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Table of Contents
ui iii
VoL. XXV No. 7
WHOLE No. 121
JAN./FEB.
1986
111111 11111111111111111111111 111111111111111111 11111111111111111111111 1111111111111111111 111111111111111111
TWENTY-FIFTH ANNIVERSARY
11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 ui
1918 $1 FEDERAL
BOSTON F-708 (LOW #A161A) + NEW YORK
#D401A) + RICHMOND F-721 (LOW #E70A)
F-734 + KANSAS CITY F-738 + DALLAS
new notes is from the famous JAMES
1918 $2 FEDERAL
BOSTON F-747 (LOW #A1500A) + NEW
CLEVELAND F-757 (LOW #D189A) + RICHMOND
+ ST. LOUIS F-771 + MINNEAPOLIS F-772
F-778. Also, from the JAMES M. WADE
for the LOW SERIAL NUMBERS (which
1. FRIEDBERG'S 10th Edition "Paper
2. HESSLER'S 4th Ed. "Comprehensive
BEBEE'S is proud to offer this truly great
WANTED
RESERVE BANK NOTES
F-711 (LOW #B900A) + PHILADELPHIA F-717 + CLEVELAND F-718 (LOW
+ ATLANTA F-726 + CHICAGO F-729 + ST. LOUIS F-733 + MINNEAPOLIS
F-742 + SAN FRANCISCO F-743 ... This marvelous collection of superb crisp
M. WADE COLLECTION and is priced SPECIAL @ $2,750.00.
RESERVE BANK NOTES
YORK F-750 (LOW #B125A) + PHILADELPHIA F-753 (LOW #C66A) +
F-760 (LOW #E44A) + ATLANTA F-762 (LOW #F13A) + CHICAGO F-765
+ KANSAS CITY F-774 + DALLAS F-776 (LOW #K40A) + SAN FRANCISCO
COLLECTION, these RARE GEM CRISP NEW NOTES, without making allowance
command much higher prices), in the two leading paper money catalogue lists
Money of the United States" $14,000.00
Catalog of U.S. Paper Money" $11,200.00
MUSEUM COLLECTION, specially priced $9,750.00.
BUYING WANTED
Please forward notes indicating prices desired or, for our TOP offer. Your notes will, of course, be accurately
graded. (IF your notes are in slightly lower grade than the grades we desire, please write us before shipping). A
QUICK, PLEASANT DEAL is always assured you at BEBEE's.
DEMAND NOTE TERRITORIAL NATIONAL BANK NOTES
1861 $20 NEW YORK. FR .-11 VF to Unc. The Following BROWN BACKS wanted.
1882 $5 ARIZONA
AU to Unc.
1882 $5 HAWAII AU to Unc.
SILVER CERTIFICATES 1882 $5 OKLAHOMA AU to Unc.
1880 $1,000 Fr.-346B/D AU to Unc.
#1882 $5 IDAHO AU to Unc.
#1882 $5 WYOMING AU to Unc.
# Second Choices: Other DENOM. & GRADES
GOLD CERTIFICATES NATIONAL BANK NOTES
1882 $50 Lg. Red Seal. Fr.-1191 AU to Unc. The following BROWN BACKS wanted.
1882 $100 Brown Seal. FR.-1203
AU to Unc. 1882 $5 ALABAMA AU to Unc.
1882 $100 Lg. Red Seal. Fr.-1204 AU to Unc. 1882 $5 ARKANSAS AU to Unc.
1882 $100 Lg. Brown Seal. Fr.-1205 AU to Unc.
1882 $5 COLORADO AU to Unc.
1882 $5 FLORIDA AU to Unc.
1928 $500 Fr.-12404 Unc. only 1882 $5 IDAHO State AU to Unc.
1928 $1000 Fr.-240 Unc. only 1882 $5 MARYLAND Unc. only
1882 $5 MISSISSIPPI AU to Unc.
1882 $5 NEW HAMPSHIRE AU to Unc.NATIONAL GOLD BANK NOTES 1882 $5 NO. DAKOTA AU to Unc.
1870/75 $10 Fr.-1143/1151 VF to Unc.
1882 $5 RHODE ISLAND
AU to Unc.
1882 $5 SO. DAKOTA AU to Unc.
1882 $5 WYOMING
AU to Unc.COMPOUND INTEREST NOTES 1882 $5 NEVADA AU to Unc.
1864 $100 Fr.-193
EF to Unc. Except MD. will consider EF-AU Notes.
AVAILABLE NOW: U.S. SALES LISTS = (A) Large Size Notes; (B) Large Size Nationals; (C) Colonial & Continental
Currency; (D) Fractional Currency; (E) Confederate Currency. Please specify your collecting interest when request-
ing any of these FREE lists.
WHY NOT GIVE US A TRY—WE WOULD
BUSINESS WITH BEBEE'S. SINCE 1941,
WE'LL BE LOOKING FOR YOU!
ANA
AUBREY
GREATLY APPRECIATE YOUR ORDERS—AND YOU'RE SURE TO LIKE DOING
TENS OF THOUSANDS OF "BEBEE BOOSTERS" HAVE. Y'ALL HURRY NOW —
& ADELINE BEBEE
Life #110, ANS, IAPN, PNG, SPMC, Others
,,
Pcda
■ i„...,...,s,,,,,„,gti.,,..,...„.„.
"Pronto Service" 4
Omaha, Nebraska 68104
i
oefisstow,
, ,,,s 411111511#10
,. ....,„
,
P.O. Box 4289
Page 1
SOCIETY
OF
PAPER NIONEY
COLLECTORS
I NC.
Paper Money Whole No. 121
PAPER MONEY is published every
other month beginning in January by
The Society of Paper Money Collectors,
1211 N. DuPont Hwy., Dover, DE. Se-
cond class postage paid at Dover, DE
19901. Postmaster; send address changes
to: Paper Money, 1211 N. DuPont Hwy.
Dover, DE 19901.
© Society of Paper Money Collectors,
Inc., 1986. All rights reserved. Repro-
duction of any article, in whole or in
part, without express written permis-
sion, is prohibited.
Annual Membership dues in SPMC
are $15. Individual copies of current
issues, $2.00.
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where special artwork or extra typing are re-
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Rates are not commissionable. Proofs are not
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Deadline: Copy must be in the editorial office
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month of issue (e.g. Feb. 1 for March issue).
Mechanical Requirements: Full page 42 x 57
picas; half-page may be either vertical or
horizontal in format. Single column width,
20 picas. Halftones acceptable, but not mats
or stereos. Page position may be requested
but cannot be guaranteed.
Advertising copy shall be restricted to paper
currency and allied numismatic material and
publications and accessories related thereto.
SPMC does not guarantee advertisements but
accepts copy in good faith, reserving the right
to reject objectionable material or edit any
copy.
SPMC assumes no financial responsibility for
typographical errors in advertisements, but
agrees to reprint that portion of an advertise-
ment in which typographical error should oc-
cur upon prompt notification of such error.
All advertising copy and correspondence
should be sent to the Editor.
Official Bimonthly Publication of
The Society of Paper Money Collectors, Inc.
Vol. XXV No. 1 Whole No. 121 JAN./FEB. 1986
ISSN 0031-1162
GENE HESSLER, Editor
Mercantile Money Museum
Box 524, St. Louis, MO 63166
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
editorial copy in the 1st of the month preceding the month of
publication (e.g., Feb. 1 for March/April issue, etc.).
IN THIS ISSUE
THE STATE OF TEXAS CIVIL WAR CURRENCY,
A REVIEW AND RECLASSIFICATION OF TEXAS
TREASURY WARRANTS
Everett K. Cooper 4
A REPLY TO A CONFEDERATE MYSTERY
Arlie Slabaugh
12
GEORGE ALFRED TRENHOLM, FINANCIAL WIZARD
OF THE CONFEDERACY
Brent H. Hughes 13
PHILATELIC SIDELIGHTS TO EASTMAN
BUSINESS COLLEGE CURRENCY
Barbara R. Mueller 19
1929-1935 NATIONAL BANK NOTE VARIETIES—
SUPPLEMENT XV
M. Owen Warns 20
TRADE UNIONS IN THE BANKING FIELD: A FOOTNOTE ON
THE HISTORY OF ST. LOUIS. ALFRED von HOFFMAN AND
THE TELEGRAPHERS NATIONAL BANK OF ST. LOUIS
Bob Cochran 22
RAILROAD NOTES & SCRIP OF THE UNITED STATES,
THE CONFEDERATE STATES AND CANADA
Richard T. Hoober
24
SIGNATURES OUT OF SEQUENCE ON GOLD
CERTIFICATE PROOFS
Gene Hessler 26
AN ODD DENOMINATION MILITARY FINANCE
TRAINING NOTE
Paul Andrews
28
THE LAST $1 SILVER CERTIFICATES
David H. Klein 29
SOCIETY FEATURES
INTEREST BEARING NOTES 30
CONDENSED STATEMENT OF OPERATIONS 31
NEW MEMBERS 31
EDUCATIONAL HIGHLIGHTS AT CHERRY HILL 32
SPMC AWARDS AT CHERRY HILL
33
AMERICAN BANK NOTE CO. AT THE IPMC 34
NUMISMATIC AMBASSADOR AWARD TO WOLKA 34
EDITOR'S CORNER 35
LETTERS TO THE EDITOR 35
BEP CARD FOR FUN 35
MONEY MART 37
Society of Paper Money Collectors
OFFICERS
PRESIDENT
Larry Adams, P.O. Box 1, Boone, Iowa 50036
VICE-PRESIDENT
Roger H. Durand, P.O. Box 186, Rehoboth, MA 02769
SECRETARY
Gary Lewis, P.O. Box 4751, N. Ft. Myers, FL 33903
TREASURER
James F. Stone, P.O. Box 89, Milford, N.H. 03055
APPOINTEES
EDITOR Gene Hessler. Mercantile Money Museum,
Box 524, St. Louis. MO 63166
NEW MEMBERSHIP COORDINATOR
Ron Horstman, P.O. Box 6011, St. Louis, MO 63139
BOOK SALES COORDINATOR
Richard Balbaton, 116 Fisher Street, North Attleboro, MA
02760.
WISMER BOOK PROJECT
Richard T. Hoober, P.O. Box 196, Newfoundland, PA 18445
LEGAL COUNSEL
Robert G. Galiette, 10 Wilcox Lane, Avon, CT 06001
PAST PRESIDENT AND LIBRARIAN
Wendell Wolka, P.O. Box 366, Hinsdale, IL 60521
PUBLICITY CHAIRMAN
C. John Ferreri, P.O. Box 33. Storrs, CT 06268
BOARD OF GOVERNORS
Charles Colver, Michael Crabb, C. John Ferreri, William Horton,
Jr., Peter Huntoon, Charles V. Kemp, Jr., Roman L. Latimer,
Donald Mark, Douglas Murray, Dean Oakes, Bernard Schaaf, MD,
Stephen Taylor, Steven Whitfield, John Wilson.
The Society of Paper Money Collectors was organ-
ized in 1961 and incorporated in 1964 as a non-
profit organization under the laws of the District of
Columbia. It is affiliated with the American Numis-
matic Association and holds its annual meeting at
the ANA Convention in August of each year.
MEMBERSHIP - REGULAR. Applicants must be
at least 18 years of age and of good moral character.
JUNIOR. Applicants must be from 12 to 18 years of
age and of good moral character. Their application
must be signed by a parent or a guardian. They will
be preceded by the letter "j". This letter will be
removed upon notification to the secretary that the
member has reached 18 years of age. Junior mem-
bers are not eligible to hold office or to vote.
Members of the A.N.A. or other recognized
numismatic organizations are eligible for member-
ship. Other applicants should be sponsored by an
S.P.M.C. member, or the secretary will sponsor per-
sons if they provide suitable references such as well
known numismatic firms with whom they have done
business, or bank references, etc.
DUES - The Society dues are on a calendar year
basis. Annual dues are $15. Members who join the
Society prior to October 1st receive the magazines
already issued in the year in which they join. Mem-
bers who join after October 1st will have their dues
paid through December of the following year. They
will also receive, as a bonus, a copy of the magazine
issued in November of the year in which they joined.
PUBLICATIONS FOR SALE TO MEMBERS
BOOKS FOR SALE : All cloth bound books are 8 1/2 x 11"
INDIANA OBSOLETE NOTES & SCRIP $12.00
Non-Member
$15.00
MINNESOTA OBSOLETE NOTES & SCRIP .
Rockholt $12.00
Non-Member
$15.00
MAINE OBSOLETE NOTES & SCRIP. Wait $12.00
Non-Member $15.00
OBSOLETE NOTES & SCRIP OF RHODE ISLAND
AND THE PROVIDENCE PLANTATIONS,
Durand $20.00
Non-Member $25.00
NEW JERSEY'S MONEY, Wait $12.00
Non-Member $25.00
TERRITORIALS-A GUIDE TO U.S. TERRITORIALS
BANKNOTES, Huntoon $12.00
Non-Member $15.00
INDIAN TERRITORY / OKLAHOMA / KANSAS
OBSOLETE NOTES & SCRIP, Burgett &
Whitfield $12.00
Non-Member $15.00
IOWA OBSOLETE NOTES & SCRIP, Oakes
$12.00
Non-Member $15.00
ALABAMA OBSOLETE NOTES AND SCRIP . . . $12.00
Non-Member
$15.00
PENNSYLVANIA OBSOLETE NOTES AND SCRIP
(396 pages), Hoober $28.00
Non-member $35.00
ARKANSAS OBSOLETE NOTES AND SCRIP,
Rothert $17.00
Non-member $22.00
VERMONT OBSOLETE NOTES & SCRIP, Coulter $12.00
Non-member $15.00
Write for Quantity Prices on the above books.
ORDERING INSTRUCTIONS
1. Give complete description for all items ordered.
2. Total the cost of all publications ordered.
3. ALL publications are postpaid except orders for less than 5
copies of Paper Money.
4. Enclose payment (U.S. funds only) with all orders. Make your check
or money order payable to: Society of Paper Money Collectors.
5. Remember to include your ZIP CODE.
6. Allow up to six weeks for delivery. We have no control of your
package after we place it in the mails. Order from:
R.J. Balbaton, SPMC Book Sales Dept.
116 Fisher St., North Attleboro, MA 02760.
Library Services
The Society maintains a lending library for the use of
Librarian - Wendell Wolka, P.O. Box 366, Hinsdale, Ill.
the members only. For further information, write the
60521.
Page 2 Paper Money Whole No. 121
HAPPY
BIRTHDAY!
Paper illtene
VOLUME I
WINTER 1962 NUMBER
PUBLISHED QUARTERLY BY THE SOCIETY OF PAPER MONEY COLLECTORS
Paper Money Whole No. 121 Page 3
During a recent conversation with George Wait he reminded
me that in 1960 at the ANA convention in Boston five gentle-
men—their membership numbers follow their names—Hank
Bieciuk (1), James L. Curto (2), Glenn B. Smedley (3), Dr.
Julian Blanchard (4) and George Wait (5) held an informal
meeting. It was decided that an organization that recognized col-
lectors of obsolete bank notes should be formed. The society of
which this group of pioneers became a part was the Tokens and
Medals Society (TAMS).
At the 1961 ANA convention in Atlanta it was decided that
the paper money collectors would withdraw from TAMS and
establish the Society of Paper Money Collectors.
Volume 1, No. 1 of PAPER MONEY was published in the
winter of 1962; Hank Bieciuk, the first President of the SPMC,
also served as the first editor. The cover, masthead and first two
pages of that historic issue are illustrated here. (ed.)
25 Years
Ago
Paper Mene9
DEVOTED TO THE STUDY OF CURRENCY
WINTER 1962
OFFICIAL PUBLICATION
OFI sr,vommtmvammlumrplAummtntvillmmAngummummu*
Editor flank Bieciuk
AssisHut Editors . Foster W. Rice, Arlie Slab:ugh,
1 1 6,1R. Marekhoff, C. J. Rifled, Dwight I.. Musser
society ojf Paper /Money Collecter4
OFFICERS — 1962
President 1 lank Bieciuk
First Vice President James J. Curio
Second Vice President Thomas C. Bain
Secretary George W. Wait
Treasurer Glenn B. Smedley
APPOINTEES — 1962
Historian-Curator Earl Hughes
Attorney Ellis Edlowitz.
BOARD OF GOVERNORS — 1962
Julian Blanchard, I larold L. Bowen, Ben Douglas, Amon G. Carter, Jr., Philip H.
Chase, James Kirkwood, Walter M. Loeb, Dwight L. Musser, Eric P. Newman,
William A. Philpott, Jr., Peter Robin.
THE PRESIDENT'S MESSAGE
Welcome to our new Society!
Long an elusive dream, the Society of Paper Money Collectors is now a
reality. Conceived at the 1961 A.N.A. convention last August, the Society has
grown to the present membership of 343. The -Poor relation - of numismatics
has finally begun to -walk. -
Last week a merger between the Society of Paper Money Collectors and
the World Paper Money Collectors was consummated. This merger is not, as
yet, reflected in our membership rolls. I am quite sure many more members
may be counted as a result of this merger.
This your Society. What it can and will be depends upon you No one per-
son can do it alone. Much has already been accomplished. Much more needs
to be done. Our aims are presented elsewhere in the journal. How success-
ful we are will be the direct result of the efforts we spend in attempting to
reach these goals.
This can, indeed, be a "New World of Currency. -
HANK BIECIUK
President,
Society of Paper Money Collectors
society 4 Paper Money Collector,6
Page 4 Paper Money Whole No. 121
The State
of
Civil War
Currency
A Review and Reclassification of
Texas Treasury Warrants
by EVERETT K. COOPER
Preface
I N 1986 Texas will celebrate the sesquicenten-nial anniversary of her independence. As apersonal committment to this celebration and
to the enhancement of understanding the history of
the Lone Star State the author has dedicated the
research and results of this article.
Introduction
F OR those interested in the paper money issued by the in-dividual Confederate states during the Civil War period,the issues of the state of Texas can be best described as
being 'different". From an aesthetic quality the kindest critique
would be to call them boringly simple and unappealing.
Specifically, what makes Texas notes different from other
Southern states is their "plain vanilla" appearance, their division
into use for either civil or military expenditures and labeling
them "treasury warrants".' This has forced numismatic cata-
loguers Criswell' and Medlar' into lumping all of the state of
Texas Civil War period notes together, with little consideration
of their historical grouping. That has been a simple and, per-
haps, acceptable method of classification for dealers but has
contributed little to stimulate the interest or curiosity of collec-
tors.
According to the list of the authorizing acts of the Texas Legis-
lature as shown by one cataloger,' it is indicated that all of the
acts, both those for civil and those for military service, were
utilized to approve the release of all the cataloged treasury war-
rants. This eliminates the use of the authorizing dates as a means
of classifying these warrants as is done with the issues of other
Southern states. However, a further study of these Texas notes
shows that there are three basic groups of notes. These can be
described in simple terms as (1) script style type-set, (II) vignette
with lace overprint, and (III) fancy two-color notes. In conjunc-
tion with these different printing styles, some variations in the
wording of the text on the notes aid in developing these groups
and establishing a chronological sequence of their printing.
The catalog listing of state-issued Civil War period currency of
other Southern states is done in groups by the printed date of
issue because such identification is easy and generally only a few
dates are involved. The state of Texas, with a greater multiplicity
of dates (19 different handwritten dates) and a more look-alike
currency, has discouraged the grouping by date method of cata-
loging. Nevertheless, a grouping of the Texas currency can be
achieved, which makes sense and relates to the apparent chron-
ological sequence of their issuance. This grouping, as indicated
above, separates them into similarities of printing and wording
styles. The first group (I. script style type-set) to be released is
based on the assumption that this printing style most closely imi-
tated the style of treasury warrants used by Texas prior to seces-
sion both in printing and context. The second group (II. vignette
with lace overprint) to be issued is assumed on the basis of a
change in wording on the warrant (see Appendix 2). Texas
Governor Francis R. Lubbock' recognized the need to make
treasury warrants receivable for payments due the state.' The
text on the notes (Group II) was amended to include the words
"Receivable for State Dues". Then, as the economy further
deteriorated with the problems of war, the blockade, and infla-
tion, came the need to raise money by the sale of state bonds,
which brought about another wording change. This caused the
third and last group of notes (III. fancy two-colored) to be
released which now included the words "Fundable in Eight Per
Cent Bonds", which was sometimes changed with a handwrit-
ten "six" percent.
A regrouping to recognize the sequence of issuance of these
Texas Treasury Warrants is shown in Appendix 1. This is based
on the three printing styles and wording groups as described
above. The appendix shows the groups of the notes in denomi-
nation sequence with the catalog numbers assigned by the two
popular catalogs. There is no intention to create a new set of
catalog numbers.
Paper Money Whole No. 121
Historical Background
Texas was the seventh Southern state to pass an ordinance of
secession (February 1, 1861) and joined the Confederate States
of America on March 6, 1861. The Lone Star State had been a
member of the United States for only 15 years and had the dis-
tinction of being the only sovereign nation to enter that compact
of states. However, when Texas joined the Union it brought
with it a lot of economic difficulties. The problems of forming a
government, fighting a war to gain her independence, securing
the frontier against hostile Indians, and assorted other woes, left
little in the Texas Treasury. When Texas joined the new com-
pact of Southern states being formed at Montgomery these fi-
nancial problems provided a difficult base with which to begin
over again. Not that the Texans were spendthrifts, quite to the
contrary: they were tightfisted conservatives. However, to
secede they had to borrow funds.
"The (Texas) secession convention contemplating the ac-
quisition of the (U.S.) government military stores and the re-
moval from the State of the Federal troops (who were protecting
the frontier against Indian attack) . (the convention) deemed
it advisable to raise funds to defray the necessary expenses. The
president (of the secession convention) was authorized to
negotiate a loan of $100,000, which was (unsuccessfully) at-
tempted in New Orleans by General E. B. Nichols, appointed
agent for that purpose."'
In a message to the Texas Legislature on February 6, 1861
Governor Sam Houston admonished the legislature, "In view of
the contemplated speedy adjournment of the Legislature, the
Executive would again call your attention to the embarrassed
condition of the finances, and press upon your attention the im-
portance of adopting such measures as will sustain the govern-
ment during the present fiscal year ... the possibility of a sever-
ance of the connection of Texas with the Federal Union (the citi-
zens of Texas had not yet voted on secession), render it impera-
tive that money should be raised to sustain the government, so
that in such a contingency, the people of the State may be ready
to meet any emergency that may come upon them."' In a
month Governor Houston would be out of office because of his
refusal to swear an oath of allegiance to the Confederate States
of America.
Texas Governor Sam Houston (December 1859—March
1861) was no stranger to the realities of state finances and state
issued paper money. Many of the notes issued by the earlier
Republic of Texas carried the signature of Sam Houston. In all
probability he designed the format of the script style type-set
(Group I) notes issued at the beginning of the war. Now, while
serving as governor prior to secession, he had a continuing feud
with Texas Comptroller Clement R. Johns.' The Texas Legisla-
ture had passed an Act on February 3, 1860 (Criswell M-1),
which authorized the disbursement of pay due the Texas
Rangers (which at that time was a militia rather than a police
force) for active service in what was called the "Cortinas War".
On May 22, 1860 Governor Houston wrote the comptroller
with the question as to whether the $300,000 approved by the
act could be furnished by the Texas Treasury. Houston indi-
cated that if cash was not available "certificates of indebtedness
to an amount not exceeding $200,000 may be issued upon
which, in the opinion of the Executive, ten per-cent interest
should be paid." Houston further indicated in this letter,
"Enclosed I send to you a form of scrip I wish issued." Though
the ten percent interest was never approved, it would appear
that the Group I treasury warrants were probably of the same
Page 5
design suggested by Sam Houston. A few days later, May 29th,
Governor Houston, in another letter to Comptroller Johns, ac-
knowledges the information from Johns that there was no
money in the treasury and the governor again authorized the is-
suance of the scrip."
The bureaucratic squabbling would continue. On July 10,
1860 Houston in another letter to Comptroller Johns, stated
"You wish to be informed whether I desire you to proceed to
issue scrip for the payment to the Rangers. Such companies as
you have been furnished with certified copies of the pay rolls,
vouchers and accounts, and I will countersign the warrants if
they are correct. Upon pay rolls which no payments have been
made you will issue your warrant upon certificate of the pay-
master."
On November 3, 1860 Governor Houston wrote to State
Treasurer Cyrus H. Randolph," "You are hereby notified that I
will countersign no warrants issued by the Comptroller for the
pay of Rangers except such as may be issued upon the certifi-
cate of the Paymaster. The Comptroller having published notice
that he will issue warrants to Colonel Dalrymple's Company,
you are hereby notified that his action in such case is in defiance
of law and such warrants will be by Proclamation declared
In recommending that the warrants carry 10% interest, Hous-
ton admitted that there was not "a positive law authorizing in-
terest . . . but [was] willing to take the responsibility of assuring
the public that the Legislature will pay interest on it. Unless this is
done, the certificates of debt will at once depreciate to 80 cents
on the dollar, for parties cannot afford to take them at par and
wait two years for the money. To compel the Rangers to submit
to this loss would be unjust.'
Shortly after this squabbling Texas would dissolve the short-
lived relationship with the union of the United States. Governor
Houston was disappointed when Texas joined the Confederate
States and he declined to continue as Governor. The lieutenant-
governor served on an interim basis until a new governor was
elected.
On November 15, 1861 newly elected Governor Francis R.
Lubbock delivered his initial message to a joint meeting of the
legislature. Excerpts of that address are of interest: " . . the
Treasury at this time having no gold or silver in its vaults, it be-
comes necessary for you, by legislation, to provide means for
carrying on the civil government until such time as the Treasury
shall be in receipt of its usual revenues: for this purpose, the
limited information now in my possession, I can point you to no
better mode than the issue of Treasury Warrants, payable at the
Treasurer's office out of any monies not otherwise appropriated.
I would suggest, however, that hereafter, the warrants should be
issued so as to bear no interest . . . I would suggest . . . making
all the Warrants heretofore issued, as well as those which may
hereafter be issued, receivable in payment of taxes and for all
other public dues . " 14
The condition of Texas state finances was already critical in
this first year of the war. Of the approximately $300,000 in out-
standing treasury warrants it was reported that a considerable
amount "is in the hands of speculators. It is to be regretted that
the condition of our Treasury has been such as to force those
holding claims against the State, to dispose of these claims at
ruinous rates . .."`s At this time there were approximately
$649,000 in claims against the state for which not even treasury
warrants had been issued. To show the nature of these claims,
the principal ones were as follows:
Page 6
• Colonel Ford's command on the $130,000
Rio Grande
• Colonel H. McCulloch's command $ 20,000
on the northwest frontier
• Colonel Ford's regiment raised by $ 30,000
the Secession Convention, while in
state service
• Colonel Dalrymple's command on the
$ 17,000
northwest frontier
• Minute-men militia companies in 1860 $ 77,000
and 1861
• For obtaining and turning over $100,000
property captured from the U.S.
• For purchase of 1,000 Colt's pistols $ 25,000
• Gregg's, Parson's, Locke's and $250,000
Sim's Regiments.
To help restore the confidence in the fiscal integrity of the
state and to satisfy outstanding claims, the House Finance Com-
mittee made a report in December 1861. The recommendation
included " . . . the certificates of indebtedness to be issued in the
future, the committee agrees should draw no interest, being
made receivable for taxes and public dues, and those holding
the 10 per-cent Warrants already issued should be compelled to
return them to the Comptroller's Office, that the interest may be
computed, and the Warrants bearing no interest given in lieu of
them, otherwise they shall not be received for taxes or public
dues . . .. ,16
A report on the "Condition of the Treasury" made to the Leg-
islature on January 8, 1862 included the statement "The
necessary issuing and use of Treasury Warrants to considerable
amounts, expecially during the next two or three years, renders
it proper to facilitate such issuing and use by prescribing a mode
for issuing and providing blanks therefor . ..""
In January 1862 the Texas Legislature was studying a num-
ber of money bills including the following:
• A bill to provide for the printing of blank treasury
warrants @ $1,200
• A bill to authorize the Chief Clerk in the treasurer's
office to sign the treasurer's name "in certain cases"
• To provide funds to transport clothing and supplies
furnished by citizens of Texas for volunteers in the
army on the Potomac
• A bill to provide arms and ammunition for the mili-
tary defense of the state.
On January 11, 1862 Texas established a military board to
coordinate the efforts needed to supply her soldiers and develop
an industry base to manufacture ordnance and supplies for the
Confederacy. On April 12, 1864 the military board was reor-
ganized. During the entire war period the military board drew
from the Texas Treasury a total of $1,650,000 of which only
$25,000 was in the form of Texas Treasury Warrants. The prin-
cipal funds used by the board were Confederate currency,
Texas state bonds and pre-war United States bonds."
As the war expanded into most of the Confederate States the
federals were still unable to secure a foothold within the Lone
Star State. Nevertheless, the economy in Texas would deterio-
rate as rapidly as in the states that saw the blue-coated soldiers
within their borders.
Newly inaugurated Governor Pendleton Murrah, 1 " in a
Paper Money Whole No. 121
message to the legislature in late 1863, endeavored to aid Texas
tax payers by making Confederate money, which then had a
specie value of 3 or 4 cents per dollar in the state, to be accepted
in payment of taxes at par value." The governor called a special
session of the legislature in May 1864 to deal with the problems
of the economy but little was accomplished. A second special
session of the legislature was called on October 19, 1864 to deal
exclusively with the economy. The proclamation by Governor
Murrah describes the problems faced by the legislature:
The Treasury Warrants which you authorized (at the
legislative session Nov. 3 - Dec. 16, 1863) to be issued
to meet the annual appropriation of a million dollars
made for the benefit of the families of soldiers and to
support the civil list, will from every indication fail to
accomplish the objects desired. The provisions made
by you [the legislature] for sustaining these warrants is
under existing circumstances inadequate and are now
quoted in the market at from 8 to 10 cents on the
dollar, and I see no prospect of their advancing in
value. Under existing laws, nearly if not quite two
million dollars in these warrants will be put in circula-
tion before the regular session of the Legislature can
convene, and yet they will fail in consequence of the
great depreciation to afford the relief to indigent fam-
ilies of soldiers that was intended mainly by you in
authorizing them to be issued. Thus a large debt will be
created against the State, to be funded in Bonds and
ultimately redeemed in specie, while the State will not
realize in the objects she has in view, perhaps over ten
cents on the dollar of the amount issued. But few of
these Warrants are yet issued under the law passed by
you, and the further issuance of them should at once
be arrested unless measures can be adopted that will
give them credit of the State sufficient value to insure
the accomplishment of the objects intended .... It
would be far better to rely entirely upon Confederate
currency.
P. Murrah, Governor"
Near the completion of this special session of the legislature,
Governor Murrah again recommended " . . issue no Treasury
Warrants, provide in some way for the support of the families of
soldiers, and rely for the other necessities of the government
upon the Confederate currency."'" This recommendation was
made on November 14, 1864 and the last act approving is-
su-ance of Texas Treasury Warrants was made on November 15,
1864. 21
The war ended for most of the Confederacy before it ended in
Texas. On June 8, 1865, nearly two months after Appomattox,
the nearly bare Texas Treasury reported the following assets:
Specie $15,397.36; Confederate Treasury notes "old issue"
$2,535,490.23 and "new issue" $362,548.11; and Texas
Treasury Warrants $445,074.37.
A few days later, June 11, 1865, a group of "ruffians" at-
tempted to loot the treasury vault in Austin just as the governor
was preparing to flee to Mexico. A number of citizens and some
of General Jo Shelby's soldiers, who were enroute to Mexico,
responded and saved most of the less than $5,000 in specie that
was in the vault. The war was now over and the cupboard was
as bare as when the war had begun.
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Paper Money Whole No. 121
The Texas Currency — General
Each of the Texas Treasury Warrants shows a handwritten
date of the authorizing legislative act. Obviously then these dates
must be within the periods in which the Legislature was in ses-
sion. For the war-time period the Legislature was meeting in
regular or called session during the following periods.
January 28, 1861 to February 4, 1861
March 2, 1861 to March 25, 1861
November 4, 1861 to January 14, 1862
February 2, 1863 to March 7. 1863
November 3, 1863 to December 16, 1863
May 9, 1864 to May 28, 1864
October 19, 1864 to November 15, 1864
Dates of authorizing acts shown on the warrants that do not fit
within a time period of a legislative session probably represent a
clerical error or a reporting error. Appendix 3 lists the military
service and civil service acts shown in the Criswell" catalog.
Also, where known, the purpose of the act is described.
Page 7
treasury warrants, which would follow the type-set group, were
designed in the more popular manner of traditional paper
money. The legislature in January 1862 authorized the expen-
diture of "$1,200 for obtaining blanks for treasury warrants."'
These were probably those later and more attractive issues.
For some unknown reason the fourteen basic "type-set" notes
in Group I were produced in a total of 48 printing varieties, con-
siderably more variations than the later groups. The variations
serve no useful purpose, so it is apparent that they were directly
attributable to the printer. A comment by Governor Lubbock in
his memoirs may provide the clue when he reported "The public
printer appointed having failed to give bond, and there conse-
quently, was no person then authorized to do the public print-
ing."" The printing of this group of warrants was apparently the
work of an ill-equipped small job printer. As an example of the
work quality, the printed denomination in the upper right corner
uses a comma, instead of a decimal, to separate dollars and
cents. Displaying zero cents was also unusual.
Texas Treasury Warrant - Group I
The Texas Currency —Group I
The pre-war Texas Treasury Warrant in its format was a
straight forward business-legal document with no frills to make it
look like the ordinary circulating paper currency. To replace the
interest-bearing warrants previously released, it would probably
be preferred to use a look-alike warrant with pre-printed de-
nominations and a blank denomination for odd amounts. Thus,
an initial purpose for the 1862 "type-set" treasury warrants was
to use a design that the public would recognize when they
replaced the older interest-bearing warrants as they were
presented for retirement. This may possibly be the reason why
all of these notes have the issue year "1862" pre-printed in an-
ticipation of a rapid replacement of the old warrants. Further, to
continue this historical speculation, when these "type-set" war-
rants were printed, the Texas Legislature had not yet authorized
their use for the payment of taxes and public dues and hence
that wording does not appear on them as it does on all other,
and supposedly later, Texas Warrants (see Appendix 2). The
The Texas Currency—Group II
This second group of Texas Treasury Warrants, arbitrarily de-
scribed as "vignette with lace overprint", represented a distinct
change from the plain business-like notes first released. This sec-
ond group was printed in a more professional manner and in a
style similar to the currency of her sister Southern states. This
time the printer used standard off-the-shelf printer's vignettes.
several colors and an overall overprint of a geometrical lace-like
pattern to deter counterfeiting, though, strangely, no printer's
imprint was used on this or any other issues of the state of Texas
war-time currency that would identify the printers. Another, and
significant, difference in this second series was the appearance
of the words "Receivable for State Dues", which now appeared
in the text of the notes. (See Appendix 2)
For the apparently more frequenty issued denominations ($1.
$5, $10, $20 and $ written) the year "1862" was pre-printed in
the space designed for the handwritten date of release but on
the less frequently used denominations ($50 and $100) it was
THEISM WARRANT....... TO. ?Mac DVICS—rONDAOLL IS ,44144 Pal CIKS.T
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Page 8
Paper Money Whole No. 121
Texas Treasury Warrant - Group II
only partially pre-printed with "186_". Why the two higher de-
nominations were anticipated to be released beyond 1862 is not
known. However, the appearance of the pre-printed "1862"
does chronologically identify this group of notes as not being the
last group to be issued that would be continued into 1865. The
addition of the words pertaining to "state dues" makes this
group later than the type-set group.
A survey of printer, imprint-identified currency printed in
Texas during this period allows for an educated guess as to the
identity of the anonymous printer of this second group of war-
rants." This work probably came from the presses of the Texas
Printing House in Houston, operated by E.W. Cave, the politi-
cally connected former Texas Secretary of State under Gover-
nor Sam Houston. Examining the quality of work from other
Texas printers of the period, in addition to the fact that the
Texas Printing House was the only identified printer who had
used this geometrical overprint, becomes the basis for this as-
sumption. Mr. Cave may have deliberately avoided use of his
imprint so as not to be associated with the secessionist state gov-
ernment.
The Texas Currency—Group III
The third group of Texas Treasury Warrants adds to the per-
plexity of understanding the history of this currency and de-
velops more unanswered questions. The printing style is dis-
tinctly different from the previous two groups but has more con-
tradictions. Vignettes were not used (with an exception), some
had fancy backs, but all had a change in wording (see Appendix
2) that now included the statement "Fundable in Eight Per Cent
Bonds." Some of the later released notes in this group would
have a handwritten "six" superimposed over the printed "eight"
on the bonds." The denominations of $1, $3, $5, $10, $20
and $ written would all show the printed statement as being
fundable in bonds and receivable for "public dues". However,
the $50 and $100, which were printed in the same style, did
show a difference in wording. These two high denomination
notes would only say that they were "Receivable for State Dues"
and had no reference to being fundable in bonds. Again excep-
tion persists in that occasionally the bond fundable statement
does appear handwritten on the notes.
At this point whether these warrants were or were not receiv-
able for public dues may seem dull and unimportant but in real-
ity it was a serious issue. Governor Lubbock in his initial address
to the Texas Legislature on November 15, 1861 recommended
" . .. making all the Warrants heretofore issued, as well as those
which may hereafter be issued, receivable in payment of taxes
and for all other public dues."" The House Finance Committee
responded by their recommendation on December 16, 1861
that future Warrants " . . . being made receivable for taxes and
public dues . . .."" The Governor later reported as an ac-
complishment of this legislative session the authorization of " .. .
receipt of Treasury Warrants and Confederate notes for all dues
and taxes . . .."" Thus. that provision had to have been in ef-
fect no later than January 14, 1862 but it would probably re-
quire some time to exhaust the supply of the previously printed
treasury warrants (Group I) and obtain a new supply of warrants
Texas Treasury Warrant - Group III
Paper Money Whole No. 121
(Group II). A further complication hurt the Texas economy
when, in November 1863, Governor Murrah " . . . stated that
the state would accept payment of taxes in Confederate money
at par value, as the market value at that time was only three to
four cents on the dollar ...." 30
The governor reported that
"Confederate notes constituting the currency, and being made
receivable for State taxes and dues generally, has the effect of
driving out of sight State paper. . . . State paper, like specie, is
being hoarded and brought to light only when it can be used on
most favorable terms. State paper could be made almost equal
to specie by making it alone receivable for state dues. . . . It
would strike a blow at the credit of the Confederate paper,
which I [Governor Murrah] am not willing, therefore to recom-
mend.""
A superficial study of the issue dates of this third series shows
the earliest dates in November 1862 and continuing through
May 11, 1865" or June 5, 1865." Texas was not occupied by
the federals until June 17, 1865, over two months after the sur-
render at Appomattox. The first two groups of treasury warrants
generally had the year "1862" pre-printed indicating that most
of them were released during that year. Thus, apparently, this
third type would serve the Texas State Treasury from late 1862
to the end of the war. Nine of the nineteen Texas legislative acts
authorizing the expenditure of money were passed in 1863 and
1864. (See Appendix 3)
Another anomaly in this group is the printed style of the writ-
ten denomination notes (Criswell 43 & 44/Medlar 138 & 139)
that, from their general format, would seem to belong to the sec-
ond group of warrants. Vignettes are again used and the paper
is different but the phrase "Fundable in Eight Per Cent Bonds"
does appear, which ties them to the third group. Perhaps it was
a matter of logistics with the supply of Group Il written
denomination warrants being exhausted before the design of the
third group of warrants was resolved.
The Texas Currency — Other
Texas, as with the other Southern states, had an abundance
of fractional paper currency issued by local governments, rail-
roads, merchants, etc. The smallest denomination of the Texas
Treasury Warrants was one dollar. The Texas Senate reviewed
this matter and the Senate Finance Committee reported on
November 13, 1863" that such issues were illegal under state
law. However, public sentiment had tolerated them since the
beginning of the war and the circulation of small denomination
Confederate notes (50' note issued April 6, 1863) had now
diminished the public interest in other fractional currency and
such public avoidance would terminate the need for local issues.
The Texas Currency —Reconstruction Period
Again, we must speculate with history while the positive facts
remain buried in obscurity. Some of the Texas Treasury War-
rants appear with a circular hand-stamp, generally faint and il-
legible, which consists of two concentric circles. Between the
two circles are the words "REGISTERED 1867" and inside the
inner circle is a month and day date. Most collectors hardly
notice nor are concerned with this special marking, which, per-
haps, helps to account for the purpose of the mark being virtual-
ly unknown. On an educated basis, the reason can be attributed
to the post-war punitive reconstruction legislation. Repudiation
of the Confederate war debts was mandated by the victor as part
of the punishment to the vanquished. The Unionist dominated
Texas Constitutional Convention passed an ordinance on
March 15, 1866 that "declared all debts created by the State of
Page 9
Texas in the aid of the late war, directly or indirectly, to be null
and void, and forbade the legislature to assume or make any
provisions for the payment of any portion of the debts incurred
or contracted, or warrants issued by the state between January
28, 1861 and August 5, 1865, except warrants issued in pay-
ment of services rendered or liabilities incurred before January
28, 1861.""
A subsequent ordinance passed by this convention stated
. this convention validated all the warrants issued for the
payment of troops called into the service of the state by Gover-
nor Houston for the protection of the frontier prior to March 2,
1861.'° 36
The 14th Amendment to the United States Constitution stipu-
lated that " . . neither the United States, nor any state, shall
assume or pay any debt or obligation incurred in aid of insurrec-
tion or rebellion against the United States . . . but all such debts
shall be held illegal and void . . .." The Texas Constitution, ap-
proved February 8, 1869, reiterated with the statement, "All
debts created by the so-called State of Texas, from and after the
28th day of January 1861, and prior to the 5th day of August
1865 were and are null and void; and the legislature is pro-
hibited from making any provision for the acknowledgement or
payment of such debts . .."
Texas Treasury Warrants were somewhat unique among war-
time Southern state currency. Each was directly identified with
the authorizing legislature, the appropriation number releasing
the funds and the person to whom it was issued. The warrants
issued for the expenses of pre-war frontier defense could be
easily identified and validated by the application of the
REGISTERED overstamp, which would give it the credibility to
continue to circulate. The validation would also allow the state
to tabulate the extent of its obligation.
A report was made to the Texas Legislature indicating that as
of October 30, 1865 the outstanding treasury warrants of the
war period included some for "valid" debts incurred prior to
secession. Included in these "valid" state obligations were the
expenses of the state militia called into service by Governor Sam
Houston to defend the western frontier. This same report indi-
cated that there was about $2 million in repudiated treasury war-
rants issued under the war-time act of January 10, 1862."
The Texas Legislature then passed on November 9, 1866
"An Act to ascertain the amount of, and adjusting and funding
the State debt, and to state any and all accounts between the
State and individuals." More specifically, this legislation created
an "auditorial board" for the purpose of auditing all claims
against the state for money and for the reauditing of all previous-
ly audited liabilities of the state inhibited by the Constitution.
Thus, the principal work of this board consisted of separating
from the total debt that part not incurred during the "Confeder-
ate period" (January 28, 1861 - August 5, 1865). The board
terminated this operation on December 1, 1867, which, for
practical purposes, would mean that it functioned only in
1867. 38
This then becomes the obvious explanation for the
overstamp REGISTERED 1867 found on some of the earlier
issues (Group I type-set) of Texas Civil War Treasury Warrants.
This auditing board determined the "valid" debt by examining
the outstanding warrants and marked the valid ones as they
were included in their count.
Thus ended an era: most of the Texas Treasury Warrants
were made only as "the pledge of a nation that passed away."
Page 10
APPENDIX 1
Summary Regrouped Texas Treasury Warrants
Criswell Numbers
Denom.Military Civil
I. Script style type-set Warrants
Medlar Numbers
Military Civil
$1 5 5A-5B 6-6A-6B 52-53-54-55-56 57-58-59-60-61
$2.50 4 7-7A 8 102-103 104
$5 15-15A-15B 16-16A-16B 62-63-64-65-66 67-68-69-70
$10 21-21A-21B 22-22A-22B 71-72-73-74-75 76-77-78-79
$20 27-27A-27B 28-28A-28B 80-81-82-83 84-85-86-87
$50 33 34 88-89 90
$100 39 40 91 92
$xx 45 46 93-94-95-96 97-98-99
II. Vignette with lace overprint Warrants
$1 1 12 100 101
$5 11 12 105-106-107 108-109
$10 17 18 110 111
$20 23 24 112 113
$50 29 30 114 115
$100 35 36 116 117
$xx 41 42 118 119
III. Fancy two -color Warrants
$1 3 4 120 121
$3 9 10 122 123
$5 13 14-14A 124-125 126-127
$10 19 20 128 129
$20 25 26A-26B 130 131-132-133
$50 31 32 134 135
$100 37 38 136 137
$xx - 43 44 138 139
Comments:
The catalog numbers assigned by Criswell and Medlar do not by
themselves provide unique identification of the note. The
Criswell number would have to be prefixed by "Texas" to be
specific in identification. Medlar lists by the Texas city of issue so
the treasury warrants should be prefixed by "Austin".
This note is somewhat of a "maverick" in that the printing is a bit fan-
cier with a printed back, but the paper quality and absence of a state-
ment that it is "receivable for state dues" or "fundable in bonds" puts
it into this group. Also, a comma is used in lieu of a decimal point in
the $2.50 denomination figure as was the style of the Group I printer.
'Another "maverick" to the general printing style of the group. How-
ever, the use of the phrase "Fundable in eight per cent Bonds" makes
it compatible with the group.
APPENDIX 2
Text Appearing on Texas Treasury Warrants
Group I Warrants:
The Treasurer of the State of Texas will pay to • • or bearer, XXX
Dollars, out of Appropriation • * * under Act approved * • *, 186' for
Civil (or Military) Service.
Comptroller's Office, Austin, • * , 1862
(Signed by Comptroller, Treasurer and Registered)
Group II Warrants:
Appropriate • " • Under Act of • • 186*, for Civil (or Military)
Service The Treasurer of the State of Texas Will pay XXX Dollars
To • or Bearer. Receivable for State Dues.
Comptroller's Office, Austin, • • *, 186'
(Signed by Comptroller, Registered and Treasurer)
Group HI Warrants: (S1-$3-$5-$10-$20-Sxx)
Receivable for Public Dues-Fundable in Eight Per Cent Bonds.
Appropriation • • Under Act of • • * 186* for Civil (or Military)
service, the Treasurer of the State of Texas, Will pay to * • * or
Bearer XXX Dollars.
Comptroller Office, Austin, * • • 186*
(Signed by Comptroller, Treasurer and Registered)
Paper Money Whole No. 121
Group III Warrants: ($504100)
-same as above except: State Dues instead of Public Dues and no
printed statement as to fundable in bonds.
APPENDIX 3
Legislative Approval Acts For
Issuing Texas Treasury Warrants
Pre-War Legislature Sessions:
M1* February 3, 1860 $300,000 for frontier defense
Cl February 11, 1860
8th Legislature, called session, Jan. 21, 1861 - Apr. 9, 1861:
M3 April 5, 1861 $100,000 for frontier defense
M2 February 8, 1861
C2 April 8, 1861
For payment of certain debts created by
the secession convention
M4 April 8, 1861 $75,000 for subsistence and transpor-
tation of regiment ordered by secession
convention
9th Legislature, regular session, Nov. 4, 1861 - Jan. 14, 1862:
M5 January 4, 1862 $60,000 for troops called out on fron-
tier in spring 1860: also for transporta-
tion of supplies to army volunteers
C3 January 8, 1862 $150,000 for care of sick and wounded
Texas soldiers
M6 January 12, 1862 To provide arms and ammunition for
the military defense of the state
M7 January 13, 1862
C4 January 13, 1862
M8 January 14, 1862 $1,000,000 for military purposes
9th Legislature, 1st called session, Feb. 2, 1863 - Mar. 7. 1863:
C5 March 2, 1863
C6 March 3, 1863
M9 March 5, 1863 $200,000 for military hospital fund
C7 March 5, 1863 $600,000 for needy soldier's families
M10 March 6, 1863
10th Legislature, regular session, Nov. 3, 1863 - Dec. 16, 1863:
C8 December 15, 1863 $1,000,000 for soldier's families
M12 December 16, 1863 $1,000,000 for defense of frontier
C9 December 16, 1863
10th Legislature, 1st called session, May 9, 1864 - May 28, 1864
C10 May 28, 1864
10th Legislature, 2nd called session, Oct. 19, 1864 - Nov. 15, 1864:
C11 November 15, 1864
Comments:
*The "Ml" etc. designations are from the Criswell catalog," which lists
these acts; M is for military service and C for civil service, the numbers
are sequential.
In the listing of the authorization act dates the Criswell catalog
makes the caveat that the "Act dates other than those listed in
the standard list are simply man-made 'Errors' of the pen' the
author has seen some dated `1852'."" There is reason for un-
certainty as to the complete acceptance of that statement. Cer-
tainly an "1852" is an obvious slip or poor penmanship. A date
not within the time periods shown above for the legislative ses-
sions, even though during the Civil War period, is in all probabil-
ity an error. For example, the catalog lists M11 as April 11,
1863 but is not included in this listing as it undoubtedly is an er-
ror. However, an unlisted date that does fall within a legislative
time period could be legitimate. As an example, "the legislature,
on March 8th (1861), passed an act appropriating $25,000 to
pay State troops."' Yet that date is not included in the list nor is
it known if the troops were paid with treasury warrants, butthe
date is within the time period of the 8th legislative session. Thus,
there is the possibility that warrants do exist with that date. The
original source of this list of dates is not known though they were
Paper Money Whole No. 121
included in an article "Texas Treasury Warrants" by D.C.
Wismer in the September 1927 Numismatist."
APPENDIX 4
Page 11
April 17 Texas volunteers under Colonel Earl Van Dorn,
C.S.A., capture the vessel Star of The West off
the Texas coast near Indianola, Texas
July 2 Blockade of Galveston, principal seaport of
Texas, initiated by the USS South Carolina
Appropriation Numbers
Each of the treasury warrants has a place for a handwritten
entry of the appropriate "Appropriation Number" (see Appen-
dix 2). The appropriation was designated by a number followed
by an alphabet letter. D.C. Wismer" comments on these ap-
propriations: "They were given serial letters 0, P, Q, R and S
and numbered from 1 to 119." Criswell" and Medlar" catalog
the appearance or omission of a preprinted "Q" letter on some
of the type-set warrants. A general explanation of the function
of the letter is that it represented a time period while the number
indicates a specific expenditure of the money approved by the
legislative act. The estimated time periods for the letter designa-
tions are as follows:
"0" 1860 - 1862
"P" 1861 - 1864
"Q" 1862 - 1864
"R" 1863 - mid 1865
"S" 1863 - 1866
Usually the appropriation number and letter is continued until
the funds appropriated are spent even if it extends beyond the
fiscal period for which it was originally intended. Then another
number and letter was assigned a subsequent appropriation for
the same expense. This accounts for the overlapping termina-
tion dates shown above. The alphabet letters probably tie in with
the legislative session when the appropriation was authorized.
Some examples of this system are:
1-0 Pay and mileage of members of the 8th Legislature
105-0 Salary of Adjutant General. Dec. 1860—June
1861
78-P Pay for militia 1850-61
82-Q Fund for military purposes
92-R Working certain salt operations on northwestern
frontier
APPENDIX 5
Civil War Events Within Texas
While Texas was not the stage for major battles, there were
numerous events that made this remote corner of the Confeder-
acy ever aware of the war. Attacks and landings along the Texas
coast were the primary military efforts directly made against the
state. The Texans successfully fought off this harassment and
were conquered only after the Confederate Government col-
lapsed.
1861
February 1
Texas Secession Convention approves an ordi-
nance of secession
February 18
General David Twiggs surrenders U.S. military
posts in Texas
March 16
Administering of the Confederate oath of office
to incumbent state officials; Governor Sam
Houston declines to take oath and is removed
from office
1862
February 22 U.S. Navy attacks Aransas Pass on Texas coast
May 26 C.S.A. establishes the Trans-Mississippi Military
Department
October 5 Galveston captured by the U.S. Navy
1863
January 1 Confederates recapture Galveston
January 11 Naval engagement off Galveston, CSS Ala-
bama sinks USS HATTERAS
May 30
U.S. Navy attacks Port Isabel on Texas coast
September 8 Battle of Sabine Pass; battery of Texas artillery
repulses attempted landing of over 4,000 feder-
als
November 6 Brownsville (on Texas-Mexico border) occupied
by U.S. troops
December 1 A.J. Hamilton arrives at Brownsville as
Lincoln's proposed Military Governor of Texas
December 10 Texas Legislature authorizes sale of $2,000,000
in cotton bonds
December 23 Indianola occupied by U.S. Army
1864
October 20 Week long battles with Indians in north Texas
November 15 Texas Legislature approves the annual distribu-
tion of 600,000 yards of cloth and excess
thread manufactured at the state penitentiary
(Huntsville) for distribution to indigent families
and dependents of Texas soldiers
1865
January 8 Texas troops defeated in fight with Indians near
San Angelo, Texas
June 2 Surrender of the C.S.A. Trans-Mississippi De-
partment by General E. Kirby Smith at Galves-
ton
June 17
U.S. General Gordon Granger arrives in Texas
to assume command of occupation forces. A.J.
Hamilton appointed provisional civil governor
of Texas
June 19
General Granger issues proclamation from Gal-
veston advising that all slaves are free
Footnotes
' Warrant—a writing, writ, or other order that serves as authorization
for something, specifically (a) a voucher authorizing payment or
receipt of money. The American Heritage Dictionary.
Grover C. Criswell, Criswell's Currency Series—Confederate and
Southern States Currency, Citra, Florida, 1957, 1964 and 1976.
Bob Medlar, Texas Obsolete Notes and Scrip, San Antonio, Texas,
1968.
Criswell.
Page 12
Francis R. Lubbock served as Governor of Texas from November
7, 1861 to November 5, 1863; he then joined the Confederate ar-
my as a Colonel, served on several military staffs, and then became
aide-de-camp to President Jefferson Davis. He accompanied Davis
on his 1865 flight from Richmond and was with him when cap-
tured in Georgia.
Message to Texas Senate and House, November 25, 1861. "I
(Gov. Lubbock) would suggest ... making all the Warrants here-
tofore issued, as well as those which may be hereafter issued, re-
ceivable in payment of taxes and for all other public dues." The
Legislature approved his recommendation.
' Clement A. Evans, Confederate Military History, reprint edition.
The Writings of Sam Houston, Volume III, Austin, 1970.
Clement R. Johns served as Texas Comptroller from August 2,
1858 to August 1, 1864. He was succeeded in office by Willis L.
Robards who served from August 1, 1864 to October 12, 1865.
The name of Clement R. Johns is well known to Texas currency
collectors for the frequency with which his bold signature appeared
on Texas Treasury Warrants.
" Houston. Houston.
" Cyrus H. Randolph served as Texas Treasurer from August 2,
1858 to the collapse of the Confederacy in Texas, June 1865. He
fled to Mexico with remnants of the state government and Trans-
Mississippi army. His signature appears on the Texas Treasury
Warrants.
12 Houston. '3 Houston.
House Journal of the Ninth Legislature Regular Session of the
State of Texas, November 4, 1861 to January 14, 1862. Compil-
ed by James M. Day, Austin, 1964.
Ibid. 16 lbid.
" Senate Journal of the Ninth Legislature of the State of Texas,
November 4, 1861 to January 14, 1862. Compiled by James M.
Day, Austin, 1963.
18 Charles W. Ramsdell, "The Texas State Military Board, 1862-65",
Southwestern Historical Quarterly, Vol. 27, 1924.
'" Pendleton Murrah served as Governor from November 5, 1863 to
June 12. 1865, the collapse of the Confederacy in Texas. Murrah
accompanied General Jo Shelby's cavalry in their flight to Mexico.
Murrah died in Mexico in July 1865.
W. C. Nunn, Ten Texans in Gray, Hillsboro, Texas, 1968.
2° Senate & House Journals of the Tenth Legislature Second Called
Session, October 19, 1864 to November 15, 1864. Compiled by
James M. Day, Austin, 1966.
"2 Day. House Journal ... Ninth Legislature .
21 Listed by Criswell catalog as C11 for civil service.
" Criswell.
23 Six Decades in Texas—The Memoirs of Francis R. Lubbock,
Edited by C. W. Raines, Austin, 1968.
" Ibid. " Medlar.
26
had several bond issues during the Civil War period: Act of
March 20, 1861 © 8% interest; Act of April 8, 1861 @ 8% in-
terest; Act of December 10, 1863 @ 7% interest; December 10,
1863 @ 6% interest.
" Day, House Journal . Ninth Legislature .
28 Ibid.
29 Six Decades in Texas.
" Nunn.
Senate Journal of the Tenth Legislature, November 3, 1863 to
December 16, 1863, Compiled by James M. Day, Austin, 1964.
32 Medlar. " Criswell.
3' Senate Journal . . . Tenth Legislature.
°° Edmund T. Miller, A Financial History of Texas, Bulletin of Univer-
sity of Texas, No. 37, July 1916.
36 Ibid.
" Edmund T. Miller, "Repudiation of State Debt in Texas Since
1861", Southwestern Historical Quarterly, Vol. 16, 1912/1913.
" Ibid. " Criswell. " Criswell. °' Evans.
" D.C. Wismer, "Texas Treasury Warrants", The Numismatist
September 1927.
" Ibid. °° Criswell. " Medlar.
Paper Money Whole No. 121
A Reply to
A OilfedeCate
YIVICystery*
by ARLIE SLABAUGH
Brent H. Hughes, in writing about the "C" counterstamp on
the $20 (Washington) Confederate note of July 25, 1861,
states that "Slabaugh also suggests that a 50 percent premium
value on notes with the 'C' stamp would be in order, but the
present market prices do not support his belief." That was my
statement in 1958 for the first edition of my catalog, Confed-
erate States Paper Money, and for that time, when Confederate
notes were cheaper, it was not unreasonable. But, after prices of
the notes without the "C" stamp increased, the suggested
premium of 50 percent was no longer valid since the increased
base price translated into too many dollars difference. If you will
check the 6th edition (1977) of my catalog you will find that this
now reads "A small capital `P' in green also appears stamped on
a few of these notes as well as the previous $20 (sailing ship)
note. This mark can be considered as rare, the 'C' as scarce.
Overprinted `P' doubles value of note, 'C' increases value 25
percent or more (according to condition)."
Brent offers the suggestion that the "C" stands for 100. In that
case, what does the "P" stand for?
One thing that has long intrigued me about this "C" stamp is
its resemblance to an initial ring. In fact, I wouldn't be surprised if
one could obtain a similar ring from a jeweler right now. If a ring
was heated and then burned or impressed into wood, or other
substance to make a die, the result would be like this stamp; that
is, the raised "C" and border would be recessed and appear
blank when inked and used as a stamp while the background
that was recessed on the ring would be positive when an impres-
sion was made from it. The fact that a "C" stamp made in this
manner would be in reverse is no problem since the result needs
only to be turned upside down. However, this particular "C"
does have a large loop on one side and that may be the reason
the notes have been stamped horizontally to make it less ob-
vious to those not familiar with the ring that this was the source
of the design. Take a look at the "C" on the reverse of the silver
3-cent piece then used in the United States—the heavier loop is
at the top, whereas the "C" on the Confederate note is in
reverse.
But this raises another question. Assuming that this premise is
correct, and since the Confederate States frequently used substi-
tutes without hiding the fact, why should it have been necessary
to hide the source of this stamp? Were the notes really stamped
during the Civil War, or was it done later by some enterprising
individual who had a hoard of plate letter Bb notes that were
stamped to satisfy the growing demand for varieties?
Another point is the green color of the stamp, which Brent
mentioned should have been black or red. Actually, blue was
also used in the South but green is unusual and not a commonly
used stamp ink even now. Further research on this could per-
haps lead to some interesting things, for the "C" stamp impres-
sion indicates that the ink was of commercial quality. Had it
been homemade it would have been more likely to have soaked
through the paper or smudged.
In conclusion, it wouldn't surprise me a bit if the answer to this
puzzle isn't found by chance while searching for something else.
Paper Money Whole No. 121 Page 13
George Alfred Trenholm
Financial Wizard of the Confederacy
by BRENT H. HUGHES
CD1985
Collectors of Confederate currency are familiar with the
portraits of Jefferson Davis, Christopher Memminger and
the other people who appear on the South's paper
money. But there was a man far more important to the
Confederacy than any of those portrayed on any finan-
cial paper. His name was George Alfred Trenholm, the
second and last Secretary of the Confederate Treasurery
Department.
GEORGE ALFRED TRENHOLM
The early days of the Confederacy caught European makers
of military supplies in a peculiar situation — they wanted the
profits from sales, but they worried about the South's ability to
pay. After their initial gold reserves were spent, the problem
became acute. In short, the Confederate States of America had
no credit with hard-nosed English and French businessmen and
things would have really been desperate had not George
Trenholm thrown his almost unlimited lines of credit into the
breach. His years of responsible dealing in the cotton brokerage
business with European textile mills had earned him and his
companies a fine reputation. The arms makers hesitated to ex-
tend credit to the Confederacy; they hesitated not at all after
Trenholm guaranteed payment.
Our history books devote little space to this man who would
have been right at home in today's corporate world. He under-
stood international finance. When most bankers hesitated to go
out of state, he moved easily in the banking houses of Europe.
From a qualification standpoint he should have been first choice
to serve as Secretary of the Confederate Treasury Department.
Politics determined otherwise, so Trenholm stayed in the
background and acted as a trusted advisor to Davis and his
cabinet. Unfortunately a recalcitrant, and at times utterly stupid,
Confederate congress refused to cooperate and most of his ad-
vice went unheeded. But, as we shall see, the Federal Govern-
ment in Washington knew exactly what Trenholm was doing
and punished him severely after the war.
Page 14
The Trenholm family dynasty in the Charleston area of South
Carolina began when George's grandfather, William Trenholme
(with an "e") emigated from England in 1764 and settled there.
When the American Revolution began he took his family to
Holland for the duration. In 1787 he returned to Charleston,
droppped the "e" from his name, and applied for citizenship.
He remained in the port city for the rest of his life. He opened a
mercantile business but had difficulty coping with the financial
chaos of the time. In 1790 he turned his business over to a Bon-
in-law, James Miller. His son, also named William, had the
same problems and assigned his assets to trusted friends to
avoid bankruptcy.
In 1803 the younger William married Irene de Greffin,
daughter of a French landowner in Santo Domingo. They in
turn became the parents of George Alfred, a man destined to
accomplish in the business world what his father and grand-
father had been unable to do. He would become one of the
wealthiest men in the South.
George married Anna Helen Holmes, a member of a promi-
nent Charleston family who owned thousands of acres of prime
plantation land on which they grew cotton. She and her rela-
tives made up part of the low-country aristocracy, which would
control South Carolina politics for generations. This would
prove to be a most fortunate marriage. Besides being devoted to
each other, the couple made a perfect business situation. Her
family had the resources and knowledge to grow huge amounts
of cotton; George had the ability to market the product all over
the world. It would turn out to be a prosperous combination.
Because of financial problems earlier in his life, George had
been forced to leave school and go to work. He joined John
Fraser and Company, a commission and shipping firm in
Charleston. He started as an accountant, moved quickly to be-
come a clerk and must have been an extraordinary employee
because after only eighteen months the senior Fraser gave joint
powers-of-attorney to conduct the business affairs of the com-
pany to his son, John Augustus Fraser, and George Trenholm.
In 1838 George became a full partner and the business, located
at North Central Wharf at Cumberland Street, prospered. The
company expanded and eventually owned huge warehouses
and docks capable of handling 20,000 bales of cotton per day.
By 1853 Trenholm was senior partner and principal owner of
the firm. He had a New York office called Trenholm Brothers at
42 Pine Street, and a Liverpool office called Fraser, Trenholm
and Company. The partners were John A. Fraser. George
Trenholm, Edward L. Trenholm, Theodore Wagner, James T.
Welsman and Charles K. Prioleau. In 1855 George's son
William finished college and joined the Liverpool office. The
English textile industry was thriving and the Trenholm group
kept the cotton bales flowing. They had no way of knowing that
the approaching war in America would change everything
forever and that George would play a major part in the drama.
Nobody would ever accuse Trenholm of being timid, and his
politics were no exception. As early as 1830, when he was only
23, he put his political opinion in print using the pen name
"Mercator". His friend Robert James Turnbull was also writing
articles for the Charleston Mercury in which he advocated resist-
ance to Northern tariff laws, which he felt favored the industrial
North to the detriment of the agricultural South. John C.
Calhoun drew large crowds to hear his violent speeches.
Trenholm admired both Turnbull and Calhoun and began to
argue that South Carolina should withdraw from the Union. He
seemed to believe that the state could go it alone, supporting
itself by supplying the world with cotton.
Things finally got out of hand when the National Democratic
Paper Money Whole No. 121
Convention met in Charleston in April, 1860. The party split,
with the Northern Democrats moving to Baltimore and the
Southerners to Richmond. Stephen A. Douglas was nominated
at Baltimore while the Richmond crowd nominated John G.
Breckinridge. Trenholm was a delegate-at-large at Richmond.
With the party fragmented, Lincoln won the election and the
scene was set for rebellion.
On December 10 South Carolina seceded and began to arm
itself. Trenholm knew where the arms were available — in
Europe — and that payment could be made in cotton. It would
not be long before people in the know would begin to refer to
Trenholm's men as the "Bankers of the Confederacy". The
company had operated a fleet of ships between Charleston and
Liverpool since 1859, and had more ships under construction in
England. These ships would turn out to be the economic salva-
tion of the Confederacy, taking out cotton and bringing in the
supplies for war.
Trenholm was instrumental in getting the private banks to
lend their paper money to the Confederacy until it could ar-
range to print an adequate supply of its own, and there is every
reason to believe that he was offering his advice in other finan-
cial matters. He may as well have saved his breath.
. . Jefferson Davis and his cabinet
really believed that the war would
be over in ninety days • • • •
History books repeatedly tell us that Jefferson Davis and his
cabinet really believed that the war would be over in ninety
days, so they did no long-range planning. The Confederate
Congress did no better, spending most of its time with inconse-
quential matters. So, blunders were inevitable. Let us look at
just one example. The British East India Company was selling its
assets at this particular time and put ten fine ships on the market
at half price. Since the Confederacy had no ships of its own and
was in desperate need of a fleet, Fraser, Trenholm and Com-
pany took an option to purchase, thinking that Davis and the
congress would seize the opportunity to buy the ships. The total
cost to buy and outfit the ships for blockade running was 40,000
bales of cotton. The Confederate government had 3 million
bales in storage at the time, so purchase would have been easy.
Yet they (no one knows exactly who made the decision) refused
to buy the ships. Trenholm must have been appalled at such
stupidity, but he took it in stride and continued his support.
With the war underway and the Union blockade being set up,
Trenholm took action to keep things moving. Trenholm
Brothers in New York was forced to close, so its manager was
transferred to Liverpool. A new branch office was set up in
Nassau with the name Adderly and Company, and another of-
fice was opened in Bermuda. With these offices in place Tren-
holm had a fine network of agents working for the Confederacy
and they pulled off all kinds of deals. The activity was closely
monitored by the U.S. Minister to Great Britain, Charles Francis
Adams, through a system of paid spies, vice consuls and con-
suls. The British, experts at such things, paid lip service to U.S.
protests and kept right on producing arms and ships for the
Confederacy and taking cotton in payment.
Many fine books have been written about the blockade run-
ners and their adventures. It was a very interesting period in
American history. Suffice it to say the blockade was never as ef-
fective as the Union would have us believe, nor was it an ineffec-
Paper Money Whole No. 121
tive as Southerners claimed. The truth lies somewhere in be-
tween. But the wily George Trenholm organized his shipping
well. He was a master at handling people and was one of the
first to give his captains a piece of the action as an incentive to
perform well. Each captain was given cargo space on every trip
to use as he wished. He could buy cotton in Charleston or Wil-
mington at five cents a pound, haul it to Nassau and sell it to
English buyers there for fifty cents a pound. Using his profits he
could then buy anything he wanted and haul it back to the Con-
federacy to be sold, again at a good profit. As a result, many
captains became wealthy and George Trenholm had a fiercely
loyal group in charge of his ships.
Still the Confederate congress and cabinet blundered along.
They knew that France and England desperately needed cotton
for their mills yet shield away from officially recognizing the Con-
federacy. So they came up with the idea of blackmailing the two
countries by withholding cotton. The 1861 cotton harvest was
enormous but none reached Europe. The mills closed and thou-
sands of workers suffered greatly from the loss of jobs. Tren-
holm tried to point out the foolishness of the action in a letter to
Secretary of State Benjamin:
There is a general impression prevailing that the
Government is opposed to the exportation of cotton
and it is believed that at the next session of Congress
the exportation will be prohibited by law. Among other
mischievous results that must inevitably flow from the
adoption of this policy is a rapid and extravagant ad-
vance in the price of foreign exchange, or what is the
same, a rapid depreciation of the currency of the
country. We cannot refrain from expressing an earnest
hope that the Government will encourage rather than
forbid the sale and exportation of this great staple and
chief source of national wealth and strength.
. . . Trenholm was right . . . the
Confederate policy played right in-
to the hands of the Union Govern-
ment . .
Trenholm was right, of course, because the Confederate
policy played right into the hands of the Union Government as it
tightened the blockade. A lot of cotton was lost at sea and a lot
of ships turned to other cargo. The Confederate Congress did
the usual thing—they tried to pay their bills with more and more
paper money that was worth less and less.
Finally Trenholm began to openly criticize the whole scheme.
On December 2, 1862 he spoke out in the S.C. House of
Representatives on the evils of inflation, pointing out that "print-
ing press money", backed by nothing, was the culprit. He advo-
cated placing a heavy tax on property and business, reducing
the amount of currency in circulation and raising money by
whatever means to reduce the debt. It is not hard to understand
why his portrait never appeared on Confederate currency—the
printers designing the money wanted no part of Trenholm.
As usual, Trenholm's advice was ignored, but that did not
stop George from offering it until the end of the war. Still, his
company prospered as the South came to depend more and
more upon it to take out cotton and bring in arms. Trenholm has
a great system—large ships of British registry brought the cargo
from Europe to Bermuda and Nassau. It was then transferred to
small fast steamers for the run through the Union blockade into
Southern ports. To get cotton out, of course, the system was
simply reversed. It worked well. As late as the year 1864 enor-
mous cargoes got through. Finally, in July 1864, Confederate
Page 15
officials decided the Government should have its own fleet built
in England. It was also at this time the exhausted Memminger
decided that he'd had enough criticism and he resigned. Tren-
holm reluctantly succeeded him and tried to straighten out the
mess.
The idea of a government fleet that would haul cotton to
Fraser, Trenholm and Company warehouses in England where
the bales would be sold on commission and the net proceeds
used to pay for the ships must have been approved of by Tren-
holm. Just how he would have handled the obvious conflict-of-
interest problem is not clear. He was liked by almost everybody
and he was making substantial contributions to charity at the
time, so he remained in the cabinet. The English, ever anxious
to sell ships, thought it was a great move and said so. Trenholm
obviously was their man. Henry Hotze of the "London Index"
said of George:
His popularity far exceeds that ever enjoyed by
his predecessor, and the people and press throughout
the Confederacy accept him with an almost unbound-
ed confidence in his ability and administrative talent.
(His firm) may fairly claim the credit for having been
the first to organize on a grand scale that trade which
now sets the utmost efforts of the Federal blockade at
defiance . . . Mr. Trenholm has understood that
wealth acquired through the necessities of a suffering
nation is a trust fund and he has freely given his tithe,
and perhaps more, to the poor, the wounded, the
soldiers, and the many unfortunate victims of the war.
Trenholm got right to work. Since he had been a director of
the Bank of South Carolina since 1836, he now turned to that
bank for help. In December 1864 he asked the bank to confer
with French bankers about a 75 million dollar loan to retire Con-
federate bonds. This would restore confidence in the currency
and solve a lot of serious problems. But it was too late; the end
was near for the Confederacy and the plan was never imple-
mented. Things finally became so desperate that Trenholm
asked the public to donate money, jewelry and other items of
value. He started the drive with a donation of $200,000 of his
own funds. Many citizens came forward in response to the ap-
peal, but it was another case of too little, too late.
It became obvious that Richmond would at last fall. Events
were accelerating and the military could no longer protect the ci-
ty. Davis ordered thirty officials of the Government to leave by
train and the Trenholms calmly got aboard. Mrs. Trenholm, the
only woman in the group, served peach brandy amid all the tur-
moil, from a good supply she had brought along.
The adventures of George Trenholm after the fall of Rich-
mond are told from a unique vantage point by James Morris
Morgan in his book. Recollections of a Rebel Reefer. Morgan , a
young midshipman who was a favorite of Trenholm, spent a lot
of time at the Trenholm residences and eventually married one
of the Trenholm daughters.
He was on duty at Battery Semmes near Richmond in the
spring of 1865 when he was suddenly ordered to report to the
Secretary of the Navy. The Secretary told him that he was to ac-
company Mrs. Jefferson Davis and her party on their journey
south. The party, he added with a smile, would include the
daughters of Secretary Trenholm. It is obvious that George
Trenholm had made the arrangements and that Sec. of the
Navy Mallory was simply carrying them out. Morgan had no
idea that the trip was part of the massive evacuation of Rich-
mond. He and the other young people simply thought that
President Davis was carrying out his often stated desire to have
his family go to Charlotte, N.C. for the relative peace and quiet.
Page 16
At the train station Morgan and the Trenholm girls were join-
ed by Mrs. Davis, her sister, the children and their escort, Col.
Burton Harrison, the President's private secretary. They all
boarded a miserable passenger car. Shortly thereafter President
Davis came aboard, wished them well, and left. At ten o'clock
on Friday night the train left Richmond; it would take four days
to reach Charlotte. Mrs. Davis and her party got off in Charlotte
and found lodging in the home of a Mr. Weil, while Morgan and
the Trenholm girls continued on to Abbeville, S.C. where the
Trenholms had rented a home. Upon their arrival on Thursday
they learned that Richmond had fallen and that President Davis
and his cabinet were at Danville, Virginia.
The flight from Richmond aboard the so-called "Treasure
Train" of the Confederate Treasury Department began badly.
Mobs were about to take over the city and the Treasury officials
found themselves at the depot at Manchester, across the river
from Richmond, with boxes of documents and currency plus
$500,000 in gold and silver coins packed in kegs. A huge mob
of drunken deserters and other undesirables were gathering
around them. Into this situation marched Lt. William H. Parker
and his group of young midshipmen from the schoolship Patrick
Henry" which was anchored in the James River. Almost forgot-
ten in the turmoil, they had been ordered to blow up their ship
and get to Charlotte, N.C. by whatever means they could. So
luck was with both groups—the midshipmen needed transporta-
tion and the Treasury officials needed armed protection.
Parker realized that the situation was dangerous and ordered
his men to fix bayonets, load their firearms and prepare to de-
fend the train and cargo. Those who had gathered, as Morgan
says, "were not so drunk that they did not appreciate the fact
that discretion was the better part of valor and they fled." The
money and boxes were loaded on the train, the passengers
boarded and the train left for Charlotte. At that depot Mrs. Davis
and her party came aboard and the train proceeded to Chester,
S.C., the end of the railroad lines.
Lt. Parker commandeered four wagons pulled by broken-
down mules. Mrs. Davis and her party, the gold and silver
coins, a few boxes of currency and some of the Treasury officials
were loaded on the wagons and they began the trip over rough
country roads to Abbeville. Parker and his midshipmen walked
behind the wagons for the entire trip of more than eighty, miser-
able miles.
. the primary goal was to protect
the treasury.
While this group was en route to Abbeville, another party
arrived there. It was composed of President Davis, Judah P.
Benjamin, Mallory and Postmaster General Reagan, all riding in
a wagon; Secretary of War General Breckinridge was on horse-
back. George Trenholm had made it as far as Charlotte but had
been forced by illness to leave the party there.
Now that everyone was at Abbeville and the women and
children cared for, the primary goal was to protect the treasury.
It had been considerably reduced by payments along the route
and now consisted of "two large and heavy chests of silver".
These were loaded on a wagon and escorted for another eighty
miles to Augusta, Georgia by the weary midshipmen. There
they were advised to get out of town because Sherman was ap-
proaching. So back they went to Abbeville where the officials
mercifully mustered them out of service in a quick ceremony.
Mere boys between fourteen and eighteen years of age, few with
Paper Money Whole No. 121
shoes or little else to their names, were turned loose to shift for
themselves. The chests of silver coins were turned over to
Morgan and a Lt. Macbeth (Mrs. Trenholm's brother) who
buried them that night in a garden in back of the house.
The next morning Union troops took over the town but left the
Trenholm house alone. Shortly thereafter Mr. Trenholm's coach-
man, "Daddy Peter", showed up with the family landau and two
handsome bays. He had hidden in a swamp outside Columbia
while Sherman burned down hundreds of homes, including the
Trenholm mansion. Mr. and Mrs. Trenholm arrived a short time
later, even though George was still quite ill, and the family was
reunited under one roof. The Federal troops showed no interest
in the Trenholms and George began to feel a little better. He had
managed to bring with him a considerable number of $20 gold
pieces, which at that time was the only universally accepted
medium of exchange. Taking this to Columbia he managed to
buy a large home into which he moved his family.
. . . $10,000 would take care of his
worries.
But at Charleston the post-war chaos was beginning. Cor-
rupt Federal officials were looking for bribe money and their at-
tention focused on Mr. Theodore Wagner, one of the Trenholm
partners. A very nervous and timid person, Wagner feared go-
ing to jail as a result of his firm's war activities. The Provost Mar-
shal of Charleston somehow discovered Mr. Wagner's fears and
let him know that $10,000 would take care of his worries.
Wagner paid up quickly and did indeed stay out of prison. But
the word got around quickly and the commanding general at
Charleston decided to get in on the scam. He sent orders to his
counterpart at Columbia to arrest Trenholm and bring him to
Charleston. Honor was a serious factor among gentlemen in
those days and the colonel accepted Trenholm's word that he
would voluntarily travel to Charleston and turn himself in to the
military there.
Morgan says that he accompanied Mr. Trenholm on his trip
and that they carried two suitcases, one of which contained a
large number of $20 gold pieces. When their train pulled into
the depot at Charleston they were shocked to see a company of
black soldiers drawn up and waiting for them. The soldiers took
both men to the local jail, forcing them to walk through the
muddy streets to get there. Morgan started to follow Mr. Tren-
holm into the jail when he was suddenly struck in the stomach
with a rifle butt. He staggered to a nearby curb where he
vomited blood for awhile. Finally he managed to walk away and
find a rented room for the night. The landlord insisted upon see-
ing some luggage so Morgan went to the depot and claimed
both of Mr. Trenholm's suitcases.
The next morning Morgan managed to see Mr. Trenholm at
the jail. When told about the suitcases he asked Morgan to find
Mrs. Henry King, the daughter of his good friend James L. Pet-
tigrew, a prominent lawyer. Pettigrew had been a close friend of
Abraham Lincoln and Thenholm knew that Lincoln had
ordered the military authorities to afford Mrs. King every protec-
tion. George Trenholm may have been in jail, but he was still
out-thinking his captors.
Morgan located Mrs. King, carried the gold pieces to her
home, and while Union officers were being entertained down-
stairs, concealed them between the lady's mattresses.
The next day the commanding general at Charleston had Mr.
Trenholm brought to his office. It was there that the old
gentleman let the general know in a hurry that he would not pay
one cent for his freedom. The general was so enraged that he
called up the company of black soldiers and had them march
Paper Money Whole No. 121
Page 17
Scene aboard the "Lillian" as it ran the blockade into the port of Wilmington, N.C. At right the cap-
tain and first officer are standing on the paddlewheel shroud using field glasses to watch for Union
blockade ships and direct the helmsman accordingly.
The blockade runner "Lizzie", typical of the ships owned by George Trenholm's company. These ships were shallow-draft
vessels, very fast for their time. They had low silhouettes above the water line and were painted black to reduce their
visibility to pursuers. They favored night time, fog or rain in which to make their runs in and out of Southern ports.
Page 18
Trenholm back to the jail. When Mrs. King heard about this she
got a visitor permit and brought some gifts to make things easier
for him. But the general ruled the city and he ordered Mr. Tren-
holm to be taken by boat to a prison at Hilton Head. Morgan
went along and said that the commandant there was surprised at
their arrival; he turned out to be an old Trenholm friend. He
refused to arrest him and told him to go home until things got
organized. This gesture cost him his job because the general at
Charleston accused him of insubordination and reported the in-
cident to Washington. It was then ordered that Trenholm be
taken to the prison at Fort Pulaski below Savannah. Now, ex-
cept for two men, Benjamin and Breckinridge, who had man-
aged to escape capture and successfully elude Federal author-
ities, Jefferson Davis and his entire cabinet were in prison.
Morgan again went to Mrs. King and asked her to get him a
permit to visit Mr. Trenholm. Mrs. King, who was apparently a
lady with great influence, did exactly that and Morgan went to
Fort Pulaski. Trenholm told Morgan to first go to New York and
engage William M. Evarts, a distinguished lawyer, and then to
go to New Orleans and engage Judge P.H. Morgan to organize
a defense. Morgan made the trips and the arrangements but the
two lawyers found they could do nothing. It was a situation in
which Washington was virtually controlled by men who wanted
nothing less than to hang Jefferson Davis and his entire cabinet.
President Johnson refused to get involved. But George Tren-
holm had friends in important places and the Reverend A.
Toomer Porter. rector of the Church of the Holy Communion in
Charleston, went to New York and Washington and organized
an effort to have President Johnson grant a pardon. In Septem-
ber the pardon was issued and George Trenholm went home to
his family.
Money attracts scoundrels . .
Money attracts scoundrels and now one came forward to
harass Trenholm. One of his lawyers, a Mr. Campbell of
Charleston, submitted a bill for his alleged services in obtaining
the pardon. Trenholm knew that he had nothing to do with the
action and refused to pay. The defense even produced a sworn
statement from President Johnson that the lawyer had not been
involved, but the jury ignored the truth and awarded the lawyer
$50,000 which Trenholm was forced to pay.
Trenholm now began to get his business affairs in order and
paid a visit to General Daniel Sickles who was in command of
the Department of South Carolina headquartered in Charles-
ton. Sickles knew who the Trenholms were and welcomed
George warmly. During their conversation Sickles told him that
he greatly admired the beautiful Trenholm home on Rutledge
Avenue and wondered why the family did not live there.
George told him that the home had been seized when Charles-
ton had fallen and had been converted into a school for blacks.
General Sickles, surprised to hear this, summoned an aide and
told him to close the school and return the home to the Tren-
holm family.
By spring of 1866 things appeared to be going well for the
family. But in September their daughter, young Morgan's wife,
died of yellow fever and things once again began to go badly.
The Federal Government, in the person of Secretary Seward,
went after the Trenholm companies. Seward pressured the U.S
Consul at Liverpool to bring suits which had the effect of forcing
the companies into bankruptcy. There was a domino effect and
many businesses in the Charleston area also went under.
Paper Money Whole No. 121
On May 29, 1867 the U.S. Government brought suit against
Fraser, Trenholm and Company to force them to pay import
duties, with interest, on all cargo brought through the blockade
during the entire war. This amounted to millions of dollars
which the company could not pay. The Government then
seized the firm's real estate and sold it. It was a legal nightmare
for all concerned and went on for years.
George Trenholm continued to fight and in 1868 organized a
new cotton brokerage company called George A. Trenholm
and Son. Using this as an economic base, he now began a ver-
bal assault on the corrupt Reconstruction officials. He and his
friends organized two Taxpayer's Conventions, the first in 1871
and the second in 1874. Trenholm came right out and accused
the governor, the attorney-general, their assistants and even
local sheriffs of stealing the public's money in an elaborate
"system of self-sustaining and self-protecting corruption". He
went further, implying that the leaders in Washington knew all
about it and were doing nothing to stop it. Things were heating
up in South Carolina again and the old gentleman was ready for
battle.
Things came to a head in 1876 when war hero Wade Hamp-
ton was elected Governor of South Carolina. On December 7 of
that year Hampton made a famous speech in which he shouted,
"The people have elected me Governor, and by the Eternal
God, I will be Governor or we shall have a military Governor!"
The officials in Washington must have thought that the Civil War
was about to flair up again and maintained their silence. That
was all Hampton needed. He put on the pressure, the frighten-
ed radicals fled the state and at last South Carolina could
rebuild. Two days after Hampton's speech George Trenholm
died. He had done all he could for his beloved state.
"No consideration of personal
danger ever caused him to swerve
from the path of duty."—Jefferson
Davis
Jefferson Davis said of Trenholm, "No consideration of per-
sonal danger ever caused him to swerve from the path of duty."
Another friend said, "He was one of the noblest, greatest men
this State has ever produced ... the absolute master of local
banking. He had the clearest mind I ever met with; there was
scarcely a subject you could propose that he would not throw
light upon. He was the least resentful man I ever knew."
Today's numismatists continue to enjoy their study of Con-
federate finance and their search for the rare financial paper and
currency. They won't encounter many mentions of George
Trenholm, though. The old gentleman stayed in the back-
ground while the politicians got the headlines. But his advice
was sound—it is interesting to speculate on how things might
have turned out if people had only listened to him.
SOURCES:
George Alfred Trenholm, The Company That Went to War,
1861-1865 Nepveux, Ethel Trenholm Seabook, Charleston, S.C.,
1973, Comprint, Charleston, S.C.
Recollections of a Rebel Reefer Morgan, Capt. James Morris, 1917,
Boston and New York, Houghton Mifflin Co.
Confederate Finance Todd. Richard Cecil, Athens, Ga., 1954, The
University of Georgia Press
,ans of Actua ∎ ButInco,Treor , nt for the Pr +coral Usef0 Edwtaton oryo0
(Altman NAtronai Bunnell CoIto*, PoutAktepsle N
FIVE DOLLARS
Paper Money Whole No. 121 Page 19
Sideligittb to
Eabtman Bubinebb College Currency'
by BARBARA R. MUELLER, N.L.G.
The subject of college currency has been covered in con-
siderable detail in PAPER MONEY by the prolific writer
Robert H. Lloyd. In the January/February 1982 issue he
dealt with the issues of the Eastman National Business
College. The "notes" have also been listed by Dr. John
Muscalus, especially in his 1946 monograph, Paper
Money of Early Educational Institutions and Organiza-
tions. Neither authority, however, shows the $5 note of
the Second National Bank on a postal "cover"
(envelope), circa 1861-65.
ments and in all the cities of the Country": (Top) "Eastman's
Great System of Actual Business Training for the Practical Use-
ful Education of young . . (?) Eastman National Business
College Poughkeepsie, N.Y." ; (R) "The largest patronized Edu-
cational Institution ... (?) the World and the only Commercial
College Conducted on Actual Business principles."
A philatelic sidelight on the Eastman National Business Col-
lege is the "postage stamp" issued for use in the classroom. Illus-
trated here are perforated and imperforate copies of a grayish-
blue design entitled "Excelsior" depicting a young man bearing a
banner emblazoned with that word as he climbs a mountain.
T HIS all-over illustrated cover(so-called because the adver-tising illustration covers the
entire front of the envelope) showed
up in a philatelic auction sale in
1984. It bears two, 3c stamps of the
Civil War era (Scott No. 65). The
advertising design itself must have
proven to be very impractical be-
cause it is very difficult to read the
address superimposed on the repro-
duction of the note.
Muscalus does not illustrate this design but lists it under East-
man's National Business College of Poughkeepsie, N.Y. He de-
scribes it as having a black and tan face, and green back, with a
portrait of Eastman at the left, an eagle and the bank title in the
center, and a beehive at the right. A $10 note is also listed for
the Second National Bank. The imprint is that of Hatch & Co.,
but that does not appear to be the one on the reproduction. In
fact. the envelope design may be only an artist's conception.
Inscriptions, which surround the note on the envelope are :
(L) "Graduates assisted to Situations in Government Depart-
The numeral "3" appears four times,
with the word "CENTS" below the
vignette. At the top is the "country"
designation — "E. B. C . POSTAGE."
It is difficult, if not impossible, to date
these cheaply lithographed labels.
They do, however, together with the
advertising cover, offer an interesting
commentary on a collection of
college currency.
Address Change for
— Editor —
Gene Hessler
Mercantile Money Museum
Box 524
St. Louis, MO 63166
14219 A001810THE NATIONAL DANK AND
TRUST COMPANY OF
ERIE
PENNSYLVANIA
-14 .}1 4
0 0
I0.Wilt PAY TO 'ME OE,ItR 04 00.0,40Fl PTV DOLLAR S
LSO
001810 14219
W."
Page 20 Paper Money Whole No. 121
1 919 1E1011[11_ Bflilli 110TE VIRIETIES BY...M. OWEN WARNS
N LG
SUPPLEMENT XV
Additions to the 1929-1935 National Bank
issues previously reported
SUMMARY OF RECENTLY SURFACED NOTES AND CHARTERS
C ONTINUING with our endeavours to seek out the remaining unreported notes and charters ofthe 1929-1935 National Bank Note Services we are pleased to add those that have surfacedsince the last update that appeared in Supplement XIV of PAPER MONEY #115, the
amounts are:
surfaced notes reported and recorded
144
surfaced charters reported for first time 27
(asterisk to the left of charter)
SIX '14000' CHARTERED NATIONAL BANKS ISSUED TY-2 $50 NOTES.
ON JANUARY 4, 1935 CHARTER 14214 BECAME THE FINAL NATIONAL BANK TO ISSUE $50s
The National Bank And Trust Company of Erie, Pennsylvania was granted charter
14219 in July of 1934; it was organized with a capital of $300,000. Denominations
of notes issued were $10, $20, $50 and $100. The above note was comparatively
slow to surface considering 2033 of the $50s were placed in circulation out of a total
of 2400 notes issued, (serials 1 - 2400). The remaining 366 notes did not reach cir-
culation, (serials 2034 - 2400) were cancelled.
(Illustration courtesy of Allen Karns)
THE FIVE REMAINING '14000' CHARTERED BANKS TO ISSUE $50 NOTES
charter
number
bank title
and location
notes
issued serials
notes
circu-
ulated
notes
cancelled serials
"14021 The FBN of Boulder Colo. 492 1-492 138 354 139-492
' 14024 The Charleston N.V. Ill. 564 1-564 407 157 408-564
+ 14236 Central N.B., McKinney, Tx. 72 1-72 53 19 54-73
+ 14273 Citizens N.B., Brownwood, Tx. 192 1-192 8! 184 185-192
' 14297 N.B. of Lanark, Ill. 72 1-72 48 24 49-72
[The Lanark National Bank of Lanark, Illinois was the highest chartered National bank to issue $50 national bank notes during its life span of 72
years, (1863 thru 1935) of the National Bank Note Issuing period]
notes reported + not reported
! anyone have one?
174•5,11.,Trie."
no A011111 CIOITt
NATIONAL SARA IF
ty SANI)POltil
A0 0 0 00 1 A
OAR°
FIVE MU. I
A000.001A
Gry
apt V
,Ifit tsa
R£ rWSE
AARON. WI
BOHNERS FERRY
;
MAG'H,1 1
71(4
rn
cps NEW YORK
&Ili P.10 '7., BCA■it (IV..
VIVE 11411.16111S
nv--vgalaWNIM',
VIIMENNA100"1"-34.WV„AISINANO
TIE FIRST 12992
NATIONAL NANA OF
ARDSLEY
,MV,HAMESMAirSZ
A000001 12992
Paper Money Whole No. 121
NUMBER 1 BEAUTIES FROM THE GEM STATE
The Bonner County National Bank of Sandpoint, Idaho,
charter 9263 was established in Bonner County on August of
1906 when the population of Sandpoint was around 2500 and
is located about twenty-five miles south of Bonners Ferry. The
bank was capitalized at $50,000. Notes from this and the follow-
ing bank are a desired commodity to the researcher and to the
collector; 5364, $5 T-I notes were issued.
The First National Bank of Bonners Ferry, Idaho, charter 10727
was established on October 27, 1907 with a capital of $25,000.
It was located in the uppermost part of the state in Boundry
RECENTLY SURFACED NOTES REPORTED AND
RECORDED
(an asterisk (*) indicates the first note known from the charter)
IDAHO
9263 Sandpoint 5.
10727 Bonners Ferry . 5.
ILLINOIS
763 Charleston 5.
3043 Petersburg 10.
* 3376 Paris 10.
6375 Prophetstown 20.
6740 Danvers 20.
8745 Metropolis 10.
6429 Hoopeston 20.
10237 Chicago
10.
10752 Oneida 20.
13577 Peru 10.
INDIANA
1066 Columbus 50.
* 1873 Vincennes 20 .
5997 Dana 20.
6215 Valpariso 10.
7124 Greens Fork . . . 20.
* 9279 Wilkinson 10.
Page 21
County, thirteen miles from the Canadian border in the Prov-
ince of British Columbia. It was in this area that Chief
Sacagawea led the Nez Pierce Indian uprising in 1890 and was
apprehended by U.S. Troops. 8292 T-I $5 notes were issued.
,WEININ
THE MIST 12992 A000162
NATIONAL BANS OF
• ARDSLFY
NEW YORK0$
Ti3E2413 namtus
A000162 12992
The First National Bank of Ardsley, New York was established
in September of 1926; it was granted charter 12992 and
capitalized at $25,000. Only T-II $5, $10 and $20 notes were
issued. The above note is the initial $5 denomination of 3648
issued by the bank. Ardsley is a lovely little town well deserving
to be referred to as "Ardsley On The Hudson." Ardsleys'
population has not reached the 4000 figure according the the
last census.
In addition to the T-II, $5 illustrated above, the bank also issued
1704 $10 and 528 $20. T-II notes.
(Illustrations courtesy of Frank Levitan)
IOWA
2841 Centerville
3320 Sibley
8970 Hubbard
* 9447 Conrad
11582 Rock City
12430 Sheffield
50.
20.
10.
10.
20.
10.
*
MICHIGAN
8723 Millington
MINNESOTA
1487 Red Wing
6829 Fosston
10147 Hutchinson
KANSAS
3467 Saint John 5. MISSOURI
8883 Stafford 10. 1865 Rolla
11010 Wichita 10.
* 11177 Beaver
5. MONTANA
KENTUCKY * 3605 Livingston
2968 Owenton
5. NEBRASKA
9722 Glasgow
10.
11548 Dawson Spgs.. . 20. 4935 York
6221 Lyons
MARYLAND 8521 Gordon
3585 Ellicott City 20.
*
8685 Walthill
8381 Towson 10. 9591 Craig
11853 Hancock 20. * 9623 Butte
* 9666 Bayard
MASSACHUSETTS 10022 Oakland
4013 Lenox
10. 10023 Coleridge
* 14033 Woburn
5. * 13617 Alliance
ALABAMA
7940 Slocomb $20.
* 8910 Florala 20.
11953 Andalusia 10.
13752 Headland 10.
CALIFORNIA
8798 Chico 20.
10100 Redding 100.
* 10412 Glendale 10.
10977 Ukiah 20.
COLORADO
2637 Durango 100.
6497 Golden 10.
CONNECTICUT
509 Rockville 10.
FLORIDA
• 13968 Milton 5.
[the above charter does not
appear in the SPMC 1970
Blue Book)
5.
10.
20.
10.
5.
20.
20.
10.
5.
10.
10.20.
10.
20.
10, 20.
5, 20.
Page 22
NEW HAMPSHIRE
596 Claremont 20.
2443 Franklin 20.
NEW JERSEY
5621 Blairstown 20.
10147 Lyndhurst
5.
12891 Allenhurst 100.
NEW YORK
349 Newark 20.
891 New York City . 10.
1166 Sherburne 10.
1212 Fonda 10.
1335 Amsterdam 10.
2493 Kingston 10.
4482 Dansville 10.
5816 Castleton on
the Hudson 10.
5848 Suffern 5.
8371 Morristown 5.
8847 Fleischmans
20.
9866 Altamont 10.
12992 Ardsley 5, 20.
* 13839 Tuckahoe
5, 10.
NORTH DAKOTA
• 10596 Crosby 5.
OHIO
1092 Greenville 20.
6372 Dalton 10.
7327 Bellaire 10.
10373 London
10 .
14261 Bethesda 10.
OKLAHOMA
5061 Pawhuska
10.
OREGON
6848 Couquille 10.
PENNSYLVANIA
173 Oil City 10.
2223 Montrose 10.
3877 Port Allegheny 20.
5204 Glen Campbell 5.
5682 Stoystown .. 10, 100.
5855 Carrolltown 10.
* 6182 Ebensburg
10.
* 6615 Hyndman 20.
7616 Vandergrift 10.
8946 Sligo 10.
* 9149 North East 10.
* 11789 Rebersburg 20.
13292 Conyngham . . 20.
13663 Bentleyville 5.
13940 Tarentum 10.
14055 Greensburg 20.
14219 Erie 50.
SOUTH CAROLINA
* 11679 Elloree 10.
SOUTH DAKOTA
TENNESSEE
• 2593 McMinnville 10.
• 9532 Nashville 20.
12438 Trenton
10.
13103 Nashville
50.
TEXAS
4525 San Antonio
10.
7144 Lewisville 10.
8176 Santo 20.
9611 Spur 10.
10189 La Coste 10.
11762 Wichita Falls 10.
12062 Houston 10.
14204 Angleton 5, 20.
VERMONT
130 Bennington 10.
278 Brandon
20.
Sam H. Bettis
Charles G. Colver
Larry Cowart
Charles A. Dean
Thomas M. Denly
Alan Goldsmith
John T. Hickman
Alan R. Hoffman
Al. Hurry
Curtis Iversen
Paper Money Whole No 121
VIRGINIA
5032 Manassas
10.
8984 Rocky Mount
10.
9733 Suffolk
20.
10850 Richlands 20.
WASHINGTON
9411 Okanogan 20.
* 11672 Raymond 20.
WEST VIRGINIA
1607 Weston 5.
* 6226 Ronceverte 20.
WISCONSIN
4650 Platteville 10.
8929 Viroqua 5.
11646 Rhinelander ..
20.
12351 Kenosha 10.
Allen Mincho
Penny Mincho
Frank A. Nowak
Dean Oakes
Allen Perakis
Gary W. Potter
Ed. Richt
Milton M. Sloan
Roy Sparks ■
10105 Greenfield 10. 14252 Pierre 10.
SOCIETY MEMBERS COLLABORATING IN THE
PREPARATION OF SUPPLEMENT XV
Harry E. Jones
Allen Karns
Lyn C. Knight
David Koble
Frank Levitan
Art Leister
C. Dale Lyon
Ken McDannel
Maurice M. Melamed
TRADE UNIONS IN THE BANKING FIELD:
A footnote on the history of St. Louis
PART TWO: Albert von Hoffman and the
Telegraphers National Bank of St. Louis
by BOB COCHRAN
©1984, Robert E. Cochran
HEN I joined the Society of Paper Money Collectors in
late 1979, I received all of the previous issues of
PAPER MONEY for that year. In the January-Febru-
ary issue (Number 79, pages 24-25) there is an excellent article
about The Telegraphers National Bank of St. Louis, written by
Ronald Horstman. I enjoyed the article so much that I began
collecting St. Louis national bank notes. This piece is an adden-
dum to Ron's original article, hence the title.
In 1983 I placed an advertisement in PAPER MONEY, seek-
ing notes from St. Louis national banks. One response was from
Bruce Smith, a former St. Louisan, who has an extensive Mis-
souri national bank note collection. Bruce very kindly provided
information about St. Louis national banks and their note issues.
In closing, he mentioned that he was looking for a note from
The Telegraphers National Bank of St. Louis signed by von
Hoffman as vice president.
The Telegraphers National Bank has always interested me,
because of its unique title and unusual history. As detailed in
Ronald Horstman's article, The Brotherhood of Railway Tele-
graphers, a trade union, owned and operated the bank. The
success of other union owned and operated banks, most not-
ably the Brotherhood of Locomotive Engineers National Bank
in Cleveland, prompted The Brotherhood of Railway Tele-
graphers to open their bank in St. Louis. Another unique fea-
ture of The Telegraphers National Bank of St. Louis was that all
of the employees were members of the United Bank Workers
Union. The bank operated from 1923 through 1942, when it
was absorbed by the United Bank of St. Louis.
689
vl.01,0410t
Paper Money Whole No. 121
When I received Bruce's letter, I had seen quite a few Tele-
graphers National Bank notes, but all bore the signatures of Ed-
ward J. Manion, president of the bank and The Brotherhood of
Railway Telegraphers. I talked to Ron Horstman about this, and
he indicated that Manion signatures were the only ones he had
ever seen. He told me that it was quite possible that a vice presi-
dent may have signed large-size notes, because certain bank of-
ficers could legally sign notes in the president's absence. Ron
encouraged me to pursue the subject. I checked the bank direc-
tories at the St. Louis Federal Reserve Bank library and found a
listing of Albert von Hoffman as vice president of The Tele-
graphers National Bank of St. Louis. Early in 1984 I was rum-
maging through the historical material at a charity "book fair"
that is held annually here in St. Louis. The title on a book
jumped out at me—"A Biography: Albert von Hoffman 1862-
1931". Parting with the princely sum of $2, I sat down with the
book as soon as I got home. On page 104, I found what I was
looking for: "As an officer (of The Telegraphers National Bank),
his (Albert von Hoffman) name and signature appeared on the
face of the United States currency issued by his bank. He always
enjoyed doing the unusual as he was quite the showman, so his
bank requested the treasurer of the United States to send them
several sheets of five dollar bills, but un-cut, just as they come off
the press. The total value of the sheets were charged to Vice
President von Hoffman's account.He would delight in taking his
pocket scissors, clipping off a five spot, and handing same to a
friend as a souvenir or doing same operation to a seller when
making a purchase. Some of his faithful employees were given
one of these bills as a souvenir". A note of clarification is in order
here: All national bank notes were shipped un-cut to the issuing
banks (and they were shipped by the Comptroller of the Curren-
cy, not the Treasurer). Virtually all large-size notes from The
Telegraphers National Bank bear engraved signatures, indicat-
ing the bank had the officers' signatures placed on the notes,
most probably by a local printer. The printer or the bank cut the
sheets after the signatures were added. Mr. von Hoffman un-
doubtedly had the bank reserve uncut, unsigned sheets of four
$5 notes for his own use.
Information in the book about Albert von Hoffman's family
listed a son, George, as continuing the family printing business. I
checked the St. Louis telephone directory, and found George
von Hoffman listed. When I called, I spoke with his son, George
von Hoffman, Jr. He confirmed the story about his grandfather,
and told me that one of the notes was still in his family's posses-
sion. I wrote to George von Hoffman, with the result that he
located the note, allowed me to see it, and graciously provided
the photograph of the note which accompanies this article.
So Albert von Hoffman, like many other national bank of-
ficers, was a "note-snipper"—but he was certainly more than
that! He was born in Vienna, Austria in 1862. He came to the
United States when he was 25. He was seeking employment,
Page 23
unsuccessfully, in New York City when he met a man who had
served in the military with his father. Von Hoffman went to work
for the man, but after some three years his benefactor felt
Albert's future would be brighter in Milwaukee, with its large
German population. He moved there and found work with one
of the electric railway companies.
Albert von Hoffman
In the early 1890s, he developed a process to weld electric
car rails instead of bolting them together, the practice at that
time. Von Hoffman patented the process, and earned a sub-
stantial fortune. He travelled extensively marketing his process;
while he was in Mexico he invested in a plantation with the idea
of growing vanilla beans. This was not successful, seriously af-
fecting his wealth. The plantation was eventually converted over
to the production of coffee beans and it became profitable. Von
Hoffman decided it was time to move on, and in 1907 he settled
in St. Louis. He became affiliated with the National Telephone
Directory Company, which was involved in selling yellow pages
advertising and publishing telephone directories. He later
bought an interest in a local printing company, and soon took
total ownership. That company is known today as von Hoffman
Press, Incorporated. He was an avid balloonist, and his foresight
led him to establish a commercial air service and flying school at
the St. Louis airport. One of the flight instructors at the von
Hoffman Aircraft School was a tall, lanky fellow named Charles
Lindbergh.
Albert von Hoffman was more than a successful businessman.
As a self-made man, he never forgot that his adopted country
had afforded him the opportunity to make his fortune. He
operated free soup kitchens for the less fortunate during the
winter of 1914-1915, and again in 1929. He probably gave
birth to what is now the United Services Organization (USO) by
instituting a program to feed and comfort soldiers passing
through St. Louis during the early days of World War I. All of
the funds for these projects, a substantial sum even by today's
standards, came out of his own pocket.
So we have a seldom-seen signature on a scarce banknote.
But it was quite a man who penned his name on that note; cer-
tainly deserving of his place in the history of St. Louis.
REFERENCES:
Hicks, Colonel W.E., A History of a Fruitful Life. A Biography of Albert
von Hoffman 1862-1931. von Hoffman Press, Inc. St. Louis 1971.
Horstman, Ronald, "Trade Unions in the Banking Field: A Footnote on
the history of St. Louis." PAPER MONEY, January-February 1979
(No. 79), pages 24-25.
ACKNOWLEDGEMENTS:
Sincere thanks to George von Hoffman, George von Hoffman, Jr.,
Alice Fudge and von Hoffman Press, Inc. And to Ronald Horstman for
allowing me to use his original title and his help with this article.
The author would appreciate hearing from owners of other large-size
Telegraphers National Bank notes. Please write to him at 1917 Drift-
wood, Florissant, MO 63031.
Page 24 Paper Money Whole No. 121
Railroad Notes and Scrip of the United States, the
Confederate States and Canada
by RICHARD T. HOOBER
(Continued from PM No. 120, Page 273)
44. 2.00 (L) Harbor scene. (C) Proserpina, between 2s. (R) Liberty, TWO above and below. R5
45. 2.00 (L) Farmers, horse, dog, plow, 2 below. (C) Red TWO. (R) Train, TWO. Green
reverse. R3
46. 2.00 (L) Farmers, horse, dog, 2 below. (C) Legend. (R) Train, river scene. Green reverse. R6
47. 3.00 (L) Minerva, THREE above, 3 below. (C) Commerce, ship, between 3s. (R) Fortuna. R4
48. 3.00 (L) 3. (C) Ceres, 3. (R) Indian and dog. R5
49. 3.00 (L) Harbor scene, 3 above. (C) Milkmaid, cows, red THREE. (R) 3s in corners. R3
50. 5.00 (L) Harbor scene. (C) Train. (R) 5 above, V below. R5
51. 5.00 (L) Fortuna, FIVE above. (C) Ships. (R) Train, 5, and FIVE above. R5
52. 10.00 (L) Eagle, X below. (C) Train. (R) Wharf scene, 10 above. R5
53. 20.00 (L) Eagle, TWENTY above, 20 below. (C) XX on die. (R) Train, TWENTY above, 20
below. R6
54. 20.00 (L) Woman at fence, holding grain, 20 above, XX below. (C) Train. (R) Sailing ship,
20 above, XX below. R6
Michigan No. 54
Date—Dec. 10, 1836, part ink.
July 9, 1863, part ink.
Imprint —Burton & Edmonds, N. York.
Durand & Company, New York.
New England Bank Note Co. Boston.
Geo. D. Baldwin, New York.
Times Press, Monroe. R7
55. 50.00 No description.
Paper Money Whole No. 121
Page 25
PALMYRA—P ALMYRA & JACKSONBURG RAILROAD COMPANY
This road was incorported March 26, 1836. Until it was sold to the Southern Railroad of
Michigan and consolidated with the River Raisin & Lake Erie, it laid a single track line between
Lenawee Junction and Tecumseh.
56. 1.00 (L) Ceres at column. (C) Riverboat, between Is. (R) Sailing Ship. R4
57. 1.00 Similar to No. 56, but red ONE added. R5
58. 2.00 (L) Sailing ship, II below. (C) Train, wharf scene, 2 at left. (R) Minerva, 2 above. R4
59. 2.00 Similar to No. 58, but red TWO added. R5
60. 3.00 (L) Female, eagle, 3 above. (C) Train, wharf scene, 3 at left. (R) Sailing ship, 3 below. R4
61. 3.00 Similar to No. 60, but red THREE added.
Date—April 5, 1838, part ink.
Imprint—S. Stiles, Sherman & Smith, N.Y. R5
Michigan No. 58
ST. CLAIR—ST. CLAIR & ROMEO RAILROAD
The line was chartered March 26, 1836.
62. 1.00 (L) Commerce, between ls. (R) I. R6
63. 2.00 (L) TWO above, 2 below. (C) Train, between 2s. (R) TWO above, 2 below. R6
64. 3.00 (L) Commerce. (C) Train, between 3s. (R) Bull's head.
Date-18--.
Imprint—Durand & Compy. New York. R6
UTICA — SHELBY & DETROIT RAILROAD COMPANY
Incorporated March 7, 1834, the road was empowered to construct a track from Shelby, in
Macomb County, to the city of Detroit. Later amendments extended the line from Detroit to
Utica, and from Romeo to Port Huron. Capital stock was increased and the name changed to
Detroit, Romeo & Port Huron Railroad Company. The road later became part of the New York
Central System. (To be continued)
Page 26 Paper Money Whole No. 121
S ignatures out ofequence on
Gold Certificate Proofs
by GENE HESSLER
D URING a visit to the Bureau of Engraving and Printing(BEP) I photographed some plate proofs of early gold
certificates. Only recently did I notice that two plate
proofs bear signatures out of sequence. What follows is, in my
opinion, the most logical explanation for these anomalies.
Register of the Treasury John Allison, along with the follow-
ing United States treasurers, had his signature engraved into the
plates of gold certificates as follows:
TREASURERS TERMS OF OFFICE SIGNED
F. E. Spinner April 3, 1869 - June 30, 1875 Series of 1870
John C. New June 3, 1875 - July 1, 1876 Series of 1875
A. U. Wyman July 1, 1876 - June 30, 1877 none
James Gilfillan July 1, 1877 - Mar. 23, 1878 none
Although A. U. Wyman was Gilfillan's predecessor, no gold
certificates that bear dates of his tenure have his signature.
Therefore, the preceding issue of notes was signed by John C.
New who preceded Wyman. The illustrated $5,000 note, with
signatures of Allison-Gilfillan, belongs to the 1870 series which
should have signatures of Allison-Spinner. The $1,000 gold
certificate, series of 1875, also with the Gilfillan signature,
should bear the signature of New.
In each of these two instances there could have been a plate
that was prepared without signatures. Early, large denomination
gold certificates were issued primarily for transactions between
banks and clearing houses. For convenience and the ability to
respond quickly to an emergency that required the printing of
one or two thousand notes, plates could have been prepared
without signatures.
The other explanation would involve the skill of peening.
With the aid of a peen hammer, plates already engraved could
be altered. It is likely "that the steel plate was first annealed to
soften it in the specific places. These places (in this instance, sig-
nature positions) were then peened from the back with a peen
hammer to raise the face so that when it was ground off it would
provide a smooth and polished surface for the entry of the new
engraving."'
Commencing with the first series of 1863, with two excep-
tions, there was a steady decline for the need of these gold cer-
tificates, as the following figures indicate: 2
SERIES
$100 $500
ISSUED
$1,000 $5,000 $10,000
1863 116,449 15,000 60,000 64,000 2.500
1870 48,000 36,000 46,500 21,000 20,000
1875 35,984 11,628 14,371 5,977 8,933
For each denomination the number of notes printed contin-
ued to decline during the first few issues of the subsequent series
of 1882.
The Panic of 1873, brought on by the silver problem, caused
specie payments to be suspended. In 1873 the market value of
the silver dollar was about 3 percent greater than the gold dollar.
The resumption of specie payments was decreed by the Act of
14 January 1875. Every attempt to repeal this act was defeated
until a clause. to do just this, was hidden in the Act of 1 January
1879.
The 1870 gold
certificates that
circulated had
signatures of Alli-
son-New, not Al-
lison-Gilfillan, as
seen on this proof
note.
This $100 proof
note, series of
1875. bears the
normal signatures
of Allison-New.
The portrait of
Thomas H. Ben-
ton was engraved
by Charles Burt.
coo e ,;!, too 4"'
This 1875 proof
of a $1,000 gold
certificate bears
the out-of-se-
quence signa-
tures of Allison-
Gilfillan. The pa-
per has a stain
that suggests a
different hairline
for Alexander
Hamilton; Charles
Burt was the en-
graver.
Paper Money Whole No. 121
During the last days of the Allison-Gilfillan term there could
have been the prospective need for a small number of large de-
nomination gold certificates. The simplest way to solve such a
problem would be to retrieve old plates that had no signatures or
"doctor". those that did. Gold certificates with these signatures
were never issued, notwithstanding, plates were prepared.
Page 27
which denominations were signed, there must be an allowance
for a marginal difference that might affect the total for one of the
three denominations.
To return to the subject of signatures on bank notes. let us
consider what the BEP does today when new signatures are
needed. A plastic mold is made from an engraved plate, com-
By December 1878, Secretary of the Treasury John Sherman
brought the gold fund to $133,000,000, primarily through the
sale of bonds. On 11 December he suspended the issue of gold
certificates. 3 These suspended notes bore the signatures of
Allison-New. Under William Windom, Sherman's successor.
the Act of 12 July 1882 was passed; this act authorized that
issues of gold certificates be resumed.
At the U.S. National Archives the following came to my atten-
tion. Although it does not help to confirm or deny the reason (s)
these out-of-sequence plates exist, it does relate to the 1875
gold certificates and the number issued.
On 23 December 1875, Chief of the Bureau of Engraving
and Printing George B. McCartee notified James Gilfillan.
Cashier at the U.S. Treasury, to withdraw $500, $1,000 and
$5,000 gold certificates that were payable in New York.' The
following day McCartee received a communique from the office
of the Assistant U.S. Treasurer. Gold Certificates, as of that day,
were to bear "Series 1875," the numbering was to commence
with "one (1)." 5 The $100 and $1,000 certificates were released
on 15 January 1876, the $500 notes followed on 22 January.'
Further, the same letter states that the order does not affect
the "3,000 of 5,000" notes already signed. Until we know
plete except for signatures and probably series date. The appro-
priate signatures and series date are added to a single-note
plate. From this, 32 individual plates are made and then welded
together to form a 32-subject plate. This alto, or raised version,
is used to make the intaglio master. A considerable amount of
valuable time is saved by this method.
As to why the out of sequence signature of James Gilfillan ap-
pears on gold certificates of 1870 and 1875 we can only conjec-
ture. The foregoing offers two, logical explanations.
Footnotes
' Foster Wild Rice, "The Altered Bank Note Plates of the Bank of North
America," Essay Proof Journal, No. 100, Vol. 25, 1968, p. 161.
2 Gene Hessler, The Comprehensive Catalog of U.S. Paper Money,
BNR Press, Port Clinton, OH, 1983. pp. 238, 264, 279, 289 & 295.
Walter Breen, "Salmon Chase Was the First to Give Gold 'Trade
Stamps,'" Numismatic News Weekly, Krause Publications, Iola, WI,
February 20, 1973, p. 32.
' Official and Miscellaneous Letters Received, 1864-1912, U.S. Nation-
al Archives, Washington, D.C., Record Group 318.
s Ibid.
'Breen, p. 19.
INANCE CENTER
UNITED STATES ARMY
Figure 2.
SiN' STATES ARMY
IND IAN AP
INDIANA. 46249
Th. Froa..• F.,
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Paper Money Whole No. 121Page 28
An Odd Denomination
Military Finance Training Note
by PAUL ANDREWS
F
OR the past two years I have been collecting military pay-
ment certificates (MPC). During this time I have been on
the lookout for any offerings of MPC training notes.
These the "Monopoly Money-like" notes, are used in the in-
struction of U.S. Military finance personnel. Apparently scarce,
I noticed only two offers of these notes in the two years before
April of this year. Only recently have they become available.
Surprisingly, at least to me, is the fact that prior to the recent of-
ferings, the two training notes I saw were for a single denomina-
tion. The recent notes were offered in groups of seven denomi-
nations, in both a fixed price list and an auction. These were the
"Adjutant General" type of 5(, 10(, 25C, 50C, $1, $10 and
$20. Close behind these offerings was an article in the Currency
Dealer Newsletter; it described and discussed these notes. And
if this wasn't coincidence enough, I unexpectedly received on
approval a full set of the notes from my MPC mentor and
dealer, Essie Kashani of California. Luckily the set arrived
before I committed myself to the other offerings, because it con-
tained the $5 note—the other offers didn't—not to mention a
more reasonable price.
Figure 1.
With this sudden availability of the training set I became more
interested in a note I purchased last year. It was sold as an MPC
training note of the $4 denomination. I thought that the $4 de-
nomination was unusual, no regular MPC note was issued in
this denomination, but I did not doubt the seller's classification
of the note as an MPC training note. With the addition to my
collection of the set of training notes mentioned above, the
previously acquired $4 note stood out like a sore thumb. As can
be seen from Figs. 1 and 2, the $4 note is very different from the
$5 note, which is a part of the regular MPC training note series.
(Continued on p. 29)
Paper Money Whole No. 121 Page 29
The Last $1 Silver Certificates
by DAVID H. KLEIN
MALL-SIZE silver certificate $1 notes were issued
for a period of forty-four years ; billions were
printed. The last notes were printed on 18 and
32-sub!ect sheets.
According to the late William P. Donlon, the last of
the 18-subject sheet notes were series of 1935H, en-
ding at E10800000J, delivered on Oct. 4, 1963. The
last of the 32-subject sheet notes were series of
1957B, ending at Y12480000A, delivered on Nov. 6,
1963.
I believe that numbers E1079991J through
E10800000J of the 1935H, and Y12479991A
through Y12480000A of the 1957B were given to the
Smithsonian, and that E10799986J through
E10799990J of the 1935H and Y12479986A
through Y12479990A of the 1957B were given to the
American Numismatic Association.
Cefr:n ciut ,
VIM MOM SIMMS! 0011314ft_ , _
Y12479982 A
smut-mu elgliencirzok
r„ 16■11540V13,444460411m6A
Vell."1141-"W Y 12479983 A
rAtrivr Y 12479984 Pt
YiTatIVItat 1 EialtliT,
ik;n4Agfie&
==.2:e .a=Za%rf. Y 12479985 A
11.11%11C
WIOW, 810799982J
murAmitictieurce;-Onr`
Iltit TAPIR% ,441.04W01,141_444,
;;WPPINW:-, 810799983J
AM.
tititiAlitAftlAgg.41 441MIC4.1
:PROSOmit7e- 819799984J
‘1141711111111111t
Wait ajlik Mk7, 810799985J
vrr-r>,
sitErmicE wirs4Wrie
Agiii1V4043401iti
Y 12345678 A
4,te: z,vprrrt,evv.
Y 12345678 A
oPP+.1,,W,,IIATEL*11011106)0119attfA
X 99999999 A
810799985J
X 99999999 4
1' Clair IC X.EPONAGALlat
Thus, the four notes illustrated for each of these
blocks, E10799982J through E10799985J of the
1935H and Y12479982A through Y12479985A are
the last numbers of the last issue of $1 silver certificates
in private hands.
110.1.43143 ,
Since the very last $1 silver certificate was
Y12480000A, the last ladder note printed was
Y12345678A of the 1957B series, and the last note of
solid nines was from the previous block, X99999999A.
(Andrews, continued from p. 28)
The back of the $4 note, Fig. 3, carries an informational essay
about the U.S. Army Finance Corps, which has even less rela-
tionship to the backs of the regular "Adjutant General" MPC
training notes. The back of the regular issue is simply a duplica-
tion of the face of the note. This poses the question, is the $4
note an MPC training note?
Although I cannot say with absolute assurance that the $4
notes are not MPC training notes for the U.S. Army, the follow-
ing example of military logic suggests they are not: in Vietnam,
my company received a shipment of snow shovels! The $4 de-
nomination was never part of any regular MPC series and the
back of the note, with its message, is almost like an advertise-
ment for the Army Finance Corps. These facts suggest that the
notes were part of some type of souvenir offering at something
like a Post or Fort "open house".
The $4 note is 7 3/8" x 3 3/8", or almost the same as a
large-size U.S. note. It is light green on white, similar to the light
green color variation of the regular MPC training notes of the
"Adjutant General" type. The method of printing is similar to
that on MPC issues and the paper is of good quality. It is a quali-
ty product no matter what its intended use.
If anyone has additional information about this issue please
contact me at the address below. If sufficient interest is ex-
pressed, a subsequent article will be submitted.
Mr. Paul Andrews
4454 Whisperwood Dr.
Martinez
Ga. 30907
Page 30
Interest
Bearing
Notes Adams
Welcome to 1986 and best wishes for the New Year! As I
write this it is about the first of December and we have been
fighting our way through deep snow and below zero weather!
—not the best weather to start the winter with. Planning is
underway for your Society's 1986 activities and programs.
CHERRY HILL, NEW JERSEY
CONVENTION
The first SPMC-sponsored paper money convention is now
history. The International Paper Money Convention was held
November 14-17. 1985 at the Hyatt Cherry Hill, Cherry Hill,
New Jersey. From all indications the event was a success!
Ninety-one dealers displayed their wares in the bourse room—
not as many as we had expected, but still enough to keep things
lively. Twenty-four exhibitors accounted for 29 exhibits, which
filled approximately 100 exhibit cases at the convention. At-
tendance at this event was over 1,300—not including dealers;
we were really pleased. The Bureau of Engraving and Printing
was present with their Billion Dollar Display and spider press
demonstrations, and several Bureau personnel participated in
the educational forums. They provided some very interesting
presentations. The Little Theatre also featured some unique
miniprograms, and all I can say is that if you weren't there, you
missed a treat. I wasn't able to attend all of the programs, but
what I saw and heard was SUPER! It took a lot on the part of
many to make this show work ... so, many thanks to Bill Hor-
ton and his committee for a tremendous show!
On Sunday morning we had our awards breakfast. The fea-
tured speaker was Evan Jenkins of the Counterfeit Division of the
U.S Secret Service who spoke on current trends in counterfeit-
ing—a worldwide problem. The awards presented at this break-
fast are listed elsewhere in this issue of PAPER MONEY.
We also had TWO auctions at the convention; a 1,650-lot
auction by Hickman and Oakes, and a 276-lot auction by El
Dorado Coin Galleries. There was much floor participation, and
Dean Oakes reported the number of mail bids received was
some 30 percent greater than for the company's Memphis sale
in June.
Thanks again to all of the participants of the show! It will be
long remembered!
SPMC BOARD OF
GOVERNORS MEETING
The SPMC Board of Governors met on Saturday November
16, with several items of interest discussed:
• Reported that Society membership had increased by 210
during the fiscal year ended June 30, 1985.
• It was announced that the following were elected to three-
year terms on the SPMC Board of Governors: C. John Fer-
reri, John Wilson, Stephen Taylor, Michael A. Crabb, Jr.
and Douglas Murray.
• The Board reelected the following officers for a two-year
term: Larry Adams, president, Roger H. Durand, vice-presi-
Paper Money Whole No. 121
dent. Gary E. Lewis, secretary, and James F. Stone, trea-
surer. Appointed officers continue.
• On the Wismer Book Project it was reported that the Ken-
tucky manuscript was about complete and ready, but too
small to publish in book form by itself, and will probably be
linked with another state or two to ease the cost of publica-
tion. A book about paper money errors by Fred Bart will be
published as soon as funds are available. This may be the
next book we publish.
• It was reported that a dealer's stock of VERMONT books
was purchased and donated to the Society ... so it is now
available from our book sales coordinator. The book sells for
$12 to members, and $15 to nonmembers.
• Report by Dr. Bernard Schaaf on the Registry of Stolen
Banknotes indicated little response to the program. (We
need your contribution if this idea is to continue!)
• We are looking into the possiblity of a souvenir card for
1986. We will keep you advised should we go ahead with
this.
•
It was voted NOT to have a show in Cherry Hill in 1986 as it
would conflict with the Professional Currency Dealers show
already scheduled in St. Louis on the same dates. Other
dates are being explored. (As of this writing, the SPMC
Board is voting on possible plans for a show in 1987.)
•
It was also voted to participate in the St. Louis show much as
we do in Memphis (regional meeting, information table.
etc.). The Society will not co-sponsor the 1986 P.C.D.A.
Show.
•
We mourn the loss of SPMC past-President Tom Bain who
passed away October 21. As a tribute, the Board voted to
establish a Tom Bain Memorial Fund, with the proceeds ear-
marked for the Wismer Project. (Contributions may be sent
to the Tom Bain Memorial Fund, c/o James F. Stone,
SPMC Treasurer, P.O. Box 89, Milford, N.H. 03055.) Tom
will be missed by us all, as he was a strong supporter of all
SPMC activities, and originated the "Tom Bain Raffle."
which has become an annual event.
(This enthusiasm is further in evidence by the fact that
in Memphis Tom handed me an envelope of notes for
the raffle ... part of them were used this year, and
there were some left to start next year's raffle!)
NOMINATING COMMITTEE FOR 1986
Each year, five members are elected to three-year terms of
the Board of Governors. The following governor's terms expire
in 1986: Dean Oakes, Bernard Schaaf, M.D., Roman L. Lati-
mer, Charles Colver, and Roger H. Durand. I have appointed
the following committee to develop a slate of candidates for this
year's election:
• C. John Ferreri (Chairman), P.O. Box 33, Storrs, CT
06268
• Peter Huntoon, P.O. Box 3681, Laramie, Wyoming 82071
• Stephen Taylor, 70 West View Ave., Dover, DE 19901
If you have ideas in regard to potential candidates, anyone on
the nominating committee will be pleased to hear from you. In
addition, candidates can be put on the ballot if:
• a written nominating petition signed by ten members in good
standing, and
a written acceptance from the nominee are received by
Gary E. Lewis, Secretary, P.O. Box 4751, N. Ft. Myers,
Florida 33903, by no later than March 1, 1986.
Mail ballots will be distributed in the May/June issue of
PAPER MONEY. Results of the election will be announced at
an SPMC general membership meeting in 1986.
Paper Money Whole No. 121
1986 DUES NOTICE
As you probably noted, the 1986 dues renewal notice was
enclosed with the September/October issue of PAPER
MONEY. Dues for 1986 are now payable. Please take a
moment now and send in your 1986 dues if you have not
already done so. Send $300 if you wish to become a Life
Member. Regular dues are just $15 per year—a real bargain
with six bimonthly issues of PAPER MONEY and other benefits.
Your 1986 membership card was enclosed with the
September/October issue. Send in your dues TODAY . . . and
be assured of receiving your issue of PAPER MONEY on a
regular basis.
ENGRAVED SHEETS FOR
SPMC MEMBERS
While we didn't have a souvenir card this year, we did offer
something unique at Cherry Hill—a limited number of engraved
sheets with vignettes were acquired from American Bank Note
Company; about half were sold at the convention. These beau-
tiful sheets can still be purchased, while supply lasts, (limit of two
sheets per member), at a cost of $15 per sheet. Mail orders
should be sent to Wendell Wolka, Box 366, Hinsdale, Illinois
60522. Make checks out to SPMC. Membership number must
accompany all orders.
By next time around I should have some preliminary plans on
our 1986 events and meetings. That's it for now!
NEW MEMBERSHIP
COORDINATOR
NEW Ronald HorstmanP.O. Box 6011St. Louis, MO 63139
MEMBERS
7030 Holger Rosenberg, Bernard-Nochtstr. 85, 2000 Hamburgh,
West German; D, (Life Membership) German Banknotes.
notgeld.
7031 Michael Metcalf, 1246 Sulphur Spring Rd Baltimore, MD
21227; C, Irish, Australian, Saudi Arabia.
7032 Edward Scott, 25 Delware Ave., Hudson, NY 12534; C.
7033 Robert Wester, 54 High St., Pembrook, NH 03275; C,
Obsolete. general, W.L. Ormsby Notes & Concord N.H.
7034 Roberto Suarez, 937 SW 9th St., Miami, FL 33130; C, Cuba.
7035 Harold Barrett, P.O. Box 1328, Mission, TX 78572; C, Mexico,
Philippines, World.
7036 Robert Stoner, 714 York Rd., Towson, MD 21204.
7037 Milan Alusic, 4910 Biscayne Ave. #13, Racine, WI 53405; C,
World-wide; checks.
7038 Edward Lipson, 46 Appletree Lane, North Haven, CT 06473;
C&D, U.S. Revenue stamped paper.
7039 Bert Evans, Box 6666, Jacksonville. FL 32236.
7040 Steve Lanster, 8005 SW 107th Ave. #314, Miami, FL 33173;
C.
7041 Wm. C. McClammy, PO Drawer 1199, Wilmington, NC 28402;
C, CU FRN $1,2,5.
7042 Nguyen V. Phung, 4108 B Cross Creek Court, Raleigh, NC
27607; C, South Vietnam.
7043 Alex Witlila, Via Malvasia, Balogna, Italy 40131; C&D.
7044 Manuel Cortez, 26874 Barton Rd., Redlands, CA 92373; C.
7045 Kevin Gallina, 309 Seventh Ave., Asbury Park, NJ 07712; C,
Large-size currency.
7046 Charles Meshnick, Rt. #3 Box 142A, New London, WI 54961;
C, At least one of every country.
7047 Robert Meyer, 1013 Windmill Lane, Silver Spring, MD 20904;
C, US currency, small-size.
Page 31
Society of Paper Money Collectors, Inc.
Condensed Statement of Operations
Fiscal Year Ended June 30, 1985
Cash on hand as of
6/30/84 $ 18,173.71
Total income $ 75.457.54
Sub-total
$ 93,631.25
Total expenses
$ 69,178.89
Cash on hand as of
6/30/85 $ 24,452.36
DISTRIBUTION OF FUNDS
Checking Account
$ 6,395.31
Cash Reserve Account
$ 18,057.05
Cash on hand as of
6/30/85 $24,452.36
Publication Account (Ind in Cash Reserve)
Cash on hand as of
6/30/84
Contributions
Book Sales
Sub-total
Expenses
Cash on hand as of
6/30/85
Note: Publication account balances are included in the Cash
Reserve Account.
7048 Henry Fournier, P.O. Box 171172, Arlington, TX 76003; D, All
US & Foreign.
7049 Tom Skalski, 2018 Spring Arbor, Jackson, MI 49203; C, Frac-
tional, Odd Denom. Poland.
7050 Wolfgang Karl-Heinz Fuchs, 25-68 37th Street, Astoria, NY
11103; C, German, Canadian & US.
7051 Raymond Moskal, Jr., 308 Deep Run Pkwy, Elkridge, MD
21227; C, Foreign & MD obsoletes.
7052 William Gore, 10 Hickory Lane, Wappingers Falls, NY 12590;
C, General.
7053 James Kienast Sr., 8911 W. 37th St., Tacoma, WA 98466; C,
Obsolete banknotes, confederate currency & foreign currency.
7054 Simon J. Asbury, 13 Loretta St., New Brunswick, NJ 08901; C,
Foreign notes & pre 1900 US notes.
7055 Saul Gold, 5748 Sunnyview Dr., Bonita, CA 92002; C&D,
Mexican money, stocks & bonds.
7056 John Williamson, 5960 Seamans Dr Excelsior, MN 55331; C,
US & world bank notes.
7057 R.D. Elston, P.O. Box 1270, Plant City, FL 34289; C, Na-
tionals.
7058 Robert St. Cyr, P.O. Box 3645, Thunder Bay Ont., Canada
P7B6E2; C&D, World wide paper currency.
7059 Paul Mied, 3713 Buffalo Rd., New Windsor, MD 21776 • C, Ob-
soletes (Esp. MD).
7060 Elliott M. Arking, 506 E. 8th St., Ocean City, NJ 08226; D.
CSA, obsoletes.
7061 Larry Cramer, 21 Gulfline Rd., Liverpool, NY 13901; D.
7062 Norman Vadala, 208 E. Jefferson St., Syracuse, NY 13202;
C&D.
7063 Donald Miller, 2410- 144th Ave. R#1, Dorr, MI 49323; C.
Michigan obsoletes.
7064 Ronald Grapatin, 2450 Glenridge Rd., Euclid, OH 44117; C.
7065 Dean Lewis, 3000 Ocean Pkwy., Brooklyn, NY 11235; C&D.
7066 John Powell, 383 Billingham Dr., Burlington, NC 27216; C&D.
Confederate stocks, bonds, autographs.
7067 Robert Nagel, 730 Royal Cresent Dr., Richmond, VA 23236:
C&D, VA & PA obsoletes.
7068 Joseph Haenn, PO Box 209, St. David, PA 19087; C&D,
Foreign.
7069 Richard Anderson, USS America OER2, FPO NY, NY 09531;
C.
$ 4,759.04
$ 2,781.00
$ 8,988.00
$ 16,528.04
$ 16,716.11
( $ 188.07)
Page 32 Paper Money Whole No. 121
Educational Highlights at
Cherry Hill
As the schedule in the previous issue of PAPER MONEY
indicated, there were numerous speakers who addressed a
variety of subjects. A few of the outstanding presentations, in
your editor's opinion, came from BEP representatives. Bureau
Director Robert J. Leuver spoke both formally and informally to
attendees. He was always available for questions, and, as al-
ways, responded spontaneously with facts and figures that con-
cerned many collectors. Mr. Rudy Villareal. Chief — Office of
Currency Standards, spoke on mutilated currency. Many
people do not know that if currency is accidentally burned, torn,
partially destroyed by rodents or some other hungry varmints, it
can be sent to the Bureau, and if at least 51 percent of each bill
can be reassembled, the owner will receive the face value of the
note. There are 24 people who handle 40,000 such cases each
year, attempting this seemingly impossible task of putting to-
gether pieces and ashes on which there is a faint image of a letter
or serial number.
One of the stories related was that of a woman who had a
serious mental problem. After cashing her social security check
each month, she would set aside $40 or $75, all she thought
she would need, and the remaining bills were torn in pieces and
tossed into a drawer. A relative discovered this bizarre habit.
Thousands of dollars, in torn pieces, were sent to the Bureau—
much of it was reassembled and the appropriate amount paid.
At Cherry Hill, children were brought to the hotel for a
program designed just for them. Leonard Buckley, Foreman of
Design at the Bureau, John Wallace, Bureau portrait engraver
and your editor were there to guide the youngsters through an
hour of the history of bank notes and how they are made. Pro-
grams like this should be a part of every major convention.
From each 100 children five or ten serious collectors may
emerge.
Bureau engraver John Wallace as he demonstrated the art of portrait
engraving.
At the awards breakfast on Sunday morning, guests were
treated to a talk by Evan Jenkins from the U.S. Secret Service.
The topic, as you can guess, dealt with counterfeiting. Here are
just a few facts and figures that Mr. Jenkins related; In 1984,
$84 million in counterfeit notes was confiscated before it entered
circulation; $7 million fraudulent notes did enter circulation, at
least some of these notes came from 106 printing plants that
were suppressed in 1984.
The following figure indicates the temptation that office
machine copiers offer: Copiers accounted for $90,000 in bogus
bills in circulation during 1984.
Twenty-six percent of all counterfeiting is done in Europe: an
additional amount is done in South America and the Orient, pri-
marily in Hong Kong.
Mr. Jenkins told the captive audience how rapidly counterfeit
notes are disseminated. In Venice, Italy a $100 Federal Reserve
note made from a bleached $1 note came to the attention of
authorities who notified U.S. Secret Service agents in Paris. The
paper was authentic but the bill was printed from a counterfeit
plate. Within two weeks, similar notes were in four sections of
the United States.
John W. Mercer, from the Office of Research and Technical
Services presented a "History of Paper." This talk was illustrated
with slides. When Mr. Mercer reached the period just before
World War I, he showed a chart that defined the rag content of
U.S. paper money at that time and for the years that followed.
Difficulty in locating linen was the reason for the original
change.
Fiber Content of U.S. Currency
Date
Substrate
1879 - 1914 100% linen
Fall 1914 67% linen, 33% cotton
Jan. 1917 50% linen, 50% cotton
Aug. 1917 25% linen, 75% cotton
Jan. 1918 100% cotton
Mar. 1921 50% linen, 50% cotton
Jul. 1922 75% linen, 25% cotton
Spring 1921 100% linen
Sept. 1924 75% linen, 25% cotton
WW 11 50% linen, 50% cotton
Fall 1957* 25% linen, 75% cotton
This change would have lasted as long as both wet and dry printed
notes were concurrently issued, e.g., 1935I-1 $1 silver certificates issued
in 1963-65 would have been 50/50 while the 1957 notes with
signature of Robert B. Anderson would have been 25/75. The tip-off
would be the left check letter, if with subscript, as in A 1 or 1-14 , it is
25/75; no subscript as in A, R or M, it is 50/50 wet.
Paper Money Whole No. 121
SPMC Awards at Cherry Hill
At the well attended breakfast the following awards were pre-
sented to members of our society:
The Nathan Gold Memorial Award, given by the Bank Note
Reporter to the person who has made a major contribution to
the advancement of paper money, was presented to M. Owen
Warns for his work on 1929 national bank notes.
Awards of Merit went to Matt Rothert, Sr. for his Arkansas
Obsolete Notes and Scrip; Richard T. Hoober for his Pennsyl-
vania Obsolete Notes and Scrip; Neil Schafer and Ralph A.
Mitchell for their work on The Standard Catalog of Depression
Scrip; Robert Azpiazu, Jr. for his outstanding work as Secre-
tary of the SPMC; and William Horton, Jr., for his work as
chairman of the first International Paper Money Convention.
Each year three members who contributed articles to PAPER
MONEY are recognized for their excellence in writing. The first
second and third place winners, the titles of their articles, and
the journal number(s) in which the article(s) appeared are re-
spectively: Gene Hessler, "The Educational Note Designers:
Blashfield, Low and Shirlaw" (Nos. 112-114); Harry E. Wig-
ington, "The Illinois Country Currency" (No. 109); and M.
Owen Warns, "Analysis of the 14000 Series of National Bank
Notes" (No. 111).
The Julian Blanchard Memorial Award for an ANA exhibit of
proof notes, tie-in of stamps and notes with matching vignettes
and related material went to Dr. Glenn E. Jackson. His ex-
hibit was entitled, "U.S. Series of 1896 Educational Notes,
Proofs and Essays."
William H. Horton, Jr. (left), Chairman of the IPMC accepts an Award
of Merit from SPMC President Larry Adams.
Exhibit Winners at Cherry Hill
Another group of awards was made at the breakfast. Each
award winner received a plaque, which included a bank note,
for their winning exhibit in the following categories:
Miscellaneous: first, Lois Morsello, "The Story of Tenino —
The First Wooden Money in the USA"; second, Carl Yaffe,
"Music Topicals on Bank Notes"; and third, Tom Conklin,
"The National Bank of Roxbury, New York."
U.S. Small-Size Paper Money: first, Paul Pfeil, "U.S. Silver
Certificates, 1935 Series"; second, Stephen R. Taylor,
"Seven Ways to Collect Federal Reserve Notes"; and third,
John Morsello, "George Washington on Paper Money and
the Changing Treasury Seal."
U.S. Obsolete Paper Money: first, Robert W. Ross, III,
"Declaration Signing Vignettes"; second, Raymond M. Waltz,
Page 33
"U.S. and Scrip and Civil War Paper Money"; and third, Terry
A. Bryan, "Milford, Delaware Paper Money."
Foreign Paper Money: first, Dr. A. Sharghi, "The Early
Paper Money of Persia", second, Gene Hessler, "Seven Bank
Notes by Six Engravers"; and third, John Wilson, "Ming
Dynasty Notes."
U.S. Large-Size Paper Money: first, Nancy Wilson, "Type
Set of Second Issue Fractional Currency"; second, Dr. Glenn
E. Jackson, "Alpha — Omega"; and third James Brandt,
"Second Issue Fractional Currency Type Set."
Five award winners from left to right: John Wilson, Tom Conk-
lin, John Morsello, Terry Bryan and James Brandt.
A very happy Andrew Cox, junior winner, stands with Lawrence
Gentile, Sr., Young Numismatist chairman.
Junior: Andrew Cox, "Twelve Federal Reserve Dollar
Notes."
Best of Show: Howard M. Berlin, "Bank Notes of the Brit-
ish Mandate of Palestine, 1927-1945."
Doug Moore, left, presents the Best of Show Award to Howard Berlin
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Page 34
Paper Money Whole No. 121
American Bank Note Co.
Represented at the IPMC
Aurelia Chen, Product Manager at American Bank Note Co.
(ABN). spoke on a subject that delighted those in attendance.
She illustrated bank notes from the archives of the company,
with engraved vignettes that could be matched with the Ameri-
can Commemorative Panels. From 1972 until 1984, these
panels, designed with the philatelist in mind, but advantageous
for the currency collector, were printed by ABN.
Many who attended this program voiced there dissatisfaction
with the panels now printed by Jeffries Bank Note Co. (See
PAPER MONEY, No. 118, p. 226.) Their complaint was that
particular intaglio-engraved vignettes that appear on 19th
century bank notes can no longer be matched with etched
vignettes that only relate to the subject of the current panels.
... AMERICAN COMMEMORATIVES
PeKr
AMERICAN COMMEMORATIVES
Here is an example where the engraved vignettes on a $1 note from
The City of Kansas can be matched with two panels, only the upper
portion of one is shown.
Numismatic Ambassador Award
to Wolka
This prestigious accolade presented by Krause Publications on
an irregular basis to someone who truly deserves the title was
awarded at Cherry Hill. The recipient was our own, slenderized,
fun-loving, dedicated, current librarian and past president of the
SPMC, MC par excellence and Purdue football zealot—Wendell
Wolka.
Plans for Memphis Show Underway
The Holiday Inn—Crowne Plaza is now open and will be the of-
ficial hotel for those who attend the 10th annual International
Paper Money Show in Memphis on June 20-22, 1986.
Show Chairman Mike Crabb has reserved the Concourse Hall
at the Cook Convention Center. The hall, with 26,000 square
feet, will enable all dealers and exhibitors to be in the same
room.
NASCA will conduct the convention auction.
Address Change for
— EDITOR —
Gene Hessler
Mercantile Money Museum
Box 524
St. Louis, MO 63166
Paper Money Whole No. 121
Page 35
Editor's Corner
We've Come a
0 Long Way
Throughout 1986 I plan
to acknowledge this, our
25th anniversary year, with
stories and photographs that
relate to the history of the
SPMC, and some very
special articles on subjects that will most certainly find their place
in the bibliographies of future writers.
Three articles that will be printed here during 1986 are: The
State of Texas Civil War Currency" by Everett K. Cooper;
-From the Bright Mohawk Valley" by David Ray Arnold, Jr.:
and one of the finest pieces of research I have seen, The
Relationship Between National Banks and Corporate Exten-
sions and Reorganizations of National Banks" by Peter Hun-
toon.
As a demonstration of support, and a way of personally con-
tributing to the publication cost of PAPER MONEY — call it a
birthday gift if you wish — dealers who do not regularly
advertise in PAPER MONEY, and collectors who do not usually
take advantage of the Money Mart section — 1986 is the year to
do so!
We have a society that grew from the idea of five men to a re-
spected society of neary 2,500 members. The SPMC, through
sponsored conventions, activities and PAPER MONEY, its
journal, should feel proud of the advancements that have
transpired during the past 25 years. HAPPY BIRTHDAY!
Letter to the Editor
A Plea For Advertising
JAMES A SPARKS, JR., SPMC 3144
Ten years ago it was exciting and pleasurable for me to receive a new
issue of PAPER MONEY and immediately turn to the advertising pages
to find many, many notes of all types that were offered for sale. Why
have some dealers, collectors, and traders given up on PAPER
MONEY to offer their notes? I know it is difficult to keep good notes for
a bi-monthly ad, but surely we don't sell everything, and many notes
appeal to those who might never see your notes at coin shows or who
may not be on your mailing list. PAPER MONEY can be a great source
for selling material and finding new customers. I am guilty myself, but I
am starting with this issue and will try my best to have a page in every
issue this year! Come on fellow dealers and traders, let's fill the pages
with items for the collectors. This is a hobby and if no one is willing to
sell or trade then we will, sooner or later, come to a point where interest
dies. We have some great writers—now it is up to us to support the
SPMC with some good advertising!
Currency Show in St. Louis
The First Annual National and World Paper Money Convention
will be held at the St. Louis Cervantes Convention Center on
November 13-16, 1986. Leonard Glazer, president of the Pro-
fessional Currency Dealers Association, said there will be a
bourse of 100 dealers with something for every bank note col-
lector. There will also be a broad range of educational pro-
grams. The convention will coincide with the National Silver
Dollar Convention at the same time and site.
Ron Horstman, the SPMC new membership coordinator, has
been appointed general chairman for the convention. His ad-
dress is P.O. Box 6011, St. Louis, MO 63139. Kevin Foley, at
P.O. Box 589, Milwaukee, WI 53201 is serving as bourse chair-
man.
BEP Card for FUN
During the Florida Numismatists Convention (FUN) in Tampa.
2-5 January 1986, a souvenir card, intaglio-engraved, with the
design for the face (not the obverse as stated on the card) of the
$100 treasury (coin) note of 1890 was issued.
This card matches the FUN card of 1983, it has the back (not
the reverse as stated on that card) for the "watermelon" note.
The 1986 card (No. 918) will be on sale until 1 April 1986 or
until the supply is depleted. By mail each card is $4. Ordering
instructions have been previously published in these pages.
FUN 1986
TAMPA, FLORIDA
in recognition of me Florida United Numismatists in Tampa, Florida, on January 2.5. 1966 the Bureau
of Engraving and Printing is pleased to issue this souvenir t:mro.
David S Fartagut, whose portrait m featured on the obverse of VIM s'iw Treasury note, was the first
marl to nom the rank of admiral in the united States Nary However, it is on his civil War achievements tnat
harragurs repulatmn rests.
Atinough born in Knoxvttle, Tennessee, Farrago remained loyal to the North and versed as
comment:tot o! the Union seat. His oommand yielded daring 'rt.:tortes in naval battles at New Orleans and
Mobile 6.ty — important factors in the North's tine victory.
Treanor>, notes, also known as coin notes, were redeemable In silver or grAd coin and we , e issued to
pay far sever bullion purchased by tne Secretary of the 'Treasury as directed by congress in the Art of
July 14, ; age .
ilisRt. A t. ' ott I NGKVA-Fot '0 VRIN11V SHIM., FON, 0 1'
Bureau Director, Robert J. Leuuer answers questions at the IPMC as
three feminine potential collectors wait their turn.
O
f-T-1
Page 36
Paper Money Whole No. 121
ENGRAVED SHEETS FOR MEMBERS
A limited number of sheets with engravings, acquired from American Bank Note Company for exclusive sale to
members of the SPMC, are still available. These 20 x 27 inch sheets have never been offered to collectors before.
Printed in blue, these exquisite examples of the engravers art include a variety of portraits, vignettes and counters;
they are suitable for framing.
These beautiful sheets can be purchased, subject to availability, by mail. There will be a limit to two sheets per
member. The cost is $15 per sheet plus $2, per order, for postage and handling. Send orders to: Wendell Wolka,
P.O. Box 366, Hinsdale, IL 60521.
Paper Money Whole No. 121
moneymart
Paper Money will accept classified advertising from members only on a
basis of 5C per word, with a minimum charge of $1.00. The primary
purpose of the ads is to assist members in exchanging, buying, selling,
or locating specialized material and disposing of duplicates. Copy must
be non-commercial in nature. Copy must be legibly printed or typed,
accompanied by prepayment made payable to the Society of Paper
Money Collectors, and reach the Editor, Gene Hessler, Mercantile
Money Museum, Box 524, St. Louis, MO 63166 by the first of the
month preceding the month of issue (i.e. Dec. 1, 1986 for Jan. 1987
issue). Word count: Name and address will count as five words. All
other words and abbreviations, figure combinations and initials count as
separate. No check copies. 10% discount for four or more insertions of
the same copy. Sample ad and word count.
WANTED: CONFEDERATE FACSIMILES by Upham for cash or
trade for FRN block letters, $1 SC, U.S. obsolete. John W. Member,
000 Last St., New York, N.Y. 10015.
(22 words: $1: SC: U.S.: FRN counted as one word each)
WANTED: ILLINOIS NATIONALS AND OBSOLETES —
Carmi, Crossville, Enfield, Grayville, Norris City, Fairfield, Al-
bion, Dahlgren, Omaha, New Haven. Pete Fulkerson, c/o The
National Bank, 116 W. Main, Carmi, IL 62821 (127)
WANTED: MACERATED MONEY: postcards and any other
items made out of macerated money. Please send full details to
my attention. Bertram M. Cohen. PMW, 169 Marlborough St.,
Boston, MA 02116 (128)
OLD STOCKS AND bonds. Send $2 for latest Mail Bid Cata-
log & Sales Catalog. Also buying! Paying highest prices for
beautiful and very old material. Railroads, oil companies, tele-
graph, industry, government, etc. Especially need Western
material. Also need pre-1890 checks with pretty vignettes. Also
will trade. Send SASE for free appraisal. David Beach, Box
5488, Bossier City, LA 71111 (318) 747-0929 (121)
WANTED KOREA & SOUTH Korea banknotes. Example: all
CU South Korea P30 1 won .75; P31 5 won 1.20; P32 10 won
6.00; P33 10 won .85; P34 50 won 25.00; P35 100 won
25.00; P36 100 won 15.00; P40 50 won 3.50. Namchong
Cho, 726 Bode Circle #110, Hoffman Est., IL 60194 (121)
KANSAS NATIONALS WANTED, collector seeks both large
and small size, scarce and better condition Kansas bank notes.
C. Dale Lyon, P.O. Box 1207, Salina, KS 67402 (122)
ILLINOIS NATIONALS WANTED: Allendale #10318, Ben-
ton #8234, Chester #4187, Dahlgren #7750, Fairfield #5009 &
#6609, Johnston City #7458, Mt. Vernon #1996, New Haven
#8053, Norris City #7971, Olney #2629, Wayne City #10460,
Winchester #1484. C.E. Hilliard, 201 E. Cherry, Winchester,
IL 62694 (217) 742-5703. (124)
RED SEAL NATIONALS WANTED, Collector seeks Hi
grade and scarce Third Charter Period Red Seal National Bank
notes with emphasis on notes bearing serial #1, and notes from
scarce states. C. Dale Lyon, P.O. Box 1207, Salina, KS 67402
(122)
Page 37
BUYING ALABAMA MATERIAL: NATIONALS, OBSO-
LETES, checks, stocks, cards, North Alabama, Florence, Hunts-
ville. Write Bob Whitten, 217 E. Irvine Ave., Florence, AL
35630 (125)
NEW YORK NATIONALS WANTED. Athens, Catskill, Cox-
sackie, Germantown, Hudson, Hunter, Kinderhook, Philmont,
Tannersville, Windham. Send description and price. All letters
answered. Robert Moon. Box 81, Kinderhook, NY 12106 (126)
WANTED VIRGINIA: Nationals, Broken Bank and Scrip.
Send description. Corbett B. Davis, 2604 Westhampton SW.
Roanoke, VA 24015. (128)
WANTED: MAINE NATIONAL BANK AND OBSOLETE
NOTES, Maine tokens. Describe and price or I will make offer.
Donald Priest, 41 Main St., Fairfield, Maine 04937 (121)
MISSISSIPPI NATIONALS WANTED: All notes wanted,
large or small. Will consider trade offers. Describe and price. All
inquiries answered. Don Rawson, Box 3418, Meridian, MS
39305 (122)
WANTED, ALL OBSOLETE CURRENCY, ESPECIALLY
GEORGIA, which I collect. Particularly want any city-county
issues, Atlanta Bank, Georgia RR Banking, Bank of Darien,
Pigeon Roost Mining, Monroe RR Banking, Bank of Hawkins-
ville , La Grange Bank, Central Bank Milledgeville, Ruckersville
Banking Co., Bank of St. Marys, Cotton Planters Bank, any
private scrip. I will sell duplicates. Claud Murphy, Jr., Box
15091, Atlanta, GA 30333. (125)
WANTED: NETHERLANDS NEW-GUINEA BANK-
NOTES FOR MY PERSONAL COLLECTION. Please send
details of condition, denomination and date of issue. Will pay
30% above Pick catalog for any notes I can use. David G.
Hanna, 895 Queen St. West. Toronto, Ontario, Canada M6J
1G5 (120)
NORTH CAROLINA OBSOLETE CURRENCY AND
SCRIP WANTED. Send description, photocopy if possible
and price. Interested in single notes or accumulations. Jim
Sazama, P.O. Box 1235, Southern Pines, NC 28387 (127)
WANTED: LARGE AND SMALL SIZE NATIONALS from
Hoopeston. III. #2808, 9425, 13744; Milford, Ill. #5149;
Rossville, Ill. #5398, 9877; Potomac, III. #6824; Watseka, III.
#1721; Ind. #9510. Write to Mike Fink. 504 E. McCracken,
Hoopeston, Ill. 60942 (121)
WANTED: WHITE PLAINS, CHAPPAQUA, MOUNT
KISCO, SOMERS, NEW YORK NATIONALS. All other
Westchester, Putnam Counties large, small, obsolete wanted.
Send photocopy or description, price. Christian Blom, 2504 N.
Quantico St., Arlington, VA 22207 (122)
CANADA 1923 $2 WANTED. Pick 34 a, c, f and h wanted in
CU. Will purchase outright or have Canada notes to trade. Jack
Fisher, Howard Professional Building, 171 Merrill St.,
Kalamazoo, MI 49008 (121)
PALESTINE NATIONALS WANTED FROM TEXAS, IL-
LINOIS, OHIO etc. Want Kalamazoo, Michigan National and
Jordan 1949 50 dinars. Jack Fisher, Howard Professional
Building, 1711 Merrill St., Kalamazoo, MI 49008 (121)
NATIONALS WANTED: LARGE AND SMALL —W.VA
#6510 Madison; New York #2472 Salamanca; Penn. #253
Milton, #535 Erie, #9149 North East, #13871 Albion and any
Erie County (PA) notes. Collector. John S. Clapp, 4006 W.
222nd St., Fairview Park, OH 44126 (121)
Page 38
NEW EGYPT, NEW JERSEY (#13910 & 8254) Nationals
wanted. Any condition. Please write first. Dennis Tilghman,
P.O. Box 2254, Princeton, NJ 08540 (128)
Paper Money Whole No. 121
NATIONAL CURRENCY, OVER 600 DIFFERENT, almost
all states, 39' SASE brings list. Also buying & trading. Joe
Apellman, Box 283, Covington, LA 70434. (123)
JACK H. FISHER ADDRESS AFTER JUNE 1, 1985 will
be Howard Professional Building, 1711 Merrill Street, Kala-
mazoo, MI 49008 and requests friends, collectors, dealers and
organizations to new address change. Replies to my other ad-
vertisements use new address. (121)
CHICAGO NATIONALS Wanted by collector. Large and
small. Let me know what you have. Thanks. Tim Kyzivat, P.O.
Box 803, LaGrange, IL 60525. (123)
ERROR NOTES: Specialist buying and selling misprints on US
paper money ranging from double denominations thru ink
smears. SPMC members may request next photo-illustrated
sales catalogue free. Frederick J. Bart, Box 32314, Cleveland,
Ohio 44132, (216) 585-3644 (125)
ICELAND, ICELAND. BUYING PAPER MONEY FROM
ICELAND: P-1 to P-21, P-23 to P-26, P-30 and P-31. I collect
them by signature variety. If you have any of these notes for
sale, please send me some price lists and photocopies. K. Hall-
clOrsson , Box 433, Hafnarfjordur, Iceland. (126)
WANTED: Conwayboro, SC nationals (Peoples National; Con-
way National; 1st National), SC related material, obsoletes, co-
lonial, Confederate. Dr. Frank A. Sanders, P.O. Box 854, Con-
way, SC 29526, (803) 248-4834 (123)PRE-1900 WESTERN STATES and Territorial financial
documents—buying and selling checks, drafts, certificates of
deposit, warrants, receipts, stocks, bonds and revenue im-
printed fiscal material. Vern Potter, P.O. Box 10040, Torrance,
CA 90505-0740. (122)
WANTED: COLONIAL GEORGIA. Will pay $400 for 1776
Blue-Green Seal $4 or 1777 No resolution date $4. Also want
most pre-1776 issues. Radford Stearns, 5400 Lawrenceville
Hwy., Lilburn, GA 30247, (404) 921-6607. (132)
FOR SALE: CONFEDERATE CURRENCY. Part of 20 year
collection, many scarce varieties. Send SASE for listing. Michael
Wheat, 158 Buford Place, Macon, GA 31204. (123)
DEVILS LAKE, NORTH DAKOTA NATIONALS
WANTED: Charters 3397, 3714, 5866. Any type, condition.
Send description and price to Richard Dockter, 1112 2nd Ave.
E., Devils Lake, ND 58301. (126)
EASTMAN COLLEGE CURRENCY wanted. Also obsoletes
with vignettes: Declaration Signing, Washington's Crossing,
Drummer Boy, Five Presidents, Cowboys, Delaware Bridge,
Matrimony. Robert W. Ross III, P.O. Box 765, Wilmington, DE
19899. (125)
YOUR CHOICE OF SAMPLE ITEM WITH SPECIALIZED
price list for $1. List available: Military Payment Certificates—
World War II—Japanese Invasion Money—Philippine Guerrilla
Currency—German Notgeld —Japanese Paper—Vietnam
Propaganda Leaflets—World Bank Notes—U.S. Currency —
Stocks—Stamps (Plate Blocks or First Day Covers). Edward B.
Hoffman, P.O. Box 10791-S, Reno, NV 89510-0791. (126)
RADARS WANTED: Buy or trade for the following,
10011001; 10000001; 00011000; 15555551; 90000009;
90099009; 00099000; 99000099; 99900999. I have a varied
selection of small size notes for trade. Michael Kane, Box 745,
Pacific Grove, CA 93950. (121)
SOUTHERN ILLINOIS NATIONALS WANTED: Bridge-
port, Carrier Mills, Carterville, Crossville, Dongola, Equality,
Rarmersville, Flora, Grand Tower, Greenfield, Griggsville,
Humbolt, Jonesboro, McLeansboro, Mound City, Pana, Ram-
sey, Ridgway, St. Peter, Salem, Trenton, Waltonville, Wayne
City, West Salem, Wilsonville, Witt, Xenia, Robert L. Ballard,
716 Loughborough Ave.. St. Louis, MO 63111. (122)
MARSHALL, MISSOURI WANTED: First National Bank,
Charter 2884. Notes, checks, photocopies, other information.
Mike Coltrane, 1009 Burrage Rd., Concord, NC 28025 (123)
MINNESOTA NATIONALS WANTED: Barnum, Big Lake,
Braham, Carlton, Crosby, Deerwood, Elk River, Foley, Iron-
ton, Isanti, Milaca, Moose Lake, Mora, Pine City, Princeton,
Royalton, Swanville. Several others needed. Please let me
know of anything you have for sale. All letters answered. Shawn
Hewitt, 3900 Bethel Dr., Box 938, Saint Paul, MN 55112
(123)
MASSACHUSETTS PROOFS: Harris and Chapman, Boston
5 and 25'. Will consider offer. Frank Sprinkle, 304 Barbee
Blvd., Yaupon Beach, NC 28461.
WILL BUY OR TRADE for the following prototype or trial face
notes. Face check 86: $10 SC 1934A, BA; star; mule; North
Africa star. Also $10 1934A face check 87, mule. Good trade
selection. Michael Kane, Box 745, Pacific Grove, CA 93950.
(124)WANTED UNCIRCULATED 1963, 1963A, 1969, 1974 $1
FRN block sets. Also need lot of notes with two or more zero
endings. Pay cash or trade. Rufus Coker, R. #6, Portland, TN
37148 (124)
UNCUT SHEETS OF OLD BANK CHECKS. $3.75 on up,
plus postage. Frank Sprinkle, 304 Barbee Blvd., Yaupon
Beach, NC 28461.
LOW NUMBER NOTES WANTED: Salisbury Pocomoke
City, Snow Hill, Easton, Cambridge, Federalsburg, Chester-
town, Berlin, other eastern shore; large or small. Describe and
price. Also southern Delaware and eastern shore Virginia
(Onancock, Accomac, etc.). Robert Hastings, 9234 Prarie
Ave., Highland, IN 46322 (122)
WANTED: NEW ENGLAND COMMERCIAL BANK
NEWPORT, RI notes (Durand Nrs. 607, 609, 610, 612-617,
619, 620, 622-624, 626, 628, 630, 631, 635, 637, 639). Also
checks, fiscal documents, correspondence, etc. relating to bank
officers. Send photocopy/description and price. Bruce D.
McLean, P.O. Box 38, FPO New York, 09525-1038. (124)
RHODE ISLAND OBSOLETES, COLONIALS, CHECKS,
BANK POSTCARDS, SCRIP and BOOKS wanted by
serious collector. Duplicates also needed. Describe and price, all
conditions considered. Roland Rivet, Box 7242, Cumberland,
RI 02864. (131)
DISTINCTIVE DOCUMENTS is selling historical western
documents, stock certificates, autographs, checks, financial
paper and more! Three illustrated catalogs $2. Members of 13
collecting and historical organizations. Box 100, Cedar City, UT
84720. (126)
KALAMAZOO, MICHIGAN NATIONALS WANTED, also
want nationals from Palestine, Texas, Illinois, Ohio, etc. Want
CU Kuwait 1960 regular issue and specimen notes. Jack H.
Fisher, Howard Professional Building - Suite AA, 750 Howard
Street, Kalamazoo, MI 49008. (128)
WISCONSIN CURRENCY WANTED: Nationals, obsolete
notes, bonds and bank checks from Eau Claire and Chippewa
Falls. Send description and price to William Janke, 1371 W.
12th St., Hastings, MN 55033. (123)
Ball offers H
• • ■
no $500 CSA cou nterfeit
0
Index
Pensacola
nlaYor..
'4'178:1"P
Page 26
Smith's Chinese no‘es
SEP soles
.4.11 wee ie.Nene deo°
record t:.. ero.b7
,on!
=1:1-•■•
exe ere. Dell,
Paper Money Whole No. 121 Page 39
Hero How To Satigy
Your Greate5t Hobby Need
Are you unhappy with the number of paper
money articles in coin-related newspapers and
magazines?
If you are, chances are you're not getting all
the paper money information you need.
Good news. Your subscription to Bank Note
Reporter will give you a monthly newspaper
devoted exclusively to paper money, both U.S.
and foreign.
Bank Note Reporter will give you reports on
auctions, new issues, upcoming shows, new
publications, discoveries and new
organizations.
The historical features in Bank Note
Reporter will take you back into history. You'll
read about military currency, bonds, stock
certificates, Confederate currency, world
paper, state banknotes and U.S. large and
small size notes.
Plus you'll have plenty of photos, trustworthy
advertising and a U.S. value guide. It can all be
at your fingertips each month, when you
subscribe to Bank Note Reporter. Be part of the
excitement!
Satisfy your need for paper money
information with a subscription to Bank Note
Reporter.
Your Guarantee
If for any reason you decide to cancel your
subscription, simply drop us a note before you
receive your second issue and we'll refund your
entire payment. After the second issue we'll
refund on all undelivered issues.
Collectors saw it first,
right here!
Who broke the news about upcoming changes
in U.S. currency? Bank Note Reporter!
It's true. With the aggressive reporting of our full-time
Washington Bureau, BNR was the first to present facts
concerning the revamping of our notes. We scooped
everyone, including other hobby publications, daily
newspapers, and electronic media.
When you join Bank Note Reporter you'll be part of a
select group looking to every issue for fresh news.
Make certain you have Bank Note Reporter for all the
vital data affecting your hobby. Sign up now!
Send your subscription request along with $14.50
for one year (12 issues) to: Bank Note Reporter,
700 E. State St., Iola, WI 54990.
Page 40
Paper Money Whole No. 121
FIFTY NICE NOTES
ITEM NUMBER DESCRIPTION PRICE
1 Continental Currency $2 note 5/10/1775 Fine $45.00
2 Continental Currency $7 note 5/10/1775 F/VF 45.00
3 Continental Currency $8 note 5/10/1775 VF 55.00
4 Continental Currency $5 note 2/17/1776 F/VF 45.00
5 Continental Currency $8 note 2/17/1776 VF 60.00
6 Continental Currency $3 note 11/2/1776 Fine 40.00
7 Continental Currency $7 note 11/2/1776 Fine+ 45.00
8 Continental Currency $30 note 1/14/1779 VF/XF 85.00
9 Colonial Note-New Jersey 18 P. 3/25/1776 VF/XF 70.00
10 Colonial Note-New Jersey 18 Sh. 3/5/1776 XF/AU 85.00
11 Colonial Note-North Caro. 5 Sh. 12/1771 Fine 90.00
12 Fractional Note - Fr. #1231 CU 150.00
13 Fractional Note - Fr. #1234 AU 65.00
14 Fractional Note - Fr. #1246 CU 80.00
15 Fractional Note - Fr. #1257 CU 45.00
16 Fractional Note - Fr. #1267 AU 50.00
17 Fractional Note - Fr. #1299 rare Fine 200.00
18 Fractional Note - Fr. #1308 CU 30.00
19 Fractional Note - Fr. #1324 AU 80.00
20 Fractional Note - Fr. #1355 AU + 100.00
21 Fractional Note - Fr. #1374 CU 150.00
22 Fractional Note - Fr. #1379 CU 125.00
23 Legal Tender - Fr. #20 CU 175.00
24 Legal Tender - Fr. #36 or Fr. #37 AU each 35.00
25 Legal Tender - Fr. #41 VF + 135.00
26 Legal Tender - Fr. #91 XF 35.00
27 Legal Tender - Fr. #123 scarce VG/F 265.00
28 Legal Tender - Fr. #147 VG + 50.00
29 Silver Cert. - Fr. #217 bad trim AU 100.00
30 Silver Cert. - Fr. #233 or Fr. #236 CU each 60.00
31 Silver Cert. - Fr. #237 CU 21.00
32 Silver Cert. - Fr. #258 VF 55.00
33 Silver Cert. - Fr. #270 F/VF 150.00
34 Silver Cert. - Fr. #282 AU 375.00
35 FRBN - Fr. #713 or Fr. #715 or Fr. #717 CU each 65.00
36 FRBN - Fr. #756 AU + + 175.00
37 FRBN - Fr. #772 XF 125.00
38 FRN - Fr. #863 or Fr. #871 AU each 30.00
39 Gold Note - Fr. #1173 XF/AU 80.00
40 Gold Note - Fr. #1187 XF/AU 90.00
41 National Fr. #659 Troy, Ala. #5593 VF 225.00
42 National Fr. #598 King City, Mo. #6383 XF + 125.00
43 National
Fr. #632 Columbus, Neb. #8328 AU 210.00
44 National Fr. #598 Tilton, N.H. #1333 Fine 110.00
45 National
Fr. #404 Little Falls, NY #2406 VG + 200.00
46 National Fr. #482 NY City #1393 AU + 295.00
47 National Fr. #626 Raleigh, NC #9067 XF 145.00
48 National Fr. #635 Salem, Ohio #43 VG 75.00
49 National Fr. #645 Grantham, Pa. #9727 VF/XF 225.00
50 National
Fr. #654 Huntington, WV #4607 AU + 175.00
All notes very conservatively graded, satisfaction guaranteed! I plan to offer 50 notes an issue and I hope
you find some of interest. I am very interested in buying your notes. Nearly 30 years in currency gives me a
true appreciation of notes, please offer me yours. Thank you!
Post Office Box 4235
JAMES A. SPARKS, JR.
ANA-52964, SPMC 3144 Salisbury, NC 28144
6743: Q.:
NI
Or
MymmtkItogitytottio4-
67431
UMISfl-37,--
CANADIAN
BOUGHT AND SOLD
• CHARTERED BANKNOTES.
• DOMINION OF CANADA.
• BANK OF CANADA.
•
CHEQUES, SCRIP, BONDS &
BOOKS.
FREE PRICE LIST
CHARLES D. MOORE
P.O. BOX 4816P
WALNUT CREEK, CA 94596-0816
(415) 943-6001
LIFE MEMBER A.N.A. #1995 C.N.A. #143 C.P.M.S. #11
THE BANKOF S: LOUIS,,,„
ST. LOUIS, MISSOURI
OBSOLETES AND
NATIONALS WANTED
RONALD HORSTMAN
ROUTE 2, BOX 242
GERALD, MISSOURI 63037
Limns Naponal Bank
Standard Coot
uNITED
pt ,R AI()NE'
Paper Money Whole No. 121 Page 41
New Edition Available
Standard Catalog Of
United States Paper
Money
Your complete, illustrated guide to all
types of official U.S. paper money,
from 1812 to today.
•Featuring coverage for Large and
Small-size regular-issue U.S. currency
•NEW! Rarity ratings for National
Bank Note listing • Complete
coverage for Fractional Currency,
Encased Postage Stamps, Postage
Stamp Envelopes, Error Notes and
Military Payment Certificates •
First-ever catalog of pre-Civil War
United States Treasury Notes • More
than 5,000 currency items listed •
Over 12,500 market values • Over 700
original photos • All in 192 pages
An essential, data-packed research aid
for all collectors of U.S. currency!
Order your copy today.
krause
publications
700 E. State St., Iola, WI 54990
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Please send copy(ies) of the
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States Paper Money. I've enclosed
$16.50* per copy, plus $2.00 per
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States Paper Money
name
address
city
state zip
Note: Addresses outside the U.S., please send
$4.00 per copy for postage and handling. U.S.
funds only.
'Wisconsin residents add 5% sales tax.
numismatic news
Bob Wilhite
Veteran Numismatic News market analyst
Bob Wilhite pools pricing data from ads,
auctions, personal contacts at conventions
and the teletype to arrive at
representative wholesale and retail values.
Each week these up-to-date market values
are presented in Coin Market, the
accurate guide in Numismatic News.
Page 42
Paper Money Whole No. 121
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
Home Of Superior Hobby Periodicals And Books
171.\ krause
.Mt-1-, publications 700 E. State St., Iola, WI 54990
ct4' ,,
of q,
EARLY,y. i i lam .
AMERICANI: T NUMISMATICS,.
, .0,- *619-273-3566
COLONIAL &
CONTINENTAL
CURRENCY
We maintain the
LARGEST
ACTIVE INVENTORY
IN THE WORLD!
SEND US YOUR
WANT LISTS.
FREE PRICE
LISTS AVAILABLE.
SERVICES:
q Portfolio
Development
. q Major Show
Coverage
q Auction
Attendance
SPECIALIZING IN:
q Colonial Coins
q Colonial Currency
q Rare & Choice Type
Coins
q Pre-1800 Fiscal Paper
q Encased Postage Stamps
0 EARLY AMERICAN NUMISMATICS 0
c/o Dana Linett
111 P.O. Box 2442 q LaJolla, CA 92038 q
619-273-3566
Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS
-5,.!!!!!!!!!.#1,_1.C111
.8NITEOSIAIESCIFAXERICIt' V57'
%lax, 1
THE DESCRIPTIVE REGISTER
OF GENUINE BANK NOTES
by Gwynne & Day 1862. 168 pp
Cloth bound. 1977 reprint
$15.00 post paid.
HODGES' AMERICAN BANK
NOTE SAFE-GUARD by Ed-
ward M. Hodges 1865. 350 pp
Cloth bound. 1977 reprint
$19.50 post paid.
J. Roy Pennell, Jr.
P.O. Box 858
Anderson, S.C. 29622
WANTED FOR MY COLLECTION
WORLD WIDE TRAVELERS CHECKS
SPECIMENS, PROOFS OR CANCELLED ISSUES
If you have anything to offer Please keep me in mind as
I actively seek these for my collection.
I also have duplicates to sell or trade.
GARY SN OVER
P.O. BOX 3034 • SAN BERNARDINO, CALIF. 92413
PHONE (714) 883-5849
Paper Money Whole No. 121 Page 43
Nobody pays more
than Huntoon forAnIzons,
WYOMING
State and Territorial Nationals
WANT ALL SERIES, ANY CONDI-
TION, EXCEPT WASHED OR "DOC-
TORED" NOTES.
(MANY TRADES!)
PETER HUNTOON
P.O. Box 3681, Laramie. WY 82071
14th ANNUAL
c„vval) NUM ISMATIC
•-"C4:1^y,
50 Dealers
Bourse & Exhibits
Public Invited - Free Admission50 0C. John Ferrer', P.O. Box 33, Storrs, CT 06268
The "biggest"
little
coin and
paper money
show In
New England
ELKS LODGE
Pleasant St., RI. 32
Willimantic, Conn.
Sunday, March 16, 1986
Are you a collector of Iranian (Persian) bank
notes? I am a private collector and would be
very much interested in communicating with
you to share information and to provide lit-
erature. And, if you have or need any notes
or specimens, even early and rare Iranian
notes, I would be delighted to hear from
you.
Dr. A. Sharghi
2500 Olivia Ct.
Virginia Beach, VA 23454
804-481.6955
United States Paper Money Small-
Size by Block Series 1928 thru 1985,
Large-Size Notes, Small-Size
Errors. Free List.
Write:
Robert Thiel
P.O. Box 163
Victor, NY 14564
Page 44
Paper Money Whole No. 121
... THE ....
... NEW ENGLAND SOLUTION ...
Paper money collectors who cannot get to
the distant paper money shows, join us
again this year for the largest gathering of
paper money dealers in the New England
area.
Featuring these leading paper money dealers ...
1. Kennebunk Coins & Currency (Frank Trask)—U.S. Lg., Sm., Obsoletes, Sheets, Scrip
2. Woodbury Coins & Currency (Ken Elwell)—U.S. Nationals, Obsoletes, Type, Ephemera
3. Numisvalue (Barry Wexler)—Obsoletes, Nationals, Old Paper, Type Coins
4. RINATS (Roland Cormier)—Rhode Island Nationals
5. Warwick Associates (Harry Williams)—U.S. Lg., Sm., Nationals, Obsoletes, Books
6. Chet Grabowski—U.S. Paper Money, Checks, Medals, Tokens, Ephemera
7. Harold Cuddy—Early U.S. Coins & Paper Money, State Bank Notes
8. Mary Sager—Fiscal Paper, Americana, Medals, Tokens, Coins
9. Richard J. Balbaton—Broken Bank Notes, Uncut Sheets, U.S. Large, Foreign
10. Roland Hill—All U.S. & Obsolete, Photos, Postcards, Americana, Books, Bonds
11. Leonard Finn-Obsoletes, U.S. & Foreign Currency, Coins, Medals
12. New England Syngraphics—Nationals, Uncut Sheets, Obsolete Bank Notes
13. M.S. Rare Coins—Exonumia, Tokens, Medals, Paper Money, Documents, Coins
14. Del Beaudreau—Foreign Paper, Chinese/Japanese a specialty
15. Denly's of Boston (Tom Denly)—U.S. Paper, Obsoletes, Scrip, U.S. Coins
16. Colony Coin (Arthur Fitts)—Foreign, Canada, U.S. Coins & Paper Money
17. Sam Jillette—U.S. & Foreign Coins & Paper Money, Colonial Coins
18. Robert Vlack—Obsolete Currency, Colonial Coins & Paper, Tokens
19. William Kracov—Foreign Paper & Coins
plus 30 other paper money, coin, ephemera dealers
FOR SALE
CURRENCY
FOR SALE
U.S.A. LARGE & SMALL-SIZE CURRENCY
Including: Nationals, Obsolete, Fractionals, Colonials,
"Radars" & "Fancy" Serial Number Notes, & Others.
ROBERT A. CONDO
S.P.M.C.-2153 P.O. Box 985
A.N.A.-LM-813
P.M.C.M.-342 Venice, FL 34284-0985
M.S.N.S.-LM-61
(813) 484.4468
Large Mail List available for a large-size self-addressed, stamped, envelope.
30-Day Return Privilege — Your Satisfaction Guaranteed
OREGON PAPER MONEY EXCHANGE
11*,1 NOITLANI)
1
1,01.0
81..NESS COL-1.1%"'
OBSOLETES • U.S. FRACTIONALS
STOCK CERTIFICATES & BONDS
CONFEDERATES • OLD CHECKS
NORTHWEST DEPRESSION SCRIP
CURRENT LIST FOR $1.00
- REFUNDABLE -
Ask About Our Upgrading Program
-- WE BUY, TOO --
OREGON PAPER MONEY EXCHANGE
6802 S.W. 33rd PLACE • PORTLAND OR 97219
(503) 245-3659 (EVES)
SUZANNE NAVEN (SPMC, PMCM, CCRT)
COINS OF THE REALM, INC.
Dealers in choice world
bank notes
1327-D Rockville Pike
Rockville, Maryland 20852
Phone (301) 340-1640
Gavg:rx:.NiKENT
!IRAQ!
-PAZ-
Paper Money Whole No. 121 Page 45
COLLECTORS
LIKE US
"How do you become a currency
dealer?" It seems that everyone asks
that question sooner or later. For us,
it was simply a matter of natural pro-
gression. We all started as collec-
tors, diligently searching for the
"right" paper money for our collec-
tion. The quality, rarity, aesthetic ap-
peal and value of our paper money is
as important now as it was then.
Today, we utilize our experience to
make intelligent decisions in inven-
tory acquisition. We take the time to
appreciate and understand the cur-
rency market and to pass this infor-
mation on to our valued clients.
THESE ARE SOME OF THE REA-
SONS WHY COLLECTORS LIKE US
AND WHY IT IS IMPORTANT TO
DEAL WITH COLLECTORS, LIKE US.
If you are a serious collector,
please write or call us today for
a copy of our justly renowned
listing of U.S. paper money.
Allen Mincho
"U.S. Currency
Exclusively
Since 1969"
Box 1525
Cedar Park, TX 78613
(512) 250-1475
WANTED
OBSOLETE PAPER MONEY
ls
441Z0_ TOW
19 filpfilf (Hrazi •iiak
(Bank Notes, Script, Warrants, Drafts
of the AMERICAN WEST
Oregon, California, Idaho, Nevada,
Arizona, Utah, Montana, New Mexico,
Colorado, Dakota, Deseret, Indian,
Jefferson Territories!
Cash paid, or fine Obsolete Paper traded.
Have Proof notes from most states, individual rarities, seldom
seen denominationals, Kirtlands, topicals; Colonial, Continental;
CSA, Southern States notes and bonds. Also have duplicate West-
ern rarities for advantageous trade.
JOHN J. FORD, JR.
P.O. DRAWER 706, ROCKYILLE CENTRE, N.Y. 1157L
BUYING / SELLING,. u0BNscouLTESTHEECEUTRSRPROOF S ,NASTCIROINPALS
BARRY WEXLER, Pres. Member: SPMC, ANA, FUN, GENA, CCRT (914) 352.9077
•
I N C .
P.O. BOX 84 • NANUET, N.Y 10954
British Colonial — European
Colonial of the 19th and early 20th
century our speciality. We
particularly require proof and
specimen albums of
,Lpuin ICA ASC E ?Cram
oottesoa fsynioxian,f
ABNCo. and the various
British printers.
WILLIAM L.S. BARRETT
Box 9, Victoria Station
Montreal, Canada H3Z 2V4
Telephone (514) 844-5698
Page 46
Paper Money Whole No. 121
BANKNOTES ARE
OUR BUSINESS
IF YOU ARE SELLING:
We are seriously interested in acquiring large
size and scarcer small size United States paper
money. We are interested in single items as well
as extensive collections. We are especially in
need of national bank notes and we also buy
foreign paper money. If you have a collection
which includes both paper money and coins, it
may prove in your best financial interest to
obtain a separate bid from us on your paper
money as we deal exclusively and full time in
paper money. We will fly to purchase if your
holdings warrant.
IF YOU ARE BUYING:
We issue periodic extensive lists of U.S. paper
money, both large size, small size and
fractional. Our next list is yours for the asking.
The VAULT
Frank A. Nowak
SPMC 933
P. 0. Box 2283 Prescott, Ariz. 86302
Phone (602) 445-2910
Member of ANA, PMCM
PENNSYLVANIA
ie' 1111.111S —-STA11•16T...
. 24„,
Id' 1,1C.N8 VALLIi V C1)..1111)291..1■Nli,„
I
„ .x, „//.. . A „, Fx .
, <
lacsass vIktunr Cala, ccielsav
"4&. ('P,`"
1837 LYKENS VALLEY COAL COMPANY $125.00
Black/White Capital Stock certificate with several
attractive vignettes by Underwood Bald Spencer
& Hufty. One of the very earliest mining stocks
available on the collectors market. Pen-cancelled,
light folds, VF + .
Our current inventory includes over 70 PENNSYL-
VANIA stocks and bonds, representing every segment of
American business, from railroads and mines to banks
and pioneering oil exploration companies. Call or write
today and ask for our PENNSYLVANIA listing, or for our
general catalogue of more than 150 stocks and bonds.
CENTENNIAL DOCUMENTS
1-21 28th Street - Fair Lawn, NJ 07410
(201) 791-1683
HARRY
IS BUYING
NATIONALS - LARGE
AND SMALL
UNCUT SHEETS
TYPE NOTES
UNUSUAL SERIAL NUMBERS
OBSOLETES
ERRORS
HARRY E. JONES
PO Box 30369
Cleveland, Ohio 44130
216.884-0701
Paper Money Whole No. 121 Page 47
FOR SALE CURRENCY FOR SALE
U.S.A.
LARGE & SMALL SIZE CURRENCY
INCLUDING:
NATIONAL CURRENCY
OBSOLETE CURRENCY
RADAR &
FANCY SERIAL NUMBER NOTES
"ERROR" NOTES
& OTHER TYPES
LARGE MAIL LISTING AVAILABLE FOR
A LARGE-SIZE, SELF-ADDRESSED
STAMPED ENVELOPE.
10-DAY RETURN PRIVILEGE.
YOUR SATISFACTION
GUARANTEED .
ROBERT A. CONDO
P.O. BOX 985,
VENICE, FL.
34284-0985
IAN A.
MARSHALL
Box 5865 Stn. A
Toronto, Ont. M5W 1 P5
Canada
WORLD
PAPER MONEY
Also World Stocks,
Bonds and Cheques
416-927-1812
KAGIN'S
Numismatic Auctions, Inc.
will conduct the
1986 ANA Auction
to be held August 5-9, 1986 in
Milwaukee, Wisconsin
The ANA auction is the largest, most widely attended auction
of the year. Make your collection a part of this prestigious event
by contacting one of the numismatic professionals at Kagins.
CONSIGNMENT DEADLINE MAY 2, 1986
DALE WILLIAMS, Vice President, Director of Auctions
Dr. GEORGE FULD, Senior Numismatist
or Donald H. Kagin, Ph.D. at:
800 227-5676 In California 800 652-4467
Or call A.M. Kagin, Chairman of the Board
1-515-243-7363
giA KAGINS • 1388 Sutter • Suite 700 • San Francisco, California 94109
SIP
fkoiESSIo
NUMISMRTISTS
‘"1 11.0 • INC
Page 48
Paper Money Whole No. 121
Nick man- Oakes Auctions,
Purveyors of National Bank Notes & U.S.
Currency to the collecting
fraternity for over 20 years:
Our currency auctions were
the first to use the Sealed
Mail Bid System, which gives
you, the bidder and ultimate
buyer, the utmost chance to
buy a note at a price you
want to pay with no one
looking over your shoulder.
As a seller, this method
gives you the opportunity
to get the full market
price without the "in"
dealers short-circuiting the
bidding, as so often is
seen at public auction
sales.
With 29 sales behind us, we look forward to a great 1986 for all currency collectors as well as our Sealed mail bid
and floor auctions. We have in 1985 had the pleasure of selling several great notes and some very rare notes. Prices
for these ran from over $15,000 to over $30,000. Currency collecting is alive and well. If you have doubts just check
over our last two catalogs. You will find the pulse of the market represented there.
Our next two auctions are scheduled for March and June of 1986. Consignments are being solicited Now! Join
others in experiencing the true market between buyer and seller at a Hickman-Oakes auction. Write or call
319-338-1144 today!
As a seller: Our commission rate is 15% and down to 5% (depending on value of the lot) with no lot charge, no
photo charge, in fact no other charges.
As a buyer: When bidding and winning lots in our auctions you are charged a 5% buyers fee. As a subscriber
you receive at least 4 auction catalogs and prices realized after the sale, plus any price lists we put out, and all by 1st
class mail. If you send us $8 now, we will send you the 1600 lot auction catalog from Cherry Hill, our 29th sale, and
prices realized, the upcoming 30th and 31st catalogs plus at least one price list of currency. Send $8.00 now, you
won't be sorry.
Hickman alkeS
Ructions ,Inc.
Dean Oakes John Hickman
Drawer 1456 Pula Cttj Iowa 52240 319 - 33 8 - 114 1
It pays to
look closely.
You know that it
pays to look closely
when collecting. It
does when you are
thinking of selling,
too. Since you
collected with such
care, we know you
want to be equally as
careful when selling. At
Medlar's, we take pride in
the fact that we've been
buying and selling currency
for over 25 years. So, we
feel we must be doing
something right for our
many friends and
customers.
WE ARE BUYING:
Texas Currency, Obsoletes and
Nationals, Western States Obso-
letes and Nationals, U.S. and
Foreign Coins. We will travel to you
to examine your holdings, Profes-
sional Appraisals, or as Expert
Witness.
Member of SPMC, ANA, PNG, NLG, CPN
eacut's RARE COINS and CURRENCY
(BESIDE THE ALAMO) 220 ALAMO PLAZA
SAN ANTONIO, TEXAS 78205
(512) 226-2311
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