yes; can you redeem it?" "How much is it?" "$10,000." "Yes, I guess I can; I've got the money in the safe." "Well, where's the safe?" "Over there in the corner," said the blacksmith banker, and he at once proceeded to dump out a barrel of potatoes. In the bottom of the barrel was $30,000 in gold, and he redeemed the $10,000 worth of script. Banker's Magazine May 1892— Paper Money Shouldn't you be working with the company that's Number One in U.S. Currency? Shouldn't you be working with Kagins When you're selling, we offer: liberal cash advances, commissions as low as 10%, professionally prepared catalogs, unsurpassed advertising and promotion and unique use of color slide presentations and color photography. We also make outright cash purchases of collections, if desired, at Top Market Prices. When you're investing, we offer: personalized investment programs featuring only Choice and Superb Notes. Of course, we always offer your our years of numismatic expertise, and this year we're celebrating our Golden Anniversary in numismatics. We're Kagin's. We're Number One in U.S. Currency„ Shouldn't you be working with us? Page 19 Kavinvs Kagin's Numismatic Auctions, Inc.Suite 600 -608 Capital City Bank BuildingDes Moines, Iowa 50309 (515)243-0129cp) Editors and publishers of Donlon Catalog of U.S. Large Paper Money—Latest edition $3.95. shown in competition at the convention. In September, it was exhibited non-competitively at the ILLNA show at Arlington Heights, Illinois, and will be so displayed at the Central States Numismatic Society convention in St. Louis, Mo., in 1978. The first case of this exhibit, which occupied five cases, contained a yellow card inscribed in black: "Great Rarities in Obsolete U. S. Currency and Scrip. Did you know that many so-called 'broken-bank' and other un- current paper notes are much more rare than many U. S. coins which sell for thousands of dollars? This unique display contains twelve of these notes, of which less than six each are known to exist." The remaining cases held the notes, displayed in a uniform fashion. Each note, mounted in a white plastic holder, rested on a background of red vinyl. The phrase "Obsolete Currency" and the appropriate state or territorial origins of the notes were also included, lettered in white on rectangles of blue plastic. Above and below each note appeared its history and description on yellow cards of matching format. Each history was a product of careful research, with credit given to the sources of the information shown. Rarity ratings and comparative condition were also indicated for each note; all are Rarity 7 (one to five known) as stated on the title card. Page 20 ■•■ Paper Money The Winner's Circle What greater joy could be experienced by any numismatic exhibitor than to enter two displays in competition at an American Numismatic Association Convention and to be rewarded for his many hours of patient effort by receiving not only two first-place plaques, but also the top numismatic exhibit award in the entire United States, the prestigious and valued Howland Wood Memorial Award? This good fortune befell Maurice M. Burgett, charter member #92 of the Society of Paper Money Collectors, at the recently concluded annual get- together of the ANA in Atlanta, Georgia. Burgett's two winning exhibits are described in the following paragraphs. Prepared in 1974, the display entitled "Great Rarities in Obsolete U. S. Currency and Scrip" came into being as a result of the owner's desire to acquaint the numismatic fraternity with the great rarity, historic importance, and value inherent in this material, much more than heretofore realized. This display contains 15 pieces of numismatic paper, issued for a number of different purposes, and each is from a different state or territory. These characteristics, of course, indicate that such rarities can be found among the issues of all of 50 states and, for a little longer time at least, are available to collectors. This display received the D. C. Wismer Award for obsolete paper money issued in the United States, (Class Six) and ultimately the Howland Wood Grand Award for best-of-show, besting. the 102 other excellent exhibits Whole No. 73 Page 21 *^. ( The second case contained the following: A $1 scrip note issued by Lord & Williams, a prominent firm of merchants and bankers which was located in Tucson, Arizona Territory during the 1870's. Only two specimens are known, one of which is in a museum. A $50 fare scrip, redeemable in gold, used by the California, New York and European Steamship Company of San Francisco, California. Dated 1866, possibly three pieces of this scrip are extant. A 25•i merchandise due bill, prepared for issue by the Spaulding-Hutchinson Mercantile Company in 1901. This firm operated the largest store in Checotah, a town in the Creek Nation, Indian Territory. According to present knowledge, this note is unique. Contained in the third case were: Five-cent Sutler's scrip from Fort Abercrombie, Dakota Territory. Originally payable in cash but later redeemable only in merchandise by the post sutler, J. M. Stone, this note was probably issued shortly after the Civil War. No other copies of this note are known. A $1 bank note prepared for issue by the Farmer's Bank of Marianna, Florida Territory. A perforated proof copy of this extremely rare note was shown; possibly three other specimens are known to be in collectors hands. One dollar bank note of the City of Columbus, Georgia. Redeemable also in Apalachicola, Florida, this note is presumed to be unique. The fourth case held the following: A draft for $10 on the First National Bank of Idaho in Boise City, Idaho Territory. Issued in the late 1860's by B. M. DuRell of Idaho City, this extremely rare piece closely resembles the Legal Tender notes issued about this time by the Federal Government. Possibly four of these are known to exist. Twenty-five cents scrip issued by Daniel Gilman, an early merchant and possibly part-time banker in the now defunct town of Latonian Springs, Kentucky. This presumably unique note bears the date of July 4,1838. A "50" friendship scrip, a fantasy note emitted by the city of Helena, Montana Territory, in connection with the establishment of Helena as the territorial capital. Only three of these interesting items are known at present. Case number five contained: A $1 municipal scrip issued by the Village of Kingfisher City, Oklahoma Territory. This note is the only known issue which bears the inscription "Territory of Oklahoma." To date, only three of these notes have been reported. A 15(t merchandise due bill prepared for use by C. C. Bruner and Son, who operated a trading post in the small town of Heliswa in the Seminole Nation, Indian Territory. No other note from this location has ever been reported; all Seminole notes are considered to be "non- collectible." One dollar coal mine scrip emitted by the Black Diamond Mining Company of Black Diamond, Washington Territory. A recently discovered note from one of the western territories where very few issues of obsolete currency are known to have been made. This note is presumed unique. Originally included in the display, but not shown in Atlanta due to restricted space, are the following items which would have occupied an extra case # and concluded the presentation: A Confederate scrip note for $1 issued in 1862 by E. S. Mitchell of Fort Smith, Arkansas. Also redeemable in Doaksville and Boggy Depot, Choctaw Nation, (now southern Oklahoma) this extremely rare note is one of possibly four extant. A $5 bank note used by the Bank of St. Louis, St. Louis, Missouri Territory. A fine example of an early note issued in 1817 by a frontier bank, only three or four of these are known to be in collectors hands! A $50 treasury note emitted by the territorial legislature in Madison, Territory of Wisconsin. An im- portant rarity from the Midwest and one of only five which have been reported. Winning the William C. Henderson Award in Class 15 entitled "Western Americana" was a display entitled "In Memoriam - Tenino's Wooden Dollar Honoring Calvin Coolidge." Featured in this exhibit was a commemorative issue of the wooden scrip used in Tenino, Washington, during the Great Depression. The issue marked the death of former president Coolidge in 1933. The first case of this display contained the title card, a large charcoal portrait of Coolidge, and a brief biography. The second case contained the two pieces of scrip, showing both obverse and reverse, mounted in white plastic holders. Also displayed in this case were a com- prehensive history of the wooden money issued by Tenino's Chamber of Commerce, and a card combining a description of the scrip displayed with a bibliography. Each unit of the display, except the two pieces of scrip, was framed in orange, presenting a pleasing contrast to the black, silver-marbled background. It is believed that this is the first occasion on which a first place award of the American Numismatic Association has ever been won by a display of wooden money. Page 22 Paper Money The following article appeared in the January, 1897 issue of Bankers Magazine and is furnished here thru the courtesy of Bruce Smith. The earlier specimens of bank-note engraving, as compared with the elaborate and artistic productions of the present day, were crude and rude indeed. Between the Continental notes of the Revolutionary period and the Government issues of to-day, and even between the bank notes of fifty years ago and the present National bank bills, there is almost as great a contrast as there is between "block-books" of the fifteenth century and the fine typographical products of the nineteenth century. In bank- note engraving America assumed the initiative and has steadily kept in advance of other countries. It is within the last two decades that the Bank of England discarded its simple, inartistic and easily counterfeited notes and adopted our advanced ideas. The Bank of France and those of other European countries have been equally slow in this line of progress. business men, corporations, and mining and manufacturing companies. The processes of bank-note engraving are interesting. All the pictures, such as portraits, views, copies of celebrated paintings, or vignettes of whatever character, are engraved by first-class artists in line engravings upon small pieces of plate, which are softened and annealed. When the engraving is finished, and the proof satisfactory, the plate is hardened, and is then transferred to another plate, or more frequently to a steel cylinder, which, when hardened in turn, presents a raised impression, which will in a few minutes cut by pressure or by rolling under heavy pressure, a duplicate of the original plate on the plate finally to be used in printing. This is an important part, but by no means the whole of the work. Other portions of the plate for the note have been cut by machinery, and transferred to the plate; the "counters" on which the figures of the denomination of the note are printed have been put in by lathe-work patterns, and indeed the greater part of the plate itself, is now done Bank Note Engraving Jacob Perkins, the inventor of engraving on steel, is also the father of bank-note engraving in this country. His discovery of the transferring process made it possible to produce, at reasonable cost, steel bank-note plates, with vignettes and decorations capable of almost infinite combinations, thus giving the banks throughout the country issues which by their beauty appealed to the eye and the taste and necessitated that counterfeiters should be first class engravers. Not but that counterfeiting has been frequent, for what one engraver has done another can do; but the constant progress in the art, and the introduction of intricate and expensive machinery for some portions of the work, have lessened the number and the danger of counterfeits year by year, while the art itself has now reached a point of perfection beyond which further progress seems impossible. The invention of the transfer process, the introduction of the lathe work, the employment of superior designers and engravers, and the great demand for plates in every section, all competing with each other in issuing the handsomest bills, very soon made bank-note engraving a most important industry in this country. For awhile a half dozen or more concerns engaged in the business of supplying the bank notes and later was formed by the conbination of these the American Bank Note Company, which has long held a monopoly of the business, as well as of the similar elaborate engraving of plates for checks, drafts, certificates of stock, bonds, etc. It also controls much of the other finer sort of engraving required by by machinery, leaving, if anything, only the large figures indicating the denomination to be cut in by the engraver. The plate, thus completed by various transfers, is now hardened, and is ready for the printer. With numerous skilled workmen at work upon the different parts of a plate its production is now the work of but a few hours where the engraving of a vignette occupied days. The plates for printing, as made by the transfers, are thin plates of steel, with sometimes two, three, or four notes on a plate, and sometimes a single note. Notes of large denominations, one hundred dollars and upward, requiring fewer impressions than the lesser notes, are sometimes engraved on copper. In printing from the plates, the same care is necessary as in the best plate printing, and special presses are used which will register every impression taken, so that not a single sheet can be abstracted by dishonest persons during the process. After printing, the sheets are dried, and are subsequently pressed under hydraulic pressure. The numbering of the notes with red or other colored figures is done by a curious machine, which itself appears to have some knowledge of figures and which counts accurately. The present system of the United States Treasury and National bank notes has done away with the vast variety of designs formerly used by State banks. Whatever the face of the National bank note may display, as to State, city or name of bank, etc., the backs of all these bills, according to denomination, display the same designs, which, for different denominations, is a copy of one of the historical pictures in the rotunda of the Capitol at Washington. Paper Money Page 23 IATA,NTED OKLAHOMA OKLAHOMA NATIONAL BANK NOTES SMALL SIZE 1929 5126 WYNNEWOOD 7811 WALTERS 9964 GUYMON 0875 ERICK 5272 NEWK IRK 7822 HASKELL 9968 CORDELL 0960 POCASSET 5298 DAVIS 8052 WEWOKA 9970 STILWELL 1397 TON KAWA 5347 STILLWATER 8138 GUYMON 9976 SAYRE 1763 CARNEGIE 5546 PRYOR CREEK 8140 FREDERICK 9980 HARRAH 1913 I DABEL 5587 ALVA 8203 CHICKASHA 9987 SHATTUCK 2035 MOORE 5811 MANGUM 8294 MAUD 0003 BRAMAN 2078 WELLSTON 5955 CHELESEA 8313 PAWHUSKA 0005 POND CREEK 2104 DEPEW 5958 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 WAURI KA 0205 MARLOW 2801 HUGO 6517 QU I NTON 8852 TEXHOMA 0239 HEAVENER 3021 MADILL 6641 WA N ETTE 8859 VERDEN 0240 HOLLIS 3751 OKMULGEE 6660 MCLOUD 9046 SULPHUR 0286 MADILL 3760 FREDRICK 6868 BEGGS 9709 WAYNOKA 0304 TECUMSEH 3891 PONCA CITY 6879 COWETA 9881 K I NHSTON 0380 ACHILLE 4005 DURANT 6980 CALVIN 9888 HEAVENER 0381 COLBERT 4108 WALTERS 7115 BROKEN ARROW 9942 TULSA 0402 KAW CITY 4305 PAWHUSKA 7209 BERWYN 9946 MARLOW 0548 RINGLING 7278 THOMAS 9949 NOWATO 0573 V IAN 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 PAY $1500.00 FOR ANY $50.00 RED SEAL ON STATE OF OKLA. 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, any state 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 75 KREMLIN, OKLAHOMA 73753 A.C. 405-874-2401 A173235E•4191.111411,SUSbAnIVS WM.1.614.111013M1110 71731L.1101. *mons