Paper Money - Vol. XXIV, No. 6 - Whole No. 120 - November - December 1985

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1906-1985 VoL. XXIV No. 6 WHOLE No. 120 Nov./DEC. 1985 "Pronto Service"P.O. Box 4289 TREASURY OR COIN NOTES Grading Symbols: B.M.C. = Bottom Margin Close; B.M.T.C. = Bottom Margin Trifle Close; T.M.C. = Top Margin Close; F/F = Faint Fold; W.C. = Well Centered: SASE = for our U.S. Lists(A) Large-Size Notes; (B) Large-Size Nationals; (C) Colonial & Continental Cur- rency; (D) Confederate Currency. Please state Lists desired. Postage Appreciated. 1890 $1. F-347. CU. Very F/F.W.C. $900. 1891 $5. F-363. CU. Autographed by D.N. Morgan .. $950. 1890 $1. F-348. CU, F/F.W.C. Nice 850. 1891 $5. F-363. Crisp AU 395. 1891 $1. F-351. CU. Very Faint upper right corner fold 350. 1891 $5. F-363. CU. Near W.C. 600. 1891 $1. F-352. CU. B.M.T.C. 450. 1891 $5. F-363. CU GEM 750. 1891 $1. F-352. CU. W.C. Nice 550. 1891 $5. F-364. CU. Almost a GEM 650. 1891 $1. F-352. CU. Almost a GEM 650. 1891 $5. F-364. CU GEM 750. 1891 $2. F-352. CU, Lt. Horz. crse. 350. 1890 $10. F-366. AU. Left Margin trimmed very close and into design 750. 1891 $2. F-357. VF + . Sm. corner crease 250. 1890 $10. F-366. CU Small brown spot on margin on 1891 $2. F-357. CU. B.M.C. 550. reverse. Nice Bright Note 1650. 1891 $2. F-357. CU GEM 900. 1891 $2. F-358. CU. Sm. Cor. Crse. 550. 1890 $10. F-366. CU GEM. VERY RARE 3950. 1890 $5. F-359. Near AU. Nice Mgns. 750. 1890 $10. F-368. CU. Almost a GEM 2450. 1891 $5. F-362. CU. Corners rounded T. M. C. 300. 1891 $10. F-371. Crisp AU. B.M.T.C. 550. 1891 $5. CU. Cors. slightly rounded 350. 1890 $20. F-372. CU. Very F/F. Nice Margins 3950. 1891 $5. F-362. CU. Tiny brn. spot 450. 1890 $20. F-374. CU. Small left Cor. crease. 1891 $5. F-362. CU. Tiny Cor. crse. 500. Nice Margins. 4950. 1891 $5. F-362. CU. Nice Margins 600. 1891 $20. F-375. FINE +. 950. WANTED - BUYING - WANTED Please send notes indicating prices desired. Or send for our top offer. Your notes will, of course, be accurately graded. (If you have notes that are slightly lower in condition than the grades we desire, please write describing them before shipping to us.) A quick, pleasant deal is always assured at BEBEE'S. 1863 $100. 1870/75 $10. COMPOUND INTEREST F-193 NATIONAL GOLD BANK F-1143/51 GOLD CERTIFICATES ExF to Unc. ExF to Unc. LEGAL TENDER 1862 $100. 2nd ObI. AU to Unc. 1862 $500. F-183. AU to Unc. 1862 $1000. F-186. AU to Unc. SILVER CERTIFICATES 1880 $1000. F-346B/D • AU to Unc. 1882 $ 50. F-1191. Lg. Red Seal AU to Unc. 1882 $100. F-1203. Brown Seal AU to Unc. 1882 $5. BROWN BACK NOTES 1882 $100. F-1204. Lg. Red Seal AU to Unc. (Condition AU to Unc. - Maryland Unc. only) 1882 $100. F-1205. Lg. Brown Seal AU to Unc. Albama-Arizona-Arkansas-Colorado-Florida-Idaho-Maryland- 1928 $500. F-2404. CR NEW GEM Nevada -Mississippi-New Hampshire -No. Dakota-Rhode Island - 1928 $1000. F-2405. CR NEW GEM So. Dakota-Wyoming. DEMAND NOTES 1882 $5. TERRITORIAL NOTES 1861 $ 20. New York. F-11. VF to Unc. Arizona-Oklahoma-Idaho-Wyoming. (Second Choice = Boston or Philadelphia) Conditions preferred - ExF + to Unc. To All our customers and friends the world over we extend Sincerest Wishes for a Joyous Holiday Season and a New Year of Peace, Good Health and Happiness. WHY NOT GIVE US A TRY - WE WOULD GREATLY APPRECIATE YOUR ORDERS - AND YOU'RE SURE TO LIKE DOING BUSINESS WITH BEBEE'S. SINCE 1941, TENS OF THOUSANDS OF "BEBEE BOOSTERS" HAVE. Y'ALL HURRY NOW - WE'LL BE LOOKING FOR YOU! AUBREY & ADELINE BEBEE ANA Life #110, ANS, IAPN, PNG, SPMC, Others. MOM CUI MOPRSLOMI. Omaha, Nebraska 68104 .:44 .. #-•"7-1,0 IA tire.%) i "Ds tptrws To: The Members of The Society of Paper Toney Collectors; Purpose: To announce the 1985-86 program of the SWC Patrons Association; What;_,Two years ago past President Wendell Wolka established the SWO Patron's Association. Since that time each year this fine program has fed money into the Associations bank account and this has been used to fund in part the books on Arkansas and Pennsylvannia plus the other wothwile projects of bur hobby. How does it work: You may contribute at four different levels: :::15,25,',50 and 75 or more. As you will note from the table on the back of this lettermembers of the Patron's Association are eligible for various awards. Upon joining, you will receive a Patron's kit which will contain coupons which can be redeamed in person or through the mail. This is our way of saying "Thank You" for your help to the Society and the paper money collectors who will benefit through the efforts of the society. One must remember that our Society is a non-profit origanization and your contributions are tax deductable. ''!hen do T join: You may join anytime until April 30,1986. Your coupons will be redeamable anytime until December 31,1986. For those with 86 dues still outstanding you may pay these with you contribution or save the coupon for 1987 dues. How do I Join; It's easy: Just fill in the application on the back of this sheet and send it along with your check or money order made out to SP1 ,70 to the address shown. We will handle the rest. ' ,That if I have a Question: Write a letter to us at the address shown on the reverse, we will answer it as promptly as possible. You may call the Fatronls Society Co-ordinator, Tom Denly, at 617-482-8477 an he will answer your questions. What if I want to Five more: We will not argue with you, and you can be sure that the money will go to those projects that are for the good of our hobby. With the many extremely wothwile projects on the planning board that we have, your contribution will certainly be used wisely! YORE ON REVERSE .............. SOCIETY OF PAPER MONEY COLLECTORS INC. YOUR DONATIONOF .- ...ENTITTLES YOU TO RECEIVE... A_- A FREE BEPSOUVENIR CARD A FREE 1986 BANQUET TICKET A FREE 1986 SPMC VEMBERSHI_ (or 1987) A FREE WISNER PROJECT BOOK 315.00 X 125.00 X X 350.00 X X X 175.00CR YORE X X X X VENBERSHIP APPLICATION To: SPY° PATRONS ASSOC. Att: Thomas M. Denly BOX 1010 Boston, ass 02205 Dear Tom, FOR SPNC USE ONLY Recieved Sent Here is my check, I want to help! Please enroll me in the Patrons Association for 1985-86. I have enclosed: T15 ',.25 ..-50 T75or I really want to help a lot here is my c17.77 for .Please make all checks payable to SPMC. PLEASE SHIP MY PATRON'S ASSOCIATION KIT TO: NAME SPFC # ADDRESS CITY, STATE, and ZIP Please check if you are paying your 86 Dues with this payment SOCIETY OF PAPER MONEY COLLECTORS INC. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXIV No. 6 Whole No. 120 NOV./DEC. 1985 ISSN 0031-1162 GENE HESSLER, Editor Box 416 Oradell, NJ 07649 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/April issue, etc.). IN THIS ISSUE "$160,000 IS MISSING" Brent H. Hughes 263 THE PAPER COLUMN National Bank Notes With Treasury Serial 1 and 1000000 Peter Huntoon 266 MY ADVENTURES IN COLLECTING BANK NOTES FROM THE EXCHANGE BANK OF PITTSBURGH Raymond C. Rennick 269 RAILROAD NOTES & SCRIP OF THE UNITED STATES, The CONFEDERATE STATES AND CANADA Richard T. Hoober 273 ADOLPH SUTRO AND THE COMSTOCK LODE Edward Schuman 276 "GENERIC" COLLEGE CURRENCY Robert C. McCurdy 278 JAMES H. McLEAN: A MAN OF MANY TALENTS Ronald L. Horstman 281 ' AIN'T THIS FUN? Roland Rivet, George Springer and Roger Durand 283 SOCIETY FEATURES IN MEMORIAM: THOMAS C. BAIN 286 INTEREST BEARING NOTES 287 LETTERS TO THE EDITOR 287 SECRETARY'S REPORT 288 EDITOR'S CORNER 289 LITERATURE REVIEW 289 BEP CARD FOR CHERRY HILL 289 MONEY MART 291 Paper Money Whole No. 120 Page 261 PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors, 1211 N. DuPont Hwy., Dover, DE. Se- cond class postage paid at Dover, DE 19901. Postmaster; send address changes to: Paper Money, 1211 N. DuPont Hwy. Dover, DE 19901. © Society of Paper Money Collectors, Inc., 1984. All rights reserved. Repro- duction of any article, in whole or in part, without express written permis- sion, is prohibited. Annual Membership dues in SPMC are $15. Individual copies of current issues, $2.00. ADVERTISING RATES SPACE Outside 1 TIME 3 TIMES 6 TIMES Back Cover $72.00 $195.00 $367.50 Inside Front & Back Cover $67.50 $181.50 $345.00 Full Page $59.00 $158.00 $299.00 Half-page $36.00 $ 98.00 $185.00 Quarter-page $15.00 $ 40.00 $ 77.00 Eighth-page $10.00 $ 26.00 $ 49.00 To keep administrative costs at a minimum and advertising rates low, advertising orders must be prepaid in advance according to the above schedule. In the exceptional cases where special artwork or extra typing are re- quired, the advertiser will be notified and billed extra for them accordingly. Rates are not commissionable. Proofs are not supplied. Deadline: Copy must be in the editorial office no later than the first of the month preceding month of issue (e.g. Feb. 1 for March issue). Mechanical Requirements: Full page 42 x 57 picas; half-page may be either vertical or horizontal in format. Single column width, 20 picas. Halftones acceptable, but not mats or stereos. Page position may be requested but cannot be guaranteed. Advertising copy shall be restricted to paper currency and allied numismatic material and publications and accessories related thereto. SPMC does not guarantee advertisements but accepts copy in good faith, reserving the right to reject objectionable material or edit any copy. SPMC assumes no financial responsibility for typographical errors in advertisements, but agrees to reprint that portion of an advertise- ment in which typographical error should oc- cur upon prompt notification of such error. All advertising copy and correspondence should be sent to the Editor. Society of Paper Money Collectors OFFICERS PRESIDENT Larry Adams, P.O. Box I, Boone, Iowa 50036 VICE-PRESIDENT Roger H. Durand, P.O. Box 186, Rehoboth, MA 02769 SECRETARY Gary Lewis, P.O. Box 4751, N. Ft. Myers, FL 33903 TREASURER James F. Stone, P.O. Box 89, Milford, N.H. 03055 APPOINTEES EDITOR Gene Hessler, P.O. Box 416, Oradell, NJ 07649 NEW MEMBERSHIP COORDINATOR Ron Horstman, P.O. Box 6011, St. Louis, MO 63139 BOOK SALES COORDINATOR Richard Balbaton, 116 Fisher Street, North Attleboro, MA 02760. WISMER BOOK PROJECT Richard T. Hoober, P.O. Box 196, Newfoundland, PA 18445 LEGAL COUNSEL Robert G. Galiette, 10 Wilcox Lane, Avon, CT 06001 PAST PRESIDENT AND LIBRARIAN Wendell Wolka, P.O. Box 366, Hinsdale, IL 60521 PUBLICITY CHAIRMAN C. John Ferreri, P.O. Box 33, Storrs, CT 06268 BOARD OF GOVERNORS Walter Allan, Charles Colver, Michael Crabb, Roger H. Durand, C. John Ferreri, William Horton, Jr., Peter Huntoon, Charles Kemp, Roman L. Latimer, Donald Mark, Dean Oakes, Bernard Schaaf, M.D., Stephen Taylor, Steven Whitfield, John Wilson. The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organ- ization under the laws of the District of Columbia. It is af- filiated with the American Numismatic Association and holds its annual meeting at the ANA Convention in August of each year. MEMBERSHIP-REGULAR. Applicants must be at least 18 years of age and of good moral character. JUNIOR. Applicants must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or a guardian. They will be preceded by the letter "j". This letter will be removed upon notifi- cation to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold of- fice or to vote. Members of the A.N.A. or other recognized numis- matic organizations are eligible for membership. Other applicants should be sponsored by an S.P.M.C. member, or the secretary will sponsor persons if they provide suitable references such as well known numismatic firms with whom they have done business, or bank references, etc. DUES-The Society dues are on a calendar year basis. Annual dues are $15. Members who join the Society prior to October 1st receive the magazines already issued in the year in which they join. Members who join after October 1st will have their dues paid through December of the following year. They will also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. PUBLICATIONS FOR SALE TO MEMBERS BOOKS FOR SALE: All cloth bound books are 81/2 x II" INDIANA OBSOLETE NOTES & SCRIP $12.00 BANK NOTES, Huntoon $12.00 Non-Member $15.00 Non-Member $15.00 MINNESOTA OBSOLETE NOTES & SCRIP. INDIAN TERRITORY / OKLAHOMA / KANSAS OBSOLETE Rockholt $12.00 NOTES & SCRIP, Burgett & Whitfield $12.00 Non-Member $15.00 Non-Member $15.00 MAINE OBSOLETE NOTES & SCRIP. Wait $12.00 IOWA OBSOLETE NOTES & SCRIP, Oakes Non-Member $12.00 $15.00Non-Member $15.00 ALABAMA OBSOLETE NOTES & SCRIP OBSOLETE NOTES & SCRIP OF RHODE ISLAND Rosene $12.00 AND THE PROVIDENCE PLANTATIONS, Non-Member $15.00 Durand $20.00 PENNSYLVANIA OBSOLETE NOTES AND SCRIP Non-Member $25.00 (396 pages), Hoober $28.00 NEW JERSEY'S MONEY, Wait $12.00 Non-member $35.00 Non-Member $25.00 ARKANSAS OBSLETE NOTES AND SCRIP, Rothert $17.00 TERRITORIALS-A GUIDE TO U.S. TERRIRORIALS Non-member $22.00 Write for Quantity Prices on the above books. ORDERING INSTRUCTIONS 1. Give complete description for all items ordered. 2. Total the cost of all publications ordered. 3. ALL publications are postpaid except orders for less than 5 copies of Paper Money. 4. Enclose payment (U.S. funds only) with all orders. Make your check or money order payable to: Society of Paper Money Collectors. 5. Remember to include your ZIP CODE. 6. Allow up to six weeks for delivery. We have no control of your package after we place it in the mails. Order from: R.J. Balbaton, SPMC Book Sales Dept. 116 Fisher St., North Attleboro, MA 02760. The Services ...i Society maintains a lending library for the use of Librarian-Wendell Wolka, P.O. Box 366, Hinsdale, I ll. the members only. For further information, write the 60521. Page 262 Paper Money Whole No. 120 Paper Money Whole No. 120 Page 263 "$160,000 IS MISSING ! " by BRENT H. HUGHES, SPMC 7 © 1985 BRENT H. HUGHES If you stand on the banks of the Potomac River in Washington, D.C. and look at the mas- sive building housing the Bureau of Engraving and Printing, it looks impregnable. If you enter the building for the public tour, you see guards and other security features that would seem to make it impossible to steal the currency produced there. And you would probably laugh if someone told you that in 1953 an employee simply walked out the door with $128,000 in brand-new $20 bills in an old grocery bag. The thief also had $32,000 more hidden in the building which he apparently planned to take out later. That's what happened. Needless to say it caused a lot of embarrassment for the govern- ment and the security system was drastically changed. But it shows what can happen when a clever thief is able to find the weakest link in a security system and exploit it. T HE year 1953 was one of turmoil at the Bureau of En-graving and Printing. Over 1,000 workers were laid offin a huge staff reduction program and 400 more were to be dismissed subsequently. No one knew where the ax would fall next. Daily production had been maintained at about 63 million dollars in $1, $2, $5, $10 and $20 denominations but morale was understandably low. Things improved somewhat with the coming of the Christmas season. The holiday came on a Friday and Christmas Eve brought forth the small office parties and exchange of gifts among employees before they left at noon on a half-holiday. Such times are always difficult for security people and at BEP the Christmas gift packages created a problem. Ordinarily every package leaving the building had to be inspected by a supervisor who then attached his "O.K." sticker with his initials. But the volume of Christmas gifts flowing into and out of the building became so heavy that it became impractical to examine every package, so the usual rules were relaxed until after the holidays. In addition, many employees wanted to take vacation time dur- ing the Christmas season. By combining the two legal holidays with weekends in 1953, it was possible to have a sixteen-day vacation while using only eight days of annual leave. To im- prove morale, supervisors tried to grant the privilege to as many employees as possible. As a result the entire staff was spread thin. The security people crossed their fingers and hoped for the best. They had no inkling that the biggest theft in the bureau's history was about to take place. To understand how the thief pulled it off, we must look at the process by which our currency was made in 1953. The Bureau of Engraving and Printing was, and is now, essentially a factory with a modified assembly line. Sheets of paper were fed into the printing presses under a security system whereby each sheet was accounted for. The printed sheets were cut up into individual notes that were made up into packets of 100 notes each, held together with a paper band. Forty packets were stacked to- gether, heavy composition-board backs placed on top and bot- tom and the stack compressed. A steel band was pulled tight around the backs and spot-welded, which made it impossible to extract a note from the stack. It was then wrapped in heavy kraft paper and a white label glued to each end listing contents, serial numbers and other details. The finished package of 4,000 notes, called a "brick" at the Bureau of Engraving and Printing, weighed eight pounds. The "bricks" were placed on storage skids, which stock men would eventually roll into the Federal Reserve Vault No. 12. This huge vault is actually "suspended" within the building, con- nected to the building floor by a steel drawbridge. Near the drawbridge sat six supervisors who watched the stockmen stack the "bricks" on shelves within the vault. At night the four-foot thick steel door was closed and locked, making Vault No. 12 an impregnable fortress. As orders for currency were received from the Federal Re- serve Banks around the country, the "bricks" would be removed from the vault and shipped out. At their destination the pack- ages would be stored for varying lengths of time before being opened and issued. All along the way the labels on the packages provided strict accountability. The "money factory" is constantly up-grading its machinery and procedures. For experimental purposes the agency made up dummy "bricks" containing black paper cut to currency size and wrapped the same way as the regular packages. There were no white labels, of course, since none were needed. In 1953 these dummies were stored under the automatic money-wrap- ping machines, a fact the agency would later regret. The pro- duction of currency seemed to be as efficient as 1953 tech- nology could make it and the agency was proud of its achieve- ments in keeping costs at a minimum. Security experts believed they had made it impossible for anyone to smuggle any money out of the building. But they were wrong. Leroy David Sidlund was a clean-cut young man of 29 who had come to work at the Bureau in 1942. Shortly thereafter he went into the U.S. Army, fought in Europe for 2 1/2 years and had been honorably discharged. After the war he had returned to his job. Even though he had an excellent work record, pro- motions came slowly and he was still working as a distributor- checker and utility man with a take-home wage of about $170 a month. He lived with his wife and two young sons in a small apartment in nearby Maryland. After paying a monthly rent of $73, Sidlund and his wife found it difficult to make ends meet. There seemed to be a peculiar irony in the fact that he spent his days handling much of the two billion dollars produced at the Bureau of Engraving and Printing every year, yet his take-home pay amounted to less than $40 a week. Now he faced the pos- sible loss of even that amount. Leroy Sidlund was worried about his future, as many co-workers worried about theirs. Page 264 . . . just one "brick" As the lay-offs continued, Sidlund began to think of what he could do with just one "brick" of $20 bills : $80,000. His job allowed him a lot of freedom to roam the various floors of the five-story building and see the entire process of currency handl- ing. It was obvious that once the money went into Vault 12 it was impossible to get at. But he noticed that at times the storage skids were delayed before the stockmen moved them into the vault. Sidlund had also seen the dummy packages stored in his work area. They were used only occasionally and the workers knew what they were for, but apparently only Sidlund realized that a dummy with white labels would look exactly like the real thing. Gradually he worked out a plan of substitution. The building guards had always checked packages going out of the building but seemed to be less concerned about packages coming in. And Christmas seemed to bring about a subtle change in attitude and security relaxed. Sidlund decided to watch what happened this holiday season and if those things happened again he intended to take advantage of it. By the first of December he had assembled two dummy "bricks" from scrap paper and brown grocery bags. The labels would be the problem, but his plan included an answer. On December 30, 1953 Sidlund came to work a little early with his two dummy packages concealed in his winter coat. Rules re- quired the employees to take all incoming packages to a receiv- ing desk to be checked in. But when the guard turned his head for a moment Sidlund kept walking on down the corridor. He took an elevator to a third floor rest room where he concealed his dummies under the liner of a trash can. He then reported to his job area. His first task that day was to load dollar bills onto a platform from which they would be fed into the wrapping machine. Wrapping would take twenty minutes, during which time Sid- lund would not be needed. He casually walked to a nearby stor- age skid, picked up two packages of $20 bills ($160,000), covered them with paper and walked down to the basement. There he took an elevator to the fifth floor. In an isolated corner of a trash-storage room he opened the packages and emptied all 40 packets from the first package plus 24 packets from the sec- ond package into a paper bag. The remaining 16 packets ($32,000) he put into a second bag. He then stuffed the two bags under a skid, put the labels from the wrappers into his pockets and went back to his job. At 10:40 a.m. all employees went on a 20-minute rest period. Sidlund put the labels into a sink of hot water and soak- ed off the brown paper fragments. He then laid the labels on an overhead radiator to dry. Apparently no one paid him any at- tention. After the other workers had left the rest room, Sidlund retrieved his two dummy packages from the trash can. In the security of a locked toilet stall he glued the labels on his dum- mies. He then returned to his job area and placed his dummies among the genuine "bricks" on the storage skid. The only dif- ference was that his brown paper wrappers had been carefully put on by hand instead of by machine. The work day was uneventful and at 3:10 p.m. Sidlund went to a locker room to change to street clothes. He then went to the fifth floor and retrieved the paper bag containing the $128,000. On top of the money he put a pair of soiled work pants. At 3:30, as he casually walked past the building guards, he pulled out one leg of the trousers. The guards showed no interest in dirty laundry and waved him on. Thus it was that a cool Leroy Sidlund, who earned $3,460 a year at the nation's money Paper Money Whole No. 120 factory, walked out to 14th Street with more money than he could earn in 37 years. He couldn't believe it had all been so easy. "Must have been in a crap game." But a huge amount of money makes people act in strange ways and Sidlund was no exception. When he reached home he put the paper bag into a closet and later casually mentioned to his wife that he had won a few dollars gambling. After dinner he said that he wanted to go see his cousin, James Gosnell, who lived nearby. The cousin was happy about Sidlund's good luck and agreed to go with him to a used car dealer where they bought a 1947 Chevrolet for $350 cash. Included in the payment were some $1 bills, some $10 bills and some brand-new $20s. Gosnell was of course delighted when Sidlund put the car title in Gosnell's name. The dealer counted the money and smiled, "Must have been in a crap game." Sidlund and Gosnell just grinned. The next day the generous Sidlund decided to do a favor for another cousin, John Crawford. The two went to another used car lot where Sidlund paid $273 as down payment on a 1950 Packard. The cousin thought that Santa Claus was a little late that year but he accepted the car anyway. At some point that day Sidlund confided to his cousins that the money might be a little "hot" and the sooner it was used the better. All he wanted was for the boys to use $20 bills to make a lot of small purchases and bring the "clean change money" back to him. Gosnell took a big stack of the bills and departed. One of his first purchases was a bottle of excellent whiskey which he promptly began drinking. Soon he felt in the mood for a little gambling and, as luck would have it, found himself in a neigh- borhood crap game. His friends were very impressed when Gosnell laid $8,000 in new twenties on the table. They were even more impressed when Gosnell acted unconcerned when he lost it all. "Plenty more where that came from," he said and ambled out to his car where he opened the trunk and filled his pockets again. One member of the game peeked out the win- dow at Gosnell's visit to his "bank" and a few minutes later quietly left the room and pried open the trunk. The whole spare tire well was full of new twenties. After filling his pockets with greenbacks he took off to the used car lot. When Gosnell paid another visit to his car and found the battered trunk lid he quick- ly pursued and caught up with his former friend and made him surrender all the unspent money. "I've got plenty" Meanwhile, Sidlund went to see his good friend Mack Wilson who lived with his family in the apartment over Sidlund. The Wilsons were also having budget problems because Mack's job as a government flagpole painter paid only a small salary. Sidlund handed his friend a $20 bill and asked him to buy a bot- tle of whiskey. Wilson did so, but when he returned to the apart- ment Sidlund was gone. The next morning he went to the Sidlund apartment to return the change. Sidlund told him to keep it. "Don't worry, Mack, I've got plenty of money. Enough to take care of us for the rest of our lives." Sidlund then opened the closet door and showed Wilson the pile of money on the floor. He explained his problem and asked Wilson to join the team. His job would be to rent a car and drive Crawford and his girl to Baltimore to do some shopping. On Saturday Sidlund decided that since his two cousins now had wheels it was only fair that he should have some too. He made a $1200 down payment on a new Oldsmobile sedan and the big spending spree was under way, a frolic which the Wash- ington newspapers would gleefully report later in great detail. Paper Money Whole No. 120 Over $31,000 in new bills was disposed of, but only $1500 in old currency made its way back to Sidlund as change. What the happy group did not know was that the police in nearby Prince Georges County, Maryland, were already picking up rumors on the street about the big spenders and were naturally curious about it. On Monday morning Leroy Sidlund, cool as ever, went back to work. It wasn't long before he noticed a lot of excitement up at Vault No. 12. A stockman named Sewell A. Davis had been lifting the "bricks" from storage skids to vault shelves for many years. Suddenly he noticed that the package in his hand felt light. Arm muscles accustomed to lifting hundreds of packages a day, all of which weighed a uniform eight pound each, had reacted to a package that weighed only six pounds eleven ounces. He voiced his concern to a co-worker, Paul E. Coakley, who agreed that the package was indeed light. He tore open the wrapper, realized that something was wrong and headed for a supervisor. A few minutes later another stockman, Frederick A. Minor, found the second dummy package and passed it to co- worker Russell A. Davis for examination. All four men were later given credit for discovering the theft. The Feds move in When Associate Director Henry H. Holtzclaw was informed of the situation he immediately ordered an inventory check. Four Secret Service men, along with F.B.I. agents and local police detectives were brought in. On the chance that a dis- gruntled employee might have created the problem and simply hidden the currency inside the building, a massive search was begun. At the same time a bulletin was issued advising the public that the missing bills were Federal Reserve Bank of New York notes, series 1950A, with serial numbers of one package run- ning from B90236001A to B90240000A and the other pack- age from B90252001A to B90256000A. Word of the theft spread quickly throughout the building and Sidlund realized that he had to get the money out of his home until the investigation was over. At 3:30 p.m. that day Mack Wilson, who had taken the day off to enjoy driving around Washington in Sidlund's new car, picked him up at the Bureau of Engraving and Printing building. They hurried to their apart- ment building. After dinner the two men gathered up all the new currency and put it into Sidlund's car. With his wife and Wilson as pas- sengers, Sidlund then drove across the Potomac River headed for Middleburg, Virginia, about 50 miles away. His father-in- law, William Shull, was a chauffeur-butler on a large estate in the prestigious Virginia hunt country. It would be an ideal place to hide the money. Shull was surprised when they drove up because his daughter and Sidlund had been there just the day before. His daughter went inside the home to see her mother who was ill, and Sidlund and Wilson took Shull aside to discuss their problem. They had pulled a "smoothie," they said, and wanted Shull to bury the money until it cooled off. They showed him a small metal tool box containing about $95,000 and handed him a roll of twenties as payment for his help. Shull wanted no part of the deal. "What if we are caught?" he stammered. Sidlund replied, "We'll serve a few years and then we'll be out again and the money will be ours. We'll split it three ways." Shull still refused, whereupon Wilson pulled back his coat and showed him the pistol he was carrying. The sight of the weapon frightened Shull and he agreed to do as they asked. A few minutes later the trio drove away. Page 265 Concerned about what might happen to his daughter, Shull lay awake all night. Finally at 5 a.m. he got out of bed, went to a neighbor's home and called the Virginia State Police at the Cen- treville sub-station. By coincidence an officer he knew, Trooper S.S. Secrist, answered the phone and listened as Shull poured out his story. Secrist and his partner, V.H. Hockman, drove out to the estate and found Shull waiting for them. Mrs. Shull had fainted when she had been told what had happened and a doctor was already there. Shull handed the two officers the tool box along with the roll of bills Sidlund had forced on him. As soon as Shull told them that his son-in-law worked at the Bureau of Engraving and Printing the officers knew what had happened. They car- ried the money back to their sub-station and called the Secret Service. Meanwhile, the investigation at the Bureau had continued all night with no success. Just when the weary agents were thinking of breakfast, they were told of the call from Virginia. At around 10 a.m. Secret Service agents arrested Sidlund as he went about his duties. He seemed to be quite unperturbed about the whole thing. After some verbal sparring with the agents, Sidlund admitted the theft, led them to the hidden bag containing $32,000 and gave them a full account of his actions. Later, he took part in a re-enactment of the crime. The confession revealed names, places and things ; therefore it was a routine matter for law enforcement officers throughout the Washington area to track down the others and much of the merchandise they had bought. At 2 p.m. that day they arrested Mrs. Sidlund at her home. A little later Wilson was picked up, as were Crawford and his girl friend. Many others, including the crap game players, were questioned and released. The U.S. Treasury Department announced that it would re- deem all bills that had been innocently accepted by merchants and over 500 of the stolen twenties were turned in quickly. Another $1,390 in change was found at Sidlund's home. On February 15, 1954 the District grand jury indicted Sidlund, Wilson. Gosnell, Crawford and his girl friend Annie Justin. A little later another man was added. The jury refused to indict Mrs. Sidlund when she convinced the group that she had no knowledge of the theft and had not participated in the spend- ing spree. To Prison On May 3, 1954 Sidlund and five other defendants appeared in court and pleaded guilty to the various charges against them. Sidlund was sentenced to a prison term of 3 to 9 years plus a $10,000 fine ; Wilson was given 2 to 8 years and a $2,000 fine ; Crawford received a sentence of 2 to 8 years and a $3,000 fine ; and Gosnell 20 months to 5 years. Annie Justin got off with 3 years probation and the last defendant was to serve 180 days in jail and pay a $500 fine. Secret Service files indicate that as of December 31, 1954 the account of the case was as follows : Recovered (not in circulation) $127,840 Recovered (in circulation) 17,160 Unaccounted for 15,000 Total amount involved: $160,000 Of the money recovered in circulation, about $12,800 worth was turned in by people who had innocently accepted it and were reimbursed later by the Treasury Department. In addition, the government seized about $2,000 in retirement funds and salary due Sidlund. (Continued on page 285) Paper Money Whole No. 120Page 266 cc7,--c7P3 THE PAPER COLUMN by Peter Huntoon The purpose of this article is to release newly discovered information that adds to the data of the treasury serial numbering system for national bank notes begun in parts I and II of this series of articles. National Bank Notes with Treasury Serials 1 and 1000000 Part III by PETER HUNTOON and WILLIAM RAYMOND NEW DATA HE highest priority National Bank note records sought in Washington are the lost ledgers showing deliveries from the Bureau of Engraving and Printing to the Comptroller of the Currency for the period after 1912. The premier attrac- tion of these records is that they will reveal the changeover serial numbers between 1882 and 1902 date back and succeeding types for each bank. No individual has hunted more diligently for these records than Bill Raymond. His efforts finally met with a bit of success this past August. He located a series of ledgers labeled: "Schedule of the delivery of National Bank Currency" at the Bureau of Engraving and Printing. They dated from the beginning of 1924 and continue through the 1929 issues. Only the records for the crucial period 1913 through 1923 now re- main unrecovered. Our hopes for completeness have risen— maybe next year! The records that Bill found provided substantial data for this series of articles. We can now show the banks that issued the Treasury serial 1000000-1 pairs from 1924 until the use of Treasury serials ceased after August 22, 1925. The new finds are included here as Table 1. The newly discovered records do not extend back to the end of the Series of 1882 issues in 1922. Consequently we still do not know the high treasury serials for the Series of 1882 date and value backs. 50-50-50-100 sheets with Treasury numbers happened to be 1902 date backs, not plain backs! Here are the serials for the last three groups of sheets using treasury serials: 1902 plain back Lynbrook, NY (11603) 311-390, B141425-B141504; 1902 date back Newark, NJ (1452) 1601-1640, B141505-B141544; and 1902 date back Kingsburg, CA (8409) 301-340. B141545-B141584. All were delivered to the Comptroller on August 25, 1925. SERIES OF 1902 DATE— PLAIN BACK CHANGEOVER SERIALS Unlike the mixing in the 50-50-50-100 combination, the changeovers from Series of 1902 date to plain backs appear to have been abrupt for the 5-5-5-5, 10-10-10-10, and 10-10-10-20 combinations once the Aldrich-Vreeland Act ex- pired on June 30, 1915. The 5-5-5-5 changeover treasury serial pair occurred high in the MB treasury serial set; the 10-10-10-10 changeover occurred in the N set. Through obser- vation we have been able to narrow the changeover pair for the 10-10-10-20 combination to serials between N806462B and N922746B. If you can help narrow this range even further, or close the ranges for the other 1882 and 1902 combinations given in part 2, please advise us. THE FABLED 1 - 1 - 1 -1 COMBINATION SERIES OF 1902 50 -50 -50 -100 SHEETS The most interesting data contained in the ledgers were the Series of 1902 date and plain back 50-50-50-100 deliveries. For some reason, presently unknown, Series of 1902 date back 50-50-50-100 plates continued to be used through 1926, always faithfully matched with "or other securities" faces. The last treasury serials for the 50-50-50-100 1902 date and plain backs were used on August 22, 1925. Consequently the records that Raymond found showed the last treasury serials for each of these two varieties. See Table 1. Both the 50-50-50-100 date and plain backs were numbered with the same treasury serial numbering set, and hence the treasury numbers for the two varieties were intermixed. Despite this, we were pleased to find that each of the varieties was care- fully segregated by type within the ledgers. Ironic, but by chance, was the fact that the last of the The Original Series delivery schedules in the National Ar- chives show one shipment on March 21, 1865, to the Comp- troller of the Currency, consisting of 500 sheets of the 1-1-1-1 combination for the First National Bank of Philadelphia, PA, charter 1. This was the only bank in the country for which this plate combination was made. No proofs are presently known, but we do know from the ledgers that the notes were dated January 2, 1865, and therefore carried the Colby-Spinner treasury signature combination. None of the sheets were issued for some unknown reason. The records show that all 500 sheets were "delivered to the Cashier for cancellation" on June 14, 1867. Sadly, no record was made in the ledgers we examined showing the treasury serials assigned to this interesting group of sheets. Their serials would have constituted an entirely separate treasury number set because the then current policy dictated a separate set for each different sheet combination. Paper Money Whole No. 120 Page 267 Table 1. First and last Series of 1902 national bank notes printed in each group of treasury serial numbers between 1924 and the last use of treasury serial numbers in 1925. The date is the day when the sheets were delivered to the Comptroller of the Currency from the Bureau of Engrav- ing and Printing. Date Bank City State Charter Bank Serial Treasury Serial 5-5-5-5 Series of 1902 Blue Seal Plain Backs Feb 16, 1924 Ohio NB Columbus OH 5065 64664 H 1000000H 64665 K 1H Apr 4, 1924 Langlade NB Antigo WI 5942 4064 K1000000H 4065 M1H May 29, 1924 Worthington NB Worthington MN 8989 3939 M1000000H 3940 N1H Jul 19, 1924 East River NB New York NY 1105 3264 N1000000H 3265 R1H Sep 3, 1924 Commercial Security NB Boston MA 3923 11114 R1000000H 11115 T1H Oct 17, 1924 Fifth Third NB Cincinnati OH 20 247514 T1000000H 247515 U1H Nov 26, 1924 First NB Kingston TN 12319 1389 U1000000H 1390 V1H Jan 30, 1925 Peoples NB Elizabeth NJ 11744 14089 V1000000H 14090 X1H Mar 31, 1925 Marine NB Milwaukee WI 5458 33539 X1000000H 33540 Y1H May 25, 1925 Citizens NB & T Co. Cincinnati OH 2595 76339 Y1000000H 76340 Z1H Jul 29, 1925 First NB Mount Joy PA 667 24239 Z1000000H 24240 A1K Aug 27, 1925 American Exchange NB Dallas TX 3623 272500 A617996K 10-10-10-10 Series of 1902 Blue Seal Plain Backs Oct 13, 1924 Chase NB New York NY 2370 78840 X1000000 78841 Y1 Aug 26, 1925 First NB Hartford CT 121 113750 Y608545 10-10-10-20 Series of 1902 Blue Seal Plain Backs Jan 29, 1924 Bedford NB Bedford IA 5165 1638 K1000000H 1639 M1H Mar 7, 1924 Commercial NB Columbus OH 2605 7108 M1000000H 7109 N 1H Apr 28, 1924 Toy NB Sioux City IA 10139 8398 N1000000H 8399 R1H Jun 27, 1924 Citizens NB Knoxville IA 4633 9888 R1000000H 9889 T1H Aug 19, 1024 First NB West Point MS 2891 15548 T1000000H 15549 U1H Oct 6, 1924 First Huntington NB Huntington WV 3106 5338 U1000000H 5339 V1H Nov 17, 1924 Citizens NB Baltimore MD 1384 161258 V1000000H 161259 X1H Jan 16, 1925 Chapin NB Springfield MA 2435 19108 Z1000000H 19109 Y1H Mar 21, 1925 First NB Jefferson City MO 1809 13738 Y1000000H 13739 Z1H May 16, 1925 Welden NB St. Albans VT 3482 7438 Z1000000H 7439 A1K Jul 23, 1925 First NB Escanaba MI 3761 15688 A1000000K 15689 B1K Aug 27, 1925 North Adams NB North Adams MA 1210 45200 K647457K last 50-50-50-100 Series of 1902 Date Back with treasury serial numbers Aug 25, 1925 First NB (last sheet issued to the bank was 331-B141575) Kingsburg CA 8409 340 B141584 last 50-50-50-100 Series of 1902 Blue Seal Plain Back with treasury serial numbers Aug 25, 1925 Peoples NB Lynbrook NY 11603 390 B141504 (notice that the last treasury serial for this combination happened to be used on a Date Back) t141011 ATI4)Nski. HMI Mt/. tix srrms mit.ehrAl..1126C13,401.04,,''.14.1,0144.VEs4- Va • t 1 lit 0 t N, crii CNA', It Nu )I I AI/ I ttOr 4'.• 1.41.A..a...L.4 t :*411#04 :U,44 tS vt Page 268 Paper Money Whole No. 120 Over 161 million 5-5-5-5 national bank sheets were printed with treasury serials before such numbers were discon- tinued in 1925. Of those sheets, 145 carried treasury serial 1000000. None of those 580 notes are known to have survived. In fact no treasury serial 1000000 note is reported regardless of denomination. (Smithsonian photo) (Continued on Page 277) Fifth r‘...ade aria F■schailgc Ftifis etuc. Paper Money Whole No. 120 Page 269 My Adventures in Collecting Bank Notes From The WXCHA,\GE BANK OF PITTSBURGH by RAYMOND C. RENNICK I STARTED to collect coins in 1945 while I was a Boy Scout.It was basically filling holes with different dates and mint marked Lincoln cents, Jefferson nickels, etc., in the pop- ular blue Whitman folders. After I was out of school, and with more money to finance my hobby, my interests turned to col- lecting currency. I had also become bored with series collecting. Filling another hole in the book was an accomplishment, but it had lost its enjoyment at the time. The counterfeiting of the scarcer dates also became a negative factor. Currency had be- come my new collecting interest. I had become very fascinated with national bank notes and the early state chartered obsolete notes. In 1956 some national bank notes (small size — series 1929) could still be found in cir- culation. At coin shows, many notes could be bought for $1 to $5 over face value. Very few collectors wanted them because the high face value at even collecting $5 through $20 notes rep- resented "dead money", since they would probably never be re- deemed at face value. The 1C to $1 denominational series col- lecting was then popular due to the low face value cost involved. Collecting the old obsolete and national bank notes was fas- cinating because each note is unique in name. Each note has a different serial number and the early obsolete and large-size notes were hand signed by the president and cashier of the bank that issued the notes. This gave each piece of currency a person- ality. Many of the signers were historical figures of the commu- nity. The number of banks increased as the population of a community increased. The serial number also provided a securi- ty mark that coins did not have. In 1961 the Society of Paper Money Collectors was organized and I became charter member No. 33. This was a great aid to currency collecting in general, but has been especially helpful in collecting small-size national bank notes. Until then, there were no reference books to detail the existence of banknotes on par- ticular banks. Even now (1985), after almost 25 years, PAPER MONEY is still reporting new data. Due to the security problem that all collectors face, we never fully enjoy our most treasured finds, since they all invariably end up in a safe deposit box in our bank as part of an accumulation. In order to enjoy my collection more, I recently bought a 35 mm camera with a macro-focusing zoom lens, and have started the enjoyable task of photographing my collection. By using either slides or prints, I now can fully enjoy my collection while it still remains in a safe place. While I was photographing my notes, my mind took me back to the collectors, dealers, places and good times when I found these notes. Each note began to represent friends of the past, good times at the many shows I attended in search of my "trea- sures". I mentioned earlier that when I first started collecting cur- Page 270 rency the face value represented a major portion of the value of the note. With the increasing popularity in bank note collecting, now, in 1985, only twenty-nine years later, scarce notes com- mand higher prices. Now the face value often represents a small percentage of the note's value. Now that I have expressed some of the reasons why I turned to collecting currency, and the changes in this specialized field of the hobby, I would like to share my thoughts with you, which I have titled, "My Adventures in Collecting Bank Notes from The Exchange Bank of Pittsburgh, Pennsylvania." I have been doing detailed research on about thirty different banks. This is one of my favorite banking journeys that I trust you will enjoy taking with me. Paper Money Whole No. 120 beautiful. To consider that in the future these same notes would be a good investment, didn't enter my mind. Today, it seems that many things are being sold where only investment is stress- ed instead of buying just for pleasure. Purchases from the times I have bought for fun and enjoyment have turned out to be better investments than those purchased for the sole purpose of in- vesting. I was proud of this beautiful $5 bank note, and so I showed it to my friend, Radian Litvinovich. While attending the 1964 Florida Fun Show, he remembered the bank's name, so he picked up an old $5 State Bank Note on the Exchange Bank dated Dec. 1, 1856, for me. Now I had a state and national bank note from this bank. The first note in my collection. With a little help from a friend, this note became number two. In 1963 I attended a Pittsburgh Numismatic Society Coin Show at the old William Penn Hotel in Pittsburgh. It was held in the balcony area of the hotel. The quarters were tight, very hot, poorly lit, and designed in a "horse-shoe" shaped hallway on the second floor. It was a relatively small show, similar to those held during the great 1960s numismatic boom. I did not know then, but that show would play an important part in laying the cornerstone of a collection of currency on The Exchange Bank of Pittsburgh in the years to follow. While at the bourse table of Mrs. Vi Mason, a well-known and respected Pittsburgh dealer, my eye caught the beauty of a First Charter 1875 Series $5 note on the Exchange Bank of Pitts- burgh, Pa. It was in XF-AU condition and priced at $29, which, at the time, I considered to be a lot of money. However, it was too nice to pass up. The art work on the First Charter notes is I put these two notes in a plastic holder to exhibit, as well as show them to another collector friend of mine, Alex Maletich, who asked, "How would you like to have a $5 1882 brown back from this same bank?" That was three years later, in April of 1966. Now I had three notes! It does pay to show your col- lectibles to your fellow numismatists! In that same year, I also picked up a $2 note dated May 4, 1841, from Richard Hoober. Six years went by before I saw another Exchange Bank note. In a Kagin's auction catalog in October 1972, a lot was listed as having a 1902 plain back $5 note and a 1929 Type I $5 note on this same bank with Charter 1057. These two became numbers 5 and 6 in my collection. I knew that the bank opened its doors in June 1836. This in- formation was obtained from the Carnegie Library in Pittsburgh. The library has a file of newspaper clippings that were very Page 271 MittAltiffifit V892 't CF, A t11. r.4 INI1:4441t'71:11t Paper Money Whole No. 120 This note, with serial number 112, was probably among the first issued. helpful in my research and quest for more knowledge on this bank. My big dream came true when, six months later, in April 1973, a $5 note — dated June 1, 1836 — was listed in a Jess Peters' auction catalog. That note represents the first $5 type note on the bank. With the good Lord's blessing. I received the winning bid. It was in XF-AU condition and was serial No. 112. It was probably from the first lot of notes signed for opening day. Now I had six of the same denomination. My goal now was to obtain a complete type set of $5 notes from 1836 to 1929. In December 1975, I discovered a 1902 $5 date-back note in very fine condition in one of Jess Peters and Don Fischer's fixed price lists. Now I had seven different $5 notes representing years 1836, 1856, 1875, 1882, 1902 and 1929, a good spread representing the banking years as a state and national bank. In 1980 I also obtained a $10 note of series 1882 brown-back from a Hickman-Oakes auction catalog. This was my second note that was not a $5 note. $1 note dated May 1, 1861. Even though it was in less than good condition (with a piece missing from the right side), I was happy to be able to acquire a specimen of this rare issue, and add it to my collection. I gained a feeling of pride to further preserve the history of this bank. A $2 note dated May 4, 1841 was also purchased from the same list. The year 1984 brought me another surprise when Mr. Roy Van Ormer, a member of W.P.N.S., showed me a $20 proof note circa 1859. I did not buy the note, but he wanted me to have a copy for my project. I had previously presented this arti- cle as a program at one of the W.P.N.S. monthly meetings. Well, in 1985, twenty-nine years after I bought my first Ex- change Bank of Pittsburgh note, I am still engaged in seeking notes and data in order to preserve the history of this early Pitts- burgh bank. In a mail bid auction list from ED'S Currency January 1985, I discovered he had a $100 Red Seal note of series 1902. Know- ing that I could not afford to bid on such a rare and high priced This beautiful third charter note represents one of the six sets of bank signatures in my collection. I would like to add that Christian Blom, who is an active col- lector-dealer in obsolete currency, sent me a photocopy of a proof sheet of the Exchange Bank notes of denominations $500, $500, $1000, $1000, circa 1859. He mentioned that they were not for sale, but he thought I would appreciate it since he was aware that I collected early Pittsburgh notes. Having a copy of this rare sheet made me all the more appreciative of his thoughtfulness. The notes depict vignettes of Greek figures. They were very popular on the currencies in the late 1850s. No notes of these high denominations exist today. If issued, they were probably used for transactions between banks rather than for general circulation. Still in search of Exchange Bank notes, in May of 1983 I secured from a fixed price list by Dr. Douglas Ball of NASCA, a note, he was happy to send me a photocopy on request. By the way, the note did bring $2,300. In a fixed price list from a dealer in Boston I also saw a $5 type note, dated 1861, that I needed. Confident that I would get the note with my fast order, I received a "sorry sold out" notice. I find that just adding data or photocopies of notes to my research project is as much fun as adding the real note to my collection. Many thanks for letting me share "My Adventures in Collect- ing Bank Notes from The Exchange Bank of Pittsburgh, PA." As a help in future bank note research, I am very pleased that the SPMC Book Project has just released their latest, long- awaited book "Pennsylvania Obsolete Notes and Scrip" by Richard T. Hoober. I have also just ordered the latest D.C. Checks, Stocks & Bonds, And More! Join us and receive our quarterly journal, THE CHECKLIST • Information on all aspects of banking and business paper collectibles •Club Auctions •Free Classified Ads Regional chapters are being organized, slide pro- gram available, book projects, swap-box, and the friendliest collectors anywhere! For more information. contact ljee Collators Mount Table Charles Kemp, Secretary 481 Morse #70 • Troy, Michigan 48084 Page 272 Wismer reprint "Obsolete Banknotes of Pennsylvania" pub- lished by S.J. Durst. These two books will be important to me because I am gathering data on forty pre-Civil War Pittsburgh banking institutions. My goal is to have my research published on "Early Pittsburgh, Pennsylvania Banking from 1810 to 1866". HISTORY OF THE EXCHANGE BANK OF PITTSBURGH, PA. Received State Charter May 18, 1836 Opened for Business June 1, 1836 National Bank Charter Aug. 8, 1865 Closed Business Oct. 19, 1931 Into Receivership Oct. 23, 1931 The Exchange Bank of Pittsburgh, PA was officially founded on May 18, 1836, with a state charter. It opened for business the next month on June 1, 1836, in a small building on the north side of Second Avenue between Market and Perry Streets. Its founding President was William Robinson, Jr., who was to become the first mayor of Allegheny City just four years later, on April 17, 1840. The banking institution soon moved to a larger building at 240 Fifth Avenue ; the exact date is not known. Twenty-nine years later, on April 8, 1865, the bank gave up its state charter and joined the National Banking System with Charter 1057. With capital assets of $1,000,000, it was hailed as the biggest bank in Pittsburgh. It surpassed the growth of The Bank Of Pitts- burgh — the oldest bank — which had started in 1810. Thirty-eight years later, in 1874, a new bank building was erected on the same grounds. I have no source of information to indicate where the temporary quarters of the bank were located while the new building was under construction. The Pittsburgh Post Gazette remarked that the new 1874 bank was erected at street level. It goes on to state that the old landmark, which was raised, had stood above street level and that there were many long steps up to the entrance. This caught my attention and I wondered if Fifth Avenue had been lowered after this building had been erected. This may have left the building above street level and the steps were added afterward. Also in my search for more information I located some flood data for the period 1816-1836. Floods occurred almost every year with depths of thirty-two to thirty-eight feet. With today's top flood stage at twenty-five feet above normal river level, due to our system of darns, could it be possible that the old bank building was pur- posely built originally above street level for flood protection? Just an interesting observation that I wanted to share with you. To get back to the history of the bank, I found that this third bank building served the bank until 1922, or forty-eight years more. The bank proper was moved to temporary quarters on Fourth Avenue during the construction of the biggest, most modern banking facility of its time. About November 17, 1923, the bank opened in new quarters and has remained at the same location since shortly after 1836. The Exchange National Bank, now with eighty-seven years of operation, was hailed as the largest and most modern banking institution in Pittsburgh. A large public reception was held for this great banking milestone. This new building was a seven-story granite and steel structure erected according to the principles of modern banking architec- ture. It provided full banking services with safe-deposit boxes, management service and with attorneys on the top floor. It was banking at its finest. Three years later, in 1926, the bank cele- brated its 90th anniversary with another big celebration. Paper Money Whole No. 120 No one knew then that this was the peak of the bank's success and that it would not last to celebrate its centennial year as The Bank of Pittsburgh had done in 1910. The great depression hit and the small banks started to fail after the stock market crash on October 29, 1929. Compared to the nation as a whole, Pitts- burgh banks held up well during the early years of the depres- sion between 1929 and 1931. But on Sept. 21, 1931, when word got out that the Bank of Pittsburgh had gone into receiver- ship and closed, a run started on all the banks. This, Pittsburgh's oldest bank, had operated for 121 years. Its closing was a devastating blow to the financial world. The Exchange Bank of Pittsburgh also suffered bank panic. On October 19, 1931, the Exchange Bank gave notice in the Post Gazette that " . . . this morning, the directors voted not to open the bank." It stated that the bank was experiencing such high levels of withdrawals that it could no longer operate under such adverse conditions. The Board of Directors called the Comptroller of the Currency to take charge of the bank in the in- terest of the stockholders and the depositors. Continuing abnor- mal cash withdrawals would only have required undue sacrificies of securities and other assets to provide cash. This event closed the Exchange Bank of Pittsburgh after ninety-five years of service (1836-1931). Neither of these two banks ever opened again, nor did they merge with another bank to survive. In the ninety-five years of service, the bank had only six presidents whose signatures are found on the notes I exhibit. These are a collection in themselves. REFERENCES Beldon L. Daniels, Birthplace of Banking in America, Pennsylvania Bankers Association. John Hickman, Dean Oakes, Standard Catalog of National Bank Notes, Krause Publications. Richard T. Hoober, Pennsylvania Obsolete Notes and Scrip. The Socie- ty of Paper Money Collectors. Peter Huntoon, Louis van Belkum , M. Owen Warns (ed.), The Na- tional Bank Note Issues of 1929-1935, The Society of Paper Money Collectors. Stefan Lorant, The Story of an American City. Pittsburgh and Bankers Publication Company (1908-1909). The Pittsburgh Post Gazette (clippings at Carnegie Library). For their assistance I would like to thank the following : Mrs. Vi Mason, Radian Litvinovich, Alex Maletich, Jess Peters, Don Fisher, Kagin's, Christian Blom, John Hickman, Dean Oakes, Richard Hoober, NASCA, Roy Van Ormer and Ed's Currency. ■ ('ash /,/,( ;;/;(7;,,,Ø.', iptAft/A1V9 21/ //I .1://'/ ' - ///4./(„/ ///, ft/ (//1777) -7 771///7-///, Paper Money Whole No. 120 Page 273 Railroad Notes and Scrip of the United States, the Confederate States and Canada by RICHARD T. HOOBER (Continued from PM No. 119, Page 230) Michigan No. 9 12. 2.00 (L) Harrison, TWO above and below. (C) Female, between 2s, red TWO, (R) Train, TWO above and below. R5 13. 3.00 (L) Train, 3 above. (R) Female, 3 above. R3 14. 3.00 (L) Harrison, THREE above, 3 below. (C) Female, between 3s, red THREE. (R) Train, THREE above, 3 below. R4 Michigan No. 10 15. 3.00 (L) Female at column. (C) Indian, train. (R) Train. R5 16. 5.00 (L) Indian seated. (C) Train, buildings. (R) V on ornate die. R5 Page 274 Paper Money Whole No. 120 17. 5.00 (L) Female seated, 5 on shield, FIVE below. (C) Pierce, between red 5s, large. (R) Female seated, 5 on shield, FIVE below. RI 18. 5.00 Similar to No. 18, but small red 5s. RI 19. 10.00 (L) Farmer cutting grain, 10 above and below. (C) Train, boats, between Xs. (R) Ceres, 10 below, red Xs. R4 20. 10.00 (L) Indian above waterfall, 10 below. (C) People watching train. (R) Female, 10 above. R2 21. 20.00 (L) Archimedes raising the world, 20 above, XX below. (C) Ceres, Mercury, griffin, red XX. (R) State seal, 20 above and below. R5 22. 50.00 (L) Train, 50 above and below. (C) Two females, L at left. (R) Farmer plowing, 50 above and below. R6 23. 100.00 (L) Canal scene, factory, 100 above and below. (C) Ceres and Mercury, C. (R) Train, 100 above and below. Date-July 4, 1838, part ink. August 1, 1853, part ink. Imprint -Rawdon, Wright & Hatch, New York. S. Stiles, Sherman & Smith, N.Y. S. Stiles, New York. Toppan, Carpenter, Casilear & Co. New York & Phila. Toppan, Carpenter, Casilear & Co. Phila. & New York. R7 BREST -MONROE & YPSILANTI RAILROAD Charter for the company was granted March 28, 1836, but the road was never built. 24. 1.00 (L) Washington, 1 below. (C) Wharf scene, between ls. (R) Justice, ONE above and below. R6 25. 2.00 (L) Washington, 2 below. (C) Wharf scene, between 2s. (R) Washington, 2 below. R6 26. 3.00 (L) THREE. (C) Wharf scene, between 3s. (R) Washington, 3 below. R6 27. 5.00 (L) FIVE. (C) Wharf scene, between 5s. (R) Washington, 5 below. Date-Nov. 1, 1838. Imprint -Rawdon, Wright & Hatch, New York. R6 DETROIT -DETROIT & PONTIAC RAILROAD COMPANY 28. 3.00 No description. R7 DETROIT -DETROIT & ST. JOSEPH RAILROAD BANK 29. 1.00 (L) ONE. (C) Train, between Is. (R) 1 above and below. R5 30. 1.00 (L) ONE. (C) Ceres, between ls. (R) Commerce, ONE below. R5 31. 2.00 (L) TWO. (C) Washington, between 2s. (R) Horse, TWO below. R5 32. 3.00 (L) THREE. (C) TRAIN, between 3s. (R) Ceres, Mercury, THREE above, 3 below. R6 33. 5.00 (L) COMMERCE, cherub, 5 below. (C) Train, between 5s. (R) Tah-col-a-quoit, V above and below. R6 Paper Money Whole No. 120 Page 275 Michigan No. 30 34. 5.00 (L) Liberty, V above and below. (C) Train, between 5s. (R) Train, 5 above and below. Date—April 9, 1840, part ink. Imprint—Woodruff & Hammond, Cincinnati, O. Rawdon, Wright & Hatch, New York. R6 MARQUETTE—MARQUETTE, HOUGHTON & ONTONAGON RAILROAD COMPANY The road was organized September 2, 1872. It was later sold to the Duluth, South Shore & Atlantic in 1896. 35. 1.00 (C) Train. (R) ONE DOLLAR, brown 1. R7 36. 10.00 Similar to No. 35, except for denomination. R7 37. 20.00 Similar to No. 35, except for denomination. Date — November 1, 1873 Imprint—Sears Bros. Printers, 45 Wm. St. N.Y. R7 MONROE—RIVER BASIN & LAKE ERIE RAILROAD COMPANY The company was incorporated March 26, 1836, and was apparently non-operating. It was later consolidated with the Lake Shore & Michigan Southern, and finally became a part of the New York Central System. 38. 50C (C) Train. R7 39. 1.00 (L) Washington, 1 above and below. (C) Steamboat "Monroe," between ONEs. (R) Minerva, 1 below, "$300,000" above. R4 40. 1.00 (L) Ceres. (C) Factory, river scene, 1. (R) Columbia. R5 41. 1.00 (L) 1 above and below. (C) Harbor scene, train, red ONE. (R) 1 above and below. R5 42. 2.00 (L) Female, 2 DOLLARS below. (C) Horse, between 2s. (R) Hebe, 2 DOLLARS below. R4 43. 2.00 (L) Harbor scene. (C) Proserpina, 2 on die. (R) Liberty. R5 (To be continued) Paper Money Whole No. 120Page 276 Adolph Sutro and the Comstock Lode by EDWARD SCHUMAN T HE Comstock Lode is perhaps one of the greatest miningdiscoveries of the world. Its precious metals becamevitally important to the U.S. Government when the Civil War started in 1861, as it provided much of the funding neces- sary to finance the war. Credit for the discovery has been given to Henry Thomas Paige Comstock. However, he was but one of a trio of partners; the others were Peter O'Riley and Patrick McLaughlin. Strange as it may seem, the original mining operation was for gold. These ear- ly mining operations consisted of placing the top layers of earth in a rocker, and by washing away the dirt, the particles of placer gold ore settled in the bottom of the rocker. Mixed with the dirt was a quantity of heavy black stuff that puzzled the uneducated miners. They believed it to be some worthless base metal that clogged their rockers and interfered with the washing out of the fine gold dust. For a long time, Comstock and his partners cursed the heavy black stuff that accompanied the gold, and the lumps in which most of the gold was embedded. Samples were sent to California for assay purposes. It was not until an analysis was made, and the results known, that anyone in Nevada knew that this heavy black stuff was almost pure silver. With the return of the assayed samples came a rush of gold seekers from California. The results of the test so astonished the assayer that he could hardly believe his figures, or his eyes. But other assays verified those first made, and the immense richness of both the silver and gold could no longer be doubted. The fate of the discoverers is another story. Comstock sold his interest for $10,000, which he used to open mining supply stores in Carson City and Silver City. With no education or busi- ness acumen, and unable to keep proper business records, he was soon broke. He later prospected in Idaho and Montana without success, and in a fit of despair he committed suicide in 1870, blowing out his brains with a six-shooter. Patrick McLaughlin sold his interest in the Ophir, which was the original discovery mine, for $3.500. He soon lost this money. He finally died while wandering from mine to mine. working as a cook. Peter O'Riley sold his interest at a later date for $50,000, a por- tion of which was received in dividends. He erected the Virginia House. a stone hotel on B Street in Virginia City. He began dealing in mining stocks and soon lost everything. He went in- sane, and was sent to a private asylum in Woodbridge, Cali- fornia where he died. The original discoverers received a pit- tance for their find ; millions of dollars were made by those who came after. There were quite a few Mexicans working in the California placer mines at that time. When silver was discovered, they abandoned their California work and flocked to Nevada. The cry of "Plata, macho plata" was raised among them. A surface gold placer mine is soon worked out, but a silver mine lasts from generation to generation. In 1859, the Americans knew nothing about silver mining. At that time, among all the miners on the Pacific Coast, perhaps not even a dozen had ever seen a sample of silver ore. Mexican miners were not any better at working a vein underground than they were on the surface. Ore was carried in rawhide sacks up a notched pole or ladder. The timbering was very defective, and they simply did not know how to support the ground properly. It was soon discovered that there were a few German miners in the region who had worked in the silver mines in their own country. Some had even been educated at the mining academy in Freyberg, and had received scentific and practical training in the art of mining. These men had come to California when news of the gold strike of 1848 reached them. The mining and metal- lurgical knowledge of these few men was the best that existed in any part of the world. They were eagerly sought-after by the mine operators and were given lucrative incentives in return for their employment and expertise. Many improvements and in- ventions to facilitate the Comstock mining operations were de- vised by these German engineers. A heavy flow of water began early in the mining of the Com- stock Lode. As the depth of the water increased in the mines, larger and heavier pumps were used to extract it. At first the water was cold. but soon the tapping of deeper veins of ore led to water that was warm and then hot : hot enough to boil an egg. and to scald a man to death almost instantly. Hot water called for fans to ventilate those areas not under water, as the miners could hardly work in the heated air created by the hot water. As the water rose, and mine shafts became flooded and un- workable, they were soon abandoned. Tons and tons of precious ore became immersed in water, in some cases reaching depths of more than one hundred feet. It took the genius of one man, a German immigrant, to devise a way to drain this water, and thus preserve the fortune in silver. Adolph Henrich Joseph Sutro was born in Prussia April 29th, 1830. He was educated in mineralogy at the best polytechnic schools in Germany. His family, consisting of six brothers and four sisters, emigrated to New York following the father's death in 1850. It was during the voyage that Sutro learned of the discovery of gold in California. He soon settled the family in Baltimore and immediately left for the California gold fields. When news of the Comstock Lode reached California, he journeyed to Nevada. Beyond a doubt, he was better prepared for mining operations and their problems than the majority of those who were working the mines there. While surface water was scarce in Virginia City, there was a superabundance of it, both hot and cold, under ground in the mines. The miners were often trapped or barely escaped the tor- rents of water in the vast subterranean reservoirs that were unexpectedly tapped. Many mines were abandoned as the flow of water exceeded the ability of the pumps to drain them. Sutro conceived the idea of running a tremendous drain tun- nel under the Comstock Lode from the lowest possible point. This idea was opposed by the silver kings who believed that their profit structures would diminish if some of these closed mines were reopened. Those on each side of the issue provided money to be used either for or against the building of this tunnel. Finally a charter for the building of the tunnel was received from the Nevada legislature on February 4th, 1865. Originally Nevada was a part of the Utah Territory. This area was organized by Brigham Young in 1849 as the State of Deseret, a Morman community. Young asked Congress to ad- mit it to the Union as a state. However, President Millard Fillmore established it as the Territory of Utah in 1850. The non- Mormans claimed that the territory of Utah did not protect them, SAN11,14,vmsco. First Delivery Dec 6, 1871 Oct 14, 1873 Jan 15, 1874 Sep 11, 1874 Feb 17, 1874 Paper Money Whole No. 120 This hand- some Wells Fargo & Co's Bank check, with the Sutro signature, was pre- pared by the Western Bank Note Company in Chicago. and, in 1852 and again in 1856, asked to be annexed to Califor- nia. Congress ignored their request since less than 1000 persons lived in the area. By 1861 however, so many people had moved into the territory that President James Buchanan declared the area the Nevada Territory and a territorial governor was sent from New York. The federal government needed another anti-slavery state to ensure ratification of the amendments to the Constitution urged by President Lincoln. Thus Nevada, though it fell far short of the established population to qualify for statehood, was admit- ted to the Union as a state on March 3rd, 1863. The federal charter necessary for the building of the tunnel was granted by an Act of Congress on July 25th, 1866. Sutro had raised enough capital in the United States and Europe to begin work on the tunnel in October 1869. The min- ing companies agreed to pay a toll of $2.00 per ton of ore ex- tracted from the mines due to the aid of the drainage tunnel. Ten years later the great Sutro tunnel was completed. Mines which had been flooded to a depth of more than 100 feet, and which long ago had been abandoned, were now reopened. Others, which had been closed because of heat and toxic gases, were adequately ventilated by the tunnel which was 16 feet wide and 12 feet high. The flow of water through the tunnel has been gauged to be over 10,000,000 gallons in a 24-hour period. Page 277 Many of the silver kings had disposed of their holdings prior to the completion of the tunnel, as they had advance information that the rich veins of ore were diminishing, and that their mines would soon be exhausted. In all, however, the yields of the Comstock Lode, from its discovery in 1859 until 1889, was be- tween $350,000,000 and $400,000,000. Royalties on the Sutro tunnel made Adolph Sutro a million- aire many times over. He sold out at an advantageous time and moved to San Francisco, where he wisely invested his money in real estate. He formed a stock brokerage firm, Sutro and Co., which dealt in mining and related shares. In 1894 he ran for mayor of San Francisco, and was the first to be elected on the Populist ticket. A part of his fortune was devoted to a collection of fine art and a library. In 1887 he presented San Francisco with a copy of Fredric A. Barthold's statute of "Liberty En- lightening the World." Numismatically, Adolph Sutro is remembered by several stock certificates of mining interests, of the Sutro Tunnel certifi- cates and by signed bank checks that bear either his signature or that of a company representative. Much of the material for this article comes from A History of the Com- stock Silver Lode and Mines, by Dan De Quille, published in 1889. Huntoon continued from page 268 Addition to Part Two The last seven listings of Table 1 on page 217 should be amended as follows: Combination Beginning Number First Delivery First Prefixed Number 500-500-500-1000 134 Feb 19, 1866 none 1000 106 Nov 28, 1864 L952 1000-1000-1000-1000 127 Apr 22, 1865 none 20 X22 blue Oct 14, 1873 X22 blue 20-50 K85 blue Jan 15, 1874 K85 blue 50 A22 blue Sep 11, 1874 A22 blue 50-50-100 A71 blue Feb 17, 1874 A71 blue Page 278 Paper Money Whole No. 120 "GENERIC" COLLEGE CURRENCY by ROBERT C McCURDY SPMC 2281 "Practice" currency, printed for use by the students of a num- ber of business colleges during the late nineteenth and early twentieth centuries, is well-known to most collectors of early United States paper money.' The notes of the "Eastman Col- lege Bank" of Poughkeepsie, New York, are particularly prized for their colorful designs, and are perhaps the most famous of these issues. But what of the hundreds of private business schools less af- fluent than Eastman College, or which were part of public school systems, whose governing boards were unwilling to ex- pend funds for such frills as specially-designed practice bank- notes? The answer lies, I believe, in the use of various types of "generic" business college currency. Being uniform, it could be produced and sold to schools for much less than custom-made currency. My guess would be that far more of this generic-type "circulated" than that of the Eastman College-type. My exper- ience in fifteen years of involvement with paper money collec- ting indicates that generic business college notes are seldom en- countered, perhaps because they are not as attractive as the school-specific notes, and, easily mistaken for "play money", have often, perhaps, been discarded or destroyed. I would en- joy hearing from collectors or dealers who either agree with or dispute this opinion. Over the years, I have observed generic college currency, at most. a half-dozen times. Most of these notes were found in dealer's junk boxes, usually in torn-and-tattered condition. All have been of the Type I variety, which I describe, in various de- nominations from $1 to $10. Recently, I had the good fortune to have offered to me for purchase what the seller described as, "old children's play money." One glance at the size of the bills, and the inscription on the top note, and I knew this was a small bundle of early busi- ness college notes, most of which were in excellent condition! Further examination revealed that there was more than one type of note, and the presence of a few fractional pieces placed the notes in the 1870s through the 1890s. A lone "brown-back" note seemed to confirm this. It seems appropriate to recognize and document this find in the interest of advancing the study of currency (and its substi- tutes) used in this country. 1 have rather arbitrarily divided the represented issues into four types. Obviously, other types and denominations may exist, and readers are urged to supply any missing information. Type I Description: Size similar to fractional and large-size U.S. currency. Green ink on white paper on both face and back. Face legend, "For use with office routine and bookkeeping. College Currency." Back, denomination spelled out. (See figures 1 and 2.) Denominations observed: 5'. 25'. $1, $10. $20, $50, $100 and $1000. (It is assumed that $2 and $5 notes were used, as well as 10', 15' and 50' fractionals.) Type H Description: Size similar to large-size U.S. currency. Black ink on white paper, both face and back. Face legend, "College currency for use in business practice." Back, denomination only, in numer- als. (See figures 5 and 6.) Better quality of printing than other types. Denominations observed: $1 and $2 . Type III Description: Size similar to fractional and large-size U.S. currency. Black ink on white paper, both face and back. Face legend, "Col- lege currency. - Back legend. "For use with the budget systems of bookkeeping." (This may indicate that this type was sold in con- junction with textbooks, workbooks, or other business forms of the "budget systems.") (See figures 7 and 8.) Denominations observed: 25', $1, $2, $10. $50. $100, $500 and $1000. (It is assumed that other fractional denominations were used, as well as $5 and $20.00 values.) Type IV Description: Size and type-style the same as Type III, except that face is green, and back, brown. Denomination observed: $2. (If this type was meant by the printer to mimic the brown-back issue of national bank notes, then the use of a $2 denomination is an anomaly. It would be interesting to con- firm the existence of other denominations.) Fig. 1 Type I $1 face Fig. 2 Type I $1 back Fig. 5 Type II $1 and $2 face Paper Money Whole No. 120 Page 279 Fig. 3 Type 1 fractional currency Fig. 4 Type I $1000. An unusually high denomination for school currency Page 280 Paper Money Whole No. 120 Fig. 6 Type II $1; the $2 back is the same. Fig. 7 Type III $2 face. This note is same as Type IV $2, which has green face and brown back. Fig. 8 Type III $2 back. Footnote 1. See: M.M. Burgett, "Why Not Collect Business College Currency?", PAPER MONEY. V.5, No. 3, p.77 (1966); Robert H. Lloyd, "College Currency", PAPER MONEY, V.17, No. 1, p.32 (1978), "College Currency-II", PAPER MONEY, V.20, No. 2, p.91 (1981), "College Currency III", PAPER MONEY, V.21, No.1, p.51 (1982). The author welcomes comments from readers, which will ex- pand the fund of available knowledge about this interesting sub- ject. Correspondence may be sent directly to me at P.O. Box 374, Cape Coral, Florida 33910. ■ ora,8o o .0 51,4 61 rt. air 0, A al los i<0 Ian DrDr. i. ITi CATARRH! CAT A ne AR • LI Mo. Paper Money Whole No. 120 Page 281 James H. McLean: A Man of Many Talents by RONALD L. HORSTMAN Numismatist and Financial Historian © 1985 by Ronald L. Horstman A bank president, United States Congressman, inventor of rapid fire rifles and shotguns, physician and surgeon, and proprietor of a patent medicine empire. This may sound like an impressive group of individuals, but they are all accomplishments of James H. McLean. T HE youngest of four sons, born August 13, 1829 to AllenMcLean, geologist and mining superintendent, he wasraised in Nova Scotia at his father's mining camp. Young McLean — after spending many hours with the camp physi- cian — found his inclination fixed in medicine, and at the age of nineteen he struck out on his own with the family blessing but very little money. Arriving in Philadelphia he found employment in a drug store where his employer agreed to send him to the University of Philadelphia to study medicine. After one year his benefactor declined to carry out their agreement, so McLean accepted a position as superintendent at a nearby mine. This, however, was not his life's ambition, and in the fall of 1849 he moved to St. Louis, amid the cholera epidemic. Shortly thereafter he formed the medicine company of Bragg & McLean. This ven- An advertisement claimed curative powers for piles and toothaches in humans, as well as a variety of conditions in horses, cattle, sheep, hogs and dogs. A medical laboratory at 314 Chestnut supplied 75,000 agents world- wide with over $2,000,000 in remedies. Dr. J.H. McLean edited and published an almanac with an annual cir- culation of over 8 million. McLean is pictured on the cover. Page 282 Paper Money Whole No. 120 The back of McLean's advertising note. The face of this advertising note was designed to resemble the Missouri defence bond. ture was short-lived, and after its dissolution McLean was left with a large supply of provisions, which he was able to sell at a handsome profit. Meanwhile, in order to thoroughly master his chosen profes- sion, McLean completed his medical education by earning a diploma from the St. Louis Medical College. With this educational foundation James H. McLean built a patent medicine empire with worldwide distribution. He served as President of the Manufacturers Savings Bank, and in 1882, upon the death of Thomas Allen, he was elected to serve Allen's remaining term in the United States Congress. Aside from his firearms invention, which he thought would make war so terrible and devastating that it would be eliminated, he perfected an elevator that would raise sand from any depth in a river. This offered the local builders an ample supply at 50( per yard, where the price had previously been over $3.00 per yard. In addition to his previously mentioned achievements, McLean was an outstanding St. Louisan and American, and is remembered numismatically by his advertising notes. References Conklin, Will, St. Louis Illustrated, St. Louis, Missouri, 1876. Scharf, Thomas, History of St. Louis City and County, St. Louis, Missouri, 1883. Paper Money Whole No. 120 Page 283 AIN'T THIS FUN? by ROLAND RIVET, GEORGE SPRINGER and ROGER DURAND I, Roland Rivet, am a collector of Rhode Island obsolete notes ; my interest took root about four years ago. I first started collect- ing Confederate notes, obtaining 58 of the 72 types in one year. Bitten by the paper money bug, I wanted a complete set, but soon realized that the other notes I needed would cost me big bucks. It was then I decided to switch to the paper money of my home state. After all, Rhode Island is the smallest state ; how many notes could there be? Besides, the notes were inexpen- sive, some as low as $5. I was as green as they come, with no book or catalog other than Wismer's to guide me. I wanted every note I found, and my "new" collection began to grow. Along with a purchase from Ann & Hugh Shull, they sent an application to join SPMC. I became a member shortly before Roger Durand's book was published by the society. Eager to get my first true guide. I almost flipped when I saw there were 2,753 Rhode Island notes cataloged. Figure 1. I advertised for notes in PAPER MONEY and the Bank Note Reporter, and it was through these publications that I got to know George Springer from Canton, Ohio. Whenever we discovered something new about a note, we shared the information with each other. George first used the phrase "Ain't this fun?" in a letter asking about a watermark on a particular note that I had. He had found out about the water- mark in a 1964 auction catalog, and I was able to confirm his finding. Here he was, in Ohio, finding out things about Rhode Island notes I didn't know. Then, much later, I was looking through my duplicate notes when I did a double take. Here were three of the same note. Du 370, but something was different. (See Fig. 1.) The notes all had different printings where the date is located. The book men- tioned none of this. Could I have found some great rarity? One can always dream. I quickly made photocopies of the notes and sent them to George. I had to share my new discovery with him. A Page 284 C Paper Money Whole No. 120 (See Fig. 2.) A few nights later the phone rang ; when I picked it up, a voice said, "Ain't this fun?" I asked who it was, but he just repeated, "Ain't this fun?" It then dawned on me who it was, and I inquired, "George?" I was very excited about his call ; I had never spoken to him before. George asked me if I might be interested in writing about my find, as it seemed to be quite newsworthy. He told me to watch for the mail for his reply. It arrived a couple of days later, and it seemed to make sense. (See Fig. 3.) I also wrote to Roger Durand about the three Du 370s. Roger's reply was received the following week, and his opinions were different. (See Fig. 4.) I wanted all the information I could find, so I checked out every price list I could find, looking for Du 370s. I bought two others and one was like (A) only this was dated 1855, not 1858 like the other. Again I wrote to George with my new findings. His reply seems to support his earlier theory. (See Fig. 5.) Readers, "what do you think" ; can you supply any additional information? All thoughts and opinions are welcome. "Ain't this fun?" Please write to : Roland Rivet, PO Box 7242, Cumber- land, R.I. 02864. or George Springer, 2427 Ninth St. SW, Canton, Ohio, 44710. Figure 2. Dear George: Just found something interesting with the DU 370 notes. En- closed is a photocopy showing three different types of dates. I wonder which one was printed first. It's possible the written dates could have been. Like you said before, ain't this fun? I'm sending Roger Durand a copy also to see what he has to say. Cordially yours, Roland Figure 3. November 14, 1984 Roland Rivet Ashton, Rhode Island Dear Roland, I got a kick out of your three Durand 370s. OK, here goes again. . . I have seen similar date (style) changes on notes of other states. Here is the "usual" chronological order of such things : 1855 (Any of these steps 185 might be omitted.) 18 There is some logic to this. Initially, the bank just happened to have the date engraved in full. At a later printing, someone realizes that the year will change. So, they have the last digit left off (e.g., 185_). Later yet, they think about the next decade ; so, 18 . (This sort of thing happens quite frequently today in printing, for example, business forms, checks. etc.) If the foregoing holds true. the order of your notes' issuance is : Date S /N Cashier President A 1855 505 Wm. Bodfish O.W. McKinsey B 1855 745 Wm. Bodfish O.W. McKinsey C 1858 14 G.J. Adams O.W. McKinsey (There would also be a note between B and C, with L.D. Parker as Cashier.) Note A seems to precede note B. as to date style, s/n, etc. No problem there. Note C seems to follow B. as to date style and date, as well as cashier. (Who was Adams? He is not listed by Durand, but we might assume that he was cashier very late in the bank's life.) However, we still have three serious problems with note C. if it is a genuine note: 1) the 1858 date is puzzling, since the bank fail- ed in the previous year, 2) the low s/n does not fit, and 3) we still do not have a real grip on the mysterious Adams. . VERY HYPOTHETICAL possibility : Note A came first. Note B (same date, same officers, higher s/n) came next. The bank fail- ed in 1857. Now, how can we explain the three problems with note C? Note C is a forgery. In 1858, a crook (there were ap- parently an abundant supply hanging around this bank) got some remainder notes, type C with the "18 " date, and forg- ed McKinsey's signature. Does it look fake to you? The forger also added the date (. . . 1858), the s/n (14), and the cashier signature (G.J. Adams). Why 1858? 'cause that's when it was. . . . Why s/n 14? Stupidity or intelligence. Stupidity if he just stuck it in without a thought ; intelligence if he deliber- ately used a low s/n, to convey the impression that the note had been around a while, had been accepted, and was therefore Good. Why Adams? Four possibilities ; I'll give you three, now: 1) Adams really had been a cashier of the bank, 2) the forger did not know who the cashier was — remember, he does not have to be in East Greenwich—so he just picked a name, or 3) he had a very worn note and copied "Wm. Bodfish" as "G.J. Adams". That's stretch- Paper Money Whole No. 120 Page 285 ing a bit, but try to visualize the cashier signature on a very worn B note. . . . Ain't this fun? George PS — This is all speculation. Note C might be genuine ; however, the three problems will be very difficult to explain. Oh, yes — the fourth possibility on Adams? My favorite, though highly unlikely : Adams could have been the forger. Wouldn't that take guts? Figure 4. Roland. I would like to help you on this and any other articles that you want to do on RI notes. I am always interested. Especially if it is for the PAPER MONEY magazine. As for the photocopy of the notes that you sent me, the following information should help if you are not already aware of it. From the information about this bank on page 44 in my book, you can be certain that the speculators, actually crooks who had no interest in the bank but to steal from people, had tremendous amounts of notes printed from 1855 until they were finally stop- ped. This necessitated several plates for the printing. The first plate (A) had just 18 engraved. The second plate (B) had 185 engraved : less to fill in on thousands of notes. Finally, since this was going to be a short term venture and the crooks knew that they would have to relocate or be caught, on the last plate (C) the entire date was engraved ; again less to complete by hand . To further elaborate on this subject, notice the $1 and $10 bill on page 46 in my book. Note the letter "H" on the $1 and the letter "A" on the $10 bills. This was a letter placed there with a stamp to indicate the location that it would be circulated in. The length of time it took to return to the bank determined where the crooks would circulate future notes. The longer it took to return, the better for them. I don't know the locations designated by the letters except I think that "H" stood for Ohio. I have seen a note with the complete word Ohio printed on it rather than just a let- ter. Notes of speculation from other banks were also marked with this lettering system. I hope that this information will help. If I can be of any further help, please feel free to contact me. Best regards, Roger H. Durand Figure 5. January 17, 1985 Roland Your Oct. 1, 1855, s/n 849 with Bodfish and McKinsey signa- tures seems to fit easily between my B and C notes in my letter of November 14, 1984. (This would still be in the period of "honest banking", before the note C.) Date S/N Signatures A. 1855 505 Bodfish-McKinsey B. 185_ 745 Bodfish-McKinsey New 18 849 Bodfish-McKinsey C. 18 14 Adams-McKinsey (We still need a note with L.D.Parker as cashier, to fit note C.) Therefore, the date form 18 would have already been in use when the shenanigans started . . . (the Adams-McKinsey note). You might add this note to the article as a "found later" item. I think that it supports my theory very well . . George ■ $160,000 Continued from page 265 It had been a painful learning experience for all concerned. Henry Holtzclaw announced that never again would security be relaxed for any reason. Major changes were made in the overall security system, details of which were not made public for ob- vious reasons. Treasury officials may have thought back to 1864 when Spencer Clark, first chief of the First Division of the Na- tional Currency Bureau, said, "It is not supposed that this system is perfect. Perfection is not among human conditions. But it has been improved from time to time as experience has suggested, and it is expected to continue its improvement until it is as near perfect as human conditions will admit." The Sidlund theft had been a shock to the security force and officials went about the task of improving their procedures. The most tragic figure in the case had to be Leroy David Sidlund who, at the age of 29, found himself in prison with his life a shambles. He told his friends who came to visit him, "I really messed up." Names of all persons except BEP employees have been changed. SOURCES: Associated Press wire service reports as published in the Spartanburg Herald Journal, Spartanburg, S.C., January 5, 6 and 7. 1954. Bureau of Engraving and Printing, The First Hundred Years, 1862- 1962, published by the agency through the Government Printing Office. Correspondence furnished by the U.S. Secret Service under the Free- dom of Information & Privacy Acts, August, 1983. Excerpts from the History of the United States Secret Service, 1865- 1975, published by the U.S. Treasury Department thru GPO. Newspaper accounts and articles published by the Washington Star and Washington Post during January and February, 1954. AUTHOR'S NOTE: The reader may wonder why Sidlund went to the trouble of making up dummy packages and taking the risks of smuggling them into the building when he had access to the dummy packages prepared by the BEP designers. Sidlund may have felt that the BEP dummies might be missed if he used them, or there may have been other reasons not apparent to us. Since we know that the dummies used in the theft were underweight and the BEP dummies were full weight, we get the impression that Sidlund did in fact make his own. On the other hand, certain statements made by Mr. Holtzclaw and the stockman Paul Coakley, as reported in the newspapers, make one wonder. The "Washington Post", on January 8, 1954, stated : "Holtz- claw blamed the use of dummy packages for the successful removal of $128,000 from the building. `You can bet those dummies will not be kept there any more', he said." Coakley is reported to have said, "I tore it open ... it was a dummy with the steel wrapping band rusty and glue all over the white paper. . ." The term "rusty" would indicate that the package was old, as might occur on a BEP-prepared replica used for experiments. Coakley's statement that there was "glue all over the white paper" prob- ably indicates that Sidlund had attached the white labels hurriedly. Since these statements were taken out of context and from reporters' notes, they could be garbled. We must assume, however, that the cor- rect version of Sidlund's actions was the former statements made by Secret Service Chief U.E. Baughman before the House Treasury-Post Office Appropriations Subcommittee in late January, 1954. That testi- mony was used as the foundation of this article which agrees essentially with the short article contained in the booklet released by the Treasury Department. Page 286 Paper Money Whole No. 120 IN MEMORIAM THOMAS C. BAIN 1906 - 1985 WITH THE DEEPEST REGRET we annouce the death of an outstanding member of our society — Thomas C. Bain. Following a short bout with cancer, he passed away on 21 October 1985. Tom was born in Caldwell, Texas on 25 March 1906. He received a bac- calaureate degree in Mechanical Engineering and a Master's degree in Engineering from Texas A&M University. He was a professional engineer and held numerous memberships in engineering societies, including the Engineers Club. Tom, a founding member of the SPMC, served as second vice president from 1961-1963, and was president from 1963-1965. He was a member of the board of governors for many years. As an officer, governor or just plain member, Tom always worked for the society. He missed joining us in celebrating the 25th anniversary of our society by just a few months. For those who attended at least one of the annual SPMC dinners, the raffle that Tom conducted — an event that continues in his name — is something that will remain in our memories as a pleasant, humorous and cherished reminder of Tom Bain. Tom was truly a memorable person. He and his, and our, late friend Amon Carter, Jr., also from Texas, were like bookends with their omnipresent cigars. The Memphis International Paper Money Convention lacked something when Amon left us, but Tom, who always shared the same corner, carried on; now, he too is gone, but not forgotten. Tom was a member of Hella Shrine Temple, the Press Club and the University Park United Methodist Church. Other organizations in which Tom held membership included the Texas Numismatic Association, the American Numismatic Association, and the Dallas and Garland Coin Clubs. Survived by his wife Ruth, son Thomas C. Jr., daughter Betsy Bain Hickman and four grandchildren, Thomas C. Bain will be missed by all of us. Paper Money Whole No. 120 Page 287 venient way to pay for dues, books, banquet tickets, and make a little contribution to the Society. The Patron's Association materials for 1986 are enclosed with this issue . . . they really should have been sent with the September/October issue, but we didn't get things ready. So there is still the opportunity to participate for 1986. Interest Bearing Notes Adams By next time around I should have a complete report to you on the Cherry Hill Convention, with photographs, etc. Awards will be presented there, and election results will be announced then. So watch the next issue for complete coverage! Until then, BEST HOLIDAY WISHES! It's late September as I write this, and it's hard to believe sum- mer is over. We've had a busy season at the museum in Boone, and it should continue through October. We also have a new tourist railroad, the Boone & Scenic Valley Railroad, so if you get to Boone between May and October, it's a great train ride through the scenic Des Moines River Valley. The Memphis and ANA Conventions are behind us; I will include a report on the general meeting at the ANA. ANA GENERAL MEETING Members of the Society of Paper Money Collectors met at the ANA Convention for a general meeting in Baltimore August 22. Enthusiastic reports were heard about the (then) upcoming Cherry Hill convention. I was not able to attend the ANA Con- vention this year, so the meeting was ably conducted by Roger Durand, our Vice-President. About 50 members and guests were present. Bill Horton and Wendell Wolka, who had been working hard on the Cherry Hill Convention, presented an up- date, and additional dealers for the convention were signed up at the ANA Convention. Dr. Nelson Page Aspen gave a report on the educational programs scheduled for the event. The Bureau of Engraving and Printing was also very much involved in the show. The SPMC named Dr. Glenn E. Jackson as the winner of the Julian Blanchard Award for the best paper money exhibit relating to essays and proofs shown at the 1985 ANA Conven- tion. Dr. Jackson displayed 1896 Educational Series silver cer- tificates. His award was presented at the Awards Breakfast in Cherry Hill. 1986 DUES NOTICE The 1986 dues renewal notice was enclosed was the Septem- ber/October issue of PAPER MONEY. The SPMC Board voted a slight dues increase, to $15 per year, effective in 1986. Take a moment now and send this in if you have not already done so. Check the box for Life Member and send $300 if you desire. Your 1986 membership card was enclosed with that issue, and will not be mailed separately. This system saves your Society money, as we don't have to make a separate mailing of membership cards. Send in your dues TODAY . . . and be assured of receiving your issues of PAPER MONEY on a contin- uing basis. Still a real bargain at $15. PATRON'S ASSOCIATION The SPMC Patron's Association is continuing to prosper! The cocktail party in Memphis was well-attended and everyone had a good time. Those members also took advantage of the con- Letters to the Editor Pleased Thank you for the super job on "Not For Sale." My entire family and I were just delighted. I have already received four letters from various fellow collectors and will probably receive more. The exposure of PAPER MONEY is unbe- lievable. Frank Levitan New Postal Note Collector I received a most interesting note from a Minnesota National Bank Note dealer in Minnesota. He had just completed the purchase of a paper money collection and noted that it included a few postal notes. He got the July/August issue of PAPER MONEY a few days later and was pleased to find an article about the Arizona notes. Now he's a confirmed postal note collector—specializing in Minnesota, of course . Charles Surasky Japanese Invasion Money I'm not sure where the mixup occurred in the article on Bogus Malayan JIM in PAPER MONEY 117. I think someone misunderstood Mr. Tan's transmission. I believe it was supposed to have said that three types of bogus notes have appeared, not that three of the $1 notes have been reprinted. In addition, the caption under the illustration of the $10 on page 134 of 117 is incorrect. The caption says "An authentic $10 note with two banana trees, but with . `WP' prefix." There are NO authentic notes with two banana trees in any denomination of any JIM issue. The illustrated note is a fantasy from start to finish. The three notes Mr. Tan would be referring to are : the $1 with serial numbers and two banana trees (a fantasy) ; the $10 with serial numbers and two banana trees (another fantasy) ; and the $100 "Grim Mem- ories" note (a replica of the overprint on a genuine $100 note, which is a denomination not used when the overprint was originally created). A description of these notes follows. The $1 note is blue with pink and yellow-brown underprint (nearly original colors) and has a banana tree at each end of the face, rather than the breadfruit and coconut trees which appear on the original note. The back, rather than having a large numeral "1" in the central tablet, has the words "ONE DOLLAR." The serial numbers are composed of the letters "MA" in blue (part of the printing plate) and six digits in black which change from note to note. Observed numbers range from 003032 to 571746 in three apparent groups with initial digits "00," "20," and "57." I have also had this note reported to me in red with serial number WP 201229, but this report might be for a $10 note (see following). The $10 notes come in two varieties, both with a second banana tree substituted for one of the coconut trees at the right end of the face. One variety is blue with yellow underprint on hard smooth cream paper. The Page 288 Paper Money Whole No. 120 other is red without underprint on rough white paper. The blue note is serial numbered in black, WP 189450 (only one observed), with the "WP" smaller than the numerals. The red notes are serial numbered in black, with observed numbers from WP300064 to WP302900. The "WP" is larger than the numerals. I have also received a report of a fan- tasy blue $10 numbered MA101758, which could actually be a $1 (see previous description). Both the fantasy $1 and $10 notes are lithographed on unwater- marked paper. I have a report that they were prepared as lottery tickets of some sort. The $100 "Grim Memories" note is one of several replicas of this memento piece. According to Mr. Natasuwarna, only the $5 pieces are original ; replicas exist in several denominations. I have examples of two varieties of $5 (minor differences in the red portion of the overprint), both of which I consider legitimate (I have seen both varieties in a small hoard of apparently original overprints). I also have a $10 note with only the black portion of the "Grim Memories" overprint, which was sent to me by a concerned dealer as an example of the modern replicas. There are many differences between this black replica overprint and the original which appears on the original $5 pieces which I have observed (about twenty pieces). Two of the most obvious differences are in the numerals "1" in the dates and in the tails of the letter "G" and the numerals "9." The numerals "1" on the original taper to the bottom like inverted candles; on the replica they are the same thickness from top to bottom (until the angled truncation is reached about one millimeter from the bottom). The letter "G" and the numerals "9" on the originals have small hooks or knobs on their tails; the replicas have no such devices. As for the ages of these bogus pieces, I saw my first example of the $1 in 1979 in a California collection. I saw the red $10 for the first time in Georgia in July 1982. I don't recall when I first saw the blue $10, but it had to be before late 1982, because I bought mine before I computer- ized my holdings. I hope this letter clarifies the status of these pieces and helps collectors to determine what they actually own. Joseph E. Boling SECRETARY 'S GARY LEWIS, Secretary IEPIDItT P.O. Box 4751 N. Ft. Myers, FL 33903 6990 Richard Rosenbaum, PO Box 978, Bloomfield Hill, MI 48013; Error notes. 6991 Lawrence Day, 2825 W. Lawrence Ln Phoeniz, AZ 85021; C, CSA, Broken bank notes & US. 6992 Samuel Haas, 3084 Avenue W. Brooklyn, NY 11229; C, Error & Large-size notes. 6993 Scott Winslow, PO Box 6033, Nashua, NH 03063 ; D, Stocks & bonds. 6994 James Matthews, 5791 Railroad Ave Elkridge, MD 21227; C, Confederate & Obsolete notes. 6995 Warren Anderson, PO Box 100, Cedar City, UT 84720 ; C&D. 6996 Don Carolus, 8424 Planetary Dr., Buena Park, CA 90620 ; C, Souvenir cards, engravings. 6997 Colin Narbeth, 6 Hall Place Gardens, St. Albans, Herts. ALI 3SP UK. ; D, World. 6998 Jon Lawrence, 133 Main St., Corinth, NY 12822; C, Colonial & Continental. 6999 William Kinsland, Rt 4 Box 775A, Dahlonega, GA 30533; C&D, Confederate & Georgia War issues. 7000 Professional Currency Dealers Assn. Inc., P.O.Box 589, Mil- waukee, WI 53201. 7001 William Aleshire, 16013 Philmont Lane, Bowie, MD 20716; C, Maryland colonials. 7002 Betty Beecher, 2329 Clarke Crest Dr., Dubuque, IA 52001. 7003 Robert Lovelace, 524 North 92nd Street, Seattle, WA 98103; C. 7004 Frank Kiehne, 1320 Vermont Ave. NW, Washington, DC 20005; C, International bank notes. 7005 Walter Bezner, Box 82, Lindsay, TX 76250 ; C, World-wide, US obsoletes. 7006 W. Russell Bowie Jr., 8330 Loveland Dr Omaha, NE 68124 ; C. 7007 Charles Lockwood, G.P.O. Box (G) 1504, San Juan, PR 00936 ; C, US. 7008 William Kelly, 220 Ashroken Ave Northport, NY 11768 ; C, Confederate. 7009 Barrett Walker, Box 231, Rockaway, NJ 07866 ; D. 5050 John Neidinger, 806 S. 27th St., Harrisburg, PA 17111; C&D, Broken bank notes 7010 Bent H. Jacobsen, Klintevej 39, 4780 Stege Mon, Denmark ; D. 7011 Ralph Miller. P.O. Box 9088, Salt Lake City, UT 84109; C&D. Fractional currency. 7012 Doug Walcutt, R.D. #10, Carmel, NY 10612; C, Nationals, ob- soletes, checks. 7013 George Russell, P.O. Box 5604, Arlington, VA 22205; C&D. Civil War currency. 7014 David Roeser, 4210 Pillsbury Ave. So Minneapolis, MN 55409; C, Foreign currency. 7015 Robert Bauman, P.O. Box 512, Ardsley, NY 10502: C. 7016 Alvan Hickerson Jr., 158 Thierman Ln., Louisville, KY 40207 ; C, US paper money. 7017 Thomas Connery, 1796 Holland, Birmingham, MI 48008; C, $3 State bank notes. 7018 Rich Kelber, 8112 Major Circle #D, Huntington Beach, CA 92647; C. Error currency. 7019 Tom Vaughn, 621 Hillcrest Ln Fairfield, TX 75840; C, Na- tional & obsolete. 7020 John Mareska, 4709 Rose Glenn Drive, Toledo, OH 43615; C. Broken bank notes. 7021 Stephen Goldsmith, 116 Montgomery Blvd., Atlantic Beach, NY 11509; C&D. 7022 John Krisch, P.O. Box 217, Croton-on-Hudson, NY 10520; C. 7023 Conrad Kwolek, Mt. Bethel Dr., RD #1 Box 287A, Clarks Sum- mit, PA 18411 ; C, Confederate bonds, PA obsoletes. 7024 Richard Caswell, 384 Mass. Ave., Lunenburg, MA 01462; C, US paper money. 7025 Carlisle M. Branch, Weatherall, Macon, VA 23101; C. 7026 Larry Proctor, 12221 Westmont La., Bowie, MD 20715; C. Europe & Africa. 7027 S. Wijaya, JI. Gempol Wetan 119, Bandung 40115, Indonesia ; C&D, Indonesia. 7028 Gerald Desmarais, 43 Pelletier, Hull (QC) V8Z IC4 Canada; C, International. 7029 Burnie R. Dallas Jr 1775 E. 20th Apt. D8, San Bernardino, CA 92404; C, "JIM". Member Removed 4990 John P. McCormick, Fenton, MI. Paper Money Whole No. 120 15 Editor's Corner 0 U O The second Coinage of the Americas Conference (COAC), the first meeting devoted to paper money at the American Numismatic Society (ANS), took place 31 October - 2 November and has set a precedent. The conference, devoted to "America's Currency, 1789-1866" was organized and chaired by Dr. Richard G. Doty. The speakers and their subjects were: Roger Durand, "An Introduction to Obsolete American Cur- rency"; Elvira Clain-Stefanelli, "A Historian's View of State Bank Notes: A Mirror of Life in the Early Republic"; Grover C. Criswell, "Collecting Trends in Obsolete American Currency"; Gene Hessler, "The History and Development of America as Symbolized by an Indian Princess"; Eric P. Newman, "New York City Small Change Notes, 1814-1815" (read by Joseph R. Lasser); Robert Vlack, "Currency in Crisis: America's Money, 1830-1845"; Cory Gillilland, "Economic Concerns of a Government Employee in the 1840s"; Dr. Glenn E. Jackson, "The Smillie Family: Bank Note Artists"; Carl W. A. Carlson, "Delegates to the Southern Banking Convention of 1861"; Raymond H. Williamson, "Lynchburg (VA) City Paper Money of 1862"; and Douglas Ball, "The Confederate Currency Reform of 1862." Until a few years ago the colloquial "ragpickers" — a term that is overused in print, in my opinion, and does little to garner respect — described those who collected paper money. With more and more serious research and conferences such as the COAC, the study of paper money is gaining the recognition that other disciplines have achieved. Richard G. Doty, and all parti- cipants, are to be lauded for this milestone. Sometime in late 1986 the ANS will publish the eleven papers as a book. For further information write to The American Nu- mismatic Society, Broadway at 155th St., New York, NY 10032. Literature Review Arkansas Obsolete Notes and Scrip. By Matt Rothert, Sr. ([North Attleboro, Mass.]: Society of Paper Money Collec- tors, 1985. Pp. xvi, 258. Foreword, introduction, ac- knowledgements, references, illustrations, indices. $17.00 for SPMC members, $22.00 for non-members.) This book, as the title implies, is a history of obsolete bank notes and scrip issued in Arkansas before 1900. It is also a catalog of every piece of such currency known to the author, Matt Rothert, Sr., of Camden, Arkansas, who is past president of the American Numismatic Association and a member of the Society of Paper Money Collectors. He ranks high in the opin- ion of his colleagues in these two organizations, and is justly praised by them not only for undertaking the enormous task of researching the subject of this volume but also for the exhaustive nature of the execution of the work. The notes, arranged alpha- betically by towns where issued and with the names of the Page 289 issuers, are present in fine black-and-white photographs. He assigns each issuer an identification number, and also assigns each denomination of a given issuer an additional identification number. Moreover, each note bears the "rarities and values" ranking used by the Society of Paper Money Collectors for de- signating the number of each denomination known to exist. However complicated this may sound, the rarity numbers are easily grasped and their use makes the book more valuable. As would be expected, Little Rock, the state capital and coun- ty seat of Pulaski County, was the chief location for private and public issuers. Here we find state treasury warrants issued during and after the Civil War; notes and bills of exchange of the princi- pal and branch banks of both the State Bank and the Real Estate Bank; Little Rock city corporate notes; Pulaski County treasurer notes (scrip); and notes of private issuers. The historical vig- nettes accompanying the Little Rock section give a valuable overview of state banking and finance. An "Index of Locations" at the back of the book lists 110 cities, towns and counties as sites of issuers in Arkansas, and an "Index of Issuers" consists of 281 names. Since the book con- tains one or more issuances for each issuer, the comprehensive character of Rothert's book can be seen. It is a valuable contribu- tion to Arkansas history. The book can be ordered postpaid from the Society of Paper Money Collectors, R.J. Balbaton, SPMC Book Sales Depart- ment, 116 Fisher Street, North Attleboro, Massachusetts 02760. University of Arkansas Walter L. Brown BEP Card for Cherry Hill For those who were unable to attend the International Paper Money Convention at Cherry Hill, NJ, this card, No. 916. may be purchased through the mail at $4 from the Bureau of Engrav- ing and Printing, Room 602-11A, Washington, D.C., 20228. The card will remain on sale for 90 days or until supplies are depleted. I P NIC '85 (.BERRY till I.. NEW JERSEY ti t4,1 co 1141061 ti9421414,11** 444142.5.4a0>. e=i5n5201S...-....umtaixogee,..a.43101 15 engraving. pr:sted earn a plate made hen; doilions at dee otit.., ,0 locd of the th) Natindie Cdrrency Nola of the Seeend Charter pried. Seri e:: 622 This 'ace lee: ,eneltes The vignette en the left depots Beniarnin Frante:In drawing etc:dila-4 tram a storm with .1 adlat key. "Franke, and Eidatnedy 1752 - was eagtaved 0 Alfred Jones and :.dia3 De , aoce for th, , bank Note Company The tight vignetle dep:ets Arneeca Seam; Lighladlg" lye a0 , e7 TheOCIOri, ,ah:an was engraved by Charles K Burl. to fOati,e3 the bark name and charter nionher el -The ,7aerers Net■dae Batik et Wed , ['wring this penhc alenuna: Banks were granted dharte,a ,ay the COMpIrdee, of the S 'readier. Di.aaiirtmeet et the T,easury. to , renewable [0. yea' pened. ,!..- ot 2noraejhg end Penttng plessee to issue leis seeyend care honor the en, • , nal Convention, November , 4 • It 1985. Cherry tell. New Jf.eaey, aa ad.nsered by the Se, ■ 3 of Mofloy CO11,,t0r5 end Ins Cefrena CM, CneSte■ ISVR.FAU Of ENGRAVING AND MINTING. SHINGION, D.C. Page 290 Paper Money Whole No. 120 IMPORTANT NOTICE ABOUT 1986 DUES PLEASE READ!! -DUES STATEMENTS FOR 1986 WERE ENCLOSED WITH THE SEPTEMBER/OCTOBER ISSUE OF THE MAGAZINE. A SEPARATE MAILING WILL NOT BE USED FOR FIRST NOTICES. PLEASE: - USE THE ENVELOPE THAT WAS ENCLOSED WITH THE MAG- AZINE. - PUT YOUR MEMBERSHIP NUMBER ON YOUR CHECK. - PAY AS PROMPTLY AS POSSIBLE-$15 ANNUAL DUES. (NOTE INCREASE TO $15.) - IF YOU WANT TO BECOME A LIFE MEMBER, SEND CHECK FOR $300 AND INDICATE ON FORM. -MEMBERSHIP CARDS FOR 1986 WERE ENCLOSED WITH THE SEPTEMBER/OCTOBER ISSUE OF THE MAGAZINE. PLEASE: - FILL IN YOUR OWN CARD (THE DUES NOTICE HAS YOUR MEMBERSHIP NUMBER ON THE LABEL.) - DO NOT SEND CARD BACK WITH YOUR DUES PAYMENT. SEND DUES TO: JAMES F. STONE SPMC TREASURER P.O. BOX 89 MILFORD, N.H. 03055 Paper Money Whole No. 120 Page 291 momoP mart BUYING ALABAMA MATERIAL: NATIONALS, OBSO- LETES, checks, stocks, cards, North Alabama, Florence, Hunts- ville. Write Bob Whitten, 217 E. Irvine Ave., Florence. AL 35630 (125) NEW YORK NATIONALS WANTED. Athens, Catskill, Cox- sackie, Germantown, Hudson, Hunter, Kinderhook, Philmont, Tannersville, Windham. Send description and price. All letters answered. Robert Moon, Box 81, Kinderhook, NY 12106 (120) 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, Gene Hessler, P.O. Box 416. Oradell, NJ 07649 by the first of the month preceding the month of issue (i.e. Dec. 1, 1983 for Jan. 1984 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) WANTED: ILLINOIS NATIONALS AND OBSOLETES — Carmi, Crossville, Enfield, Grayville, Norris City, Fairfield, Al- bion, Dahlgren, Omaha, New Haven. Pete Fulkerson, c/o The National Bank, 116 W. Main, Carmi, IL 62821 (127) WANTED: MACERATED MONEY: postcards and any other items made out of macerated money. Please send full details to my attention. Bertram M. Cohen, PMW, 169 Marlborough St., Boston, MA 02116 (128) OLD STOCKS AND bonds. Send $2 for latest Mail Bid Cata- log & Sales Catalog. Also buying! Paying highest prices for beautiful and very old material. Railroads, oil companies, tele- graph, industry, government, etc. Especially need Western material. Also need pre-1890 checks with pretty vignettes. Also will trade. Send SASE for free appraisal. David Beach, Box 5488, Bossier City, LA 71111 (318) 747-0929 (121) WANTED KOREA & SOUTH Korea banknotes. Example: all CU South Korea P30 1 won .75; P31 5 won 1.20; P32 10 won 6.00; P33 10 won .85; P34 50 won 25.00; P35 100 won 25.00; P36 100 won 15.00; P40 50 won 3.50. Namchong Cho, 726 Bode Circle #110, Hoffman Est., IL 60194 (121) KANSAS NATIONALS WANTED, collector seeks both large and small size, scarce and better condition Kansas bank notes. C. Dale Lyon, P.O. Box 1207, Salina, KS 67402 (122) ILLINOIS NATIONALS WANTED: Allendale #10318, Ben- ton #8234, Chester #4187, Dahlgren #7750, Fairfield #5009 & #6609, Johnston City #7458, Mt. Vernon #1996, New Haven #8053, Norris City #7971, Olney #2629, Wayne City #10460, Winchester #1484. C.E. Hilliard, 201 E. Cherry, Winchester, IL 62694 (217) 742-5703. (124) RED SEAL NATIONALS WANTED, Collector seeks Hi grade and scarce Third Charter Period Red Seal National Bank notes with emphasis on notes bearing serial #1, and notes from scarce states. C. Dale Lyon, P.O. Box 1207, Salina, KS 67402 (122) WANTED VIRGINIA: Nationals, Broken Bank and Scrip. Send description. Corbett B. Davis, 2604 Westhampton SW, Roanoke, VA 24015. (128) WANTED: MAINE NATIONAL BANK AND OBSOLETE NOTES, Maine tokens. Describe and price or I will make offer. Donald Priest, 41 Main St., Fairfield, Maine 04937 (121) MISSISSIPPI NATIONALS WANTED: All notes wanted, large or small. Will consider trade offers. Describe and price. All inquiries answered. Don Rawson, Box 3418, Meridian, MS 39305 (122) WANTED, ALL OBSOLETE CURRENCY, ESPECIALLY GEORGIA, which I collect. Particularly want any city-county issues, Atlanta Bank, Georgia RR Banking, Bank of Darien, Pigeon Roost Mining, Monroe RR Banking, Bank of Hawkins- ville, La Grange Bank, Central Bank Milledgeville, Ruckersville Banking Co., Bank of St. Marys, Cotton Planters Bank, any private scrip. I will sell duplicates. Claud Murphy, Jr., Box 15091, Atlanta, GA 30333. (125) AFRICAN, ARABIC BRITISH colonial banknotes on free lists. Quality older and newer issues in stock. Buying too! Milt Blackburn, Box 33917, Vancouver, B.C., Canada V6J 4L7 (120) WANTED: NETHERLANDS NEW-GUINEA BANK- NOTES FOR MY PERSONAL COLLECTION. Please send details of condition, denomination and date of issue. Will pay 30% above Pick catalog for any notes I can use. David G. Hanna, 895 Queen St. West, Toronto, Ontario, Canada M6J 1G5 (120) NORTH CAROLINA OBSOLETE CURRENCY AND SCRIP WANTED. Send description, photocopy if possible and price. Interested in single notes or accumulations. Jim Sazama, P.O. Box 1235, Southern Pines, NC 28387 (127) WANTED: LARGE AND SMALL SIZE NATIONALS from Hoopeston, Ill. #2808, 9425, 13744; Milford, III. #5149: Rossville, Ill. #5398, 9877; Potomac, III. #6824; Watseka, Ill. #1721; Ind. #9510. Write to Mike Fink, 504 E. McCracken. Hoopeston, III. 60942 (121) WANTED: WHITE PLAINS, CHAPPAQUA, MOUNT KISCO, SOMERS, NEW YORK NATIONALS. All other Westchester, Putnam Counties large, small, obsolete wanted. Send photocopy or description, price. Christian Blom, 2504 N. Quantico St., Arlington, VA 22207 (122) CANADA 1923 $2 WANTED. Pick 34 a, c, f and h wanted in CU. Will purchase outright or have Canada notes to trade. Jack Fisher, Howard Professional Building, 171 Merrill St., Kalamazoo, MI 49008 (121) PALESTINE NATIONALS WANTED FROM TEXAS, IL- LINOIS, OHIO etc. Want Kalamazoo, Michigan National and Jordan 1949 50 dinars. Jack Fisher, Howard Professional Building, 1711 Merrill St., Kalamazoo, MI 49008 (121) Page 292 NATIONALS WANTED: LARGE AND SMALL — W.VA #6510 Madison; New York #2472 Salamanca: Penn. #253 Milton, #535 Erie, #9149 North East, #13871 Albion and any Erie County (PA) notes. Collector. John S. Clapp, 4006 W. 222nd St.. Fairview Park, OH 44126 (121) CHANGEOVER PAIRS WANTED in $1 SC 1935D Blocks VE, WE, XE, YE, AF, BF, CF, DF, EF, HF, IF, UF, KG, LG, MG, *B and *C. Please describe and price or send for my of- fer. Selling Starter Set of 5 different Blocks $1 SC 1935D Changeover Pairs in CU for $99.95. Graeme Ton, 203 47th Street, Gulfport, MS 39501 (120) BUYING STAR NOTES: $1 1928-1935D, $5 Silvers 1934-1934D, all $10 Silvers, $2 and $5 USN 1928-1928G, $5-$100 FRNs before 1963. Circ to CU. Please write: David Klein, Box 120, Fairfield, CT 06430 (120) WANTED PENNSYLVANIA NATIONALS: Belle Vernon #4850, North Belle Vernon #11995, Fayette City #6800, Fayette City #5646, Elizabeth #5114, Webster #6937. Charles Trenk, Box 241, Belle Vernon, PA 15012 (120) NEW EGYPT, NEW JERSEY (#13910 & 8254) Nationals wanted. Any condition. Please write first. Dennis Tilghman, P.O. Box 2254, Princeton, NJ 08540 (128) JACK H. FISHER ADDRESS AFTER JUNE 1, 1985 will be Howard Professional Building, 1711 Merrill Street, Kala- mazoo, MI 49008 and requests friends, collectors, dealers and organizations to new address change. Replies to my other ad- vertisements use new address. (121) ICELAND, ICELAND. BUYING PAPER MONEY FROM ICELAND: P-1 to P-21, P-23 to P-26, P-30 and P-31. I collect them by signature variety. If you have any of these notes for sale, please send me some price lists and photocopies. K. Hall- dcirsson, Box 433, Hafnarfjordur, Iceland. (126) PRE-1900 WESTERN STATES and Territorial financial documents—buying and selling checks, drafts, certificates of deposit, warrants. receipts, stocks, bonds and revenue im- printed fiscal material. Vern Potter, P.O. Box 10040, Torrance, CA 90505-0740. (122) FOR SALE: CONFEDERATE CURRENCY. Part of 20 year collection, many scarce varieties. Send SASE for listing. Michael Wheat, 158 Buford Place, Macon, GA 31204. (123) EASTMAN COLLEGE CURRENCY wanted. Also obsoletes with vignettes: Declaration Signing, Washington's Crossing, Drummer Boy, Five Presidents, Cowboys, Delaware Bridge, Matrimony. Robert W. Ross III, P.O. Box 765, Wilmington, DE 19899. (125) RADARS WANTED: Buy or trade for the following, 10011001; 10000001; 00011000; 15555551; 90000009; 90099009; 00099000; 99000099; 99900999. I have a varied selection of small size notes for trade. Michael Kane, Box 745, Pacific Grove, CA 93950. (121) FLORIDA OBSOLETES, INCLUDING WORLD WIDE BANK NOTES ON FREE LIST. Quality older & new issues in stock. Buying too! H.J. Kwart, P.O. Box 414404, Miami, FL 33141. (120) FOR SALE: F-86, clean crisp AU; F-1180, Fine. Make reason- able offer. Johnny O., 211 Oak St., Hazlehurst, MS 39083. MARSHALL, MISSOURI WANTED: First National Bank, Charter 2884. Notes, checks, photocopies, other information. Mike Coltrane, 1009 Burrage Rd., Concord, NC 28025 (123) Paper Money Whole No. 120 MINNESOTA NATIONALS WANTED: Barnum. Big Lake. Braham, Carlton, Crosby, Deerwood. Elk River, Foley, Iron- ton, Isanti, Milaca, Moose Lake, Mora, Pine City, Princeton, Royalton, Swanville. Several others needed. Please let me know of anything you have for sale. All letters answered. Shawn Hewitt, 3900 Bethel Dr.. Box 938, Saint Paul, MN 55112 (123) WANTED UNCIRCULATED 1963, 1963A, 1969, 1974 $1 FRN block sets. Also need lot of notes with two or more zero endings. Pay cash or trade. Rufus Coker, R. #6, Portland, TN 37148 (124) LOW NUMBER NOTES WANTED: Salisbury Pocomoke City, Snow Hill, Easton, Cambridge. Federalsburg, Chester- town, Berlin, other eastern shore; large or small. Describe and price. Also southern Delaware and eastern shore Virginia (Onancock, Accomac. etc.). Robert Hastings, 9234 Prarie Ave., Highland, IN 46322 (122) RHODE ISLAND OBSOLETES, COLONIALS, CHECKS, BANK POSTCARDS, SCRIP and BOOKS wanted by serious collector. Duplicates also needed. Describe and price, all conditions considered. Roland Rivet, Box 7242, Cumberland, RI 02864. (131) WISCONSIN CURRENCY WANTED: Nationals, obsolete notes, bonds and bank checks from Eau Claire and Chippewa Falls. Send description and price to William Janke, 1371 W. 12th St., Hastings, MN 55033. (123) NATIONAL CURRENCY, OVER 600 DIFFERENT, almost all states, 39' SASE brings list. Also buying & trading. Joe Apellman, Box 283, Covington, LA 70434. (123) SMALL HOARD OF BUREAU OF ENGRAVING Souvenir Cards available below market. Frank Sprinkle, 304 Barbee Blvd., Yaupon Beach, NC 28461 UNCUT SHEET 16 TICKETS DEMOCRATIC National Convention New York 1924, best offer. Frank Sprinkle, 304 Barbee Blvd., Yaupon Beach, NC 28461. CHICAGO NATIONALS Wanted by collector. Large and small. Let me know what you have. Thanks. Tim Kyzivat, P.O. Box 803, LaGrange, IL 60525. (123) SPRINKLE WANTS CERTAIN JENNY LIND medals. tokens and paper money. Frank Sprinkle, 304 Barbee Blvd., Yaupon Beach, NC 28461. ERROR NOTES: Specialist buying and selling misprints on US paper money ranging from double denominations thru ink smears. SPMC members may request next photo-illustrated sales catalogue free. Frederick J. Bart, Box 32314, Cleveland. Ohio 44132, (216) 585-3644 (125) WANTED: Conwayboro, SC nationals (Peoples National: Con- way National; 1st National), SC related material, obsoletes. co- lonial, Confederate. Dr. Frank A. Sawders, P.O. Box 854, Con- way, SC 29526, (803) 248-4834 (123) Read Money Mart Paper Money Whole No. 120 Page 293 paper, state banknotes and U.S. large and small size notes. Plus you'll have plenty of photos, trustworthy advertising and a U.S. value guide. It can all be at your fingertips each month, when you subscribe to Bank Note Reporter. Be part of the excitement! Satisfy your need for paper money information with a subscription to Bank Note Reporter. Are you unhappy with the number of paper money articles in coin-related newspapers and magazines? If you are, chances are you're not getting all the paper money information you need. Good news. Your subscription to Bank Note Reporter will give you a monthly newspaper devoted exclusively to paper money, both U.S. and foreign. Bank Note Reporter will give you reports on auctions, new issues, upcoming shows, new publications, discoveries and new organizations. The historical features in Bank Note Reporter will take you back into history. You'll read about military currency, bonds, stock certificates, Confederate currency, world Your Guarantee If for any reason you decide to cancel your subscription, simply drop us a note before you receive your second issue and we'll refund your entire payment. After the second issue we'll refund on all undelivered issues. Collectors saw it first, right here! Who broke the news about upcoming changes in U.S. currency? Bank Note Reporter! It's true. With the aggressive reporting of our full-time Washington Bureau, BNR was the first to present facts concerning the revamping of our notes. We scooped everyone, including other hobby publications, daily newspapers, and electronic media. When you join Bank Note Reporter you'll be part of a select group looking to every issue for fresh news. Make certain you have Bank Note Reporter for all the vital data affecting your hobby. Sign up now! Send your subscription request along with $14.50 for one year (12 issues) to: Bank Note Reporter, 700 E. State St., Iola, WI 54990. Paper Money Collector, r Hero How To Satiqy Your Greate5t Hobby Need ndex slgo mayors Prge Ball offers Havana $500 CSA counterfeit r — Pensacola CANADIAN BOUGHT AND SOLD • CHARTERED BANKNOTES. • DOMINION OF CANADA. • BANK OF CANADA. • CHEQUES, SCRIP, BONDS & BOOKS. FREE PRICE LIST CHARLES D. MOORE P.O. BOX 4816P WALNUT CREEK, CA 94596-0816 (415) 943-6001 LIFE MEMBER A.N.A. #1995 C.N.A.#143 C.P.M.S. #11 F.; nriv4,". Silmtias Na I i011ai Ralik _tat) '614FIP:funik. ANCItiatvensz/tit*A0s,, ti 1.14131..?,)U910,10*-,0., THE BANE OF ST LOUIS ,47,„, ,,oiji licrizomm. ST. LOUIS, MISSOURI OBSOLETES AND NATIONALS WANTED RONALD HORSTMAN ROUTE 2, BOX 242 GERALD, MISSOURI 63037 Standard Catalog Of United States Paper Money Your complete, illustrated guide to all types of official U.S. paper money, from 1812 to today. •Featuring coverage for Large and Small-size regular-issue U.S. currency •NEW! Rarity ratings for National Bank Note listing • Complete coverage for Fractional Currency, Encased Postage Stamps, Postage Stamp Envelopes, Error Notes and Military Payment Certificates • First-ever catalog of pre-Civil War United States Treasury Notes • More than 5,000 currency items listed • Over 12,500 market values • Over 700 original photos • All in 192 pages An essential, data-packed research aid for all collectors of U.S. currency! Order your copy today. krause / publications 700 E. State St., Iola, WI 54990 New Edition Available • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • $16.50 • Standard Catalog of United States Paper Money • Plus postage • Please send copy(ies) of the • and handling • name •new Standard Catalog of United Fourth Edition • States Paper Money. I've enclosed • address • $16.50* per copy, plus $2.00 per • • copy for postage and handling. city • Credit Card Customers Call • ( ) Check enclosed (to Krause Pub- • Toll-Free: 1-800-258-0929 • state lications) zip • From 8 AM to 5 PM, CST • ( ) MasterCard/Visa Note: Addresses outside the U.S., please send • • $4.00 per copy for postage and handling. U.S. •funds only. • *Wisconsin residents add 5% sales tax. • • exp. date: mo. yr Mail with payment to 1:-,• • Krause Publications <• • signature 700 E. State St., Iola, WI 54990 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • Order Now acct. no. Ten-Day Return Privilege. If not completely satisfied send your catalog back to us within ten days and receive a full refund. standard ( .lootoo: of t 'NfTED STAVES, Pt PER MOSO *rt Page 294 Paper Money Whole No. 120 UNITEISTATESOFAMERICA. Paper Money Whole No. 120 Page 295 Nobody pays more than Huntoon forAmon&uryomin State and Territorial Nationals WANT ALL SERIES, ANY CONDI- TION, EXCEPT WASHED OR "DOC- TORED" NOTES. (MANY TRADES!) PETER HUNTOON P.O. Box 3681. Laramie. WY 82071 THE DESCRIPTIVE REGISTER OF GENUINE BANK NOTES by Gwynne & Day 1862. 168 pp Cloth bound. 1977 reprint $15.00 post paid. HODGES' AMERICAN BANK NOTE SAFE-GUARD by Ed- ward M. Hodges 1865. 350 pp Cloth bound. 1977 reprint $19.50 post paid. J. Roy Pennell, Jr. P.O. Box 858 Anderson, S.C. 29622 Will purchase or exchange .. . United States, Foreign Stamps, Covers, Souvenir Cards. LOUIS STAUB 16 Sutton Terrace Jericho, L.I. N.Y. 11753 AT YOUR BANK ASK FOR AND THEN USE $2 BILLS OREGON PAPER MONEY EXCHANGE pnl 0,114 SIN!' 1SS COU OBSOLETES • U.S. FRACTIONALS STOCK CERTIFICATES & BONDS CONFEDERATES • OLD CHECKS NORTHWEST DEPRESSION SCRIP CURRENT LIST FOR $1.00 - REFUNDABLE - Ask About Our Upgrading Program -- WE BUY, TOO -- OREGON PAPER MONEY EXCHANGE 6802 S.W. 33rd PLACE • PORTLAND OR 97219 (503) 245-3659 (EVES) SUZANNE NAVEN (SPMC, PMCM, CCRT) COINS OF THE REALM, INC. --TooAreAww.GOA/E ;F2-Ri;M ENT OF tif;MQ) 4 :,,,;6/.1,„/..-.;111 Dealers in choice world bank notes 1327-D Rockville Pike Rockville, Maryland 20852 Phone (301) 340-1640 Page 296 Paper Money Whole No. 120 COLLECTORS LIKE US "How do you become a currency dealer?" It seems that everyone asks that question sooner or later. For us, it was simply a matter of natural pro- gression. We all started as collec- tors, diligently searching for the "right" paper money for our collec- tion. The quality, rarity, aesthetic ap- peal and value of our paper money is as important now as it was then. Today, we utilize our experience to make intelligent decisions in inven- tory acquisition. We take the time to appreciate and understand the cur- rency market and to pass this infor- mation on to our valued clients. THESE ARE SOME OF THE REA- SONS WHY COLLECTORS LIKE US AND WHY IT IS IMPORTANT TO DEAL WITH COLLECTORS, LIKE US. If you are a serious collector, please write or call us today for a copy of our justly renowned listing of U.S. paper money. Allen Mincho "U.S. Currency Exclusively Since 1969" Box 1525 Cedar Park, TX 78613 (512) 250-1475 numismatic news Burnett Anderson With its full-time Washington Bureau, headed by veteran newsman Burnett Anderson, Numismatic News establishes face-to-face contact with Capitol Hill newsmakers. Each week in Numismatic News Anderson presents the facts affecting your hobby and commercial interests. Paper Money Whole No. 120 Page 297 Working For The Hobby Home Of Superior Hobby Periodicals And Books 171 .1 krause t-,; publications 700 E. State St., Iola, WI 54990 **; BUYING and SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Cer- tificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. Foreign Notes from over 250 Countries Paper Money Books and Supplies Send us your Want List ... or ... Ship your material for a fair offer LOWELL C. HORWEDEL P.O. BOX 2395 WEST LAFAYETTE, IN 47906 SPMC #2907 ANA LM #1503 EARLY AMERICAN NUMISMATICS *619-273-3566 We maintain the LARGEST COLONIAL & CONTINENTAL CURRENCY ACTIVE INVENTORY IN THE WORLD! SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. SPECIALIZING EV: SERVICES: q Colonial Coins q Portfolio q q Colonial Currency Rare & Choice Type q Development Major Show 0 EARLY AMERICAN NUMISMATICS 0 Coins Coverage c/o Dana Linen q Pre-1800 Fiscal Paper q Auction q Encased Postage Stamps Attendance q P.O. Box 2442 q LaJolla, CA 92038 q 619-273-3566 Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS WANTED OBSOLETE PAPER MONEY tilt.,F11, 14411att- Ira ',34.#31 4,q,„ TERI( tni,, (Bank Notes, Script, Warrants, Drafts of the AMERICAN WEST a 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, ROCKYILLE CENTRE, N.Y. 11571.. KL_U INC. P.O. BOX 84 • NANUET, N.Y 10954 BUYING / SELLING• OBSOLETE CURRENCY, NATIONALSUNCUT SHEETS, PROOFS, SCRIP BARRY WEXLER, Pres. Member: SPMC, ANA, FUN, GENA, CCRT (914) 352.9077 British Colonial — European Colonial of the 19th and early 20th century our speciality. We particularly require proof and specimen albums of CUATRO AT tUATRO rUERTES AVAZ),S AlrUS CUATRO ABNCo. and the various British printers. WILLIAM L.S. BARRETT Box 9, Victoria Station Montreal, Canada H3Z 2V4 Telephone (514) 844-5698 Page 298 Paper Money Whole No. 120 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) 445-2910 Member of: ANA, PMCM HARRY IS BUYING NATIONALS - LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES PO Box 30369 Cleveland, Ohio 44130 216.884-0701 Paper Money Whole No. 120 Page 299 FOR SALE CURRENCY FOR SALE U.S.A. LARGE & SMALL SIZE CURRENCY INCLUDING: NATIONAL CURRENCY OBSOLETE CURRENCY RADAR & FANCY SERIAL NUMBER NOTES "ERROR" NOTES & OTHER TYPES LARGE MAIL LISTING AVAILABLE FOR A LARGE - SIZE, SELF -ADDRESSED STAMPED ENVELOPE. 10-DAY RETURN PRIVILEGE. YOUR SATISFACTION GUARANTEED. ROBERT A. CONDO P.O. BOX 985, VENICE, FL. 34284-0985 IAN A. MARSHALL Box 5865 Stn. A Toronto, Ont. M5W 1 P5 Canada WORLD PAPER MONEY Also World Stocks, Bonds and Cheques 416-927-1812 il.1#4,4##########4### ##WI#I“tlf# -4 -44ttglItttntt-TWWW#V #=##$##447.-M tit 1 CENTENNIAL DOCUMENTS 1-21 28th Street - Fair Lawn, NJ 07410 (201) 791-1683ntItIttgutututttmuttImmtatuttuuttutututttztuttwatttatIttmttutt*# BANKS 1868 UNION NATIONAL BANK (Philadelphia) $75 Black/White Capital Stock certificate with several attractive vignettes. One of the very few engraved banking stocks, from the American Bank Note Company. Pen-cancelled, otherwise in VF + con- dition. Our Current BANK listing includes more than 3 dozen Bank stocks, from 1812 to 1933, many with vignettes by the major bank note companies of the 19th century. Call or write today and ask for our BANK listing, or for our general catalogue of more than 150 stocks and bonds. When It Comes Time To Sell Your Rare Coins, There Is Only One Name To Remember... Numismatics Auctions Since 1933 A Solid Foundation Built On Tradition And Trust. Let us show you why Kagins is the right company to select when selling your rare coins at public auction. Future Auctions: January 30- February 1, 1986 August 5-9, 1986 October 2-4, 1986 Long Beach Coin Convention, Long Beach, CA American Numismatic Association Convention, Milwaukee, WI Long Beach Coin Convention, Long Beach, CA CALL: Dale L. Williams, Director of Auctions, or Dr. George J. Fuld, Senior Numismatist, at 1-800-227-5676 or 1-800-652-4467 in Calif. or Write: KAGINS ■ One Market Plaza ■ 26th Floor ■ Steuart Street Tower ■ San Francisco, CA 94105 Page 300 Paper Money Whole No. 120 As a seller, this method gives you the opportunity to get the full market price without the "in" dealers short-circuiting the bidding, as so often is seen at public auction sales. Our currency auctions were the first to use the Sealed Mail Bid System, which gives you, the bidder and ultimate buyer, the utmost chance to buy a note at a price you want to pay with no one looking over your shoulder. Nichman- Oakes Auctions, Purveyors of National Bank Notes & U.S. Currency to the collecting fraternity for over 20 years: nc. NUN. SUI John Hickman ith 28 sales behind us, we look forward to a great show and sale at the 1st annual SPMC show at Cherry Hill, NJ. This show will feature many rarities in nationals and U.S. type notes. November 14-17 we have the distinct pleasure to conduct the auction at the 1st annual Convention of the Society of Paper Money Collectors. This event will be held in Cherry Hill, New Jersey. After our November 14-17 sale, we will be scheduling two mail bid auctions. One will be for March and one for June 1986. Consignments for these 1986 auctions are being solicited now! Join others in experiencing the true market between buyer and seller at a Hickman-Oakes auction. Write or call 319/338-1144. As a seller: Our commission rate is 15% down without further charges except a 5% buyer's fee. As a buyer: For the Cherry Hill catalog and the 1986 catalogs and price lists and prices realized, send $8.00. If you haven't you won't be sorry. -Oakes Auctions/Inc. Hickman Dean Oakes Drawer 1456 jowa City, Iowa 52240 319-338-1144 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 eaCtit'S RARE COINS and CURRENCY (BESIDE THE ALAMO) 220 ALAMO PLAZA SAN ANTONIO, TEXAS 78205 (512) 226-2311