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Djibouti
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Official Bimonthly Publication of
The Society of Paper Money Collectors, Inc.
Vol. XXI No. 5 Whc1e No. 101 SEP/OCT 1982
ISSN 0031-1162
BARBARA R. MUELLER, Editor
225 S. Fischer Ave. Jefferson, W1 53549 414-674-5239
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.)
IN THIS ISSUE
EARLY ENGRAVINGS OF ANDREW JACKSON AND
THEIR BANK NOTE AND STAMP APPLICATION 203
GRADING THE BOTTOM END
Wendell Wolka 215
1982 - 1983 ANNUAL BUDGET CITY OF COVINA 218
THE ONLY 14,000 SERIES VERMONT CHARTER SURFACES
M. Owen Warns, NLG 219
THE DEBT FUNDING OF MONTANA TERRITORY
A SCRIPOPHILIC STUDY
Ray Miller 222
ANA 1982 SOUVENIR CARD 225
POST WORLD WAR II COUNTERFEITING OF U.S.
CURRENCY IN CHINA 227
ANOTHER VARIETY IN THE LARGE SIZE NOTES
Rev. Frank H. Hutchins 227
THE UNIQUE $1,000 INTEREST-BEARING TREASURY NOTE
OF 1860 AND AN ECLIPSED PRESIDENT
Gene Hessler 228
DERIVATION OF DESIGN ON INDO-CHINESE NOTES 231
UA "AIR CURRENCY" COUPONS 230
NEW VARIETY OF ENCASED POSTAGE STAMP FOUND 936
FIRST -4D LAST NOTES FROM BUREAU OF
ENGRAVING & PRINTING PACKAGES
Geor I. Wettach 236
CONFI 'SATE NOTES AND OBSOLETE STOCKS
FOR SALE'. 242
t,tek ro■ el- ti() ;!;19., 7,0
Itsitir
Book I 'over 7.5(1 81:81 0
f ill
t iiPs itte
S94;
titoliter-prige it)
it 51 0.041I
'I'tt ocirnint>trtttive
REGULAR FEATURE,
INTEREST BEARING NOTES 233
MONEY MART 238
THE PAPER COLUMN 174
COPE REPORT 226
SECRETARY'S REPORT 232
Page 202
Whole No. 101
en∎
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
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EDITOR
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PUBLICITY CHAIRMAN
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NEW MEMBERSHIP COORDINATOR
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BOARD OF GOVERNORS
Larry Adams, A. R. Beaudreau, Charles Colver, Michael
Crabb, Jr., Martin Delger, Roger H. Durand, C. John
Ferreri, William Horton, Peter Huntoon, Richard Jones,
Robert Medlar, Dean Oakes, Stephen Taylor, Steven
Whitfield, Harry Wigington.
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.
MEMBERSHIV—REGULAR. Applicants must be
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JUNIOR. Applicants must be from 12 to 18 years of
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removed upon notification to the secretary that the
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Members of the A.N.A. or other recognized
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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.
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PUBLICATIONS FOR SALE TO MEMBERS
BOOKS FOR SALE: All cloth bound books are 8 1/2 x 11"
INDIANA OBSOLETE NOTES & SCRIP
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TERRITORIALS—A GUIDE TO U.S. TERRITORIAL
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AND THE PROVIDENCE PLANTATIONS, Non-Member $15.00
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2. Total the cost of all publications ordered.
3. ALL publications are postpaid except orders for less than 5 copies
of Paper Money.
Write for Quantity Prices on the above books.
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Library Services
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the members only. For further information, write the
60521.
Paper Money
Page 203
Early Engravings of
Andrew Jackson and
Their Bank Note and
Stamp Applications
Fig. 1. - The "Black Jack" 2-cent stamp design.
Based on a research paper by CRAIG J. TURNER
written in 1975 and published first in The SPA Journal. The
author was a member of the staff of the Smithsonian
Institution and a specialist in the bank note company
production of classic U. S. stamps and the men who engraved
them.
*************
On March 3, 1863, Congress abolished the one-cent
post office carrier's fee and established a postage rate of
two cents for drop (local) letters. It further established
the 2nd and 3rd class postage rates at two cents for each
four ounces, or fraction thereof, and the rate for
circulars, up to three in number, at two cents. The Act
also required that these fees be paid by affixing postage
stamps to the individual envelope or wrapper.
With these rate changes, it soon became apparent to
the Post Office Department that the issuance of a two-
cent stamp should be undertaken immediately.
Consequently, on April 8, 1863, the following letter was
sent to the National Banknote Company, holder of the
then-current postage stamp contract:
Post Office Department
Finance Office
Washington, April 8, 1863
Sir:
Under the New Postage Law, stamps of the denomination of
two cents will be required for the payment of postage on local
letters on and after 1st July next.
I have therefore to request that you will at your earliest
convenience, furnish this office with a design for a postage
stamp of that denomination which stamp shall be so different
in all respects from those now in use, as to be readily
distinguishable from them without reference to color.
I am, respectfully, etc.
A. N. ZEVELY
Third Asst., P.M. General
Due to the short lead time involved (April 8 to July 1),
James MacDonough, Secretary and stamp designer of
the National Banknote Company, decided to use one of
his "stock" engravings as the central design of this new
two-cent postage stamp. As this relatively low value
stamp was to be used to carry "wastepaper basket"
material such as circulars, price quotations,
newspapers and the like, riot too much effort would be
/
// //// ///1
13 NIG 0 WI IE
Page 204
expended upon the design, so from the stock dies
available, MacDonough chose a vignette engraving of
Andrew Jackson.
William D. Nichols was the man chosen to engrave
the frame and lettering for this stamp. He had been
working as an engraver in New York City since 1840. By
1848, he had become well enough known and
sufficiently popular to have had his works exhibited at
the National Academy of Design. Prior to joining the
National Banknote Company, he had been an engraver
for Danforth, Wright & Company. He left Danforth in
1859 to become one of the founders and trustees of the
newly formed National when he subscribed to 136
shares of their stock. The New York City Directory lists
him as an artist from 1865 to 1869, and then lists him as
a printer at 1 Wall Street in 1874. In 1878, he still resided
in New York but by then he owned 1,600 shares in the
National Banknote Company. Nichols has been
credited with engraving the lettering on all the 1861-
1866 stamps for National except the one-cent blue
Franklin.
Whole No. 101
engraving and worked for both the National and
Continental Banknote Companies in New York and for
the American in Philadelphia. Ourdan later entered the
service of the United States Treasury Department in
Washington, D. C., and in time became Chief of the
Bureau of Engraving and Printing. For the Bureau, he
engraved the portrait of Salmon P. Chase for the one
dollar Civil War era Legal Tender note. He died on May
10, 1881, in Washington, D. C.
For years, students of United States classical stamps
have searched for the model Ourdan used for the
Andrew Jackson vignette. Many students agree that it
was John Wood Dodge's miniature painting of the
President which had been painted many years earlier.
Dodge had gone to Jackson's home, The Hermitage, at
Nashville, Tennessee in 1842, and painted, on ivory, in
miniature, a three-quarter length rendition of Jackson
in a seated position. In his left hand, Jackson held his
glass case and his right arm rested on a table which also
holds a leather-bound book. Behind Jackson's right
shoulder, Dodge had painted "Old Hickory's" sword
and scabbard. The artist had surmounted his painting
with an elaborate Urn and the Capitol of the United
Fig. 2 - 1861 Confederate States of America $1,000 banknote. Designer: National Banknote Company, Vignette
engraved by Joseph Prosper Ourdan.
The stock engraving of Andrew Jackson chosen by
James MacDonough for the new two-cent stamp
vignette had originally been used by the National
Banknote Company as part of a Confederate States
$1,000 banknote. This one thousand dollar bill had been
ordered from National in 1861, and Joseph Prosper
Ourdan, National's portrait and pictorial engraver, had
been assigned the job of engraving the vignette of
Jackson to be used as the lower right portion.
Joseph Prosper Ourdan, portrait and pictorial
engraver, was the son ofJoseph James Prosper Ourdan,
a letter engraver. The son served his apprenticeship as
an engraver with William L. Ormsby of New York. He
engraved some good line portraits and illustrative work
for book publishers under his own name while still quite
young. He soon became interested in banknote
States, while he had painted The Hermitage at the
bottom.
Fortified with this word picture of Dodge's miniature,
your author began a search for the original ivory
painting. Contact was made with the Curator of The
Hermitage, The Boston Antiquarian Society, The
National Collection of Fine Arts and The National
Portrait Gallery in an effort to locate the Dodge
miniature. Needless to say, the search was fruitless.
Further, Mrs. Ada Whisenhunt, Curator of The
Hermitage, told your author that historians and writers
have been searching for Dodge's miniature for years,
but to date, no one has found it. Mrs. Whisenhunt went
on to say, "In my judgement, the Dodge miniature must
have been the model for the 1863 United States stamp
which bears the likeness of Andrew Jackson. Certainly,
we have no engravings here (at The Hermitage) which
Paper Money
Fig. 3 - A version of the Dodge miniature engraved by
W. J. Edwards.
faintly resemble this stamp. In fact, we have no prints
which are not listed in the material which you sent."
Your author did find, however, an engraving of
Dodge's painting in The National Collection of Fine
Arts of the Smithsonian Institution done by Mosely
Isaac Danforth in 1843 — just one year after Dodge
painted his ivory miniature.
Upon finding this engraving, your author also
discovered there were more than 30 other engravings of
Andrew Jackson done by many of the great engravers
of the nineteenth century. It was learned that Asher
Brown Durand, Peter Maverick, James Barton
Longacre, Gideon Fairman, Francis Kearny, and J. R.
E. Prud'homme all engraved Jackson at one time or
another.
To assist collectors and exhibitors in their search for
collateral material for stamp and paper money
collections, and to acquaint readers with the type
material available, a listing of these Jackson
engravings follows:
Stipple Oval. Bust to left in cloak: face 3/I right.
Inscribed: Protector and Defender of Beauty and Booty//
Orleans. Painted by J. Wood. Engraved on steel by Cephas
G. Childs, Philadelphia - 1828. Oval: 3 1/16 x 2 1/2"
Page 205
Stipple Rectangle. Full bust in uniform: face 3/4 right.
Inscribed: Wheeler, painter — Edwin, engraver. Edwin is
David Edwin, 1776-1841.
Line Rectangle. Full length in uniform, to front, face 3/4 left.
Right hand across body with drawn sword. Chapeau in left
hand. To left, horse held by orderly; to right, a battle scene.
Inscribed: Painted by John Vanderlyn - New York.
Published June 1828. Engraver: Asher Brown Durand.
Printed: James R. Burton, Rectangle: 20% x 1478"
Mixed stipple and line rectangle, frame ornamented. Half
length; face 3/4 left.
Inscribed: N. Dearborn - Boston//Andrew Jackson//7th
President of the United States of America; signature.
Engraved by Nathanal Dearborn. Rectangle: 2% x 2'/4"
Stipple Vignettes. Series of vignettes of Presidents done in
ovals arranged against an entablature, with festoons of
ribbons and flowers. On top an open book against books,
inkstand, caduceus, etc. Bust portraits of Washington,
Jefferson, Adams, Madison, Monroe, and — at the bottom
— Jackson. Engraved by David Edwin and George
Murray. Ovals are: 6% x 4"
Stipple Oval. Full bust; face 3/4 right.
Inscribed: J. Wood - painter. Engraved by: Gideon
Fairman. Oval: 3 x 2"
Stipple Vignette. Half length in uniform; face 3/4 right.
Inscribed: Goodman & Piggot. Engravers were Charles
Goodman and Robert Piggot. Vignette: 21/2 x 3"
Line, circular frame. Full bust to left; face 3/4 right.
Inscribed: Engraved by W. Harrison, Washington City//
Painted by J. Wood//General Andrew Jackson. Engrav-
ing: 3 x 3"
Stipple Oval. Full bust to left; face 3/4 right.
Inscribed: Thomas Kelly, engraver//General Andrew
Jackson. Oval: 33/4 x 2%"
Stipple, Rectangle Frame. Full length; standing; face 1/4 right.
Right hand holding the "Constitution."
Inscribed: Engraved from an original drawing by Francis
Kearny//Andrew Jackson//President of the United
States//March 1, 1829. Rectangle: 10 x 7"
Line Vignette. Half length in uniform, surrounded by clouds;
face 3/4 left.
Inscribed: S. L. Waldo, painter — Peter Maverick, sculptur-
er/Maj General Andrew Jackson (restrike) Vignette: 81/4 x
61/2"
Stipple Vignette. Full bust; face 3/4 right.
Inscribed: J. Wood, painter - Peter Maverick, engraver//
Maj General Andrew Jackson. Frontispiece to Civil and
Military History of Andrew Jackson, etc, by an American
Officer, New York, P. M. Davis, 1825. Vignette: 3% x 21/4"
Stipple and Line Rectangle. Full bust in Uniform; face 1/4 right.
Inscribed: Engraved by Charles Phillips from a painting
by Jarvis taken from life, 1815//now in the possession of
Jonathan Hunt Esq/ /Andrew Jackson//Engraved for the
U. S. Magazine and Democratic Review//J & H G
Langley, New York. Rectangle: 5 x 4"
Stipple Oval. Bust in uniform; face to right.
Inscribed: Reed & Stiles engravers. (Samuel Stiles & Abner
Reed) Oval: 3 3/4 x 2 7/8"
Line Rectangle. Full length; standing; hat and cane in right
hand; face 3/4 right.
Page 206 Whole No. 101
Inscribed: R. E. W. Earl - painter//J. R. E. Prud'homme -
engraver//General Andrew Jackson//at The Hermi-
tage//R. Miller - Printer. Rectangle: 5 1/8 x 4 1/8"
Line Rectangle. Half length in uniform; face 3/4 left. Cloak over
left arm; right arm across body.
Inscribed: Smith - engraver (William D.)//General
Andrew Jackson. Rectangle: 8% x 7 3/8"
Line Rectangle; frame ornamented. Full bust to left in cloak;
face 3/4 right.
Inscribed: Painted by J. Wood//1829//Andrew Jackson//
Engraved by James W. Steel for the Jackson Wreath//
Printed by S. Tiller. Rectangle: 5 3/4 x 4"
Acquatint Vignette. Half length in uniform; face 34 left; cocked
hat on head; beneath: clouds, cannon, etc and on ribbon:
"Defeated 8,000 British at New Orleans 1815."
Inscribed: Acquatint by William Strickland//General
Jackson //Hero of New Orleans. Vignette: 7 1/4 x 61/4"
Stipple Rectangle. Half length in cloak; face 3/4 right.
Inscribed: Engraved by Asaph Willard on steel. Rectangle:
3% x 2 7/8"
Stipple Vignettes. Group of one rectangle; four ovals and one
octagonal frame against plinth, surmounted by eagle with
divergent rays; with flags and military trophies.
Inscribed: Tanner, Valiance, Kearney & Company (Henry
Tanner, John Valiance and Francis Kearny). Vignettes
depict American generals, i.e., Dearborn, Jackson, Brown,
Scott, Harrison and Pike.
Stipple Rectangle. Full bust to right in uniform.
Inscribed: Peale - painter, D. Edwin - engraver//Honour &
Gratitude to the man who has filled the measure of his
Country's Glory//Jackson//The States whole thunder
born to wield//And shakes alike the Senate and the Field
/ /Philadelphia/ /Published for a Grateful People.
Engraving: 5 x 4"
Line Rectangle, border line, 3/4 length seated.
Inscribed: Drawn, engraved and published by//Proof - 0.
H. Throop, Baltimore, Aug 25, 1828//This is to certify that
I did sit to 0. H. Throop on the 12th inst for my Like-
ness//Andrew Jackson (autograph)//S. Sands, printer//
copyright secured. Engraving: 17 1/2 x 14 3/16"
Stipple Oval, bust. Decorations, 'zossed swords above and
wreath.
Inscribed: Jackson//Leney - engraver, Chataiguer - paint-
er and sculptor//Dedicated to Maj Genl Andrew Jackson
for his gallant defense at New Orleans//Sold by Spencer
Crane & Co., 126 Broadway and Mr. Ferre, 24 Thomas St.,
New York//copyright secured. Oval: 3 3/16 x 2 5/16"
Line Vignette. Bust, head to left.
Inscribed: Engraved by Vistus Balch from a drawing by
Longacre//Andrew Jackson (autograph).
Stipple Rectangle, framed. Bust to front, head to left.
Inscribed: Andrew Jackson//Engraved by Charles C.
Torrey, from an original picture by R. E. W. Earl, in the
possession of H. M. Rutledge, esq.,//Nashville, Tennessee.
Published June 1, 1826. Rectangle: 16 x 14 1/8"
James Barton Longacre had a special liking for
Andrew Jackson and painted, drew and engraved him
many times. The following ten engravings are all by
Longacre:
Stipple Rectangle. Full bust in cloak to left; face 3/4 right. No
Fig. 4 - Charles Phillip's stipple and line engraved rendition of
Jackson taken from a painting by Jarvis done in 1815.
inscription. Rectangle: 5 1/2 x 4 1/2"
Stipple Rectangle, with ornamented frame. Full bust in cloak
to left; face 3/4 right. No inscription.
Stipple Rectangle. Full bust; face 3/4 left. After a portrait by
R. E. W. Earl. No inscription.
Stipple, broad rectangle, frame ornamented, and suspended.
Full bust to right in caped cloak, face 3/4 right.
Inscribed: Andrew Jackson//Engraved by James B.
Longacre from an original miniature by J. Wood//Pub-
lished by B. 0. Tyler//Washington City//1824. Engrav-
ing 5% x 3 3/4"
Stipple Rectangle. Full bust; face slightly to left; face long and
narrow. No inscription. Rectangle: 3 3/4 x Vs"
Stipple Vignette. Full bust; face 3/4 left.
Inscribed: Andrew Jackson//President of United States//
Drawn from Life & Engraved by Longacre. Vignette:
7 x 6 3/4"
Stipple Rectangle, Full bust; face 3/4 left.
Inscribed: Drawn from life and engraved by James B.
Longacre//Andrew Jackson//President of the United
States//signature. Rectangle: 4% x 3 3/8"
stipple Rectangle. 3/4 length in uniform; face front; right hand
on hilt of sword by side; left hand on holster holding reins
of a horse behind him.
Inscribed: Painted by Thomas Sully - engraved by James
B. Longacre//Maj Genl Andrew Jackson//Published and
Paper Money
Fig. 5 - Andrew Jackson, as President, drawn from life and
engraved by James Barton Longacre.
entered according to Act of Congress, Nov 2, 1820 by
Joshua Shaw. Rectangle: 14 1/4 x 11 3/4"
Stipple Rectangle, Full bust; face slightly to left.
Inscribed: Andrew Jackson//Engraved by James B.
Longacre from an original picture by R. E. W. Earl//
Painted at the Hermitage in the summer of 1826//Proof.
Stipple Rectangle. Full bust; face 3/4 left.
Inscribed: Drawn from life, September 23, 1829 and en-
graved by J. B. Longacre//Andrew Jackson of Tennessee
//President of the United States. Rectangle: 3 3/4 x 3 1/4"
During the search for Jackson engravings, it was also
discovered that vignettes of Jackson appear on 158
state bank notes - 44 from Jackson's own State of
Tennessee. David McNeely Stauffer lists these
banknotes alphabetically, by state, in his American
Engravers on Copper and Steel. To further assist
readers in their search for collateral material for their
stamp and paper money collections, Stauffer's listing
follows:
ALABAMA - Northern Bank of Alabama, Huntsville - $20.
ARKANSAS - Exchange Bank, Helena - $5.
CONNECTICUT - Manufacturers Bank, Birmingham - $3.
Central Bank, Middletown - $2.
Se•gatuck Bank, Westport - $10.
Page 207
DELAWARE - Farmers & Mechanics Bank, Milford - $1.
Citizens Bank, Middletown - $2.
DISTRICT OF COLUMBIA - Merchants Bank, Washington-
$3.
National Bank, Washington - $3
FLORIDA - Commercial Bank of Florida, Appalachicola - $2,
$3, $4, $5.
Bank of Jacksonville - $2.
Bank of West Florida, Mariana - $1
GEORGIA - Southern Bank of Georgia, Bainbridge - $2
Manufacturers Bank, Macon - $5
INDIANA - Cambridge City Bank, Cambridge - $10.
State Stock Bank, Jamestown - $5.
Western Bank, Plymouth - $1.
LOUISIANA - Canal Bank, New Orleans - $50.
MAINE - State Bank, Augusta - $5.
Village Bank, Bowdoinham - $5.
Marine Bank, Damariscotta - $10.
Newcastle Bank, Newcastle - $50.
Orono Bank, Orono - $2.
Bank of Cumberland, Portland - $5, $500, $1,000.
Bank of Somerset, Skowhegan - $20, $500.
Peoples Bank, Waterville - $100.
MARYLAND - American Bank, Baltimore - $3.
Chesapeake Bank, Baltimore - $10, $20.
Howard Bank, Baltimore - $100.
Farmers & Merchants Bank of Cecil County, Elkton - $5.
Frederick County Bank, Frederick - $10.
Farmers & Merchants Bank, Greensborough - $5, $10.
MASSACHUSETTS - Union Bank, Boston - $2.
Pemberton Bank, Lawrence - $3.
Milford Bank, Milford - $3.
Powow River Bank, Salisbury - $3.
MICHIGAN - Government Stock Bank, Ann Arbor - $1, $1.25,
$1.50.
Bank of Monroe, Monroe - $10.
MISSOURI - Bank of the State of Missouri, Branch, Fayette -
$20.
NEW HAMPSHIRE - Mechanics Bank, Concord - $5.
Langdon Bank, Dover - $5.
Pennichuck Bank, Nashua - $50.
New Market Bank, New Market - $20.
Peterborough Bank, Peterborough - $50.
Piscataqua Exchange Bank, Portsmouth - $10.
Lake Bank, Wolfborough - $20.
NEW JERSEY - Belvidere Bank, Belvidere - $5.
Hacketstown Bank, Hacketstown - $5.
Franklin Bank of New Jersey, Jersey City - $100.
New Hope and Delaware Bridge Company, Lambertville -
$5.
Sussex Bank, Newton - $2.
Passaic County Bank, Paterson - $2.
NEW YORK - Commercial Bank, Albany - $3.
Bank of Orleans, Albion - $5.
Cayuga County Bank, Auburn - $3.
Canajoharie Bank, Canajoharie - $2.
Columbia Bank, Chatham Four Corners $2, $3.
Merchants Bank, Granville - $5.
Genessee County Bank, Leroy - $10.
Page 208
Cambridge Valley Bank, North White Creek - $20.
Oswegatchie Bank, Ogdensburg - $5, $5.
Bank of Poughkeepsie, Poughkeepsie - $1.
Fort Stanwix Bank, Rome - $50.
Bank of Ulster, Saugerties - $2.
Merchants Bank, Syracuse - $3.
Watertown Bank and Loan Company, Watertown - $5.
West Winfield Bank, West Winfield - $20.
NORTH CAROLINA - Bank of Wilmington, Wilmington - $8
OHIO - Commercial Bank of Cincinnati, Second, Cincinnati -
$20.
Stark County Orphans Institute, Fulton - $5.
Bank of the Ohio Savings Institute, Tiffin - $5, $5.
Whole No. 101
PENNSYLVANIA - Bank of Commerce, Erie - $10.
Central Bank of Pennsylvania, Hollidaysburg - $50
Lock Haven Bank, Lock Haven - $2.
Manual Labor Bank, Philadelphia - $1, $2.
Mechanics Bank of the City and County of Philadelphia -
$2.
Bank of Phoenixville, Phoenixville - $2.
Bank of Fayette County, Uniontown - $10.
Wyoming Bank, Wilkes Barre - $5.
RHODE ISLAND - Jackson Bank, Providence - $1, $2, $5, $10,
$100.
Tiverton Bank, Tiverton - $5, 15, 1.5.
Fig. 6 - 1863 Farmers & Merchants $5.00 banknote from Elkton, Maryland, Designer: National Banknote
Company, Vignette engraver: Joseph Prosper Ourdan.
Fig. 7 - 1863 American Bank of Baltimore, Maryland $3.00 banknote. Designer: National Banknote Company.
Vignette Engraver: Joseph Prosper Ourdan.
Paper Money
Page 209
Fig. 8 - 1850 Ohio Savings Institute of Tiffin, Ohio $5.00 banknote. Designer: Danforth, Wright & Company.
Vignette probably engraved by Mosely Isaac Danforth but could have been done by Neziah Wright.
Fig. 9 - 1856 Tiverton Bank of Tiverton, Rhode Island $5.00 banknote. Designer: Baldwin, Bald & Cousland.
Vignette could have been done by Robert Bald, J. Dorsey Bald or William Cousland.
Fig. 10 - Undated (18--) Bank of America (parent), Clarksuille. Tennessee $5.00 banknote. Designer: American
Banknote Company (prior to consolidation in 1858). Vigtwtw engraver: Unknown.
Page 210
Whole No. 101
Fig. 11 - Undated (185-) West River Bank of Jamiaca, Vermont $50.00 banknote. Designer: Rawdon, Wright,
Hatch & .Edson. Vignette could have been done by Freeman Rawdon, Neziah Wright, George Whitfield Hatch,
Tracy Robinson Edson or Asher Brown Durand. (Top design of mythical goddess riding an eagle and the
classically undraped "Justice" on the left of the banknote are excellent examples of the work Asher Brown
Durand did for banknotes, certificates, etc.).
Fig. 12. 1854 Mechanics Bank of Memphis, Tennessee $1.00 banknote. Designer: Danforth, Wright & Company.
Vignette probably done by Mosely Isaac Danforth or Neziah Wright.
SOUTH CAROLINA - Bank of the State of South Carolina,
Branch, Camden - $2.
State Bank of South Carolina, Parent, Charleston - $50.
Planters Bank of Fairfield, Winnsboro - $50, $50.
TENNESSEE - Bank of East Tennessee, Branch, Chattanooga
$1.
Bank of America, Parent, Clarksville - $5, 15, 15.
Bank of East Tennessee, Branch, Jonesboro - $1.
Bank of East Tennessee, Parent, Knoxville - $1.
Citizens Bank of Nashville & Memphis, Branch - $1, $5,
$10, $20.
Bank of Middle Tennessee, Lebanon - $5.
Buck's Bank, McMinnville - $5.
Citizens Bank of Nashville & Memphis, Memphis - $1, $3,
$5, $10, $20, $50, $100.
Citizens Bank of Nashville & Memphis, Nashville - $1, $3,
$5, $10, $20, $50, $100.
Mechanics Bank, Memphis - $1, $1, $3, $5, $5.
Memphis Banking Company, Memphis - $4.
Southern Bank of Tennessee, Memphis - $3, $5.
Bank of Tennessee, Parent Bank, Nashville - $10, $10.
Bank of Union, Nashville - $5, $5.
Merchants Bank, Nashville - $5.
Nashville Life & General Insurance Company, Nashville -
$2.
Planters Bank of Tennessee, Parent, Nashville - $50.
Union Bank of Tennessee, Parent, Nashville - $1.
Shelbyville Bank of Tennessee, Shelbyville - $20, $20.
VERMONT - Lamoille County Bank, Hyde Park - $100.
West River Bank, Jamaica - $50.
Bank of Lyndon, Lyndon - $1, $2, $5.
St. Albans Bank, St. Albans - $10.
Exchange Bank, Springfield - $2.
WISCONSIN - North Western Bank, Stevens Point - $10.
This overwhelming usage of Jackson vignettes on
state bank notes by bankers from all parts of the
country appears to be unusual until it is pointed out that
Andrew Jackson was directly responsible for the very
Paper Money
existence of these State Banks. During his last year in
office as President of the United States, Jackson
successfully crushed the all-powerful Second Bank of
the United States and sponsored the system of deposit
in state banks. Many of the state bank presidents
subsequently honored their hero by choosing his picture
to be placed on their currency issues.
The reader will quickly note that there are slight
differences in many of the Jackson vignettes. Although
your author has ascribed certain vignettes to certain
engravers, there is no positive way of identifying which
of the engravers accomplished which vignette unless
certain dates are known or the engraver signed his
work. When the engraver did not sign his work, then the
"date" method of identification must be used. That is,
knowing for certain which engraver worked for which
banknote company during a specific time period. Even
with this dating information it is not always possible, at
this late date, to identify positively the engraver of each
vignette illustrated in this article.
These early engravings of Andrew Jackson were not
always restricted to use on postage stamps and
banknotes. They were also used on many other types of
United States security paper.
Fig. 13 illustrates an 1851 bounty land certificate
which has Mosely Isaac Danforth's engraving of
Andrew Jackson in its lower right corner. This
certificate granted 80 acres of bounty land to Private
James Meritt, a member of Captain Seberne's Company
of Kentucky Volunteers. These certificates were printed
in compliance with the September 28, 1850 Act of
Congress entitled, "An Act Granting Bounty Land to
Certain Officers and Soldiers Who have been Engaged
in the Military Service of the United States." Fig. 13a
an enlargement of the lower right corner of the
certificate showing Jackson's vignette surrounded by
muskets, cannon, flags and cannonballs.
Page 211
Fig. 14 depicts the 1871 one-eig th barrel, 12 1/2-cent
beer stamp with an engraving c. Jackson given the
same "curl in the middle of the forehead" treatment that
Charles Phillips gave Jackson in his 1815 engraving. It
is difficult to name the engraver of this vignette as the
National Banknote Company imprint shows clearly at
the bottom of the stamp, but the center of the stamp
reads, "Engraved and Printed at the Bureau of
Engraving & Printing." If indeed the vignette was done
at the National Banknote Company, any one of the
following four engravers could have been responsible
for it: Luigi (Lewis) Del Noce, portrait and picture
engraver, who worked for National from 1860 through
1879; Christian Wilhelm Rost, vignette engraver who
worked for National from 1868 to 1878; our old friend,
Joseph Prosper Ourdan, portrait and pictorial engraver
who worked for National from 1861 through 1873; or
possibly William Edgar Marshall, painter and portrait
engraver who started working for National in 1859 and
was still with them in 1869 and possibly beyond.
The next time this "curl on the forehead" engraving of
Jackson appears on United States Government security
paper is in 1872 when the Act of June 6, 1872 brings
forth the first series of Tobacco Stamps. Fig. 15 shows
the Bureau of Engraving & Printing's one ounce 1872
tobacco stamp with Jackson's vignette at one end of the
stamp.
Figures 16 and 17 show Jackson's vignette as used on
the 1878 Exportation Stamps for Cigars and Tobacco or
Snuff. These large sized Exportation Stamps were
engraved and printed at the Bureau of Engraving &
Printing.
Although Jackson vignettes were used on many other
postage stamps and items of security paper from 1878 to
the present, the vignette we are most familiar with
Fig. 13 - 1851 Bounty Land Certificate issued by the Department of the Interior. Designer: Danforth, Bald &
Company. Engraver: Mosely Isaac Danforth.
Page 212 Whole No. 101
Fig. 13a - Enlargement of Jackson vignette from the 1851 Bounty Land Certificate showing ornamented frame,
flags, cannon, muskets and cannonballs.
today is the small - size twenty - dollar note from the
Bureau of Engraving & Printing, portrait by Thomas
Sully, engraved by Alfred Sealey. Note the difference in
today's style of presenting the vignette of Jackson.
During the early years almost every vignette was
surrounded with an ornamented frame, but today's
artistic trend allows nothing more than an
insignificant ribbon at the bottom and two narrow lines
encircling the vignette.
Andrew Jackson, politician, statesman, financier,
and seventh President of the United States, is still very
much in the minds and hearts of the American people.
Over the years he has been honored many times by the
government he helped shape and by the banking
institutions he was primarily responsible for bringing
into existence.
REFERENCES
Ackerman, Ernest A., Collection of Proofs, Division of Postal
History, Smithsonian Institution.
Baker, W. S., American Engravers and Their Works, 1875.
Banknotes in the Collection of the Division of Numismatics,
Smithsonian Institution.
Brazer, C. W., A Historical Catalogue of U. S. Stamp Essays
and Proofs, Collectors Club Philatelist, 1938, 1945.
Brookman, Lester G., The United States Postage Stamps of the
19th Century, 1966.
Cole, Maurice F., The Black Jacks of 1863-1867, Chambers
Handbook Series, 1950.
Eagle, Clarence H., Collection of Essays and Proofs, Division
of Postal History, Smithsonian Institution.
Engravings in the Collections of the National Collection of
Fine Arts, Smithsonian Institution.
Engravings in the Collections of the National Portrait Gallery,
Smithsonian Institution.
Lane, Maryette B., The Harry F. Allen Collection of Black
Jacks, A.P.S. Handbook Series, 1969.
Mekeel's Weekly Stamp News, Jan. 15, 1934.
One Hundred Notable American Engravers 1683-1850, New
York Public Library.
Schlesinger, Arthur M., The Age of Jackson, 1928.
Stauffer, David McN., /_7ri==;-ican Engravers on Copper and
Steel.
Schriber, L., Encyclopedic of Designs, Designers, Engravers,
Artists of United States Postage Stamps, 1847-1900, The
American Philatelist.
Toppan, Robert Noxon, A Hundred Years of Banknote Engrav-
ing in the United States, 1896.
Paper Money
Page 213
Fig. 14 - 1871 One-Eighth Barrel, 12'/2 cent Beer Stamp with "Curl in the middle of the forehead" engraving of
Jackson.
Fig. 15 - 1872 One Ounce Tobacco Stamp, 1st Series, issued in compliance with the June 6, 1872 Act of Congress.
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Page 214
Whole No. 101
Fig. 16 - 1878 Internal Revenue Exportation Stamp for Cigars.
Fig. 17 - 1878 Internal Revenue Exportation Stamp for Tobacco or Snuff.
Fig. 18 - Small size note version, of the Jackson portra
Paper Money Page 215
Figure 1.
Grading the
TTOM End
by WENDELL WOLKA
Figure 2.
Page 216 Whole No. 101
Much attention has been paid to the subject of
grading both coins and paper money over the last two or
three years. Tempers flare and voices grow shrill over
the proper application of "Gem", "Superb", "Select",
"Choice", and so forth, when collectors try to properly
describe the many different "shades" of the
"uncirculated" state of preservation. In some areas of
paper money, however, it is obvious that the focus is on
the wrong end of the spectrum! Most articles and
scholarly considerations on the subject of grading stop
at the grade of "Good" or "Poor". Many relegate notes of
lesser grades to the "non-collectable" scrap heap.
As collectors of obsolete notes and scrip, colonials,
and other areas know, sometimes the best obtainable
condition does not even approach "Good". The reasons
for this situation are many, but certainly include such
things as:
—the passage of time since original issue. The rava-
ges of -fire, flood, burial, and various vermin over
the last 150 to 200 years have had, and will con-
tinue to have, a negative impact on the survival
rate of paper money.
—the contemporary perception of worthlessness. This
is better known as the "Wallpaper Syndrome".
Many different kinds of paper money lost their
value completely after banking collapses, repu-
diation, and other similar disasters. Thus those
who were unfortunate enough to get stuck with
such valueless notes had no real reason to save or
preserve them. Colonial notes and "broken bank"
notes were, for example, used for such diverse pur-
poses as bandages (hence the term "shinplas-
ters"), wallpaper, and shoe sole patching mater-
ials. A vast amount was unceremoniously thrown
out as just so much scrap paper. Only the "lucky"
specimens have survived to the present day in
any kind of condition.
—rarity. Many kinds of paper money were issued in
small quantities to begin with. Obsolete notes, for
example, were more often than not issued by
small private institutions, or even by individuals,
who were of limited financial means. This, com-
bined with the turbulent and violent financial
climate of the nineteenth century, frequently led
to swift and complete failure of such firms. While
remainder notes have often survived in uncircu-
lated condition, issued notes seldom were as
lucky.
Now that we have examined why some types of paper
money are usually found in poorer overall condition
than, say, U. S. type notes, we need to next determine
what has been done in terms of grading such material.
The definitive, in fact only, article on the subject of
grading "rags" was done by fellow SPMC member
Robert Raby in the June 10, 1981 issue of Coin World. In
this article, Bob suggests a combination numeric and
descriptive grading system.
Numerical Scale
*BS-0
BS-20
BS-30
BS-40
BS-50
BS-60
BS-65
BS-70
*BS = Bureau State
Grade
Treasury or Fed destroys
Average Poor (AP)
Good Poor (GP)
Very Poor (VP)
Extra Poor (XP)
Horrible (H)
Super Horrible (SH)
None Extant
Bob's concept is to follow the folks who collect those
metallic round things that go "clank" and assign a
numeric grade to each note. Thus, a BS-63.675 note
would be described as borderline Super Horrible, a BS-
45.5 note as Very Poor Plus, and so forth. Such technical
considerations as the amount of wear, circulation, lack
of crispness, stains, splits, heavy folds, and "overall
crumminess" are to be taken into consideration in
assigning these grades.
Bob suggests BS-0 as the base grade. This
corresponds to the condition which prompts a note to be
withdrawn from circulation. As notes pick up more
demerits from this level, they progress to the next BS
level. At the time Bob wrote this article, he urged SPMC
to consider the adoption of this system. After due
consideration, I believe that the Raby BS System
Figure 3.
Paper Money
(hereafter noted as RBSS) builds a base for a grading
system but needs some refinements. First of all, the
RBSS incorporates eight separate grades and also
allows for intermediate grades. This tends to make the
whole process of grading a "pseudoscientific" exercise.
Minute differences in wretchedness will swing a note
one or two grades and what is bought as a BS-50 (Extra
Poor) may be bought back by the unscrupulous as a BS-
60 (Horrible). There must be sufficient differences
between grades to make them easily discernible from
each other!
The second major problem with the RBSS is that no
guidelines are given for each grade. Direction must be
given in how to apply any grading scheme. With these
two things in mind, I would like to offer for your
comment and criticism the Wolka Wretched System
(hereafter referred to as WWS) for grading "well
circulated" material. The WWS consists of only five
descriptive, grades:
Grade Abbreviation
TACKY T
WRETCHED W
VERY WRETCHED VW
EXTREMELY WRETCHED XW
GEM WRETCHED GW
No intermediate grades would be sanctioned. It is
important to keep in mind that soiling, folds, creases,
and minor tears are not considered in using the WWS.
Since all of these grades fall below "Poor", it is assumed
that the usual evils of extensive circulation are common
to all n otes considered. These fall into four easily
understood categories: Repairs, Tears, Stains, and
Missing Parts. Great care has been taken to assure that
the grading standards are open to the smallest amount
of subjective opinion. It is thus hoped that few disputes
will be caused by the use of this system. In order to use
the WWS system, you look at the note, make a few
simple measurements, add up the points, and "what you
gets is what you gets"! Let's look at the basic elements of
the WWS:
Point Values:
Points Awarded
Repairs-
-None 0
-Stamp Hinges (Points PER HINGE)
2
-Mended or Scotch Tape )Points PER INCH) 10
-Scotch Tape WITH Bleed Through
(Points PER INCH)
20
-Restorations Using Parts of Other Notes (Points
PER RESTORATION)
25
-Backing Using Foreign Materials such as Newspaper
Clippings, etc. 25
Tears (NOTE: If repaired, Use Repair Points)-
-Less than 1" 0
-1" to 2" 25
-2" to 4" 50
-More than 4" 75
-Note Completely Separated
100
Stains (Must Cover at Least One Square Inch)-
-None 0
-Tan (1) -Design Features Visible
15
-Dark Brown (2) -Design Features Visible
20
-Black - Design Obliterated
35
-Translucent (Such as Tape Bleed Through)
75
Page 217
NOTES:
(1) Color Equivalent to Sherwin Williams #696 House Paint
(2) Color Equivalent to Sherwin Williams #709 House Paint
Missing Note Parts (Include Cancellations)-
-0% Missing
-1 to 10% Missing
-11% to 20% Missing
-21% to 35% Missing
-Over 35% Missing
-Not Enough of the Note Remains to be Sure
Materials Required:
-One 100 watt lamp. Some of the new "invisible tape" pro-
ducts are hard to spot.
-One yardstick. Remember? Some points are awarded PER
INCH!
-One Sherwin Williams Exterior House Paint Color Guide.
This is available at most hardware stores and is required to
diagnose stain coloration.
-One high school geometry book. This will be helpful in deter-
mining the area of missing sections of notes. When was the
last time you calculated the area of an obtuse triangle or a
truncated polygon??
Grade Point Levels:
Grade Total Points Awarded
TACKY
(3) 10 - 25
WRETCHED
26 - 40
VERY WRETCHED 41 - 55
EXTREMELY WRETCHED
56 - 80
GEM WRETCHED •80+
NOTES: (3) Notes receiving less than 10 points are automa-
tically graded as "Poor"
The three illustrations accompanying this article
have been graded using the WWS methods. So that you
get a feel for how the system is applied, the following
commentaries are provided for your study:
Figure 1 is a $1 issue of the Bank of Jeffersonville,
Jeffersonville, Indiana. The note grades a respectable Very
Wretched. This grade was achieved as the result of the
following point awards:
Tears- 25 (superb 1.875" center tear-
unrepaired)
Stains- 15 (light tan staining evident)
Parts Missing- 10 (more than 1% but less than
10% missing)
50 total points
This note is only .125" away from scoring 50 points in the
tears category. Had this been the case, the note would have just
made it into the Extremely Wretched category. Because the
standards are straight forward, even such borderline notes are
easy to grade.
Figure 2 is a $2 issue on the Bank of Salem, Salem, Indiana.
This note is a solid Extremely Wretched example. Here is how
the points stacked up:
Tears- 25 (1.500" tear - unrepaired)
Stains- 15 (light tan staining evident)
Parts Missing- 35 (12% of the note is missing)
75 total points
Figure 3 is a $1 issue of the Elkhart County Bank, Goshen,
0
10
35
50
75
100
Ame*:::$W ,..SA4:*.Wia*K***,..o.
Page 218
Indiana. This is a breathtaking (?) Gem Wretched specimen.
The note has a lot of things going for it — repairs, stains,
missing parts, and so forth. It scores heavily in three
categories. This note embodies the very rare use of a Toledo
Mud Hens box score newspaper clipping as backing material.
The date of this restoration can be fixed as June 23, 1904, the
day which the box score appeared in the morning edition of the
Toledo Blade newspaper. Here is how the scoring went (on the
note, not the Mud Hens!)-
Repairs- 31 (three hinge repairs @2 each,
Backing @25)
Stains- 20 (dark brown stains)
Parts Missing- 50 (23% of the note is missing)
101 total points
While a point could be made that there is not enough of this
note remaining to determine how much is missing, it makes no
difference since the note slides comfortably into the filth of the
Gem Wretched category.
Having now provided this invaluable (valueless?)
Whole No. 101
contribution to the general case of tumult and shouting
regarding the subject of grading, I await its general use
by you, my fellow paper money collectors. Let's get the
scientific approach established before it's too late.
Perhaps we could even conduct a contest to discover the
"World's Worst Known Note"?
EPILOGUE
With apologies to coin collectors (I was only kidding
about the "round metallic things that go clank"), the
Toledo Mud Hens professional baseball team, and the
Toledo Blade newspaper, I hope that this little bit of
satire will give you pause for thought. Grading
currently seems to be a problem in the field of coin
collecting and is starting to become one in paper money.
Careful, thoughtful consideration needs to be given to
how to deal with the situation.
****************************************
ANNUAL
BUDGET
CITY OF COVINA
HISTORICAL NOTE. U.S. NetIon•I currency loaned et Covina SO yeer•
SPMC Governor Charles Coluer, who is also mayor of the city of Covina,
California, was undoubtedly instrumental in the design of that community's 1982-
1983 annual budget. It features a 91/4 x 4 inch illustration of a First National Bank of
Covina $10 note.
****************************************
005 14
41`Eit
A000059 1 4
Paper Money Page 219
'IMVIAMN.WAL4W.V.W.V74111MW.WAN
The Only 14000 Series Vermont
Charter Surfaces
by M, OWEN WARNS, NLG
■11/14CM.V,;/7,1..6%•■■°:,'111\N■7,11"...%N•NLVAZAMV...0"r1,1\\%%.47.
When Society member Libero Zampieri left his native
Barre, Vermont last June to attend the Memphis Paper
Money Show, little did he know of the good fortune that
awaited him. He was amazed to come across a strip of
the limited issue of Type 2 $5 notes long sought after by
many collectors. They were issued by The Poultney
National Bank, Charter 14234 of Poultney, Vermont,
the last bank to be chartered in the State of Vermont.
Finding this excessive rarity in itself was indeed an
accomplishment ... but in a strip of three notes was
indeed enough to warm "the cockles" of the most ardent
collector's heart. The Charter remained unreported for
47 years!
Poultney was somewhat unusual with no less than
five different National Banks having been established
between the period of 1865 to 1935, especially since the
town's population fluctuated up and down from 1000 to
1900 people. The principal industry of Poultney has
always been the quarrying of high quality slate,
abundantly found in the area.
The 5 National Banks of Poultney, Vermont
The National Bank of Poultney, Charter 1200 was
established in 1865 and went into receivership 14 years
later in 1879.
The First National Bank of Poultney, Charter 2545,
established in 1881, was voluntarily liquidated and
succeeded by Charter 13261 on March 5, 1929.
The Citizens National Bank of Poultney, Charter
9824, established in 1910, was voluntarily liquidated on
November 2, 1934.
The First National Bank of Poultney, Charter 13261,
established in 1928, assumed the outstanding of
Charter 2545. Charter 13261 went into receivership on
June 20, 1930.
The Poultney National Bank of Poultney, Charter
14234, was established when it took over the assets of
the liquidated Citizens National Bank, Charter 9824, on
November 2, 1934. The meager amount of circulating
small size notes issued by Charter 14234 was as follows -
In all probability this meager amount of notes was
among the smallest issued by a newly chartered bank
during the 1929-1935 note issuing period. The records
show no additional shipments were made to charter
14234.
The above bank merged with the Proctor Trust
Company of Rutland, Vermont, established in 1891,
thus ending Poultney's 70 years of National Bank
services. The Proctor Trust Company was founded by F.
P. Proctor. Rutland is located some 25 miles to the
northeast of Poultney.
ACKNOWLEDGEMENTS
$ 5. type - 2, 196 notes, - worth $ 980.000
$10. type - 2, 105 notes, - worth $1050.00
total issue $2030.00
officers - Elmo J. Hudson, president,
J. H. Holmes, cashier.
The Bankers Register, by Kountze Bros.
The National Banks of the Note Issuing Period 1929-1935, by
Louis Van Belkum.
David W. Moore, Robert V. Polito, Louis Van Belkum
Page 220
THE PAPER COLUMN
by Peter Huntoon
KNOWN ERRORS AND TYPOS in:
Territorials, A Guide to U. S. Territori 1 1
National Bank Notes
TERRITORIALS was published by the SPMC in
1980. The intervening two years have given us time to
locate most if not all of the troublesome typos and errors
of fact that appear in the text. Below is a list of them so
that you can fix up your book.
The worst error was my failure to notice that the First
National Bank of Spokogee, Indian Territory, changed
its location to Dustin, Indian Territory. The result is
that I counted the Spokogee and Dustin titles as
separate banks. Important is the fact that there were
only 606, not 607, territorial National Banks. This and a
couple other mistakes make , it worthwhile to include
here a corrected Table 2 (page 12) which shows such
totals. Also a corrected Table 3 (page 13) is included
here.
Here are the other mistakes:
Paragraph
Whole No. 101
Line Error
1 1 607 should be 606.
4 6 606 should be 605.
6 11 176 should be 175
7 12 Washington should by
Wyoming.
17 line reading "% of
grand total"
should be 90.0 10.0 90.0 10.0.
28 1 12 Montfort should be Montford.
28 2 2 Montfort should be Montford.
28 6 8 $10 should be $20 (see photo of it
on page 162!).
37 3 4 Since the book was written, this
line should be changed to: The J.
L. Irish collection contains at
least one specimen from every
territory. The last territory that
Mr. Irish needed was Idaho and
he obtained the note shown on
page 13 to complete his spectacu-
lar set.
61 photo caption omit "and $100".
167 photo credit
should read Charles Colver.
As far as I know, there are no errors in the tabular data
beginning on page 39. However, on page 133 the line
reading "Albany County National Bank, Laramie (Jan.
18, 1918)" should be "Albany National Bank, Laramie
(Jan. 18, 1918)." Amazing that I did it to my own town!
With the help of dozens of colleztcra and dealers, I
Page
11
11
11
11
Table 2. Numbers of banks which issued territorial National Bank Notes
arranged by territory, type, and total within each territory.
Banks which moved to new towns or which were located in towns
that changed names are counted only once (see Table 3).
Territory Orig. 1875 82BB 82DB 82VB 02RS 02DB 02PB 29T1 29T2 Total
Alaska Terr.
Alaska Dist,
1 1
1 1 1
1
1
Alaska 1 3 3 3
Arizona 1 9 6 8 10 18
Colorado 11 9 13
Dakota 1 17 57 74
Hawaii Terr. 2 2 1 2 3 2 5
Hawaii 1 1 1
Idaho 1 1 8 8
Indian 56 119 175
Montana 6 9 16 25
Nebraska 3 2 3
New Mexico 2 6 18 9 31 35 55
Oklahoma 55 103 158
Porto Rico 1 1 1
Utah 4 4 12 17
Washington 2 38 40
Wyoming 2 4 7 11
Total 30 55 279 18 1 265 50 4 4 606
Paper Money
have been able to develop a substantial list of known
territorial notes. To bring the latest information to you,
I am including here a revised Table 13 (page 27).
On page 28, I stated that the following had not been
discovered: 1882 Brown Back Alaska territorial, 1902
Red Seal Hawaii territorial, and 1902 Date Back Porto
Rico. Since the book was published, NASCA came up
Page 221
with a $10 1902 Date Back on the First National Bank of
San Juan, island of Porto Rico. Our list of undiscover ed
territorial series is now down to two!
If you do not yet own a copy of TERRITORIALS.
order a copy for $12 postpaid from Peter Huntoon, P. 0.
Box 3681, Laramie, WY 82071, or from the SPMC.
Table 3. Territorial National Banks which moved to new towns or which
were located in towns that changed names during the territorial
period. Each of these banks is counted as one bank on Table 2.
Territory
Location
Charter
NumberOriginal New
Indian South McAlester McAlester 5052
Indian Oakland Madill 5404
Indian Spokogee Dustin 6804
Oklahoma Fort Sill Lawton 5753
Oklahoma Leger Altus 6113
Oklahoma Leger Altus 7159
New Mexico Sunnysidea Fort Sumner 8617
New Mexico Englea Cutter 8662
Washington New Tacoma Tacoma 2924
a. No notes issued with this location.
Table 13. Reported large size territorial notes.
Territory
Number of
Issuing Banks
Number of
Reported Banks
Number of
Notes Issued
Number of
Notes Reported
Alaska Terr. 1 1 6,792 1
Alaska Dist. 1 1 57,424 53
Alaska 1 1 6,224 8
Arizona 18 13 365,494 26
Colorado 13 9 450,806 51
Dakota 74 11 412,118 22
Hawaii 5 3 1,013,412 72
Idaho 8 3 76,524 4
Indian 175 61 942,276 96
Montana 25 10 280,764 2 1)
Nebraska 3 2 152,276
New Mexico 55 26 902,352 103
Oklahoma 158 51 629,752 79
Porto Rico 1 1 15,414 12
Utah 17 5 221,208 24
Washington 40 7 244,654
Wyoming 11 4 97,848 10
TOTALS 605a 208b 5,875,338 60?
a. First National Bank of Ketchikan, Alaska,omitted because the bank issued only
small size.
b. First National Bank of Juneau (Alaska Terr. & Alaska) counted only once.
Page 222 Whole No. 101
22Mgeo Mg 222
The
Debt Funding
of
Montana Territory
22
A Scripophilic Study
by RAY MILLER
(Concluded from PAPER MONEY No. 100, Page 173)
2g22 2gMg Mg M22M
An Outstanding Governor
Up to this point I have intentionally avoided in-depth
discussions of the personalities that were part of the territorial
government other than to mention wherein they related
specifically to a particular bond issue and 'or where it became
necessary to clarify statements relative to the bond
descriptions or to my initial problems in this research. But,
before going on to the remaining two bonds of issue, it would do
well here to discuss B. F. Potts. This is to provide some basic
insight and understanding of the man and his signature as a
governor of Montana Territory. The ,,wo remaining bonds of
issue yet to be reviewed must contain the signature of Potts as
designated by legislated jaw and only these two bonds of the
four territorial bonds ever issued required his signature.
Of all territorial governors, Benjamin Franklin Potts would
be the youngest appointee ever to hold this position. He was
appointed by President Ulysses S. Grant in the year 1869 to
take office in the year 1870. He would subsequently be
reappointed for a second term by Grant and by Rutherford B.
Hayes for a third. Governor Potts would hold the territorial
governorship for a period of three complete terms of 12 years
from 1870 through 1882 — a period covering almost half of the
territory's existence of 25 years ... quite a feat when one
considers that no other one territorial governor even finished
one term in office. If there was a dominent political figure in
Montana territorial government, this preeminence must be
accorded B. F. Potts, if for no other reason but tenure itself.
Most territorial appointments by the Washington
administration were political by nature — the patronage
system. So it was not surprising that Benjamin Franklin Potts
was a friend of James A. Garfield and of Rutherford B. Hayes
even before their individual elections to the Presidency. During
the Civil War he achieved the rank of brigadier general and
was considered to be a protege of General William T. Sherman,
who thought him one of his best young commanders. Admitted
to the bar in 1859, after the Civil War, Potts would return to
Ohio to begin practicing law. When selected territorial
governor of Montana in 1869, he was a member of the Ohio
Senate.
Potts' fiscal or financial policies and abilities can not be
overstated. Taking a territory nearing the end of his first term
of office with a debt of almost $150,000 and by providing it with
examples of thrift, along with his financial acumen used in
programs of debt fundings and refundings, he would put the
Territory in the black by the end of his last term of office with a
surplus budget in the territorial treasury of $14,005.90. On
January 6, 1883, in his sixth biennial message and in
finalizing the condition of the Territory, Governor Potts would
boast proudly that for the first time ever it had a surplus
budget. This, I might add, was the beginning period for the
redemption of the last issued bonds of the Territory. There were
nine different governors during Montana's territorial history
and it should be said of Potts that he was more responsible for
the creation of a functioning government and in establishing a
better economic climate for prosperity in the Territory than
any other governor before or after him. By the end of Potts' first
term of office a trend of fiscal responsibility was evident and a
letter from a former delegate to President Grant in the year
1874 stated that "Governor Potts through his management of
the Territory finances has caused a steady appreciation of the
credit of the Territory and has probably saved it from the verge
of bankruptcy." Eliminating debts of the Territory of about
$25,000 a year restored territorial credit. The signature of B. F.
Potts is found only on the bond issues of 1876 and 1880.
1876 Bond Issue
The 1876 bond was authorized to be issued during the ninth
regular session of the legislative assembly and was approved
on February 11, 1876. This act was to provide for the fundin g of
the outstanding indebtedness of Montana Territory and the
redemption of the 1872 12% bonds. All bonds are dated July 1,
1876 and were issued during the calendar year of 1876. They
were authorized to be issued to the aggregate dollar amount of
$91,250 or so much thereof as was deemed necessary to meet
with the funding needs of the Territory and were authorized to
be denominated in increments of $100, $500, and $1,000.
Bearing interest at the rate of 10% per annum, they were
redeemable at the pleasure of the Territory after two years and
payable in seven years. This bond required the signature of the
territorial governor and other officials, the first bond issue to
do so. Of the amount authorized to be issued of $91,250 exactly
$91,200 was issued. The numbers of individual bonds and their
denominations to equal this actual issued amount were 81
bonds denominated at $1,000 and 20 denominated at $500 and
two denominated at $100, which equals exactly $91,200. This
figure of $91,200 is based on the liabilities of the Territory as of
December 31, 1876 and is shown in the council journals of the
Paper Money Page 223
tenth session. This amount is also reflected in the Treasurer's
report of December 31, 1876 and is contained in the sinking
fund section. The 1877 Treasurer's report also lists these
liabilities as stated of exactly $91,200. The number of bonds
and -thair appropriate issued denominations are based on
counterfoils of the $500 and $1,000 bonds. There were 81 bonds
denominated at $1,000 equalling $81,000 and 20 bonds
dent rninated at $500 equalling $10,000. The combined totals of
the :;500 and $1,000 denominated bonds equal $91,000 of the
$91,00 actual dollar amount of issue. The only authorized
denomination available to equal the remaining $200 that
would complete this total dollar issue were the incremented
$100 bonds of which two were issued. So of the $91,250
apprnved authorized amount for this funding, the actual
amount of issue was $91,200 as documented by fiscal reports
and counterfoils of the $500 denominated bond and the $1,000
denominated bond.
1880 Bond Issue
The final bond was issued by the Territory in the year 1880.
The 1880 bond series was authorized in an extraordinary
session of legislature in the year 1879 and was approved on
July 21, 1879, This act was to provide for the funding of
indeatedness of the Territory and for the redemption of the 10%
bonds of 1876. All bonds are dated January 1, 1880 and were
issued in this same year. They were authorized to be issued in
the amount of $70,000 or so much thereof as was necessary to
meet with the funding requirements of the Territory and were
authorized to be denominated in increments of $500 and $1,000.
Bearing interest at the rate of 7% per annum, they were
redeemable at the pleasure of the Territory after three years
and payable in ten years. This funding was the second bond
series to require the territorial governor's signature. Of the
amount authorized by law to be issued of $70,000, exactly
$70,en was issued and in fact at a premium. The number and
denominations of issue to equal the actual dollar amount of
$70,00'3 were exactly 70 bonds denominated at $1,000 each.
(This is correct as there were no $500 denominated bonds
issues although this increment was authorized to be issued if
necessary.) The $70,000 actual issue and the premium paid is
supported by the official reports for the year 1880. The fiscal
year end report in the general receipt and revenue section not
only supports the amount of issue but also reflects the premium
of 101 11/16 per cent or $1,161.25. This combined total is shown
and stated at $71,161.25.
In the legislative enactments concerning this funding there
are provisions to allow this issue to be sold at a par or par plus
position. This was nothing more than a reflection of the
improved financial conditions and credit of the Territory. The
fact that only $1,000 denominated bonds were issued even
though $500 bonds were authorized is also contained in this
territorial funding act, section number 2, "The coupon bonds
authorized to be issued by this act shall be in such form as the
governor of the Territory may direct," So although two
denominations were authorized and approved for issue the
ultimate decision as to what denominations would be issued
was left up to the discretion of the territorial governor.
Having dealt with all of the authorized denominations in the
previous series, I at first overlooked the possibilities that only
one denomination was actually issued. After reviewing every
annual report from the date of this funding until statehood, I
finally decided the key to ascertaining the denominational
breakdown was in an act to redeem these territorial bonds.
This act was passed in January of 1883 but it only scheduled
and outlined dollar amounts for the redemption of this
funding. The bonds were scheduled to be redeemed on January
1, 1883 in the amount of $25,000 and then again on March 1,
1883 in the amount of $45,000 which would have liquidated the
total funded issue. After additional research I finally decided to
get copies of the original call sheets as they would have
appeared in the newspapers of the Territory. Calls for the
bonds were made approximately 30 days prior to the date of
thpir intpnded redemption. Located in the Daily Indenendant
newspaper of Helena, M.T. on page four and dated December 6,
1882 was one of the call notices: "coupon bonds of the Territory
of Montana, issued January 1, 1880, and bearing seven per cent
interest annually, as follows: Nos. 1 to 25, both inclusive, of the
denomination of $1,000 each." So the first $25,000 redeemed
were bonds numbered 1 through 25 and all denominated at
$1,000. The other "Notice to the Holders of Bonds of Montana
Territory" was also found in the Helena, M.T. Daily
Independent dated February 2, 1883 and it called, in the same
manner, for bonds numbering 26 through 70 inclusive and all
denominated at $1,000 each. This $45,000 remaining amount
made up the total issue of $70,000 completely. In the contra
section of the Treasurer's report for the fiscal year ending 1883,
these redemption amounts are shown accordingly on January
1st and March 1st of 1883. So the $70,000 authorized amount
was issued in total and denominated only in increments of
$1,000 of which 70 were issued.
Funded Indebtedness of Montana Territ ry
actually is d by legislation)
Issue Date as
shown on bond
Actual Dollar
amounts issued
Numbers and denominations necessary
to equal actual dollar amount 02 issue
1867/1869 $ 65.550 89 @ $50 plus 611 @ $100
1872 $104,300 4 @ $50 plus 141 @ $100 plus 180 @ $500
1876 $ 91,200 2 @ $100 plus 20 @ $500 plus 81 @ $1000
1880 $ 70,000 70 @ $1000
Page 224
In 1886 warrants would bear interest for a short period of
time but there would be no other long term territorial fundings
— no more bonds. Now in review, let's examine the actual
dollar amounts of issue in each series relative to the numbers
and denominations that were necessary to equal these actual
aggregate dollar amounts of funding.
One interesting aspect in reviewing the actual dollar
amounts of issue within a series is that of the denominational
count. These are contrary to normal corporate or government
bond issues. Usually the larger the denomination of issue the
fewer the number of issue and conversely, usually the smaller
the denomination of issue the greater the number of actual
issue. This is not true with Montana territorial bonds with the
exception of the 1880 series in which case only one incremented
denomination of issue provided for the entire funding. The
"higher the denominated value" the "rarer the document"
does not apply to these bonds but only the opposite — the
"smaller the denominated value" the "rarer the document" as
based on actual numbers of issue.
Relative Rarity of the Bonds
To begin our discussion regarding the rarity factors of the
Montana territorial bonds it should be understood that all of
these bonds whether issued or unissued are rare — it's simply a
matter of varying degrees. Generally speaking, in this
discussion of rarity, unless otherwise stated, I am referring to
an issued and cancelled bond. These issued and cancelled
bonds have performed their intended duties as debt
instruments. What types of cancellations might one expect to
find on these bonds? All known examples of issued bonds have
been cut cancelled. This includes issued and cancelled
examples of the 1872 and 1876 series which have also been
rubber stamped "Paid." Do also keep in mind that each bond
denomination issued within a series began with a numbering
of one (1). There are known to exist several unissued examples
of bonds once issued by the Territory of Montana. The unissued
examples of bonds that I am referring to still remain the
property of the State of Montana.
The rarest bonds ever issued by the Territory of Montana are
those of the 1876 series. The next rarest is the 1872 issue,
followed by the 1880 issue and finally the first issued series of
bonds dated 1869 and then 1868 respectively. By examining
each series briefly we can evaluate these conclusions. (As a
matter of clarification, the bonds mentioned in this discussion
as "bonds known to me" are not part of the archival holdings of
the State of Montana. These examples will be listed separately
immediately following this rarity evaluation.)
The 1876 series must be considered the rarest of them all. As
a series it incorporates three individually denominated bonds
all of which required the signature of Benjamin Franklin Potts.
The three bonds that make up this series are all individually
rare. The 81 bonds denominated at $1,000 are rare. The 20
issued $500 bonds must be considered extremely rare.
Obviously the two issued $100 bonds are exceedingly rare.
Then as a series they vary from rare to exceedingly rare if only
by number count alone. Of the four series of bonds issued by the
Territory only two required by law the territorial governor's
signatire — this 1876 issue and the 1880 issue. The 1876 series
predates that of the only other known bond requiring the
signature — this 1876 issue and the 1880 issue. The 1876 series
rated the number one bond series ever issued by the Territory.
How many of these bonds exist today as issued and cancelled
examples of this funding? I can personally attest to the fact
that there is at least one of each denomination known. I can
also state quite frankly that I have handled two of the four
known examples of the $500 incremented bonds. There are but
six bonds denominated at $1,000 known by me personally.
The second rarest bond series is that of the funding of 1872.
This bond required the signature of the Secretary of the
Whole No. 101
Territory, James E. Callaway. There were but two secretaries
in Montana's territorial history to ever finish a full term of
office. Callaway was one of them. He is considered by
historians to be an integral part of the territorial political scene
during his tenure of office certainly not to the degree of Potts
but nevertheless he was a significant personage. The fact that
this bond is the only territorial bond ever issued by Montana to
contain the vignetted initials of the Northern Pacific Rail Road
is significant and probably unique. I personally have no
knowledge whatsoever of any other territorial bond ever issued
to demonstrate this type of "pictorial innuendo." This is a very
important series for this reason alone. Like the 1876 series, this
1872 series is composed of three separate denominations to
make up a complete issue. Certainly the 181 bonds
denominated at $500 and the 141 bonds denominated at $100
cannot be considered extremely rare but they must be
considered at least rare. However, it is the four bonds
denominated at $50 that must be considered extremely rare,
which gives additional credibility to this second placed rating
for this series. So it is the signature of Callaway, the intials of
the N. P. R. R., and four bonds incremented at $50, together
with the three different denominations of issue, that rank this
1872 series bond as the second rarest issued. How many of
these bonds might exist? Again from personal experience I
know of just one denominated at $100 and I am aware of two
denominated at $500. I have never handled a $50 denominated
bond. Like the previously discussed bond sries, it is highly
unlikely that a complete set will ever be assembled but then
this is pure conjecture on my part.
The 1880 bond series is in my opinion the third rarest. This
issue required the signature of Benjamin Franklin Potts and
although there is but one denomination to make up this entire
series, the fact remains that issued examples of this bond must
bear his signature. Each is denominated at $1,000 and with
just 70 bonds issued, they must be considered individually very
rare. Another important point to consider is that this issue
represents the last bonded funding of the Territory. I have
never personally handled an issued or an unissued example of
this bond series although I have had the opportunity to do so on
two separate occasions — one was a $500 and the other a
$1,000, both unissued. It is my opinion that the $500
denominated bonds in their unissued state are nothing more
than a "printer's copy" since this denomination was never part
of the series but only authorized as a denomination of possible
issuance. The known unissued $1,000 denominated bond is at
least an example of an issued bond of this series — I think this
makes good sense. Because I have not handled an issued
example of this series does not mean that they do not exist. The
rarity calculations contained herein are based on
documentation as related to facts and to the actual figures of
issuance and not to that of possible survival rates. This
premise should be understood to avoid any hypothetical
conclusions.
The fourth rarest bond series issued is that of the first
funding. These warrant-like bonds have an issue date of 1868
and 1869. This series required the signature of the Secretary of
the Territory. Some are signed by James E. Callaway and
others by James Tufts. The bonds with a captioned date of
December 3, 1867 will bear Tufts' signature while those with a
captioned date of January 12, 1869 will have the signature of
Secretary Callaway. The dollar amounts of this issue indicate
that far fewer bonds signed by Callaway exist than those of
Tufts this is based on the dollar amounts of issue and not on
the actual issued numbers known. Although there were but 89
bonds issued denominated at $50, making this by itself a rare
issue by number, there is a substantial overhang of the 611
issued bonds denominated at $100 which negates this series'
overall rarity. An important point to remember, however,
regarding this series is that it does represent or is an example of
the first funded bond ever issued by the Territory. I have
handled one dated 1867 bond and I am aware of three other
ANA 1982
Souvenir
Card
Paper Money
bonds of this series but I cannot or have not yet been able to,
verify their specific dates of issue. I personally believe there are
more of this series in existence than any other series issued but
have not been able to verify this as fact.
Rarity, of course, is not just based exclusively on a number
count alone, although it certainly is a priority item to be
considered. There are many other distinct characteristics of
rarity but they need not be discussed here. Ultimately the
qualities that define rarity are always measured against and in
relationship to that of known and accumulated fact —
conjecture never made a common item rare.
As mentioned earlier, ther are some "sample bonds" or
"representative bonds" of issued and unissued denominations
in the possession of the State of Montana. These archival
holdings are located in the Records Section, folder number 15
and are listed for your knowledge and information:
Montana Territory Bonds - Archival Holdings
(shown by date of issuance)
1868 - No examples of either the $50 or $100 denominated bond
1869 - No examples of the $50 denominated bond but two exam-
ples of the $100 denominated bond and numbered accord-
ingly 602 and 602
1872 - One unissued example of the $50 denominated bond and
one unissued example of the $100 denominated bond
along with one unissued but signed $500 denominated
bond and numbered 182
1876 - One unissued example of the $100 denominated bond
and one unissued example of the $500 denominated bond
and one unissued example of the $1,000 denominated
bond
1880 - One unissued example of the $500 authorized but unissu-
ed bond and no example of the $1,000 denominated bond
Whether other bonds may exist somewhere unlocated
amongst the holdings of the State of Montana is unknown but
as of this writing all bonds known to be held by the state are
shown and indicated appropriately.
Conclusion
In conclusion, I'd like to make a few general comments and
personal observations about this research project. It would be
very presumptuous on my part to assume that this "Funding
Matter" is as such a completed inquiry and conclusive in all
regards. On the contrary it is not, for while obtaining the
answers to the majority of the questions initially proposed, I
have in so doing created other related questions that now
require examination. Some of the more obvious are: Why were
some counterfoils available and others not, and where is the
ledger book that should have been used and maintained by the
Treasurer's Office? Did the Territory ever print copies of the
fiscal year end reports for the years of 1870 and 1871? Why were
certain "bond samples" available and others unavailable -
nonexistent? And, what is the whole story behind the initials of
the Northern Pacific Rail Road as shown on the vignette of the
1872 series bond? There are many more questions, of course,
but a lack of information also provides us with a worthwhile
purpose by indicating other areas of needed research.
Although there are still these areas of needed inquiry we have
established many facts. Some of these facts may be redefined
in the future but most will not change or be altered at all.
I have answered my initial personal questions and in so
doing have added a new dimension of understanding about
Montana Territory not just for myself but hopefully for others.
Page 225
But if some areas do require additional research, then others do
not, as a great deal has been accomplished. It has been
established as fact the total number of bond series ever issued
by the Territory of Montana. Also established are the
differences or variations that existed between that of approved
or intended amounts of funded issue as enacted by legislation,
relative to the actual amounts of a debt funding. We have
reviewed the bond series in relationship to that of their
appropriated denominations of issue. The bonds have been
individually analyzed and then evaluated according to their
rarity. The bonds have been described and pertinent
information has been pointed out relative to their descriptions.
We have also mentioned or discussed several prominent
persons of the Territory and so indeed, we really have
accomplished a great deal. And so the "Funding of Montana
Territory" has been explored and I have answered my basic
inquiries. On November 8, 1889, Montana Territory would
achieve statehood status and another door would close, on
another era gone by forever, now viewed only in distant
retrospect.
The Bureau of Engraving and Printing issued the third
souvenir card in the FY 82 Exhibit Program commemorating
the American Numismatic Association's 91st Anniversary
Convention on August 17, 1982.
This card features an engraving of the Great Seal of the
United States marking the 200th anniversary of the adoption
of the basic design. The design for the Great Seal has never
been modified since its adoption. In addition to appearing on
the $1 United States Federal Reserve notes since 1935, the
Great Seal is used on every important commission signed by
the President, on treaties, and on the exequaturs of foreign
consuls. The card is printed in four colors, three by the offset
process plus one - color intaglio.
Cards are priced at $4.00 each at the BEP Visitor Center. The
cost through the mail is $5.00 per card with a 500 per card
discount for bulk orders of 10 or more.
A limited number of special Post Office machine - cancelled
cards with the 200 Flag stamp affixed will be available for mail
at $5.50 each, and mail orders will be filled until such stock is
exhausted. As with uncancelled souvenir cards, any bulk mail
order of 10 cards or more will be sold at a 500 discount per card.
The card will remain on sale for 90 days or until all supplies are
exhausted, whichever comes earlier.
Requests should be made on letter - size sheets, including
purchaser's name, address, and zip code. This information
should appear on both the order and the transmittal envelope.
Mail orders accompanied by a remittance of $5.00 in the form
of a check or money order payable to the Bureau of Engraving
and Printing (BEP) should be addressed to ANA '82, BUREAU
OF ENGRAVING AND PRINTING, WASHINGTON, D. C.
20228. Customers are requested not to send cash with their
orders and to allow 90 days from issue date for delivery.
B GO 000 001 B
D 28 160 001 A
D 00 016 001 *
F 35 840 001 A
F 00 656 001 •
G 40 960 001 A
I 00 000 001 A
I 00 016 001 •
L 42 240 001 A
B 03 840 000 B
D 40 960 000 A
D 00 640 000 "
F 46 080 000 A
F 01 280 000 •
G 51 200 000 A
I 11 520 000 A
I 00 640 000 "
L 52 080 000 A
6,400,000
7,680,000
3,840,000
12,800,000
128,000
10,240,000
128,000
10,240,000
11,520,000
128,000
10,240,000
1981
1981
1981
1981
1981
1981
1981
1981
1981
1981
1981
FIVE DOLLARS
A 15 360 001 A A 21 760 000 A
B 92 160 001 A B 99 840 000 A
TEN DOLLARS
A 00 000 001 A
B 19 200 001 A
B 00 000 001 •
D 00 000 001 A
1 00 000 001 A
A 12 800 GOO A
B 34 560 000 A
B 00 640 000 •
D 08 960 000 A
I 01 280 000 A
12,800,000
15,360,000
640,000
8,960,000
1,280,000
1981
1981
1981
1981
1981
Page 226
Whole No. 101
U 1-1:AU OF 1[: -NG AVIV
PRINTING
COPE PRODUCTION F]EDE AL RRESERVE NOTES
PRINTED DURING MAY 1982
SER IAL NUMBERS
SERIES FROM TO QUANTITY
ONE DOLLAR
1981
A 56 320 001 A
A 80 640 000 A
24,320,000
1981 A 01 280 001 •
A 01 920 000 • 640,000
1981
B 57 600 001 C
C 72 960 ON C
15,360,000
1981 B 09 120 001 °
B 05 760 000 *
640,000
1981 D 62 720 001 A
D 90 880 000 A
28,160,000
1981
D 00 652 001 •
D 01 280 000 •
256,000
1981 G 46 080 001 B
G 79 360 000 B
33,280,000
1981 G 01 920 001 *
G 02 560 000 •
640,000
1981 I 16 640 001 A
I 34 560 000 A
17,920,000
1981 I 00 652 001 *
I 01 280 000 •
256,000
1981 L 40 960 001 B
L 48 640 000 B
7,680,000
1981 L 01 280 001 "
L 01 920 000 •
640,000
TWENTY DOLLARS
1981 A 20 480 001 A A 30 720 000 A
10,240,000
1981 D 23 040 001 A D 35 840 000 A
12,800,000
1981
G 60 160 001 A G 72 960 000 A
12,800,000
1981 L 57 600 001 A L 67 840 000 A
10,240,000
FIFTY DOLLARS
1981 G 12 SOO 001 A
G 20 480 000 A
7,680,000
1981 I 00 000 001 A I 01 280 000 A
1,280,000
1981 L 00 000 001 A
L 06 400 000 A
6,400,000
1981 L 00 012 001
L 00 640 000 *
256,000
ONE HUNDRED DOLLARS
1981 G 00 000 001 A G 08 960 000 A 8,960,000
1977 G 05 120 001 •
G 05 760 000 * 256,000
UNCUT CURRENCY (32 SUBJECT)
ONE DOLLAR
1981 D 99 840 001 A D 100 000 000 A 160,000
1981 D 99 840 001 B D 100 000 000 B 160,000
1981 D 99 840 001 C D 100 000 000 C 160,000
1981 D 99 840 001 D D 100 000 000 D 160,000
1981 D 99 840 001 E D 100 COO 000 E 160,000
1981 D 99 840 001 F D 100 000 000 F 160,000
1981 D 99 840 001 G D 100 000 000 G 160,000
1981 D 99 840 001 H D aro 000 000 H 160,000
PRINTED DURING JUNE 1982
SERIAL NUMBERS
SERIES FROM
TO
QUANTITY
ONE DOLLAR
1981 A 80 640 001 A A 99 840 000 A 19,200,000
1981 A 00 000 001 B A 02 560 000 B 2,560,000
1981 A 01 936 001 * A 02 560 000 • 128,000
1981 B 72 960 001 C B 99 840 000 C 26,880,000
1981 B 00 000 001 D B 05 120 000 D 5,120,000
1981 E 29 440 001 B E 51 200 000 B 21,760,000
1981 E 01 920 001 * E 02 560 000 * 640,000
1981 J 87 040 001 A J 99 840 000 A 12,800,000
1981 J 00 000 001 B J 19 200 000 B 19,200,000
1981 J 01 280 001 • J 01 920 000 * 640,000
1981 K 05 120 001 B K 38 400 030 B 33,280,000
1981 K 00 640 001 • K 01 280 000 " 640,000
1981 L 48 640 001 B L 87 040 000 B 38,400,000
FIVE DOLLARS
1981 E 35 840 001 A E 46 080 000 A 10,240,000
1981 J 20 480 001 A J 29 440 000 A 8,960,000
1981 L 52 480 001 A L 69 120 000 A 16,640,000
1981 L 01 288 001 • L 01 920 000 * 384,000
TEN DOLLARS
1981 B 34 560 001 A B 53 760 000 A 19,200,000
1981 G 14 080 001 A G 28 160 000 A 14,080,000
1981 G 00 000 001 " G 00 640 000 * 640,000
1981 L 10 240 001 A L 21 760 000 A 11,520,000
TWENTY DOLLARS
1981 B 52 480 001 A B 71 680 000 A 19,200,000
1981 B 00 640 001 • B01 280 000 • 640,000
1981 G 72 960 001 A G 89 600 000 A 16,640,000
1981 G 01 290 001 G 01 920 000 " 640,000
1981 J 25 600 001 A J 34 560 000 A 8,960,000
1981 L 67 840 001 A L 87 040 000 A 19,200,000
1981 L 01 280 001 • L 01 920 000 • 640,000
ONE HUNDRED DOLLARS
1981 B 11 520 001 A B 19 200 000 A 7,680,000
Paper Money
Page 227
Post World War II Counterfeiting
of U. S. Currency in China
(The following excerpts from a Shanghai newspaper
editions in June and July 1946 were found by SPMC'er
C. M. Nielson of Salt Lake City.)
COUNTERFEIT U.S. NOTES FLOOD SHANGHAI
MART
Armed forces personnel and Shanghai civilians were urged
to exercise vigilance today as a flood of counterfeit $50.00
Federal Reserve banknotes continued to descend on Shanghai,
Headquarters United States Forces China announced.
The Criminal Investigation Division revealed that one
Shanghai firm was in possession of more than 100 of the near-
perfect bogus bills.
CID also announced that counterfeit $20 bills are being
circulated here, but added that the lower denomination bills
are of an inferior grade. The bogus $50 notes carry the printing
of the Federal Reserve Bank of New York and a large "B"
appears within the official seal of the New York Reserve Bank
on the right side of the notes. Above the seal is a numeral "2".
Further identification on the 50-dollar bills is a small "A4" in
the lower right of the bill, and on the reverse right side the
bogus notes carry the small numerals "106". Those found to
date to have been counterfeit are marked series of 1934.
The CID urged that any person having either the bogus $20
or $50 bills in his possession should contact the Investigation
Division at Room 149, New Asia Hotel.
The Shanghai Evening Post and Mercury, June 22, 1946
U.S. ARMY CID URGES CLOSE BILL SCRUTINY
As the trickle of counterfeit U. S. $20 bills enlarged to a
stream, the Criminal Investigation Division of the United
States Army Forces China today urged close scrutiny of all
bills of this denomination and asked that suspected bogus bills
be brought to the CID office for inspection.
Shanghai civilians and military personnel already have
been deluged with bogus $50 Federal bills. Capt. George
Plotkin, director of CID announced that all the counterfeit $2u
bills spotted by his investigators so far have carried the Bank
of San Francisco, have a large "L" in the seal on the left hand
side of the bills, and are series of 1934.
Many Shanghai civilians have brought bogus bills to the
CID office, Capt. Plotkin revealed, and added that the CID was
attempting to protect the Chinese and other Shanghai
civilians as well as military personnel from being victimized
by the counterfeit currency. He pointed out that Shanghai
residents are completely unfamiliar with United States
currency and could be easily swindled with fake bills.
The Criminal Investigation Division office is in the New
Asia Hotel.
The Shanghai Evening Post and Mercury, June 27, 1946
FAKE U.S. $100 NOTES FOUND BY ARMY CID
Counterfeiters have extended their activities to U. S. $100
bills, China Service Command's Criminal Investigation
Division revealed today.
A small number of bogus $100 notes have been found in
China, the CID announced, adding that the fake bills of the
large denomination have appeared only in this country.
The bills are near'..y perfect, Capt. George Plotkin, CID chief
declared, and carry the seal of the Federal Reserve Bank of San
Francisco, with a large "L" in the seal on the left front of the
bills. In addition, a numeral "12" appears in all four corners of
the fake bills.
In all bogus $100 notes discovered to date, the front plate
number in lower right hand corner is "F4" and the back plate
carries "32". Serial numbers on the bogus bills will be
L0059698A, or a number close to it.
Meanwhile, a number of nearly perfect $50 bills, and a
smaller quantity of bogus $20 continue to flood Shanghai. A
combination of "A4" as a front plate number and "106" as a
back plate numeral brand a $50 as counterfeit.
The counterfeit $20 bills are of poorer quality, and the
printing job is not as well done as on the larger bills. In
addition to the thick paper and dark ink used in the $20, the
following sets of front and back plate serial number definitely
label a bill as counterfeit:
C18 - 245
C19 - 249
D21 - 251
19 - 213
K17 - 210
Capt. Plotkin urged that suspected counterfeit bills be
brought to the CID office at room 147 of the New Asia Hotel.
The Shanghai Evening Post and Mercury, July 15, 1946
Another Variety in the Large
Size Notes
by the Rev. Frank H. Hutchins
My attention has been called, and again it is Doug
Murray who made the discovery, to a previously
undiscovered variation in the fifty - dollar goldbacks of
the time of Parker and Burke, persisting into the time of
Teehee and Burke. Prior to this I had thought that these
notes started out with the check number on the obverse
under the check letter in the lower right, but Murray has
discovered that even before this the number was to the
right of the center of that letter.
This seems to be true only of the number "1" - in both
the Parker and the Teehee notes - and to have no
counterpart in any other series except the $1.00 silver
certificates, which started out that way and never went
to any other position until the standardization that took
place under Teehee and Burke. The two positions of the
check number on the $1.00 silver certificates of Teehee
and Burke are shown again here together with the three
positions of that on the $50.00 goldbacks of Teehee and
Burke, the first two of which are shared by those of
Parker and Burke as well.
Page 228
Whole No. 101
The U
$1,00
Interest- aririkg
Treasury to of 1860
and an Eclipsed President
by GENE HESSLER
The interest-bearing treasury notes authorized by the
Act of 17 December 1860 were all redeemed by 17 June
1868, according to Walter Breen (see Numismatic News,
February 26, 1974). This little-known currency act is
rarely mentioned, perhaps because until recently no
examples of the notes were known. This situation has
now changed with the discovery of what appears to be
the sole surviving example, a specimen of the $1,000
note, from a presentation book. The book, bearing the
imprint of Rawdon, Wright & Hatch, was presented to
Nicholas Marie Alexandre Vattemare (see the
preceding issue of this journal).
"The 1860 act authorized the issue of ten millions of
treasury notes in denominations of not less than $50,
redeemable in one year from the date of issue, with
interest at the rate of 6 per cent, but the Secretary of the
Treasury was authorized to issue such notes after
advertisement at the lowest rate of interest offered."'
The rates of interest ranged from 83/4 to 11 per cent with
the average 10% per cent.
These treasury notes were issued in lieu of a $10
million loan which did not completely materialize due to
political complications which caused subscribers to
withdraw from their commitment. Earlier issued
treasury notes were coming due and a scenario which
seems perpetually popular was about to be played out;
paper redeemed by more paper.
The design of the newly discovered $1,000 note is
similar to that issued under the Act of 28 December
1857, which with only two uniface proofs known is also
extremely rare. Of the latter two, the one bearing plate
position C includes a counterfoil, while the other with
plate position B does not. These two notes have "Act of
28 Dec. 1857" placed just above the portrait of President
James Buchanan. They also bear the imprint of
Rawdon, Wright & Hatch, and the space for the
insertion of the handwritten date has only the partially
printed year, i.e., 18__.
Design of the unique $1,000 interest-bearing treasury
note of 1860.
As we examine the unique, green $1,000 specimen the
design of which was specified in the act of 1860, we
notice three alterations from the 1857 notes. The date
has been deleted from above the portrait, the space for
the date is now printed as 186_, and a second imprint
has been added, viz., that of the American Bank Note
Company. The firm of Rawdon, Wright & Hatch was the
largest public-owned company of the seven which
merged in 1858 to form the American Bank Note
Company. The fledgling association made the
necessary changes on the banknote plate to conform
with the U. S. government's request and added its own
credit line which would appear on many notes to follow,
Design of the $1,000 interest-bearing treasury note of 1857, with counterfoil.
Paper Money Page 229
President Buchanan's portrait used on a private bank note.
the plates of which were prepared by the merging
companies. (President James Buchanan, whose
portrait appears on this note, was generally considered
an outstanding president; however, the cataclysmic
Civil War which he could not prevent and his successor
in the White House, the legendary Abraham Lincoln,
completely overshadowed Buchanan's principles and
accomplishments.)
On 24 August 1814, the day the British burned the city
of Washington, Buchanan was nominated as State
Assemblyman from Lancaster, Pennsylvania. He never
looked back and remained in public office until 1861
when, as the 15th president, he was succeeded by
Abraham Lincoln. James Buchanan was elected to
Congress in 1821 and he later served as Minister to
Russia and to the Court of St. James. He favored state
banks and voted against the recharter of the Bank of the
United States. He fought Nicholas Biddle into a corner
after the Bank of the United States, whose federal
charter was denied through the efforts of President
Andrew Jackson, received one from the state of
Pennsylvania. Notes of the Bank already in circulation
were not recalled and new ones were issued. The public,
who had faith in the bank, continued to accept its notes
on the basis of "as good as gold." The bank that Jackson
thought he had destroyed continued to cling to life. Due
to the perseverance of Buchanan, the bank was closed
six months after the state charter was granted. Without
the meddling of Jackson, the Bank of the United States
could have been rechartered and could have continued
to operate, perhaps even into the present.
Pennsylvania had gone bankrupt. James Buchanan
favored: "prohibition of speculation in commodities by
banks [Biddle, as president of the, state chartered Bank
of the United States had tried to corner the cotton
market]; state supervision of note issues to keep them
within the limits permitted by charter; elimination of
banknotes under $10 or ii20 a order that employers
would have to pay workmen in coin; and the summary
revocation of the charter of any bank which refused to
redeem its notes in specie on demand." 2
James Buchanan held the office of Secretary of State
(1845-49) under President James Polk, and was
instrumental in making a commercial treaty with
Hawaii which cemented relations with that kingdom.
As President he hosted the Prince of Wales, the first
member of the British Royal family to pay such a visit of
state. The first commercial treaty between Japan and
the United States was signed when a large Japanese
delegation came to Washington and caused quite a stir.
Buchanan actively sought the presidency twice
before. However, in 1856, as the threat of Civil War was
brewing and with his open policy against slavery, he
was elected as the only man who could save the Union.
"I believe now," wrote Howell Cobb's brother, "that no
other man but Mr. Buchanan could have been elected
with the opposition we have encountered at the North.
He was The Man ... the most suitable man for the
times." 3 Others did not share this view. There was an
unsuccessful scheme to kidnap President Buchanan so
that Vice-President Breckenridge, a man thought not to
share the views of Buchanan, could be installed. Despite
the optimism of the Demcorats, however, Buchanan's
abilities were not up to the task of stemming the tide and
in the last months of his term the opening guns of the
bloody conflict were heard across the land.
Many of the contemporaries of Buchanan would also
be chosen as subjects for U. S. federal paper money:
Henry Clay, Thomas H. Benton, Silas Wright, Robert J.
Walker, William L. Marcy, William H. Seward, General
Winfield Scott, Charles Sumner and, of course,
Abraham Lincoln. He and a smaller number from those
just listed can be found on state bank notes as well. The
portrait of Buchanan on the 1860 interest-bearing note
was engraved by Charles Burt. The same portrait can be
found on some state banknotes; one such example is the
$10 denomination of The New England B c
Fairmont, Maine.
The engraved date of October 1, 1857 on the Mai..
note, the 1860 date of the discovery note here under
discussion, and the notes issued under the Act of 23
December 1857 all point to an unusual circumstance.
Although President Buchanan had been in office less
than one year and eras still living, his portrait was
placed on government banknotes. Perhaps this decision
was a reflection of his popularity. Notwithstanding, it
was not until 17 May 1866 that Congress passed an act
which forbade the image of a living person to appear on
a U. S. note or bond. This action was engendered by the
behavior of Spencer M. Clark, the genius who created
the First Currency Bureau. The appearance of Clark's
portrait on the third issue fractional currency 5; note
Page 230
caused quite a rumble in Washington and resulted in the
Congressional retaliation noted above.' Buchanan's
image had appeared at least five years earlier
apparently without remonstration. The difference,
perhaps, as we have learned in 1982, is that the
President is sometimes above the law.
The engraver of Buchanan's portrait on the $1,000
discovery note, Charles Burt, also engraved a vignette
of Liberty which may very well be that used on the same
note. It does appear on other notes, two examples of
which are the Banco de Escobar Ossa y Ca., Santiago,
Chile 5peso (Pick A153) and The Bank of Upper Canada
$1 (Pick R1172). The eagle engraving entitled E
Pluribus Unum is also considered to be the work of
Charles Burt and it is still being used, most recently in
the 1979 Annual Report of the American Bank Note
Company.
A complete series of notes, redeemed in its entirety,
thought to have faded into history, has come to life with
what could be the sole survivor, a single $1,000
specimen. However, interest-bearing treasury notes of
the pre-1861 period continue to remain for the most part
unknown, and the 1860 $1,000 example here described
has given us only a glimpse into this uncharted
wilderness.
NOTES:
1.Knox, John J., United States Notes, Sanford J. Durst, New
York, 1978, p. 76.
2. Klein, Philip S., President James
Buchanan, A
Biography, The Pennsylvania State University Press,
University Park, Pa., 1962, p. 138.
3. Ibid, p. 260.
4. Spencer M. Clark had proposed the portraits of the
Secretary of the Treasury, Assistant Secretary, Comptroller of
the Currency and the Treasurer be placed on the third issue of
fractional currency. Secretary McCulloch and Treasurer
Spinner "objected strongly, and only gave a reluctant
consent." The American Bank Note Company had prepared an
earlier portrait of Hugh McCulloch; however "he refused to
have another prepared, his consent was coupled with
conditions that could not be fulfilled." General Spinner "after
repeated urgent solicitations" from Clark sat for the portrait
used on the note, "originally intended for the five-cent notes."
The latter note was to be discontinued; however, a demand for
them continued in the South. Clark had gone to Spinner to ask,
"What head shall we use; the boys have got up a die with my
head, what objection is there to using it?" Spinner is said to
have replied, "I have none." Clark had the design submitted to
the Secretary for approval, claiming to have received
authorization from Treasurer Spinner. Somehow the deception
was finalized with Clark's portrait being used on the five-cent
note. Spinner disapproved when he saw the finished notes;
however, the deed was done. The New York Times, 19 March,
1866, p. 5.
Additional Sources
Appletons' Cyclopaedia of American Biography, D.
Appleton and Company, New York, 1888.
Dictionary of American Biography, Charles Scribner's Sons,
New York, 1934.
Hessler, Gene, U. S. Essay, Proof and Speciam Notes, BNR
Press, Port Clinton, Ohio, 1979.
Whole No. 101
Follow-Up:
UA "Air Currency" Coupons
The brief article in PM no. 99, page 106, has elicited
considerable response about United Airlines' inflight
scrip. The illustration used in the article showed only
part of the design. Richard Kelly has supplied us with a
complete specimen "good for 1 beverage or headset".
Note the movie projector and film reels at lower left and
the beverage glass at lower right. The inscription reads,
"This coupon is redeemable for an inflight cocktail,
wine, beer or headset. Check one selection above."
There is a serial number next to the beverage glass. On
the back is this inscription:
Please check your preference for beverage or/headset on
the front and present to Flight/Attendant.
Not refundable or redeemable for cash.
SW Present to Destination TR.
This specimen is printed in brown on ordinary sepia
colored paper. M. R. Friedberg has one in blue. His bears
a serial no. J139249, so evidently the number has a
function other than imitating "real money". Also, on
the back of Friedberg's piece is the additional
inscription "UPS 4244."
The June 1982 issue of "The Red Carpet Club News"
published by UA carries the following news about the
coupons:
Over a year ago United introduced "Air Currency" in-
flight beverage and headset coupon books to our frequent
travelers. "Air Currency" has been well received and we're
offering you a final opportunity to purchase 10 coupons for
$15. In July the price of "Air Currency" books will increase
to $18.50 for 10 coupons which results in a 26% savings on
cocktails and 38% on movie headset rentals.
CORRIGENDUM CORRIGENDI
It was with deep chagrin that I noticed that in my
very corrigenda on page 114 of the May-June issue I had
called the Tillman-Morgan $2.00 legal tender note a
Friedberg 35. This should, of course, have read
"Friedberg 56, and I am doubly apologetic for this error.
(The Rev.) Frank H. Hutchins.
Paper Money
Fig. 1. Stamp with profile of Laotian woman.
Page 231
Fig. 2. Back of Indo - Chinese note.
********************** ***** **********************************
Derivation of Design on
Indo - Chinese Note
************************************************************
(The following is a compilation derived from articles by H. A.
Daniel III and Constantin Marinescu that appeared in Indo -
China Philatelist, September and November 1981 issues. They
were brought to our attention by Robert G. Stone.)
One of the designs in the first set of stamps issued by
the Kingdom of Laos (Scott 1-17) features the portrait of
a Lao woman encased by a decorative flower motif on
the left and right (Figure 1). The young woman's profile
is seen at a slight angle from the back. The face as well
as the coiffure receives meticulous attention from the
engraver. The part of the set that concerns us was issued
in 1952.
What we find extremely interesting is that this
design, almost unchanged, appears also on the 1953
banknote series of Laos - the 10 piaster banknote
(Figure 2). This banknote is #13 in the Indo - China
section of A. Pick's Standard Catalog of World Paper
Money.
On the banknote back the young woman's figure
includes the entire upper torso. The face, seen in profile,
remains the same. The careful treatment of the hair can
here, too, be observed; even the same hair ornaments
appear. The chain, clip and earrings are like those
shown on the five stamps which depict the young
woman in this series, and the facial expression
undergoes no change.
The one difference is that the young woman's
shoulder toward the viewer is bare on the banknote
while it is covered by a garment on the stamp. Above
this garment one can discern a hint of the necklace that
is plainly visible on the banknote.
Stamps and paper money of a specific country, colony
or revolutionary movement usually are produced by the
same facility and staff, but sometimes things are
complicated by pieces and series being contracted to
other countries and private companies.
When thus contracted, publications with excellent
photographs produced within the foreign country are
the sources of inspiration for the designs. A major
source of inspiration in the United States and English -
speaking countries is the National Geographic. For
European designers and engravers, European
publications are the major sources of inspiration.
Among these sources is the Annuaire des -
Associes, Cambodge, Laos - Viet Nam, public in
Paris and with numerous outstanding photographs
taken in the Indo - China area.
The 1953 issue has the same Lao young woman under
discussion. In this photograph on page 18, a bare right
shoulder is seen as on the 10 piaster note but with the
head at a slightly different angle. There is no credit for
the photograph, unfortunately. The assumption that
the designer and engraver of the stamp, Marc Leguay
and B. Serres respectively, also did the paper money
might be right, but the stamps were printed in France
and the paper money in England. There are also some
differences between each design, so this assumption
can be held questionable until another source confirms
it.
Page 232
Whole No. 101
SECRETARY'S
ROBERT AZPIAZU, JR., Secretary
EPORT
P. 0. Box 1433
Hialeah, FL 33011
NO. NEW MEMBERS
6340 Murray R. Pearce, 410 Ave. B West, Bismarck, N.D.
58501, C. US Large, Small, Fractional
6341 Donald C. Shishido, 99-115A Heleconia, Aiea, Hawaii
96701, C, Broken Bank Notes and large Size Notes.
6342 Paul Murphy Jr., 4 Sleepy Hollow Rd., Plymouth, Mass
02360, C, Small currency, stocks, checks and bonds.
6343 Douglas B. McDonald, P. 0. Box 348, Silver Springs,
Nevada 89429, C, Nevada Financial Paper.
6344 LoRan Ross, 71 Haile Street, Camden, S. C. 29020
6345 Bernard A. Leeds, West 83 Ridgewood Ave., Paramus.
NJ, 07652, C, Souvenir Cards and Learning.
6346 Hal Stanbridge, 2621 Centinela Apt. 7, Santa Monica,
Ca. 90405
6347 Jeffery L. Gerhart, Box 479, Newman Grove, Nb.
68758, C, National Bank Notes.
6348 Wilson Lang, Box 76, Decorah, Iowa 52101, C & D.
6349 Thomas H. Smith, 19439 Wolf Rd., Mokena, Ill. 60448,
C, Japanese occupation notes and specimen notes.
6350 Raymond J. Schaper, 2 Tiffin Drive, Pittsburgh, Pa.
15209, C, National small size currency PA.
6351 William H. Serocky, 11181 W. 33rd. St., Zion, Ill. 60099,
C, Large size US currency.
6352 Menard S. Schwartz, 2964 Cloverdale, Highland Park,
Ill. 60035, C, USA
6353 Larry E. Smith, P. 0. Box N8697, Nassau, N.P.,
.
':•' 4'+` 44 ! ::°' '1.-t'k .
VT. ;1'4 4-, ; :i.i>)-1: ..1..1 i
. ;i j...,, : : r_.,a>-
; .."-c s:) k_.‘'I,- .., tj(.t''.-.:
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-...... ti; : :I,w.I, sir:?
T "fic. 'Yrk.',>) ''k ' T ■ : i r' '' 1.:P4 .; .!,4:,0,
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•j•
::, '"-
7 ' -- s . 7,
:', -,):. 4-' , '"' -. ',,':',- !.■rt.!.,,, „ - *s:
SUPPORT YOUR SOCIETY
The Society of Paper Money Collectors has an
informative handout brochure available for the asking.
Contained in the brochure is information on the Society
and paper money in general. Take some with you to the
next coin club meeting or show. Write S.P.M.C.
secretary Bob Azpiazu.
Bahamas, C & D, Contemporary notes.
6354 Marlin Kravitz, 13187 Gatehouse Ct., St. Louis, Mo.
64141, C, Colonial.
6355 Linda Reed, 1012 Hamilton PMC, Allentown, Pa
18101, C & D, US Large and small.
6357 A. E. Melanson, P. 0. Box 6408, Santa Ana, Ca. 92706,
C, Mexico.
6358 Robin Ellis, 408 Ira Ave. Apt. 6, San Antonio, Tx 78209,
C, Small size US Scrip.
6359 Walt Alcott, Box 3037, Quartz Hills, Ca. 93534, D.
6360 Deno Evangelista, 1020 12th St., Sacramento, Ca.
95814, C.
6361 Terence Pellman, 10956 S. Springfield, Chicago, Ill, C,
FRBN and Nationals.
6362 Les Winners, P. 0. Box 212, Pineville, La. 71360, C,
Louisiana, Obsolete, foreign.
6363 Laymon Ballard, 719 N 12, Poplar Bluff, Mo. 63901, D.
6364 Mark Bentsen, 25 Wagner Rd. Apt. 305, Lynn, Ma
01905, C, Fed. R. notes.
6365 Robert S. Timms, 55 Gingham Lane, Levittown, N.Y.
11756, C, All paper money.
6366 Bernard DeGraff, 7287 Rt. 20 A, Perry, N. Y. 14530, C,
General foreign.
6367 Jack W. Bonner III, 27 Windsor Rd., Asheville, N. C.
28804, C.
6368 Wayne Sampson, 2404 South Oswego, Tulsa, Ok.
74114, C, US & Colonial.
6369 Al Tom, Box 787, San Bruno, Ca. 94066, D, Oriental.
'1r ' :.
Read Money Mart
Interest
settv
Wendell
Wolka
1
Paper Money
That curse of editors, column writers, and Presidents,
the deadline, has left me with little to share with you
this time out. The final reports covering the results of
the Society's fiscal year which ended June 30, 1982 are
not quite complete yet. While the ANA convention is
still three weeks away at the time this is being written,
you will not be reading this until well after the show's
conclusion.
I, therefore, thought that I would use this column to
give you an illustrated tour of the 1982 International
Paper Money Show in Memphis. I would like to thank
fellow SPMC member ROY PETERSON for
supplying all of these excellent pictures.
While the economy had some effect on the show, it
was still a good one for most collectors and dealers
attending.
1. Registration
2. The Bourse witnessed steady activity.
3. The exhibits were particularly strong this year,
both in terms of quantity and quality.
The auction, conducted by Hickman and Oakes, was
also of interest to many people attending the show.
4. Dean Oakes conducting auction lot viewing.
5. One of the auction sessions.
Most of the hobby organizations held meetings in
conjunction with the show. These meetings offered
plenty of both educational and social opportunities.
6. IBNS meeting: President Neil Shafer is seated,
watching Clyde Reedy expound. Secretary Milan
Alusic is in the middle.
Page 233
The SPMC Awards Breakfast on Saturday morning
was well attended. Over 130 people heard the new ANA
Museum Curator, Robert Hoge, speak on the ANA's new
museum facilities as well as its collections. Due to the
superior quality of the exhibits, not one, but two, Best of
Show awards were presented. Both Steven Whitfield
and Joseph Boling were declared the winners by the
judges. Mr. Whitfield also won the Bank Note Reporter's
award for having the most inspirational exhibit.
7. Vice - President Larry Adams introduces the
morning's speaker as Wendell Wolka and Mike Crabb
look on.
8. Robert Hoge, ANA Museum Curator, addresses
those in attendance at the SPMC Breakfast.
9. Steve Whitfield (center) and Joe Boling (right)
accept SPMC's Memorial Best of Show Award.
10. Nancy Wilson accepts the final door prize at the
conclusion of the breakfast.
The SPMC table outside the bourse was also a beehive
of activity with both souvenir card and book sales a uite
brisk. In fact, for the first time ever, every book which
we had at the show was sold. Souvenir card sales, in
terms of the number of cards sold, were down a little
from last year. However, mail sales were and are
particularly good. I expect that we will sell at least as
many cards as last year.
11. SPMC Treasurer Roger H. Durand mans the
SPMC table.
12.Julia Crabb, wife of show chairman Mike Crabb,
lent a hand with souvenir card sales.
13.The "assembly line" for souvenir card mail sales,
manned by (from left to right) Stephen Taylor, Bob
Azpiazu, Julia Crabb, and Wendell Wolka, cranks up to
move those orders out!
14.The end of the line! I was advised that this chore
was found in my job description in the "other duties as
required" section.
2
See next two pages
• ••••••;:>.
6
Page 234
Whole No. 101
Candid Canter at Memphis 1982 Paper Money Show
(See key to pictures in "Interest Bearing Notes"
4
7
Paper Money
Page 235
Candid Camera at Memphis 1982 Paper Money Show
(See key to pictures in "Interest Bearing Notes")
9 12
10
13
11
14
Page 236 Whole No. 101
First and Last Notes from Bureau of
Engraving & Printing Packages
Addenda to the article in Paper Money
No. 99, page 105
New Variety of Encased Postage
Stamp Found
by GEORGE H. WETTACH
Richard J. Balbaton, a dealer in philatelic and
numismatic materials, recently found in a old-time
collection a previously unreported and unlisted variety
of encased postage stamp. As shown here, it is the 24c of
the 1861-67 series of stamps in an encasement of Joseph
L. Bates, with "Fancy Goods" in two words.
Since the above article was written, answers to my
queries to the Bureau have been received, with the
following additions and corrections now available:
— The method described is no longer in use at BEP. Notes are
still packaged in bricks of 4,000 with 40 packages of 100 notes
each, and the blocks of wood are still used, but plastic straps
have replaced the steel and a clear plastic wrap has replaced
the kraft paper. In addition, only one label which is pasted to
the end board is included with each brick.
—The method you described was utilized for all
denominations just as the current method is used for all notes,
no matter what denomination or bank. It was started
approximately in 1948.
—The kraft paper wrap was terminated in March 19 77.
—The standard package was and is 4,000 notes per brick.
—Labels were and are different colors for each
denomination:
$ 1 - light blue
$ 2 - green
$ 5 - red
$ 10 - black
$ 20 - purple
$ 50 - brown
$100 - olive
—The packaging procedure did not and does not vary with
different Federal Reserve Districts.
March-Sowards Forms New
Paper Money Company
Larry Marsh, formerly of Criswell's, has formed a new
company, A-Z Financial Americana of St. Louis, Missouri, in
partnership with Neil Sowards of Fort Wayne, Indiana. Marsh
was in business from 1974-79 in St. Louis under the name
Currency Times Past, before becoming retail director for
Criswell's in 1979.
Marsh first became a numismatist at the age of six and has
been an avid collector of paper money ever since. He received a
B.A. in History from Washington University in 1970. He has
been a member of both ANA and SPMC for close to 20 years
and is active in various other numismatic organizations.
Marsh has been married for seven years to Linda Kiel Marsh
and they have one child, Lisa, who is two. Linda will once
again be assisting him at many of the coin shows.
A-Z Financial Americana will deal in obsolete, Confederate
and colonial currency, as well as old checks, obsolete stocks
and bonds. The company will have possibly the largest stock of
old checks for the collector in the country! The business will be
conducted principally at major shows around the country and
through the mails. In addition, there is contemplated a mail bid
auction of rare checks and other paper Americana items in late
Spring. The company's address in St. Louis is 1416 South Big
Bend Blvd., St. Louis, Missouri 63117.
.7ON
• ON. I ONE ONIE %,"••■•• IONE4ONKIONKRONCKON.40,E1ONEI
WIRMAteirk
Paper Money
Page 237
1982 ILTV E N IR CARDS
drnexican, ,46:tez.4
Established 1858
WEr1116171M81,
r -
,J t ,
als
.,...... -" .,
-0 E .7•JkA .., .10"" . .1) g)
.. . . • .. , :-...-‘.:.,
.7.• .-./.-,
.
./.L,,, ,,,,,,/,
------- '•'`. .t:F. - ', - -'-:
.. , / vitar,...,, ,.......t-- 1._-• ----,".7-'.....'•-•...:,..4\17-'7-11trdrearii "/7//'7'
After the Civil War, the Southern States had a severe shortage of circulating medium. Many municipalities issued
notes to supply their local areas with a means of conducting commerce. The City of Raton Rouge issued the above
note for this purpose. "Baton Rouge - translated to English means "Red Stick". During the Creek War 1812-14 some
Creek Indians placed sticks painted red in the ground to indicate they wanted war. The center vignette "Red Stick"
was engraved by Luigi Delnoce in 1866_ The vignette at the right, engraved by Davis, shows a view of the
Louisiana Capital.
SOCIETY OF PAPER MONEY COLLECTORS INC.
INTERNATIONAL PAPER MONEY CONVENTION
MEMPHIS, TENNESSEE - JUNE 18-20,1982
INTAGLIO PRINTED IN RED & BLACK
ONLY 10,000 CARDS PRINTED
SELLING P ICES FOR 1982 SOUVENIR CARDS
Single Card Multiple Cards
Mint by mail from Anderson, S. C. $5.50 $4.50
ORDERING INSTRUCTIONS
All cards are mailed in heavy cardboard mailers by first class mail.
To order MINT CARDS, send your order with a check payable to SPMC to:
SPMC 1982 Souvenir Card
Single cards are $5.50 each
P. 0. Box 858
Anderson, S. C. 29622
Multiple cards are $4.50 each
Page 238 Whole No. 101
WANTED: $5 1950E FRN, crisp uncirculated block LD. Will
pay $50 and up. Just send for prompt payment. Ted Gozanski,
P. 0. Box 303, Superior, WI 54880 (102)ymongmart GENUINE STOCK CERTIFICATES. List SASE. 50different $19.95. 100 different unissued $22.95. 100 differentused without pictures $24.95. 50 different with 50 differentpictures $34.95. 1 to 100,000 wanted. Hollins, Box 112-P,
Springfield, VA 22150 (112)
Paper Money will accept classified advertising from members only on a
basis of 5C per word, with a minimum charge of $1.00. The primary
purpose of the ads is to assist members in exchanging, buying, selling,
or locating specialized material and disposing of duplicates. Copy must
be non-commercial in nature. Copy must be legibly printed or typed,
accompanied by prepayment made payable to the Society of Paper
Money Collectors, and reach the Editor, Barbara R. Mueller, 225 S.
Fischer Ave., Jefferson, WI 53549 by the first of the month preceding the
month of issue (i.e. Dec. 1, 1981 for Jan. 1982 issue). Word count: Name
and address will count as five words. All other words and abbreviations,
figure combinations and initials count as separate. No check copies. 10%
discount for four or more insertions of the same copy. Sample ad and
word count.
WANTED: CONFEDERATE FACSIMILES by Upham for cash or
trade for FRN block letters, $1 SC, U.S. obsolete. John W. Member, 000
Last St., New York, N.Y. 10015.
(22 words: $1: SC: U.S.: FRN counted as one word each)
COLONIAL-CONTINENTAL WANTED - only signa-
tures related to Constitution, Articles, Stamp Act, Declaration
(Newman p. 22). Buy or trade my Southern States, fractional.
Bob Lesnick, 15 Clinton Ct., Monroe, NY 10950. (101)
INTEREST-BEARING OBSOLETES wanted, all states.
Also vignetted pre-1880 checks, drafts, bills of exchange. No
blanks. Brian Mills, 56 The Avenue, Tadworth, Surrey KT20
5DE England (104)
COLLECTOR WISHES TO buy or trade for North Carolina
Nationals. Owners of small North Carolina notes are
requested to send; serial numbers for research project. Jim
Greene, Box 725, Sparta, NC 28765 (102
WANTED: OKAWVILLE, ILLINOIS National Currency
(charter 11780 only) type one $10, type two $10 and $20. Sam
Johnson, 1113 N. Market, Sparta, IL 62286 (106)
WANTED: OBSOLETE NOTES and scrip of Pittsburgh,
Allegheny, and Birmingham, PA. Also notes with mining
vignettes. Please describe and price. Jerry Dzara, Box 35412,
Tucson, AZ 85740 (106)
WANTED: SERIAL 00000052 and combinations as
52000000. Buy or trade low and unusual numbers. Jim Greene,
Box 725, Saprta, NC 28657 (102)
WANTED: VOLUMES 1-3 Paper Money. I collect Nebraska
obsoletes, Nationals, post cards, railroad schedules, and books.
Please send copies and prices. A. A. Armstrong, Jr., 211 W. 39,
Scottsbluff, NE 69361 (110)
CONFEDERATE OR CSA counterfeits: buy or trade. Marty
Sidener, P. 0. Box 932, Carrollton, TX 75006 (106)
WANTED: WOLFEBORO, NEW Hampshire notes. Also
spelled Wolfboro and Wolfeborough. Obsolete and national
currency, all issues and varieties for personal collection. Dave
Bowers, Box 1090, Wolfeboro, NH 03894 (104)
WANTED: CU $1.00 FRN with serial #05041981 or 09221978.
James E. Lund, Route 7, Box 726, Alexandria MN 56308
(106)
KALAMAZOO, MICHIGAN NATIONALS wanted. Also
Kuwait Pick 1-5, Jordan Pick 5, Saudi Arabia Pick 9-10, 11-20,
etc., regular and specimen. Jack Fisher, 3123 Bronson,
Kalamazoo, MI 49008 (106)
ILLINOIS NATIONALS WANTED: Chester #4187,
Dahlgren #7750, Dongola #10086, Equality #6978, Fairfield
#5009 & #6609, Johnston City #7458, Jonesboro #12373,
Mounds City #7443, New Douglas #13696, New Haven #8053,
Omaha #10291, Ullin #8180, C.E. Hilliard, 201 E. Cherry,
Winchester, IL 62694 (106)
WANTED: WAUSEON, OHIO notes #7091, Bowling Green,
Ohio notes #4045. Any other NW Ohio notes. Lowell Yoder,
Box 100, Holland, OH 43528 (419-865-5516) (110)
I COLLECT CALIFORNIA, Nevada, Alaska, Hawaii and
all other Western stocks, bonds, checks, drafts. Please sell to
me! Ken Prag, Box 531PM, Burlingame, CA 94010 (phone 415-
566-6400). (119)
TENNESSEE NATIONALS WANTED for my personal
collection. Especially need first and second charters. Largest
prices paid. Jasper Payne, Box 3093, Knoxville, TN 37917.
(113)
MICHIGAN NATIONALS WANTED for personal
collection. Large and small sizes. Also old Michigan bank post
cards. Write describing material and asking prices. All letters
answered. Richard Hatherley, P. 0. Box 48, Brighton, MI 48116
(101)
I AM ACTIVELY buying Rhode Island colonial, obsolete,
and scrip for my personal collection. Please describe and price.
All conditions considered. Roland Rivet, Box 242, Ashton, RI
02864-0242 (108)
AKRON, OHIO NATIONALS, scrip, obsoletes and checks
wanted. Also, Barberton and Cuyahoga Falls Nationals.
David Halaiko, 2425 Myersville Rd., Akron, OH 44312
(103)
MISSOURI CURRENCY WANTED: large size Nationals,
obsolete notes and bank checks from St. Louise, Maplewood,
Clayton, Manchester, Luxemburg, Carondelet and St. Charles.
Ronald Horstman, Route 2, Gerald, MO 630337 (106)
BUYING NATIONALS AND type notes. Particularly need
Nationals from northern and central California for my
personal collection. A few notes for sale as well. Send for a free
price list. William Litt, P. 0. Box 4770, Stanford, CA 94350
(104)
ILLINOIS NATIONALS WANTED: Alton, Berwyn,
Champaign, Chicago Heights, Collinsville, DeKalb, Des
Plaines, Dolton, Downers Grove, Harvey, Hinsdale, Rock
Island, Saint Charles, Waukegan, Wheaton, Wilmette, Wood
River. Joe Apelman, Box 283, Covington, LA 70434 (102)
Advertise In
Bimonthly Publication
Official
The Society of
Paper Money Collectors, Inc.
Paper Money
QUALITY LARGE AND small U. S. (including FRN's),
Canadian special number sets and world currency. Free list.
Mill City Currency, Box 7058, Minneapolis, MN 55407 (103)
WANTED: COOK, MUSSER State Bank Trust Company,
Muscatine, Iowa — information, notes, checks. Also old checks
from West, Virginia. Dwight Musser, Box 305, Ridge Manor, FL
33525 (103)
I COLLECT ARIZONA and Nevada stock certificates. 602-
885-9685. Jim Reynolds, Box 12324, Tucson, AZ 85732-2324.
(101)
WANTED: AUTOGRAPHS, STOCKS, bonds, checks,
financial paper, broken banknotes. Mark Vardakis, Box 327,
Coventry, RI 02816 (ph. 401-884-5868). (105)
WANTED: ILLINOIS NATIONALS — Carmi, Crossville,
Enfield, Grayville, Norris City, Fairfield, Albion, Omaha, New
Haven. Price and Xerox appreciated. Pete Fulkerson, 59
Montgomery Circle, Carmi, IL 62821 (618) 382-8443 (102)
WASEINGTON STATE NATIONALS wanted. Interested
in all large and small issues. Send Xerox copy and price. Write
Jim Sazama, P. 0. Box 1235, Southern Pines, NC 28387(105)
(105)
$2.00 STARS, 1976: Want new packs from all Districts. Call
me last. Will better other offers. 612-721-6832. John T. Martin,
Box 7058, Minneapolis, MN 55407. (103)
WANTED: WAUSEON, OHIO notes #7091. Also interested
in other northwestern Ohio notes. Lowell Yoder, Box 100,
Holland, OH 43528 (110)
WANTED: TEXAS LARGE Size Nationals in average
circulated condition to gems, when priced right. No laundered
or doctored notes, and no late date signatures. Chas. R.
Craddock, 618 West Parker, Houston, TX 77091 (104)
CHICAGO NATIONALS WANTED by collector. Need
large and small size. Price and Xerox appreciated. Thank you.
Tim Kysivat, 302 N. Stone Ave., LaGrange Park, IL 60525.
(101)
WANTED: SYCAMORE, DEKALB & Malta, Illinois
Nationals. Large and small size needed. Also Sycamore, Ohio
& DeKalb, Texas. Bob Rozycki, Sycamore Coin Gallery, 358 W.
State, Sycamore, IL 60178 (107)
WANT STOCK CERTIFICATES, bonds, sheets, proofs,
obsolete coal items, Jenny Lind. Frank Sprinkle, 304 Barbee
Blvd., Yaupon Beach, Southport, NC 28461 (103)
WANTED: VIRGINIA OBSOLETE notes all types, Bank,
city, county, National, scrip. Describe notes. Corbett B. Davis,
2604 Westhampton S. W., Roanoke, VA 24015 (105)
Page 239
se mem miss
STATEMENT OF OWNERSHIP, MANAGEMENT AND CIRCULATION
0,.... 4 m u se aural
I MU OF PUBLICATION
PAPER MOOT
A PUBLICATION NO BOAT, OF F..
0 013 1 1 [ 11 6 2 10/1/82
,... fl.OUOICY OF ISSUE
Bi-Xonthl
' • I.0 Of I.U. PUBLIPEO
ANNUALLY
6
I! ANNUAL SUOACBIFIDOM
PRICE
0.2. 00
4. DOMOLBTE MADING ADORE. or ENOS. OFFICE OF PUBLICATION IS.. CO. DouPO IMAM mei rm case, mar ,....1J
P. 0. Be. 9, Camden, Keret.% South Carolina 29020
S. COMFY,. MAILING ADD.. Of /NE HEAOODAPTERS OP GENERAL BUMBLES OFFICES OF THE PUOLMINE.11.r ,.M1.0
P. 0, Box 9, Camden, Kershaw, South Camila. 29020
L FULL NAY. AND COMPLETE MAN.° ADORE. OS PUBLIAHER EDITOR .13 MANAGING EDITOR iTAB Non MUST NOT . b..)
fiNLISKEROV•en. and Comp,. .11•111. •0.1/..1
The Camden Company, P. 0. Box 9, Camden, S. C. 29020
EDITOR 04... wre ComPoi• .01)M Addle.1
Barbara }hailer, 225 S. Fisher St., Jefferson, Wiac.ain 33310
MANAGING EDITOR /NA,. sr. Cons.. MY, Addnul
The Camden Comptnzr, P. 0. Box 9, Casten, S, C. 29020
7 OWN. /I oNnae ET v vorpomBen . nv. No' ...e. /nue f ., OW. and al. irr..../1110,1oricOr th. nem. NNO •.■■••••■ al aloci■
hold., ol.n.ge f Iv., I poureAlo. mon, el O. i ...noun( of V.* ll nal eons, • moo... ...no.* p.m.. al th,od.....I women
F.7::::,,r7: :=Z=4;:=1::".: 7 .77. =7,7: *" i,::.,=''''''' " ''''' " ''.
FULL NAME COMPLETE MAILING ADOE.
Society of Paper Money Collectors P. 0. B. 9, Candace, S. C293. 20
6 KNOTTimBONDHOLDERS MORTGAGEES AND CMHET1
OR
PIT Y HOLDERS OVTNINO OR HM.OING BERCENT OR MORE 04
TOTAL AMOUNT 0 , BONDS MORTGAGES OR OTHER SECUR BJES TT? Mon an nom.. MAIM
FULL NAME COMPLETE MAILING ADO..
NOM
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IV In
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El gg,=`,`;2g,';',?, BT Or*. .III•her .le so.111 °°""°l*go NM el.11•■•■•• ■ rt.,
EXTENT AND NATURE Of CIRCULANON
AvERAGE NO COPIES E•OH
ISSUE OUR,. PRECEDING
MONTHS
ACTUAL NO COPES OF S■NOL
.SSUE. PUSLISHEO NEAREST T
FILING DATE
A. TOT. BO COPME /ANA.. .4.0
2
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L.TAInt=1::=X14:4.2PA=T-' -o- -0.-
1,0y...ea...sue, p,..„ ,,, .., pp 2266 2266
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en. MIMI.
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.
IS sotemen a ?WOW)
Page 240 Whole No. 101
GRAEME M. TON, JR.. SPMC 3873
203 47th Street
P."1311593
Gulfport, Mississippi 39501
ANA 93246
(601) 864 -5244
The Scarce NAPIER - THOMPSON Signature:; of 1899
$1 SC 1899 (FR 231) D3857800D Nicely Centered, Bright, four Square Corners, Crispy - A Real
Nice Full EF $200.00
$2 SC 1899 (FR 254) small repaired edge tear that does not detract from appearance. A REAL
PLUS TO THIS SCARCE NOTE IS EXTREMELY LOW SERIAL NUMBER H40!!!
Very nice that many would grade EF - an honest VF+ ...... $350 00
$5 SC 1899 (FR 276) "Indian Chief ' H1412661 Overall a nice specimen - Good margins & Color.
Appears to have been pressed to sell at higher grade - a sure VF $275.00
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
LT 1917 (FR 36) CU 135.00
LT 1917 (FR 37) CU 100.00
LT 1917 (FP 37a) Reverse Signatures CU 350.00
LT 1917
(FR 38) CU 135.00
LT 1917 (F1 39)
CU 100.00
LT
1923 (FR 40)
C U 200.00
LT
1923 (FR 40*)
*384290D EF/AU 250.00
LT 1917 (FR 60)
A close margin is typical on this issue. CU 125.00
LT 1917
(FR 91) "Woodchopper"
CU 150.00
LT 1901 (FR 122) "Bison"
CU 800.00
SC 1896
(FR 224) "Educational" It would be impossible to
improve upon the quality of this note. CU 850.00
SC
1899 (FR 226a) CU 135.00
SC 1899 (FR 232) CU 135.00
SC
1899 (FR 233) CU 135.00
SC
1899 (FR 235) CU 100.00
SC 1899
(FR 236)
CU 100.00
SC
1899
(FR 281) "Indian Chief' CU 700.00
SC
1923 (FR 237)
CU 40.00
SC
1923
(FR 238) CU 50.00
All notes listed as CU are Fresh, Crisp, Square Corners with no handling or impairments. Call them
Choice or Gem, depending upon your viewpoint. Satisfaction Guaranteed or Immediate Refund.
Extensive Catalogue of Small Currency available upon request
ESTABLISHED 1974
* *
$1
$1
$1
Paper Money
Page 241
BRIGGS' COIN & CURRENCY, INC.
MAIL BID SALES
CONSIGNING:
1. It's so easy to consign to one of our Mail Bid Sales. Just send your material to us by registered
mail or call us collect. We would be glad to discuss your consignment with you.
2. We have what we consider to be the lowest commission rates in the business! We charge from a
minimum of 7% to a maximum of 15% to our consignors.
3. Your material will be placed in front of a large population of serious collectors and investors
and will be extensively advertised in many major trade publications.
4. Your material will be represented in a quality catalog which contains high quality photographs
and is fully illustrated.
•
BIDDING:
1. Bidding in our sales is quite simple. If you are not on our mailing list, simply fill out the attached
order form and we will send you a catalog when they are available.
2. Bid the maximum amount that you would pay for a particular note. Chances are that you will
receive it for less! We charge the winning bidder a 5% advance over the second highest bidder.
A high percentage of our mail bidders receive their winning lots for less than they bid!
3. Our catalogs are as fine a quality as any other in the field.
4. No buyers fees charged!
5. Over 30 years of combined knowledge and experience in the U. S. paper currency
field.
MEMBERS:
ANA NASC 6983 BROCKTON AVE.
SPMC CPNA RIVERSIDE, CA. 92506 JERRY BRIGGS
(714) 684-7473CSNA
SIN TERRY VAVRA
FUN
NAME•
ADDRESS:
CITY: STATE: 7IP•
Please place my name on your MAIL BID SALE mailing list. I have enclosed $4.00 for a copy of your MAIL
BID SALE CATALOG
CONFEDERATE NOTES AND
OBSOLETE STOCKS FOR SALE
CONFEDERATE
Type Number is by Criswell Catalog Number
$10
CONFEDERATE Type 26, Fine Cut -Cancelled
$16.00
Very Fine Cut -Cancelled $20.00
$10 CONFEDERATE Type 28, Very Good - Fine
Cut-Cancelled
$ 7.50
$100 CONFEDERATE Type 39, About Uncirculated
$12.50
$100 CONFEDERATE Type 41, About Uncirculated
$14.00
$2 CONFEDERATE Type 42, About Uncirculated
$20.00
$1 CONFEDERATE Type 44, About Uncirculated
$22.00
$10
CONFEDERATE Type 59, Extra Fine
$ 9.00
$50
CONFEDERATE Type 66, Uncirculated
$12.00
$10
CONFEDERATE Type 68, Uncirculated
$ 5.00
$5 CONFEDERATE Type 69, Uncirculated
$ 7.00
$2 CONFEDERATE Type 70, Uncirculated
$12.50
$1 CONFEDERATE Type 71, Uncirculated
$12.50
A-Z FINANCIAL AMERICANA
1416 SOUTH BIG BEND BLVD.
ST. LOUIS, MISSOURI 63117
314-645-3489
OBSOLETE STOCKS AND BONDS
CHICAGO, ROCK ISLAND and PACIFIC RAILWAY
CO. Stock Certificate for 100 Shares. Train Center. Or-
ange and Black.
$ 20.00
PEORIA and BUREAU VALLEY RAILROAD CO.
Stock Certificate. Train and Indians Center. Black and
White in the 1850's-1870's
$ 45.00
ATLANTIC CITY and SHORE RAILROAD CO. Stock
Certificate. Streetcar Center. Green and Black For 100
Shares
$ 25.00
WAGNER PALACE CAR CO. Stock Certificate. Passen-
ger Train Center. Grand Central Station Left and Right.
Brown and Black. Punch-Cancelled
$ 10.00
ST. LOUIS BRIDGE COMPANY Stock Certificate For 10
Shares Preferred. Ead's Bridge Center. Black and White.
Punch-Cancelled in the 1890's
$ 30.00
DUBUQUE and SIOUX CITY RAILROAD CO. Bond
For $1,000.00. Passenger Train Center. Rare Revenue
Stamp Scott Cat. #RN-V1 Red Overprint in 1870's
$200.00
CHICAGO, ROCK ISLAND and PACIFIC RAILROAD
Bond For $1,000. Trains and Track Laying Crew Center.
Unissued Green and Black
$ 25.00
CHICAGO and SOUTHWESTERN RAILWAY COM-
PANY Stock Certificate For 100 Shares. Train Center.
Rare Revenue Stamp Scott Cat. #RNU1. Green and
Black. Punch-Cancelled
$ 35.00
DUBUQUE and SIOUX CITY RAILROAD COMPANY
Stock Certificate. Passenger Train Center. Black and
White. Punch-Cancelled in the 1870's.
$ 30.00
OSAGE GRAVEL COMPANY Stock Certificate of the
1920's. Eagle Center. Tan and Black
$ 6.00
COMMONWEALTH OF PENN. Bond of 1872. Portrait of
Lincoln Left. Governor of Penn. Right. Printed by Ameri-
can Bank Note Company, Black and White. Cut-Cancel-
led.
TUNNEL RAILROAD of ST. LOUIS Stock Certificate of
1880's. For 10 Shares. Train by Tunnel Center. Black and
White. Punch-Cancelled
$200.00
$ 25.00
Page 242
Whole No. 101
WANTED
1.
2.
3.
4.
5.
6.
7.
8.
9.
10 .
11.
12.
RHODE ISLAND 1929 SERIES NATIONALS
BANK TOWN CHARNO CASHIER/PRES.
TYPE 1 _ TYPE 2
5 10 20 50 1 100 5 10 20 50 1 100
PHENIX N.B. PROV. 948
THOMPSON & KNIGHT
YORK & THOMPSON 3 3 1 ...4
2 2 1
,2
MECHANICS N.B. PROV. 1007 HARRINGTON &HARRINGTON 3 3 2 2 2 1
ISTN.B.SMITHFIELD
1LATERS-
VILLE 1035
SEAGRAVE& BARTLETT 2 1
1SEAGRAVE & SWEET
ASHAWAY N.B. ASH-1.12 \ y 1150
1ILL&LEVERETTBRIGG j 2 2 1 1 TILL&A
1
LLOYD
1
BRIGGS
1HILL & COLE 1 1 j
C ENT R EV I LL E N . B .
WAR-
WICK 1284 ABRAMSON & WHITFORD
tI
2 1 1
PROVIDENCE N . B. PROV. 1302 BATTY & PIERCE 3 3 3 2 2 2
BLACKSTONE CANAL
N.B. PROV. 1328
BROWN & PLANT 2 1 1
2 2 1HOWLAND & PLANT I
N.B. OF COMMERCE
PROV. 1366
PERRY & WILCOX 2 1 1 r :,..koo::.,..W
N.B. OF COMMERCE
& TRUST CO.
PERRY & WILCOX 3 3 3 1 2 -,_RYAN & WILCOX 3 1 1
NEWPORT N.B. NEC-PART 1492
STEVENS & SHERMAN 1 2 1 :,,,--,-
STFVFNS & CARR I -,s,., 2
2
...
•AQUIDNECK N. EX. B.NEW-& SAVINGS LO.
HOSP. TRUST N.B.
PO:
PROV.
1546
13901
THOMPSON & KING
.•hir f ∎ . .AI
('.APRON & WEST 1-
o;
NEED FOR MY COLLECTION
I 2 3 2 1 I
COLUMBUS N.B. PROV. 13981 VERVANA & SCALA
. .
3- ALSO BUYING vy+ ,.
2 2 2 -,..
RINATS P.O.B. 33, ASHTON, R. I. 02864-0033
(MANY TRADES!)
PETER H TOON
P.O. Box 3681, Laramie, WY 82071
Page 243
Here's a promise,
in this, our 30th
year of publishing
Be assured, the trustworthy advertising, accurate value guides
and fresh news you need and expect from Numismatic News
will continue to come your way — with a speedy delivery
unmatched in the hobby.
Experience the best of what our great hobby has to offer. Get
your information from Numismatic News.
numismatic;
6'news 0'7dr aWF*11.:ZriCn.:"Cil*NII.MdAinligK ET
Celebrating our 30th
year of publishing
SPECIAL OPPORTUNITY ... for everyone wanting to get acquainted with Numismatic
News. Enjoy a free six-week trial subscription. Send name, address and request to
Numismatic News, Dept. AR6, 700 E.
State St., Iola, WI 54990. Offer for
non-subscribers only.
Paper Money
Nobody pays more
than Huntoon forAnnum&
11/70 ING
State and Territorial Nationals
WANT ALL SERIES, ANY CONDI-
TION, EXCEPT WASHED OR "DOC-
TORED" NOTES.
If
collect
World
Paper . is
Money, send
for
our itsyou,
Thous° n
: do s t g
f eVV, ri
clads l3. arifx notes in
stoch.
50e for
r
1 II
ING OF
•
WOR1.1)
pRoors
I
STATI
00NEV
P.O. Box 3034
OF THE Won.,CURRENCY
(181)8rI31&s:51.1:8d!i(n1:(1: .13.:C.S1113119;:2T:141;:ls
GA
N3O T
GARY F. s
y n
Phone (714)
N
• "'`)gil)"A'
''OT
0VER
NOTE-ISSUING
NATIONAL BANKS
ALPHABETIC
by City Name
NUMERIC
by Charter Number
Don. C. Kelly
Nallionraill'aarawsleir
WM*Et] WerCet,P 44Nit 10723
(..1441rEECEIZELMW
S Twirr meAtobilvig
,
A useful reference for collectors, researchers, and dealers in national bank
notes, the book is divided into two parts: Part one is a listing, alphabetic by town
name, of all note-issuing national banks. Following the town name is the state,
bank title, and charter number. Part two is a cross reference that lists all towns
in numerical order by charter number. If you collect, research, or deal in
nationals, you'll find this book a real help.
Price: $10, postpaid. Four copies, $25, Order from:
THE PAPER MONEY INSTITUTE, INC.
BOX 85, OXFORD, OH 45056
1-513-523-6861
PLEASE HELP
Find me a Fort Meade Florida
National Note
FLORIDA NOTES
WANTED
ALL SERIES
P.O. BOX 1358 WARREN HENDERSON VENICE, FLA. 33595
Advertise In
Official Bimonthly Publication
The Society of Paper Money Collectors, Inc.
Page 244
Whole No. 101
FOR SALE
SMALL SIZE NOTES
EXPERIMENTAL NOTES Silver Certificates
1935A-B Block CU
$ 75.00
Five Consecutive Numbered Experimental
Notes CU
$300.00
SMALL SIZE NATIONAL CURRENCY
$20 NAPA, California #7176 CU $300.00
$20 BOONVILLE, Missouri #10915...$85.00
$20 McGILL, Nevada #9452 FINE
PLUS $850.00
$ 5 RENO. Nevada #7038 VF $450.00
$20 COBLESKILL, New York #461 VF $70.00
$10 ENNIS, Texas #7331 CU $200.00
$20 CLIFTON FORGE, Virginia #9117
EF $ 90.00
TOM WASS
P. 0. Box 1735, Beverly Hills, CA 90213
(Bank Notes, Script, Warrants, Drafts)
of the AMERICAN WEST
Oregon, California, Idaho, Nevada,
Arizona, Utah, Montana, New Mexico,
Colorado, Dakota, Deseret, Indian,
Jefferson Territories!
Cash paid, or fine Obsolete Paper traded.
Have Proof notes from most states, individual rarities, seldom
seen denominationals, Kirtlands, topicals; Colonial, Continental;
CSA, Southern States notes and bonds. Also have duplicate West-
ern rarities for advantageous trade.
JOHN J. FORD, JR.
P.O. DRAWER 706, ROCKVILLE CENTRE, N.Y. 11571
WANTED
OBSOLETE 'PAPER MONEY
•Siti "Mit MA, / If% (
Ir
MUST BUY NATIONALS AND LARGE TYPES
FOR OUR MAIL BID AUCTIONS
Also take consignments - Lowest commission anywhere
SHIP - WRITE - CALL - 1-502-895-1168
Bi-Monthly auctions. About 700 - 800 lots. Write for FREE list.
Member: SPMC, ANA, PMCM, BRNA, CENTRAL STATES And the States of Ala., Cal., Fla., Ill.,
Iowa, Mo., Tenn., Wis., L-M Ky.
"ED'S CURRENCY"
P. 0. Box 7295 Louisville, KY 40207-0295
Paper Money
*-77 * c.)7!rantPartys
Page 245
FREE
OBSOLETE CURRENCY
CATALOG
CHARLES E. STRAUB
P.O. BOX 200
COLUMBIA, CT 06237
1982
COSTOWER SERVICE ROW
krause publication,
Page 246 Whole No. 101
FOR SALE CURRENCY FOR SALE
U.S.A.
LARGE Cr SMALL SIZE CURRENCY
INCLUDING:
NATIONAL CURRENCY
OBSOLETE CURRENCY
RADAR &
FANCY SERIAL NUMBER NOTES
"ERROR" NOTES
& OTHER TYPES
LARGE MAIL LISTING AVAILABLE FOR
A LARGE-SIZE, SELF-ADDRESSED
STAMPED ENVELOPE.
10-DAY RETURN PRIVILEGE.
YOUR SATISFACTION
GUARANTEED.
ROBERT A. CONDO
P.O. BOX 985,
VENICE, FL 33595
SELL HARRY
YOUR MISTAKES
Harry wants to buy
Currency Errors
Also Interested in Buying
Nationals ... Large and Small size
Uncut Sheets
Red Seals
Type Notes
Unusual Serial numbers
HARRY E. JONES
PO Box 30369
Cleveland, Ohio 44130
216-884-0701
BANKNOTES ARE
OUR BUSINESS
IF YOU ARE SELLING:
We are seriously interested in acquiring large
size and scarcer small size United States paper
money. We are interested in single items as well
as extensive collections. We are especially in
need of national bank notes and we also buy
foreign paper money. If you have a collection
which includes both paper money and coins, it
may prove in your best financial interest to
obtain a separate bid from us on your paper
money as we deal exclusively and full time in
paper money. We will fly to purchase if your
holdings warrant.
IF YOU ARE BUYING:
We issue periodic extensive lists of U.S. paper
money, both large size, small size and
fractional. Our next list is yours for the asking.
The VAULT
Frank A. Nowak
SPMC 933
P. 0. Box 2283 Prescott, Ariz. 86302
Phone (602) 445-2930
Member of: ANA, PMCM
G440-4-06040.492 G■641)4,Z Gp4.40""a cs,pieirz
Confederate &
Obsolete Notes
BUY-SELL-APPRAISALS
Please contact us if you have one item or a
collection. Top prices paid. We want to buy
your notes! If you collect we offer our ex-
tensire list of notes for $1.00, refundable with
purchase.
ANN & HUGH SHULL
P.O. BOX 712
CIAO C9 C9
CUSTOMER SERVICE WARD
LEESVILLE, S.C. 29070
803/532-6747
e..04141., C.04►411.,
BRNA
SPMC
SCNA
ANA
0 C AN 10.2iK.
• U. S. Obsc)lees
• U. S. Large & Small Size Type Notes
• U. S. Large & Small
National Bank Notes
BOUGHT AND SOLD
FREE PRICE LIST
FRANK TRASK
SPMC, ANA
KENNEBUNK COINS & CURRENCY
Shoppers Village, Route 1, Kennebunk, Maine 04043
(207) 985-7431
WANTED!
Black & White Pictures
of National Bank Notes
for Inclusion in the
S.P.M.C. Paper Money
Library of National
Bank Notes
Joe Kinney
Curator
1133 Lilliam Way,
Los Angeles, CA 90038
(213) 465-7056
SCX- I ET Y
OF
P \ PER \ TONEY
C01.1 ,ECTORS
INC
tamcuz. -
Paper Money
FOR SALE
COLONIAL CURRENCY
Want Lists Requested
Great American Coin Co.
Bertram Cohen, Pres.
P. 0. Box 839 Leominster, MA 01453-0839
617-537.7722
OBSOLETE CURRENCY LISTS
Broken Bank Notes, Merchant Scrip,
Confederate Currency, U. S. Fractional
Over 2000 notes suallable: Send your 20c S.A.S.IE.
and indicate your specific area of interest with
grades desired.
DON EMBURY
P. 0. Box 61 Wilmington, CA 90748
Page 247
WORLD PAPER MONEY
Write for interesting lists.
Notgeld Newsletter - samples $1.00
DWIGHT L. MUSSER
Box 305, Ridge Manor FL 33525
(Specializing in world notes since 1951)
Omaha, Nebraska 681114514 North 30th Street
"Pronto Service"
Phone 402-451-4766
Page 248
Whole No. 101
U.S. CURRENCY SPECIALS
"WHETHER BUYING OR SELLING, FOR A BETTER DEAL TRY BEBEE'S! YOU'LL BECOME A "BEBEE BOOSTER'
HISTORICAL
FEDERAL RESERVE SETS
SCARCE SUPERB CRISP NEW $1
COMPLETE SETS
Rapidly Disappearing from the American Scene
10% discount on orders over $200
for any of the following $1 F.R. Sets
(except when priced NET)
Regular
Sets
1963 (12) 33.75 (12)
1963-A (12) 32.75 (12)
1963-B (5) . 16.75 (4)
1969 (12) .. 30.75 (12)
1969-A (12) 29.75 (11)
1969-B (12) 28.75 (12)
1969-C (12) 27.75 (9)
1969-D (12) 4 27.75 (11)
1974 (12) ..
' 26.75 (12)
1977 (12) .. 24.75 (12)
1977-A (12) 23.75 (12)
1981 (12) 21.75
(Sorry, no matching nos.)
LIBRARY SPECIALS
KRAUSE/LEMKE'S NEW 1st ED.
"Standard Catalog of U.S. Paper Money" ... A MUST for
collectors & Dealers (With Order $11.75) Ppd. $14.95
O'DONNELL'S NEW 7th ED.
Star "Standard Handbook of Modern U.S. Paper Money" Revised
Sets and Enlarged (With Order $12.50) Ppd. $15.00
BUY BOTH BOOKS (w/Order $22.75) PPd. $27.7536.75
35.75
16.75
34.75
32.75
33.75
49.75
31.75
30.75
28.75
27.75
SINGLE $2 STARS
Dist. 1, 2, 3, 4, 5, 7, 9, 11 (Any 5 Diff. $32.50)
EACH
$6.95
MIS-MATCHED ERRORS
1957-B $1 Silver Certificate. The Serial Nos.
start with U37 & U47. Crisp New $62.50
1977-A $5 Federal Reserve. The Serials Nos.
start with L44 & L45. Crisp New
$89.50
OBSOLETE SHEETS
Beautiful Pristine Uncut Sheets:
CANAL BANK, LA. Sheet (2):
$500-$1,000.00 Crisp New, Nice "Exhibit Item-Scarce $135.00
FLORENCE BANK, OMAHA, NE Sheet (4) $1 - $1 -
$3 - $5 $110.00
CONFEDERATE SPECIAL
For any above set with the last TWO serial nos.
matching, add $2.00 per set.
Special Offer
1963/81 all 12 Sets (Net) 274.75
Last 2 Nos. Match (Net) 294.75 1861 $10 Type 30 "General Marion's Sweet Potato
1963/77A all 11 Star Sets (Net) 309.75 Dinner" VG-Fine $5.95
Last 2 Nos Match (Net) 329.75 1861 $100 Ty. 56. Famous "Lucy H. Pickens" Note. Crisp
BLOCK BUSTER SPECIAL New. SPECIAL $26.95
1963-A $1 Scarce "BB" Block. Lists $45.00 SUPERB Crisp New SUMMER SPECIALS
(buy two $55.00) Ea. $30.00. WANTED - 1963 BC; DB Blocks. 1928-C $1 SILVER Fine. Small Brown Spot
$69.50
Ask for our BIG "Block Buster" Special List. 1928-D $1 VF, light Horizontal Crease
79.50
1928-D $1 Crisp New. Limit One
199.501976 $2 BICENTENNIAL SET 1935-A $1 EXPERIMENTAL, Red "S" Crisp New
129.50
The two last serial nos. match on all 12 Dist. Superb Cr. 1928-B $1 EXPERIMENTAL. XB, YB, ZB. The Set (3)
New 32.75 Crisp New
549.50
The Set (12) Serial Nos. don't match 29.75
FIRST DAY SPECIAL
-Official Dist. 10" P. 0. Cancels
April 13, 1976 "Omaha $5.50
July 4, 1976 "Omaha" $5.50
April 13, 1976 "Coin 1a- $5.50
BUY all three $13.50
1976 $2 STAR SET
SET (11) Lacks Dist. 8 Crisp New $74.95
FAMOUS WADE SALE
1956 Sales Catalogue of the Great James M. Wade Collection @
Unbeliveable Prices. Send $5.00 for Your Copy (Postpaid)
"Aubrey and Adeline Bebee and their Staff extend to all, Very Best Wishes for a Joyous Holiday Season and a
New Year of PEACE - Good Health and Happiness"
Please Add $3.00 (Over $300.00 add $4.00). For immediate Shipment send Cashier's Check or Money Order. (Personal Checks
take 20 to 25 Banking Days to Clear our Bank. Nebrasks Residents add Sales Tax. 100% Satisfaction Guaranted. All items
Offered are "Subject to Prior Sale and Change in Price Without Notice."
419111111161F
edait'S RARE COINS and CURRENCY
(BESIDE THE ALAMO)
220 ALAMO PLAZA
SAN ANTONIO, TEXAS 78205
(512) 226-2311
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
THE DESCRIPTIVE REGISTER OF GENUINE 4.ANK NOTES by Gwynne & Day 1862.
168 pp Cloth bound. 1977 reprint by Pennell Publishing Co. $15.00 postpaid.
This book contains descriptions of over 10,000 genuine bank notes from 31 states and terri-
tories plus 24 Canadian banks. It also identifies notes known to have been counterfeited. The
names and locations of over 800 closed banks are included in the supplements. It is believed
that this book was the basis of the famous Wismer Lists published by the ANA 50 years ago. A
must for collectors and researchers of obsolete notes. We bound 10 copies in genuine leather
and interleaved them with plain pages (for your own notes) and offer them subject to prior sale
for $60.00 each.
HODGES' AMERICAN BANK NOTE SAFE-GUARD by Edward M. Hodges 1865. 350 pp
Cloth bound. 1977 reprint by Pennell Publishing Co. $19.50 postpaid.
"Hodges' " as this book is known, contains descriptions of over 10,000 genuine notes from 30
states, 19 Canadian banks, and the United States notes issued prior to 1865. This 1865 edition
was copyrighted in 1864 and at this time the United States was at v- ar with the Confederate
States. As a result the listing for six Southern states was not included because they were not a
part of the United States. Louisiana was included as in 1864 it was occupied by Union troops
under the infamous General Butler. West Virginia was added to this edition as it seceded from
Virginia and join the Union in 1863. We have added a section from the 1863 edition
(copyrighted in 1862) containing the six states deleted from the 1865 edition making this
reprint the most comprehensive Hodges' ever printed. The format used consists of three rows
of ten notes listed in rectangles on each page. To quote from E.M. Hodges "The SAFEGUARD
is almost indispensable." Collectors will agree with him. We bound 10 copies in genuine leather
and interleaved them with plain paper (for your own notes) and offer them subject to prior sale
for $75.00 each.
THE BANK OF THE STATE OF SOUTH CAROLINA by Dr. F. Mauldin Lesesne 1970. 221
pp Hand bound. University of South Carolina Press $14.95 postpaid.
The South had many colorful banks prior to the Civil War, but few could compare with the
Bank of the State of South Carolina. From its charter in 1812 until 1881 when its history ended,
it was colorful, controversial, and redeemed its issued notes. The "faith and credit" of the State
of South Carolina was pledged to back this bank. Dr. Lesesne's account of this bank is
interesting reading to both collector of paper money and historical students. Few banks have
such detailed accounts of their life as the Bank of the State of South Carolina. The book is
annotated and has a wonderful bibliography. If you only read one bank history, and should
read this one as it will interest both South Carolinians and non-Carolinians alike. It is just an
excellent story of a very important bank.
PENNELL PUBLISHING 0 ANY
P.O. Drawer 858
Anderson, South Carolina 29622
S.C. residents add 4% S.C. sales tax.
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