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VOL. XXIX No. 4 WHOLE No. 148 STANDARD CATALOG OF Upited States Paper Mopey By Chester L. Krause and Robert F. Lemke Robert E. Wilhite, Editor (plus $2.50 shipping when ordering direct from the publisher) ALL NEW INFORMATION • The latest pricing data in up to three grades to determine the actual value of your notes • Special I6-pg. "Authentication Guide" details notes positively identified as counterfeit • Many rare notes — $500 and $1000 bills — listed and priced for the first time ever 1.1) krause 1,2„;,/ publications 700 East State St. Iola, WI 54990 202 pg. 8-1/2 x 11-in., hardbound The most comprehensive, up-to-date, illustrated guide to U.S. paper money from 1812 to date • Complete coverage for 175 years of official paper money circulated by the Federal Government • Listings for more than 5,500 currency items • Over 14,000 market values • Grading guide providing common-sense definitions • In-text cross referencing of Krause/Lemke and Friedberg numeric systems • Historic and economic background information for each major section • Complete National Bank Note listings with rarity ratings for each bank of issue • Identification of all portraits in addition to the actual illustration provided — for accurate identification and enhanced knowledge of Any Other U.S. Paper Money Reference! Twice t vmationhe Infi I 'Yes Send me copies of the STANDARD•CATALOG OF UNITED STATES PAPER MONEY, 8th ed. at just $19.95 each. I ( U.S. addresses add —$2.511 per hook shipping and handling. Non-U.S. I addresses add $5.(10 per book. Payable in U.S. funds.) ( ) Check or money order (to Krause Publications) Name I Address I City I State IMS IMT Amount for hooks $ Shipping $ Total amount enclosed $ ( ) MasterCard ( ) VISA Credit Card No Expires: Mo. Yr Signature Mail with payment to Krause Publications, Catalog Dept. Zip 700 E. State St., Iola, WI 54990 Paper Money Whole No. 148 Page 97 soc ( IF PAPER N ION EY COLLECTORS INC. PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors. Second class postage paid at Dover, DE 19901. Postmaster send address changes to: Bob Cochran, Secretary, P.O. Box 1085, Floris- sant, MO 63031. © Society of Paper Money Collectors, Inc., 1990. All rights reserved. Reproduction of any article, in whole or in part, without ex- press written permission, is prohibited. Annual Membership dues in SPMC are $20; life membership is $300. Individual copies of PAPER MONEY are $2.50. ADVERTISING RATES SPACE Outside 1 TIME 3 TIMES 6 TIMES Back Cover $152 $420 $825 Inside Front &- Back Cover $145 $405 $798 Full Page $140 $395 $775 Half-page $75 $200 $390 Quarter-page $38 $105 $198 Eighth-page $20 $55 $105 To keep rates at a minimum, advertising must be prepaid in advance according to the above schedule. In exceptional cases where special art- work or extra typing are required, the advertiser will be notified and billed extra for them ac- cordingly. Rates are not commissionable. Proofs are not supplied. Deadline: Copy must be in the editorial office no later than the 10th of the month preceding is- sue (e.g., Feb. 10 for March/April issue). Camera- ready copy will be accepted up to three weeks beyond this date. Mechanical Requirements: Full page 42x57 picas; half-page may be either vertical or horizontal in format. Single column width, 20 pi- cas. Halftones acceptable, but not mats or stereos. Page position may be requested but can- not be guaranteed. Advertising copy shall be restricted to paper cur- rency and allied numismatic material and pub- lications 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 advertisement in which typographical error should occur upon prompt notification of such error. \441004All advertising copy and correspondence shouldbe sent to the Editor. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXIX No. 4 Whole No. 148 JULY/AUGUST 1990 ISSN 0031-1162 GENE HESSLER, Editor P.O. Box 8147 St. Louis, MO 63156 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 reject any copy. Deadline for copy is the 10th of the month preceding the month of publication (e.g., Feb. 10th for March/April issue). Camera-ready copy will be ac- cepted up to three weeks beyond this date. IN THIS ISSUE THE PAPER COLUMN NATIONAL GOLD BANKS AND NATIONAL GOLD BANK NOTES Peter Huntoon and William K. Raymond 101 THE PREPARATION OF DEMAND NOTES Ronald L. Horstman 120 NOTES THAT MIGHT HAVE BEEN Gene Hessler 121 SATIRICAL NOTES AND THE POLISH INFLATION Andrzej Mikctajczyk 123 MONEY TALES Forrest Daniel 125 SOCIETY FEATURES INTEREST BEARING NOTES 126 AWARDS AT MEMPHIS 126 NEW LITERATURE 127 NEW MEMBERS 127 MONEY MART 129 ON THE COVER: Labor, with two supporting vignettes, is on a souvenir card just issued by the Bank Note Printers' Designers' Engravers' Siderographers' Guild of New York. To purchase, send a check for $15 payable to Local 28-58 to BNPDESG of NY, P.O. Box 532, Stapleton Station, Staten Island, NY 10304. Another card commemorates the bicentennial of Rhode Island. To purchase this card that features a $100 Bank of America note, send a check for $8 to Ameri- can Bank Note Co., c/o Aurelia Chen, P.O. Box 497, Horsham„ PA 19044. Both cards are intaglio engraved and printed. Inquiries concerning non-delivery of PAPER MONEY should be sent to the secretary; for additional copies and back issues contact book coordinator. Ad- dresses are on the next page. SOCIETY OF PAPER MONEY COLLECTORS OFFICERS PRESIDENT Richard J. Balbaton, P.O. Box 911, N. Attleboro, MA 02761-0911 VICE-PRESIDENT Austin M. Sheheen, Jr., P.O. Box 428, Camden, SC 29020 SECRETARY Robert Cochran, P.O. Box 1085, Florissant, MO 63031 TREASURER Dean Oakes, Drawer 1456, Iowa City, IA 52240 APPOINTEES EDITOR Gene Hessler, P.O. Box 8147, St. Louis, MO 63156 MEMBERSHIP DIRECTOR Ron Horstman, P.O. Box 6011, St. Louis, MO 63139 BOOK SALES COORDINATOR Richard J. Balbaton, P.O. Box 911, N. Attleboro, MA 02761-0911 WISMER BOOK PROJECT Chairman to be appointed LEGAL COUNSEL Robert J. Galiette, 10 Wilcox Lane, Avon, CT 06001 LIBRARIAN Walter Fortner, P.O. Box 152, Terre Haute, IN 47808-0152 For information about borrowing books, write to the Librarian. PAST-PRESIDENT Roger H. Durand, P.O. Box 186, Rehoboth, MA 02769 BOARD OF GOVERNORS DR. NELSON PAGE ASPEN, 420 Owen Road, West Chester, PA 19380 BOB COCHRAN, P.O. Box 1085, Florissant, MO 63031 CHARLES COLVER, 611 N. Banna Avenue, Covina, CA 91724 MICHAEL CRABB, Jr., P.O. Box 17871, Memphis, TN 38187-0871 C. JOHN FERRERI, P.O. Box 33, Storrs, CT 06268 MILTON R. FRIEDBERG, Suite 203, Pinetree Rd., Cleveland, OH 44124 GENE HESSLER, P.O. Box 8147, St. Louis, MO 63156 RON HORSTMAN, P.O. Box 6011, St. Louis, MO 63139 ROBERT R. MOON, P.O. Box 81, Kinderhook, NY 12106 JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC 27114 DEAN OAKES, Drawer 1456, Iowa City, IA 52240 BOB RABY, 2597 Avery Avenue, Memphis, TN 38112 AUSTIN SHEHEEN, Jr., P.O. Box 428, Camden, SC 29020 STEPHEN TAYLOR, 70 West View Avenue, Dover, DE 19901 FRANK TRASK, P.O. Box 99, East Vassalboro, ME 04935 WENDELL W. WOLKA, P.O. Box 929, Goshen, IN 46426 The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization un- der the laws of the District of Columbia. It is affiliated with the American Numismatic Association. The annual meeting is held at the Memphis IPMS in June. MEMBERSHIP—REGULAR and LIFE. 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 par- ent or guardian. They will be preceded by the letter "j". This letter will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. Members of the ANA or other recognized numismatic so- cieties are eligible for membership. Other applicants should be sponsored by an SMPC member or provide suitable references. DUES—Annual dues are $20. Life membership, payable in installments, is $300. Members who join the Society prior to Oct. 1st receive the magazines already issued in the year in which they join. Members who join after Oct. 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 ALABAMA OBSOLETE NOTES & SCRIP, Rosene $12 RHODE ISLAND AND THE PROVIDENCE PLANTA- ARKANSAS OBSOLETE NOTES & SCRIP, Rothert $17 TIONS, OBSOLETE NOTES & SCRIP OF, Durand $20 INDIANA OBSOLETE NOTES & SCRIP, Wolka $12 TERRITORIALS—A GUIDE TO U.S. TERRITORIAL INDIAN TERRITORY/OKLAHOMA/KANSAS OBSOLETE NATIONAL BANK NOTES (softcover), Huntoon $12 NOTES & SCRIP, Burgett and Whitfield $12 VERMONT OBSOLETE NOTES & SCRIP, Coulter $12 IOWA OBSOLETE NOTES & SCRIP, Oakes $12 MICHIGAN. EARLY MICHIGAN SCRIP, Bowen $40 MAINE OBSOLETE PAPER MONEY & SCRIP, Wait $12 MISSISSIPPI, Leggett $44 MINNESOTA OBSOLETE NOTES & SCRIP, Rockholt $12 SCOTT'S STANDARD PAPER MONEY CATALOG. PENNSYLVANIA OBSOLETE NOTES AND SCRIP, Hoober $28 1894. Reprint NATIONAL BANK NOTES. Guide with prices, Kelly $ 7 $34 Non-members add $3 per item ($5 if priced over $12). Postpaid. JOSEPH FALATER d.b.a. CLASSIC COINS Box 95 Allen, MI 49227 Page 98 Paper Money Whole No. 148 Paper Money Whole No. 148 Page 99 U.S. PAPER MONEY COLLECTORS! Bank Note Reporter is for you! U.S. paper money collectors! Get more news of your particular collecting interest, every month, in Bank Note Reporter. Bank Note Reporter is the only independently produced publication that blankets the entire paper money spectrum. You'll get all the news you need. And, you'll find it a convenient way r I Mail to: Bank Note Reporter Circulation Dept. 700 E. State St. Iola, WI 54990 Enter my Bank Note Reporter subscription as follows: ( ) New ( ) Renewal/Extension (attach your mailing label) ( ) 1/2 year (6 issues) $12.95 Foreign addresses send 17.95. Payable in U S. funds. I ( ) Send me a free sample issue (U.S. I addresses only) L ( ) Check or money order (to Bank Note Reporter) to keep current on U.S. and world notes, plus all other related fiscal paper. Bank Note Reporter is your one-stop paper money information source. Make sure you're in the know, by entering your subscription now. Take advantage of our special half-year offer. Or request a free sample issue (U.S. addresses only). Name Address City State Zip ( ) MasterCard/VISA Credit Card No Expires: Mo Yr Signature Note: Charge orders will be billed as Krause Publications. CP4 j 1 Page 100 Paper Money Whole No. 148 ' .,1 ,11 1 11\\.' 11j • 1. 11. 1 1,! !1 ';'1 1 1:11Ii WE ARE ALWAYS BUYING ■ FRACTIONAL CURRENCY ■ ENCASED POSTAGE ■ LARGE SIZE CURRENCY ■ COLONIAL CURRENCY WRITE, CALL OR SHIP: TO) Tr IA /10 To 're 13;2 ( inc. LEN and JEAN GLAZER (718) 268-3221 POST OFFICE BOX 111 FOREST HILLS, N.Y. 11375 V WIF:1) 40 \yA1 ,1.,ij \ I( A FA $ i ( ( )1.1 l• ( .1 ( )16 (7 rm —1 je/..3, PA 42. ) Charter Member Paper Money Whole No. 148 Page 101 N ATIONAL GOLD BANK AND ATIONAL GOLD BANK NOTE by PETER HUNTOON and WILLIAM K. RAYMOND PURPOSE The objective of this article is to explain what the na- tional gold banks were, the incentives for their organi- zation, and the economic forces that eventually drove them out of business. William Raymond has been com- piling data on known national gold bank notes for over 15 years, and the fruits of that effort are listed here in Table 10. SPECIE BANKS T HE national gold banks were specie banks. They paid out either gold or silver coin to those desiring to re- deem their notes. This single attribute set them apart from all other national banks. Regular national banks were obli- gated only to redeem their notes in lawful money, specifically in legal tender notes, which were federal promissory notes. The specie issue was a product of financial insecurity at- tending the outbreak of the Civil War. Specie payments— payments in gold and silver coins—were suspended by the New York banks on December 30, 1861, with the immediate cause attributed to widespread hoarding of gold and con- tinued issuance of demand notes by the treasury (Childs, 1947). The problem posed by the increasing supply of demand notes lay in the fact that they were supposed to be convert- ible into coin, but the supply of coin was drying up. The treasury was soon forced to suspend specie payments on its demand notes, thus creating the climate that fostered the use of postage stamps and private scrip, and ultimately fractional currency, in place of small change. Commerce in the conservative hard money regions, partic- ularly the western states, experienced annoying hurdles as paper money of all types became sharply discounted relative to gold and silver coin. A direct outgrowth of this was the emergence of exchange businesses. For example, the Jacobs Mercantile Company in Tucson, Arizona Territory, did a thriving exchange business in the 1870s (Stanley, 1871). Two brothers, Lionel and Barron Jacobs, purchased greenbacks (de- mand, legal tender, and probably national bank notes) from customers for between 65 and 85 cents per dollar against gold. They then sold the greenbacks through their father Mark Jacobs in San Francisco at a rate of between 861/2 and 89 cents per dollar. The gold was shipped to Tucson and the process repeated. Such transactions by the Jacobs brothers in that dusty frontier town averaged between $2,000 and $3,000 per month during 1870. The volume of the exchange business throughout the west must have been staggering. Notice that the value of a legal tender dollar against a dollar in gold was only 65-85 cents in Tucson, and 861/2 and 89 cents in San Francisco. National bank notes, redeemable in legal tender notes, simply were not a viable option in such places. The peculiar monetary phobias of these settings required a currency that was fully convertible into coin if it was to circu- late without discount. Caving in to demands for such a currency, Congress amended the National Bank Act on July 12, 1870, by setting forth provisions for national gold banks. The banks would issue specie currency, currency fully convertible at par into gold or silver coin at the bank of issue. The privilege of is- suing such a currency bore a heavy cost to the issuing insti- tution. The bonds purchased by the banks and placed on deposit with the Treasury of the United States to secure such circulations had to be United States bonds bearing interest payable in gold coin. National gold bank notes issued against these bonds could total only 80 percent of the value of the bonds in comparison to a then current 90 percent rate for regular national banks. Compounding the cost was the stiff requirement that each national gold bank had to keep on hand 25 percent of its outstanding circulation in gold or silver coin of the United States. This compared at the time to a 15 per- cent legal tender cash requirement for regular national banks. Each national gold bank was also required to receive and pay out at par gold notes issued by other such banks. Interestingly, the enabling legislation specifically exempted the national gold banks from any requirement to accept regular national bank notes at par. In other words, they were free to discount na- tional bank notes against their own specie notes. What we see here was the emergence of a dual currency system, one that placed a premium on specie. The national gold banks remained viable only so long as legal tender cur- rencies were shunned by the public. However, as the value of federal promissory notes—and regular national bank notes that were convertible into federal promissory notes— approached specie, the incentives for circulating national gold bank notes diminished. RESUMPTION OF SPECIE PAYMENTS The end was in sight as early as January 14, 1875, when Con- gress passed an act which required the resumption of specie payments on January 1, 1879. When January 1, 1879 rolled around legal tender notes became fully convertible into specie and all classes of currency circulated at par. Any incentives, psychological or economic, for issuing national gold bank notes vanished. Eventually the gold note circulations contracted as the gold banks sought better returns for the money tied up in bonds deposited with the treasurer and in specie held in their vaults to redeem notes over their counters. Table 9 shows the mag- nitude of the purely economic forces that were operating to discourage gold bank note circulations. The demise of the national gold banks did not occur abruptly with resumption of specie payments in 1879. Rather it was a withering that began in 1875 and lasted through 1884. Economic depression overshadowed California during this period, a ripple effect of the short but crippling panic of 1873. Large quantities of gold were exported to the east, thus pauperizing the California economy. Employment in the gold fields dropped sharply. As shown in Figure 1 and Table 7 a number of national gold banks began to reduce their circula- Page 102 Paper Money Whole No. 148 „ . . 4 4 ///K//// /A, /./i/4/4,3/// tr. ot:'`: 10 X ottcar0' 2 0 77 Smithsonian Institution Photo 85-34. 3.0 2.5 2.0 5 1 .0 0.5 0 1870 1880 18851875 1890 19001895 YEARS 1910 19151905 I 2,640,000 (August 19, 1875) Last National Gold Bank Note Shipped to Bonki/-- 174,339 Paper Money Whole No. 148 Page 103 Figure 1. Outstanding National Gold Bank note circulation by year from 1870 to 1914. tions in 1875 in response to the economic downturn. Public appreciation of national gold bank notes was not enhanced when other San Francisco banks refused to receive or pay them out (Comptroller of the Currency, 1875). The latter turn of events revealed the growing influence of San Francisco's competing non-gold banks which in 1875 had a combined capital of approximately $25,000,000 compared to $3,000,000 for the San Francisco gold banks. Pressure increased on national gold bank note circulations when the requirement for regular national banks to hold 15 percent of the value of their circulations in legal tender notes was repealed by the Act of June 20, 1874. In contrast, the na- tional gold banks found themselves singularly and deliber- ately stuck with the requirement to hold specie representing 25 percent of their circulations. Holding this cash, coupled with the 80 percent limitation on issuances against their bonds resulted in a net estimated profit on the circulation of only one to two percent (Comptroller of the Currency 1875). There was little inducement for new national gold banks to organize, and little incentive for existing national gold banks to main- tain large circulations. Obviously the gold banks were incur- ring significant opportunity costs simply by maintaining national gold bank note circulations. A contraction became inevitable. Comptroller Knox called for legislative relief for the national gold banks, but it was not forthcoming. Rather, it appears that Congress saw these disincentives as a means for phasing specie currency out of existence. Two banks took the hint early on. The First National Gold Bank of Stockton (2077) was liq- uidated January 14, 1879, just two weeks after specie payments resumed and was reorganized as a regular national bank (First National Bank of Stockton, 2412). The National Gold Bank and Trust Company of San Francisco (1994) liquidated later that same year on September 1. CONVERSIONS Even with these liquidations, Congress refused to moderate the stringent requirements on national gold bank issuances. Its agenda was moving forward as desired. Instead, the na- tional gold banks were offered the option to convert into regular national banks so that they too could enjoy more liberal terms. The legislation enabling the conversions was enacted February 14, 1880. It followed by a year the resump- tion of specie payments and the requirement that the Secre- tary of the Treasury redeem legal tender notes in coin (Kane, 1922). Specie banks no longer made sense. The 1880 act specified that if a bank converted, its organi- zation certificate would bear the original date of organization for the gold bank. The Comptroller of the Currency therefore Table 1. NatiOnal Gold Bank dates of organization, charter and conversion; and officers and bonding chartered. Data from Comptroller of the Currency (var'ous dates-a,c). for circulation when Charter City Date of Organization Date of Charter Date of Conversion President Cashier Bonding 1699 Boston Aug 2, 1870 Aug 15, 1870 H.P. Kidder D.W. Peabody 50,000 1741 San Francisco Oct 20, 1870 Nov 30, 1870 Feb 25, 1884 James Phelan Nathan K. Masten 354,600 1994 San Francisco Apr 25, 1872 Jun 3, 1872 Henry L. Davis D.W.C. Thompson 375,000 2014 Sacramento Jul 6, 1872 Jul 19, 1872 Sep 15, 1883 Edgar Mills Frank Miller 100,000 2077 Stockton Nov 21, 1872 Jan 27, 1873 Henry H. Hewlett Thomas Sedgwick Jr 40,000 2104 Santa Barbara Mar 24, 1873 May 7, 1873 Sep 20, 1880 Mortimer Cook Amasa L. Lincoln 50,000 2158 San Jose Jul 11, 1874 Jul 21, 1874 Mar 27, 1880 John W. Hinds George P. Sparks 100,000 2193 Petaluma Sep 25, 1874 Oct 12, 1874 Apr 17, 1884 I.G. Wickersham H.H. Atwater 50,000 2248 Oakland Mar 30, 1875 Apr 10, 1875 Mar 8, 1880 B.F. Ferris G.M. Fisher 50,000 2266 Oakland Apr 8, 1875 May 20, 1875 Mar 8, 1880 A.C. Henry H.A. Palmer 30,000 Paper Money Whole No. 148Page 104 .1sr.,5.10 x .4,104;X ash': rtitt 4P 1.0'.1 X ‘t-titt.t r.giv '7/ ///////7 • It` .tt. tt■ ft 'A( x ,,,,,,,,,, tie X. t,t410,,,toircut '• .nttett, tt..., ( ash t o I • 20,,t;tt 0 XX D 311118:;, Smithsonian Institution Photo 85-31. Paper Money Whole No. 148 Page 105 allowed it to retain its original charter number as well. As shown in Table 1, the seven remaining national gold banks converted, the last being The First National Gold Bank of Petaluma on April 17, 1884. Notice that the Act of July 12, 1870, authorizing the organi- zation of national gold banks and their gold note circulations was never repealed. It would have been perfectly legal for one to have been organized at any time prior to the demonitiza- tion of gold in 1934. Imagine a Series of 1902 or 1929 national gold bank note! The poor economics associated with such a venture precluded it from happening. REDEMPTIONS The responsibility for redeeming national gold bank notes rested squarely with the bank of issue, although all national gold banks were required to receive and pay out the notes is- sued by other national gold banks. The picture changed once a bank began to contract its circulation through bond sales. Once this process began, the U.S. Treasurer assumed the lia- bility for the reduction in circulation using gold deposited by the bank in the redemption fund. Notes totaling the reduced value of the circulation then became redeemable in gold at the office of the assistant treasurer in San Francisco, and at the U.S. Treasury in Washington (Comptroller of the Currency, 1875). Ultimately, when the last national gold bank was gone, all the remaining outstanding national gold bank notes be- came the liability of the treasury. PUBLIC ACCEPTANCE One of the tired old numismatic saws is the statement that the generally poor grades of surviving national gold bank notes is a measure of the lack of respect westerners, Califor- nians in particular, held for this paper currency. You no doubt have read some variation on the theme that miners used these beautiful notes to wipe spilled whiskey from the counters of bars, or worse, that the notes periodically found themselves dunked in the nearest spittoon. Nothing could be further from the truth, and no evidence supports such contentions. The manifold evidence available reveals that the national gold bank notes enjoyed active, vigorous circulation, and that their favor resulted from the fact that they were directly con- vertible into specie and everyone knew it. The fact is, they continued to enjoy this perfect convertibility until 1934 when the country went off the gold standard. No more authoritative voice on the subject can be found than the Comptroller of the Currency, John Knox, who wrote in 1875: Prior to the late financial crisis in California the gold notes had an extensive circulation in the mining regions of the Pacific coast, the expense of transportation being considerably less than upon gold coin; but owing to the deranged condition of business and the suspension of labor in many of the mining districts, the de- mand for these notes has largely diminished (Comptroller of the Currency, 1875). Honest wear of an intensively circulated medium accounts for the low grades of most surviving national gold bank notes, not their use as cleaning rags in bars. There is a numismatic fact that supports the foregoing— the unprecedented survival rate of national gold bank notes as compared to any other currency, national or non-national, of comparable vintage. Notes do not get saved by contem- porary users unless their owners have faith in their ultimate redemption. We are seeing ample proof that many were saved as shown by the list of known notes that accompanies this article. Approximately one is known for every 475 issued. If that statistic held for all Original Series and Series of 1875 issues, the country would be awash in the things. A more typical survival rate for notes of similar vintage is 1 per 10,000 issued elsewhere in the west. Equally important is the fact that, to our knowledge, no hoards of national gold bank notes contributed to the known note totals. Rather, the pattern was for the notes to turn up one at a time from all manner of widely scattered sources. This is not the hallmark of a despised, untrusted medium. Compare the rate of survival for national gold bank notes with that of any failed national bank of like vintage. The latter's notes were systematically scavenged from circulation and today are rare. In contrast, na- tional gold bank notes are common. KIDDER GOLD BANK IN BOSTON The Kidder National Gold Bank of Boston (1699) was the first national gold hank chartered, and was the only one lo- cated outside California. Its life was brief. It is apparent from the scanty records available that the organizers had second thoughts about the economics associated with operating such a hank in the northeast where resistance to federal promis- sory notes was rather minimal. The bank was organized and chartered in August 1870, received its circulation in March and April 1871, returned its entire circulation in December, 1871, and liquidated in November, 1872. Not a single Kidder na- tional gold hank note entered circulation, although at least one sheet was cut. When the Kidder notes were destroyed, the only $1000 national gold bank notes printed disappeared. The history of the Kidder gold note issues began on Au- gust 15, 1870, when the bank deposited $50,000 in bonds to secure its circulation. This was followed on November 5, 1870, with an additional $100,000 bond deposit. The first shipment of notes was sent to the hank on March 11, 1871, and con- sisted of 50 sheets of the 50-100 combination. Seventy-five sheets of its fabulous 500-1000 combination were received by the Comptroller on April 5, 1871, and sent to the hank three days later. In all, the bank received $120,000 in these two ship- ments, equal to the 80 percent limit on its $150,000 bonds. All were Original Series notes. The entire circulation was returned to the Comptroller of the Currency on December 4, 1871. The bonds securing the circulation were sold on December 9th and 19th in $140,000 and $10,000 increments. That was how this interesting chapter in national bank note lore closed. Proofs remain of the $50 and $100 denominations (See Hessler, 1979), but none of the $500 or $1000 proofs seem to have survived. We remain hopeful, however, that someday a 500-1000 Kidder proof will tumble out of the proof holdings belonging to the American Bank Note Company, as this firm succeeded the National Bank Note Company which made the Kidder plates. VARIETIES The National gold bank notes were issued in both the Original Series and Series of 1875. Within the Original Series, both the without and with charter number varieties are known. The overprinting of charter numbers on the faces of Original Se- ries notes was dictated by an amendment to the National Bank Act dated June 20, 1874. These numbers were used to facilitate the sorting of redeemed notes. When the amendment passed, the Comptroller of the Currency had charter numbers over- Sheet Combination Jul 24, 1883 Oct 18, 1883 Table 2, Treasury serial numbers used on National Gold Bank sheets. Dates show when the sheets were received by the Comptroller of the Currency. Data from Comptroller of the Currency (various dates-b). Date Bank Serials Treasury Serials 321 - 520 A354247 - A354446 521 - 620 A369100 - A369199 1994 National Gold Bank and Trust Company, San Francisco, California Sheet Combination Date Bank Serials Treasury Serials Original Series 5-5-5-5 Jun Jul Aug 29, 1872 1 - 1000 K236207 - K237206 3, 1872 1001 - 2000 K243603 - K244602 17, 1872 2001 - 4000 K387152 - K389151 1699 Kidder National Gold Bank, Boston, Massachusetts Apr 19, 1873 4001 - 4125 K951182 - K951306 Original Series Jun 21, 1873 4126 - 4625 L68780 - L69279 50-100 Mar 10, 1871 1 - 50 273699 - 273748 10-10-10-20 Jun 18, 1872 1 - 500 A852076 - A852575 500-1000 Apr 5, 1871 1 - 75 K2343 - K2417 Jun 19, 1872 501 - 1300 A853391 - A854190 Jun 21, 1872 1301 - 3000 A857919 - A859618 1741 First National Gold Bank of San Francisco, California Aug 2, 1872 3001 - 4000 A894256 - A895255 Original Series Jul 12, 1873 4001 - 5000 B255332 - B256331 5-5-5-5 Mar 30, 1871 1 - 200 H67113 - H67312 50-100 Jun 14, 1872 1 - 900 320122 - 321021 Apr 3, 1871 201 - 1000 H73345 - H74144 Aug 2, 1872 901 - 1800 324907 - 325806 Apr 5, 1871 1001 - 1500 H85342 - H85841 Aug 6, 1872 1801 - 2300 329141 - 329640 Apr 10, 1871 1501 - 2000 H100192 - H100691 Sep 9, 1872 2301 - 3300 333280 - 334279 Apr 15, 1871 2001 - 3000 H111992 - H112991 500 Jun 15, 1872 1 - 50 M13359 - M13408 Apr 21, 1871 3001 - 4000 H120741 - H121740 Jul 17, 1872 51 - 100 M13529 - M13578 Apr 24, 1871 4001 - 5000 H129966 - E130965 Aug 1, 1872 101 - 150 M13629 - M13678 May 29, 1872 5001 - 5750 K168175 - K168924 Sep 7, 1872 151 - 250 M13946 - M14045 Jul 17, 1872 5751 - 6750 K274888 - K275887 Jul 20, 1872 6751 - 7750 K275888 - K276887 2014 National Gold Bank of D. O. Mills and Company, Sacramento, California Jul 24, 1872 7751 - 8250 K285227 - K285726 Original Series 10-10-10-10 Mar 7, 1871 1 - 100 Z674128 - Z674227 5-5-5-5 Aug 6, 1872 1 - 500 K333872 - K334371 Mar 8, 1871 101 - 300 Z674228 - Z674427 Aug 7, 1872 501 - 1000 K346968 - K347467 Mar 14, 1871 301 - 1300 Z677666 - Z678665 Aug 8, 1872 1001 - 1500 K347468 - K347967 Mar 22, 1871 1301 - 1600 Z680406 - Z680705 Oct 4, 1873 1501 - 2000 L311914 - L312413 Mar 23, 1871 1601 - 2500 Z680706 - 2681605 10-10-10-20 Aug 3, 1872 1 - 1041 A895263 - A896303 May 24, 1872 2501 - 2875 Z777312 - Z777686 Oct 7, 1873 1042 - 1241 B302273 - B302472 Jul 9, 1872 2876 - 4501 2782837 - Z784462 20-20-20-20 Aug 7, 1872 1 - 600 X35332 - X35931 20-20-20-20 Mar 7, 1871 1 - 300 X26576 - X26875 50-100 Aug 3, 1872 1 - 533 326931 - 327463 Mar 8, 1871 301 - 600 X26876 - X27175 Oct 7, 1873 534 - 633 379554 - 379653 Mar 14, 1871 601 - 900 X27176 - X27475 500 Aug 3, 1872 1 - 60 M13686 - M13745 Mar 22, 1871 901 - 1000 X27476 - X27575 Oct 9, 1871 1001 - 1125 X29346 - X29470 2077 First National Gold Bank, Stockton, California Mar 30, 1872 1126 - 1375 X32771 - X33020 Original Series May 24, 1872 1376 - 1875 X33528 - X34027 5-5-5-5 Feb 25, 1873 1 - 500 K812006 - K812505 Jul 9, 1872 1876 - 2812 X34028 - X35064 Apr 9, 1873 501 - 1000 K929601 - K930100 50-100 Mar 8, 1871 1 - 200 272612 - 272811 10-10-10-20 Feb 28, 1873 1 - 800 B99370 - B100169 Mar 9, 1871 201 - 600 273192 - 273591 Apr 10, 1873 801 - 1600 B167072 - B167871 Oct 9, 1871 601 - 700 293230 - 293329 May 15, 1873 1601 - 2400 B196150 - B196949 Mar 30, 1872 701 - 900 312094 - 312293 Jul 1, 1873 2401 - 3200 B233230 - B234029 May 24, 1872 901 - 1200 317556 - 317855 Jul 24, 1873 3201 - 3800 B260932 - B261531 Jul 9, 1872 1201 - 2000 321089 - 321888 Jul 19, 1875 3801 - 4600 D700306 - D701105 500 Apr 6, 1871 1 - 60 M11431 - M11490 Aug 7, 1875 4601 - 5000 D809770 - D810169 Mar 21, 1872 61 - 110 M13112 - M13161 50-100 Feb 28, 1873 1 - 200 348814 - 349013 May 13, 1872 111 - 200 M13262 - M13351 Apr 10, 1873 201 - 400 359381 - 359580 Jun 21, 1872 201 - 300 M13429 - M13528 Jul 24, 1873 401 - 600 367398 - 367597 Series of 1875 Jul 19, 1875 601 - 867 597956 - 598222 20-20-20-20 Feb 24, 1883 1 - 650 A57137 - A57786 Series of 1875 Aug 22, 1883 651 - 900 A60137 - A60386 10-10-10-20 Oct 31, 1878 1 - 500 D8153 - D8652 50-100 Feb 21, 1883 1 - 320 A338662 - A338981 Continued Op tp CDCD Table 2 continued Table 3. National Gold Bank sheet serials issued, and dates when the sheetswere shipped to the banks from the Comptroller of the Currency. Sheet Combination Date Bank Serials Treasury Serials Data from Comptroller of the Currency (various dates-a): 2104 First National Gold Original Series Bank, Santa Barbara, California Sheet Combination Bank Serials Dates 5-5-5-5 Jun 18, 1873 1 - 250 L68530 - L68779 1699 Kidder National Gold Bank, Boston, Massachusetts Oct 1, 1873 251 - 500 L292417 - L292666 Original Series 10-10-10-20 Jun 17, 1873 1 - 400 B219615 - B220014 50-100 1 - 50 Mar 11, 1871 Sep 12, 1873 401 - 800 B301873 - B302272 500-1000 1 - 75 Apr 8, 1871 50-100 Jun 17, 1873 1 - 100 363903 - 364002 Total number of notes issued = 250 ($120,000) Sep 12, 1873 101 - 200 375650 - 375749 1741 First National Gold Bank, San Francisco, California 2158 Farmers National Gold Bank, San Jose, California Original Series Original Series 5-5-5-5 1 - 8250 Apr 3, 1871 - May 24, 1883 5-5-5-5 Aug 5, 1874 1 - 1000 N465344 - N466343 10-10-10-10 1 - 4501 Mar 9, 1871 - Mar 30, 1882 Aug 9, 1874 1001 - 2000 N466344 - N467343 20-20-20-20 1 - 2812 Mar 9, 1971 - Feb 17, 1882 Sep 12, 1874 2001 - 4000 N479001 - N481000 50-100 1 - 2000 Mar 10, 1871 - Feb 17, 1882 10-10-10-20 Aug 26, 1874 1 - 3200 B388955 - B392154 500 1 - 300 Apr 8, 1871 - Mar 30, 1882 50-100 Aug 17, 1874 1 - 400 434491 - 434890 Series of 1875 20-20-20-20 1 - 900 Feb 24, 1883 - Aug 28, 1883 2193 First National Gold Original Series Bank, Petaluma, California 50-100 1 - 620 Feb 21, 1883 - Oct Total number of notes issued = 71,392 ($1,185,000) 18, 1883 10-10-10-20 Nov 13, 1874 1 - 1000 B567310 - B568309 Jan 13, 1875 1001 - 2000 B811555 - 8812554 1994 National Gold Bank and Trust Company, San Francisco, California 50-100 Nov 21, 1874 1 - 200 475882 - 476081 Original Series Jan 13, 1875 201 - 400 497886 - 498085 5-5-5-5 1 - 4460 Jul 3, 1872 - Nov 18, 1873 Series of 1875 10-10-10-20 1 - 4223 Jun 25, 1872 - Nov 10, 1877 10-10-10-20 Jun 4, 1879 1 - 100 D241773 - D241872 50-100 1 - 2856 Jun 17, 1872 - Feb 11, 1875 Jan 26, 1883 101 - 200 8112277 - 8112376 500 1 - 250 Jun 17, 1872 - Apr 5, 1873 Apr 21, 1883 201 - 300 H215147 - 8215246 Total number of notes issued = 40,694 ($853,750) Aug 22, 1883 301 - 400 8347064 - 8347163 2014 National Gold Bank of D. 0. Mills and Company, Sacramento, California 2248 First National Gold Bank, Oakland, California Original Series Original Series 5-5-5-5 1 - 1990 Aug 12, 1872 - Feb 24, 1881 10-10-10-20 May 28, 1875 1 - 800 D396063 - D396862 10-10-10-20 1 - 1241 Aug 7, 1872 - Apr 4, 1879 Aug 7, 1875 801 - 1600 D810170 - D810969 20-20-20-20 1 - 600 Aug 16, 1872 - Aug 21, 1872 Series of 1875 50-100 1 - 604 Aug 7, 1872 - Feb 24, 1881 10-10-10-20 May 8, 1879 1 - 400 D219333 - D219732 500 1 - 60 Aug 7, 1872 Total number of notes issued = 16,592 ($270,450) 2266 Union National Gold Bank, Oakland, California Original Series 2077 First National Gold Bank, Stockton, California 10-10-10-20 Jun 19, 1875 1 - 500 D524788 - D525287 Original Series Aug 7, 1875 501 - 700 D810970 - D811169 5-5-5-5 1 - 1000 Mar 14, 1873 - Apr 15, 1873 50-100 Jun 19, 1875 1 - 100 579580 - 579679 10-10-10-20 1 - 5000 Mar 14, 1873 - Oct 31, 1878 Aug 17, 1875 101 - 300 614007 - 614206 50-100 1 - 867 Mar 14, 1873 - Jul Series of 1875 21, 1875 10-10-10-20 1 - 293 Oct 31, 1878 Total number of notes issued = 26,906 ($414,700) 2104 First National Gold Bank, Santa Barbara, California Original Series 5-5-5-5 1 - 500 Jun 24, 1873 - Sep 22, 1875 10-10-10-20 1 - 800 Jun 21, 1873 - Oct 7, 1875 Continued Table 3 continued Sheet Combination Bank Serials Dates Table 4. Treasury signatures on National Gold Bank plates. Data for Series of 1875 from Bureau of Engraving and Printing (various dates). 50-100 1 - 200 Jun 23, 1873 - Sep 18, 1875 Total number of notes issued 5,600 ($80,000) Sheet Combination Register of the Treasury Treasurer 1699 Kidder National Gold Bank, Boston, Massachusetts 2158 Farmers National Gold Bank, San Jose, California Original Series Original Series 50-100 Allison Spinner 5-5-5-5 1 - 2007 Dec 28, 1874 - Dec 9, 1879 500-1000 Allison Spinner 10-10-10-20 1 - 2849 Sep 2, 1874 - Dec 9, 1879 50-100 1 - 400 Aug 25, 1874 1741 First National Gold Bank, San Francisco, California Total number of notes issued = 20,224 ($242,590) Original Series 5-5-5-5 Allison Spinner 2193 First National Gold Bank, Petaluma, California 10-10-10-10 Allison Spinner Original Series 20-20-20-20 Allison Spinner 10-10-10-20 1 - 2000 Nov 20, 1874 - Jan 25, 1875 50-100 Allison Spinner 50-100 1 - 400 Dec 4, 1874 - Jan 25, 1875 500 Allison Spinner Series of 1875 Series of 1875 10-10-10-20 1 - 363 Jun 4, 1879 - Feb 9, 1884 20-20-20-20 Bruce Gilfillan Total number of notes issued = 10,252 ($178,150) 50-100 Bruce Gilfillan 2248 First National Gold Bank, Oakland, California 1994 National Gold Bank and Trust Company, San Francisco, California Original Series Original Series 10-10-10-20 1 - 1600 Jun 7, 1875 - Aug 19, 1875 5-5-5-5 Allison Spinner Series of 1875 10-10-10-20 Allison Spinner 10-10-10-20 1 - 12 May 10, 1879 50-100 Allison Spinner Total number of notes issued = 6,448 ($80,600) 500 Allison Spinner 2266 Union National Gold Bank, Oakland, California 2014 National Gold Bank of D. 0. Mills and Company, Sacramento, California Original Series Original Series 10-10-10-20 1 - 500 Jun 29, 1875 5-5-5-5 Allison Spinner 50-100 1 - 100 Jun 29, 1875 10-10-10-20 Allison Spinner Total number of notes issued = 2,200 ($40,000) 20-20-20-20 Allison Spinner 50-100 Allison Spinner Total number of National Gold Bank Notes issued 200,558 500 Allison Spinner. Total value of National Gold Bank Notes issued = $3,465,240 2077 First National Gold Bank, Stockton, California Original Series 5-5-5-5 Allison Spinner 10-10-10-20 Allison Spinner 50-100 Allison Spinner Series of 1875 10-10-10-20 Scofield Gilfillan 2104 First National Gold Bank, Santa Barbara, California Original Series 5-5-5-5 Allison Spinner 10-10-10-20 Allison Spinner 50-100 Allison Spinner 2158 Farmers National Gold Bank, San Jose, California Original Series 5-5-5-5 Allison Spinner Continued Paper Money Whole No. 148 Page 109 Table 4 continued Sheet Combination Register of the Treasury Treasurer 10-10-10-20 Allison Spinner 50-100 Allison Spinner 2193 First National Gold Bank, Petaluma, California Original Series 10-10-10-20 Allison Spinner 50-100 Allison Spinner Series of 1875 10-10-10-20 Scofield Gilfillan 2248 First National Gold Bank, Oakland, California Original Series 10-10-10-20 Allison Spinner Series of 1875 10-10-10-20 Scofield Gilfillan 2266 Union National Bank, Oakland, California Original Series 10-10-10-20 Allison Spinner 50-100 Allison Spinner Table 5. Engraved dates on National Gold Bank plates, and converted successor plates. Data from Bureau of Engraving and Printing (various dates). See Huntoon (1986) for plate dating conventions. 1699 Boston Combination 50-100 500-1000 Gold Orig Aug Aug Notes & 1875 15, 1870 15, 1870 Regular Series National Bank Notes 1875 Series 1882 Following Conversion Series 1902 1741 San Francisco 5-5-5-5 Nov 30, 1870 Feb 20, 1884 Oct 21, 1890 Oct 21, 1910 both titles 10-10-10-10 Nov 30, 1870 10-10-10-20 Feb 20, 1884 Oct 21, 1890 Oct 21, 1910 both titles 20-20-20-20 Nov 30, 1870 50-100 Nov 30, 1870 Feb 20, 1884 Oct 21, 1890 50-50-50-100 Oct 21, 1910 second title 500 Nov 30, 1870 1994 San Francisco 5-5-5-5 Jun 6, 1872 10-10-10-20 Jun 6, 1872 50-100 Jun 6, 1872 500 Jun 6, 1872 2014 Sacramento 5-5-5-5 Aug 15, 1872 Jul 7, 1892 Jul 7, 1912 10-10-10-20 Aug 15, 1872 Sep 15, 1883 Jul 7, 1892 Jul 7, 1912 20-20-20-20 Aug 15, 1872 50-100 Aug 15, 1872 Jul 7, 1892 50-50-50-100 Jul 7, 1912 500 Aug 15, 1872 2077 Stockton 5-5-5-5 Feb 15, 1873 10-10-10-20 Feb 15, 1873 50-100 Feb 15, 1873 2104 Santa Barbara 5-5-5-5 May 15, 1873 Mar 25, 1893 Mar 24, 1913 both titles 10-10-10-20 May 15, 1873 Sep 10, 1880 Mar 25, 1893 Mar 24, 1913 both titles 50-100 May 15, 1873 Sep 10, 1880 Mar 25, 1893 2158 San Jose 5-5-5-5 Aug 15, 1874 Jul 12, 1894 10-10-10-10 Jul 12, 1894 10-10-10-20 Aug 15, 1874 Apr 26, 1880 Jul 11, 1914 50-100 Aug 15, 1874 Apr 26, 1880 Jul 12, 1894 50-50-50-100 Jul 12, 1894 Jul 11, 1914 2193 Petaluma 10-10-10-20 Nov 10, 1874 Apr 17, 1884 50-100 Nov 10, 1874 2248 Oakland 5-5-5-5 Mar 31, 1895 Mar 30, 1915 10-10-10-20 May 15, 1875 Mar 25, 1880 Mar 31, 1895 Mar 30, 1915 50-100 Mar 31, 1895 50-50-50-100 Mar 31, 1895 2266 Oakland 5-5-5-5 Apr 9, 1895 10-10-10-10 May 25, 1880 10-10-10-20 Jun 15, 1875 Apr 9, 1895 50-100 Jun 15, 1875 Apr 9, 1895 Table 6. Value of outstanding National Gold Bank notes by years for which totals are available. Fractions of notes are included. Reporting dates are: third quarter (1871-6), Nov. 1 (1877-85), Oct. 31 Table 7. National Gold Bank presidents, cashiers, and circulations by year. Data from Comptroller of the Currency (various dates-d). (1886-1914). Data from Comptroller of the Currency (various dates-d). Year President Cashier Circulation Year Value Year Value 1699 Kidder National Gold Bank, Boston 1871 H. P. Kidder 0. W. Peabody 1871 $ 495,000 1893 $ 97,827 1872 H. P. Kidder 0. W. Peabody 1872 1,366,175 1894 92,487 1873 1,988,430 1895 89,402 1741 First National Gold Bank, San Francisco 1874 2,107,915 1896 86,787 1871 George F. Hooper Nathan K. Masten $ 277,060 1875 2,171,877 1897 84,639 1872 George F. Hooper Nathan K. Masten 609,425 1876 1,414,485 1898 82,854 1873 George F. Hooper Nathan K. Masten 639,645 1877 1,432,120 1899 81,929 1874 George F. Hooper Nathan K. Masten 638,685 1878 1,468,920 1900 80,144 1875 George F. Hooper Ralph C. Woolworth 605,575 1879 1,447,120 1901 78,969 1876 Ralph C. Woolworth George W. Rodman 630,710 1880 1,315,945 1902 78,224 1877 Ralph C. Woolworth George W. Rodman 613,585 1881 921,512 1903 77,224 1878 Ralph C. Woolworth Edwin D. Morgan 629,205 1882 778,389 1904 75,934 1879 Ralph C. Woolworth Edwin D. Morgan 637,375 1883 748,984 1905 75,664 1880 Ralph C. Woolworth Edwin D. Morgan 627,670 1884 534,079 1906 75,184 1881 Ralph C. Woolworth Edwin D. Morgan 333,805 1885 384,269 1907 75,024 1882 Ralph C. Woolworth Edwin D. Morgan 258,610 1886 296,069 1908 74,779 1883 Daniel Callaghan Edwin D. Morgan 461,405 1887 239,929 1909 74,679 1888 188,987 1910 74,679 1994 National Gold Bank and Trust Company, San Francisco 1889 156,652 1911 74,679 1872 Henry L. Davis D. W. C. Thompson 520,000 1890 134,727 1912 74,679 1873 Henry L. Davis D. W. C. Thompson 800,000 1891 116,837 1913 74,339 1874 Henry L. Davis D. W. C. Thompson 799,335 1892 104,952 1914 74,339 1875 Henry L. Davis D. W. C. Thompson 399,582 Peak National Gold Bank circulation was $2,640,000 on August 19, 1875. 1876 Charles H. Burton Henry H. Hewlett 40,000 1877 Charles H. Burton Henry H. Hewlett 40,000 1878 Charles H. Burton Henry H. Hewlett 39,775 2014 National Gold Bank of D. 0. Mills and Company, Sacramento 1872 Edgar Mills Frank Miller 236,750 1873 Edgar Mills Frank Miller 238085 1874 Edgar Mills Frank Miller 240,000 1875 Edgar Mills Frank Miller 220,000 1876 Edgar Mills Frank Miller 119,095 1877 Edgar Mills Frank Miller 117,525 1878 Edgar Mills Frank Miller 118,920 1879 Edgar Mills Frank Miller 120,000 1880 Edgar Mills Frank Miller 119,520 1881 Edgar Mills Frank Miller 118,675 1882 Edgar Mills Frank Miller 1883 Edgar Mills Frank Miller 2077 First National Gold Bank, Stockton 1873 Frank Stewart Henry H. Hewlett 270,000 1874 Frank Stewart Henry H. Hewlett 269,895 1875 Frank Stewart Henry H. Hewlett 358,710 1876 Frank Stewart Henry H. Hewlett 199,475 1877 Frank Stewart Henry H. Hewlett 202,875 1878 Frank Stewart Henry H. Hewlett 223,260 Continued 1879 Frank Stewart Henry H. Hewlett 269,500 Year $5 $10 $20 $50 $100 $500 $1000 2104 First National Gold Bank, Santa Barbara 1873 Mortimer Cook Amass L. Lincoln 40,000 1889 5143 3796 2344 296 262 10 0 1874 Mortimer Cook Amasa L. Lincoln 80,000 1890 4709 3416 1911 258 223 7 0 1875 Mortimer Cook Amass L. Lincoln 79,940 1891 4417 3156 1592 203 186 5 0 1876 Milo Sawyer Amass L. Lincoln 27,110 1892 4210 3001 1362 173 159 4 0 1877 Milo Sawyer Amasa L. Lincoln 27,105 1893 4073 2873 1204 161 145 4 0 1878 Russell Heath Amasa L. Lincoln 27,065 1894 3971 2795 1079 150 135 4 0 1879 Russell Heath Amasa L. Lincoln 26,775 1895 3880 2726 1017 146 130 4 0 1896 3835 2686 975 137 123 4 0 2158 Farmers National Gold_Bank, San Jose 1897 3765 2655 953 130 116 4 0 1874 John W. Hinds George P. Sparks 80,000 1898 3718 2634 931 128 108 4 0 1875 John W. Hinds William D. Tisdale 239,760 1899 3679 2619 912 126 107 4 0 1876 John W. Hinds William D. Tisdale 198,325 1900 3626 2590 883 123 102 4 0 1877 John W. Hinds William D. Tisdale 199,695 1901 3595 2574 865 121 98 4 0 1878 John W. Hinds William D. Tisdale 1902 3578 2564 847 121 96 4 0 199,310 1903 3534 2543 841 116 94 4 0 1879 John W. Hinds William D. Tisdale 198,105 1904 3500 2521 826 114 89 4 0 1905 3480 2510 823 114 89 4 0 2193 First National Gold Bank, Petaluma 1906 3470 2499 822 114 86 4 0 1875 Isaac G. Wickersham Henry H. Atwater 156,740 1907 3460 2498 822 114 85 4 0 1876 Isaac G. Wickersham Henry H. Atwater 80,000 1908 3451 2492 815 114 85 4 0 1877 Isaac G. Wickersham Henry H. Atwater 79,570 1909 3451 2492 815 114 84 4 0 1878 Isaac G. Wickersham Henry H. Atwater 79,460 1910 3451 2492 815 114 84 4 0 1879 Isaac G. Wickersham Henry H. Atwater 79,380 1911 3451 2492 815 114 84 4 0 1880 Isaac G. Wickersham Henry H. Atwater 79,730 1912 3451 2492 815 114 84 4 0 1881 Isaac G. Wickersham Henry H. Atwater 79,620 1913 3451 2481 806 113 84 4 0 1882 Isaac G. Wickersham Henry H. Atwater 39,620 1914 3451 2481 806 113 84 4 0 1883 Isaac G. Wickersham Henry H. Atwater 35,670 Issued 72828 74647 36129 8097 8097 685 75 2248 First National Gold Bank, Oakland 1875 B. F. Ferris G. M. Fisher 80,000 % out 1914 4.7 3.3 2.2 1.4 1.0 0.6 0 1876 Volney D. moody G. M. Fisher 79,990 1877 Volney D. Moody G. M. Fisher 79,870 1878 Volney D. Moody Charles H. Twombly 79,670 1879 Volney D. Moody Charles H. Twombly 79,970 2266 Union National Gold Bank, Oakland 1875 Ashmun C. Henry Henry A. Palmer 31,570 1876 Ashmun C. Henry Henry A. Palmer 39,780 1877 Ashmun C. Henry Henry A. Palmer 39,070 1878 Ashmun C. Henry Henry A. Palmer 39,880 1879 Ashmun C. Henry Henry A. Palmer 39,490 Cashier Table 7continued Year President Table 8. Numbers of National Gold Bank notes outstanding by denomination on October 31 for years for which such data are available. Circulation Fractions of notes not included. Data from Comptroller of the Currency (various dates-d). )2,0ilwi,,Yr sTfrk Page 112 Paper Money Whole No. 148 1 SS leo / ///////// I ;. .4),:wirn.„40, 11,,ENT 1I flodd, 0)/C., 9 'OP i)? / 4/maim 4 ri ///////// ;AeV 20,, ,.■• 0 Deposita , - OA/ //7///%5e).' 4;./ Kivu:4TX •r,Z.0%. T Smithsonian Institution Photo 85-32. 4,10 r •A,E. 1,0 Paper Money Whole No. 148 Page 113 D r/t i/ ///////// Itt X $■■ 091 it Ll sta 0; CO/ iilLAN)11 / '// ////// X $■■ a $ I) X ►0: •4./ .41;.%." ii /./;////7,.//// r.1 . -JO- 1■■•• ///;/./////// 4.1111P, I t ptql // 44/ ///////// =ZVAX ,g4 • T" Smithsonian Institution Photo 85-33. Page 114 Paper Money Whole No. 148 Table 9. Comparison of profits between National Gold Bank and National Bank note circulations during the early 1870's. This comparison assumes (1) each bank has deposited $100,000 in bonds to secure the circulation, (2) the market value of the bonds equals par value, (3) the bonds earn 5% per year, and (4) loans earn 10% per year, each of which is reasonably realistic. National Gold Bank Circulations National Bank Circulations Cost of bonds $100,750 $100,750 Par value of bonds 100,000 100,000 Limitation on circulation 80% 90% Circulation received 80,000 90,000 Money held in bank 25% specie 15% legal tender Circulation available to loan 60,000 76,500 Profits 5% interest on bonds 5,000 5,000 10% interest on loaned circulation 6,000 7,650 Gross profits Expenses 1% tax on circulation Sinking fund to pay bond brokerage fee Cost of plates, shipping, etc. 11,000 12,650 800 75 est. 65 est. 900 75 est. 65 est. Gross expenses Net profit Profit on same $100,750 loaned at 10% Net gain by issuing circulation Net increase in profit by issuing circulation printed on all the unissued sheets in his stocks. New printings thereafter came with the overprinted numbers. These were, of course, the late issue Original Series sheets. A distinctive deep yellow paper simulating a golden tone was used for all national gold bank notes printed through June 1879. No national gold bank notes were printed in the interval between June 1879, and January 1883. The last national gold bank note printings, from January to October of 1883, utilized a lighter pale yellow paper. This is commonly called white, although it is not the same as found on other classes of notes of the same vintage. The pale yellow paper also contains two straight, horizontal threads that extend the length of the notes from edge to edge. One thread is red, the other blue. These threads are found in other U.S. currency printed in the early 1880s. All Series of 1875 notes for The First National Bank of San Francisco, and sheets 100-400 of the Series of 1875 10-10-10-20 combination for The First National Bank of Petaluma, were printed on the horizontally threaded, pale yellow paper. LIVING STATISTICS The tables that accompany this article make for good reading in themselves. We will leave it to you to find the gems lurking therein. One that we particularly enjoyed finding involved the first shipments of sheets to The National Gold Bank of D.O. Mills and Company, Sacramento (2014). Notice from Table 5 that the plates for this bank were dated August 15, 940 1,040 10,060 11,610 10,075 10,075 -15 1,535 0% 1.5% 1872. Table 3 reveals that the first shipments of sheets printed from four of these plates predated the plate date! Do you think any of the four $500 national gold bank notes shown in Table 8 as outstanding in 1914 survive? Unfor- tunately the totals for outstanding gold notes were merged with regular national bank notes in 1915 and the combined records were published annually only through 1938. The four extant gold $500s were added to 173 extant regular $500 na- tionals in 1915. Between 1914 and 1938, four $500 national bank notes were redeemed, one each in 1916 and 1920, and two in 1937. Did these redemptions improbably claim all of the last four $500 national gold bank notes or did they burn in the San Francisco fire in 1906? Or does one or more still exist waiting to be numismatically discovered? SUMMARY Ten national gold banks were organized under the provisions of the Act of July 12, 1870, one in Boston, and the rest in California. These specie banks were economically viable as long as public acceptance of federal promissory notes was less than enthusiastic. However, under the terms governing their gold note circulations, the national gold banks reaped signifi- cantly smaller profits on their specie-convertible notes in con- trast to profits on the legal tender-convertible circulations of regular national banks. The disparity was accentuated in 1874 when Congress further liberalized requirements affecting the Paper Money Whole No. 148 Page 115 Table 10. California National Gold Bank Series Den Grade Serials notes recorded by W. K. Raymond, Orig 5 G- 6228 B K275365) 660 E. Carmen Ave., Fresno, CA Orig 5 G 6267 a K275404) 93728. Orig 5 G 6270 B K275407) Series Den Grade Serials Orig 5 G 6278 A K275415)Orig 5 6285 B K275422) 1741 The First N Gold B of San Francisco Orig 5 VG+ 6348 B K275485)Orig 5 G 213 D H73357) Orig 5 6362 A K275499)Orig 5 F- 262 D H73406) Orig 5 F 6367 D K275504)Orig 5 VG 886 D H74030) Orig 5 VG 6391 C K275528)Orig 5 VG 920 C H74064) Orig 5 6415 B K275552)Orig 5 FR 1138 B H85479) Orig 5 EF 6429 C K275566)Orig 5 VG 1351 C H85692) Orig 5 G 6460 C K275597)Orig 5 G 1463 D H85804) Orig 5 VG 6461 C K275598)Orig 5 G 1496 D H85837) Orig 5 FR 6468 C K275605)Orig 5 VG- 1503 A H100194) Orig 5 F- 6479 B K275616)Orig 5 G 1930 B H100621) Orig 5 6488 K275625)Orig 5 F 2140 A H112131) Orig 5 VG 6492 C K275629)Orig 5 VG 2294 C H112285) Orig 5 G 6520 D K275657)Orig 5 PR 2652 D H112643) Orig 5 6527 A K275664)Orig 5 2836 H112827) Orig 5 FR 6528 B K275665)Orig 5 VF+ 3317 A H121057) Orig 5 F- 6565 D K275702)Orig 5 VG+ 3643 A H121383) Orig 5 EF 6582 B K275719)Orig 5 PR 4217 C H130182) Orig 5 VG 6617 D K275754)Orig 5 F 4811 C H130776) Orig 5 G 6623 B K275760)Orig 5 VG 4895 B H130860) Orig 5 VF 6636 C K275773)Orig 5 F+ 4938 C H130903) Orig 5 VG 6641 C K275778)Orig 5 VG 4955 D H130920) Orig 5 F+ 6648 B K275785)Orig 5 G- 4970 A H130935) Orig 5 G 6652 C K275789)Orig 5 VG 5030 D K168204) Orig 5 VG 6685 D K275822)Orig 5 F- 5059 A K168233) Orig 5 FR 6704 A K275841)Orig 5 G- 5066 C K168240) Orig 5 6719 B K275856)Orig 5 FR 5069 C K168243) Orig 5 EF 6758 B K275895)Orig 5 F 5121 C K168295) Orig 5 F 6761 C K275898)Orig 5 5159 A K168333) Orig 5 F- 6769 A K275906)Orig 5 G 5178 B K168352) Orig 5 F- 6781 B K275918)Orig 5 VG+ 5181 A K168355) Orig 5 F 6788 K275925)Orig 5 5226 A K168400) Orig 5 VF 6792 B K275929)Orig 5 G 5297 A K168471) Orig 5 G 6801 A K275938)Orig 5 G+ 5346 A K168520) Orig 5 VF- 6822 A K275959)Orig 5 VG 5405 D K168579) Orig 5 VF 6827 A K275964)Orig 5 VF 5413 B K168587) Orig 5 G 6833 A K275970)Orig 5 G+ 5436 A K168610) Orig 5 G+ 6837 C K275974)Orig 5 G 5924 C K275061) Orig 5 G 6843 B K275980)Orig 5 F- 5945 B K275082) Orig 5 F 6853 C K275990)Orig 5 F+ 5954 C K275091) Orig 5 G 6853 D K275990) Orig 5 F 5960 D K275097) Orig S F- 6963 C K276100) Orig S VF 5962 K275099) Orig 5 FR 6871 B K276008) Orig 5 VG 5974 A K275111) Orig 5 VG 6881 B K276018) Orig 5 VF- 5988 C K275125) Orig 5 F 6887 B K276024) Orig 5 F 5989 A K275126) Orig 5 FR 6901 B K276038) Orig 5 VF 5992 C K275129) Orig 5 G 6966 B K276103) Orig 5 VG- 6000 A K275137) Orig 5 F 6984 B K276121) Orig 5 VG 6000 D K275137) Orig 5 VG 6986 C K276123) Orig 5 G 6037 D K275174) Orig 5 F 7029 C K276166) Orig 5 VG 6042 C K275179) Orig 5 F 7033 C K276170) Orig 5 VG 6050 C K275187) Orig 5 7034 a K276171) Orig 5 FR 6069 D K275206) Orig 5 F+ 7043 C K276180) Orig 5 6081 D K275218) Orig S LAM 7046 D K276183) Orig 5 VG 6086 B K275223) Orig 5 VG 7075 D K276212) Orig 5 VF 6182 A K275319) Orig 5 7079 D K276216) Orig 5 F 6203 D K275340) Orig 5 VG- 7107 B K276244) Orig 5 VG 6224 C K275361) Continued Page 116 Paper Money Whole No. 148 Table 10 continued SeriesOrig Den 5 Grade 7900 A Serials K285376) Series Den Grade Serials Orig 5 VG 7117 C K276254) Orig 5 VF 7905 C K285381) Orig 5 VG 7123 C K276260) Orig 5 FR 7906 B K285382) Orig 5 VG 7158 K276295) Orig 5 VG 7907 B K285383) Orig 5 G 7159 C K276296) Orig 5 7928 C K285404) Orig 5 VG 7166 A K276303) Orig 5 AU 7934 C K285410) Orig 5 G— 7195 D K276332) Orig 5 VG 7959 B K285435) Orig 5 7196 K276333) Orig 5 G+ 7970 B K285446) Orig 5 VF— 7208 A K276345) Orig 5 7997 C K285473) Orig 5 G 7210 B K276347) Orig 5 8016 D K285492) Orig 5 7224 B K276361) Orig 5 VG— 8061 B K285537) Orig 5 VG 7245 B K276382) Orig 5 VG— 8100 C K285576) Orig 5 FR 7256 D K276393) Orig 5 F 8115 C K285591) Orig 5 VG 7257 A K276394) Orig 5 VG+ 8137 D K285613) Orig 5 VF 7261 D K276398) Orig 5 VF 8145 A K285621) Orig 5 VG+ 7270 B K276407) Orig 5 F— 8161 A K285637) Orig 5 F 7273 B K276410) Orig 5 VG 8163 C K285639) Orig 5 VF— 7274 D K276411) Orig 5 VG 8167 K285643) Orig 5 G 7279 C K276416) Orig 5 VG— 8218 D K285694) Orig 5 F 7288 A K276425) Orig 5 G 8239 B K285715) Orig 5 VG 7321 D K276458) Orig 10 VG— 965 D Z678330) Orig 5 VG+ 7323 D K276460) Orig 10 FR 976 2678341) Orig 5 F 7340 A K276477) Orig 10 G 3559 B Z783520) Orig 5 F 7341 A K276478) Orig 10 G 3573 C 2783534) Orig 5 VG 7344 K276481) Orig 10 VF 3886 C 2783847) Orig 5 F 7348 B K276485) Orig 10 VG+ 3933 A 2783894) Orig 5 7374 A K276511) Orig 10 VF 3964 C Z783925) Orig 5 7376 K276513) Orig 10 VF+ 3968 B Z783929) Orig 5 VF 7418 B K276555) Orig 10 VG 3974 C Z783935) Orig 5 F 7420 D K276557) Orig 10 F 3986 C Z783947) Orig 5 F— 7425 C K276562) Orig 10 VG+ 4019 B Z783980) Orig 5 PR 7431 C K276568) Orig 10 F 4117 C 2784078) Orig 5 7446 C K276583) Orig 10 ? 4220 D Z784184) Orig 5 VG 7458 B K276595) Orig 10 VG 4234 A Z784195) Orig 5 VG— 7461 C K276598) Orig 10 VG— 4263 B Z784224) Orig 5 VG 7468 C K276605) Orig 10 4298 B 2784259) Orig 5 VF 7472 B K276609) Orig 10 F 4371 A Z784332) Orig 5 F 7473 B K276610) Orig 10 PR 4403 B Z784364) Orig 5 7485 K276622) Orig 10 FR 4405 B Z784366) Orig 5 VG— 7486 D K276623) Orig 10 VF+ 4406 B Z784367) Orig 5 7498 A K276635) Orig 20 FR 799 A X27374) Orig 5 VG 7557 C K276694) Orig 20 VG 1398 a X33550) Orig 5 FR 7568 B K276705) Orig 20 2239 A _(34391) Orig 5 FR 7672 A K276809) Orig 20 ? 2240 X34392) Orig 5 FR 7674 B K276811) Orig 20 F+ 2258 C X34410) Orig 5 G 7690 A K276827) Orig 20 F+ 2377 A X34529) Orig 5 G+ 7700 C K276837) Orig 20 F 2401 D X34553) Orig 5 7711 A K276848) Orig 20 F 2412 B X34564) Orig 5 F+ 7715 A K276852) Orig 20 VF— 2413 A X34565) Orig 5 F 7721 A. K276858) Orig 20 F 2440 D X34592) Orig 5 VF 7750 C K276887) Orig 20 EF 2459 B X34611) Orig 5 FR 7773 C K285249) Orig 20 2484 B X34636) Orig 5 VG 7777 A K285253) Orig 20 G 2557 A X34709) Orig 5 7780 D K285256) Orig 20 VF— 2635 C X34787) Orig 5 PR 7800 B K285276) Orig 20 F— 2688 C X34840) Orig 5 VG 7824 A K285300) Orig 20 FR 2726 A X34878) Orig 5 7832 D K285308) Orig 20 FR 2733 C X34885) Orig 5 EF 7847 C K285323) Orig 20 FR 2737 X34889) Orig 5 VF 7852 D K285328) Orig 20 FR 2770 A X34922) Orig 5 VG 7869 D K285345) Orig 20 VF 2772 C X34924) Orig 5 G 7894 C K285370) Orig 20 VG— 2804 D X34956) Orig 5 G 7897 A K285373) Continued Paper Money Whole No. 148 Page 117 Table 10 continued Series Den Grade Serials Orig 50 G- 1392 A (321280) Orig 50 VG 1616 A (321504) Orig 50 VG 1670 A (321558) Orig 50 VF 1884 A (321772) Orig 100 VG- 1260 A (321148) Orig 100 VG 1555 A (321443) 1875 20 LAM 32 A A57168) 1875 20 G 36 A A57172) 1875 20 FR 492 B A57628) 1875 20 VG C 1875 20 VG+ 860 A A60346) 1875 20 VG 893 A A60379) 1875 50 F 20 A A338681) 1875 100 EF 232 A A338893) 1875 100 VF 516 A A354442) 1994 The N Gold B and Trust Company, San Francisco Orig 5 LAM 139 A K236345) Orig 5 G 329 A K236535) Orig 5 G 1285 A K243887) Orig 5 F+ 1429 C K244031) Orig 5 VG+ 4251 B L68905) Orig 5 G 4415 B L69069) Orig 10 VG 3 C A852078) Orig 10 VG- 5 A A852080) Orig 10 G 3285 B A894540) Orig 10 VG+ 4086 A B255417) Orig 10 F+ 4106 A B255437) Orig 10 G 4127 B B255458) Orig 10 G 4141 C B255472) Orig 10 VG 4189 C B255520) Orig 10 F- 4203 C B255534) 2014 The N Gold B of D. 0. Mills & Company, Sacramento Orig 5 ? 1 K333872) Orig 5 F 77 C K333948) Orig 5 PR 288 C K334159) Orig 5 F- 437 B K334308) Orig 5 G+ 800 B K347267) Orig 5 F+ 1510 D L311923) Orig 5 1544 B L311957) Orig 5 VG 1592 B L312005) Orig 5 1618 D L312031) Orig 5 VG 1627 A L312040) Orig 5 1633 L312046) Orig 5 FR 1652 B L312065) Orig 5 VG 1687 A L312100) Orig 5 VG 1691 B L312104) Orig 5 G 1718 B L312131) Orig 5 VG 1756 C L312169) Orig 5 VG 1767 B L312180) Orig 5 G 1782 C L312195) Orig 5 F 1796 C L312209) Orig 5 FR 1806 B L312219) Orig 5 F- 1819 B L312232) Orig 5 F+ 1890 B L312303) Orig 5 VG 1906 C L312319) Orig 5 VG+ 1909 C L312322) Orig 5 G 1910 B L312323) Series Den Grade Serials Orig 5 F+ 1930 D L312343) Orig 5 F 1969 B L312382) 10-10-10-20 Orig 10 VF 1 A895263) Orig 10 LAM 8 A A895270) Orig 10 G 85 C A895347) Orig 10 F 308 B A895570) Orig 10 VG 1196 C B302427) Orig 20 VF- 225 A A895487) Orig 20 VG 1137 A B302368) 20-20-20-20 Orig 20 FR 532 C X35863) 2077 The First N Gold B of Stockton Orig 5 VF 1 A K812006) Orig 5 VG 60 A K812065) Orig 5 G 168 C K812173) Orig 5 PR 210 D K812215) Orig 5 VG 546 B K929646) Orig 5 VG 587 A K929687) Orig 5 G 664 D K929764) Orig 5 VG+ 720 D K929820) Orig 5 VG 746 C K929846) Orig 5 PR 757 B K929857) Orig 5 G- 917 A K930017) Orig 5 G 921 B K930021) Orig 10 G- 1806 B B196355) Orig 10 PR 2436 a B233265) Orig 10 FR 2709 C R233538) Orig 10 G 3760 B B261491) Orig 10 VG 4369 C D700874) Orig 10 VG- 4383 A D700888) Orig 10 FR 4433 B D700938) Orig 10 G+ 4602 C D809771) Orig 10 FR 4736 C D809905) Orig 10 VG 4869 C D810038) Orig 10 FR 4928 A D810097) Orig 10 LAM 4987 B D810156) Orig 10 VG 4992 A D810161) Orig 10 VF- 4995 B D810164) Orig 20 FR- 281 A B99650) Orig 20 G 3922 A D700427) Orig 20 G 4368 A D700873) Orig 20 G 4506 A D701011) Orig 20 FR 4664 A D809833) 1875 10 G 79 B D8231) 1875 10 FR 108 C D8260) 1875 10 VG 125 A D8277) 1875 10 F 136 B D8288) 1875 10 G 165 A D8317) 2104 The First N Gold B of Santa Barbara Orig 5 VG 12 B L68541) Orig 5 G 129 C L68658) Orig 5 FR 131 B L68660) Orig 5 G+ 146 A L68675) Orig 5 VG 155 B 168684) Orig 5 G 165 B L68694) Orig 5 G 249 D L68778) Orig 5 FR 295 D L292461) Orig 5 G- 426 A L292592) Continued Series Den Grade Orig 20 VG Orig 20 G Orig 20 VG Orig 20 F Orig 20 Orig 50 VG+ 2193 The First N Gold Orig 10 Orig 10 VG- Orig 10 PR Orig 10 FR Orig 10 VG Orig 10 G Orig 10 VG Orig 100 FR Orig 100 F 1875 10 F+ 1875 10 LAM 1875 10 PR 1875 10 VG 1875 10 VG+ 1875 10 VG 1875 20 EF 1875 20 G 2248 The First N Gold Orig 10 FR Orig 10 VG Orig 10 F Orig 10 G Orig 10 Orig 10 VG Orig 20 Orig 20 Orig 20 F Orig 20 FR Orig 20 PR Orig 20 VG Orig 20 F 2266 The Union Orig 10 Orig 10 Orig 20 Orig 20 Orig 100 Serials A B389626) A B390181) A B390771) A 3391167) A B391325) A 0434876) Petaluma B B567511) A B567540) B B567942) A B568106) B B568156) A B568264) B B812549) A (476000) A (497894) C D241806) B 0241810) B 0241842) A 0241844) C H215156) C H215190) A D241829) A 3215229) Oakland C D396074) B D396266) B D396450) a D396790) B 0396838) B D810806) A D396120) A D396558) A D396617) A D396791) A D810287) A D810329) A D810699) C D524920) A D524992) A D524869) A D525117) A (579587) 672 1227 1817 2213 2371 386 B of 202 231 633 797 847 955 1995 119 209 34 38 70 72 210 244 57 283 B of 12 204 388 728 776 1437 58 496 555 729 918 960 1330 N Gold B of Oakland 133 G- 205 VG 82 VG 330 VG- 8 436 543 609 638 795 188 Gold B 81 138 260 301 421 449 457 458 494 531 588 799 805 941 1035 1051 1077 1347 1447 1473 1505 1539 1618 1721 1798 1810 1881 1883 1887 1322 1506 1574 1619 1826 2564 2831 Serials D L292602) B B302025) B B302081) B B302110) A B302267) A (375737) of San Jose B N465424) C N465481) A N465603) C N465644) B N465764) B N465792) B N465800) N465801) C N465837) A N465874) N465931) B N466142) a N466148) C NA66284) C N466378) C N466394) A N466420) B N466690) D N466790) C N466816) B N466848) B N466882) A N466961) C N467064) B N467141) 0 N467153) C N467224) N467226) A N467230) A B390276) B B390460) A B390528) A B390573) B B390780) B B391518) A B391785) Page 118 Paper Money Whole No. 148 Table 10 continued Series Den Grade Orig 5 LAM Orig 10 VG Orig 10 VG Orig 10 G Orig 20 F Orig 100 G 2158 The Farmers N Orig 5 VG- Orig 5 FR Orig 5 VG+ Orig 5 VG+ Orig 5 G+ Orig 5 VG+ Orig 5 G Orig 5 FR Orig 5 FR Orig 5 VG- Orig 5 FR Orig 5 G Orig 5 FR Orig 5 Orig 5 F Orig 5 F Orig 5 FR Orig 5 VG Orig 5 G Orig 5 VG Orig 5 G+ Orig 5 Orig 5 VG Orig 5 VG Orig 5 VG Orig 5 F- Orig 5 Orig 5 FR Orig 5 FR Orig 10 VG+ Orig 10 G Orig 10 VG+ Orig 10 G+ Orig 10 FR Orig 10 Orig 10 G+ Table 11. Summary of known National Gold Bank notes. Bank Town Series $5 $10 $20 $50 $100 $500 Bank Total 1741 San Francisco Orig 198 20 21 1875 - - 6 1994 San Francisco Orig 6 9 0 2014 Sacramento Orig 27 5 3 2077 Stockton Orig 12 14 5 1875 - 5 0 2104 Santa Barbara Orig 10 3 1 2158 San Jose Orig 29 7 5 2193 Petaluma Orig - 7 0 1875 - 6 2 2248 Oakland Orig - 6 7 1875 - 0 0 2266 Oakland Orig - 2 2 4 2 0 1 2 0 0 0 O 0 0 O 0 - 0 1 1 0 0 2 O 1 254 15 35 36 15 42 17 13 5 Total = 432 n 30 "'"' •50 ; e;;Alittt. 71 1 gki r■■ fiNN *WANG' / I/ /is / Paper Money Whole No. 148 Page 119 Smithsonian Institution Photo 85-30. profitability of regular national bank note circulations, yet in- differently left the national gold banks mantled with stringent restrictions. The final blow occurred in 1875 when legislation was passed requiring the treasury to redeem its legal tender notes in specie beginning on January 1, 1879. Thus, the value of the federal promissory notes converged on specie, and be- ginning in 1879, all U.S. currency circulated at par. The na- tional gold banks, having lost ground on both the economic and psychological fronts, fell into a decline, a slide acerbated by a general recession in California dating from 1875. Con- gress sealed the fate of the national gold banks by offering them the option of converting into more profitable regular na- tional banks in 1880. The seven remaining national gold banks took this opportunity, the last to convert doing so in 1884. No legislation was passed abolishing the right to organize national gold banks; however, the economics associated with their operation were so unfavorable, no more were organized. UNREPORTED NOTES Should you possess information on any unreported national gold bank note, or any California national bank note for that matter, please send the information to William K. Raymond, 660 E. Carmen, Fresno, CA 93728 (209-486-6529). SOURCES OF DATA AND REFERENCES CITED Bureau of Engraving and Printing, various dates, Certified proofs of national bank sheets: Smithsonian Institution, Division of Numis- matics, Washington, D.C. Childs, Charles F., 1947, Concerning U.S. government securities, a con- densed review of the nation's currency, public debt, and the market for representative United States government loans, 1635-1945, also a chronology of government bond dealers: C.F. Childs and Com- pany, Chicago, Illinois, 584 p. Comptroller of the Currency, various dates—a, National currency and bond ledgers for individual national banks: U.S. National Archives, Washington, D.C. Comptroller of the Currency, various dates—b, Ledgers showing receipts of national bank notes from the printers: U.S. National Archives, Washington, D.C. Comptroller of the Currency, various dates—c, Duplicate organiza- tion reports for national banks: U.S. National Archives, record group 70A1478, boxes 204-5, Suitland, Maryland. Comptroller of the Currency, various dates—d, Annual reports of the Comptroller of the Currency, U.S. Government Printing Office, Washington, D.C. Comptroller of the Currency, 1875, National gold banks: in, Annual Report of the Comptroller of the Currency to the 1st session of the 44th Congress of the United States, U.S. Government Printing Office, Washington, D.C., pp. XXXIII-XXXIV. Comptroller of the Currency, 1936, History and development of the national bank note: in, 73rd Annual Report of the Comptroller of the Currency for the year ended October 31, 1935: U.S. Government Printing Office, Washington, D.C., pp. 817-842. Hessler, Gene, 1979, U.S. essay, proof and specimen notes: BNR Press, Portage, Ohio, 224 pp. Huntoon, P., 1986, Significance of plate dates on national bank notes: Paper Money, v. 25, pp. 67-71. Kane, Thomas P., The romance and tragedy of banking, problems and in- cidents of governmental supervision of national banks: The Bankers Pub- lishing Company, New York, 549 pp. United States Statutes, The national bank acts. Stanley, Gerald, 1971, Merchandising in the southwest, the Mark I. Jacobs Company of Tucson, 1867 to 1875: American Jewish Archives, v. 23, pp. 86-102. Paper Money Whole No. 148Page 120 THE PREPARATION OF DEMAND NOTES By RONALD L. HORSTMAN Numismatist and Financial Historian R ECENTLY discovered correspondence between U.S.Treasury officials has cast new light on events thatinvolved the preparation of non-interest-bearing trea- sury notes, commonly called demand notes. This informa- tion should serve to complement my original article in PAPER MONEY, Nov./Dec., 1987. The Acts of July 17 and August 5, 1861 authorized, among other things, the issuance of $50 million dollars of demand notes, the first government currency intended for general cir- culation. An issue of this magnitude and its expedience re- quired by the war between the states gave rise to problems not previously experienced by the treasury department. Secre- tary of the Treasury Chase wisely delegated the responsibility of making arrangements for this issue to John J. Cisco, the as- sistant treasurer at New York. Since most of the nation's bank note engraving and printing was done in the New York area, Chase relied on Cisco's knowledge and integrity to negotiate a contract for the preparation of these notes. Chase wrote to Cisco on July 22 stating that he had con- ferred with representatives of several different engraving houses, concluding that American Bank Note Company (ABNCo.) had the largest capital and the facilities for executing the work. He felt that giving them the work would best serve the public interest. However, if Cisco felt that employment of another firm or division of the work would better suit the government's needs he was authorized to do so. The letter continued 'As to the form of the notes, I propose to leave that entirely up to you, taking such advice as you may see fit. The simpler the better I suppose. Let's have tens and twenties first. I wish to avoid fives altogether, but may be driven to them." After carefully evaluating the bids of both ABNCo and the National Bank Note Company (NBNCo) Cisco informed Chase on July 25th that he had chosen ABNCo, provided they could put a sufficient force to work on the notes within the required time. Taken into consideration to reach this decisison was not only ABNCo's position in the industry but the fact that their lower bid would save the government $18,000 in the preparation of this $50 million dollar issue. The NBNCo was subsequently given the contract for preparation of the Oregon War Bonds. On July 26, 1861 George Harrington, assistant to Secretary Chase, instructed Cisco to order ten million notes each in the denominations of $10 and $15, payable at Boston, New York, Philadelphia, St. Louis and Cincinnati. Cisco responded the next day questioning the propriety of paying the notes in different locations. He felt that this would require keeping a large amount of gold at each office. He instead suggested that all notes be made payable at New York since most demands on the U.S. treasury were made there. The law did, however, give the secretary sole discretion in this matter. On July 29th Cisco again wrote to Harrington, this time questioning his de- cision to issue $10 and $15 notes. Chase had previously in- structed him to have $10s and $20s prepared. An order for the $15 notes had been given to ABNCo with instructions to proceed with utmost dispatch. Cisco suggested that $15 would be a very inconvenient and unusual denomination and that he felt $5s would be more easily circulated. On July 30th Chase sent a brief telegram to Cisco "Revoke order for fifteens and substitute fives." Harrington wrote to Cisco on the same day directing him to have models of each note as proposed sent to the secretary for his approval in- cluding the $5 note payable on demand. The following day, Cisco, still not satisfied with the instruc- tions from Harrington about the five proposed locations for payment of the notes, telegraphed Chase for further clarifi- cation. Chase responded "I see no sufficient reason for change, Harrington has written, send models of notes before printing." Notice that the original act, passed on July 17th, authorized notes of not less than $10 payable at New York, Boston and Philadelphia. Harrington and Chase decided to make the notes payable at St. Louis and Cincinnati and to issue $5 denominations in late July. The law was not revised to accom- modate these changes until August 5th. Also among the re- visions was one that allowed the notes to be received for public dues. On August 7th Cisco instructed ABNCo to proceed with the preparation of $20 million of demand notes payable as follows: at New York, Boston and Philadelphia, two-and-a-half mil- lion $5s, one-half million $10s and one million $20s; at St. Louis and Cincinnati, one-and-a-quarter million in $5s, three- quarter million in $10s and one-half million in $20s. On August 8th Chase came to New York and met with Cisco. Among the topics discussed was the printing of dates on the demand notes. Since they bore no interest and could be reissued, it was decided that this would save time, labor and avoid errors. By February of 1862 almost all of the $50 million in demand notes authorized by the Acts of July 17th and August 5th had been prepared. The cost for paper, plate engraving, printing and numbering of this series was $113,000. This did not in- clude the cost to the treasury department for signing, registering and preparing these notes for issue. As can be seen by these communications, the thoughts and acts of John J. Cisco had a profound effect on our first greenbacks. Reference: U.S. Senate, 37th Congress, 2nd Session, miscellaneous document 42, U.S. Serial No. 1207. ,Paper Money Whole No. 148 Page 121 NOTES THAT MIGHT HAVE BEEN by GENE HESSLER "It seems doubtful that proofs were made of the original 3 'hoi, interest-bearing treasury notes of $5, $10 and $20 or the one-year interest-bearing note of $25" [Hessler 1978, 307]. These words came at the end of a 1978 article, which offers pertinent background for what follows. I N ADDITION to information about the proposed $3 note, we found that a $25 treasury note was recom- mended, and one-year interest-bearing treasury notes paying interest at 3 6'/60 percent in denominations of $5, 1 $10 and $20 were authorized—the latter three notes by the Acts of 17 July and 5 August 1861. Essais for the 3 'him percent notes are what concern us here. A letter dated 26 July 1861 from Assistant Secretary of the Treasury George Harrington to Assistant U.S. Treasurer John J. Cisco instructed the latter to order 10 million notes each in the denominations of $10, $15 and $20 from American Bank Note Co. Each would bear interest at 3 'hot, percent. The $15 note was canceled as was the demand note of the same denomination. Two lots, 1402 and 1403, were described in the NASCA, Memphis 1986 auction as essais for demand note backs, $5 and $10 respectively. They might be. However they could have been intended for the one-year interest-bearing notes that were to bear 3 'Vim percent interest. "Exchangeable at the Treasury for Treasury Notes payable Three Years After Date Bearing 7 3/10 Pr. Ct. Interest" appears on these essais. Before a hypothesis could be presented it was necessary to see the face design, to make certain there were no duplicate references to "exchangeability" which would have eliminated the possibility for this attribution. Illustrated here you will see a sketch that includes the wording intended for the face de- sign of the $10 denomination. This and other sketches were seen in the Archives of American Bank Note Co. One set of face and back sketches are definitely intended for $10 demand notes. The other back sketch could be for either a demand note or a 3 'hoo percent note. The illustrations are arranged according to probability. Unfortunately, the photocopy ma- chine added some blemishes. Face design sketch for the $10 interest-bearing note for 3 6'/Ion percent. 71-a,i-X,,/ -l-;- 1/4g% Sketch for probable back design for the $10 interest- bearing note for 3 'Iwo percent. "Pay to bearer. Exchangeable at the Treasury in sums of $100. for Treasury Notes having three years to run, Bearing 7 3/io percent int." (Courtesy of ABNCo and Christie's) Face design sketch for the $10 demand note. Wording is the same as on the issued note. (Courtesy of ABNCo and Christie's) American Bank Note Co. (ABNCo) was selected to pro- duce the demand notes and the 3 `'/100 percent notes. Nevertheless, the National Bank Note Co. (NBNCo) did submit a proposal to engrave plates and print the latter [Misc. Doc. No. 42, p. 8]. Rather than wait for a request, NBNCo could have taken the initiative and prepared an essai. Lot 1402 in the 1986 Memphis auction. Lot 1403 in the 1986 Memphis auction. If the $5 back essai is examined, it bears the charac- teristics of an NBNCo product. Compare it with the back designs for the $50 and $100 U.S. notes. The ro- sette, or fan-like counter behind the "5" is almost a hall- mark of NBNCo, although it does appear on the face of the $20 demand note, a product of ABNCo. For ad- ditional uses of this rosette see: the two-year interest- bearing notes HX126F, G & H; the Oregon War Bonds HX127A, B & C; Loans of 1861 HX128D, E & F; and the Temporary Loan of 1862 HX134C & D. This device was patented by James MacDonough [see Horstman 1987], a founder of NBNCo and head of the Modeling and Design Division at the time the demand notes were made. ABNCo could have payed to use this patented device, or, ABNCo and NBNCo could have collaborated earlier than when both companies were asked to work together to produce the needed U.S. notes of 1862. , MI_Tt.,„4±3) )-airEPTDry-rEl; o•V IMPORTS I.NTEREST0,0.1i-v'r E311C DEBT )n f • , ..,raliNG,r-tn.„137 ,.. cf,...--.11 STATE S Six -444,p,41,NrcrE.Ans soria, a. kFTEll Vt" Page 122 Paper Money Whole No. 148 First obligation in a border identical to the back of the $3 U.S. note. (Courtesy of Ronald Horstman) The wording of the initial authorizing Act of 17 July 1861 could apply to either type of note: And the Secretary of the Treasury may also issue in exchange for coins...treasury notes of less denomination than fifty dollars, not bearing interest, but payable on demand by the Assistant Treas- urers...or treasury notes bearing interest at the rate of three and sixty-five hundredths per centum payable in one year from date, and exchangeable at any time for treasury notes for fifty dollars and upwards • Provided, that no exchange of such notes in any less amount than one hundred dollars shall be made at any one time...." (-14 ( /Vs 4 , • Pa. • 4 /W.-4Z /. / I /, /. / 4,44. /50; /. / / / 200'; 2. 2 2.2. .Zt e,. 2 2, 2 2 . ocr, ,j Y. :7', :fa cr. Zoe, . An invoice from American Bank Note Co. for the alteration of the 3 65/wo percent notes to legal tender notes. As mentioned in Hessler 1978, the plates for the $5, $10 and $20 interest-bearing treasury notes at 3 "hoo percent were al- tered to $1, $2 and $3 legal tender notes. An invoice for this alteration was found in the National Archives in Washington, D.C. and is illustrated here. At the 1990 Memphis show an engraving for a first obliga- tion back was seen. The border is identical to the one that sur- rounds the second obligation on the back of the $3 U.S. note essai. The "exchangeable" clause on first obligation notes only applied to denominations of not less than $5. The most likely explanation for this conundrum is that it was originally prepared for a higher denomination. So, piece by piece, additional light is shed on the mysteries of mid-19th century U.S. paper money. We now have a better idea of the appearance of more notes that might have been. 1. "...an unlimited amount could be kept in circulation. They would very rarely he presented for redemption" [letter dated 26 July 1861 from George Harrington, Assistant Secretary of the Treasury to John J. Cisco, Assistant U.S. Treasurer]. 2. See Ronald Horstman's article in this issue. SOURCES Hessler, G. (1989). An illustrated history of U.S. loans, 1775-1898. Port Clinton, OH: BNR Press. (1978). New information about the U.S. $3 legal tender note. PAPER MONEY, Nov./Dec. pp. 301-307. Horstman, R. (1987). The first greenbacks of the Civil War. PAPER MONEY, May/June pp. 69-72. U.S. Senate, 37th Congress, 2nd Session, miscellaneous document 42, U.S. Serial No. 1207. Figure 1. Shop price tag (51,000,00 zl) pasted on the face of 100 zl note. Figure 2. Back of 100 zl note (displaying the Proletarian banners) with the inscription turned into "Proletarians of all countries. . .excuse me. K. Marx." Paper Money Whole No. 148 Page 123 Satirical Notes and the Polish Inflation by ANDRZEJ MIKCZAJCZYK A S ALWAYS in difficult periods, one of the nation's responses to a number of serious problems in Poland is a humor. The gal- loping inflation im- posed in the recent years by the com- munist regime has been destroying Poland's economy. Needless to say, this burden placed on the people's backs appeared to be one of the topics for the new democratic government which came into being in result of the "Solidarity" victory in the June elections of 1989. The hard rules of economy left little room for change. Neverthe- less, the program of Vice-Prime Minister Bal- cerowicz to fight against inflation was introduced with a strong determination to join Poland with the European economy. Reorientation of the Polish economy toward the free market, and convertibility of Polish currency taking place in a stage of deep crisis, is a hard treatment. The social costs are visible in a decrease of living standards and in a multiplication of denominations, at least during the first months of this change. The Polish National Bank notes present a gallery of ever higher face values as 20,000, 50,000, 100,000 and 200,000 zlotys appeared in circulation. The types of these new, inflation notes were designed about 20 years ago, bearing of course much lower denominations at that time. Now they are produced in a hurry, particularly the 200,000 zlotys notes. Printed by a sur- prisingly simple method, they have not been accepted by the public be- cause they were immedi- ately counter- feited. What is a very impor- tant factor is the psycho- logical back- ground of these new, high denomi- nations. People were formerly ac- customed to the lower values printed on the bank notes. In the past the value of one million meant something, and was available to only a few. It is now expected that this previous barrier will soon be broken as it is only a little over $100 (U.S.), while the ex- change rate fixed early this year at 9,500 zlotys remains fixed. In certain spontaneous response to the current Figure 3. One million zl equal to a loaf of bread. Page 124 Paper Money Whole No. 148 Figure 4. Note with a portrait of Lech Walesa. Figure 5. Note with a praying man encircled with a a legend "Lord, let us Figure 8. A coin, ten to the 6th power, or one survive until the next month." million zl. Figure 6. A back designed in four quarters of the year 1990 bearing the equal value of Figure 7. Note in the form of a one-way train ticket: 1,000,000 growing denominations for each: 1,000, 10,000, 100,000 and 1,000,000 zl. zl to be cancelled immediately after an issue. Figure 9. Note of 10,000,000,000. . .to be continued? evolution of the monetary images, people began to joke about the inflationary denominations aiming at one million zlotys. Knowing such moods, the Cracow weekly Przekráj announced a special contest for designing the one million zlotys note. The readers eagerly picked up their pens and pencils to draw and paint the satirical designs. Many of them have recently been published showing a special sense of humor accompanying the every-day monetary troubles. Some selections are illustrated in this article. The Solidarity newspaper Gazeta Wyborcza was more radical, proposing the endless figure for a future denomination. K. 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 IN: 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 Linea 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 Paper Money Whole No. 148 Page 125 MARK TWAIN'S JOKE Washington, D.C., Oct. 21.—The following letter was received at the treasury department this morning: "New York City, Oct. 3. "The Honorable the Secretary of the Treasury, Washington, D.C. "Sir: Prices for the customary kinds of winter fuel having reached the altitude which puts them out of reach of literary persons in straitened circumstances, I desire to place with you the following order: "Forty-five tons best old dry government bonds, suitable for cooking. "Eight barrels seasoned 25 and 50 cent postal currency, vin- tage 1866, eligible for kindlings. "Please deliver with all convenient dispatch at my home in Riverdale at lowest rates for spot cash and send bill to "Your obliged servant, "MARK TWAIN, 'Who will be very grateful and will vote right."—Daily Repub- lican and Leader, La Crosse, Wis., Oct. 21, 1902. DEMOCRATIC MONEY The $10 treasury note of the series of 1880 is called the "jackass bill" because a picture of the American eagle thereon when turned upside down forms a perfect imitation of the head of a jackass. It is told that an engraver in the employ of the govern- ment received notice of his discharge and in the month he worked after his notice, he made the puzzle picture in revenge. Whether done purposely or by accident however it is perfect. Mr. T.L. Price has one and showed it to the editor this week. We would be glad if any reader of this, who has one of these hills, would send it in, as such bills are very scarce with us, and we are anxious to add one or more to our "collection," and we will return the sender our sincere thanks and due credit on sub- scription account. P.S.—As the government is republican and the bill is evidently of democratic faith it is likely these bills will be called in immediately, and if you have one, the sooner you send it to us the better it will be for the government—and us.— The Pioneer Express, Pembina, N. Dak., Mar. 15, 1901. SPINNER and THE TREASURY The United States treasury and its officials have had several scares. General Spinner, who used to have six or eight millions of dollars in charge, was made nervous by his great responsi- bility. It was his custom to see in person if the vault doors were locked before going to his hotel, just across the street. He would even get up in the night and go over and make an examination with his own eyes. One night, despite all his precautions, he found the vault door open. Then next day he moved his bed to the treasury and slept there every night by the side of the mil- lions for which he was responsible as long as he held the office of treasurer.—Bismarck (N. Dak.) Daily Tribune, Sept. 17, 1891. Page 126 Paper Money Whole No. 148 Interest Bearing Notes Richard J Balbaton Hello again. In April we were off to Maastricht, a quaint town in The Netherlands. The purpose of our visit was to take in the annual paper money bourse, sponsored by the local chapter of our sister organization, the International Banknote Society. This, the 3rd or 4th show put on by these folks, did not disappoint us. In attendance were dealers from the U.S., the Continent, Great Britain, and even one from Turkey. Maastricht is centrally located in Western Europe, and a 3-hour commute from there would take you well into Germany or to Paris, France. If what we observed there is any indication of the health of the paper money hobby in Europe, then I'm quite happy to report that it is alive and well. What we did find to be quite shocking tho' are the high prices being paid by these folks for what would ordinarily be considered common material. In Paris we found dealers' bargain boxes to be priced at 10 Francs ($1.85) per note. This price includes some Value Added Tax, which distorts the actual selling price paid, but these boxes or albums included notes that are ei- ther given away by dealers here or priced at about 25 cents each. Perhaps more U.S. dealers should find a way to capitalize on this situation. Several months ago I sent out a call for volunteers to give presentations at some of our functions. Perhaps none of you read that particular column, for out of our 1700 members only Bob Cochran came forward, and he gave a nice presentation at Memphis. I hate to dwell on this matter, but if we are to function as a society, we must continue to share our knowl- edge. This is done through the pages of PAPER MONEY, and also through live presentations at our meetings. Perhaps we suffer from the military complex of "don't volunteer for any- thing." Really now, why not try it, you'll like it! * * * As the publisher of the book National Bank Notes, A Guide with Prices, member Don C. Kelly has done a lot for the hobby of paper money collecting. He has now come forward and volun- teered to push to completion the OHIO portion of the Wismer Project. For those of you who are unfamiliar with the term, the Society has taken up the task of publishing books that list the obsolete bank notes from the various states. This project is named after D.C. Wismer, a pioneer in this field of col- lecting. During the 1930s he made listings of these notes and had them published in The Numismatist. If you have obsolete bank notes from OHIO that you think would be of interest, by all means contact Mr. Kelly at The Paper Money Institute, Inc., Box 85, Oxford, OH 45056. For some time, the SPMC has carried a fairly large inventory of Wismer Project books. These were produced over a period of about 18 years or so. Many of these were in storage with the printer, while many others were stored here at my office in No. Attleboro, Mass. The carrying costs of maintaining this inventory were proving to be a burden. Some time back, by a vote of the majority of the Board of Directors of the Society, a decision was made to sell off our remaining stock to a wholesaler; this was accomplished this past May. We shall not have direct sales to our members until such time as we pub- lish a new book. The Kentucky manuscript is the next book scheduled to be published. Our new sales agent, if you will, is member Larry Falater, Box 95, Allen, MI 49227. When writing him be sure and give your membership number and ask for your member discount, which he is granting by spe- cial arrangement. Dealers also are invited to write to him for special wholesale prices. 'Til next time, happy collecting! BOOKLET AVAILABLE Through the courtesy of the PCDA, copies of Let's Col- lect Paper Money by Neil Shafer are available. Perhaps a friend with a budding interest in our hobby might ben- efit from this 64-page booklet. For each copy or ad- dressee please send 500 in postage to Ronald Horstman, P.O. Box 6011, St. Louis, MO 63139. Awards at Memphis In addition to the plaque received by each exhibitor, courtesy of the Memphis Coin Club, the following awards were presented by individual organizations. The Fractional Currency Club Board: Milton Friedberg first; Doug Hales, second; Benny Bolin, third. The International Bank Note Society (IBNS) Award in the name of Amon Carter, Jr.: Gene Hessler. The Society of Paper Money Collectors (SPMC): C.M. Nielsen. The Julian Blanchard Award recipient was Gene Hessler The SPMC exhibit award held over from last year was presented to Roger Durand. The Bank Note Reporter Award for an exhibit considered most likely to encourage someone to begin collecting went to Bob Cochran. Additional awards were presented at the SPMC banquet. For articles in PAPER MONEY the following were recognized: first, Bob Cochran, 'Alabama," in No. 139; second, Peter Hun- toon and Doug Walcutt, "National Banks Chartered Under the Act of February 25, 1863" in No. 140; third, Robert R. Moon, "A History of the Banks of the City of Hudson, New York" in No. 141. The Nathan Gold Award sponsored by Krause Publications for the advancement of paper money collecting was presented to Gene Hessler for An Illustrated History of U.S. Loans, 1775-1898. For the same book the author received the BNR Press Award presented by the IBNS. SPMC Awards of Merit went to Roger Durand for many years of service and for his book Interesting Notes About Denomi- nations, and to Toni Denly for publicity work and for recruiting new members. A special SPMC Literary Award was given to Michael J. Hodder and Q. David Bowers for their Standard Catalog of En- cased Postage Stamps. The Numismatic News' Numismatic Ambassador Award went to Carlton Fred Schwan; it was presented by Charles Colver, the first recipient of the award. Reviewed by: John J. McCusker, Department of History, University of Maryland, College Park, Maryland NEW MEMBERSHIP COORDINATOR NEW Ronald HorstmanP.O. Box 6011St. Louis, MO 63139 ; MEMBERS Paper Money Whole No. 148 Page 127 NEW LITERATURE The Early Paper Money of America, 3rd ed., Krause Publications, Iola, WI 54990; 1990, 482 pp., ill.; hardcover; $49.95. Your reviewer and the author of this book, Eric P. Newman, come to the subject in which we both share an interest from somewhat different directions as a result of different starting points. He is interested in paper money for what it was; I am interested in paper money for what it did. Although neither perspective has any particular claim to greater validity, and while both gain greatly from understanding what the other has to offer, each approach to understanding paper money differs considerably in what it expects from a book such as this. I presume that it is not necessary for me to tell readers of PAPER MONEY anything more about this book than that it is the new, revised and expanded edition of what everyone recognizes as the standard work on the paper money issued in the United States and its colonial antecedents up to about 1800. Let nothing in my remarks be seen to detract from what all will accept as a magnificent accomplishment. My com- ments are simply occasioned by his work, provoked by the differences in our approach, and, I hope, possibly of some interest to the readers of this publication. As an example of what these differences may mean, let me comment first on Newman's sources. While he has done an immense amount of work, as his bibliographies give testa- ment, his sources are all printed, published materials and al- most exclusively "secondary." There is a trap here. By "secondary" I mean that someone other than Newman has looked at the original document and decided what it means. Many times that is fine. But our understanding of history has advanced since most of those researchers did their work. Many of them—most with interests and backgrounds more like mine than like Newman's—would have benefited greatly from having Newman's book at their elbow as they tried to interpret the documents in front of them. In other words, early researchers may have missed something or misinterpreted something. Knowing what we do now, we need to have a look again at the original sources. Newman's book provides us with a powerful resource as we do so. It is the latest word on the subject, but not the last word. The interplay between works of research and works of synthesis like Newman's are the way in which scholarship advances. It is again time for more re- search. Informed by what he has uncovered, let's go check the documents again. The use of the word 'America" in the title (and my defini- tion of it above) may serve to remind us that there is much left out of this book that is of interest to the historian and the collector. There were forms of paper money issued in the Western Hemisphere prior to and concurrently with those produced by the Continental Colonies. The French Canadians used a card money in the 1680s that may well have given the idea to the New Englanders. The English settlers on the is- land of Antigua used tobacco warehouse receipts as a form of paper money in the 1660s and 1670s much as Marylanders and Virginians were to do in the 1730s and after (Newman, p. 435). The Barbadians caused a major governmental and eco- nomic crisis by their introduction of a paper money during the first decade of the eighteenth century. Other colonists un- dertook similar things. (Is there no one interested in the card money of the Dutch colony of Surinam?) Since the English colonists on the continent knew what was going on elsewhere, we also need to be alert to such matters if only to understand better what they were all about. NEW MEMBERS 7890 A. Kingsley Bishop, F.O.B. 26695, Las Vegas, NV 89126. 7891 James S. Potter Jr., 3467 Godspeed Rd., Davidsonville, MD 21035; C&D. 7892 Andrew Nelson & Co., Box 453, Portland, ME 04112; C&D, Maine Nat. BN & type notes. 7893 Arthur B. Ruben; C, lg. size U.S. notes. 7894 Paul Horner, 7511 Broad St., Rural Hall, NC 27045; C, obso- lete notes. 7895 Arnold Luczak, 2 S 762 Winchester Circle, Warrenville, IL 60555; C, lg. size notes. 7896 John J. Ambrozich, 5640 E. Nebraska Way, Denver, CO 80224; C, W.W. II issues. 7897 Gabriel DelVecchio, 222 Melrose St., Rochester, NY 14619; C. 7898 Henry Graham. 7899 David C. Harper, 700 E. State St., Iola, WI 54990; C, Stock & bond cert. 7900 Higgins Museum, P.O. Box 7087, Spencer, IA 51301; C, Nat. BN. 7901 Allen Sundell, Box 1192, Olathe, KS 66062; C, Kansas type notes & $2 bills. 7902 Thomas N. Lee, 8950 Arrow Route Apt. 13, Rancho Cuca- monga, CA 91730. 7903 John Schwartz, P.O.B. 832, New Cananda CT 06840; C, sm. size U.S. & English notes. 7904 Donald D. Detsch, 4611 Shoshone Trial, St. Charles, MO 63303; C, U.S. currency. 7905 William Cummings, 135 Old Denmark, Jackson, TN 38301; D; U.S. currency. 7906 Robert Case; C, Colonial, fractional & U.S. 7907 Alan P. Shapiro, DDS, 208 Red Oak, Williamsville, NY 14221; C, CSA & fractionals. 7908 Jack M. Barrett, 3021 Shelley St., Lincoln, NE 68516; C&D, U.S. currency. 7909 Eric V. Hall, Rt. 1 Box 40B, Clinton, NC 28328; C, NC obso- lete currency. 7910 Lance Wilson, 909 Marine St. #1, Santa Monica, CA 90405; C, U.S. lg. & sm. size notes. 7911 James D. Trent, Jr., P.O.B. 136, California, MD 20619; C, Nat. BN & lg. size U.S. Reinstatement of 3750. 7912 Chuck Wilkie, 2740 Concord Dr., Carson City, NV 89706; C, Nat. BN. 7913 J.A. Mallory, 4980 Swinton Dr., Fairfax, VA 22032; C, Alabama obsoletes. 7914 Doug Bauer, 13480 Pennock Ave., Apple Valley, MN 55124; C&D, U.S. type and Nat. BN. 7915 L.A. Moseley Jr., 500 Poinsett Hwy., Greenville, NC 29609; C, U.S. lg. size notes. 7916 Gary C. Ferguson, Box 2474, Newburgh, NY 12440; C&D, Newburgh, NY Nat. BN. 7917 Curt Larson, 657 Byrdee Way, Lafayette, CA 94549; C, Vir- ginia obsoletes. 7918 Charles L. Dickinson, 5715 Pickens Ave., Myrtle Beach, SC 29577; C, sm. size Nat. BN and gold certificates. 7919 Paul Cerino, P.O.B. 1268, Sykesville, MD 21784; C, Fractionals & general U.S. Page 128 Paper Money Whole No. 148 7920 Harold Bromberger, 926 Via Amadeo, San Dimas, CA 91773. 7921 Burton L. Arnett, 20-A Landmark Dr., Columbia, SC 29210; C&D. 7922 Vicki Bell, 21021 Soledad Canyon Rd., Santa Vacita, CA 91351; C&D, U.S. & colonial currency 7923 Edward Faleski, Box 1795, Dickinson, ND 58601; C, Scandina- vian & Canada. 7924 George Frederick Kolbe, PO Drawer 3100, Crestline, CA 92325; C&D, Fine numismatic books. 7925 Antti Heinonen, P.O.B. 160, Helsinki, Finland 00101; C, World currency. 7926 Dennis H. Weitzel, 124 S. Lucia Ave., Redondo Beach, CA 90277; C, U.S. lg. & sm. size & obsoletes. 7927 Tom Calamo, 1166 Dixwell Ave., Hamden, CT 06514; C, U.S. sm. size notes. 7928 Albert H. Rollins, P.O.B. 449, Hato Rey PR 00919; C&D, Puerto Rico & NH Nat. BN. 7929 Stanley Kijek, 36 Williamstown Circle, York, PA 17404; C, U.S. A . 7930 Robert A. Gurr, 10587 Airport Ter•., Jacksonville, FL 32225-6719; C&D, U.S., CSA, Southern states & Europe. 7931 Phil S. Rogers, P.O.B. 28, West Danville, VT 05873; C, VT notes & scrip. 7932 Carl C. Kolling, 900 Orchid Springs Dr., Winter Haven, FL 33884; C, CSA. 7933 Jerome A. Sefranek, P.O.B. 14976, Phoenix, AZ 85063; C, lg. size U.S. 7934 Al Zaragoza, 6430 N. Montrose Dr., Tucson, AZ 85741; C, Fractional-large currency. 7935 Eric C. Helms, 1200 Seabrook Ave., Cary, NC 27511; Stocks, bonds & CSA. 7936 Bill Strauss, HC64 Box 366, Big Lake, TX 76932; C. 7937 Marvin Schlesinger, 100 Randall Ave. 4L, Freeport, NY 11520; C, Europe, Africa & S. America. 7938 John M. Jaremback, P.O.B. 4542, Trenton, NJ 08611; C, Trenton, NJ Nat. BN. 7939 Tony Yeong, Orchard Point, P.O.B. 265, Singapore, 9123; C&D. 7940 Anne Jackson, 4620 S.W. Beaverton-Hillside Hwy., Portland, OR 97221. 7941 J.D. Larson, 1115 45th, Des Moines, IA 50311; C, Sm. size star & error notes. 7942 Audrey Short, 200 Carolina Ave., Winter Park, FL 32789. 7943 Billy Laurila, 8593 Center Rd., Austinburg, OH 44010. 7944 David A. Neuhardt, F.O.B. 8801, Dayton, OH 45401;C; OH obsolete notes. 7945 Dean Prosser, 2102 Creekview Ct., Reynoldsburg, OH 43068; C. 7946 Thomas P. Quinn, 11227 Louisiana Ave., Youngstown, AZ 85363; C. 7947 Richard L. Gatto, P.O.B. 574636, Orlando, FL 32857; D, World currency. 7948 Richard J. Coen, 8160 W. 137th St., Apple Valley MN 55124; C. 7949 Leo'. Guibauth Jr., 2501 Holiday Dr., New Orleans, LA 70131; C, lg. size world notes. 7950 Walter E. Kemp, 344 Longwood Dr., Lexington, SC 29072. 7951 David C. Peabody 451 Buckminster Dr. T-1, Norwood, MA 02062; C, Nat. BN. 7952 Anders 0. Aalborg, 106-10030-137A Street, Surrey B.C. V3T 5L4, Canada. 7953 E.E. Barnes, Rt. 3 Box 316, Cochranville, PA 19330; C, Bogus and play money. 7954 Jon Farrell, RR #1, St. Joseph, MO 64507; C. 7955 Craig Blackwood, 343 Woodhaven Dr., Vacaville, CA 95687; C. 7956 James V. Aldridge, 1117B Whitehaven Dr., Dallas, TX 75218; C&D, U.S. 7957 Karl Maitais, 7248 St. Denis, Montreal, P.Q. Canada H2R 2E2; C, CSA & Canadian notes. 7958 Ronald Hamm, P.O.B. 449, Mount Wolf, PA 17347; C, York County PA sm. size Nat. BN. 7959 Edward W. Herman, 6809 Marlboro Ct., Mobile, AL 36608; C, Canada & notgeld. 7960 Robert A. Kotcher, P.O.B. 110, East Orange, NJ 07019; C, U.S. 1g. size notes. 7961 Cynthia H. Brown, 8088 Portwood Turn, Manassas, VA 22110. 7962 Victor Shilony, 106 Washington St. #213, Petaluma, CA 94952; C, Canada, Britain and U.S. 7963 Remy Bourne, 9121 Baltimore St. N.E., Minneapolis, MN 55432. 7964 Dale Cordner, Box 99403, Seattle, WA 98199; C, CSA, U.S. & fractionals. 7965 Jeff Sullivan, P.O.B. 895, Manchester, MO 63011; C, Fractionals & lg. size silver cert. 7966 Thomas F. Dobbins, Star Route Box 696, Gwinn, MI 49841; C, U.S. federal & obsoletes. 7967 Gary Holden, 22 Dewberry Lane, Brooklyn, CT 06234; C, Sm. size U.S. currency. 7968 Paul R. Fulton, 200 W. Cass, P.O.B. 308, Schoolcraft, MI 49087; C, Fractionals & obsolete notes. 7969 Emily S. Zeidler, 10875 Bennett Dr., Fontana, CA 92335; C. 7970 Lee A. Womack, 3111-23 Avenue, Moline, IL 61265; C. 7971 Donald King Cirillo, 2552 East 28 St., Brooklyn, NY 11235-2019; C, $2 bills & special serial nos. 7972 Russell Kaye, Box 635, Shrub Oak, NY 10588; C&D, Colonials & obsolete currency. 7973 loannis K. Katounis, 35-30 28 St., Astoria, L.I., NY 11106; C&D. 7974 John A. Macy, Lot 25 G Wedgewood Lakes, Moyock, NC 27958; C, CSA, MD, VA, NC & SC. 7975 Richard Furiness, 2523 Standish Ave., Union, NJ 07083; C, CSA, NJ & obsoletes. 7976 Kenneth Jay Freeland III, 24629 Skyline View Dr., Malibu, CA 90265; C, CA & WV Nat. BN; error notes. 7977 Richard J. Van Riper, 409 Copperleaf Rd., Austin, TX 78734; C, U.S. lg. size notes. 7978 Joseph Miller, 1009 N. 9th St., Stroudsburg, PA 18360; C, U.S. 7979 Louis A. Ashy 240 W. Caldwood, Beaumont, TX 77707; C&D. LM92 Byron M. Stuart, MD, 910 Shamrock Terrace, Boonville, MO 65233; Conversion to life member from 766. LM93 Robert C. Hastings; Conversion to life member from 7480. LM94 Jerald L. Cohen; Conversion to life member from 5032. LM95 Art Bermingham, 2620 Cedar Forks Trail, Marietta, GA 30062; Conversion to life member from 7479. LM96 James R. Hausknecht, 11729 Snow Road, Cleveland, OH 44130; D. LM97 Richard Keith Covington, 2100 Vanderbilt Lane, Redondo Beach, CA 90278. LM98 Robert Warren, 108 Reade St., New York, NY 10013; C, Lg. size U.S. currency. LM99 David L. Carpenter; Conversion from 7828. LM100 Gene Hessler; Conversion from 3157. LM101 Russell J. Larimore, 1343 B. Teak Ave., Grand Forks AFB, ND 58204; Conversion from 7830. LM102 Bruce D. McLean; Conversion from 5818. 4622 William C. Vaughan, 11322 Conway Rd., St. Louis, MO 63131; C, Reinstatement. Rep of TX, CSA & U.S. WANTED: ARTICLES FOR PAPER MONEY Paper Money Whole No. 148 Page 129 Paper Money will accept classified advertising from members only on a basis of 150 per word, with a minimum charge of $3.75. 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 pay- able to the Society of Paper Money Collectors, and reach the Editor, Gene Hessler, P.O. Box 8147, St. Louis, MO 63156 by the tenth of the month preceding the month of issue (i.e. Dec. 10 for Jan./Feb. issue). Word count: Name and address will count as five words. All other words and abbreviations, figure com- binations 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: $2: SC: U.S.: FRN counted as one word each) STOCK CERTIFICATES & BONDS-buy and sell! Current catalog of interesting certificates for sale, $1. Buying all-but especially in- terested in early Western certificates. Ken Prag, Box 531PM, Burlin- game, CA 94011, phone (415) 566-6400. (149) ALBANY & TROY, NEW YORK NATIONAL WANTED. Also Al- tamont, Cohoes, Ravena, Watervliet, West Troy, Lansingburgh, Cas- tleton. Describe or ship with price or offer. William Panitch, P.O. Box 12845, Albany, NY 12212. (149) NEW YORK NATIONALS WANTED FOR PERSONAL COLLEC- TION: TARRYTOWN 364, MOUNT VERNON 8516, MAMA- RONECK 5411, Rye, Mount Kisco, Hastings, Croton on Hudson, Pelham, Somers, Harrison, Ossining, Yonkers, White Plains, Irvington, Peekskill, Bronxville, Ardsley, Crestwood, New Rochelle, Elmsford, Scarsdale, Larchmont, Port Chester, Tuckahoe. Send pho- tocopy; price. Frank Levitan, 530 Southern Blvd., Bronx, NY 10455. (212) 292-6803. (150) STOCK, BOND CERTIFICATES. 250 different Railroads, Streetcars, 10 Automobiles, Oils, Mines, Banks, etc. Over 850 total. National bank notes, types. Scarce, rare. Free list. Also buying, price, describe. Free list. Mail bid auction closing soon. Ed Richt. Scripophilist, Profes- sional Currency Dealer, P.O. Box 7485, Louisville, KY 40207. (148) WANTED FOR MY PERSONAL COLLECTION: Large & small-size national currency from Atlantic City, NJ. Don't ship, write first, de- scribe what you have for sale. Frank J. Iacovone, P.O. Box 266, Bronx, NY 10465-0266. (156) WANTED: NEW JERSEY OBSOLETE BANK NOTES AND SCRIP. Ocean Grove National Bank, anything. Ocean Grove postcards, sou- venirs, maps, prints, etc. N.B. Buckman, P.O. Box 608, Ocean Grove, NJ 07756. (148) 1929 VIRGINIA NATIONALS WANTED: All 1929 VA, NBN wanted, send list you have to sell or trade. Paying top prices for charters 3209, 4940, 6031, 6235, 6389, 6443, 6666, 6842, 7258, 7338, 7782, 8643, 8791, 9455, 9635 and all other from charter 10611-14052. Francis Hough, Rt. 1, Box 486, Round Hill, VA 22141. (148) MANHATTAN COMPANY, Chase Manhattan Bank and Aaron Burr material wanted. Obsoletes, checks, nationals, books, stocks, bonds, fiscal paper items, etc. Write: Thomas Buda, P.O. Box 315, Wyckoff, NJ 07481. (149) WANTED: Obsoletes, checks, stocks, bonds, etc. with Ben Franklin pictured. Send photocopy or description with price. Phil W. Greenslet, Box 377, Reisterstown, MD 21136. (149) WANTED: INVERTED BACK ERROR NOTES!! Private collector needs any note in any condition. Please help. Send note, photo, or description with your price. Lawrence C. Feuer, 22 Beechwood Blvd., Rye Brook, NY 10573.. (155) 1907 CLEARING HOUSE scrip and checks wanted. Need examples from most states as well as Georgia, Iowa, South Carolina, Texas and Florida. Send notes and information for my immediate cash offer. I have a few duplicates for trade or sale. Tom Sheehan, P.O. Box 14, Seattle, WA 98111. (150) SELLING NATIONALS: Phoenix, AZ; Lake Village, AR; Napa, CA; Dover DE; Georgetown, DC; Mishawaka, IN; Atlantic, IA; St. Mary's, KS; Laurel, MS; Decatur, NE; Cherry Valley, NY; Morganton, NC; Tahlequah, OK; Klamath Falls, OR; Aliquippa, Clarion, Forest City, PA; Denison, Schwertner, TX; Port Angeles, WA. Many others. Free lists. Specify state. Joe Apelman, Box 283, Covington, LA 70434. WANTED, INFORMATION ON: $1, 1865 1st NB of YPSILANTI. I have found three auction listings of this note. Grine11 2016 Gd & 4245 Fair; & Kosoff 517 Gd (10/26/71). Are these listings the same note or is there more than one known? David Davis, P.O. Box 205, Ypsilanti, MI 48197. (152) SERIAL NUMBER ONE NOTES AND SHEETS WANTED of United States Type and Nationals. Also Michigan First Charters, Michigan #1 and Kalamazoo, Michigan Nationals. Paying collector prices. Jack H. Fisher, 3123 Bronson Blvd., Kalamazoo, MI 49008. (152) SELLING MASSACHUSETTS NATIONALS: Amherst, Attleboro, Beverly, Cambridge, Dedham, Easthampton, Great Barrington, Greenfield, Haverhill, Holyoke, Lee, Malden, Medford, Methuen, Newbutyport, Newton, North Adams, Northampton, Peabody, Shel- burne Falls, Somerville, Springfield, Stockbridge, Taunton, Townsend, Watertown, Whitinsville, Williamstown, Winchendon, Winchester, Worcester. Other states. Free lists (specify). Apelman, Box 283, Covington, LA 70434. FREE PRICE LIST OF HIGH GRADE OBSOLETES, fractionals, U.S. large and small-size, uncut sheets & CSA, for large SASE. Fixed com- petitive prices. R. Warren, P.O. Box 1510, NY, NY 10013. (150) WANTED IN CU: Friedberg Nos. 28-30, 34-39, 50-52, 55-60, 79-92, 114-122, 146-147, 224-225, 226a-236, 249-258, 271-282, 302-304, P80-386, 479-492, 598-611, 624-637, 650-651, 708-780, 844-891, 804-951, 964-1011, 1084-1131] (common banks on 10 previous groups), 1167, 1171, 1173, 1181-87, 1257-61, 1294-95, 1380-81, MPC Series 661, 682, 692, CSA T56-57, T65-69. PAYING TOP PRICES. R. Warren, P.O. Box 1510, NY, NY 10013, (212) 571-4134. (150) WILL TRADE CONFEDERATE TRANSFERER/IMPRINT NOTES! Need Lafton Crout, Schwartz, Cammann. Must be VF/Almost Unc. Specify needs. Frank Freeman, 3205 Glen Ave., Baltimore, MD 21215. (153) WANTED: HOWELL WORKS, NJ HARD TIMES paper and metallic currency. Will pay according to condition. Especially seeking high denomination notes: $3, $5, $10. Write first, send photocopies, de- scribe condition. Dave Wilson, P.O. Box 567, Jackson, NJ 08527 (153) OHIO NATIONALS WANTED. Send list of any you have. Also want Lowell, Tyler, Ryan, Jordan, O'Neill. Lowell Yoder, 419-865-5115, P.O.B. 444, Holland, OH 43528. (163) QUALITY STOCKS, BONDS. 15 different samples with list S5; 100 different $31; 5 lots $130. List SASE. Always buying. Clinton Hollins, Box 112P, Springfield, VA 22150. (159) ST. LOUIS, MO NATIONALS, OBSOLETES AND BANK CHECKS WANTED. Ronald Horstman, Box 6011, St. Louis, MO 63139.(154) $16,500 l o (Se rtiln. (tia;•, ;r• • • • IC-4 initaltA //// Ag'e'y 4.44 • • ; 1 1 . 4.. • 44..v/.14§16:- A"Viii44:1 Haits' ItRo!tt *MC — Page 130 Paper Money Whole No. 148 IF YOU WANT RESULTS LIKE THESE CONSIGN NOW TO OUR GRAND CENTRAL SALE!! $2,200 $5,775 (Prices realized are from our Memphis Sale, June 1990) $1,980 DON'T MISS THIS IMPORTANT OPPORTUNITY Memphis was our best paper money sale in years. Prices were strong and buyers were eager. We expect this trend to continue and we anticipate a very successful Grand Central Show and auction, October 25, 26 1990. Several important consignments are already in hand but we still have room for more. Contact Stephen Goldsmith or Bruce Hagen at 800-622-1880 or 212-943-1880. Consignments will be accepted through August 30. DIVISION OF agzAkvx,, E9 ARLI9RED *SAW' 26 Broadway Auctioneers, Appraisers, Dealers; Antique New York, NY 10004 Certificates, Coins, Banknotes, Books, Autographs. Researchers of Obscure Stocks and Bonds TOLL FREE 800-622-1880 NY 212-943-1880 FAX: 212-908-4047 NASCA $50 Federal Reserve Bank Note. St. Louis, 1918. F-831. Reali:ed $6,600 in one of our recent sales. Paper Money Whole No. 148 Page 131 REALIZE THE BEST PRICES FOR YOUR PAPER MONEY Go with the world's most successful auction company— Auctions by Bowers and Merena, Inc! When you consign your collection or individual important items, you go with a firm with an unequaled record of success! Over the years we have handled some of the most important paper money collections ever to be sold. Along the way our auctions have garnered numerous price records for our consignors. Indeed, certain of the price records established at our Matt Rothert Collection Sale years ago still stand today! Thinking of selling your collection or desirable individual notes? Right now we are accepting consignments for our next several New York City and Los Angeles sales. Your collect call to Dr. Richard Bagg, our Director of Auctions, at (603) 569-5095 will bring you complete information concerning how you can realize the very best price for your currency, in a transaction which you, like thousands of others, will find to be profitable and enjoyable. What we have done for others, we can do for you. Tele- phone Dr. Richard Bagg collect today, or use the coupon provided. Either way, it may be the most profitable move you have ever made! MAIL TO: Auctions by Bowers and Merena, Inc. Attn: Publications Dept Box 1224 Wolfeboro, NH 03894 l'N(1))) I() Dear Rick Bagg: Please tell me how I can include my paper money in a upcoming auc- tion. I understand that all information will be kept confidential. Name Address City State Zip Check here: E I am thinking about selling. Please contact me. Brief description of holdings: Daytime phone number: DO YOU KNOW WHAT THESE ARE?? (HINT: They are printed on ONLY ONE SIDE) As1P4gmS ANSWER: These vignettes, printed from plates prepared from the original dies, appear full-size on the Bureauof Engraving and Printing's Souvenir Cards honoring the A.N.A. Conventions in 1971 ($1), 1972($2), 1973 ($5), and 1974 ($10—Proposed Design, never printed on currency)! SPECIAL INTRODUCTORY OFFER 1) We will send you the 4 A.N.A. Cards, 1971-74, showing the beautiful illustrated face of the 1896 Silver Certificates ("Education Series"), postpaid in U.S., regular price $27.80, for just $25.00!* 2) We can also offer you the 3 A.N.A. Souvenir Cards that show the green backs of the same series, 1975 ($5), 1976 ($2), and 1980 ($5), also postpaid in the U.S., regular price $36.20, for just $35.00! 3) Or, for great savings, order both groups, all 7 Souvenir Cards, postpaid, regular price $64, just $55.00!' * Plus tax in Calif. Our comprehensive Souvenir Card pricelists are available for just $1, refundable. RUSS BELL (415-435-9494) (VISA, MC accepted)Box 859P, Tiburon, CA 94920 SYNGRAPHIC SPECIALS 1902-08, $10 "Bank of North America" Phila., 1902, $5 "Brotherhood of Locomotive Engi- PA. The only National Bank Note that does not have neers Cooperative National Bank of Cleve- the word "National" in the title. UNC. with light fold. land". The longest name of any National UNC with Scarce, popular. $475 faint fold. $500 1902, $5 "American National Bank", Idaho SASE for our list of other Falls, Idaho. CR AU. Lists $2,250 in CU. Priced "Syngraphic Specials". to sell. $1,150 Be sure to visit the ANA's great World-Class Museum. It now houses the $2 Million Collection of United States Currency, also the 1913, Liberty-Head nickel, both gifts from Aubrey & Adeline Bebee. AUBREY and ADELINE BEBEE ANA LIFE #110, P.O. Box 4290, Omaha, NE 68104 • (402) 558-0277 Page 132 Paper Money Whole No. 148 "-y-, BUYING & SELLING OBSOLETE CURRENCY, NATIONALS UNCUT SHEETS, PROOFS, SCRIP World Currency Antique Documents ANA IBNS LANSA SPMC Send for FREE price list P.O. Box 373 South Weymouth, Massachusetts 02190 617/331-7907 CONFEDERATE BONDS & CERTIFICATES 100 DIFF. TYPES 5 TYPES AT S12 ea. 15 TYPES at 518 ea. DEALER DISC. ON LOTS FREE LIST ON DEMAND G. ELLIOTT 1506 MAGAZINE ST. NEW ORLEANS, LA. 70130 504- 566-0564 gUa ,.X i ":"7";?.-;;; ra I ICON ^ fg:f116DOT! 0111 *0% _rf 'Arc r-. 1161)2,gpf i.,AT _3 TAI-47,7 4.151,0 I C" I:;° 10-11T1001t-IIiIS ;I:r!CC.4 areorm.M. 3z t fi-rf000l. t.1ifljw,1 I COLLECT MINNESOTA OBSOLETE CURRENCY and SCRIP Please offer what you have for sale. Charles C. Parrish P.O. Box 481 Rosemount, Minnesota 55068 SPMC 7456 LM ANA Since 1976 BUYING-SELLING PAPER MONEY LARGE & SMALL SIZE Nationals, Errors, Type Notes, Stars, Number 1 & 2 Notes, Radars, Solid Num- bers, Ladders. Ship with confidence or write for our offer. We pay more for quality unmolested material. ROBERT and DIANA Z P I AZ Un 111111 P.O. Box 1565 St. Augustine, FL 32085-1565 (904) 797-8622 Paper Money Whole No. 148 Page 133 Million Dollar Buying Spree Currency: Nationals MPC Lg. & Sm. Type Fractional Obsolete Foreign Stocks • Bonds • Checks • Coins Stamps • Gold • Silver Platinum • Antique Watches Political Items • Postcards Baseball Cards • Masonic Items Hummels • Doultons Nearly Everything Collectible COIN SHOP EST 1960 INC " 474S 111:91.0i 7144.,..t" 399 S. State Street - Westerville, OH 43081 1-614-882-3937 1-800-848-3966 outside Ohio 7,114r1: ,P.71.)...S.t SEND FOR OUR COMPLETE PRICE LIST FREE -r&) We Member Aghtsponikowtomq #7431 a) '''CE .3',..-L.A. P. 14 ., it r,TIVEN PILLAR% - ', . 6743: Q.; -•-< ) ..s..P."..el' 'FIZIE-' - Ai' 4._ .... 3:512113. 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 1296P LEWISTON, NY 14092-1296 (416) 468-2312 LIFE MEMBER A.N.A. #1995 C.N.A. #143 C.P.M.S 11 (loonord, TEN DIXf DOLLARS DOLLARS --IAN If CANA° BUYING AND SELLING U.S. & Canadian large-and small-size special serial numbers Free price list Mike Abramson SPMC #2653 P.O. Box 16105 CPMS IBNS Duluth, MN 55816-0105 ANA 1-218-724-8433 PMCM 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 Page 134 Paper Money Whole No. 148 • INC. P 0 BOX 84 • NANUET, N.Y 10954 BUYING / SELLING: OBSOLETE EECURRENCY, NATIONALSUNCUT SHTS, PROOFS, S RIP BARRY WEXLER, Pres. Member: SPMC, PCDA, ANA, FUN, GENA, ASCC (914) 352.9077 WANTED: SANTA CLAUS NOTES ROGER H. DURAND P.O. BOX 186 OFFICE: 508-336-6043 REHOBOTH, MA 02769 HOME: 508-336-5924 I ALSO WANT OLD CHRISTMAS CLUB CHECKS, SANTA CLAUS NOT- GELD, NATIONAL BANK NOTES FROM THE ST. NICHOLAS NA- TIONAL BANK. NOTES FROM THE BANK OF GOOD FORTUNE, HAPPI- NESS, ETC. OR LOOK ALIKE NOTES. I'M AN ADVANCED COLLECTOR AND NOT A DEALER. I'LL PAY PRIME PRICES. I ALSO HAVE RARITIES TO TRADE. I'LL ALSO PAY FOR PHOTO- GRAPHS OF NOTES THAT I DO NOT HAVE RECORDED. PAPER MONEY UNITED STATES Large Size Currency • Small Size Currency Fractional Currency • Souvenir Cards Write For List Theodore Kemm 915 West End Avenue q New York, NY 10025 Paper Money Whole No. 148 Page 135 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! V For more information. contactClirck Collertorg iloust r) TableCharles Kemp, Secretary2075 Nicholas Court • Warren, MI 48092 BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items Extensive Catalog for $2.00, Refundable With Order ANA-LM SCNA PCDA HUGH SHULL P.O. Box 712 / Leesville, SC 29070 / (803) 532-6747 SPMC-LM BRNA FUN MYLAR D CURRENCY HOLDERS This month I am pleased to report that all sizes are in stock in large quantities so orders received today go out today. The past four years of selling these holders has been great and many collections I buy now are finely preserved in these. For those who have not converted, an article published this past fall in Currency Dealer Newsletter tells it better than I can. Should you want a copy send a stamped self-addressed #10 business envelope for a free copy. Prices did go up due to a major rise in the cost of the raw material from the suppliers and the fact that the plant work- ers want things like pay raises etc. but don't let a few cents cost you hundreds of dollars. You do know-penny wise and pound foolish. SIZE INCHES 50 100 500 1000 Fractional 41/4 x 21/4 $14.00 $25.25 $115.00 $197.50 Colonial 51/2 x 3%, 15.00 27.50 125.00 230.00 Small Currency 6% x 2 7/8 15.25 29.00 128.50 240.00 Large Currency 7% x3 1/2 18.00 33.00 151.50 279.50 Check Size 9% x 4 1/4 22.50 41.50 189.50 349.00 Baseball Card Std 2 3/4 x 31/4 13.00 23.50 107.50 198.00 Baseball Bowman 2%x4 14.00 25.50 117.00 215.00 Obsolete currency sheet holders 81/4 x 14, $1.10 each, mini- mum 5 Pcs. SHIPPING IN THE U.S. IS INCLUDED FREE OF CHARGE Please note: all notice to MYLAR R mean uncoated archival quality MYLAR R type D by Dupont Co. or equivalent mater- ial by ICI Corp. Melinex type 516. DENLY'S OF BOSTON P.O. Box 1010 / Boston, MA 02205 Phone: (617) 482-8477 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 + condition. 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. CENTENNIAL DOCUMENTS P.O. Box 5262, Clinton, NJ 08809 (201) 730-6009 WE NEED TO BUY If you are selling a single note or an entire col- lection, you will be pleased with our fair offer - NO GAMES PLAYED HERE! (Selling too! Write for free catalog.) Subject to our inventory requirements we need the following: ALL WORLD BANK NOTES Also U.S. Large Size Notes All Military Currency U.S. Fractional Currency Colonial Currency U.S. Encased Postage Souvenir Cards National Bank Notes U.S. Small Size Currency Ship With Confidence or Write We pay more for scarce or rare notes. TOM KNEBL, INC. (714) 886.0198 P.O. Drawer 3949 San Bernardino, CA 92413 ... 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 Page 136 Paper Money Whole No. 148 FRANCE WANTED! ' NeLi3.2.4"N., -47 le Please help me build my collection. I need the following notes and will pay top collector prices to acquire them. May I hear from you soon? • Important Type Notes from about 1750 to date. • Specimen Notes AU or better. • World War I and II Locals — these can be Chambers of Commerce, Merchants, Factories, Mines, etc. • Encased Postage Stamps — even some very common pieces are required. • Postcards that show French Banknotes. I am a very serious collector of these items and have been known to pay some sky-high prices for needed items. Priced offers are preferred as I can't tell you what you should get for your material! Finders fee paid for successful referrals! If possible please provide me with a photo-copy of item(s). WWerecise .14to. R. J. BALBATON P.O. BOX 911 NORTH ATTLEBORO, MASSACHUSETTS 02761-0911 Tel. 1-508-699-2266 Days 04,44 NnelleanNumirnolIc HICKMAN AUCTIONS INC. Drawer 66009 West Des Moines Iowa 50265 515-225-7070 FAX 515-223-0226 Hickman Auctions, Inc. Proudly announces their selection by the Memphis Coin Club to conduct the official paper money auction at the INTERNATIONAL PAPER MONEY SHOW IN 1991 WE are very pleased to be honored for the sixth time in being given the privilege of conducting this most prestigious of all paper money auc- tions. With your help we hope to make the 1991 auction a worthy suc- cessor to the first, the fourth, the seventh, the ninth and the tenth sales. It is not too soon to plan for next year's convention and we will be happy to visit with you whether you are considering the sale of a single note or a large collection. Our next sale is planned for the weekend of October 14th in Bloomington, Minnesota in conjunction with the 28th annual Minnesota Organization of Numismatists show. This convention will be held at the Thunderbird Motel, 24th Avenue exit off 1-494. The auction will feature the remaining currency from the Del Bertschy estate plus his collection of trade checks, mostly from Wisconsin. The most successful auction ever held by Hickman-Oakes was our 38th, held in Milwaukee last September. It fea- tured currency from the Bertschy estate accumulated over a period of al- most sixty years. This next sale will be held in association with Dean Oakes Currency. We invite you to consider consigning material relative to the upper Midwest particularly. Already consigned are about 150 Minnesota notes and 50 from Iowa and South Dakota. We anticipate an enthusiastic reception in Min- nesota where paper money collecting has a long tradition. All who received either of the Krakover catalogs will also receive the next two catalogs via bulk mail. We make no charge for our catalogs and we are happy to send them to all who are interested. Should you wish to re- ceive your catalog via first class mail and the prices realized after the sale, please remit $3.00 per catalog or $8.00 for three catalogs. Stamps acceptable. member of.
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