Paper Money - Vol. XXI, No. 3 - Whole No. 99 - May - June 1982

Selections From The Leading Stock of U.S. Currency NATIONAL BANK NOTE TYPES G-VG F-VF EF-AU CU $1 1865-75 59.50 175.00 395.00 895.00 $2 1865-75 150.00 450.0 895.00 2,350.00 $5 1865-75 69.50 175.00 495.00 995.00 $10 1865-75 89.50 250.00 595.00 1,795.00 $20 1865-75 175.00 595.00 1,595.00 Ask $50 1865-75 1,500.00 3,500.00 Ask $100 1865-75 2,950.00 5,500.00 ? $5 1882 BB 27.50 55.00 145.00 425.00 $10 1882 BB 37.50 75.00 :4.225.00 565.00 $20 1882 BB 50.00 100.00 295.00 675.00 $50 1882 BB 149.00 325.00 1,500.00 $100 1882 BB 275.00 550.00 2,500.00 $5 1882 DB 28.50 75.00 225.00 695.00 $10 1882 DB 38.50 125.00 350.00 825.00 $20 1882 DB 50.00 149.00 425.00 895.00 $50 1882 DB 199.00 395.00 1,950.00 Ask $100 1882 DB 289.00 695.00 2,975.00 ? $5 1882 VB 45.00 275.00 595.00 1,350.00 $10 1882 VB 60.00 325.00 625.00 1,450.00 $20 1882 VB 65.00 375.00 850.00 1,785.00 $5 1902 RED 35.00 59.00 225.00 445.00 $10 1902 RED 45.00 95.00 295.00 675.00 $20 1902 RED 75.00 149.00 375.00 850.00 $50 1902 RED 450.00 850.00 ? $100 1902 RED 599.00 995.00 ? $5 1902 DB 16.50 19.50 59.50 179.00 $10 1902 DB 24.50 29.50 69.50 210.00 $20 1902 DB 37.50 47.50 79.50 245.00 $50 1902 DB 150.00 225.00 750.00 ? $100 1902 DB 225.00 325.00 995.00 ? $5 1902 ND 15.00 19.00 47.50 174.00 $10 1902 ND 24.00 29.00 59.50 199.00 $20 1902 ND 36.50 46.50 75.00 229.00 $50 1902 ND 125.00 199.00 699.00 ? $100 1902 ND 225.00 335.00 1,095.00 ? $5 1929 T-1 9.75 10.95 22.50 37.50 $10 1929 T-1 17.95 19.95 24.50 49.50 $20 1929 T-1 26.95 28.95 37.50 64.50 $50 1929 T-1 62.50 65.00 75.00 89.50 $100 1929 T-1 115.00 119.50 129.50 149.50 $5 1929 T-2 9.95 11.25 23.50 39.50 $10 1929 T-2 18.25 20.50 25.50 57.50 $20 1929 T-2 26.95 28.95 37.50 67.50 $50 1929 T-2 65.00 67.50 79.50 99.50 $100 1929 T-2 117.50 122.50 139.50 159.50 Member SPMC Attention: A.M. 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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.) IN THIS ISSUE THE DEBT FUNDING OF MONTANA TERRITORY Ray Miller 99 FIRST AND LAST NOTES FROM BUREAU OF ENGRAVING AND PRINTING PACKAGES George H. Wettach 105 UA "AIR CURRENCY" COUPONS 106 THE NATIONAL BANK OF EGYPT - ITS FOUNDATION AND FIRST TWENTY YEARS (PART 2) Richard Kelly 107 THE PAPER COLUMN Peter Huntoon 113 1929-1935 NATIONAL BANK NOTE VARIETIES M. Owen Warns 115 UPDATE ... INDIVIDUAL NATIONAL BANK CHARTERS BY STATES WHOSE NOTES OF THE 1929-1935 ISSUING PERIOD REMAIN UNREPORTED M. Owen Warns 118 THE VERMONT GLASS FACTORY, 181:3-1817 AND ITS NOTES E. Burnell Overlock 125 MEET THE CANDIDATES 128 REGULAR FEATURES COPE REPORT 124 WORLD SCENE 127 LIBRARY NOTES 127 INTEREST BEARING NOTES 131 SECRETARY'S REPORT 133 COMING EVENTS 134 MONEY MART 136 Whole No. 99 Page 98 Society of Paper Money Collectors OFFICERS PRESIDENT Wendell Wolka, P.O. Box 366, Hinsdale, IL 60521 VICE-PRESIDENT Larry Adams, 969 Park Circle, Boone, IA 50036 SECRETARY Robert Azpiazu, Jr., P. 0. Box 1433, Hialeah, FL 33011 'TREASURER Roger H. Durand, P.O. Box 186, Rehoboth, MA 02769 APPOINTEES EDITOR Barbara R. Mueller, 225 S. Fischer Ave., Jefferson, WI 53549 LIBRARIAN Wendell Wolka, P.O. Box 366, Hinsdale, IL 60521 PUBLICITY CHAIRMAN Larry Adams, 969 Park Circle, Boone, IA 50036 NEW MEMBERSHIP COORDINATOR Ron Horstman, P.O. Box 6011, St. Louis, MO 63139 BOARD OF GOVERNORS Larry Adams, A. R. Beaudreau, Charles Colver, Michael Crabb, Jr., Martin Delger, Roger H. Durand, C. 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C. 29020 Library Services The Society maintains a lending library for the use of Librarian — Wendell Wolka, P.O. Box 366, Hinsdale, Ill. the members only. For further information, write the 60521. Paper Money Page 99 ggg The Debt Funding of Montana Territory A Scripophilic Study by RAY MILLER MME gEg WEM Introduction Just how many bonds were issued by the Territory of Montana throughout its 25-year territorial existence? My curiosity as well as real interest about this began in 1980 when I had the good fortune to handle an issued example of an 1876 Montana territorial bond. This particular bond series was authorized to be issued to the aggregate dollar amount of $91,250. I wondered if this were the actual total dollar amount of issue or if more or less than this authorized limit were issued. What denominations and how many of each denomination were issued? How many bonds were ever issued during the territorial period? Could anyone really expect to recast or recapitulate any territory's entire long-term debt financing with any degree of accuracy? Is it possible to acquire fiscal and monetary reports and then adequately evaluate them relative to just the bond issues themselves? A 25-year territorial period is such a long time. After all, just how many issued territorial bonds had I, or anyone else, ever seen? These financial documents in most cases would have to be over a century old. And then, would other important and needed records be available and if so, would they be reliable? Could enough information be obtained and documented in such a manner as to prove or disprove any accumulated findings? Lastly, could a conclusion of sorts be reached, and within a reasonable period of time? After much thought and consideration about the possibilities of making such an inquiry, I finally concluded that a study would be a feasible and most rewarding personal experience. To a large extent I have accomplished this objective and in so doing would like now to share the research effort and findings with fellow syngraphists. The "Debt Funding of Montana Territory" as an investigative project is like any other of similar magnitude in that it requires an abundance of necessary documentation, all of which is designed to g En provide the bases of resolution, in one form or another. There are many areas of statistical information and numerous secondary source materials to be considered, examined, and then evaluated. Many records are rather sketchy to begin with, while others simply aren't available. Some do not exist, and yet others still await their retrieval from undiscovered archival depositories. Legislative enactments, memorials and laws, all have to be studied and reviewed. Special and extraordinary sessions of the legislature must be looked over carefully, along with annual reports and other fiscal documents that require checking and rechecking. The list goes on, and it's not difficult to see where some information may never be available at all. Some of the difficulties I confronted initially were resolved quite readily but others were not until just recently. As an example, why would the signature of James E. Callaway as the Secretary of the Territory appear on an 1872 bond that was issued during the Potts administration and yet the signature of B. F. Potts as governor appear on the funding of 1876, which of course was also during his administration? This did cause me some concern at first but after reviewing the appropriate legislative enactments and sessions of the territorial government, the reason became quite evident — it was simply a matter of legislated law as to who was authorized to sign what particular document, i.e., bond. The bond numbering system created a much more difficult problem. Having handled a $1,000 denominated 1876 bond, numbered 71, I was also aware of the existence of another bond of this same series denominated in the amount of $500 and having an assignment number of 15. With a number 15, $500 denominated bond and a number 71, $1,000 denominated bond, both of the same series of issue and within an authorized limit purported to be $91,250, I assumed that the bonds, at least in this series, were issued in a straight-lined sequential manner. The Page 100 legislative session records covering the authorization of this 1876 bond indicated in Section Number 2 that each bond would be registered by the Treasurer and kept in a book for that purpose which would show the amount of each bond, the number, to whom issued and the date of issue. With this logical sequential issuance method in my mind and the legislative act to indicate that a book was to be kept for this recording purpose, I felt reasonably sure that I could prove that they were listed in a straight-lined sequential manner. (By straight- lined sequential listing I mean, for example, that bonds numbering 1 through 50 would be denominated in $100 increments and then numbers 51 through 100 would be denominated in increments of $500 and the remaining numbers of 101 through 150 would be denominated in $1,000 increments.) With a number 15, $500 denominated bond known to me and having handled a number 71, $1,000 bond of this same series, I felt that they were issued in a straight-lined sequential form. But exactly how I couldn't be sure, considering the numbers of the bonds that I knew existed in this series. Section 2 of this legislation concerning the issuance of these bonds did state that a book would be retained for the explicit purpose of issuing bonds. If I were able to obtain this ledger, or book of record, I could easily verify this numbering matter along with other salient data. This appeared to be no problem or at least I thought it shouldn't be, except that the record book in question would be over a hundred years old, if the current administrators for the State of Montana still had it. The Treasurer's Office indicated no knowledge of such a record book. The Executive Secretary of the Board of Examiners, who currently handle the issuing of state bonds, had no records. The Abandoned Property Division retained some old records but they had no record of this particular item. The Treasurer's Office made every effort possible to assist me in locating this ledger, even to the extent of contacting a previous employee who had worked in the office over 25 years ago. Unfortunately, this individual was unaware of any documents concerning this issue, yet alone a ledger of sorts. Then the Treasurer's Office made available a copy of a typical ledger used during the turn of the century by the state, thinking that perhaps it could offer a clue or at least an example of the type of ledger that may well have been used in issuing those bonds of 1876. This ledger was then delivered to the Montana State Historical Society in the hope that they might offer some much - needed assistance but they also were Whole No. 99 unable to help. I'm not really sure if such a ledger exists. Ultimately, the Historical Society proved to be my saviour by locating what they called "receipt books", but which were in fact counterfoils that established the fact that the bonds were issued in each denomination, all beginning with a number one. They were issued in ordered sequence until such time as the combination of all denominated amounts equalled the authorized funded amount or that portion necessary to meet with the funding requirements of the issue. In other words, there could be and in fact there would be a number 1, $100 denominated bond, and a number 1, $500 denominated bond, and a number 1, $1,000 denominated bond. This numbering system applies to all series issued. Another area that required some examination and explanation was that of the authorized dollar amounts of issue. The actual dollar amount issued in a series can and does vary from the authorized capital dollar amounts approved by legislation and they are not the same in some cases. In each legislative assembly or session that pertains to a debt funding or refunding and/or redemptions, there exists a clause which stipulates that the amount authorized by law cannot be exceeded. The actual dollar limits of an issue are written and contained in legislation and specifically are worded to read, "or so much thereof as may be necessary", which of course effectively provided an option to issue any amount up to the amou_it authorized by law. The territory of Montana did at no time ever repudiate any enacted legislation concerning bond issues. They always maintained the actual dollar amounts of issued bonds within the amounts authorized by law. Suffice it to say, there were initially many problems and areas of conflict that did require resolution of one sort or another. Most have been resolved and so I can say without reservation or hesitation that there were but four, separate, long - term debt fundings during Montana's territorial existence. With the passage of the Organic Act of 1864 by Congress, Montana became a territory. It would be a territory for a little over 25 years until 1889, when it attained statehood status. Within a year after its territorial beginnings, Montana had already incurred funded short-term debt in the amount of $58,950 and by the year 1873 the territory would see debt obligations Funded Indebtedness of Montana Territory (as authorized by legislation) 1864 - May 16, 1864 - Territorial Status 1865 - $58,950 - Debt Obligation Legislative Issue date Authorized Yield Authorized Type date by year shown on bond dollar amount or rate denominations description 1867/1869 1868/1869 $60,000/Open End 15% $50 & $100 Type I 1872 1872 $120,000 12% $50 & $100 & $500 Type II 1876 1876 $91,250 10% $100 & $500 & $1,000 Type III 1879 1880 $70,000 7% $500 & $1,000 Type III 1883-$14,005.90 surplus budget-no other bonds issued as a Territory 1889-November 8, 1889-Statehood Status Paper Money Page 101 soar to over $150,000. Then, after almost two decades of continuous debt, Montana Territory would finally become solvent. In the year 1883, it could boast proudly of its most recent accomplishment, for it had turned the corner and government coffers now held a surplus balance of $14,005.90. Quite an accomplishment, indeed. The first long-term funded indebtedness of the territory came in the year 1867. This first series of 1867 would require a supplementary amendment two years later on January 12, 1869, based on the provisions and in accordance with that of the original legislated enactment of December 3, 1867. The remaining funding programs or enactments for funding and refundings of long-term debt were in 1872, 1876, and in the year 1879 for the year 1880. All issues are coupon bonds payable to the bearer. The four authorized territorial fundings as shown in the following overview are based on legislative enactments. They do not necessarily represent the actual totals of each funded series but rather they establish guidelines and the limitations within each series as approved by law. Do not be confused by the figures presented in this "authorized funded" overview. As an example, the issue dates as shown on the bonds do not in each instance indicate the actual date that the bond was physically issued. Some bonds, in fact, were issued up to two years after this date. This situation is found primarily in the first issued series but it also applies to the series of 1872. Another important point to remember is that the authorized dollar amounts of a series do not necessarily indicate the actual amounts that were issued in the series itself. They only reflect the uppermost limit established by law — the maximum allowable dollar amounts of issue. With the exception of the first series of issued bonds, this authorized amount as approved by legislation is shown on the face of each bond of issue. Another area requiring at least a comment for clarification at this time is that of the authorized denominations, which are not necessarily contained in each series. In other words, the approved denominations of a series were just that, approved and nothing more. In almost every case the authorized denominations were used but there was an exception. When analyzing the individual bond series these facts will be discussed more completely. Description of Issued Bonds Most Montana territorial bonds are easy to identify in their physical state. As shown in the previous overview, they basically fall into three types by design and are best referred to as a Type I bond, a Type II bond, and a Type III bond. The first bond to be issued by the territory was a Type I, caption-dated December 3, 1867. The Type I bonds of 1867 are small, warrant-like coupon bonds and were it not for their coupons they appear at first glance indeed to be warrants. Centered on the top of the bond is the captioned date of December 3rd, 1867, which reflects the date of legislative enactment. These show a date of issue of June 1, 1868. i , . A typical example of a TYPE I bond issued by Montana Territory. This warrant-like coupon bond was denominated in $50 and $100 increments. The legislated date of authorized approval for this funding is located near the top center of the bond. Because of issue in 1867, this funding required a supplementary amendment in 1869. Photo courtesy of David Beach. Page 102 Whole No. 99 The printing was done by Montana Democrat Print on a low quality paper. There are two different colors for two different denominations of issue—red on white for a $50 incremented bond and blue on white for a $100 denominated bond. The body of the bond measures approximately 6 inches in length by 10 3/4 inches in width. It features two major vignettes and one minor. Located on the left side is an ornately cameoed personage, while to the right is a standing male allegorical figure of what probably represents "Commerce". A small minor vitgnette of a dog's head is centered at the bottom. Beneath the captioned date located at the top is the heading "TERRITORY OF MONTANA." A printed denomination is located in both top corners as well as in the center, which is spelled out in block letters directly below the named bondholder of issue. Above the heading are the spelled - out words which read "ISSUED UNDER TERRITORIAL ACT APPROVED" and then the centered date "DECEMBER 3rd, 1867" followed by "IN EXCHANGE FOR TERRITORIAL WARRANTS." This document lacks the pleasing design and quality appearance of later territorial bonds. It required the signature of the Secretary of the Territory and other officials. Another Type I bond issued in accordance with and supplementary to the Act of December 3rd, 1867 is dated 1869. This date is located at the top center area and is captioned-dated to read January 12th, 1869. The bond shows an issued date of June 1, 1869. It is identical in most respects to that of the caption-dated 1867 issue with the exception of the dates of enactment and date of issue and very slight variations in the positioning of the statements pertaining to the purpose of the bond — for the exchange of territorial warrants. Colors of the denominations, size, vignettes, and all other basic elements are the same. Printed by Montana Democrat Print, it again lacks the quality and appearance found on the remaining bonds issued by the territory. It also requires the Secretary's signature along with those of other officials. The 1872 Type II coupon bond is the first bond to display the classic format one expects to find in a governmental issue of this nature and its format will continue to be found on all the remaining debt instruments issued by the territory. Dated and approved under an act that took effect January 9, 1872, all of the series have an issue date of June 1, 1872. Printed on quality paper by Breuker & Kessler, 7th & Chestnut Street, Philadelphia, all denominations of this issue or series feature the same color arrangement of red overprinting on black with an ornately designed reverse in green. This bond measures approximately 10 inches in length by 15 inches in width. It contains three engraved vignettes. The primary vignette centered near the top depicts a large balloon-stacked train with Indians gathered nearby. A secondary vignette centered on the left side shows a shaft or pit mine with working miners. A minor vignette of a patriotic eagle is located near the bottom. To its left near the bottom of the pit mine is a hidden or embossed territorial seal. At the top left and right corners are beautiful lattice-type floral arrangements. The denomination and assignment numbers of issue are located to the right and left of the primary vignette accordingly. A large This TYPE II bond in the classic format was issued by Montana Territory in 1872, in denominations of $50, $100, and $500. Note the initials of the Northern Pacific Rail Road on the tender car of the primary vignette; they are found only on the 1872 series. Photo courtesy of W. Alcott. Paper Money Page 103 Printed by New North West Litho Agency of Deer Lodge, M.7'., this TYPE III bond was issued in the years 1876 and 1880. Note the differences in the overprinting of the word "ORIG INAL" and of the denomination on this bond relative to that of the Type II issues. This bond is number 15 of 20 issued in the $500 denomination of the 1876 series. Photo courtesy of David Beach. "ORIGINAL" with a period after it is overprinted between the pit mine vignette and the heading "THE TERRITORY OF MONTANA". This overprinting covers part of the "T" in the heading and a portion of the oval wherein the assignment number is written. This "ORIGINAL" is red in color and measures 5'/2 inches long including the period and is 7/8ths of an inch wide. A large, ornate scroll work-like denomination is located in the lower bottom center area of this bond. It is also red in color. This bond required the signature of the Secretary of the Territory along with those of other officials. It is a beautiful bond — very appealing and very attractive in appearance. The 1872 bond requires a few additional comments regarding the primary vignette. Located on the tender car of the train are the initials "N. P. R. R." Yes, they do stand for the Northern Pacific Rail Road and yes, this is a Montana territorial bond. This is very unusual, especially since this was a general obligatory funded debt. That a government-issued bond of this type should contain such corporate logo - like initials is certainly noteworthy. Who actually authorized these initials to be placed on the territorial bond? Certainly we can surmise that it met with the full approval of Territorial Governor, B. F. Potts. Governor Potts early in his term of office was very interested in the Northern Pacific Rail Road for several reasons, including a unique opportunity for personal gain through his friend, Rutherford Hayes. He addressed Hayes, asking him to use his influence with Jay Cooke in an attempt to acquire the right-of-way information of the Northern Pacific. Potts wanted this information before it became public knowledge so that he might take advantage of real estate investments. Nothing came of this, but undaunted, Potts then asked Hayes to do what he could in his behalf to get the attorneyship of the Northern Pacific for the territory. This also did not materialize. Finally, Potts let it be known that his services were available to the N. P. R. R., as surely there would be a need for someone to look out for their interests once they reached the territory. Self-interests, to be sure, but in the end an association between Potts and the Northern Pacific was not to be. But there was another aspect to Potts in regard to the Northern Pacific. Potts acknowledged that a railroad to the territory was absolutely essential for its economic growth. Any prosperity for the territory would depend largely on the railroads, for its cattle and agricultural industries still in their infancy would require greater markets outside the territory and Potts recognized this need. There was also a critical need for additional settlement in the territory to provide a necessary base for growth and development and the creation of an economy not based exclusively on mining. So to Potts, the Northern Pacific Rail Road must have also represented at least a partial salvation for what at that time was a floundering, debt-riddled territory. The vignette on this issued bond was in essence the "Calling Page 104 Home of the Northern Pacific." Here — look, and see. "We welcome you with open arms, N. P. R. R. — even on our debt instruments we make this pronouncement". Obviously this N. P. R. R. subject is a matter that requires additional research and is far too large in scope to discuss adequately in this article. Nevertheless, it is an integral part of this 1872 bond series of Montana Territory. The initials N. P. R. R. are only found on this 1872 bond issue. The Type III 1876 coupon bond again features the same classic format found on the 1872 Type II bond but with a few differences. Approved for issue on February 11, 1876, all of these bonds show an issue date of July 1, 1876 (just six days after the massacre on the Little Big Horn). The design is basically the same in the placement of the vignettes as that of the 1872 series with the exception that there are no N. P. R. R. initials on the tender car. All denominations of this series feature an attractive goldleaf-like metallic overprinting on black with an ornately designed reverse in green. On this and the remaining bond issues of the territory the printing was done on quality paper by New North West Litho Agency of Deer Lodge, M. T. The denomination and assignment numbers of issue are found in the top right and left corners respectively. This bond measures about 15"/4 inches in width by 101/2 inches in length. The "ORIGINAL" is smaller than that found on the previous issue and measures z1V4 inches by just a shade over 5/8ths of an inch. It lacks the period that is on the 1872 issue. The "ORIGINAL" also overlaps the "T" of the heading "THE TERRITORY OF MONTANA." The overprinted denomination is in goldleaf-like metallic print as is the word "ORIGINAL." This overprinted denomination is not as large as that found on the Type II bond, nor does it possess the ornateness of design. This bond also contains the embossed territorial seal located in the same area as on the 1872 issue. The Type III is the first issued bond to require the signature of thi territorial governor and other officials. This bond, like the 1872 issue, has an appealing format and with its goldleaf - like print is indeed attractive and beautiful. As with the Type II bond, a few additional comments seem appropriate and necessary regarding this Type III bond. The change in printers from Breuker & Kessler to New North West Litho Agency not only increased the size of the body of the bond slightly, but it also appears to have been the cause of an error in the printed facts stated on the bond as they pertain to the legislated enactments of this issue. A slight error, size-wise, but certainly one of significance. On both the Type II and Type III bond issues, located above the mine vignette are the terms and date of enacted legislation regarding the individual issues. The date of actual authorization and/or approval is also shown at this location. This type III Bond of 1876 states "under the Seventh session"' but it should have read, "under the Ninth session", with the appropriate date as shown correctly on the bond, as being approved, February 11, 1876. It appears that a plate preparation error occurred which was probably caused by the inadvertent transference by New North Whole No. 99 West Litho Agency from a sample 1872 bond. Certainly, this is mere conjecture on my part but the fact of the matter is that it did happen and an error exists. The correct session should have been the Ninth as shown in the Laws and Memorials of the Territory of Montana in 1876. Also, without discussing at length a very real issue in early Montana Territorial politics — that of printing contracts — it should be mentioned that in the year 1876 the New North West Litho Agency of Deer Lodge was owned and operated by James H. Mills. He would become the Secretary of the Territory in the year 1877 and yet would retain the printing privileges for the bond issue of 1880 while still in office. A little political skullduggery, I suspect, but I'm not certain. The final bond issue was in the year 1880 and is a Type III coupon bond by design. Legislated and then approved on July 21, 1879, all bonds are dated for issue on January 1, 1880. Printed again by New North West Litho Agency of Deer Lodge, M. T., the size, style, and design are that of the 1876 issue with the same basic format including the goldleaf-like metallic print on black with the ornate green reverse. This includes the denomination placement as well as the number assignment position along with the vignettes. The goldleaf-like print is used on the overprinting but there is one difference in this particular area. The word "ORIGINAL" shown on the 1876 issue has now been more proportionately centered between the mine vignette and the heading "THE TERRITORY OF MONTANA", whereas both the Type II bond of 1872 and the Type III bond of 1876 show an overlapping of the word "ORIGINAL" over the "T" in the heading. It appears a different plate was used for this issue. This bond, like the 1876 bond, required the territorial governor's signature along with those of other officials. As with the two preceding series, this issue also displays a classic format and is extremely attractive. In summarizing the descriptions of the individual bonds within a series, I have purposely used the word "approximate" in most instances regarding the measurements because there are some slight variations in size. They range from '/2 to 1 centimeter, if any. These small differences can be attributed to the fact that the instruments were coupon bonds with counterfoils. The process of physically detaching the bond from the counterfoil itself probably caused these variations. Of course I refer specifically to the width measurements. The lengths in a type series appear to be rather consistent but then again any slight variations should not be considered an abnormality. (To be continued) 8776240008 4R B776240008 Paper Money Page 105 First and Last Notes from Bureau of Engraving and Printing Packages by George H. Wettach The frequent mention in Paper Money of radar notes and other numerical oddities leads me to call attention to another type of number collecting, that of first and last notes from BEP packages. Bills produced by the Bureau of Engraving and Printing are strapped in bundles of 100 each, all in numerical order. Forty of these bundles are assembled, still in numerical order, and bundled in a package of 4,000 bills. Bill-sized pieces of wood about ]/s" thick are placed one at each end of the bundle. Two steel straps 5/16" wide are tightly wrapped around the bundle lengthwise. They are fastened so tightly that they make indentations in the wood which prevent them from slipping off in handling. There are two printed labels showing the quantity, denomination and total value of the package. The labels also indicate the type (Federal Reserve Notes) and city of issue. One of the labels is placed inside the package before wrapping. It has provision for names or initials indicating "Assembled by", "Banded by", "Verified by", and dates for the first two. The other label is pasted on the front end of the package after it is wrapped in heavy brown paper. This label has provision for names or initials indicating "Counted by" and "Sealed by" and the dates. Seals of the Treasury Department Bureau of Engraving and Printing are pasted on the back end and the package is ready for shipment. Of the 4,000 bills in the package only the first and last can be matched to the labels. The best way to obtain them is to work in a bank as I did so you know who to ask for them. The illustrated $1 labels are light blue. Other denominations have different colors. The $2 bills have green labels and the $10 bills have black labels. A real challenge would be to get pairs of first and last notes of each denomination from each of the 12 Federal Reserve Districts. As for me, I'll quit while I'm ahead. 67762;')0018 : -OERAL KL 11,,,„ 19406 4000 8776200016 First and last notes with accompanying labels from the inside of the package (top) and outside as well as the Treasury Department seals. Page 106 Whole No. 99 SC=114=11=4 1=4 1==.1 104 IC:=1)=}114=4 404104104104 UA "Air Currency" Coupons Has anyone seen the scrip-like Air Currency coupons announced by United Airlines in their "Executive Air Travel Report," 4th quarter 1980 issue? A copy of this newsletter has been submitted to Paper Money by Richard Kelly. The announcement reads: INTRODUCING UNITED'S "AIR CURRENCY" COUPONS: Many of you have asked about the possibility of purchasing inflight beverage and entertainment coupons, either to save money or to avoid the hassle of paying cash when such amenities are desired in the coach section of our aircraft. We're pleased to advise you that these coupons, called "Air Currency," are now available. For $15 you'll receive a book of ten Air Currency coupons. Each coupon may be exchanged for one of the following: a cocktail, wine, beer or movie headset rental. These Air Currency coupons will save you 25 percent when used for cocktails and 50 percent on the rental of movie headsets. Although for convenience your Air Currency may also be redeemed for wine and beer, the real benefit is in the savings on cocktails and headsets. Not only will you receive a total value of $20 in cocktails, for instance, but you'll simplify your expense record- keeping at the same time. A handy order form is enclosed with this newsletter so that you may obtain one or more books of inflight coupons. Simply complete the form and mail it to us with your check or money order for $15 for each book. We trust that the savings and convenience of our Air Currency will enhance your pleasure when you fly United. (Included on the flap of the postage paid reply form was a drawing of a part of a piece of scrip as shown here. Do the coupons actually resemble this drawing? How and by whom were they printed? We hope someone in SPMC can supply answers.) nal Bank of Egy C. •t • Paper Money Page 107 PART TWO (Continued from No. 98, Page 69) Banknote Issues In a letter dated March 20, 1899, the bank informed the ministry of finance of its intention to issue banknotes and requested the ministry to send a circular to all government cashiers authorizing (but not requiring) them to use the bank's notes in making payments, to exchange the notes for gold on demand, and to accept the notes in payment of debts to the government. To all this the ministry agreed, but on three conditions: firstly, that the government retain ultimate control over the note issue; secondly, that its commissioners be given a set of keys to the safes containing unissued notes; and finally, that they have control over the safes containing the gold and security cover. These conditions were promptly accepted by the Page 108 bank, which then proceeded to make its final preparations for the note issue. There was in fact little left to do. The contract for the printing of the notes had already been assigned to Bradbury Wilkinson Ltd. in England, who on this occasion produced an attractive series of notes depicting the pyramids, the Great Sphinx, and other Egyptian monuments. These notes, in the denominations of 50 piastres, 1-, 5-, 10-, 50-, and 100- pounds, have already been described in an article by Samuel Lachman. National Bank of Egypt, specimen 50-piastre note, first series. Circulating notes were issued in accordance with the decree of June 25, 1898, Pick 3. National Bank of Egypt, specimen 1-pound note printed by Bradbury Wilkinson. Pick 7. Exactly when the first notes were issued has been a matter of some controversy and confusion. Also controversial is the question whether all denominations were placed into circulation simultaneously. According to the bank's historian, "the right to issue notes ... was first exercised on Monday 3rd April 1899"; that is, two weeks after the bank informed the ministry of finance of its intention to issue notes. On the other hand, the earliest figures available to me for the total amounts issued are not for April, but for May of the same year. Perhaps there is no inconsistency here, for the phrase "was first exercised" may simply mean that the right of issue was legally, perhaps ceremoniously, exercised for the first time in April and that in practice the note circulation did not get underway until the following month. In any event, the total May issue was small, and less than LE 17,000 (LE - Egyptian pounds) found its way into circulation. Were all denominations placed into circulation simultaneously? Were they issued simultaneously? A Whole No. 99 chart published in the Annuaire Statistique de L'Egypte of 1919 provides a partial answer (Table I). There we learn that the 50-pound note was not issued until 1904 and that all the other denominations were issued sometime before June 30, 1899, presumably on April 3 as mentioned earlier. (Table I also lists a 25- piastre note, but this war-time emergency note, first issued during World War I, was not a member of the first series.) Unfortunately no additional evidence concerning exact issue and circulation dates of this first series of notes has come to my attention that would settle the matter conclusively. What is certain, however, is that the dates printed on the notes are of little help, for they evidently are not the dates the notes went into circulation, nor are they dates of issue (the distinction, date of issue vs. circulation date, is discussed below). One issued note, for example, is dated 1-1-1899, which is some three months prior to the official date for the first note issue. What, then, do these dates signify? Malcolm Katt in an article published in 1976 was originally of the opinion that they were dates of issue; but in a later article, in agreement with Samuel Lachman, he changed his mind and described them as "printing dates". This seems unlikely if by "printing date" is meant the date on which the note was actually printed. The printers, remember, were Bradbury Wilkinson, a British firm, and so it is improbable that the notes were printed on a Sunday. However, and there are many other examples, Malcom Katt gives the following dates and prefixes for the (later) pound note catalogued as Pick 9. Date Prefix 1 June 1924 6 June 1924 H/6 19 June 1924 23 June 1924 26 June 1924 H/26 6 July 1924 H/36 12 July 1924 7 Sept. 1924 14 Sept. 1924 H/64 18 Sept. 1924 H/68 Of these ten dates, four (1/6/24, 6/7/24, 7/9/24, 14/9/24) were Sundays! The prefixes, too, present a problem; for if every prefix between H/6 and H36 were used, each on a successive day, it would follow that the printers were at work printing these notes on each day between June 6 and July 6, 1924, which is most unlikely. In the absence of a better explanation, it seems probable that the dates printed on the notes are merely convenient fictions; that is, fictitious dates of issue like the frequently used "1 January" that we find on so many modern notes. And it is probable, too, that changes in date were linked to changes in prefix, which is a common feature of later issues, also printed by Bradbury Wilkinson. A name for such fictitious dates has yet to be coined; perhaps "printer's date", in contrast to "date of printing", would be suitable. In any event, further research in this area is necessary, and no doubt a more complete study of Bradbury Wilkinson's records would be an important first step. Paper Money Page 109 TABLE I TOTAL AMOUNTS ISSUED BY DENOMINATION - HALF YEAR FIGURES 1899-1918 LE - Egyptian pounds PE - Egyptian piastres All totals in LE Denominations PE 25 PE 50 LE 1 LE 5 LE 10 LE 50 LE 100 TOTAL 1899 30 June LE 5,00u LE 10,000 LE 15,000 LE 20,000 LE 40,000 LE 90,000 31 Dec. 3,000 7,000 13,000 22,000 53,000 98,000 1900 30 June 3,000 6,000 12,000 22,000 47,000 90,000 31 Dec. 2,634 5,801 19,905 27,160 69,500 125,000 1901 30 June 2,634 5,801 14,905 28,160 58,500 110,000 31 Dec. 2,504 5,671 21,405 36,720 73,700 140,000 1902 30 June 2,504 7,671 18,905 37,720 103,200 170,000 31 Dec. 2,425 6,580 19,295 42,100 119,600 190,000 1903 30 June 2,415 6,060 23,225 57,700 180,600 270,000 31 Dec. 13,901 8,554 29,225 86,320 312,000 450,000 1904 30 June 12,445 11,140 37,785 93,830 LE 60,000 364,800 580,000 31 Dec. 7,235 13,100 38,805 103,060 135,000 532,800 830,000 1905 30 June 10,002 20,398 73,760 180,040 273,500 742,300 1,300,000 31 Dec. 9,764 19,741 78,905 183,940 357,150 1,050,500 1,700,000 1906 30 June 11,962 26,153 108,405 245,680 612,600 1,420,200 2,425,000 31 Dec. 14,601 33,224 123,015 291,360 695,300 1,592,500 2,750,000 1907 30 June 20,716 44,769 152,305 360,560 718,750 1,352,900 2,650,000 31 Dec. 17,766 40,019 152,005 334,810 757,500 1,297,900 2,600,000 1908 30 June 21,475 43,095 163,160 335,070 780,000 1,207,200 2,550,000 31 Dec. 21,325 36,695 143,160 332,220 659,900 1,126,700 2,320,000 1909 30 June 22,075 38,395 172,660 401,120 711,350 1,154,400 2,500,000 31 Dec. 17,075 36,095 180,160 402,120 757,350 1,207,200 2,600,000 1910 30 June 16,375 43,895 193,660 435,370 723,900 1,086,800 2,500,000 31 Dec. 14,600 45,195 245,395 229,710 811,300 1,353,800 2,700,000 1911 30 June 18,050 48,795 406,895 59,510 693,950 1,122,800 2,350,000 31 Dec. 15,500 41,395 430,395 32,310 776,300 1,404,100 2,700,000 1912 30 June 16,250 41,795 327,395 253,310 948,750 762,500 2,350,000 31 Dec. 14,550 36,000 283,800 353,850 960,400 1,251,400 2,900,000 1913 30 June 17,400 43,700 287,300 381,850 579,350 1,090,400 2,400,000 31 Dec. 8,350 20,500 273,050 377,300 763,800 1,257,000 2,700,000 1914 30 June 5,400 12,300 309,500 424,450 659,050 989,300 2,400,000 31 Dec. 726,400 336,750 1,560,350 1,762,000 1,439,200 2,425,300 8,250,000 1915 30 June 962,762 947,933 1,350,885 1,355,770 1,056,950 1,675,700 7,350,000 31 Dec. 1,198,493 1,759,367 2,272,439 2,729,660 1,297,950 2,292,100 11,550,000 1916 30 June 1,628,704 2,216,851 1,874,675 2,032,170 1,199,000 2,248,600 11.200,000 31 Dec. 2,020,941 3,815,149 4,012,560 4,621,700 2,741,050 3,988,600 21,200,000 1917 30 June 1,900,877 3,615,388 3,193,635 3,597,800 2,009,700 3,182,600 17,500,000 31 Dec. 2,694,004 5,295,291 6,054,565 8,926,440 3,289,500 4,540,200 30,800,000 1918 30 June LE 315,000 3,125,825 6,145,755 5,251,120 7,291,000 3,115,300 4,956,000 30,200,000 31 Dec. 660,220 3,851,508 8,581,362 8,932,300 11,728,810 4,644,400 7,610,400 46,000,000 Page 110 In the article by Samuel Lachman mentioned earlier, there are some early "circulation" figures for the notes of the National Bank; but caution is advised in using them, for they are in fact figures for the total "note issue," not circulation figures. Because the distinction is frequently overlooked, a digression concerning it may be of some use. As in most banks of issue, the banking department and the issue department of the National Bank had separate functions and were designed to be independent of each other. In the words of Article Five of the bank's statutes, "Le service d'emmission des billets de banque constitue un service distinct et absolument independent des operations generales de la Banque." What this separation of powers means for collectors is that special care should be taken when interpreting the published figures for the National Bank's, or any bank's, note issue. The reason for this is that not every note issued by the issue department is placed in circulation; some are held in reserve in the banking department. Thus the total note issue may sometimes 'be considerably greater than the total amount in circulation; indeed, it is theoretically possible that millions of notes are recorded as issued but that not one of them was ever put into circulation. In addition, so-called giant notes for extraordinary amounts are sometimes issued by the issue departments of central banks, but these giant notes are strictly for internal use and rarely find their way into private hands. Once a bank's note circulation has become established, the discrepancy between the issue and circulation figures is usually comparatively small and need not concern collectors. During a bank's early years, however, the discrepancy may be sufficiently large that it should be taken into account when assessing the relative scarcity or survival rate of the notes in question. The circulation and issue figures for the National Bank of Egypt are a case in point. Because the Egyptian populace was generally unaccustomed to paper money, the bank's notes were slow to circulate. As a result, only 25% or so of the total note issue for May 1899 went into circulation; the remainder stayed in the banking department. Of course, with the passage of time, the discrepancy narrowed, as may be seen from the circulation and issue figures that appear in Tables II and III. Tables I and II tell us surprisingly more about the National Bank's note issue than might ordinarily be expected. Looking, for example, at the issue figures in Table I for the 50-piastre and 1-pound notes, we see that from June 1913 to June 1914, the total amount issued for each note dropped by approximately 70%, while the totals for all other denominations remained relatively constant over the same period. Moreover, during the following six months, from June 1914 to December 1914, there was a dramatic upsurge in the amounts issued for each note, from £E5,400 to a 726,400 for the 50-piastre note and from £E12,300 to £E336,750 for the 1-pound note. Why this seemingly anomalous variation in the amounts issued? The explanation is that during this period old 50-piastre and 1-pound notes were being withdrawn from circulation and were then being replaced by new notes of the same denomination. In particular, it is probable that for the 50-piastre note, the Whole No. 99 TABLE II ISSUE/CIRCULATION FIGURES, 1899-1919 End of: Total Issue Banking Dept. In Circulation Dec. 1899 LE 98,000 LE 38,000 LE 60,000 Dec. 1900 125,000 50,000 75,000 Dec. 1901 140,000 15,000 125,000 Dec. 1902 190,000 39,000 151,000 Dec. 1903 450,000 68,000 382,000 Dec. 1904 830,000 292,000 538,000 Dec. 1905 1,700,000 311,000 1,389,000 Dec. 1906 2,750,000 579,000 2,171,000 Dec. 1907 2,600,000 470,000 2,130,000 Dec. 1908 2,320,000 496,000 1,824,000 Dec. 1909 2,600,000 381,000 2,219,000 Dec. 1910 2,700,000 444,000 2,256,000 Dec. 1911 2,700,000 440,000 2,260,000 Dec. 1912 2,900,000 446,000 2,454,000 Dec. 1913 2,700,000 464,000 2,236,000 Dec. 1914 8,250,000 784,000 7,466,000 Dec. 1915 11,550,000 967,000 10,583,000 Dec. 1916 21,200,000 1,826,000 19,374,000 Dec. 1917 30,800,000 1,248,000 29,552,000 Dec. 1918 46,000,000 1,510,000 44,490,000 Dec. 1919 67,300,000 4,480,000 62,820,000 TABLE III FIRST YEAR OF OPERATION Circulation Figures Max. - Maximum Min. - Minimum Ave. - Average Jan.-Apr.: None recorded May Max.: £ 16,153 Min.: 4,227 Ave.: 9,356 June. Max.: 53,380 Min.: 16,242 Ave.: 29,402 Jul. Max.: 98,952 Min.: 40,318 Ave.: 65,963 Aug. Max.: 96,811 Min.: 57,475 Ave.: 79,948 Sep. Max.: 77,898 Min.: 57,895 Ave.: 65,968 Oct. Max.: 125,088 Min.: 64,481 Ave.: 100,845 Nov. Max.: 121,083 Min.: 45,743 Ave.: 68,865 Dec. Max.: 67,703 Min.: 51,231 Ave.: 59,063 Year Max: 125,088 Min.: 4,227 Ave.: 59,926 \?.T 1afi9,854 I prran kirrnn Demand , THE SUM OF Mr WI VOYPTIAN POUNDS CAIRO ',NO ,/ te, DCA ∎ 184. 10 -BA .ICgA ;3069,8a Paper Money note catalogued as Pick 3 was then being replaced by Pick 4, and that for the 1-pound note, Pick 7 was being replaced by Pick 8. A further examination of Table I will be useful to a collector wishing to establish dates of issue for new notes of other denominations; for example, similar considerations to those above apply to the 1910- 1912 figures for the 10-pound note and to the 1911-1913 figures for the 100-pound note. Five pound note of the type in circulation during World War I. Pick 15. Ten pound note of the type in circulation during World War I. The signature is that of Frederich Rowlatt, governor 1906-1921. Pick 20. World War I The figures in Tables I and II are also interesting for the light they shed upon the changes wrought by World War I. Up to the outbreak of hostilities, the notes of the National Bank were not legal tender (which in Egypt was gold for amounts above £2) but were nonetheless convertible into gold and covered by it. The war changed all this. On August 2, 1914, two days before Britain declared war on Germany, the Khedive promulgated an emergency decree declaring that the bank's notes were henceforth legal tender and that their convertibility into gold was "temporarily" suspended. Later, in September of 1916, because of the bank's difficulties in obtaining gold, the gold cover requirement was also suspended "temporarily". Both suspensions were never lifted. As may be expected, both because of the war and because of the suspensions, gold coinage became scarcer whereas, and the figures in Table II dramatically show this, the note circulation increased by leaps and bounds, reaching in 1919 a Page 111 figure that would not be surpassed until 1942, another war - time year. Moreover, in 1914, when the war began, more than fifty per cent of the cover for the note issue was in gold, but by 1919 the figure had plunged to less than five percent, which signalled the end to any pretense that Egypt was ever again to have a gold - backed currency. TABLE IV MINISTRY OF FINANCE 5 & 10 Piastre Currency Notes Circulation Figures for 1918 Jan. - May: None recorded June.: £ 99,000 Jul.: 399,000 Aug. 629,000 Sep.: 833,000 Oct.: 1,005,000 Nov.: 1,160,000 Dec.: 1,201,000 (rounded to thousands) During the war, in late 1914 and then again in 1915, the country suffered from a shortage of small change, particularly silver, and it was believed that the shortages would continue so long as the war lasted. To alleviate the problem the ministry of finance issued, apparently for the first time in June 1918, so-called Currency Notes in 5- and 10-piastre denominations, the total amount issued ranging from approximately one hundred thousand pounds in June 1918 to 1.2 million pounds in December of the same year. In addition, on June 25, 1917, the ministry requested the National Bank to prepare an issue of its own 25-piastre notes, a denomination not previously issued by the bank. The government's Journal Officiel, No. 44 of May 30, 1918, contained the authorization for the issue, which amounted to £E315,000 by the end of June 1918. Six months later the amount issued had more than doubled. These notes are catalogued in Pick as #1 (25-piastres), #60 (10-piastres), and #61-62 (5-piastres). Egyptian notes saw wide circulation throughout the war. Through the bank's offices in the Sudan, they travelled far down the Nile and sometimes crossed the border into Abyssinia, which at the start of the war didn't have a currency of its own. The arrival of large numbers of British troops — Egypt was a major staging point for the Near East offensive — meant that the notes went wherever the troops would take them; next to the British pound the Egyptian pound was the currency of the British army in the Near East. Moreover, through much of the war and until 1928 when Palestine had her own currency, Egyptian notes were recognized as legal tender in those parts of Palestine under British control. The bank's circulation figures, 2.2 million pounds in December 1913 to 62.8 million pounds in December 1919, bear witness not only to the demands of war-time inflation but also to the needs of neighboring states and of the troops stationed within Egypt's boundaries. The bank, it must be admitted, handled these increased demands for her services extremely well, and only once, in June 1915, when the financial advisor to the Page 112 government considered removing the bank's privilege of note issue, did the bank face any serious challenge to its authority, but the challenge was quickly dropped. The National Bank of Egypt had become, after all, the national bank. Scarcity of the Notes In uncirculated condition all notes of the period 1899- 1918 must be considered scarce; most are rare to very rare, particularly the higher denominations of which even a tatty example would be considered a prize. For notes in fine to very fine condition, three distinct periods should be considered. Notes dating from 1899 to the end of Sir Elwin Palmer's governorship in 1906 are all extremely rare, no matter what condition. Depending upon the denomination, notes from 1906 to 1913 are extremely scarce to extremely rare; the higher the denomination and the earlier the issue the rarer the note. With notes issued between 1914 and 1918, the collector is in a better position. One and five pound notes and all the piastre notes are available in the trade, and most come up for auction from time to time. Again, however, the higher denominations tend to be rare, with only a few nice examples known. For a note in excellent condition from any of these periods, the prices quoted in Pick's catalogue must be regarded as purely academic; for such notes the price will simply be what a collector, or his arch - rival (!), is prepared to pay. REFERENCES Annuaire Statistique de L'Egypte, Cairo, various years, especially 1914, 1918, and 1919. Bankers Almanac, London, various years. Baster, A. The Imperial Banks, London, 1929. Baster, A. "The Origins of British Banking Expansion in the Near East", Economic History Review, 1934. Bilotti, A. La Banque imperiale ottomane, Paris, 1909. Collins, R. & Tignor, R. L. Egypt and the Sudan, Englewood Cliffs, 1967. Colvin, Aukland. The Making of Modern Egypt, London, 1906. Lord Cromer. Modern Egypt, London, 1908. Crouchley, A. E. The Economic Development of Modern Egypt, New York, 1938. Earle, E. "Egyptian Cotton and the American Civil War", Political Science Quarterly, 1926. Elgood, P. G. Egypt and the Army, Oxford, 1924 Emden, Paul. Money Powers of Europe in the Nineteenth and Twentieth Centuries, J °Edon, no date. Fuad Pasha. La Monnaie Egyptienne, Paris, 1914. Henderson, W. 0. The Lancashire Cotton Famine, Manches- ter, 1934. Whole No. 99 Holt, P. M. Egypt and the Fertile Crescent, Ithaca, 1966. Katt, M. E. "Early One Pound National Bank of Egypt Notes", IBNS Journal, 1976. Katt, M. E. "Early One Pound Notes of National Bank of Egypt", IBNS Journal, 1977. Lachman, Samuel, "Early Egyptian Banknotes", IBNS Journal, 1976. Landes, David, Bankers and Pashas, London 1958. Marlowe, John. The Making of the Suez Canal, New York, 1964. Poulgi-Bey, G. "La Banque imperiale ottomane", Annales des science politiques, 1910. Robinson, R. and Gallagher, J. Africa and the Victorians, New York, 1961. Wilson, Arnold. The Suez Canal, New York, 1939. Also consulted were various records, both published and unpublished, found in the Brotherton Library (Leeds, England), the British Museum, and the Public Records Office, London. Some bank records, as well as an anonymous history titled The National Bank of Egypt 1898-1948 (Cairo, 1948), were also made available to me. Since the references quoted above are often flatly contradictory and since, too, the source material is sometimes unreliable, the author assumes full responsibility for the conclusions drawn within the body of the article. Every reasonable attempt was made to verify the accuracy of the statistical data appearing herein, and readers may use it with confidence. Pick - Albert Pick, Standard Catalogue of World Paper Money, 3rd edition. ******************* BEP Uncut Sheets Data On December 22, 1981, the Bureau of Engraving and Printing began the sale of 32-note sheets of uncut currency issued on the Federal Reserve Bank of Richmond. About 32,000 of the 32-note sheets issued on the Federal Reserve Bank of Boston were sold between October 26, when the sale of uncut currency sheets began, and December 22, 1981. The quantity of sheets sold with the Richmond designation will be approximately 36,600. The serial numbering system will be the same one used for the Boston sheets. The 16-note sheets will continue to be issued on the Federal Reserve Bank of New York until further notice. ******************** Paper Money Page 113 THE PAPER COLUMN by Peter Huntoon Table 1. Summary of the bond record for the Arizona National Bank of Tucson between 1913 and 1916. Date Activity Entry Explanation $50,000 2% $50,000 2% bond se- cures $50,000 circula- tion. 1913 brought forward National Bank Note Reissues - A Case Study You will occasionally find an entry in Van Belkum's bank - by - bank data such as the following from the 1902 blue seal state issues for the Arizona National Bank of Tucson, charter 4440: Nov 7, 1914 deposit $41,900 M.S. $41,900 security de- Sec. posit is made as au- thorized by Section 1 of the Aldrich Vree- land Act of 1908; cir- culation increases to $91,900. Third Charter 1902-1908 Backs 10-10-10-20 plate $130,000 worth; serials 1 to 2600 Third Charter Plain Back Blue Seals 10-10-10-20 plate $450,000 worth; serials 2601 to 11600 Third Charter Reissue 10-10-10-20 plate $41,900 worth; serials not available on reissue It doesn't take genius to figure out that for some reason the bank returned $41,900 worth of sheets to the Comptroller of the Currency, and these were then reissued to the bank at a later date. There are a number of reasons why sheets were returned to the Comptroller. The most common is that a bank would occasionally return its own currency to offset a bond sale. When a bank reduced its circulation through a bond sale, it was required to deposit lawful money with the Treasurer to redeem that fraction of its outstanding circulation. What better way to accomplish this than to return available sheets! The case of the Arizona National Bank of Tucson is a variation on this theme and illustrates nicely how a reissue came about. Aldrich - Vreeland Act As 1914 drew to a close, the Arizona National had $50,000 in bonds which it used to secure a $50,000 circulation. At this time the Emergency Currency Act of May 30, 1908 — also called the Aldrich - Vreeland Act — was still in effect. Under the provisions of this act, National Banks could group together to form National Currency Associations which in turn could accept securities other than United States bonds from member banks to underwrite additional circulations for the banks. The Arizona National Bank was a member of such an association and decided to take advantage of the act to increase its circulation. On November 7, 1914, the bank obligated sufficient securities to allow it to issue an additional $41,900 in circulaton. This transaction is recorded in the bond section of the National Currency and Bond Ledger under an entry dated November 7, 1914, which reads: M. S. Sec. If I interpret this entry correctly, "M. S. Sec." is shorthand for Money Secured as authorized in Section 1 of the Emergency Currency Act of May 30, 1980." See Table 1 which summarizes the bond entries in the ledger. Jan 7, 1915 withdrawal $41,900 M.S. $41,900 security de- posit withdrawn, cir- culation decreases to $50,000. As shown on Table 2, $41,900 were shipped immediately against this security deposit. Included were 10-10-10-20 sheets 112-949 of the then current Series of 1902 Date Back state notes. Adjacent to the $41,900 entry is written M. S. Sec. 1. Two months later on January 7, 1915, the $41,900 security deposit was withdrawn. Again see Table 1. This resulted in an immediate contraction in the legal circulation of the bank from $91,900 to $50,00. The bank was required to deposit lawful money in the amount of $41,900 to cover the reduction. Reissues There are two entries in the redemption column on the ledger respectively dated January 9 and 12, 1915, for $11,900 and $30,000, which obviously consist of intact sheets returned to the Comptroller from the bank. Clearly the bank sent back $41,900 worth of its own sheets to satisfy the redemption deposit. Next to the $11,900 and $30,000 redemption entries are written "Deposited in Vault for reissue." There is also a column on the ledger reserved for Currency Received from the Bureau of Engraving and Printing. This column contains two entries also dated January 9 and 12, 1915, showing that the $11,900 and $30,000 in redeposited sheets had reached the vault for eventual reissue. Serial numbers are rarely shown when such sheets are reissued. The entries for the reissues shown in Table 2 between February 11, 1915 and September 1, 1916 are typical of the reissues I have stumbled upon in the National Currency Ledger Sheets. I assume that the serials were omitted because the sheets were quite often mixed up with respect to serial numbers when they were returned to the Comptroller. It was adequate for the Comptroller to simply note their dollar value as they were reissued instead of sorting them and listing their serials. Page 114 Whole No. 99 Table 2. Record of Series of 1902 Date Back state 10- 10-10-20 sheets shipped by the Comptroller of the Currency to the Arizona National Bank of Tucson during a period when returned sheets were being reissued. Date Sheet Serials No. Sheets 1914 Nov 7 112 - 949 838 (above represents $41,900 shipped against security deposit) Nov 13 950 - 967 Dec 5 968 - 983 1915 Jan 2 984 - 1023 (reissues start below) Feb 11 76 Mar 1 26 Mar 19 22 Apr 6 24 Apr 22 16 May 10 24 May 24 22 Jun 14 24 Jun 29 14 Jul 23 24 Aug 10 NOTICE: 18 Sep 1 in all cases 38 Sep 25 except the 24 Oct 16 Nov. 7, 1914, 32 Oct 30 shipment, the 14 Nov 15 shipments here 18 Nov 29 offset notes 14 Dec 17 redeemed from 16 1916 Jan 10 circulation. 24 Jan 24 20 Feb 12 30 Mar 2 36 Mar 15 20 Mar 29 18 Apr 13 24 Apr 28 14 May 12 14 May 27 18 Jun 12 18 Jun 28 18 Jul 19 26 Aug 10 26 Sep 1 32 Sep 27 658 - 685 28 Oct 14 686 - 707 22 Nov 14 708 - 711 4 (reissues cease above) Nov 14 1024 - 1037 14 In any event, it took almost two years, February 11, 1915 through November 14, 1916, for the Comptroller to use up the redeposited sheets for the Arizona National Bank. All of these were eventually shipped to the bank to offset redemptions from its existing circulation of $50,000. For the rarity buffs, notice that there was an 84 percent turnover in outstanding notes during this short period! What makes the record for the Arizona National particularly interesting is the fact that the serials on the reissued sheets shipped between September 27 and November 14, 1916, were listed as shown in Table 2. These serials were in the group originally shipped to the bank on November 7, 1914. Apparently the clerks working with these last few sheets saw that they were in serial order and took advantage of that fact as they logged them out. The second part of the November 14 shipment included serials in sequence with those last issued on January 2, 1915. On November 14, 1916, the reissues finally ceased and new sheets began to flow. Impact Surprisingly I have never been able to document the existence of a state Date Back from this bank. Consequently I cannot illustrate this article with a note of this vintage, let alone one involved in the reissue. But then, as the record proves, the turnover rate for notes in circulation was very rapid so not many, if any, should have survived! lef**************** *010 More Corrigenda by the Rev. Frank H. Hutchins My article on two new variations in the U. S. large size notes in the January-February 1982 issue requires very few corrections, but a few will be in order. The author's name is "Hutchins" and the first name of the photographer is "Adrien." The main misfortune on page 10, however, is that the photographs are upside down, and even that is fairly minor. In the table, though, I failed to include, as perhaps an "A-O," the variety of Friedberg 35 - the Tillman-Morgan two - that I had just described - the one with no check number on the back - and on page 12 the Two-Dollar Legal Tender Notes of the Series of 1917 are headed "Five-Dollar Legal Tender Notes of the Series of 1917" in line 24 of the left-hand column of the text. I'm sorry for the error. ****310***"*"********** 18 Notice in this example that the effect of the reissues 16 was to delay shipments of new notes for almost two 40 years. The impact was that the Arizona National Bank of Tucson continued to use Series of 1902 Date Backs until June, 1920. Under normal circumstances its Series of 1902 Date Back printings would have run out a few years earlier. In fact, the Arizona National Bank was the last bank in Arizona to receive Series of 1902 Date Back shipments. THE FUTS1 NATIONAt BMUS OF Ve.t'OMING DELAWARE EEN IN)11.11,UtS [000514A 4reamewswo Paper Money Page 115 1919 118T101181. Bfli 110TE VflBIEFIES BY . . .M. OWEN WARNS NLG SUPPLEMENT XI Additions to the 1929-1935 National Bank Note issues previously reported In Supplement No. X, which appeared in Paper Money No. 92, 164 newly - surfaced notes along with 38 charters were recorded. Undoubtedly that report had a stimulating effect on collectors who with all good intentions had planned to report notes but never seemed to feel the urgency to do so. In this Supplement No. XI are listed 373 more newly - surfaced notes among which are 147 new charters; the latter are indicated by an asterisk placed to the left of the charter number. This gratifying response may be attributed to the zest of collecting, research study and the pride of ownership, any one of which imparts a sense of satisfaction. The margin between REPORTED NOTES and UNREPORTED NOTES has been reduced considerably. Notable in this Supplement XI are the large numbers of notes that turned up from the following states (the number from each shown in parenthesis): Pennsylvania (61), Texas (32), Illinois (27), New York (21), Minnesota (18), Ohio (15), New Jersey (13), Virginia (13), Massachusetts (12), Missouri (12), California (11), and Indiana (11). It is important that members do not delay reporting data on the small size notes, for we need not be reminded of the large numbers of small size Nationals that disappear daily. Notes coming in contact with banks are usually returned to the Office of the Comptroller of the Currency for eventual destruction, while others a-e stashed away or ruined by fire or water. The collector- researcher is thus deprived of useful information. The large total of notes reported in this Supplement XI reveals the healthy progress attained through the concentrated efforts of the many SPMC members bent on obtaining and recording all possible facets of knowledge pertaining to this fascinating issue which, incidentally, was the final one of National Bank Notes as originally authorized by an Act of Congress on Feb. 25, 1863. During the month of November, 1863, notes of the First Charter Period made their appearance. ALABAMA 7084 Selma 20. *10377 Fayette 10. ARKANSAS 9501 Fordyce 20. *10087 Arkdelphia 10. *10801 Harrison 20. 11580 Clarksville 20. CALIFORNIA 2456 Santa Barbara. 5. 8652 Glendora 5 9551 Calistoga 5. 9795 Vacaville 20. (the above note was omitted in Supp. II, Paper Money No. 35) *10378 Orland 5. *11522 Los Altos 10. *12673 Graham 20. *13356 Colton 5. *13510 Hollister ...10. 20. 13877 Brea 10. COLORADO 4172 Salida 5. 6556 Castle Rock ... 10. * 7288 Montrose 20. * 7577 Brighton 5. * 7888 Salida 20. 8572 Colorado Spgs. 5. 13098 Denver 100. 13624 Loveland 20. *13902 Grand Junction 20. CONNECTICUT 735 Stonington ... 10. 2643 South Norwalk 5. DELAWARE 1281 Odessa 5. 7211 Delmar 20. * 9428 Wyoming 10. DISTRICT OF COLUMBIA 4247 Washington .. 10. The First National Bank of Wyoming, Delaware, chartered in June, 1909, was the last bank authorized to issue National Bank Notes in the state of Delaware. Shown here is the only small size note known to have survived. 784 sheets of 6 notes were issued. Our thanks to Thomas R. Snyder for sharing this rarity. Page 116 FLORIDA 9926 Ocala 10. 13008 Coral Gables 10. 13157 Sanford 10. GEORGIA * 4963 Waycross 5. 9329 Monticello 5. IDAHO * 9145 Hailey 20. *11274 Twin Falls 10. ILLINOIS * 1721 Watseka 20. 2205 Monmouth 50. 4233 Effingham 20. * 5291 Stonington 20. 5525 Anna 50. * 6133 Ivesdale 20. * 6598 Cresent City 20. 6721 Martinsville 10. 7076 White Hall 5. 7079 Momence 10. * 7500 Westville 10. * 7712 Grand Tower 10. 7728 Benld 20. * 8429 Albion 20. * 8892 Palestine 10. * 9338 West Salem 10. 9896 Saint Peter 10. 10305 Chicago 20. 10492 Nebo 20. *10669 Worden 20. 11182 Homer 5. 12001 Chicago 20. 12227 Chicago 10. *12373 Jonesboro 5. *12658 Plymouth 5. *13892 Neoga 5. *14137 Woodstock .... 10. INDIANA * 1066 Columbus . 100. 1456 Rushville 5. 2043 Washington 50. * 3028 Decatur 5. 5167 Mishawaka 20. * 6215 Valpariso 20. 6480 Clinton 10. * 6952 Charlestown 20. 7155 Bickell... 20 7655 Rochester 20. * 9715 Spencer 20. IOWA * 1786 Sigourney 10. 1862 Glen wood 50. 2307 Des Moines 50. 5054 Thompson 5. * 7137 Linn Grove .. 10. * 9303 Bloomfield .... 10. 11907 Farnhamville . 10. KANSAS 3824 Centralia 5. 4642 Oberlin 20. 6149 Le Roy 20. 7844 Saint John .... 5. 7911 Marion 10. 10390 Topeka 20. *10557 Greensburg . 10. KENTUCKY 2888 Lancaster 10. 6129 Mount Sterling 10. 7284 Barbourville 10. 8943 Clay 10. MARYLAND * 5471 Upper Marlboro 50. * 9744 Chestertown 50. *13979 Frostburg 10. MASSACHUSETTS * 383 Northampton . 10. 688 Waltham 5. 708 Athol 5. 986 Lowell 20. 1170 Stockbridge .... 5. 1527 Boston 50., 100. 2275 Milford 20. * 4580 Lynn 5. *11236 Webster 5. 13395 Hyannis 5. 13835 Millbury 5. MICHIGAN 1521 Paw Paw 5. 3806 Iron Mountain 5. * 6485 Ithaca 10, 20. 9000 Muising 10. 13703 Birmingham 50. 13857 Hastings 5. MINNESOTA 4644 Breckenridge . 10. 5553 Eveleth 10. 6413 Minneota 10. * 6468 Hendricks 10. 6784 Emmons 20. 6837 Osakis 10. * 7283 Waterville 5. 7958 Hopkins 10. * 8051 Cold Spring ... 5. 9442 Mineapolis 20. 10382 Ironton 20. *10898 Wendell 10. 11054 Bovey 20. *11365 Kerlhoven 5. 11740 Menahaga . 20. 12941 Mahnomen 5. *12947 Moose Lake10, 20. MISSISSIPPI * 2957 Meridian 20. 9094 Corinth 10. MISSOURI 1467 Columbia 20. 1971 Sedalia 10. * 3005 Carthage 10. * 4151 Hamilton 20. * 7282 Mountain Grove 20. * 8009 Bethany 20. *12329 Clayton 10. 12452 Steele 5. 12506 Saint Louis ... 20. 1:3162 Joplin 5, 100. *1:3690 North Kansas City 5. NEBRASKA 2960 Friend 20. 3339 Ord 20. 3939 Wood River 5. 6901 Schribner 20. 8285 Hampton 5. 9217 Tilden 10. * 9223 Adams 10. 9591 Craig 20. 9694 Gering 10. 9831 Leigh 20. NEW HAMPSHIRE 888 Newport 20. 1145 Hanover 10. 2587 Plymouth 20. 5151 Bristol 20. NEW JERSEY 370 Vincetown 20. 925 Newton 10. 1270 Millville 20. 2999 Bridgeton 5. * 3878 South Amboy . 10. 4724 Orange 20. 8299 Woodbridge .... 5. 8779 Milford 10. 10712 Bloomsbury 10. 10823 Absecon 5. 12854 Haledon 20. 12949 Trenton 10. 13969 Collingswood .. 5. NEW MEXICO * 8098 Raton 20. NEW YORK 721 Troy 100. 1212 Fonda 20. 1753 Keeseville 10. * 2448 Camden 20. 2755 Franklinville 10. 3817 Canandaigua 10. * 3822 Sidney 10. 4493 Earlville 20. * 6371 Irvington 10. * /255 Granville 20. 7678 Roxbury 10. * 8531 Canton 20. * 9399 Nichols 20. 9643 Bruston 10. * 9716 North Creek 10, 20. 10295 Clinton 5. *10767 Harrisville.... 10. 10869 Fairport 20. *11742 Port Leyden 10. *12551 Cutchogue 5. NORTH CAROLINA 7554 Louisburg .... 20. 11229 Reidsville 5. 12278 Winston Salem 5. 1:3657 Durham 5. NORTH DAKOTA 6398 Ellendale 20. * 6407 Crary 10. * 8077 Goodrich ..10, 20. 8991 Hettinger 20. Whole No. 99 OHIO * 5530 Covington 20. 5694 Mingo Junction 20. 6505 New Lexington 5, 20. 6628 Dunkirk 20. 7851 New Bremen ... 5. 8127 Saint Paris 20. 8826 Toronto 20. 9192 Fostoria 5. 9961 Wapakoneta .. 20. 10105 Greenfield 5. 10373 London 10. *13742 Orrville 5. *14011 Dillonvale .10, 20. OKLAHOMA 5091 Pauls Valley ... 5. * 8294 Maud 10. 10051 Checotah 20. 10332 Cushing 10. *12078 Wellston 10. 12129 Marlow 20. OREGON 3458 Eugene 5. PENNSYLVANIA 213 Philadelphia ... 5. 247 Altoona 10. 568 Berwick 10. 573 Doylestown 10. 644 Honesdale 10. 2142 Schwenksville 20. * 2673 Brownsville 20. 3089 Bedford 5. 3990 Coatesville .. 100. * 4183 Scranton 5. 4534 Charleroi 20. * 4453 Tarentum ..10, 20. 4546 Shenandoan 10. 5133 New Bloomfield 10. 5147 Mifflintown .... 5. 5204 Glen Campbell 10. * 525:3 Monessen 20. 5311 Smithon 20. * 5497 Brockway 5. 5682 Stoystown .... 50. 5773 Littiz 5, 10. 6193 Sheffield 20. 6420 Findleyville 20. 6536 Spring Grove 20. * 6665 Portland ...10, 20. 6739 Summerfield 50. * 6946 Shippensburg 20. * 7229 Saxton ....10, 20. * 7874 Shippensville . 10. * 8083 McConnellsburg 10. 8141 Spring Grove 20. 8164 Dallas 10. * 8854 Evans City 20. 9130 Factoryville 10. 9139 Ardendtsville 10. * 9317 Canton 5. * 9508 Ralston 10. * 9898 Clymer 10. * 9978 Knoxville 10. *10214 Weissport 5. 10251 Nesquehoning 5. 311.1_04191;13091,111:1W1N,1 642 1./ Aa00049 BANK Of FINLEY-VILLE FrtitiVn-Velft. A000049 6420 ct?.1 THE FIST NATIONAL TANK II (ALLEN SIN 71(6 • KANSAS TEN 111.11.i.Nitti 0000111A PIE.IdOnelks7.413:1 9.744 ST taliano SANG TRUST CHAINS Li' AR ENTUM PENN:, tYANIA TEN 21,4141.E21RN 0001225A U1.11. arAcitAktat' THE fIRST NAMNAL SARA WENDELL TEN , AN A4.I.►4E61 A000337i 9 Paper Money Page 117 10466 Republic 10. 10837 Elysburg 20. 10950 Lamasters 10. 11373 Port Royal 10. *12530 Jenkintown 20. 12562 Austin 10. *12588 Saint Michael 10. 12912 Derry 10. 13151 Lansdowne 20. *13533 Gallitzin 5. 13772 Scottsdale .... 10. *13884 Fredonia 10. *13982 Herndon 5. *14094 Cecil 20. 14117 Beaver Falls 20. 14250 Hamburg 10. RHODE ISLAND 1284 West Warwick 20. SOUTH CAROLINA 6871 Columbia 5. SOUTH DAKOTA 5854 Flandreau .... 20. * 6099 Volga 5. *13221 Lake Norden 10, 20. TENNESSEE 1692 Murfreesboro . 10. * 3288 Centerville 20. 6930 Dickson 10. 7870 Columbia ... 5, 10. 8673 Lenoir City 10. 8889 Savannah 20. *10028 Cold Creek 10, 20. *10542 Maryville 10. *10583 Ervin 5, 10. *10735 Athens 5. 10842 Kingsport .... 20. *11202 Sweetwater ... 10. *11985 Hohenwald ... 20. 12031 Harriman .... 10. 12080 Loudon .... 10, 20. 12257 Rockwood 5. 12639 Springfield ... 20. TEXAS 2744 Weatherford .. 20. 3985 Dallas 100. * 4030 Lockhart 10. * 4306 Big Springs 10. * 4710 Amarillo 20. * 4982 Clarksville 10. * 5409 Mount Vernon 20. 5097 Sequin 50. * 5466 Sonora 5, 10. 5485 Port Arthur ... 20. 5533 Cooper 10. * 5765 Hondo 10. * 6050 Orange 10. * 6169 Livingston 20. * 6814 Emory 20. * 7041 Smithville 20. * 7157 Hico 20. * 7212 Devine 10. * 8242 Rule 10. * 9813 Sterling City 10. *10350 Richmond .10, 20. *11019 Tom Bean 20. *11239 Dawson 10. *11792 Falfurrias 20. *11879 Mercedes ... 5, 20. *12543 Big Spring 10. 12708 Grapevine 10. *12725 Sudan 10. 13067 Teague 20. *14270 Snyder 10. UTAH * 9111 Spanish Fork . 10. VERMONT * 962 Bethel 100. VIRGINIA 4314 Lexington .... 20. 5326 Covington 5. 5725 Scottsville .... 20. * 7338 Berryville 10. 8984 Rocky Mount .. 5. 9746 Norton 20. *10993 New Castle 20. 11328 Bedford 20. *11698 Grundy 10. *11797 Flint Hill 10. *11990 Trout Dale 5. *13502 Gate City 20. *14052 Crewe 10. WASHINGTON *13439 East Stanwood 10. WEST VIRGINIA 6999 Terra Alta 5. 7998 Hinton 20. 9604 Sutton 5. *10127 Spencer 10. *10219 Fairview 20. *11049 New Hope 10. WISCONSIN 10653 Mayfield 10. Newly Reported Notes from Previously Unreported Charters Photo courtesy Fred Vergellesi First National Bank of Findleyville, Pa. An excessively rare note from a town with a population of 300! Photo courtesy C. Dale Lyon First National Bank of Greensburg, Kan. Established 1914, receivership 1932. Only five charters remain unreported. Photo courtesy Dean Peterson First National Bank of Tarentum, Pa. Established 1890, liquidated 1934 and succeeded by charter 13940. Photo courtesy Gary Kruesel First National Bank of Wendell, Minn. Established 1916. receivership 1932. Scarce note, first to surface. Montford, David W. Moore, Frank A. Nowak, Dean Oakes, John V. Parker, Dean H. Petersen, Gary W. Potter, William K. Raymond, Edward Reich, Bob Rozycki, William Schmidt, E. A. Scott. Armand Shank Jr., Bruce Smith, Thomas R. Snyder. James A. Sparks Jr., Jake B. Sureck, Graeme Ton, Gerome Walton, James Wortman, Edmund J. Yahn, Fred Vergellesi, Fred Zinknan. Those members wishing to report notes can do so by contacting - M. Owen Warns 5920 W. Fillmore Dr. Milwaukee, Wi. 53219 SOCIETY MEMBERS COLLABORATING IN THE PREPARATION OF SUPPLEMENT XI Douglas B. Ball, Q. David Bowers, Amon Carter, Charles G. Colver, Roland J. Cormier, Robert Condo, Tom Conklin, Charles A. Dean, George Decker, David Dorfman, Thomas Denly, David Halaiko, John Helva, Warren G. Henderson, C. E. Hilliard, John T. Hickman, Alan R. Hoffman, Curtis Iversen, Warren Jackson, Harry E. Jones, Arthur Kagin, Calvin W. Kane, William Kleinschmidt, Donald C. Kelly, David R. Kolbe, Lyn F. Knight, Gary E. Kruesel, Roman L. Latimer, Robert F. Lemke, Marvin R. Levine, Frank 1,t , v0 an, M. C. Little, C. Dale Lyon, Allen and Penny Minch° Rich:) J TNT f^AT NtI At EANO Of SPANISH FORK trrAti 14,,,,k PS, IV Mt 1114,Ati. tr,3 TEN no5.1.:kits A022C Page 118 Whole No. 99 Elusive 1929-1935 Utah Charter Surfaces Photo courtesy David W. Moore The First National Bank of Spanish Fork, Utah (granted Charter 9111 in 1908) With the emergence of this note, Utah has now become the eighth state to have all of its small size note charters reported. The bank was established in 1908 and placed in receivership on Jan. 24, 1924; six months later it was relicensed to resume business on July 21, 1924. Early in the small size note- issuing period, on Aug. 31, 1930, the bank liquidated permanently, which is the reason for the scarcity of notes from this bank. This was the highest chartered Utah bank to issue the small size notes. $10 type I notes — 1704 — $17,040 Signatures — H. A. Gardner, cashier, and L. J. Durrant, president ES2MCEttEa 'CO:MtZMI: • ik