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 M. 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 COLLECTION, 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 + ATLANTA F-726 + CHICAGO F-729 + ST. LOUIS F-742 + SAN FRANCISCO F-743 ... This marvelous collection WADE COLLECTION and is priced SPECIAL @ $2,750.00. RESERVE BANK NOTES YORK F-750 (LOW #B125A) + PHILADELPHIA F-760 (LOW #E44A) + ATLANTA F-762 (LOW #F13A) + KANSAS CITY F-774 + DALLAS F-776 (LOW #K40A) these RARE GEM CRISP NEW NOTES, without command much higher prices), in the two leading paper 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 F-718 (LOW F-733 + MINNEAPOLIS of superb crisp F-753 (LOW #C66A) + + CHICAGO F-765 + SAN FRANCISCO making allowance money catalogue lists 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 TENS OF THOUSANDS OF "BEBEE BOOSTERS" HAVE. & ADELINE BEBEE Life #110, ANS, IAPN, PNG, SPMC, Others Q.1 , s 4 "Pronto Service" Omaha, SURE TO LIKE DOING Y'ALL HURRY NOW — cda i i .'"°,4 sot I SSiOlik tv0 NuMISMATirs .. .,,,,,,•„, P.O. Box 4290 Nebraska 68104 so(' I Er Y Oh PAPER MONEY C'01,111("FORS IN('. Paper Money Whole No. 123 Page 93 PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors, 1211 N. DuPont Hwy., Dover, DE. Second class postage paid at Dover, DE 19901. Postmaster; send address changes to: Paper Money, 1211 N. DuPont Hwy. Dover, DE 19901. © Society of Paper Money Collectors, Inc., 1984. All rights reserved. Re- production of any article, in whole or in part, without express written permission, is prohibited. Annual Membership dues in SPMC are $15. Individual copies of current issues, $2.00. ADVERTISING RATES SPACE Outside 1 TIME 3TIMES 6 TIMES Back Cover $72.00 $195.00 $367.50 Inside Front & Back Cover $67.50 $181.50 $345.00 Full Page $59.00 $158.00 $299.00 Half-page $36.00 $ 98.00 $185.00 Quarter-page $15.00 $ 40.00 $ 77.00 Eighth-page $10.00 $ 26.00 $ 49.00 To keep administrative costs at a minimum and advertising rates low, advertising orders must be prepaid in advance according to the above schedule. In the exceptional cases where special artwork or extra typing are re- quired, the advertiser will be notified and billed extra for them accordingly. Rates are not commissionable. Proofs are not supplied. Deadline: Copy must be in the editorial office no later than the 10th of the month preceding month of issue (e.g. Feb. 10 for March issue). Mechanical Requirements: Full page 42 x 57 picas; half-page may be either vertical or hor- i-zontal 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\ova should be sent to the Editor. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXV No. 3 Whole No. 123 MAY/JUNE 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 re- serves the right to edit or reject any copy. Deadline for editorial and advertising copy is the 10th of the month preceding the month of publication (e.g., Feb. 10 for March/April issue, etc.) Camera ready ads will be accepted up to two weeks beyond this date. IN THIS ISSUE THE RELATIONSHIP BETWEEN NATIONAL BANKS AND CORPORATE EXTENSIONS AND REORGANIZATIONS OF NATIONAL BANKS Peter Huntoon 97 MONEY TALES submitted by Forrest Daniel 119 HOW DIXIE GOT ITS NAME Brent H. Hughes 120 HUDSON'S BAY COMPANY Edward Schuman 121 MORE ABOUT MILITARY FINANCE CENTER NOTES Arlie Slabaugh 122 SAINT LOUIS CURRENCY CONVENTION PLANS 123 CURRENCY CHANGES ANNOUNCED 123 THE STATUE OF LIBERTY, A CHINESE BANK NOTE AND RELATED PIECES Gene Hessler 124 SOCIETY FEATURES INTEREST BEARING NOTES 126 RECRUITMENT REPORT 126 SPMC ANNUAL AWARDS ANNOUNCEMENT 127 CANDIDATES FOR SPMC BOARD 128 COMING EVENTS 130 EDITOR'S CORNER 131 NEW MEMBERS 131 LETTERS TO THE EDITOR 132 NEW LITERATURE 132 MONEY MART 133 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. Hcober, 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 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 BANK NOTES, Huntoon $12.00 Non-Member $15.00 INDIAN TERRITORY / OKLAHOMA / KANSAS OBSO- LETE 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 Rosene $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 94 Paper Money Whole No. 123 First mill onaire farmer behind Missouri banks 41: Michigan bank couldn't fool the examiners BEP details currency changes Paper Money Whole No. 123 Page 95 Paper Money Collectors — Here's Your One-Stop Information Source You know how frustrating it can be to skim coin-related newspapers and magazines looking for that elusive paper money article. Yes, it's disappointing. But, it doesn't have to be that way. If your main interest is in paper money, then a subscription to BANK NOTE REPORTER can provide the information you need. Solid facts and updates concerning all types of paper money, both U.S. and foreign. In BANK NOTE REPORTER, you'll find coverage of U.S. Paper Money, world bank notes, fractional currency, stocks, bonds, obsolete bank notes, military currency and more. You'll find plenty of photos illustrating the factual articles and historical perspectives. And you'll be kept abreast of upcoming shows, new publications, new organizations, and get a monthly update that features the latest-information available on paper money worldwide, coverage of new issues, unpublished types, dates of issues and varieties for owners of the Standard Catalog of World Paper Money, Volumes I and II. A U.S. value guide keeps the latest prices at your fingertips. Plus, trustworthy advertisers, screened by a strict BANK NOTE REPORTER acceptance policy, present thousands of buy/sell opportunities in each issue. It's all yours every month in a concise, informative package — in BANK NOTE REPORTER, the complete news and marketplace for paper money collectors. 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. Send your subscription request, along with $17.50 for one year (12 issues) to BANK NOTE REPORTER, Krause Publications, 700 E. State St., Iola, WI 54990. Make checks payable to Krause Publications. Payable in U.S. funds. ANIR 4OTTE jEPORTER 700 E. STATE ST., IOLA, WI 54990 Page 96 Paper Money Whole No. 123 Memphis Coin Club's 10th INTERNATIONAL PAPER MONEY SHOW JUNE 20, 21, 22, 1986 Cook Convention Center 255 N. Main Street Memphis, TN 38103 35% Discount on DELTA AIRLINES Dial 1-800-241-6108 or in Georgia 1-800-282-8744 and use file #J0108 to make flight reservations. Convention Hotel: HOLIDAY INN—CROWNE PLAZA 250 N. Main Street, Memphis, TN 38103. Auction by NASCA, 24 Broadway, New York, NY 10004. Contact Stephen Goldsmith. 212-908-4006. Bureau of Engraving and Printing's "Billion Dollar Exhibit" American Bank Note Company Exhibit U.S.P.S. Temporary Postal Station Commemorative Souvenir Cards For bourse information and room reservation cards write: Mike Crabb, Box 17871, Memphis, TN 38187-0871. EXHIBIT CHAIRMAN: Martin Delger 323 Dawnlee Ave., Kalamazoo, MI 49002. ABSTRACT E collectors have associated our national bank notes (and banks) with various acts as follows : Ori- ginal Series and Series of 1875 — Acts of February 24, 1863 and June 3, 1864; Series of 1882 — Act of July 12, 1882: Series of 1902— Act of April 12, 1902. This gives rise to what we call First, Second, and Third charter notes or banks. From a very technical perspective our framework has no basis in law. All banks organized between June 3, 1864, and July 1, 1922, owed their first 20 years of corporate life solely to authority vested in the Act of June 3, 1864. Their next 20 years was granted by an extension specifically allowed for only through the Act of July 12, 1882. Their second 20-year extension was granted only by the Act of April 12, 1902. For example, a bank chartered in 1890 that we call a Second Charter bank and which we say issued Sec- ond Charter notes during its first 20 years was in fact operating between 1890 and 1910 under the Act of June 3, 1864. When extended in 1910, it began operating under the Act of July 12, 1882, not the Act of April 12, 1902. Notice, therefore, that the notes it issued had no relationship to the laws under which it was authorized to do business. Instead, the notes it received were dictated by policy promulgated by the Comp- troller of the Currency. Banks were not rechartered to yield Second and Third charters. Rather their First and only charter was periodically extended. PURPOSE T HIS article will examine the impacts on national bank note issuances arising from the organization, ex- tension and reorganization of banks in the years 1882, 1902 and 1922. It will be necessary to first examine the laws governing corporate succession of national banks. Out of this discussion you will understand the overwhelming importance of the date of organization as compared to the charter date. As we treat the transition into individual new series of notes, the policies that dictated which banks received which series will be examined in detail. This issue is complex because policies changed each time the Comptroller was faced with introducing a new series. One surprising fact that will emerge from this study is that the useful terms Second, Third, and almost Fourth charter periods, used by collectors to classify both banks and notes, have no basis in law or policy. What you will discover is that new series owe their origin to the legislated requirement for design changes once banks had undergone the process of extending their corporate lives. The determination of which banks got which series was a policy question unrelated to the law under which the bank was operating. In fact, Series of 1882, Series of 1902, and a group of 1921-1922 dated Series of 1902 notes each represent a dis- tinct class of notes that began to be assigned to certain banks before passage of national bank legislation in those series years. In a dramatic case, Series of 1902 red seals were actually being issued to banks before passage of the Act of April 12, 1902. Consequently you can observe that the issuance of Series of 1902 red seals by a bank commonly had nothing whatever to do with the Act of April 12, 1902. It is not the purpose of this article to recommend that we abandon the use of terms such as Second, Third and Fourth charters even though their use can be questioned on technical grounds. These terms serve a useful purpose in our field. Paper Money Whole No. 123 Page 97 The Relationship Between National Banks and Corporate Extensions and Reorganizations of NATIONAL BANKS by PETER W. HUNTOON Series of 1882 note for the First National Bank of Woodstock, Illinois (2675) approved for use on August 10, 1882. (Smithsonian photo.) ciC k1aInIII , ijoitkit o ViVe ?A TEN It( 01i Mulatto. •••••^•■•.,,, Page 98 SOURCES OF INFORMATION The primary source of data for this study was an examination of many hundreds of certified proofs of national bank notes held by the Smithsonian Institution. Another important source included the texts and tables in the Annual Reports of the Comptroller of the Currency. The currency and bond ledgers for individual banks, prepared by the Comptroller of the Cur- rency and now held by the National Archives, were heavily con- sulted. Reference works that proved invaluable include Van Belkum (1968 and undated), Kelly (1982) and Hickman and Oakes (1983). ACKNOWLEDGEMENT This work would not have been possible were it not for the helpful and enthusiastic cooperation of Lynn Vosloh of the Divi- sion of Numismatics, Smithsonian Institution. John Hickman and Gerome Walton generously supplied data from their re- search and records. John Hickman, Gerome Walton, Max Stucky and William Raymond critically reviewed the manuscript and made numerous suggestions for improvement. EMERGENCE OF THE EXPIRATION PROBLEM T HE year 1882 ushered in a major headache for both the Comptroller of the Currency and many national banks chartered under the original National Bank Act of Feb- ruary 25, 1863. The charters for the earliest national banks were about to expire. Despite pleas from the Comptroller, legislation was not moving to allow for the extension of charters. The Comptroller had to obey the law—banks faced with lapsing charters simply had to liquidate. This problem emerged in 1882 as a result of a quirk in the Act of February 25, 1863, commonly overlooked by national bank note collectors. The act specifically allowed for the banks to organize for a period of 20 years or less from the date of the act. This provision was soon changed to 20 years from the date of organization by the Act of June 3, 1864. However, 98 of the 1863 banks chose an initial corporate life of 19 years from their dates of organization. Notice that when such a 19-year formula was used, it preserved the intent of the act that the corporate ex- istence of the bank be less than 20 years from February 25, 1863. Another tactic was to choose a specific expiration date before February 25, 1883, a method used by the First National Bank of Pontiac, MI (434) which selected January 1, 1882 on which to terminate. In fact, the Pontiac bank was the first of the Act of Paper Money Whole No. 123 1863 banks to expire by limitation, and the bank went into voluntary liquidation at the close of business on December 31, 1881. A number of issues presented themselves in 1882. (1) What defined the corporate life of a national bank? (2) Could a bank liquidate and be replaced by a reorganized successor? (3) Could the reorganized successor use the identical title as the bank it replaced? IMPORTANCE OF THE DATE OF ORGANIZATION In 1881 the Comptroller of the Currency devoted substantial attention to what constituted the corporate life of a bank. Until the question of expiring charters loomed, the key date as- sociated with a bank was the date that it was chartered. Before a bank could open, the National Bank Act required that the bank receive from the Comptroller a certificate authorizing it to com- mence the business of banking. This license or franchise is known as the bank's charter, and at the time it was issued the bank was assigned a charter number. Because the act of charter- ing was the formal step allowing a bank to conduct business, the U.S. Government attached great significance to the charter date. The charter date suddenly sank to lesser importance in 1882. Section 8 of the Act of June 3, 1864 clearly specified when the corporate life of a national bank began : Shall have power to adopt a corporate seal, and shall have succes- sion by the name designated in its organization certificate, for the period of twenty years from its organization, unless sooner dissolved according to the provisions of its articles of association, or by the act of its shareholders owning two-thirds of its stock, or unless the fran- chise shall be forfeited by a violation of this act. The Comptroller (1881, p. vii) concluded : the period of existence of an association, as a body corporate, com- mences from the date of its organization certificate, and not from that of the certificate of the Comptroller, authorizing the association to commence business. Clearly the date of organization was the paramount date asso- ciated with a bank. However, defining that date from the organi- zation certificate was commonly difficult because various dates were affixed to the document, including different dates for the signatures of the organizers. Clarification of this issue was pro- vided by the Comptroller (1901, p. xxiv) : szuvue-244- *maw Cr fir/ .4w ) Til h eri■40 ./1;;;/ 77/(y/i )2;7/7 "he 67/1.t2— ,v,„„„fx (47-yz_ez._ - a ustimulut whereof Paper Money Whole No. 123 Page 99 ifp/4/4 (*(17/:),/ eyvir>,e(t , 4 lilt>//111Ca/ Mild*(),1 (/// 111(e,(1;. / .' atif‘lit; /( k ' ri ,/////// //f*,' IN/ YI)//i14-1,91 ;/ ,... i/ (-)/7/7 ?,/,,e2/4?- te..4.24,74.... i 1 -i,' / .) eearmite.th --- eo/ l- i- vixm..-iite /, , ' /41.),:yei.) ;o./.74 ) /if ,/ yaw/ 4/471aN (-1.," . :2,/, /)/// , ./1., ,,vee,lz , 2 y7 /omr hfrilehriit (11/1/ riiWy /kr; ie i"trile 7,/v '&0'1/- , A,/ ,a,w/ The first and only charter for the Arizona National Bank of Tucson, Territory of Arizona, issued October 10, 1890, under the authority of the Act of June 3, 1864. The bank was extended September 26, 1910, and issued a certificate of extension under the authority of the Act of July 12. 1882. NTilitti0-14 - ,,.% way2, 1 , 04_ tt . ._._....„d 2/ / C ' 9 &If a ...1Alfe,e/14,(W/Y (.7 ,/ i / f / ) /11 /h . _ . e-Btri . , ../i/x/ v-vx..a..... ,,-/ ,-/.. /4/1e,e, 71/7 (/-7 < faitded ge _41/47/ ../4/4:): Page 100 Paper Money Whole No. 123 A national bank . . . becomes a body corporate from the date of the execution of its organization certificate, the date of the last acknowl- edgement (where there is more than one) being construed as the date of the execution of the certificate. No time limit is associated with a bank charter. For banks chartered between June 3, 1864 and February 24, 1927, the charter simply expired when the corporate life of the bank ex- pired as timed from its date of organization. Once legislation passed allowing for extensions of corporate life, certificates of extension were issued to the banks which nor from assuming the name of the old corporation, with the ap- proval of the Comptroller of the Currency, and, in the absence of any prohibition to that effect, no legal obstacle to the formation of a new association by such stockholders, and the adoption of the name of the old association, would, in my opinion, exist. Although the reorganization of the expiring banks as entirely new banks with new charter numbers was cumbersome, it was the only legal option available before corrective legislation was passed on July 12, 1882. In effect, the reorganized banks were treated as new banks and chartered under the existing provi- sions of the Act of June 3, 1864. Here is how the Comptroller (1881, p. xi) saw it : Brown back dated October 10, 1890, the date of charter. See the charter that is shown with this article. Beginning with charter 5111 in 1898, the first plates made for a bank carried the date of organization. (Smith- sonian photo.) specified when the life of the bank would expire. For example, an extension certificate granted under the Act of July 12, 1882 would bear an expiration date equal to the date of organization plus 40 years. See the suite of charters and extension certificates for the First National Bank of Lincoln, Nebraska, pictured in Walton (1978, p. 598-601). As you read those documents, be aware that the bank was organized on February 18, 1871, and chartered on February 24, 1871. Once you get past the original charter, the February 24th date never reappears. The importance of the date of organization was ultimately rec- ognized on national bank notes. Beginning with charter 5111 early in 1898, plates made for new banks usually were engraved with the date of organization rather than the charter date as was the previous practice. EXPIRED BANKS The Act of July 12, 1882 was not passed in time to save many 19-year banks organized under the Act of February 25, 1863. The corporate existences of 21 of them simply expired and they had to liquidate. Of these, 17 were reorganized under new charters. Another 60 banks voluntarily liquidated before their original charters actually expired and were succeeded by new banks (Comptroller of the Currency, 1901, p. xxiv). There were questions as to whether the reorganized successor banks could use the same titles as the banks they replaced. The Comptroller (1882, p. x) requested an opinion from the Attor- ney General on the issue and his reply, dated February 23, 1882, legitimized the reuse of the old titles : The present national banking laws do not forbid the stockholders of an expiring corporation from organizing a new banking association, The banks can still, under the present laws, renew their existence if they so desire ; and in the absence of prohibitory legislation many of them undoubtedly will, on the expiration of their present charters, organize new associations, with nearly the same stockholders as be- fore, and will then apply for and obtain from the Comptroller certifi- cates authorizing them to continue business for twenty years from the respective dates of their new organization certificates. Such a course of procedure will be perfectly legal, and, indeed, under the existing laws, the Comptroller has no discretionary power in the matter, but must necessarily sanction the organization, or reorgani- zation, of such associations as shall have conformed in all respects to the legal requirements. Legislation that allowed for 20-year extensions was finally signed into law on July 12, 1882. The shareholders of banks whose corporate lives were about to expire had only to (1) amend their articles of association to allow for an additional 20 years of succession, (2) pass a special examination of the banks, and (3) file some forms provided by the Comptroller (Comp- troller of the Currency, 1882, p. xi). The extended banks were, of course, unchanged corporate entities which retained their ori- ginal charter numbers. LAWS ALLOWING CORPORATE LIFE Table 1 summarizes all of the acts of Congress that dealt with the corporate life of a national bank. If you carefully study this table, you will discover that each act following the Act of June 3, 1864 was a virtual down-to-the-wire, stopgap solution to the problem of corporate extensions. The Act of July 12, 1882 ar- rived too late to provide equal relief to all of the impacted banks—some lost their lives. Paper Money Whole No. 123 Page 101 Table 1. Summary of legislation dealing with corporate lives of National Banks. Law Provision Impact Act of February 25, 1863, Section 11 Act of June 3, 1864, Section 8 Act of July 12, 1882, Section 1 Act of April 12, 1902 Act of July 1, 1922, Sections 1 and 2 Act of February 25, 1927, Section 2 Corporate life limited to a period of 20 years or less from the date of the act. Corporate life of 20 years begins at date of organization for banks organized after June 3, 1864. Extended corporate life for 20 years from the expiration of the period named in the original articles of association. Extended corporate life for a second period of 20 years for banks whose lives were previously extended under the Act of July 12, 1882. Allowed all banks organized to have automatic 99-year extensions of corporate life from July 1, 1922, or if organized after July 1, 1922, to have a 99-year corporate life from the date of organization. Allowed for perpetual lives for all existing and future banks. Banks organized under this act had an initial life of 20 years or less from February 25, 1863. Ninety-eight banks specified lives of 19 years from their dates of organization, which would force them to close in 1882. Provided for the first 20 years of life for banks organized after June 3. 1864. Provided for the first 20-year extension of life. NOTICE: Many 19-year banks organized under the Act of Feb. 25, 1863, were forced to liquidate before they could be saved by this act. Provided for the second 20-year extension of life. Added 99 years to lives of all existing banks and gave 99-year lives to new banks from their dates of organization. This act repealed all previous legislation dealing with successions and extensions. Repealed all constraints on succession. It is important to describe how these pieces of legislation inter- relate. No matter when a bank was organized after 1864, its charter was awarded under the authority vested in the Act of June 3, 1864. When the bank came up for its first 20-year ex- tension, the extension was granted under the authority of the Act of July 12, 1882. Similarly, the second 20-year extension was accomplished solely under the Act of April 12, 1902. For example, notice that a bank organized in 1903 did not get its charter via the Act of April 12, 1902. Rather, its first 20 years was provided for by the Act of June 3, 1864. The Acts of July 1, 1922 and February 25, 1927 specifically amended the Act of June 3, 1864, and replaced the 1864 pro- cedures respectively with 99 year successions, and ultimately with perpetual successions. In so doing, these later acts usurped the Acts of July 12, 1882 and April 12, 1902, and all provisions dealing with succession in the Act of June 3, 1864. The chain of authority vested in these acts is very straight forward. Important is the fact that we collectors have invented an incorrect concept of charter periods to classify banks or the types of notes that the banks issued. The distinctions in nomen- clature are worth developing. From the perspective of the law, what we call "charter periods" has no meaning. Until the Act of July 1, 1922 was passed, every bank had a "first charter" and this was followed in turn by a "first extension" and a "second extension." Notice that there is really no such thing as a "Second Charter" or a "Third Charter" under the law! The notes issued by a bank bore a rela- tionship to two influences: (1) the stage in its corporate life, and (2) the designs and policies in use at the time it passed from one stage to the next. These facts run counter to the entire thrust of the meanings attached to the "charter periods" that we collec- tors use in our literature. Collectors call the National Bank of Arizona at Phoenix (charter 3728) a Second Charter bank because when it was chartered in 1887, it first issued what we call Second Charter Series of 1882 brown backs. However, in 1887 the bank was operating under its first and only charter granted by the Comp- troller under the Act of June 3, 1864. Its charter was extended in 1907 under the Act of July 12, 1882, and the bank then is- sued what we call Third Charter notes. The Third Charter notes were being issued by the bank during its second 20 years of cor- porate life, which is the same as its first 20 year extension! It is worth stopping here and sorting this out! CORPORATE EXTENSIONS The Act of July 12, 1882 allowed for the first 20-year exten- sions to the corporate lives of national banks. Those banks whose corporate lives expired before this date simply ceased to exist in the eyes of the law and were forced to liquidate. If stockholders wished to stay in business, they had to reorganize the expiring bank under a new charter and formally liquidate the expiring entity. Notice from Table 1 that the Act of July 12, 1882 allowed for only one 20-year extension. The problem of extensions would raise its ugly head again in twenty years. In 1902, the question of extensions for the oldest banks-those now 39 years old - Page 102 Paper Money Whole No. 123 once again went down to the wire. Congress in haste passed the paste-up Act of April 12, 1902, which provided for a second 20 year extension. Notice in both 1882 and 1902 that the problem of extensions was only temporarily addressed. In neither the acts of 1882 or 1902 did the Comptroller receive authority to develop a pro- cedure for granting repeated extensions. Naturally this legislative process was growing tedious and the Comptroller—and the banks— desired a permanent cure. Various Comptrollers requested legislation that provided for either (1) a system to allow for repeated extensions, or better yet (2) perpetual successions. The issue had become critical again in 1922 before a tentative step was taken in the right direction. A number of banks dating from 1863 were coming up for their third extensions, and there was nothing on the books to allow for such extensions. In addi- tion, large numbers of 20-and 40-year old banks were also apply- ing for extensions respectively under the acts of 1882 and 1902. In the latter cases, the extensions could be handled normally ; the only problem was to provide the banks with distinctive new currency upon extension. The fact is that a large number of extensions were processed in 1921 and 1922 for the 20-and 40-year old banks using existing legislative authority. It was the 1863 banks that were in jeopardy. They soon would be forced to liquidate and reorganize in a manner parallel to the course taken by many banks in 1882 if they wanted to stay in business. With but a few days to spare, the Act of July 1, 1922 conferred on all existing banks an automatic 99 year extension. At least now the problem of extensions was deferred for almost a century! Things became rational in 1927 with the passage of the Act of February 25th. Congress finally authorized perpetual succession for national banks and the whole issue of extensions was circum- vented. In reality, passage of this act was the first time that Con- gress formally certified that it trusted the National Banking system of the United States. THE TRANSITION TO THE SERIES OF 1882 Of the three transition periods to new series, none was as complex as the one that marked the beginning of the Series of 1882. One provision relating to national bank notes in the Act of July 12, 1882 specified that notes issued after a bank was ex- tended had to be readily distinguishable from those issued prior to the extension. This requirement had been anticipated by the Comptroller, so the Series of 1882 designs were completed and plate production awaited passage of the act. The primary purpose for the new designs was to replace the existing circulations for the extended banks. However, two other situations also had to be addressed. First, would the Series of 1875 designs continue to be issued indefinitely to new banks as they were chartered? Second, what series should be issued to the reorganized successor banks replacing 1863 banks forced into liquidation prior to the passage of the Act of July 12, 1882? A policy developed to eventually phase out Series of 1875 notes by the end of 1902. The Act of July 12, 1882 required all extended banks to issue the new series. However, all new banks chartered after August 17, 1882 also received the new Series of 1882 notes regardless of the fact that they were organized under the authority of the Act of June 3, 1864. Notice that a radical step was taken at this point in time. The series of notes that a given bank received became divorced from the act under which the bank was operating. In other words, new banks would no longer get Series of 1875 notes. This policy set a precedent that was repeated in 1902 and 1922. All of the extended banks did receive Series of 1882 notes. The first extended banks were those organized under the Act of February 25, 1863, with 1882 expiration dates after July 12. Series of 1882 notes from these banks are distinguished by hav- ing low charter numbers and 1882 plate dates. Upon extension. Series of 1875 notes immediately ceased to be issued to the banks in accordance with the law and unissued Series of 1875 notes on hand were cancelled and destroyed. Table 2 shows that the first six banks that began the process of reorganizing under new charters received Series of 1875 notes. In these six cases, the Comptroller treated the reorganized banks identically as if they were new banks. Notice from Table 2 that the first to begin the process did so in 1880, long before the Series of 1882 designs were completed. Next came a strange group consisting of two reorganized banks, the National Bank of Commerce of Cleveland, Ohio (ori- ginal charter 13 —reorganized charter 2662), and the Third Na- tional Bank of Cincinnati, Ohio (20-2730). These hold the un- precedented distinction of first having been issued Series of 1875 notes, then being switched within a few months to Series of 1882 notes! See Table 3. The full details concerning these remarkable cases will follow in a later section. The rest of the reorganized banks issued Series of 1882 notes. The decision to provide new series notes to the reorganized banks came early. Examination of the charter dates for the 29 reorganized banks in Table 3, beginning with charter 2656 (April 11) and continuing through charter 2751 (July 11), reveals that they received Series of 1882 notes dated before passage of the Act of July 12. 1882. However, none of the Table 2. List of the first banks to begin the process of reorganization under new charters. These reorganized banks share the distinction of having been issued Series of 1875 instead of Series of 1882 notes. Charter of Reorganized Bank Charter of Original Bank Title City State Date of Liquidation of Original Bank Law Under Which Original Bank Liquidated 2493 34 First NB Roundout NY Oct 30, 1880 Section 42 of the Act of June 3, 1864 2508 145 First NB Huntington IN Jan 31, 1881 Section 42 of the Act of June 3, 1864 2556 55 First NB Indianapolis IN Jul 5, 1881 Section 42 of the Act of June 3, 1864 2607 434 First NB Pontiac MI Dec 31, 1881 Section 7 of the Act of July 12, 1882# 2654 69 First NB* Kittanning PA Jul 2, 1882 Section 7 of the Act of July 12. 1882# 2704 105 First NB Valparaiso IN Apr 24, 1882 Section 42 of the Act of June 3, 1864 * Title for successor was the National Bank of Kittanning, PA. # Section 7 automatically extended the life of expired banks for the sole purpose of providing them with time to liquidate their affairs. Paper Money Whole No. 123 Page 103 approval date found on an 1882 proof in the Smithsonian hold- ings is July 14, 1882 for the reorganized First National Bank of Washington, Iowa (2656). This bank holds the distinction of having issued 10-10-10-20 brown back sheet serial "A 1 - 1-A, B,C,A" where Al is the Treasury serial, 1 is the bank serial. and "A,B,C,A" are the respective plate position letters for the 10 - 10- 10-20 subjects. The notation 10-10-10-20 means a sheet of four notes consisting of three $10s and one $20. Each sheet Table 3. Listing showing intermixed issuances of Series of 1875 and 1882 notes for banks chartered between April 11 and August 17, 1882. Charter Number Succeeded Charter' City State Date of Organizationb Date of Charter, placement reveals the series issued to the bank in 1882 SERIES OF 1875 Year is 1882' SERIES OF 1882 Year is 1882d 2656 398 Washington IA Apr 11 2657 Watertown NY Mar 29 Apr 12 2658 Knoxville TN Mar 30 Apr 12 2659 Bangor PA Mar 14 Apr 12 2660 Lebanon IN Apr 6 Apr 12 2661 Millerton NY Feb 18 Apr 12 '2662 13 Cleveland OH Apr 17 Apr 17 2663 Maysville KY Mar 27 Apr 19 2664 32 Cincinnati OH Apr 17 Apr 25 2665 Omaha NE Apr 11 Apr 25 2666 Larned KS Apr 27 2667 Sellersville PA Feb 23 Apr 28 2668 62 New York NY Apr 13 Apr 29 2669 West Grove PA Mar 25 Apr 29 2670 8 Chicago IL Apr 25 Apr 25 2671 Conshohocken PA Apr 14 May 1 2672 19 Portsmouth NH Mar 2 May 1 2673 135 Brownsville PA Apr 11 May 1 2674 1514 Stillwater MN Mar 28 May 1 2675 372 Woodstock IL e May 1 2676 Bloomington IL Apr 6 May 1 2677 Bismark ND May 3 2678 10 Dayton OH Apr 27 May 4 2679 Shenandoah IA Mar 3 May 4 2680 17 Richmond IN Apr 15 May 5 2681 Streator IL Feb 22 May 5 2682 2 New Haven CT Apr 10 May 6 2683 York NE Apr 22 May 6 2684 Walnut IL May 8 2685 96 Barre MA Apr 25 May 10 2686 Gunnison CO May 2 May 11 2687 41 Kendallville IN May 12 2688 Springfield IL May 2 May 12 2689 Fort Worth TX Apr 17 May 12 2690 7 Cleveland OH Apr 12 May 13 2691 43 Salem OH Apr 10 May 15 2692 28 Evansville IN May 15 2693 3 Youngstown OH Apr 4 May 16 2694 Denver CO May 16 2695 15 Davenport IA May 1 May 17 2696 37 Centerville IN May 18 2697 77 Scranton PA May 5 May 19 2698 27 Akron OH May 11 May 20 2699 79 Worcester MA Apr 24 May 20 2700 42 Strasburg PA May 8 May 22 2701 11 Fort Wayne IN May 6 May 22 2702 De Kalb IL May 13 May 23 2703 5 Fremont OH May 13 May 23 2704 105 Valparaiso IN May 231 2705 Georgetown OH Mar 24 May 23 2706 Crete NE May 12 May 24 2707 97 Detroit MI Feb 1 Jul 1 2708 Flushing MI May 26 2709 Sterling IL Apr 20 May 27 Page 104 Charter Number Succeeded Charter° City State Date of Organizations' Paper Money Whole No. 123 Date of Charter, placement reveals the series issued to the bank in 1882 SERIES OF 1875 Year is 1882c SERIES OF 1882 Year is 1882d 2710 25 Marietta PA May 24 May 27 2711 Pittsburgh PA May 8 May 29 2712 46 McConnelsville OH Apr 12 May 31 2713 Kirksville MO Jun 1 2714 22 Ann Arbor MI May 6 Jun 1 2715 64 Milwaukee WI Apr 24 Jun 1 2716 40 Akron OH May 22 Jun 1 2717 23 Lafayette IN May 17 Jun 1 2718 72 Oberlin OH May 19 Jun 2 2719 153 Geneva OH May 2 Jun 1 2720 Clarksville TN May 11 Jun 3 2721 Stuart IA May 1 Jun 3 2722 Covington KY Jun 3 Jun 5 2723 Weatherford TX May 29 Jun 6 2724 Blair NE Jun 7 2725 Beloit WI Apr 26 Jun 8 2726 Newport KY Jun 2 Jun 10 2727 59 Troy OH May 5 Jun 10 2728 Lemars IA May 23 Jun 10 2729 McKinney TX May 8 Jun 13 *2730 20 Cincinnati OH May 20 Jun 14 Jun 14 2731 1 Philadelphia PA Jun 10 Jun 14 2732 Helena MT Jun 14 2733 66 Lyons IA Jun 7 Jun 15 2734 70 Cambridge City IN May 11 Jun 15 2735 Belton TX Jun 17 2736 30 Wilkes Barre PA Jun 19 Jun 21 2737 Roanoke VA Jun 14 Jun 24 2738 18 Iowa City IA Jun 12 Jun 24 2739 51 Johnstown PA Jun 15 Jun 24 2740 Catlettsburg KY May 13 Jun 24 2741 84 Nashua NH Jun 19 Jun 26 2742 47 Terre Haute IN Jun 13 Jun 29 2743 61 Bath ME Jun 16 Jun 30 2744 57 Holidaysburg PA May 15 Jun 30 2745 48 Pittsburgh PA Jun 17 Jun 30 2746 Falls City NE Jun 20 Jun 30 2747 2101 Michigan City IN May 22 Jul 1 2748 83 Janesville WI May 23 Jul 1 2749 Houlton ME Dec 31g Jul 5 h 2750 Lincoln NE Jul 6 2751 85 Monmouth IL Jul 7 2752 Miles City MT Jun 12 Jul 7 2753 117 Marion IA Jun 30 Jul 12 2754 South Charleston OH Jul 12 2755 Franklinville NY Jun 13 Jul 14 2756 Hebron NE Jun 14 Jul 14 2757 Helena . MT Jul 20 2758 Atchison KS Jul 8 Jul 21 2759 Eau Claire WI Jul 17 Jul 22 2760 Lynchburg VA Jul 10 Jul 26 2761 1550 East Saginaw MI Jul 26i 2762 Atlantic IA Jun 24 Aug 1 2763 Fort Dodge IA Jul 8 Aug 5 2764 Cottonwood Falls KS Jun 21 Aug 9 2765 Canandaigua NY Aug 11 2766 Villisca IA May 29 Aug 11 2767 San Angelo TX Jul 31 Aug 17 (Footnotes for Table 3 on page 118.) This was the highest chartered bank to issue Series of 1875 notes. See Table 3. It was also the last of the 41 banks that skipped directly from Series of 1875 to Series of 1902 issues in 1902. See Table 9. Lt? :11114; 1) 1417,11TE8* 4 esli (2031111 ,.; t rix Tn 1: I '.S.T1tEAst J. INK 0V t031A1 V, E WitiVa:s A I,LA Ei) 6W-0) Paper Money Whole No. 123 Page 105 has both a unique Treasury and bank serial number. These sheet serial numbers are repeated on all the subjects in the sheet, the only difference between notes of like denomination being the plate position letters. The National Bank of Cleveland, Ohio (2662) issued 5-5-5-5 sheet A1- 1-A,B,C,D from a plate that was approved July 25, 1882. As shown in Table 3, Series of 1875 notes continued to be issued to new banks organized before July 12, 1882. This was to be expected; however, two groups of inconsistent exceptions occurred. The first group included charters 2663, 2720, 2721, 2722, 2755 and 2757 and represent banks that received Series of 1882 notes. The second group is particularly odd and in- volves only charters 2759 and 2767. These two banks were or- ganized after July 12, 1882, yet received Series of 1875 notes. I have found no explanation for the out of character issuances from these eight banks. Notice that with the exception of charters 2759 and 2767. the cutoff for banks receiving Series of 1875 notes were those organized before passage of the Act of July 12, 1882. Once again, there is recognition that policy—if only which This bank and the Third National Bank of Cincinnati, Ohio (2730) were chartered in 1882 and have the distinction of having first issued Series of 1875 notes, then switching to Series of 1882 notes in 1882. The 50-100 combination shown here is a Series of 1875 impression. (Smithsonian photo.) 'Of.41 '4)=0fe" Stiic tit e y::1 111)...A ...A„.„, FIVE D 0 CLAW* 1-2"Y.Vd43• 3-3,0=43^ 1.3 i.9.V'?3,421,0=43.A:=It0:̀ ,17110 4...); ,̀ aWolitLiCe0,..., Page 106 Paper Money Whole No. 123 series of notes to issue—could be based on the date of organization. THE CLEVELAND AND CINCINNATI CASES Both the National Bank of Commerce of Cleveland (2662) and the Third National Bank of Cincinnati (2730) share the dis- tinction of having issued Series of 1875 and Series of 1882 notes during their first year of operation. Both banks were the reorganized successors to earlier banks and together they repre- sent a transition group between an earlier group of reorganized successors that got only Series of 1875 notes, and a later group that received only Series of 1882 notes. In both cases the banks were chartered before the Act of July 12, 1882 was passed, and both began by issuing high de- nomination Series of 1875 notes. The 1875 combinations for Cleveland and Cincinnati were respectively 50-100 and 100-100. All such sheets printed were issued to the banks be- will compare the total circulation in Table 6 against purchases of bonds in Table 5, you will discover that the bank quickly achieved a large circulation of $540,000 by September 12, 1882. All but $3,300 of this was actually sent to the bank in 1882. What is curious is the fact that just nine days after the first shipment of 300, 50-100 Series of 1875 sheets was sent to the bank, Table 7 shows that 278 of them were redeemed. I specu- late without confirmed information that these were used by the bank to pay off a loan to a correspondent bank or bonding agent that put up the capital to finance the original $50,000 bond. The sheets were quickly turned in. One wonders if the number one sheet was in the redeemed group. We know that the rest of the 856 sheets of 50-100 notes were cut and reached circulation because, as shown in Table 7, they began to dribble in for re- demption beginning in May, 1883. The National Bank of Commerce was the reorganized successor to the Second National Bank (13). Notice that its charter date, April 17, 1882, is earlier than the Act of July 12, 1882. The first brown back 5-5-5-5 sheet was printed from this plate. (Smithsonian photo.) fore the Series of 1882 notes began to be shipped. Interestingly, both banks converted to small denomination Series of 1882 notes. Tables 4 through 7 summarize everything that I was able to glean from the Comptroller of the Currency ledgers and Smith- sonian proofs for the National Bank of Commerce issues. If you Table 4. Information available from the certified proofs for the Nation- al Bank of Commerce of Cleveland, Ohio, held by the Smithsonian Institution, Washington, DC. Plate Series Combination Plate Date Approval Date Table 5. Circulation bonding record for the National Bank of Com- merce of Cleveland, Ohio. During the period of this record, the bank was issued a circulation that represented 90 percent of the totals shown in the balance column. Date Bought Sold Balance Circulation Apr 17, 1882 50,000 50,000 45,000 May 2, 1882 100,000 150,000 135,000 May 4, 1882 50,000 200,000 180,000 Aug 29, 1882 400,000 600,000 540,000 Oct 27, 1884 550,000 50,000 45,000 Jan 9, 1893 40,000 90,000 81,000 Aug 23, 1893 100,000 190,000 171,000 Apr 10, 1899 140,000 50,000 45,000 Jun 7, 1899 50,000 -0-0 -0-b a. The bank was voluntarily liquidated May 29, 1899. b. Unredeemed notes become the liability of the redemption fund of the U.S. Treasurer using money deposited with the Treasurer by the bank for this purpose. Series of 1875 50-100 April 17, 1882° May 5, 1882 Series of 1882 10-10-10-20 April 17, 1882 July 22, 1882 Series of 1882 5-5-5-5 April 17, 1882 July 25, 1882 a April 17, 1882 is the charter date. Paper Money Whole No. 123 Page 107 Table 6. Initial shipments to the National Bank of Commerce of Cleveland, Ohio (2662). Date Type Denominations Bank Serials Value May 18, 1882 Series of 1875 50-100 1- 300a $ 45.000 Jun 22, 1882 Series of 1875 50-100 301- 578 41,700 Jul 17, 1882 Series of 1875 50-100 579- 856 41,700 Aug 14, 1882 Series of 1882 10-10-10-20 1- 1866 93,300 Aug 30, 1882 Series of 1882 5-5-5-5 1-12000 240,000 Aug 30. 1882 Series of 1882 10-10-10-20 1867- 3000 56.700 Aug 31, 1882 Series of 1882 5-5-5-5 12001-14000 40,000 Sep 4, 1882 Series of 1882 5-5-5-5 14001-15000 20,000 578,400b a. On May 27, 1882, 278 sheets of 50-100 notes were presented for redemption amounting to $41,700 and all but 22 sheets of this first shipment. b. Upon examination of Table 5, you will see that by this date the bank had $600,000 worth of bonds on deposit to secure its circulation. At that time it could issue 90 percent of that amount or $540,000 in notes. This total represents the $540,000 circulation plus $41,700 redeemed May 27, less a shortage of $3,300. The missing $3,300 due the bank was sent to it as part of its next shipment on July 28, 1883. Table 7. Highlights from the shipping and redemption ledgers of the Comptroller of the Currency for the National Bank of Com- merce of Cleveland, Ohio (2662). Shipping records: May 18, 1882 First 50-100 Series of 1875 sheet. Jul 17, 1882 Last 50-100 Series of 1875 sheet, serial 856. Aug 14, 1882 First 10-10-10-20 Series of 1882 sheet. Aug 30, 1882 First 5-5-5-5 Series of 1882 sheet. Jul 28, 1883 Regular shipments begin that offset redemptions from outstanding circulation. May 29, 1884 Last 5-5-5-5 Series of 1882 sheet, serial 16000. Oct 27, 1884- Jan 18, 1891 No shipments pending redemption of $495,000 as a result of $550,000 bond sale on Oct. 27, 1884. Jan 19, 1891 10-10-10-20 Series of 1882 shipments resume with serial 4959. Apr 5. 1899 Last 10-10-10-20 Series of 1882 sheet, serial 12356. Redemption records: May 27, 1882 278 50-100 Series of 1875 sheets redeemed. May 8. 1883 First $100 Series of 1875 redeemed from circula- tion along with first Series of 1882 notes of all three denominations. May 29, 1883 First $50 Series of 1875 redeemed from circulation. Jun 7, 1899 Records cease. $750 worth of Series of 1875 $50s and $100s outstanding. Notice also from Table 5 that the bank cut its circulation abruptly from $540,000 to $45,000 in October, 1884. It took six and a half years for the Comptroller to redeem the $495,000 difference from circulation, split $55,200 and $439,800 respec- tively between Series of 1875 and 1882 issues. This left only $6.450 in 1891 outstanding from the $128,400 worth of Series of 1875 $50 and $100 notes issued in 1882. By 1891 there were only $45,000 in outstanding notes on the bank classifying it as modest in terms of circulation. The circula- Table 8. Highlights from the shipping ledgers of the Comp- troller of the Currency for the Third National Bank of Cincinnati, Ohio (2730) for 1882. Jul 25-31, 1882 Series of 1875 100-100 sheets 1 through 2500 shipped. Sep 6, 1882 First shipment of 5-5-5-5 Series of 1882 brown backs. Sep 11, 1882 First shipment of 10-10-10-20 Series of 1882 brown backs. Note: Plate date on all notes was Jun 14, 1882, which is the charter date. tion was again built up and reached $171,000 by 1893. This in- crease was made entirely with $10 and $20 brown backs. The notes from this bank have proven to be rare. You can see a photo of the circulated "A1- 1-A" $5 brown back on page 745 in Hickman and Oakes (1983). No Series of 1875 $50s and $100s have surfaced. When the bank voluntarily liquidated in 1889 there were only $750 worth of Series of 1875 notes left in circulation. The basic data on the Series of 1875 and 1882 issues for the Third National Bank of Cincinnati (2730) are summarized in Table 8. The details for this bank look similar to those for the National Bank of Commerce of Cleveland for the year 1882. A third bank almost joined this unique group. If you will ex- amine the Table 3 entry for the First National Bank of Wood- stock, Illinois (2675) you will discover that a Series of 1875 10-10-10-20 plate was made for the bank but never used. The time frame within which the charter of this bank was granted may represent the point when the decision was made not to issue Series of 1875 notes to the reorganized banks. The other possibility is that the Series of 1875 plate was simply made in error. Page 108 Paper Money Whole No. 123 Series of 1875 note from a 10-10-10-20 plate made for the First National Bank of Woodstock, Illinois (2675) approved for use on May 22.1882, but never used. See Table 3. (Smithsonian photo.) Series of 1882 note for the First National Bank of Woodstock, Illinois (2675) approved for use on August 10,1882. (Smith. sonian photo.) THE TRANSITION TO THE SERIES OF 1902 The startup for the Series of 1902 was simple in comparison to the changeover to the Series of 1882. The Comptroller antici- pated that forthcoming legislation would require a new series for banks that would have to be extended for a second time. In keeping with the precedent established with the Series of 1882, he also decided to use the new series to eventually phase out the current notes. Once again, the series issued by the banks would have no relationship to the laws under which they were operating. Two dates — both charter dates — depending on whether the bank was new or extending, determined which banks got the new Series of 1902 notes. In each case, the first banks to issue the new series notes had charter or first extension dates that pre- ceded passage of the Act of April 12, 1902. In fact, Series of 1902 red seals were being printed and shipped prior to April 12, 1902. The following discussion will examine in turn the conversion to Series of 1902 red seals for (1) new banks, (2) banks extend- ing for the first time, and (3) banks extending for the second time. New banks with charters of 6100 or higher received Series of 1902 red seals. Charter 6100 was awarded to the First National Bank of Paintsville, KY, in late January, 1902. Its predecessor, The First National Bank of Volga, ND (6099), was the highest charter to receive Series of 1882 notes. Banks extending for the first time — a process provided for in the Act of July 12, 1882—that had charter dates of April 11, 1882 or later, uniformly received Series of 1902 red seals. Notice from Table 3 that this date was selected purposefully to include charter 2656 of Washington, Iowa, despite the fact that the bank had already gone out of business. The choice of April 11 allowed banks issuing Series of 1882 brown backs in 1902 to convert to the new series upon their extensions. The result was dramatic. Every bank listed in Table 3 was impacted by the deci- sion, including all the banks that were issuing Series of 1875 notes in 1902. The dedsion opened a peculiar window that al- lowed 41 banks to switch directly from Series of 1875 to Series of 1902 notes upon extending. Those special banks are listed in Table 9. The purpose of the Act of April 12, 1902 was solely to pro- vide for a second 20-year extension for banks that had already been extended under the Act of July 12, 1882. The Act of Paper Money Whole No. 123 Page 109 Table 9. Charter Banks chartered in 1882 that issued Series of 1875 notes until 1902 whereupon they skipped to Series of 1902 notes after having their charters extended. Organization Charter City State Date (1882) Date (1882) 2657 Watertown NY Mar 29 Apr 12 2658 Knoxville TN Mar 30 Apr 12 2659 Bangor PA Mar 14 Apr 12 2660 Lebanon IN Apr 6 Apr 12 2661 Millerton NY Feb 18 Apr 12 2665 Omaha NE Apr 11 Apr 25 2667 Sellersville PA Feb 23 Apr 28 2669 West Grove PA Mar 25 Apr 29 2671 Conshohocken PA Apr 14 May 1 2676 Bloomington IL Apr 6 May 1 2679 Shenandoah IA Mar 3 May 4 2681 Streator IL Feb 22 May 5 2683 York NE Apr 22 May 6 2686 Gunnison CO May 2 May 11 2688 Springfield IL May 2 May 12 2689 Fort Worth TX Apr 17 May 12 2702 De Kalb IL May 13 May 23 2705 Georgetown OH Mar 24 May 23 2706 Crete NE May 12 May 24 2709 Sterling IL Apr 20 May 27 2711 Pittsburgh PA May 8 May 29 2723 Weatherford TX May 29 Jun 6 2725 Beloit WI Apr 26 Jun 8 2726 Newport KY Jun 2 Jun 10 2728 La Mars IA May 23 Jun 10 2729 McKinney TX May 8 Jun 13 2730 Cincinnati OH May 20 Jun 14 2737 Roanoke VA Jun 14 Jun 24 2740 Catlettsburg KY May 13 Jun 24 2746 Falls City NE Jun 20 Jun 30 2749 Houlton ME Dec 31# Jul 5 2752 Miles City MT Jun 12 Jul 7 2756 Hebron NE Jun 14 Jul 14 2758 Atchison KS Jul 8 Jul 21 2759 Eau Claire WI Jul 17 Jul 22 2760 Lynchburg VA Jul 10 Jul 26 2762 Atlantic IA Jun 24 Aug 1 2763 Fort Dodge IA Jul 8 Aug 5 2764 Cottonwood Falls KS Jun 21 Aug 9 2766 Villisca IA May 29 Aug 11 2767 San Angelo TX Jul 31 Aug 17 # year is 1881. April 12, 1902 was passed before the first of the old banks would expire, so the process went smoothly. The first banks af- fected by the 1902 act were the 19 year banks organized under the Act of February 25, 1863. Only those with organization dates of July 12, 1863 or later had survived the 1882 purge. Consequently, the process of extending the 39 year old banks did not begin until July 12, 1902, three months after passage of the act. REASSIGNED CHARTER NUMBERS The late passage of the Act of July 12, 1882 forced many of the nation's earliest national banks into liquidation because there were no procedures for extending them in the Acts of February 25, 1863 or June 3, 1864. The only option for these banks was to reorganize under new charters. In reality, the succeeding institution was virtually unchanged, but it did incur two losses in the process, plus all the legal hassle and expense associated with a reorganization. The losses were that the succeeding bank now operated under an 1882 vintage charter number, and the or- ganization date associated with the bank was also of 1882 vintage. In essence, the first 19 years of the corporate founda- tion of the bank were lopped off. To many banks that operated in a conservative industry projecting an image of longevity, sta- bility. and tradition, the reorganization process caused what amounted to a perceived penalty. It is clear that some of the im- pacted banks agitated for the use of their 1863 vintage charter numbers, because some of them ultimately got their wish. I have been unable to locate policy decisions that relate to this matter, or a statement of the procedure that could be used by banks to regain their old charter numbers. However, by 1902 a procedure was available, and the First National Bank of Phila- delphia (1-2731) and the First National Bank of Pittsburgh (48-2745) were the first to regain their old numbers. The deci- sions that allowed the use of the old numbers are noted in the National Currency and Bond Ledgers (Comptroller of the Cur- rency, various dates). For example, the following appears on the last ledger sheet for the First National Bank of Philadelphia (2731) : "resumed original charter number 1 by decision of the Comptroller of the Currency, June 17, 1902." Similarly, the last ledger sheet for Youngstown, Ohio (2693) reads : "permit- ted to adopt and transact business under its original number 3." During the period 1909 to 1913 another 27 banks won the right to use their old numbers. All such banks are listed in Table 10. Notice the circuitous path that charter 2798 of Cincin- nati used to gain the use of charter number 20. The only thing that a bank got out of this was its old charter number. The date of organization associated with the bank was the date on its 1882 reorganization certificate, not the date on its original 1863 organization certificate. At least for the collector, this process resurrected some of the lost charter numbers includ- ing 1, 2, 3, 5 and 8. The conversion to the original charter number for both the First National Banks of Philadelphia and Pittsburgh took place on June 17, 1902. In the case of Philadelphia the reassignment occurred a week after it was extended ; for Pittsburgh the reas- signment and extension took place on the same day. Both banks were extended under the authority of the Act of July 12, 1882. Notice from Table 10 that the plate dates on the Series of 1902 notes for these banks are related to the organization dates for the 1882 successor, not to the organization of the original 1863 bank. In all the other cases listed in Table 10 the conversion to the low charter numbers was made after the successor banks had been extended in 1902. Consequently, the first Series of 1902 notes issued by the banks carried the 1882 charter numbers. These were followed by Series of 1902 notes from new plates which carried the 1863 charter numbers. Serial numbering re- verted to 1 for each combination when the new Series of 1902 plates were prepared bearing the original charter numbers. All of the notes with the now obsolete 1882 charter numbers were is- sued to the bank before shipments of new notes were begun. An entry on the last ledger sheet for Fort Wayne (2701) states : "charter number changed to 11 June 14. 1910, will ship old money." In one extreme, sheets were still being delivered to the Comptroller by the Bureau of Engraving and Printing for the First National Bank of Chicago from the charter 2670 plate on June 15, 1911, three weeks after the bank was reassigned charter 8. All of these were issued to the bank before it received its first charter 8 Series of 1902 notes. Table 10. National Banks reorganized in 1882 to succeed 1863 banks that applied to the Comptroller of the Currency for the right to reassume the 1863 charter numbers. Successor Charter Original Charter First Title of Successor Bank City Date Original Bank Was Liquidated Date Successor Bank Retook Original Charter Number Dates on First Series of 1902 Plates' Successor Charter Number Original Charter Number Connecticut 2682 2 First NB New Haven May 6, 1882 Mar 19, 1909 Apr 11, 1902 Mar 19, 1909 Illinois 2670 8 First NB Chicago Apr 29, 1882 May 24, 1911 Apr 26, 1902 Apr 26, 1902 Indiana 2680 17 First NB Richmond May 5, 1882 May 31, 1910 Apr 16, 1902 Apr 16, 1902 2701 11 First NB Fort Wayne May 22, 1882 Jun 14, 1910 May 7, 1902 May 7, 1902 2734 2742 70 47 First NB First NB Cambridge City Terre Haute Jun 29, Jun 15, 1882 1882 Jun 12, May 20, 1913 1911 May 12, Jun 14, 1902 1902 May 12, Jun 14, 1902 1902 Iowa 2695 15 First NB Davenport May 9, 1882 May 22, 1911 May 2, 1902 May 2, 1902 2733 66 First NB Lyons Jun 15, 1882 Aug 8, 1911 Jun 8, 1902 Jun 8, 1902 2738 2753 18 117 First NB First NB Iowa City Marion Jun 24, Jul 11, 1882 1882 Dec 2, May 27, 1911 1911 Jun 13, Jul 1, 1902 1902 Jun 13, Jul 1, 1902 1902 New Hampshire 2672 19 First NB Portsmouth Apr 29, 1882 Jun 8, 1910 Mar 3, 1902 Mar 3, 1902 New York 2668 62 Second NB New York Apr 28, 1882 Jul 13, 1911 Apr 14, 1902 Apr 14, 1902 Ohio 2664 32 Second NB Cincinnati Apr 28, 1882 Oct 31, 1912 Apr 18, 1902 Apr 18, 1902 2690 7 First NB Cleveland May 13, 1882 May 16, 1910 Apr 13. 1902 Apr 13, 1902 2691 43 First NB Salem May 15, 1882 Sep 12. 1910 Apr 11. 1902 Apr 11, 1902 2693 3 First NB Youngstown May 15, 1882 Apr 6, 1909 Apr 5, 1902 Apr 6, 1902 2703 5 First NB Fremont May 22, 1882 Feb 23, 1910 May 14, 1902 May 14, 1902 2712 46 First NB McConnelsville May 31, 1882 Jun 8, 1911 Apr 13, 1902 Apr 13, 1902 2719 153 First NB Geneva Jun 1, 1882 Apr 11, 1917 May 3, 1902 May 3, 1902 2727 2798 59 20 First NB Queen City NB Troy Cincinnati Jun 10, Jun 14, 1882 1882 Apr 30, Mar 5, 1909 1913 May 6, Sep 29, 1902 1902 Apr 30, Jun 2, 1909 1908 (2798 consolidated with 2730 which was the successor to 20; 2730 was liquidated June 18, 1908) Pennsylvania 2697 77 First NB Scranton May 18, 1882 Oct 19, 1911 May 6, 1902 May 6, 1902 2700 42 First NB Strasburg May 22, 1882 May 20, 1911 May 9, 1902 May 9, 1902 2710 25 First NB Marietta May 27, 1882 Jun 2, 1911 May 25, 1902 May 25, 1902 2731 1 First NB Philadelphia Jun 10, 1882 Jun 17, 1902 no plates Jun 11, 1902 2736 30 First NB Wilkes Barre Jun 20, 1882 May 31, 1911 Jun 20, 1902 Jun 20, 1902 2739 2745 51 48 First NB First NB Johnstown Pittsburgh Jun 24, Jun 29, 1882 1882 Jun 2, Jun 17, 1911 1902 Jun 16, no plates 1902 Jun 16, Jun 18, 1902 1902 Wisconsin 2715 64 First NB Milwaukee May 31, 1882 May 31, 1911 Apr 25, 1902 Apr 25, 1902 • Dating conventions for these Series of 1902 plates are: 1902 dates-Date of organization of 1882 successor bank + 20 years + 1 day, 1909 dates-Date 1863 charter number was reassigned to 1882 successor bank, June 2, 1908 date for charter 20 is date when title of 2798 was changed to Fifth-Third NB. 0 C0 Paper Money Whole No 123 Page 111 Table 10 shows that things got somewhat complicated when dealing with plate dates on the first Series of 1902 plates made with the reassigned numbers. Except for charter 20, one or the other of the following conventions was used in each case : (1) the date is the day that the old charter number was reassigned to the successor bank, or (2) the date is the date of organization of the successor bank plus 20 years plus one day. Notice how, in the latter case, the organization date for the successor bank re- mained in force. These reassigned charter numbers will cause some confusion when we deal with extensions in 1922. Remember that al- though the reassigned charter numbers date from 1863, the date of organization associated with those charter numbers is now that of the 1882 successor bank. It was the latter date that determined when the bank extended its charter in 1922. That extension — technically the second for the bank —was under- taken under the provisions of the Act of April 12, 1902. Here we have cases where the charter number is strictly a cosmetic device devoid of true corporate significance. THE TRANSITION TO 1921 - 1922 PLATES The second 20 year extensions provided for in the Act of April 12, 1902 were about to run out, beginning on July 14, 1922, for the 1863 banks organized after July 12, 1863. Once again legislation was required to perpetuate these banks. The Comptroller again anticipated the necessity for new designs, this time for banks extending for a third period. He also wanted to use the new designs for other banks extending during this transition period, as was the practice in 1882 and 1902. The result was a most interesting group of Series of 1902 notes dated 1921 or 1922 that collectors call "Fourth Charter" notes. Note from a 10-10-10-20 plate used to print Series of 1902 red seals. Plate date is the date of organization. Plate approved for use on July 3, 1902. (Smithsonian photo.) Series of 1902 date back. The red seal plate was altered to produce this by changing the obligation and changing the plate let- ters from A-B-C-A to D-E-F-B. Plate approved for use on August 5, 1908. (Smithsonian photo.) . 24 :<ts •t?-4 Page 112 Paper Money Whole No. 123 Series of 1902 date back and plain back. The red seal plate, which had been altered into a date back plate, was realtered to re- flect statehood. Note the signatures were also changed, and the plate is dated statehood day. Plate approved for use on March 14, 1912. (Smithsonian photo.) The First National Bank of Tucumcari was extended for a second 20 years in 1922. This new plate — a so-called Fourth Charter plate — is dated March 31, 1922, the date of extension or date of organization plus 20 years. Plate approved for use on January 30. 1922. This impression is from a new Series of 1902 plain back plate. (Smithsonian photo.) As luck would have it, the only banks that received the new notes were banks extending for the first and second times in 1922, respectively under the Acts of July 12, 1882 and April 12, 1902. When legislation was passed granting automatic extensions for all existing banks, the need for new designs was also eliminated. Because of this, all the 1863 banks that were about to expire received automatic extensions and simply con- tinued to issue their current Series of 1902 designs without interruption or change. The legislation that provided for automatic 99-year extensions was passed on July 1, 1922. Before it passed, 263 banks that had been issuing Series of 1902 notes since 1902 had to go through the formal process of extending under the Act of July 12, 1882 (200 banks) or the Act of April 12, 1902 (63 banks). The last of the extensions was granted to the First National Bank of Minneota, Minnesota (6413) on July 3 (Comptroller of the Currency, 1922). Of the 263 extended banks, 161 received new Series of 1902 notes dated 1921 or 1922. and are listed in Table 11. Collectors call these issues "Fourth Charter" notes. The term is a misnomer as has been explained, but the fact is clear that the difference between the 1921 and 1922 extension notes and their earlier Series of 1902 counterparts is every bit as distinctive as the dif- ference between Series of 1882 and 1902 notes. The new plates are nothing more than formal recognition that the bank had passed to a new stage in its life as dictated by the National Bank acts. New plates and notes were prepared for only 161 of the 263 banks that were already issuing Series of 1902 notes when their charters were extended in the 1921-1922 period. The cutoff dates for banks that received new plates were organization dates on or before April 30, 1882 or April 30, 1902. Those banks organized after April 30, 1882 or 1902 uniformly did not get new 1922 plates except for charters 11 (Fort Wayne, Indiana) and 66 (Clinton, Iowa). In both exceptional cases, the banks changed title so close to the 1922 date of extension that the new plates ordered for them reflected both the title change and extension date. No new plates were made for the five banks listed in Table 13. Why Perham and Tulia were excepted is a mystery. Paper Money Whole No. 123 Page 113 Table 11. List of banks that were issuing Series of 1902 notes before their charters were extended for an additional 20 years in 1921 or 1922. These banks then began issuing Series of 1902 notes dated 1921 or 1922. This group of banks is the so-called Fourth Charter group. See Table 12 for the conventions used to date these series of 1902 plates. Charter Bank Title on First Series of 1902 Plate Town State Date on Series of 1902 Plates First Plate 1921-2 Plate 2 First NB New Haven CT Mar 19, 1909 Apr 10, 1922 3 First NB Youngstown OH Apr 6, 1909 Apr 4, 1922 11 First NB Fort Wayne IN May 7, 1902 May 6. 1922 17 First NB Richmond IN Apr 16, 1902 Apr 15, 1922 19 First NB Portsmouth NH Mar 3, 1902 Mar 2, 1922 32 Second NB Cincinnati OH Apr 18, 1902 Apr 17, 1922 43 First NB Salem OH Apr 11, 1902 Apr 10, 1922 46 First NB McConnelsville OH Apr 13, 1902 Apr 12, 1922 64 First Wisconsin NB Milwaukee WI Apr 25, 1902 Apr 24, 1922 66 First NB Lyons (Clinton) IA Jun 8, 1902 Jun 7, 1922 2657 Watertown NB Watertown NY Mar 30, 1902 Mar 29, 1922 2659 First NB Bangor PA Mar 15, 1902 Mar 14, 1922 2661 Millerton NB Millerton NY Feb 19, 1902 Feb 18, 1922 2663 State NB Maysville KY Mar 28, 1902 Mar 27, 1922 2665 Nebraska NB Omaha NE Apr 12, 1902 Apr 11, 1922 2667 Sellersville Sellersville PA Feb 24, 1902 Feb 23, 1922 2669 NB West Grove PA Mar 26, 1902 Mar 25, 1922 2673 Second NB Brownsville PA Apr 12, 1902 Apr 11. 1922 2674 First NB Stillwater MN Mar 29, 1902 Mar 28, 1922 2678 Third NB Dayton OH Apr 28, 1902 Apr 27, 1922 2679 Shenandoah NB Shenandoah IA Mar 4, 1902 Mar 3, 1922 2681 Streator NB Streator IL Feb 23, 1902 Feb 22, 1922 2683 First NB York NE Apr 23, 1902 Apr 22, 1922 2705 First NB Georgetown OH Mar 25, 1902 Mar 24, 1922 2709 Sterling NB Sterling IL Apr 21, 1902 Apr 20, 1922 2725 Second NB Beloit WI Apr 27, 1902 Apr 26, 1922 2749 First NB Houlton ME Jan 1, 1902 Dec 31, 1921 6100 Paintsville NB Paintsville KY Dec 11, 1901 Dec 11. 1921 6101 First NB Waverly KS Jan 14, 1902 Jan 14, 1922 6103 First NB Columbus KS Jan 4, 1902 Jan 4, 1922 6106 First NB Salisbury PA Dec 28, 1901 Dec 28, 1921 6107 First NB Memphis TX Jan 11. 1902 Jan 11, 1922 6108 First NB Weatherly PA Dec 30, 1901 Dec 30, 1921 6109 First NB Swissvale PA Jun 7, 1901 Jun 7, 1921 6110 First NB Marianna FL Jan 15, 1902 Jan 15, 1922 6112 First NB El Campo TX Jan 2, 1902 Jan 2, 1922 6113 First NB Leger (Altus) OK Jan 7, 1902 Jan 7, 1922 6114 First NB Point Marion PA Dec 23, 1901 Dec 23, 1921 6116 First NB Waverly IL Jan 7. 1902 Jan 7, 1922 6117 Tower City NB Tower City PA Jan 22, 1902 Jan 22, 1922 '- 6118 First NB Litchfield MN Jan 7, 1902 Jan 7, 1922 6119 First NB Carey OH Jan 23. 1902 Jan 23, 1922 6120 First NB Hillsboro KS Jan 14, 1902 Jan 14, 1922 6123 Tazewell NB Tazewell VA Jan 4. 1902 Jan 9, 1922 6124 First NB Waubay SD Jan 31. 1902 Jan 31, 1922 6125 First NB Collinsville IL Jan 24, 1902 Jan 24, 1922 6126 Fauquier NB Warrenton VA Feb 11, 1902 Feb 11, 1922 6127 N Kittanning B Kittanning PA Feb 8, 1902 Feb 8, 1922 6128 Citizens NB Albert Lea MN Jan 22, 1902 Jan 22, 1922 6129 Traders NB Mt. Sterling KY Jan 20, 1902 Jan 20, 1922 6130 First NB Hugo OK Jan 29, 1902 Jan 29, 1922 6131 Union NB Minersville PA Feb 13, 1902 Feb 13, 1922 6133 First NB Ivesdale IL Jan 20, 1902 Jan 20, 1922 6135 Bolivar NB Bolivar PA Oct 16, 1901 Oct 16, 1921 6136 First NB Benton IL Jan 11, 1902 Jan 11, 1922 6137 Grand Valley NB Grand Junction CO Feb 4, 1902 Feb 4, 1922 6139 State NB Mt. Pleasant TX Jan 30. 1902 Jan 30, 1922 6140 First NB Mesquite TX Feb 21, 1902 Feb 21, 1922 6141 First NB Zelienople PA Jan 27, 1902 Jan 27, 1922 6143 First NB Kinmundy IL Feb 19, 1902 Feb 19, 1922 6144 First NB Mount Savage MD Feb 26, 1902 Feb 26, 1922 6146 First NB Athens AL Feb 6, 1902 Feb 6, 1902 6148 Silver Springs NB Silver Springs NY Jan 18, 1902 Jan 18, 1922 Page 114 Charter Bank Title on First Series of 1902 Plate Town State Paper Money Whole No. 123 Date on Series of 1902 Plates First Plate 1921- 2 Plate 6149 First NB Leroy KS Feb 6, 1902 Feb 6, 1922 6150 Galesville NB Gatesville TX Feb 12, 1902 Feb 12, 1922 6151 First NB Willmar MN Feb 24, 1902 Feb 24, 1922 6154 First NB Benson MN Feb 24, 1902 Feb 24, 1922 6155 NB Jersey Shore PA Dec 19, 1901 Dec 19, 1921 6156 First NB Edmond OK Mar 8, 1902 Mar 8, 1922 6157 First NB Rolla ND Feb 15, 1902 Feb 15, 1922 6158 First NB Jermyn PA Feb 19, 1902 Feb 19, 1922 6159 First NB Yukon OK Mar 5, 1902 Mar 5, 1922 6160 Montgomery NB Mt. Sterling KY Mar 1, 1902 Mar 1, 1922 6161 First NB Cashion OK Mar 5. 1902 Mar 5, 1922 6162 Berwick NB Berwick PA Feb 27, 1902 Feb 22, 1922 6165 Tremont NB Tremont PA Feb 27, 1902 Feb 27, 1922 6167 City NB Fulton KY Mar 15, 1902 Mar 15, 1922 6169 Citizens NB Livingston TX Mar 17, 1902 Mar 17, 1922 6170 First NB Middlebourn WV Feb 13, 1902 Feb 13, 1922 6171 Citizens NB Lindsey OK Mar 12, 1902 Mar 12, 1922 6172 Monticello NB Monticello NY Mar 10, 1902 Mar 10, 1922 6173 City NB Tuscaloosa Al_ Mar 18, 1902 Mar 18, 1922 6174 Carnegie NB Carnegie PA Mar 13, 1902 Mar 12, 1922 6175 First NB Freeland PA Feb 15, 1902 Feb 15, 1922 6176 First NB Henderson TX Mar 17, 1902 Mar 17, 1922 6178 First NB Rifle CO Dec 5, 1901 Dec 5, 1921 6179 First NB South River NJ Jan 30. 1902 Jan 30, 1922 6180 First NB Sylvester GA Mar 11. 1902 Mar 11, 1922 6181 First NB Freeman SD Jan 17, 1902 Jan 17, 1922 6182 Clarion County NB Edenburg PA Mar 22, 1902 Mar 22, 1922 6183 First NB Farmington NM Mar 1, 1902 Mar 1, 1922 6185 First NB White Rock SD Mar 10. 1902 Mar 10, 1922 6186 Manufacturers and Traders NB Buffalo NY Mar 26, 1902 Mar 26, 1922 6187 First NB Portales NM Jan 27, 1902 Jan 27, 1922 6188 First NB Gulfport MS Feb 1, 1902 Feb 1, 1922 6190 Caribou NB Caribou ME Feb 12, 1902 Feb 12, 1922 6193 Sheffield NB Sheffield PA Mar 21, 1902 Mar 21, 1922 6194 First NB Rockport IN Apr 3. 1902 Apr 3, 1922 6196 First NB Friendsville MD Feb 1, 1902 Feb 1, 1922 6197 First NB Carthage TX Mar 26, 1902 Mar 26, 1922 6198 Port Richmond NB Port Richmond NY Mar 12, 1902 Mar 12, 1922 6199 First NB Hills TX Mar 22, 1902 Mar 22. 1922 6202 Citizens NB Pocomoke City MD Mar 12, 1902 Mar 12, 1922 6203 First NB Tyler MN Jan 23, 1902 Jan 23, 1922 6204 First NB Minnesota Lake MN Apr 5, 1902 Apr 5, 1922 6205 First NB Keyser WV Mar 5. 1902 Mar 5, 1922 6206 Page Valley NB Luray VA Apr 4, 1902 Apr 4, 1922 6207 First NB Louisville GA Mar 26, 1902 Mar 26, 1922 6208 First NB Long Prairie MN Mar 31, 1902 Mar 31, 1922 6209 American NB Ebensburg PA Feb 17, 1902 Feb 17, 1922 6210 First NB Courtenay ND Mar 11, 1902 Mar 11. 1922 6212 First NB Troupe TX Mar 6, 1902 Mar 6, 1922 6214 First NB San Augustine TX Apr 3, 1902 Apr 3, 1922 6215 Valparaiso NB Valparaiso IN Mar 6, 1902 Mar 6. 1922 6217 American NB Frankfort IN Apr 12, 1902 Apr 12. 1922 6218 First NB Hankinson ND Mar 15, 1902 Mar 15, 1922 6219 St. Charles NB St. Charles IL Feb 14, 1902 Feb 14, 1922 6220 First NB Everett PA Mar 18, 1902 Mar 18, 1922 6221 First NB Lyons NE Apr 2. 1902 Apr 2, 1922 6223 First NB Lott TX Apr 9, 1902 Apr 9, 1922 6224 Planters and Merchants NB Commerce TX Mar 29, 1902 Mar 29. 1922 6225 First NB Drayton ND Mar 22, 1902 Mar 22. 1922 6226 Ronceverte NB Ronceverte WV Apr 15, 1902 Apr 15, 1922 6227 NB Port Clinton OH Jan 25. 1902 Jan 25, 1922 6229 NB Pratt KS Apr 14, 1902 Apr 14. 1922 6230 American NB McAlester OK Mar 25, 1902 Mar 25, 1922 6231 Megunticook NB Camden ME Sep 28, 1901 Sep 28, 1921 6232 First NB Ralston OK Mar 22, 1902 Mar 22, 1922 6235 First NB Norton VA Apr 15, 1902 Apr 15. 1922 Paper Money Whole No. 123 Bank Title on First Charter Series of 1902 Plate Town State Page 115 Date on Series of 1902 Plates First Plate 1921-2 Plate 6236 City NB Johnson City TN Apr 12, 1902 Apr 12, 1922 6237 First NB St. Charles MN Apr 30, 1902 Apr 30, 1922 6238 First NB Colorado City CO Apr 14, 1902 Apr 14, 1922 6239 Yorkville NB Yorkville IL Mar 17. 1902 Mar 17, 1922 6240 First NB Scottsbluff NE Apr 14, 1902 Apr 14, 1922 6241 Citizens NB Okmulgee OK Apr 16, 1902 Apr 16, 1922 6242 First NB Burlington Junction MO Apr 18, 1902 Apr 18, 1922 6243 First NB Barnesville GA Apr 29, 1902 Apr 29, 1922 6246 Parksley NB Parksley WV Mar 8, 1902 Mar 8. 1922 6248 First NB Latonia KY Mar 28, 1902 Mar 28, 1922 6249 First NB Burton OH Mar 15, 1902 Mar 15, 1922 6250 First NB Hooversville PA Mar 27, 1902 Mar 27, 1922 6252 First NB Bristol VT Apr 25, 1902 Apr 25, 1922 6256 Redfield NB Redfield SD Apr 4, 1902 Apr 4, 1922 6258 Bartlesville NB Bartlesville OK Apr 8, 1902 Apr 8, 1922 6259 First NB Campbell MN Apr 15, 1902 Apr 15, 1922 6260 First NB Bristow OK Apr 29, 1902 Apr 29, 1922 6268 First NB Ontario CA Apr 2, 1902 Apr 2, 1922 6270 First NB Sutersville PA Mar 20, 1902 Mar 20, 1922 6271 First NB Enloe TX Mar 12, 1902 Mar 12, 1922 6275 First NB Clifton Heights PA Apr 17, 1902 Apr 17, 1922 6287 Rumford NB Rumford ME Apr 28, 1902 Apr 28, 1922 6288 First NB Tucumcari NM Mar 31, 1902 Mar 31, 1922 6294 First NB White SD Apr 12, 1902 Apr 12, 1922 6310 Morris NB Morris MN Apr 15, 1902 Apr 15. 1922 6311 Commercial NB Kansas City KS Apr 22, 1902 Apr 22, 1922 6325 Wilmerding NB Wilmerding PA Apr 22, 1902 Apr 22, 1922 6337 First NB Churchs Ferry ND Apr 15, 1902 Apr 15, 1922 6350 First NB Le Raysville PA Jan 20, 1902 Jan 20, 1922 6354 First NB Monrovia IN Apr 25, 1902 Apr 25, 1922 6434 First NB Stanton TX Apr 23, 1902 Apr 23, 1922 6649 First NB McLeansboro IL Apr 3. 1902 Apr 3, 1922 Table 12. Plate dating conventions used for the Series of 1902 plates listed in Table 11. Charters First Series of 1902 Plates 1921-2 Series of 1902 Plate 2.3" date when the charter number for the original 1863 date of organization for the 1882 successor bank was reassigned to its 1882 successor bank + 40 years 11-66' date of organization + 20 years + 1 day for the date of organization for the 1882 successor 1882 successor bank bank + 40 years 2657- 2749 date of organization + 20 years + 1 day date of organization + 40 years 6100-6649 date of organization date of organization + 20 years 6123 should follow 6100-6649 pattern but the Jan 4, 1902 date appears to be in error. 6174 should follow 6100-6649 pattern but the Mar 12, 1922 date appears to be in error. Note: Table 11 does not provide a complete list of plate dates possible for Series of 1902 notes from these banks. Other possible plate dates reflect changes of title and statehood. See Table 14. ' The banks with charters 2 through 66 listed on Table 11 were reorganized in 1882 as new banks under new charter numbers. The successor banks later reassumed the original charter numbers but the organization dates associated with the banks remained the 1882 organization dates, not the original 1863 organization dates. For example, the First National Bank of New Haven, CT (2) was chartered in 1863 and reorganized on April 10, 1882, under charter 2682. On March 19, 1909, the Comptroller of the Currency allowed 2682 to reassume charter number 2 but the organization date now associated with charter 2 was April 10, 1882, not 1863. Page 116 Paper Money Whole No. 123 Table 13. Banks that issued Series of 1902 notes whose charters were extended before April 30. 1922, for which no Series of 1902 plates dated 1922 were made. Charter Title Town State Date of Extension 8" First NB Chicago IL Apr 25, 1922 2671* Tradesmens NB Conshohocken PA Apr 14, 1922 6145" First NB Emmett ID Jan 6, 1922 6276 First NB Perham MN Apr 14, 1922 6298 First NB Tulia TX Apr 16, 1922 bank ceased issuing National Bank notes before date of extension. Serial numbering on the new notes began with 1 for each combination. As with previous extension procedures, shipments of earlier notes— in this case Series of 1902 notes dated 1902 —ceased immediately upon extension. There were two exceptions: charters 11 and 66. In these cases, the 1922 plates were prepared to reflect title changes and their existence repre- sents a somewhat maverick circumstance. All the old title, old date Series of 1902 notes were issued to these two banks before 1922 dated notes were issued. For example, the first 1922 notes were shipped to the First National Bank of Fort Wayne, Indiana (11) on February 28, 1923, along with the last of the old sheets. The plates listed in Table 11 utilized Series of 1902 designs and carried the Series of 1902 designation. Differences exist be- tween the first Series of 1902 notes and those dated 1921-2 for given banks even if the title had not changed. The new plates carried new dates and new treasury signatures. In addition, the script town and date were usually increased in size on the 1921 and 1922 plates. The styles of some bank title layouts were noticeably modified as well. Michael Miller (1975) first brought these varieties to our attention. Huntoon (1977) discussed the topic in somewhat more detail. The first of these varieties were the notes made for the Megunticook National Bank of Camden, Maine (6231), which was organized on September 28. 1901. This bank was char- tered in 1902 and extended in 1921. Its new plate was the first 1921-2 extension plate made, an event that took place in September 1921 (Bureau of Engraving and Printing, various dates) . The highest charter in the 1921-2 extension group was the First National Bank of McLeansboro. Illinois (6649). It straggled in because there was an exceptionally long delay between the time it was organized on April 3, 1902 and the day that its charter was perfected much later that year. The April 3, 1902 organization date forced the bank into the 1921-2 extension group. Not all series of 1902 plates dated 1921 or 1922 represent 1921-2 extensions. Banks with charter numbers between ap- proximately 11920 and 12320 were organized in 1921 and 1922 and of course their plates have 1921 and 1922 dates. The last of the banks that issued Series of 1882 notes were extending their charters during these two years as well, yielding yet another set of 1921 and 1922 date plate dates. There is no known reason why the banks that extended be- tween May 1 and July 1, 1922 failed to get new plates and notes. It is my opinion that plates for these extended banks simply had not been ordered at the time the Act of July 1, 1922 was passed. Since there was no longer a need for them, they never were ordered. Notice from Table 14, Group III, that the plate dating conventions for post-1922 title changes for these banks ignore the 1922 extension dates whereas they are honored for Group I banks. WASTE AND BOTHER The Act of July 12, 1882 contained two provisions that every comptroller dealing with extensions wished he had never seen. First, upon extension, a new series of notes had to be issued to the banks. Second, all the outstanding circulation of old notes had to be redeemed in three years or lawful money had to be deposited by the bank to cover any remaining outstanding notes after three years. The purpose of these provisions was to see to it that the United States benefited from any unredeemed notes, not the banks. The headaches and expense involved never war- ranted the bother. First let's examine the problem of redemptions. Assume your bank had a circulation of $100,000 on the date that it was ex- tended. Immediately, shipments of old series notes —say Series of 1875 — would cease, and you would begin to receive Series of 1882 notes. Soon your redemptions would begin to contain both 1875 and 1882 notes. The Comptroller logged both types into his redemption records. At the end of three years, your cir- culation was still $100,000 because you maintained sufficient bonds to back this circulation and the Comptroller issued your bank new notes to offset redemptions. However, only $65,000 in 1875 notes and $20.000 in 1882 notes had been redeemed during the past three years. Here is what the Comptroller did. He would combine these totals to get $85,000, treating the $65,000 in 1875 notes as those called for redemption by the Act of July 12, 1882, and the other $20,000 in 1882 notes as applicable lawful money. Now you would be contacted to de- posit $15,000 more in lawful money to cover the outstanding $15,000 obligation under the act. This $15,000 would go into the redemption fund, but that fund would now owe your bank $15,000 for notes still outstanding. The result: as soon as your $15,000 was paid into the redemption fund, your bank would be issued $15,000 in new Series of 1882 notes to offset the pay- ment. All this requirement did was cause a lot of expensive juggling that the Comptroller paid for in additional bookkeep- ing, and the bank paid for by having to purchase new plates each time it was extended. Worse, from the perspective of the Comptroller, was the waste of notes. Each time a bank was ex- tended, all the old unissued notes were simply destroyed. When the Comptroller was arguing for abolishment of design changes (Comptroller of the Currency, 1922, p. 8) he made the following statement: This requirement resulted in an unnecessary and enormous expense both to the banks and to the Government—to the banks in the cost of new plates and to the Government in the cost of distinctive paper and in the printing of the notes. Between July 12, 1882, and June 30, 1922, the charters of 4,333 associations were extended under the act of 1882 and 1,512 were extended for the second period of 20 years under the act of 1902. The expense to the banks for the plates for the new designs of notes was approximately $1,000,000 and to the Government for paper. printing, etc.. about $500,000. A report by the Senate Committee on Banking and Currency made the following statement (Comptroller of the Currency, 1922, p. 11). It has been necessary to destroy all incomplete national bank cir- culating notes of the old issues in the vaults of the Treasury upon ex- tension of charter. By reason of extensions of charter, liquidations, Table 14. Listing of dates on all Series of 1902 plates made for banks meeting the following three criteria: (1) issued Series of 1902 notes between 1902 and 1922, (2) had charters extended in 1922 prior to passage of the Act of July 1, 1922 and (3) had new Series of 1902 plates engraved to reflect title changes between 1922 and 1929. Charter Title Town Date of Title or Date on Series State Charter Number Change of 1902 Plates Explanation of Plate Date GROUP I. Banks whose charters were extended in 1922 on or before April 30, which had title changes after April 30, 1922. 2669 NB 2669 NB 2669 NB and T Co 2678 Third NB 2678 Third NB 2678 Third NB and T Co 6198 Port Richmond NB 6198 Port Richmond NB 6198 Staten island NB and T Co 6227 First NB 6227 First NB 6227 First N Magruder B 6227 NB West Grove West Grove West Grove Dayton Dayton Dayton Port Richmond Port Richmond New York Port Clinton Port Clinton Port Clinton Port Clinton Mar 26, 1902 Date of Organization + 20 years + 1 day Mar 25, 1922 Date of Organization + 40 years Mar 25, 1922 Date of Organization + 40 years Apr 28, 1902 Date of Organization + 20 years + 1 day Apr 27, 1922 Date of Organization + 40 years Apr 27, 1922 Date of Organization + 40 years Mar 12, 1902 Date of Organization + 20 years Mar 12, 1922 Date of Organization + 40 years Mar 12, 1922 Date of Organization + 40 years Jan 25, 1902 Date of Organization + 20 years Jan 25, 1922 Date of Organization + 40 years Jan 25, 1922 Date of Organization + 40 years Jan 25, 1922 Date of Organization + 40 years PA PA PA Jan 13, 1926 OH OH OH Mar 2, 1925 NY NY NY May 1, 1926 OH OH OH Jan 2, 1924 OH Jun 8, 1927 GROUP II. Banks whose charters were extended between May 1 and June 30, 1922, which had title changes shortly before the extension. 2701 11 11 11 2733 66 66 First NB First NB First and Hamilton NB First NB First NB First NB First NB of Lyons Fort Wayne Fort Wayne Fort Wayne Fort Wayne Lyons Lyons Clinton IN IN IN IN IA IA IA Jun 14, 1910 May 10, 1917 Jan 19, 1922 Aug 8, 1911 Jun 6, 1922 May 7, 1902 Date of Organization of 2701 + 20 years + 1 day May 7, 1902 Date of Organization of 2701 + 20 years + 1 day May 10, 1917 Date of title change May 6. 1922 Date of Organization of 2701 + 40 years Jun 8, 1902 Date of Organization of 2733 + 20 years + 1 day Jun 8, 1902 Date of Organization of 2733 + 20 years + 1 day Jun 7, 1922 Date of Organization of 2733 + 40 years GROUP III. Banks whose charters were extended between May 1 and June 30, 1922, which had title changes after June 30, 1922. 2742 First NB Terre Haute IN Jun 14, 1902 Date of Organization of 2742 + 20 years + 1 day 47 First NB Terre Haute IN May 20, 1911 Jun 14, 1902 Date of Organization of 2742 + 20 years + 1 day 47 First-McKeen NB and T Co Terre Haute IN Feb 20, 1927 Jun 14, 1902 Date of Organization of 2742 + 20 years + 1 day 2737 First NB Roanoke VA Jun 15, 1902 Date of Organization + 20 years + 1 day 2737 First N Exchange B Roanoke VA Dec 31, 1925 Jun 15, 1902 Date of Organization + 20 years + 1 day szi (El 6309 Farmers and Merchants NB Wabash IN Jun 13, 1902 Date of Organization 6309 Farmers and Wabash NB Wabash IN Dec 31, 1927 Jun 13, 1902 Date of Organization Page 118 Paper Money Whole No. 123 etc., it has been necessary to destroy since January 1, 1913, incom- plete national bank currency of the face value of over $113,000,000, representing some 3,091,000 sheets of distinctive paper, costing for paper and printing alone $139,125. The Comptroller of the Cur- rency has reported that during the existence of the national bank system destructions on these accounts have amounted to over $371,000,000 representing over 9,000,000 sheets of distinctive paper, the cost of the paper and printing to the Government amounting to nearly $413,000. The principal cost to the banks has been for the plates for the printing of currency on extension of charters, although there has been an incidental loss due to the necessary delay in engraving of plates and printing of currency and consequent deprivation of the use of the currency. Other expenses incident to the handling, storing, and recording of bank currency to the amount hereinbefore indicated. it is estimated, to have cost the Government about $400,000, a large portion of which could have been saved but for the law requiring the issuance of distinctive currency on extension of charter. Incidentally, you might find it interesting to learn that a typical 4-subject plate cost about $110 during the 1922 period (Bureau of Engraving and Printing, various dates). This amount was charged to the Comptroller by the Bureau of Engraving and Printing, and the cost was then passed on to the bank. CONCLUSIONS The problems associated with the potential—and in 1882 real —threat of expirations of corporate existences of national banks had to be dealt with at 20-year intervals beginning in 1882. At each of these junctures, legislation was passed allow- ing for just one more 20-year extension until 1922, when auto- matic 99-year extensions were granted. Each time the issue arose — 1882, 1902 and 1922—the Comptroller explicitly followed the applicable laws. In the case of 1882, the law allowing for extensions of corporate life did not pass until after many banks had expired. In those cases, the Comptroller had no recourse but to force those banks into liqui- dation and allow them to reorganize under entirely new charters. Things never reached such a critical stage again. Important for the collector was the fact that the extensions required adoption of new currency designs. The design changes were manifested in new series—first the Series of 1882, then the Series of 1902, and finally, for 161 banks, a distinct Series of 1902 carrying 1921-2 plate dates. Introduction of these new designs afforded the Comptroller an opportunity to phase out existing designs. The ramifications of this are that in every case when new designs became available in anticipation of passage of a new ex- tension provision, the first banks to utilize those designs were either new banks or banks extending under some previous act! For example, the very first bank authorized to receive Series of 1902 red seals was the First National Bank of Paintsville, Kentucky (6100). This bank was organized December 11, 1901, four months before passage of the Act of April 12, 1902. The organization of the Paintsville bank had nothing to do with the Act of 1902. Rather, the bank was organized in 1901 under the provisions of the Act of June 3, 1864. The Comptroller arbitrarily gave the new bank Series of 1902 red seals. Nothing genetically related the bank to the Act of April 12, 1902, which was not even passed yet! In fact, the first shipment of red seals for the bank was delivered to the Comptroller on March 17, 1902, a month before the 1902 act was passed. The shipment contained 10-10-10-20 Paintsville, Kentucky sheet A1-1-A, B,C,A. The point of the Paintsville example is that the series of notes issued by a bank at any given time had, in most cases, nothing to do with the act under which the bank was authorized to do business. This distinction has been lost on the paper money col- lecting community. We have classified our notes into First, Second, Third and Fourth charter periods. In fact, there is no such thing as a Second, Third or Fourth charter period. A bank got only one charter, and after that a variable number of exten- sions. The notes that it issued did not uniquely reflect the stage in its corporate life. For example, most banks were receiving Series of 1902 notes in 1919. In this group, some were operat- ing under their original and only charter granted under the Act of June 3, 1864, others were in their first 20 year extension under the Act of July 12, 1882, and yet others were in their second 20 year extension under the Act of April 12, 1902. The most important date associated with a bank is its date of organization. This date dictated when each step in its corporate life was taken for banks chartered prior to February 25. 1927. In contrast, the date of charter marks only a step in the incorpora- tion process —the day the bank was given a license to operate and a charter number. No time limits were associated with the charter date ; rather, time limits on the corporate existence of the banks were imposed from the date of organization, or from future dates of extension. Notes for Table 3, pages 103-104: These banks began by issuing Series of 1875 notes but soon converted to Series of 1882 notes. a. The banks having these low charter numbers were liquidated and re- organized under the new charter numbers shown in column 1. Dashes indicate banks that were issued Series of 1882 notes but did not succeed First Charter banks so it is surprising that they did not get Series of 1875 notes. b. Dates of organization were computed by subtracting 20 years and one day from the dates engraved on the first Series of 1902 plates. Dashes indicate banks that went out of business before they could be extended in 1902. c. Charter date is the date engraved on the first Series of 1875 plate made for the bank. d. Charter date is the date engraved on the first Series of 1882 plate made for the bank. e. A Series of 1875 10-10-10-20 plate dated May 1, 1882 was made for this bank but never used. The First National Bank of Valparaiso, Indiana, charter 105, was among the very first banks to begin the process of reorganizing under a new charter. The successor banks associated with the earliest reor- ganizations received Series of 1875 instead of Series of 1882 notes (see Table 2). g. Year is 1881. h A Series of 1882 10-10-10-20 plate dated January 1, 1902 was made for this bank but never used. i. The Merchants National Bank of East Saginaw, Michigan (1550) ul- timately was succeeded by the Home National Bank (2761). It ap- pears in this case that the Comptroller of the Currency treated the two banks as separate entities and consequently issued Series of 1875 notes to the Home National Bank as if it were a newly organ- ized, independent bank. (Sources on p. 131) Paper Money Whole No. 123 Page 119 Origin of Paper Money T HE Count de Tendilla, while besieged by the Moors in the fortress of the Alhambra, was destitute of gold and silver, wherewith to pay his soldiers, who began to murmur, as they had not the means of purchasing the necessaries of life from the people of the town. "In this dilemma" (says the histor- ian), "what does this sagacious commander? He takes a large number of morsels of little paper, on which he inscribed various sums, large and small, and signs them with his own hand and name. These he gave to the soldiery in earnest of their pay." "How," you will say, "are soldiers to be paid with scraps of paper?" "Even so, and well paid too, for the good count issued a proclamation, ordering the inhabitants to take the morsels of paper for the full amount inscribed thereon, promising to re- deem them at the future time with gold and silver. Thus, by sub- tle and not by miraculous alchemy, did this cavalier turn paper into gold and silver, and make his late impoverished army abound in money." The historian adds, The Count redeemed his promise like a loyal knight, and this miracle, as it appeared to the worthy Agapida, is the first instance on record of paper money [used in the Western World], which has since spread throughout the civilized world the most unbounded opulence.'—Emigrant Aid Journal of Minnesota, Nininger, Minn., Dec. 5, 1857. A Curious State of Things It is noteworthy that at the present time the bills of country banks in New York are worth more in the market than specie; and such notes are being hoarded up while silver is paid out. A person has $1,000 wages to pay on Saturday. Instead of paying in country bank notes, he buys $1,000 in silver for $995 bank money, and saves $5, at the same time paying specie to his men. Great dissatisfaction is expressed at the accumulation of quantities of silver coin at all retail establishments. The banks will not take it on deposit, and it cannot be sold in large quantities except at a discount. The war with China, which has stopped the export thither, and, to some extent, the depreciation of the coin here, has led to this state of things. Such a state of the money market has never occurred before. —Pioneer and Dem- ocrat, St. Paul, Minn., Nov. 20, 1858. Paper Money Parasites A few years ago quite a sensation was created in Europe when a medical man (in St. Petersburg, I think) drew attention to the unseen dangers lurking in the mouthpieces of public tele- phones. More recently a Prussian doctor has found out that those wretched things could be transmitted for miles and miles along the telephones. And now (so Paper Trade says) Dr. L. B. Clifton, the Macon scientist, has detected a peculiar parasite which infests our paper money. "It is found no where else, and though it is invisible to the unassisted eye, the small creature multiplies at a surprising rate and is very numerous. Dr. Clifton counted 3,000 of them on an old five dollar bill. He said the money parasite is an acarus and closely related to the spider family. His appearance is by no means handsome. In shape it is oblong and flat, and has four clumsy legs and a sharp bill. It is never know[n] to leave the paper on which it lives and never be- comes a parasite on the human body."—American Notes and Queries. — (The Northwest Magazine, January, 1892.) Infected Bills Don't dampen your fingers with your tongue when counting paper money. A peculiar case of disease contracted in this way is reported from our neighboring towns of Delaware. A short time ago County Treasurer Adams received taxes in the eastern part of the county, and neglected to take along a sponge which he always uses to moisten his fingers when counting bills. He was consequently obliged to use his tongue in place of the sponge, and the germs of tonsillitis, from which disease he is now suffering, passed into his throat from infected bills. Physi- cians pronounce it a most singular case. —Merchants Sentinel. — (The Northwest Magazine, December, 1894.) ■ Candidates for the SPMC Board Deserve Your VOTE This is the most common and readily available "Dix" note. It was printed by the National Bank Note Company of New York in black and red on white paper. Be- fore issue, each note had to be numbered and signed by the cashier and president. Earlier issue "Dix" notes were almost invariably heavily worn by circula- tion and are difficult to reproduce with copy ma- chines today. Even though such notes grade only good, or so, they are so scarce that they still command a pre- mium price in today's market. Page 120 HOW DIXIE GOT ITS NAME by BRENT H. HUGHES, SPMC 7 © 1985 . Old times there are not forgotten, Look away, look away, look away, Dixieland." Every Southerner has heard the refrain countless times—the plantation song that was converted to a stirring martial piece and became the Marseillaise of the Confederacy. Yet few people know the origin of the word "Dixie", most believing it is somehow connected with the Mason-Dixon Line, that legend- ary surveyor's mark supposedly separating North from South. Paper Money Whole No. 123 B UT "Dixie" did not evolve from Dixon; it came from a ten-dollar bill issued during the 1845-62 period by a bank in New Orleans. Prior to the Civil War, the United States Government did not continuously issue paper money as we know it today. Ordinary citizens obtained charters and set up private banks that issued their own bank notes. Unfortunately many dishonest charter-holders never intended to redeem their currency and devised many methods to delay or refuse redemp- tion. The hundreds of different designs from as many banks made it impossible to know at any given moment if a bank note was actually worth its face value or had to be discounted. Very few banks backed their currency to the point that their notes cir- culated freely at 100% value. An exception was the Citizens Bank of Louisiana, a highly re- spected institution in New Orleans whose bank notes enjoyed the full confidence of the people along the Mississippi. During the financial panic of 1857, when hundreds of banks failed, the Citizens Bank not only withstood a two-week run but emerged stronger than ever. In the design of some of its bank notes, the Citizens Bank, in deference to the large French-speaking population of Louisiana, printed its notes in both English and French. Thus the bank's full name became the Citizens Bank of Louisiana as well as the Ban- que des Citoyens de la Louisiane. Organized in 1833, it saw its bank notes become popular al- most everywhere, especially up and down the Mississippi, the Missouri, the Ohio and connecting rivers—anywhere the great steamboats went calling. The steamboat gamblers, ever suspi- cious of strange currency, preferred the ten-dollar notes of the Citizens Bank on which the French word for ten—DIX—ap- peared so prominently. In French the word is pronounced by EDWARD SCHUMAN 0:71) S ON* BAY COM P.A. //zi ill 1.1ler..41 111bilti - ni6A/01/)/Iihirillifleif / / Willie/IS Zahld lb' a I 171)111' 11;( 1:(;;Xel, 1:17‘" ''.•#(41/ I/1;J tiltit'r. (4,/e/ * IliffIr ertAr, -../Phyityri.(% 11,./a6 YORK FACTORY,flo- /re xty ,/11/1/41/' /Xi /e ft els", e maim' * - "%i///7/ //elY i/L if ;;y4;. .)((;)/rraf C /ity //tit' irr., 44,1"/"IjirriAvy t 4060/ 1.115(161 ))1/ft f* . . . ' 1 ( ..) sl alliM=Zorgel. Jewir.44 7 t .0 ,..4 . 41i.) A •-•,.0...111. il , „,i_ ( ,fri Wiiii;". ) ( ,..-5241-4 Aitar Paper Money Whole No. 123 "dees", but in popular American usage it became "dix" rhyming with "six". Easily identified at a glance, these notes quickly be- came known as "dixes". The gambler who intended to return to New Orleans to redeem his winnings often told his friends that he was "going to dixie land". Gradually the whole area along the great river to the South became known as Dixieland. Daniel Emmett, the song-writer famous for his Negro min- strels so popular in both America and England, came to New Orleans in 1859. Fascinated by the Negro-Creole dialect and the stories of the "bank of the dixes", he composed the song "Dixie" as a walk-around for Bryant's Minstrels, then appearing at the Mechanics Hall in New York City. When the song was first heard in New Orleans in 1860, the people adopted it as their own. Later on, when war came, the Confederacy changed the tune to a more rousing military air to encourage the people to rally around the flag. When the infamous Yankee General Ben F. Butler occupied New Orleans and issued his notorious General Order 55 on June 6, 1862, he assessed a fine of $215,820 against the Citi- zens Bank "for aiding and abetting the enemy". He ordered the Page 121 fine to be paid in installments every three months and was astounded when bank officials showed up immediately and paid the full amount in gold, "cash on the barrel-head". Solid to the end, the good bank maintained its claim to fame. Today the "Dix Notes" are avidly sought by collectors who pay many times face value for these beautiful souvenirs of another time in our country's history. SOURCES: Buchanon, Lamont, A Pictorial History of the Confederacy, New York. 1951. Caldwell, Stephan A., Dr., A Banking History of Louisiana, Louisiana State University Press. Baton Rouge, 1935. Davis, Burke, The Civil War: Strange & Fascinating Facts, New York. 1982. Philpott, W.A., Jr., "Word Dixie Derives From Old Bank Note," article in The Numismatist, publication of the American Numismatic Associa- tion, Colorado Springs, Colo., May 1952 issue. O'Neil, Paul, "The Rivermen," Time-Life Books Series: The Old West. New York, 1975. Hudson's Bay Company S 1EUR Pierre Esprit Radisson was a French explorer and fur trader. Together with his brother-in-law Medart Chourt, they were, in all probability, the first white men to visit that area of North America west of the Great Lakes of Canada. Between 1654 and 1663, they made several expedi- tions to this area on behalf of France. In 1665, after several severe disagreements with the French authorities, Radisson went to England. He subsequently offered to lead a British ex- pedition into the region around Hudson's Bay. They suggested to Charles II that immense wealth could be made in the North American fur trade. A joint stock company was organized in 1670 under the title "Adventurers of England Trading into Hudson's Bay", later changed to Hudson's Bay Company. The company was granted the sole rights for trading in all of the lands and rivers that flowed into Hudson's Bay. The region was soon dotted with forts on the coastal regions, and bartering with the Indians began in full measure. The In- dians gladly traded beautiful soft animal pelts for brightly Page 122 colored beads or colored woolen cloth. Fox furs for ladies, beaver hats and mittens for men became high fashion articles in England; all brought high prices. The stockholders of the com- pany in England grew enormously wealthy in a short time. Hudson's Bay territory was also claimed by France, and their traders were serious rivals for the Indians' trappings. French traders often looted British forts, bribed Indians with rum and rifles, and became a serious threat to the company. By the time England acquired Canada in 1763, dozens of smaller trading companies had sprung up and competition for the furs in- creased. When these smaller companies merged into the North West Company this rivalry encouraged the company to expand its influence westward. All of Canada, to the Pacific Ocean, became dotted with trading posts that represented the two com- panies. Finally, in 1821. a merger occurred between them, and the name Hudson's Bay Company was adopted. The company had a complete monopoly of the fur trade in Canada from 1838 to 1859. In 1869 it sold some of its vast land holdings to England for the then tremendous sum of one and a half million pounds. By 1843, thousands of American pioneers had journeyed along the Oregon Trail and settled along the banks of the Co- lumbia and Willamette Rivers. The Hudson's Bay Company was strongly entrenched in this region north of the Columbia River for many years. Its principal representative in the Northwest Territory, Dr. John McLouglin, had encouraged even retired trappers to settle as farmers and ranchers and had built up a stable population of English and Canadians, and thus had claimed the territory. The dispute be- tween the United States and England had been mollified in 1827 with an agreement for joint occupation. When James Polk ran for President of the United States in 1844, he maintained that American title to the Oregon Territory was clear and unquestionable. The vast American settlements were sufficient proof of his claim. Many in congress demanded an end to the 1827 agreement. Polk renewed his offer, unsuc- cessfully, to settle the boundary at the forty-ninth parallel. The Hudson's Bay Company's firm hold on the disputed areas created an explosive problem, for Polk was committed to all of Oregon. Public opinion in America favored war as a means of settling the dispute. On January 1st 1845, the Hudson's Bay Company provided a solution to the dispute. They moved their principal operations and supplies from Fort Vancouver in the disputed region to Fort Victoria, on Vancouver Island, north of the forty-ninth parallel. Dr. McLouglin, in a letter to his superiors in London, believed it prudent to act in this fashion because he feared that the Ameri- can presence would simply overwhelm his operations. As the Oregon pioneers intensified their desire for annexa- tion, a cry of "Fifty-Four Forty or Fight" resounded through the land. President Polk served notice to Great Britain that the treaty of joint occupation was to be broken, and certain gestures were made, which could mean war. England countered with the original offer for the forty-ninth parallel, which was quickly accepted. The decision by the Hudson's Bay Company to relocate their headquarters north of the forty-ninth parallel had elimi- nated the British claim to the territory. In addition to share certificates, Hudson's Bay Company also issued bank notes. These are in fact really transferable bills of ex- change, which were payable at their London offices where the furs were stored and sold. The illustrated note is from a recent auction sale catalog by El Dorado Coin Galleries. The notes were intended as local currency for use in the company stores, Paper Money Whole No. 123 but in reality, actually passed as exchange for want of other cur- rency. The notes were first dated and signed in London. On arrival and before being placed in circulation, they were again signed and redated. The text on the illustrated note reads: Five Shillings Sterl. 1820 Hudsons Bay Company promise to pay the Bearer on Demand the sum of Five Shillings Sterling at York Factory in Ruperts Land, in a Bill of Exchange payable Sixty days after Sight at the Hudsons Bay House Lon- don the 11th Day of May 1820 For the Governor and Company of Adventurers of England Trading into Hudsons Bay. The counterfoil is signed again by a John Spurer, 15th No- vember 1820. The Hudson's Bay Company remains today a wealthy cor- poration. It operates a chain of department stores, hundreds of retail outlets, and offers passenger and freight services on ocean steamers as well as dog sleds. And yes, its agents still trek into the vast wilderness regions to sell goods and to purchase furs. (Although Hudson's Bay is the correct usage, Hudsons Bay ap- pears on the certificate. ed.) ■ More About Military Finance Center Notes by ARLIE SLABAUGH T HE short article by Paul Andrews in issue No. 121 of PAPER MONEY on "An Odd Denomination Military Finance Training Note" is of interest. It shows us that numismatic specimens should be published at the time of their release, otherwise the circumstances of their issuance may soon be forgotten. At one time I had accumulated a small number of the $4 notes issued by the Finance Center of the U.S. Army at Indiana- polis, Indiana. As Mr. Andrews doubts, they aren't the military training notes (some kinds of which were used on maneuvers). Rather, the $4 notes are a souvenir of the Finance Center Museum. There is an article about the museum in the April, 1966 issue of The Numismatist. As I recall, the curator had an exhibit from the museum at the Indiana State Numismatic Con- vention for one or more years during the 1960s and these notes were given by the curator to collectors who viewed the exhibits. They also may have been given to those who toured the muse- um, but I'm not certain about that. I imagine that quite a few of these $4 souvenirs are still to be found among Indiana collectors who can tell you more about this subject than I now recall. ■ Paper Money Whole No. 123 Saint Louis Currency Convention Plans Move Ahead The Professional Currency Dealers Association and the Inter- national Bank Note Society will jointly sponsor the National and World Paper Money Convention November 13-14-15-16, 1986 at the St. Louis, Missouri Cervantes Convention Center. The 100-table bourse area of the currency collectors' event will be held the same weekend as the National Silver Dollar Con- vention, a 400-table coin show in a separate exhibit hall of the Cervantes Convention Center. The Fractional Currency Collectors Board, International Bank Note Society, Society of Paper Money Collectors and the Paper Money Collectors of Michigan have all announced plans to hold either membership meetings or educational programs in conjunction with the National and World Paper Money Conven- tion. In addition, Hickman-Oakes Auctions has been designated as the official auction house of the convention for a three-year period. The well known Iowa firm will hold a two session 1,000 lot sale at the convention and is currently seeking consignments. Collectors interested in consigning to what promises to be one of the leading currency sales of the year can contact the auction firm at P.O. Box 1456, Iowa City, Iowa 52244, or by calling Dean Oakes at (319) 338-1144. The Radisson Saint Louis Hotel, located at Ninth Street and Convention Plaza Boulevard, immediately adjacent to the Cer- vantes Convention Center, will serve as the headquarters hotel. A special paper money convention rate of $58, single or double, is available at the Radisson for convention attendees. TWA, the official carrier, is offering special fare discounts to anyone attending the paper money convention and will also give a 2,000 mile bonus in its frequent flyer program to anyone flying it to St. Louis for the paper money event. To qualify for the bonus and special fares collectors should call TWA's special toll-free reservations desk, which has been set up to accommodate paper money enthusiasts. From Missouri, reservations can be made by calling (800) 392-1673; from all other states the number is (800) 325-4933. St. Louis serves as the primary hub airport in TWA's world- wide route system and offers both direct and nonstop service from numerous European destinations, as well as customs and immigration facilities at the St. Louis airport, for foreign collec- tors and dealers. Foreign attendees will therefore be able to avoid transferring from international to domestic flights and will be able to clear customs at their final destination. When calling for reservations, the special convention code number 99-12109 should be given to qualify for the fare dis- counts and mileage bonuses. Ron Horstman, New Membership Coordinator for the Socie- ty of Paper Money Collectors, will serve as General Chairman for the St. Louis Convention; hotel discount cards for the special show rate are available from him. Horstman can be con- tacted at P.O. Box 6011, St. Louis, MO 63139, (314) 781- 3803. Kevin Foley, Secretary of the Professional Currency Dealers Page 123 Association, is acting as Bourse Chairman for the convention. According to Foley only eight tables remain available. Dealers interested in bourse space should contact Foley at P.O. Box 589, Milwaukee, Wisconsin 53201 or by calling (414) 282-2388. A free membership directory of the Professional Currency Dealers Association, listing PCDA members by specialty area, is also available from Foley. ■ Currency Changes Announced The currency changes that we all have been awaiting have fin- ally been announced by Treasury Secretary James A. Baker, III. These changes are intended to frustrate the "casual counterfeit- ers" who, with the aid of advanced copying machines, could rapidly become a menace by committing crimes of opportunity. The professional counterfeiter will find his task more compli- cated as well. The changes approved by the Secretary will add: A security thread — A clear polyester thread will be incor- porated into the paper. It will be arranged vertically through a narrow clear field on the notes and will be able to be seen with the human eye when held to a light source. Each denomination will have an identifiable printed pattern on the thread. The thread will be located between the left border of the note and the Federal Reserve seal on all notes except the one dollar denomination. On the one dollar note the thread will be located between the Federal Reserve seal and the portrait. The thread is embedded in the paper used for U.S. currency. The printed thread can only be detected with transmitted light. Copiers use reflected light and are unable to reproduce the pattern shown on the thread. A security thread is already in use on the notes of Australia, Austria, Finland, Great Britain, Greece and Ireland. Microprinting on the face of the note —The words "United States of America" will be engraved repeatedly around the por- trait on the face of the note. Very few copiers now have the resolution capability to reproduce accurately the microprinting. Microprinting on a thread has been used on the notes of Brazil, Costa Rica and Mexico. Microprinting has been placed directly on the face of Canadian notes and on the backs of the notes of the Netherlands. Research and development will continue at the Bureau of Engraving and Printing, and in three to five years there will probably be additional anticounterfeiting devices introduced. New and old currency will circulate side by side. No notes will be recalled or demonitized. These new anticounterfeiting features will add only 1/10th of a cent to the cost of each note produced. Production of the new notes should begin in early 1987; they will enter circulation about three months later. ■ REMEMBER TO VOTE rr JOP 14\ riP 111N 1 '1*.1 ST fi L IMN TE LEPHON E FAiwaras t ; 1888 LLU MINATED BY THE A.M ER1CAN SYSTEM. C 321321321C Page 124 Paper Money Whole No. 123 The Statue of Liberty, a Chinese Bank Note by GENE HESSLER and Related Pieces 0 UR silver anniversary is also the 25th observance of the inauguration of John F. Kennedy, the founding of the Peace Corps, the deaths of Ty Cobb—he was born in 1886— and Gary Cooper. Although we are proud of our 25-year history, most Ameri- cans will acknowledge another event during 1986—the 100th anniversary of the dedication of Liberty Enlightning the World; we know her as the Statue of Liberty. And, since Miss Liberty is currently a popular subject, I thought it might be of interest to list paper items only that display an image of the statue, and relate some information about what, in my opinion, is one of the most unusual pieces. Undoubtedly there are other items that could be added to the following list. American Bank Note Company vignettes (at least three dif- ferent have been observed) see cover American Electric Manufacturing Co., Cortland St., NYC: letterhead' Checks: Blank, statue at left, ca. 1880 not ill. two different types observed; First National City Bank, contemporary; U.S. Government Fantasy bank notes: "100" issuer not identified, not ill. "1,000.000" issuer not identified' Hotel Bartholdi, Broadway and 23rd St., NYC: advertising card* (two types observed) Receipt book, statue at left Sons of the Revolution: receipt for contribution to Pedestal Fund Souvenir cards by Bureau of Engraving and Printing: three different colors, 1985 The Port Authority of New York and New Jersey: pas- senger automobile ticket' The World (newspaper), NYC: receipt, ca. 1880 United States Military Payment Certificates: 5*, 10, 25 and 50(, Series 591; $10, Series 641 not ill. 'illustrated p^ tit 011-407e‘o utoArbpe? S.Ot Or0 110a111*,•4400,111014000, NT) burtsl*Oritttd Vott,thltft Itt)1111dIttlAttnt Itt.ftft' tar* it4flittit *Pet ttPittlitteld*,1 atwctootto lattoPttti 9,0*Q100tst litt!ttdAR1S Est' rsir`titlJi Y 0253 IILITA ,IENT CE#TIMATE SERIES 591 4. Paper Money Whole No. 123 Page 125 Bank Notes of the Chinese American Bank of Commerce As trade between China and the West increased in the 19th century, foreign banks established branches in China. Following this commercial invasion of the "heavenly kingdom," notes that were issued sometimes had nationalistic symbols. The Chartered Bank of India, Australia and China chose the image of a Roman soldier and Minerva for some of its notes, but the Deutsch-Asiatische Bank proudly displayed the image of Ger- mania, and the Chinese American Bank of Commerce flaunted the Statue of Liberty. Branches were established in the following cities; indiginous denominations to each are also listed. The same image of the Statue of Liberty is on all notes except the general issue, which has a smaller version. All notes are extremely rare. This Chinese-American bank, organized in 1919 with eleven directors (six Chinese and five Americans) was originally called the Chinese American Commercial and Industrial Bank. The name change was made in 1920; all notes are dated 15 July of that year. The principal organizer was Hsu-yuan who was educated at the University of London and then worked at Smith's Bank in the city. The stock of 100,000 shares at $100 each was evenly divided and held by Chinese and Americans. The principal stockholder was the Chase National Bank of New York. Ac- cording to Eduard Kann, notes were first issued in 1923 at the Peking and Tientsin branches; the following year saw notes from the Shanghai branch. By the end of 1924, circulation for all branches had reached $254,040,866. General issue: Hankow branch: Peking branch: Shanghai branch: Shantung branch: $1 (PS242) Tientsin branch: $1 (PS245) For most Americans and Chinese as well, it most certainly would be a surprise to learn that America's symbol of freedom, the Statue of Liberty, once appeared on Chinese bank notes. My sincere thanks is extended to Julius Turoff for his contribution to the list of paper items, and to Bruce W. Smith for information about the Chinese American Bank of Commerce. $1 (PS230) unissued $1 (PS233) $1 (PS236), $10 (PS238) $1 (PS239), $ 5 (PS240), $10 (PS241) Page 126 Interest Bearing Notes LAadrarym s One of the busiest times of the year is again upon us. Plans have been completed for most of our regional meetings, our major events and activities for 1986. Be sure to read everything carefully. We don't want you to miss anything that may be of in- terest. MEMPHIS, TENNESSEE — Memphis Coin Club's 10th International Paper Money Show, Memphis Conven- tion Center, June 20-22, 1986. We will again hold several activities in conjunction with the Memphis Coin Club's 10th International Paper Money show. Mike Crabb, who has chaired this event since its inception, reports that there will be over 125 dealers (up to 150), an auction by NASCA, many fine exhibits, and a souvenir card by the Bureau of Engraving and Printing. American Bank Note Company will also have an exhibit and table at the show, to introduce a new program. The dealers and exhibits will be in the Memphis Convention Center which connects to the Holiday Inn-Crowne Plaza, the Convention headquarters hotel. BOARD MEETING An SPMC Board Meeting will be held at 8:30 AM Saturday June 21 in one of the meeting rooms at the Holiday Inn- Crowne Plaza, 250 N. Main Street, Memphis. (The hotel is now finished and open for business.) GENERAL MEETING The SPMC General Membership Meeting will be held at 10:00 AM Saturday, June 21 in one of the meeting rooms at the Holiday Inn-Crowne Plaza. We are pleased to have as our featured speaker SPMC Governor Steve Whitfield of Omaha, Nebraska, who will talk about "Collecting Kansas Collateral Cur- rency Material." Slides will accompany this informative program. SPMC 25th ANNIVERSARY AWARDS BANQUET Activities on the evening of June 21 will begin at 6:00 PM with a cash bar near the ballroom at the Holiday Inn-Crowne Plaza. At 6:30 P.M. the banquet will begin in the ballroom. Following the dinner, we will have the annual SPMC Awards, awards to the 25-year members of SPMC (those not present will receive theirs by mail), and Reflections on 25 years of SPMC. The Tom Bain Raffle will conclude the banquet shortly before the auction begins. Advance banquet tickets for this event are required and should be ordered by mail from: Mike Crabb, Jr. SPMC 25th Anniversary Banquet P.O. Box 17871 Memphis, Tennessee 38187-0871 901-654-6118 Price of tickets: $20 If you are a member of the SPMC Patron's Association, the coupon you received for the Memphis event when you joined will be honored. Paper Money Whole No. 123 ANA CONVENTION — MECCA Convention Center, Milwaukee, Wisconsin, Au- gust 6-10, 1986 As previously announced, we will be having an SPMC/IBNS Ragpicker's Breakfast on Saturday August 9 at 9:00 AM, co- hosted by our friends in the International Bank Note Society (al- so celebrating 25 years of existence this year!). The event will be held in Room E-2 of the MECCA Convention Center. The fea- tured speaker for this event will be Chet Krause of Krause Publi- cations in Iola, Wisconsin, who will enlighten us with his back- ground on Wisconsin paper money. Cost of the Breakast is $10. Advance reservations (tickets) for the SPMC/IBNS Ragpicker's Breakfast are requested and should be ordered from: John Wilson SPMC/IBNS Breakfast P.O. Box 27185 Milwaukee, Wisconsin 53227 ST. LOUIS — National Paper Money Convention, spon- sored by the Professional Currency Dealers Association, November 13-16, 1986. We are planning a regional meeting at this event on Saturday November 15 at 11:00 AM. Featured speaker will be well- known numismatist and author Eric P. Newman of St. Louis. Further information about this event will be found in future issues of PAPER MONEY this year and in the numismatic press. ELECTION OF GOVERNORS The candidates for the SPMC Board of Governors are intro- duced with this issue. Each year 5 board members are elected to serve 3-year terms. A mail ballot is enclosed. Read over the can- didates' backgrounds and make your choice. Ballots should be returned to Gary E. Lewis by no later than July 20, 1986, in order to ensure that they will be counted. We plan to count the ballots at the ANA Convention in Milwaukee and announce the winners at the Breakfast or General Meeting. New Board Mem- bers will take office then, but we do not plan to have a board meeting at the ANA. Exercise your right as a member—vote for the candidates of your choice. AWARDS SPMC Literary Awards, Awards of Merit and the Nathan Gold Award (presented by Bank Note Reporter) will be present- ed at the Awards Banquet at Memphis. The Julian Blanchard Award will be presented at ANA. The members of the Awards Committee are to be commended for their "behind the scenes" work each year in making the program work. 1986 is an eventful year for the SPMC because we are cele- brating our 25th Anniversary. We hope you will try to attend some of our events during the year. I am looking forward to see- ing many of you. If you have any questions or suggestions for the SPMC, please feel free to write me at P.O. Box 1, Boone, Iowa 50036. RECRUITMENT REPORT Total Dec.-June Collectors John Wilson 14 Dealers Richard Balbaton 17 Paper Money Whole No. 123 Page 127 SPMC Annual Awards 1986 SPMC Awards will be presented at the Inter- national Paper Money Show in Memphis, Tennessee. on June 21, 1986, as follows: 1. Nathan Gold Memorial Award. Established and formerly (1961-1970) presented by Numismatic News. Presented to a person who has made a con- crete contribution toward the advancement of paper money collecting. Recipients, who need not be members of SPMC, are chosen by the Awards Committee. 2. Award of Merit. For SPMC member (or members) who, during the previous year, rendered significant contributions to the Society which bring credit to the Society. May be awarded to the same person in different years for different contributions. Reci- pients to be chosen by the Awards Committee. 3. Literary Awards. First, second and third places. Awarded to SPMC members for articles published originally in Paper Money during the calendar year preceding the annual meeting of the Society. A. An Awards Committee member is not eligible for these awards if voted while he is on that committee. B. Serial articles are to be considered in the year of conclusion, except in case the article is a continuation of a related series on different subjects; these to be considered as separate ar- ticles. C. Suggested operating procedures: The Awards Committee chairman will supply each commit- tee member a copy of the guidelines for mak- ing awards. Using the grading factors and scoring points which follow, each member will make his selection of the five best articles published in the preceding year, listing them in order of preference. The lists will be tabulated by the chairman and the winners chosen. A second ballot will be used to break any ties. D. Grading factors and scoring points: a. Readability and interest —Is the article interestingly written? (20 points) Is it understandable to someone not a spe- cialist in the field? (10 points) Would you study the article rather than just scan through it? (10 points) b. Numismatic information conveyed —In your opinion, will the article be used by future students as a reference source? (20 points) Has the author documented and cross referenced his source material? Give credit for original research and depth of study. (20 points) Is the subject a new one, not previously researched, or a rehash? If it presents a new slant on an old subject, give proper credit. (20 points) Because 1986 is the Silver Anniversary of the SPMC, recognition for charter members is planned. The Julian Blanchard Memorial Exhibit Award will be awarded at the ANA Convention in Mil- waukee. 1986 Awards Committee Steven Whitfield, Chairman Roman Latimer Mike Crabb Charles V. Kemp, Jr. Page 128 Paper Money Whole No. 123 CANDIDATES FOR SPMC BOARD NELSON PAGE ASPEN was born and raised in Phil- " adelphia. He is a graduate of the Citadel in Charleston, South Caro- lina and served with the U.S. Navy during World War II, Korea and Vietnam. Nelson is a practicing orthopedic surgeon and father of five children. He is a charter member of the Currency Club of Chester County, a life member of the Numismatic Literary Guild, member of the Canadian Paper Money Society, Essay Proof Society and numerous other organizations. He has authored many articles on coins and paper money and is probably best known for his book, "A History of Bermuda and its Paper Money." BOB COCHRAN is a sales representative for Hewlett- Packard Company in St. Louis. He has been a member of the SPMC since the late 1970s. His specialty is national currency, and he has written several articles for PAPER MONEY. Bob feels the purpose of the SPMC is to impart information through PAPER MONEY, the Wis- mer Project books, and other books the Society might select. He also feels that the SPMC should provide educational programs at local and regional clubs and shows. The SPMC is a relatively small organization, and has not been burdened by political issues intro- duced by differing factions and per- sonalities, as have other numismatic groups. Bob hopes these problems continue to be avoided. To this end, he opposes the SPMC having sole sponsorship of shows, where the possibility exists for losing money—a situation SPMC can ill-afford. Rather, he favors the SPMC participation at as many major shows as possible. Most groups would be willing to provide the SPMC with free space to solicit new members, sell books, and provide meeting rooms to hold educational programs. Also, the SPMC could approach certain numismatic organizations with the idea of co-sponsoring shows, with the opportunity to share in any revenue generated. Bob favors the membership recruitment campaign the SPMC has been following. He suggests that the SPMC provide applica- tion blanks to local clubs, to make their members aware of our Society and its benefits. He also suggests that the SPMC solicit club memberships from local clubs and regional organizations. By using our best resources (our membership) we can en- lighten potential collectors to the FUN of collecting paper, and the benefits of being SPMC members. CHARLES G. COLVER is a current member of the SPMC Board of Governors. He has been an avid collector of national bank notes for many years, specializing in California notes. He has attended all of the Memphis shows and has ex- hibited at most of them. He sponsored several regional meetings of the SPMC in Los Angeles. Active in the ANA, Charles has served as assistant chief judge for the past ten years. He was a candi- date for the ANA board at the last election. As immediate Past-Presi- dent of California State Numisma- tic Association, he remains very ac- tive in that organization. Charles also does considerable writing and speaking on the subject of paper money and other aspects of the hobby. He was appointed to the U.S. Assay Commission in 1974 and also led in the crusade to preserve the Old San Fran- cisco Mint. He received the first Numismatic Ambassador award from Krause Publications in 1974 and now heads that program. Charles is a graduate of Chaffey College, a research manager for U.S. Forest Service. Mayor of the City of Covina and a com- bat veteran of World War II. Colver and his wife Mary have been married for 40 years and have three children. TOM DENLY is the owner of Denly's of Boston, a firm that deal in all fields of U.S. paper money and related supplies for the collector. He is a table holder at over 20 major shows each year. Tom is the first life member of the SPMC and for the past two years has handled the Society's Pa- tron Association. He also holds a life membership in the ANA, Cen- tral States Numismatic Association, NENA and regular membership in numerous other organizations. Currently, Tom is a Governor of the Professional Currency Dealer Association and Vice-President of the Currency Club of New England. Tom has contributed to both the Hickman-Oakes and Don Kelly books on national bank notes; he cataloged the obsolete notes for the 1984 Memphis Convention auction. A collector himself, Tom feels that his true understanding of the collector, coupled with his knowledge of the professional aspects of the hobby, will allow him to serve our members well. Tom is married and has a son and daughter. ROGER H. DURAND, current Vice-President and Recruitment Chairman of the SPMC and President of the Cur- rency Collectors of New England, lives in Rehoboth, Massachusetts, just across the state line from his native Rhode Island. He has been interested in numis- matics for over 30 years; for the last 20 years he has specialized in paper money. Roger is the author of Ob- solete Notes and Scrip of Rhode Is- land and theProuidence Plantations. Paper Money Whole No. 123 Page 129 ROGER H. DURAND Continued "As far as the SPMC is concerned," says Roger, "I like to think that I represent the collector aspect of the organization. I feel that our book projects and our educational forums are of primary importance for the future of collecting." In private life Roger Durand is in the insuance business. He is married and has four children. ROMAN L. LATIMER has been a member of the SPMC for over 15 years and a member of the American Numis- matic Association for 25 years. He is completing a three-year term on the SPMC Board of Governors. Born during the Third Charter Period of National bank notes. Roman, a native of Santa Fe, New Mexico, is an avid collector of New Mexico National Bank Notes. He has lectured to various numismatic and civic groups regarding the historical significance of New Mexico currency issues and has written numerous arti- cles with a western flavor on this subject for a number of numis- matic publications. Since retiring from the New Mexico State Highway Department, after 30 years of service, Roman enjoys doing historical research on New Mexico Banks, bank notes and bankers. His wife Esperanza has been a member of the teaching staff at the New Mexico School for the Deaf for over 20 years. DEAN OAKES, was born, raised and educated in Iowa. He graduated from the University of Iowa with a degree in business in 1961. A coin collector since 1949. he started collecting Iowa national bank notes in 1957. At the ANA Convention in 1970 he captured the first place Amon Carter Paper Money Award. The Standard Catalog of Nation- al Bank Notes was compiled with John Hickman, his partner in a na- tional bank note business. An active paper money dealer since the early 1960s, a life member of the ANA, past-president of the Iowa Numismatic As- sociation, Dean authored the SPMC Iowa Obsolete Notes & Scrip. BERNARD SCHAAF, M.D. began collecting US currency in 1963, specialized in US star notes in 1966, and in 1969 al- so began collecting bank notes of several selected foreign countries. A member of the SPMC since about 1968, he has published one three-part article on star notes in the BNR in 1976, several articles in the IBNS Journal, contributed in- formation for several catalogues and has given talks at regional and national shows. Dr. Schaaf has served several terms on the IBNS board and one term on the SPMC board. He has been an exhibitor at every Memphis PM show. Schaaf was an early campaigner to have the SPMC election voting open to any member who would buy a stamp to mail his ballot, rather than being required to attend the annual meeting. He would now like to see the SPMC give its awards (at Memphis) on merit alone, without regard to whether a candidate or (exhibitor) is a member of the SPMC or not. Dr. Schaaf is the originator of the SPMCs Register of Stolen Banknotes . NANCY WILSON is the Supervisor of the Duplicating Services Department for the Mil- waukee Public Schools. She has been a collector since age nine. With her husband, John, she de- votes most free time as well as va- cation time to our hobby. Nancy and John work on their exhibits together and have received numerous awards at approximate- ly 150 numismatic-syngraphic shows. At the top of the list of her many awards is the Howland Wood Memorial Best in Show Award at the 1984 ANA Con- vention. During 1985 Nancy was numismatically involved in the Greater Milwaukee Boy Scout Merit Badge Clinic where nearly 100 Scouts were certified. Nancy has been appointed Co- Chairman for the 1986 ANA Convention. A founder of the Fractional Currency Collectors Board, she is also a member of at least 12 other organizations. If elected, Nancy offers fairness in all Society matters and promises to do whatever is required to improve our organiza- tion. WENDELL WOLKA is running for the Board of Governors and brings along quite an extensive record of exper- ience with the organization. First involved over a decade ago as li- brarian, he has gone on to serve in a number of capacities including: President, Governor, Wismer Book Project Chairman, Patrons Association Chairman. Election Committee Chairman and Mem- ber, Awards Committee Chairman and Member. If elected, Wendell is interested in assuring that the SPMC's finan- cial footings are sound, that the SPMC membership continues its recent good growth, and that the SPMC fosters good rela- tionships with all sectors of our hobby—dealers, collectors, and sister organizations alike. Candidates for the SPMC Board Deserve Your VOTE Page 130 Paper Money Whole No. 123 COMING EVENTS PAGE 1986 REGIONAL MEETINGS MEMPHIS, TENNESSEE — June 20-22, 1986. Memphis Coin Club's 10th Annual Paper Money Show, Memphis Convention Center, Memphis, Tennessee. Usual Activities — here's the schedule of events: Saturday, June 21, 8:30 AM SPMC Board Meeting (Holiday Inn—Crowne Plaza) Saturday, June 21, 10:00 AM SPMC General Meeting (Holiday Inn—Crowne Plaza) Program: Steve Whitfield of Omaha, Nebraska "Collecting Kansas Collateral Currency Material" Saturday, June 21, 6:00 PM Cash Bar — near Ballroom Saturday, June 21, 6:30 PM SPMC 25th Anniversary Awards Banquet —Annaul SPMC Awards —Awards to 25-year members of SPMC — Reflections on 25 Years of SPMC —Tom Bain Raffle Banquet will be held in Ballroom of Holiday Inn—Crowne Plaza, which connects with the Convention Center. Advance banquet tickets are REQUIRED, and are $20.00 each. We are limited to about 100 tickets, so please order early: Send $20 check payable to SPMC to: Mike Crabb, Jr., SPMC 25th Anniversary Banquet, P.O. Box 17871, Memphis, Tennessee 38187-0871, (901) 654-6118 MILWAUKEE, WISCONSIN — August 6-10, 1986 — American Numismatic Association, 95th Anniversary Convention, MECCA Convention Center, Milwaukee, Wisconsin. Friday, August 8, 8:00 AM Ragpicker's Breakfast, room E-2 of MECCA Convention Center, co-hosted by the SPMC and IBNS. Speaker will be Chet Krause of Iola, Wisconsin. Cost of the breakfast is $10. Saturday, August 9, 11:00 AM SPMC General Meeting, room E-6 of the MECCA Conven- tion Center, with featured speaker Dr. Glenn Jackson of Watertown, Connecticut, who will have a slide program "Lorenzo Hatch, Banknote Engraver." Advance reservations for the SPMC-IBNS Breakfast are requested. Send $10 check payable to SPMC to John Wilson, SPMC Breakfast P.O. Box 27185, Milwaukee, Wisconsin 53227 / (414) 545-8636 For further information about the ANA Convention or SPMC activities at the show contact John Wilson at the above address. SPMC Regional Meeting Speaker: Eric P. Newman of St. Louis, Missouri, of the Eric P. Newman Numismatic Education Society. Topic to be an- nounced later. Please watch this column and the numismatic press for fur- ther details. For further information about the SPMC regional meeting at St. Louis, contact: John Wilson at the above address. For bourse information contact Kevin Foley, P.O. Box 589, Milwaukee, Wisconsin 53201. General Chairman for the show is Ron Horstman, P.O. Box 6011, St. Louis, Missouri 63139. ST. LOUIS, MISSOURI — November 13-16, 1986 — National Paper Money Convention, St. Louis Cervantes Convention Center, St. Louis, Missouri, sponsored by the Professional Currency Dealers Association. SPMC Regional Meeting Saturday, Nov. 15, 11:00 AM '63 Editor's Corner O U About five months ago I sent Paper Money Whole No. 123 As editor I am pleased to have received articles from new authors during the past year. Heretofore, most articles were written by the same faith- ful group of writers. I wish I could say that with a few ex- ceptions-many new adver- tisers have joined in the sup- port of our journal. about 20 letters to dealers who at one time did advertise and also to some who have never ad- vertised in PAPER MONEY. There was one reply. This, our 25th anniversary year, I thought, would be a good time to demonstrate support for PAPER MONEY. It seems that many dealers disagree. Without dealers, collectors would be limited in their ability to locate what they wanted. But, without the collectors, to whom would the dealers sell? The same bank note can change hands among dealers just so many times. I have never shamed a dealer into advertising in PAPER MONEY and I would not suggest that you should. But, if you frequently or habitually purchase material from specific dealers who are noticeably absent from the advertising pages of this journal, you might suggest that they consider these pages as an outlet for what they would like to sell and what the collectors want to purchase. Since the preceding was written, I am happy to report that a number of advertisers have responded. Please look at the advertising section. You will see that some new and some old friends have demonstrated their support for our society. Allow me to acknowledge those who sent letters of good wishes to me here in St. Louis at the Mercantile Money Museum. Thank you. Page 131 (CORPORATE EXTENSIONS, continued from p. 118) SOURCES OF DATA AND REFERENCES CITED Bureau of Engraving and Printing, undated, Certified proofs of national bank notes: Smithsonian Institution, Division of Numismatics, Washington, D.C. Bureau of Engraving and Printing, various dates, Monthly statements to the Comptroller of the Currency listing plates manufactured for na- tional banks between the years 1921 and 1922: Bureau of Engrav- ing and Printing Archives, Washington, D.C. Comptroller of the Currency, various dates, National currency and bond ledgers for individual national banks: U.S. National Archives, Washington, D.C. Comptroller of the Currency, 1881, 1882, 1883, 1884, 1901, 1902, 1921, 1922, Annual reports of the Comptroller of the Currency : U.S. Government Printing Office, Washington, D.C. Hickman, J., and D. Oakes, 1983, Standard catalog of national bank notes : Krause Publications, Iola, WI, 1216 p. Huntoon, P., 1977, "The almost Fourth Charter notes" • Bank Note Reporter, May, p. 2, 3. Huntoon, P., 1981, "The misdated 1902 plate for the First National Bank of Arizona at Phoenix": Paper Money, v. 20, p. 67-70. Kelly, D., 1982, Note-issuing national banks, alphabetic by city name, numeric by charter number: Paper Money Institute, Oxford, OH. Miller, M., 1975, "The 'almost' Fourth Charter period national banks": Paper Money, v. 14, p. 128. United States Statutes, Acts of February 25, 1863, June 3. 1864, July 12, 1882, April 12, 1902, July 1, 1922, and February 25, 1927, pertaining to national banks. Van Belkum, L., 1968, National banks of the note issuing period, 1863-1935: Hewitt Brothers Numismatic Publications, Chicago, IL, 400 p. Van Belkum, L., undated, "Summary records by bank of national bank notes issued": unpublished data. Walton, G., 1977, "Dates on Nebraska national currency": The Nu- mismatist, v. 90, p. 2005-2030. Walton, G., 1978, A history of Nebraska banking and paper money: Centennial, Lincoln, NE, 673 p. NEW MEMBERSHIP COORDINATOR NEW MEMBERS Ronald Horstman P.O. Box 6011 St. Louis, MO 63139 7120 Joseph Ralph, 63-51 83rd Place, Middle Village, NY 11379. 7121 John Mooneyham, 4612 Haskell, Kansas City, KS 66104. 7122 Carl LaFoone, 714 Holdridge Ave., Winthrop Harbor, IL 60096; C. Confederate currency. 7123 Samuel Roakes, Jr., 281 Rustic Ridge Dr., Kennesaw, GA 30144; C&D, CSA & Southern obsolete notes. 7124 Samuel Gaston, 211 Branch Brook, Wilton, CT 06897; C . 7125 Michael Pierce, 2448 Marcy Ave., Evanston, IL 60201; C, Nationals, uncut sheets and low numbers. 7126 David Anderson, 2538 Coppercliff, Woodbury, MN 55125; C&D, Silver certificates. 7127 Gerry Monagahan, Rt. 5 Box 125 E. Main, Tupelo, MS 38801; C, World; US. 7128 Jeff Segner, 6349 Gen. Haig, New Orleans, LA 70124; C. 7129 Marion W. Middleton, Jr., 20 Edgewood Dr., Williamston, SC 29697; C, US currency. 7130 C.J. Scozzari, P.O. Box 823, Jacksonville, NC 28540; C&D. Viet Nam. 7131 Robert Petrucelli, 211 Main Street, Fishk II, NY 12524; C, Con- federate. 7132 John Angel, 1405A Werner Park, Ft. Campbell, KY 42223; C, Confederate, obsolete, world. 7133 L.F. Long, P.O. Box 57, 84007 Muar, Johor, Malaysia; C&D, Straits Settlements, Malaya. 7134 Peter Gaffal, Heilbronner St-. 56, 7062 Rudersberg, West Germany; C, US large-size currency. 7135 John Hamm, 8383 LaPrada #907, Dallas, TX 75228; C. 7136 Harold Garber, P.O. Box 665, Petersburg, WV 26847; C, National Bank and Confederate notes. 7137 D.H. Wriggins, P.O. Box 5042, Toms River, NJ 08754; C. 7138 Dan Farmer, 5183 N. Hampton Rdg., Norcross, GA 30092; C&D, Large-size U.S. 7139 Rajesh Kumar Lodha. GPO Box 3609, Kathmandu 7101, Nepal. LM Hugh Shull, P.O. Box 712, Leesville, SC 29070 C&D, CSA, obsolete, SC notes. Page 132 Letters to the Editor HAPPY BIRTHDAY! (The following letter from George Wait clarifies a misconception con- veyed to you by your editor in PAPER MONEY No. 121.) Glenn Smedley should really be considered the father of the SPMC because prior to the Convention, he wrote some of us and suggested we get together at Boston and explore the possi- bility of an organization. At the luncheon meeting were Messrs. Bieciuk, Blanchard, Criswell, Smedley and Wait. At that meeting we thought that someday we might have as many as 200 members!! The numbering of early members does not exactly fit the pat- tern mentioned in your writeup, in that Jim Curio did not attend that luncheon. Doc Blanchard and I assigned the first numbers. If I recall correctly, we offered #1 to Glenn Smedley since it was his original idea, but he modestly declined with the suggestion that the president and vice-president should have first consider- ation. Tom Bain was not an original officer, but he was made second vice-president after the merger with the World Paper Money Club. Believe me, the early years were rough and many times our survival was in doubt, but we hung in, and now the Society has exceeded all expectations. Doc would be amazed! George W. Wait Paper Money and Post Cards Bob Webster's short article on "Paper Money and Post Cards" could be the start of something big. The illustrated card depicting an alteration of a $100 Virginia Treasury note that was issued during the Jamestown Exposition in 1907 is for the home state of Virginia. Illustrated here is the same note but the bottom inscription is for the state of South Carolina. This indicates that the publisher apparently printed these for various state visitors. I wonder how many cards from other states may be located? I have quite a number of coin and banknote post cards but there are many more than what I have. The coin and stamp post cards printed in Germany aren't too difficult to locate, although some are quite rare. I find those depicting banknotes to be the scarcest. Some depict several banknotes on the same card. Those issued in Germany prior to World War I are of particular interest as they frequently combine local scenes with a banknote such as the 100 mark. There are also other novelty ver- sions from Germany. And, of course, there are the advertising cards in several smaller sizes that show a banknote of a country together with a person in national dress. Among those I have is one bearing the adver- tisement of J.W. Scott Stamp & Coin Co., the well-known New York dealer. All of these cards have become very popular in recent years and some of them cost more than the original banknotes. What we really need is a catalog covering these coin, banknote and stamp cards, al- though these may have already been compiled and it has yet to come to my attention. —Arlie Slabaugh Thanks to Authors The Nov./Dec. issue is one of the best I've received. The variety of arti- cles furnished a lot of interesting reading. My thanks to all the contribu- ting authors. Herman L. Boraker Paper Money Whole No. 123 New Literature DIE GELDMACHER vom Gulden zum Schilling by W. Kranister; published by Verlag Gemayr & Scheriau, Nie- derhofstrasse 37, A-1120 Vienna, Austria; 1985, 223 pp, 10 x 10, hardcover. Available from BNR Press, 132 E. Second St., Port Clinton, OH 43452, price not specified. There are more color illustrations than there is text in this ex- quisite history of Austrian bank notes. The beautiful photo- graphs appear as actual bank notes lying on black backgrounds. There are numerous photographs of original art work used as models for some notes. The book by Willibrand Kranister, Director of the Oester- reichischen Nationalbank, is entirely in German. Nevertheless, the illustrations tell much of the story. Photographs of sketches, some rejected, an operator of a lazer device that aids in bank note design and all the other color illustrations make this a book that one is compelled to look at again and again. The an- nouncement of this book was made in a previous editorial in PAPER MONEY: it was worth waiting for. (ed.) RARE TERRITORIALS IN AUCTION Serious bidding is expected for territorial, national bank notes from Colorado, Montana, Nebraska, Utah and Washington. The scarce lazy two from Nebraska City and the $10 brown back from Colfax, Washington Territory are from the Amon Carter, Jr. collection. Nebraska became a state in 1867, consequently, only notes from the three earliest banks were issued territorial plates. Only three $1 and two $2 notes are known today. Washington assumed statehood in 1867, this allowed for two first charter and 37 second charter banks to issue notes with ter- ritorial status. National bank notes continue to dominate the paper money field, but territorial notes always demand special attention. "Af- ter ten years of auctioning rare U.S. currency," said Dean Oakes, "we couldn't be happier than we are to offer these rare territorial nationals in this our 31st auction." The closing date is June 25th. 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 Paper Money Whole No. 123 Paper Money will accept classified advertising from members only on a basis of 5t 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 tenth of the month preceding the month of issue (i.e. Dec. 10, 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. Page 133 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) NEW EGYPT, NEW JERSEY (#13910 & 8254) Nationals wanted. Any condition. Please write first. Dennis Tilghman, P.O. Box 2254, Princeton, NJ 08540 (128) 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) FOR SALE: CONFEDERATE CURRENCY. Part of 20 year collection, many scarce varieties. Send SASE for listing. Michael Wheat, 158 Buford Place, Macon, GA 31204. (123) EASTMAN COLLEGE CURRENCY wanted. Also obsoletes with vignettes: Declaration Signing, Washington's Crossing, Drummer Boy, Five Presidents, Cowboys, Delaware Bridge, Matrimony. Robert W. Ross III, P.O. Box 765, Wilmington, DE 19899. (125) 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) 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) 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, 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) 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) 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) 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) 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) NATIONAL CURRENCY, OVER 600 DIFFERENT, almost all states, 39' SASE brings list. Also buying & trading. Joe Apellman, Box 283, Covington, LA 70434. (123) 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) 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) Page 134 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) 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) 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) 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: 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) 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) WANTED: OHIO NATIONALS. I need your help. Send list you would sell to: Lowell Yoder, P.O. Box 444, Holland, OH 43528 or call 419-865-5115 (132)) MISSOURI NATIONALS WANTED. Both large and small, also obsoletes. Can find a few duplicates to trade. Forrest Meadows, Route 1, Box 176, Bethany, MO 64424, call 816-425-6054. (131) CHECK COLLECTION FOR SALE. 200 different railroad checks & drafts c. 1910, $125 postpaid. Also 200 steamboat, oil, manufacturers, etc., checks & drafts c. 1910, $125. Bob Yanosey, 11 Sussex Ct., Edison, NJ 08820. (132) WANTED: CU $1 FRNs with serials 00000055; 00066666; 77777777; 00088888; 00009999; 00099999; 09999999; 99999999. Please describe and price. James E. Lund, 2805 County Rd. 82, Alexandria, MN 56308. (125) WANTED: All types of military currency, military medals and military metal collar insignia. Charles Otte, 716 Santa Maria Dr., Quincy, IL 62301. (123) EXCELSIOR SPRINGS MISSOURI NATIONALS WANTED. Charter 7741, any condition accepted. Other Missouri nationals needed, higher grade if possible: Independ- ence 1529 and 4157, Liberty 3712, Warrensburg 1856 and 5156, Hannibal 1571. In need of any Kansas City nationals. Send description. James Tremaine, P.O. Box E, Excelsior Springs, MO 64024. (126) FOR SALE — SET OF ESSAY PROOF JOURNALS, 1 thru 168 (except 98), $250 plus UPS. W.H. Monroe, P.O. Box 323, Great Bend, KS 67530. SEND FOR MY SELL/TRADE LIST of U.S. CURRENCY. Have large type. fractionals, nationals, SC, USN. James Van- derHelm , Rt. 3, Box 185A. Akron, Iowa 51001. OLD NORFOLK & WESTERN PASSENGER TRAIN TICKETS. Have several varieties, $2.50 each. Frank Sprinkle, 304 Barbee Blvd., Yaupon Beach, NC 28461. Paper Money Whole No. 123 MICHIGAN NATIONALS, OBSOLETES, SCRIP WANTED. Buy and sell. Also have SC, FRN block sets and fractionals. Dr. Wallace Lee, Suite 210, Summit Place, Pontiac, MI 48053. (126) WOODBRIDGE, NEW JERSEY NATIONALS WANTED. Charters 8299 and 11888. Please write first. George R. Ruskai, 588 Linden Avenue, Woodbridge, NJ 07095. (127) NEW YORK NATIONALS WANTED FOR PERSONAL COLLECTION: TARRYTOWN 364, MOUNT VERNON 8516, MAMARONECK 5411, Rye, Mount Kisco, Hastings, Croton on Hudson, Pelham, Somers, Harrison. Ossining, Yonkers, White Plains, Irvington, Peekskill, Bronxville, Ardsley, Crestwood, New Rochelle, Elmsford, Scarsdale, Larchmont, Portchester, Tuckahoe. Send photocopy; price. Frank Levitan, 530 Southern Blvd., Bronx, NY 10455, (212) 292-6803. (135) WANTED: MARYLAND NATIONALS AND COLONI- ALS. Hyattsville, Laurel, Upper Marlboro, Mt. Rainier. Bill Ale- shire, 16013 Philmont Lane, Bowie, MD 20716. (125) KALAMAZOO, MICHIGAN NATIONALS WANTED. Also want Michigan Nationals with serial number ONE and Michigan cancelled checks prior to 1900. Jack Fisher, 3123 Bronson Blvd., Kalamazoo, MI 49008. (140) SALISBURY, MARYLAND NATIONALS WANTED, both large and small, either charter number. Robert Hastings, 9234 Prarie Ave., Highland, IN 46322. (124) NUMBER 1 and 11111111 UNITED STATES type notes wanted and unusual United States error notes. Jack Fisher, 3123 Bronson Blvd., Kalamazoo, MI 49008. (140) THREE DIFFERENT UNCUT SHEETS Gilliam Coal Com- pany of Gilliam, W. VA. $25. Frank Sprinkle, 304 Barbee Blvd., Yaupon, NC 28461. KUWAIT 1960 NOTES in regular issue and specimen, also want Jordan, Saudi Arabia and scarce Middle East notes. Jack Fisher, 3123 Bronson Blvd., Kalamazoo, MI 49008. (140) CANADA WANTED. 1923 $2 all signatures and seals. Low serial numbers 1935 Bank of Canada and Canada specimen notes. Jack Fisher, 3123 Bronson Blvd., Kalamazoo, MI 49008. (140) BEP UNCUT SHEETS and current FR notes. Buy, trade or sell. Glover, P.O. Box 8941, Trenton, NJ 08650 (128) BUYING: SMALL AND LARGE-SIZE NATIONALS from the First National Bank of Akron, Iowa, Charter 7322. Write with offers. James VanderHelm, Rt. 3, Box 185A, Akron, Iowa 51001. (126) WANTED PAPER SCRIP OF McNEAL COAL COMPANY PA, dated 187 and 188 . Frank Sprinkle, 304 Barbee Blvd., Yaupon Beach, NC 28461. Paper Money Whole No. 123 Page 135 - — I , . 4 -. • ,l orj )1 1 I 1 I d, 1 ir \01 , 1 I I 1. 1, I 1■ 10r, WE ARE ALWAYS BUYING ■ FRACTIONAL CURRENCY ■ ENCASED POSTAGE ■ LARGE SIZE CURRENCY ■ COLONIAL CURRENCY WRITE, CALL OR SHIP: Irt 111C. LEN and JEAN GLAZER (718) 268-3221 POST OFFICE BOX 111 FOREST HILLS, N.Y. 11375 r'harter ;Wernher 1.1 ‘,1 «11 1,1 , ( I ( )It,el/ NI L. Al- 2819 LA/-577:1 CANADIAN BOUGHT AND SOLD • CHARTERED BANKNOTES. • DOMINION OF CANADA. • BANK OF CANADA. • CHEQUES, SCRIP, BONDS & BOOKS. FREE PRICE LIST CHARLES D. MOORE P.O. BOX 4816P WALNUT CREEK, CA 94596-0816 (415) 943-6001 LIFE MEMBER A.N.A. #1995 C N A. #143 C.P.M.S. #11 THE BANKOF S: LOUIS 'LOW 4$; I 1.12SarlilINES ST. LOUIS, MISSOURI OBSOLETES AND NATIONALS WANTED RONALD HORSTMAN ROUTE 2, BOX 242 GERALD, MISSOURI 63037 • Nalitma , X10 - •• • • • • • • • • • • • • Page 136 Paper Money Whole No. 123 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 • Stontlartl Catolog 1 0,N, IrTEFI Ford, {o, $16.5° Plus postage and handling Fourth Edition Order Now Credit Card Customers Call Toll-Free: 1-800-258-0929 From 8 AM to 5 PM, CST Ten-Day Return Privilege. If not completely satisfied send your catalog back to us within ten days and receive a full refund. Standard Catalog of United Please send copy(ies) of the new Standard Catalog of United States Paper Money. I've enclosed $16.50* per copy, plus $2.00 per copy for postage and handling. ( ) Check enclosed (to Krause Pub- lications) ( ) MasterCard! Visa acct. no. exp. date: mo. yr 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 • • • • • 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. Mail with payment to Krause Publications • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • States Paper Money • • • • •• • • NO• signature 700 E. State St., Iola, WI 54990 • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 9 Paper Money Whole No. 123 Page 137 FOR GOVERNOR S.P.M.C. NELSON PAGE ASPEN \ VI ION ( -1:1131-ENM:c -"A.4='''"-v"*";44' wolh,.;11 AUTHOR History of Bermuda and Its Paper Money CONTRIBUTOR DIRECTOR CONSULTANT Coin World — Bermuda Manifest Bank Note Reporter Paper Money The Essay — Proof Journal and Others Educational Forum — First International Paper Money Convention — Cherry Hill Bermuda Monetary Authority S.P.M.C. #3004 Page 138 Paper Money Whole No. 123 FOR SALE The following offering of 323 notes contain some of the rarest known New Hampshire National Bank Notes, also a number of other nationals from the rest of the New England States. A few large and small type notes are also listed. NEW HAMPSHIRE NATIONAL BANK NOTES RESEARCH PROJECT If you have any New Hampshire Nationals in your collection, we would appreciate hearing from you so we can add your notes to the "Known Notes List". We need to know the "TOWN", "CHARTER NUMBER" "Denomina- tion & TYPE", serial number (both Federal and Bank), Face Plate letter, and condition. If you have scarcer notes or notes not listed in this ad, we would appreciate photocopies and will reimburse costs. NEW HAMPSHIRE NATIONAL BANK NOTES 1929 T1 Fine $165.00 1929 T1 Fine except for 1/2" x '/z" missing B.R. corner "SCARCE" 250.00 1929 T1 Fine Ser#10 "RARE" 995.00 1929 T2 VF/XF "SCARCE - 165.00 BERLIN C#4523 "The Berlin National Bank" 1. $ 5.00 1929 T1 CU "SCARCE" $ 265.00 2. $10.00 1929 T1 CU "SCARCE" 375.00 BERLIN C#5622 "The City National Bank of Berlin" 3. $20.00 2nd VALUE BACK VGIF RARE as this is the on- ly known value back note on a Berlin bank and one of only 10 currently known value back notes on the entire state of N.1-1 3,750.00 BRISTOL C#5151 "The First National Bank of Bristol" 4. $10.00 3rd PB VG/F "Quite Scarce"as this is currently one of only three known 3rd charter notes (all $10) 465.00 5. $20.00 1929 T1 VG/F SCARCE 348 printed 285.00 6. $20.00 1929 T1 XF "SCARCE" 595.00 CHARLESTOWN C#537 "The Connecticut River NB of Charlestown" 7. $10.00 PB VG 550.00 CLAREMONT C#596 "The Claremont National Bank" 8. $ 5.00 Series 1875 About Uncirculated. A beautiful and rare note suitable for the type of collector who wants the "Finest Available" 9. $ 5.00 2nd Brown Back XF with small corner knick at B.R. of 1/8th inch or so. Very Scarce and well preserved 10. $10.00 3rd RED SEAL Fine or slightly better. "Quite Scarce" as are all N.H. Red Seal Notes 11. $20.00 3rd DATE BACK VG Signatures faded 150.00 12. $ 5.00 3rd PB Fine 175.00 13. $10.00 1929 T1 CU 375.00 14. $20.00 1929 T1 VG/F "SCARCE" 265.00 CLAREMONT C#4793 "The Peoples N.B. of Claremont" 15. $ 5.00 2nd Brown Back Fine 565.00 16. $10.00 3rd PB Fine 295.00 17. $10.00 1929 T1 Fine 125.00 18. $20.00 1929 T1 VG "SCARCE" 185.00 19. $ 5.00 1929 T2 XF "RARE" currently the only known T2 this bank 375.00 CLAREMONT C#13829 "Claremont National Bank" 20. $20.00 1929 T2 XF "SCARCE" 395.00 COLEBROOK C#4041 "The Colebrook National Bank" 21. $ 5.00 3rd PB VG/F with photo & autograph of cashier Earl P. Wadsworth 225.00 22. $10.00 3rd PB FNF Position A Note of the sheet with the top sheet margin Front "1902-1908 10-10- 10-10" Back "10-10-10-10 1902 2066" 23. $10.00 3rd PB G/VG 24. $10.00 1929 T1 G/VG 25. $10.00 1929 T2 VF/XF "SCARCE" COLEBROOK C#5183 "The Farmers & Traders NB of Colebrook" 26. $10.00 1929 T1 VG or slightly better. Scarce, 1 of 3 known notes this bank 265.00 CONCORD C#318 "The First National Bank of Concord" 27. $ 1.00 Original No charter # Fine with usual close-cut margins 495.00 28. $10.00 2nd Brown Back VF 495.00 29. $50.00 3rd DATE BACK Fine "RARE" 895.00 30. $ 5.00 3rd PB CU 395.00 31. $20.00 3rd PB Fine 125.00 32.$100.00 3rd PB overall VG but has a small 1/8th inch centerline knick RARE 750.00 33. $20.00 1929 T1 Fine "SCARCE" 235.00 34. $10.00 192972 XF "SCARCE" 295.00 CONCORD C#758 "The National State Capital Bk of Concord" 35. $ 5.00 3rd Date Back Fine 185.00 36. $10.00 3rd PB Fine 115.00 37. $20.00 3rd PB FNF "Scarce" 235.00 38. $20.00 39. $50.00 40.$100.00 41. $10.00 CONCORD C#2447 "The Mechanicks N.B. of Concord" 42. $ 5.00 Series 1875 VG/F 395.00 43. $10.00 2nd Brown Back Crisp AU "SCARCE" 795.00 44. $20.00 2nd Brown Back CU "SCARCE" 1,650.00 45. $10.00 2nd Date Back Fine "SCARCE" 395.00 46. $ 5.00 2nd VALUE BACK VF "RARE". Only known V.B. this bank 3,500.00 47. $ 5.00 3rd PB Fine 95.00 48. $20.00 3rd PB AU 425.00 49. $10.00 1929 T1 Fine 65.00 50. $20.00 1929 T1 Fine 135.00 51. $ 5.00 1929 T2 XF 165.00 52. $10.00 1929 T2 F/VF 135.00 53. $20.00 1929 T2 VG "SCARCE" 145.00 DERRY C#499 "The Derry National Bank" 59. $ 1.00 Original Fine 750.00 60. $ 5.00 3rd PB VG/F 295.00 DOVER C#5274 "The Merchants National Bank of Dover" 61. $10.00 3rd Fine "SCARCE" 595.00 62. $10.00 1929 T1 XF 175.00 63. $20.00 1929 T1 Fine "Scarce" 245.00 64. $10.00 1929 T2 VG 110.00 EAST JAFFREY C#1242 "The Monadnock NB of E. Jaffrey" 65. $ 2.00 Original with Charter Number Fine or slightly better with close margins Truly Rare even by New Hampshire notes standards 2,250.00 66. $10.00 3rd RED SEAL F/VF "RARE" as this is 1 of 2 known E. Jaffrey Red Seals 1,550.00 67. $10.00 3rd PB VF "SCARCE" 375.00 68. $20.00 3rd PB VF "SCARCE" as this is currently the only known $20 PB 595.00 69. $20.00 1929 T1 F/VF 135.00 70. $ 5.00 1929 T2 Fine "Scarce" 165.00 FARMINGTON C#2022 "The Farmington National Bank" 71. $10.00 Series 1875 VG/F "RARE" 1,650.00 72. $20.00 Series 1875 Good "RARE" 495.00 73. $20.00 2nd Brown Back "RARE" as this is currently the only known Farmington Brown Back Note . 1,850.00 74. $10.00 3rd Date Back XF "Scarce" 595.00 FARMINGTON C#13764 "Farmington National Bank" 75. $10.00 1929 T2 XF 385.00 FRANCESTOWN C#576 "The First National Bank of Francestown" 76. $ 1.00 Original No charter number Fine. RARE One of only three currently known notes on this bank (The 2 $1 listed here and a $5. No 1875 notes yet discovered) 2,500.00 77. $ 1.00 Original with charter number Fine or slightly better "RARE" 2,850.00 FRANKLIN C#2443 "The Franklin National Bank" 78. $20.00 2nd DATE BACK AU "RARE" 1,795.00 79. $10.00 3rd PB Fine "Scarce" 350.00 80. $10.00 3rd PB VG Heavy centerline fold 145.00 81. $10.00 1929 T1 XF "SCARCE" 275.00 82. $10.00 1929 T2 XF "RARE" as this is currently the only known T2 note on this Bank 450.00 475.00 77.00 110.00 295.00 3,500.00 54. $20.00 2nd Brown Back Fine "SCARCE" 895.00 55. $10.00 3rd Date Back Fine "SCARCE" 395.00 56. $20.00 3rd PB G/VG 195.00 775.00 57. $10.00 1929 T1 Fine "SCARCE" 325.00 58. $20.00 1929 T1 Fine "SCARCE" 335.00 775.00 DOVER C#1353 "The Strafford National Bank of Dover" PAGE 2 of DOLLOFF LISTING GONIC C#838 "The First National Bank of Gonic" 83. $ 2.00 Series 1875 Fine. One of only Two known notes to exist on this bank, the other being a $1 original of extreme rarity $7,500.00 GORHAM C#9001 "The White Mountain N.B. of Gorham" 84. $ 5.00 1929 T1 XF 235.00 85. $10.00 1929 Ti XF 245.00 GROVETON C#5317 "The Coos County NB of Groveton" 86. $20.00 2nd VALUE BACK Fine nice wide margins RARE and currently the only known 2nd charter note for this bank 5,750.00 87. $10.00 1929 T2 VF "RARE" currently 1 of 3 known 1929 notes this bank, the others both Ti $5 & $10 395.00 HANOVER C#1145 "The Dartmouth NB of Hanover" 88. $ 5.00 3rd Date Back CU "SCARCE" 1,550.00 89. $ 5.00 3rd PB CU 775.00 90. $10.00 3rd PB VG/F 295.00 91. $ 5.00 1929 T1 AU Serial #2 350.00 92. $10.00 1929 T1 G/VG Serial #5 195.00 93. $ 5.00 1929 T2 CU Serial #8 395.00 HILLSBOROUGH C#1688 "The First NB of Hillsborough" 94. $ 5.00 2nd Brown Back Fine Signatures faded Somewhat scarcer note 375.00 95. $20.00 3rd Date Back VF "SCARCE" 395.00 96, $10.00 3rd PB Fine 295.00 97. $10.00 1929 T1 F/VF "RARE" as this is the only known small size Hillsborough note although 2 others are rumored to exist but serial numbers have not been reported 495.00 KEENE C#559 "The Cheshire National Bank of Keene" 98. $ 5.00 2nd Brown Back VG/F 295.00 99. $ 5.00 3rd PB F/VF 125.00 100. $10.00 3rd PB G/VG 39.50 101. $ 5.00 1929 T1 VGIF 65.00 102. $10.00 1929 T1 Fine 75.00 103. $20.00 1929 T2 Fine "SCARCE" 165.00 KEENE C#877 "The Keene National Bank" 104. $10.00 2nd Brown Back VF/XF "SCARCE" 650.00 105. $20.00 2nd Brown Back CU "RARE" 1,750.00 106. $10.00 3rd Date Back XF 295.00 107. $ 5.00 3rd PB Fine 79.50 108. $20.00 3rd PF Fine 195.00 109. $10.00 1929 T1 Fine 95.00 110. $20.00 1929 T1 XF "SCARCE" 250.00 KEENE #946 "The Ashuelot National Bank of Keene" 111. $ 5.00 3rd Date Back CU "1st Title SCARCE" 795.00 KEENE C#946 "The Ashuelot•Citizens NB of Keene" 112. $ 5.00 1929 T1 Fine 75.00 113. $10.00 1929 T1 XF 115.00 114. $20.00 1929 T1 VG 95.00 KEENE C#2299 "The Citizens NB of Keene" 115. $10.00 Series 1875 VF/XF "RARE". One of only 3 known 1st charter notes on this bank 1,750.00 116. $ 5.00 2nd Brown Back VF "SCARCE" 650.00 117. $ 5.00 2nd Brown Back VG with small centerline separation 225,00 118. $10.00 2nd Date Back Fine or slightly better Bold margins "SCARCE" 595.00 119. $ 5.00 3rd PB Fine 150,00 120. $20.00 3rd PB VG 150.00 LACONIA C#1645 "The Laconia National Bank" 121. $ 5.00 3rd PB VG 225.00 122. $ 5.00 1929 71 VF 165.00 123. $10.00 1929 T1 Fine 140.00 124. $10.00 1929 Ti Fine or slightly better 155.00 125. $20.00 1929 T1 XF 225.00 LACONIA C#4037 "The Peoples NB of Laconia" 126. $10.00 3rd PB VG "Scarce" 235.00 127. $10.00 3rd PB XF or slightly better 695.00 128. $20.00 1929 T1 VG/F 150.00 LAKEPORT C#4740 "The National Bank of Lakeport" 129. $ 5.00 2nd Date Back VG/F "SCARCE" 595.00 130. $10.00 2nd Date Back XF "RARE". This is currently the only known $10 note, the others being 2-$5 and a $20 1,750.00 LACONIA C#4740 "The Lakeport NB of Laconia" 131. $20.00 3rd PB Fine $375.00 132. $10.00 1929 T1 VG/F "SCARCE" 165.00 133. $ 5.00 1929 T2 XF "RARE". Currently the only known T2 note this bank 450.00 LANCASTER C#2600 "The Lancaster National Bank" 134. $10.00 Series 1875 VG or slightly better "RARE" as this is 1 of 3 known 1st charter notes on this bank 750.00 135. $20.00 2nd Brown Back VG or slightly better. Current- ly the only known brown back note for this bank. Quite nice for the grade 795.00 136. $10.00 2nd VALUE BACK Fine or nearly so. "RARE" as this Is one of two known VB notes this bank (the other is a $5). Currently only 10 known VB notes for the entire state 2,250.00 137. $ 5.00 3rd PB VG/F 195.00 138. $10.00 3rd PB VG tattered edges 110.00 139. $20.00 3rd PB V B/F "SCARCE" 275.00 140. $ 5.00 1929 T2 Fine "RARE". Currently 1 of 2 known T2 notes for this bank 265.00 LEBANON C#808 "The National Bank of Lebanon" 141. $ 2.00 Original XF "RARE" The only known 1st char- ter note for this bank 5,500.00 142. $20.00 2nd Brown Back VG "RARE". Currently the only known 2nd charter note for this bank. Ob- verse of the note somewhat better than VG 895.00 143. $ 5.00 3rd Date Back XF "SCARCE" 695.00 144. $20.00 3rd Date Back Fine "SCARCE" 550.00 145. $10.00 3rd PB VG/F 295.00 146. $ 5.00 1929 T1 Fine "SCARCE" 235.00 147. $ 5.00 1929 T2 AU small rust stain from paper clip. "RARE" as this is 1 of only 2 known T2 notes this bank 335.00 MANCHESTER C#574 "The Amoskeg NB of Manchester" 148. $ 5.00 2nd Brown Back VG "Scarce" 495.00 149. $10.00 1929 T1 Fine 95.00 150. $ 5.00 1929 T2 CU "RARE" as this is the only known T2 this bank 495.00 151. $20.00 1929 T1 VG 150.00 MANCHESTER C#1059 "The Manchester National Bank" 152. $ 1.00 Series 1875 VF "RARE" 1,650.00 153. $ 5.00 3rd Date Back XF 550.00 154. $ 5.00 1929 T1 AU 195.00 155. $20.00 1929 Ti Fine "Scarce" 195.00 MANCHESTER C#1153 "The First NB of Manchester" 156. $ 5.00 3rd PB XF/AU 295.00 157. $10.00 1929 T1 AU 225.00 158. $20.00 1929 T1 VG "SCARCE" 150.00 MANCHESTER C#1520 "The Merchants NB of Manchester" 159. $10.00 2nd Brown Back AU "SCARCE" 1,450.00 160. $20.00 3rd RED SEAL VG/F or slightly better with fad- ed signatures 465,00 161. $10.00 1929 Ti VF 115.00 162. $20.00 1929 T1 Fine "SCARCE" 195.00 MANCHESTER C#2362 "The Second NB of Manchester" 163. $ 5.00 Series 1875 VG "RARE" as this is currently the only known 1st charter note this bank 850.00 164. $10.00 2nd Date Back Fine or slightly better, 1 of 2 known 2nd charter notes currently known for this bank 795.00 MILFORD C#1070 "The Souhegan NB of Milford" 165. $20.00 2nd Brown Back VG/F "RARE" as this is cur- rently the only known Brown Back this bank 850.00 166. $ 5.00 3rd Date Back VG "SCARCE" 195.00 167. $10.00 3rd Date Back VG "SCARCE" 195.00 168. $ 5.00 3rd PB AU 395.00 169. $ 5.00 3rd PB CU 595.00 170. $20.00 3rd F/VF 350.00 171. $10.00 1929 T1 VF 150.00 NASHUA C#1310 "The Indian Head NB of Nashua" 172. $ 1.00 Original VF/XF "SCARCE" 1,550.00 173. $ 5.00 3rd Date Back VF/XF 365.00 174. $20.00 3rd PB F/VF 325.00 175. $ 5.00 1929 T1 AU 185.00 176. $10.00 1929 T1 Fine 115.00 177. $20.00 1929 T1 Fine "SCARCE" 195.00 178. $10.00 1929 T2 AU "SCARCE" 325.00 Paper Money Whole No. 123 Page 139 Page 140 Paper Money Whole No. 123 PAGE 3 of DOLLOFF LISTING NASHUA C#2240 The Second NB of Nashua" 237. $20.00 2nd Brown Back Fine or slightly better. Cur- 179. $20.00 Series 1875 VF/XF "RARE". The only currently rently the only known 2nd charter note on this known 1st charter note on this bank $3,750.00 bank $1,750.00 180. $10.00 2nd Brown Back CU "SCARCE" 1,875.00 238. $ 5.00 3rd PB Fine 295.00 181. $ 5.00 2nd Date Back AU "SCARCE" 1,150.00 239. $20.00 3rd PB Fine 395.00 182. $ 5.00 3rd PB AU 395.00 240. $20.00 1929 T1 CU Great Type Note 395.00 183. $10.00 1929 T1 Fine 115.00 184. $20.00 1929 T1 VF "Scarce" 235.00 NEWMARKET C#1330 "The Newmarket National Bank" 185. $ 5.00 3rd PB VG/F "SCARCE" 395.00 186. $20.00 1929 T1 Fine "SCARCE" 295.00 NEWPORT C#888 "The First National Bank of Newport" 187. $ 2.00 Series 1875 VG Quite nice for the Grade. Quite Scarce as this is currently the only known 1875 series note for this bank 1,395.00 188. $ 5.00 2nd Brown Back XF small 1/16 inch paper knick T.R. corner 395.00 189. $10.00 2nd Brown Back AU (C#888) 595.00 190. $10.00 2nd Brown Back AU (C#N888) 595.00 191. $20.00 2nd Brown Back XF/AU 650.00 192. $20.00 2nd Brown Back CU 995.00 193. $10.00 3rd RED SEAL AU (Pressed) 895.00 194. $10.00 3rd PB VF/XF 195.00 195. $10.00 1929 T1 Fine "SCARCE" 185.00 196. $20.00 1929 T1 Fine "SCARCE" 225.00 NEWPORT C#3404 "The Citizens National Bank of Newport" 197. $20.00 2nd Brown Back AU 1,395.00 198. $20.00 3rd RED SEAL CU 2,250.00 199. $10.00 3rd Date Back VG/F "SCARCE" 185.00 200. $20.00 3rd Date Back VF/XF "SCARCE" 365.00 201. $ 5.00 3rd PB XF (Pressed) 275.00 202. $ 5.00 3rd PB VG/F 150.00 203. $10.00 3rd PB VG/F 150.00 204. $20.00 1929 T1 XF "RARE" 425.00 PETERBOROUGH C#1179 "The First NB of Peterborough" 205. $ 5.00 3rd Date Back VF/XF 395.00 206. $ 5.00 3rd PB XF 375.00 207. $10.00 3rd PB XF (C#M1179) 395.00 208. $10.00 3rd PB F/VF (C#1179) 295.00 209. $20.00 3rd PB Fine 350.00 210. $ 5.00 1929 T2 Fine "RARE" as this is 1 of only 2 known T2 notes on this bank 295.00 211. $20.00 1929 T1 Fine "RARE" as this is currently the only known T1 note this bank 325.00 PLYMOUTH C#2587 "The Pemigewasset NB of Plymouth" 212. $10.00 Series 1875 Fine 850.00 213. $10.00 Series 1875 F/VF 995.00 214. $10.00 2nd Date Back VG 425.00 215. $10.00 1929 T1 XF/AU 225.00 216. $10.00 1929 T1 CU 395.00 217. $20.00 1929 T1 VG/F 185.00 218. $10.00 1929 T2 XF 375.00 219. $20.00 1929 T2 Fine 275.00 PORTSMOUTH C#19 "The First NB of Portsmouth" ROCHESTER C#2138 "The Rochester National Bank" 241. $ 5.00 2nd Date Back AU "RARE" as this is 1 of only 2 currently known 2nd charter notes on this bank 1,250.00 242. $ 5.00 3rd PB VG/F "RARE" 395.00 ROCHESTER C#11893 "The Public NB of Rochester" 243. $ 5.00 1929 T1 VG/F 125.00 244. $10.00 1929 T1 F/VF 150.00 245. $20.00 1929 T1 Fine 195.00 SANBORNTON C#1333 "The Citizens NB of Sanbornton" 246. $10.00 Original AU with expert repair in two small areas. UNIQUE. This is the only known San- bornton note. The ultimate rarity 6,950.00 SOMERSWORTH C#1180 "The First NB of Somersworth" 247. $ 5.00 2nd Brown Back VF "SCARCE" 850.00 248. $10.00 3rd Date Back XF/AU "SCARCE" 595.00 249. $20.00 3rd Date Back F/VF "SCARCE" 475.00 250. $10.00 3rd PB Fine 295.00 251. $20.00 1929 T1 Fine 185.00 252. $10.00 1929 T2 AU 325.00 GREAT FALLS (Somersworth) C#1183 "The Somersworth National Bank Great Falls" 253. $ 5.00 2nd Brown Back "RARE" as this is currently the only known note with the "Great Falls" name. XF/AU and quite choice for the grade 3,750.00 SOMERSWORTH C#1183 "The Somersworth NB Somersworth" 254. $ 2.00 Original VG/F. Imprinted with "Somersworth, N.H., July 1, 1865". No charter number. Cur- rently a mystery note 3,950.00 SOMERSWORTH C#1183 "The Somersworth National Bank" 255. $ 5.00 2nd Brown Back Fine "SCARCE" 650.00 256. $20.00 3rd Date Back VG "SCARCE" 235.00 257. $ 5.00 3rd PB VG/F 135.00 258. $ 5.00 3rd PB Fine 155.00 259. $10.00 3rd PB VG 115.00 260. $ 5.00 1929 T1 F/VF 135.00 261. $10.00 1929 T1 Fine 125.00 262. $20.00 1929 T2 CU "SCARCE" 395.00 TILTON C#1333 "The Citizens National Bank of Tilton" 263. $ 5.00 2nd Brown Back VG/F "SCARCE" 475.00 264. $ 5.00 3rd PB VG/F 185.00 265. $10.00 3rd PB VF 275.00 266. $20.00 3rd PB Fine 275.00 220. $ 1.00 Original VG No charter number 325.00 267. $ 5.00 1929 T1 F/VF 150.00 221. $ 1.00 Original XF + With charter number 895.00 268. $10.00 1929 T1 VG 115.00 222. $ 1.00 Original AU No charter number 895.00 223. $10.00 Series 1875 CU 3,250.00 224. $10.00 3rd PB VG 65.00 269. $ 1.00 Original with charter number imprint. XF 225. $20.00 3rd PB Fine 250.00 "RARE" Great type note as well as a near im- 226. $20.00 1929 T1 CU 225.00 possible town 3,950.00 227. $10.00 1929 T2 Fine 115.00 228. $10.00 1929 T2 CU 325.00 WILTON C#13247 "The Wilton National Bank" WARNER C#1674 "The Kearsarge NB of Warner" PORTSMOUTH C#401 "The National Mechanics and Traders Bank of Portsmouth" 229. $ 5.00 Original VG/F Exceptional for the grade. 1 of only 3 first charter notes on this bank 795.00 230. $ 5.00 2nd Brown Back XF SERIAL #1 NOTE Currently 1 of only 2 known 2nd charter notes for this bank 3,500.00 231. $ 5.00 3rd PB Fine 175.00 232. $20.00 3rd PB VF "SCARCE" 395.00 233. $10.00 1929 T1 Fine 135.00 234. $10.00 1929 T1 XF/AU 295.00 235. $20.00 1929 Ti Fine 195.00 PORTSMOUTH C#1052 "The New Hampshire NB of Portsmouth" 236. $ 5.00 Series 1875 Fine "RARE" as this is currently the only known 1st charter note on this bank 1,950.00 270. $ 5.00 1929 T1 AU 195.00 271. $10.00 1929 T1 F/VF 125.00 272. $10.00 1929 72 VG/F 165.00 WINCHESTER C#887 "The Winchester National Bank" 273. $ 1.00 Series 1875 VG/F "RARE" as this is currently the only known 1st charter note on this bank. Nice wide margins 1,250.00 274. $ 5.00 3rd Date Back Fine "SCARCE" 250.00 275. $ 5.00 3rd PB XF/AU "SCARCE" 495.00 276. $10.00 1929 T1 VG/F 125.00 WOODSVILLE C#5092 "The Woodsville National Bank" 277. $ 5.00 3rd PB VG 295.00 278. $ 5.00 1929 T1 Fine 195.00 279. $10.00 1929 T2 F/VF 295.00 Paper Money Whole No. 123 Page 141 PAGE 4 of DOLLOFF LISTING ADDITIONAL NATIONAL BANK NOTES MAINE LARGE SIZE TYPE NOTES 280. Calais C#1425 $20 1929 T1 Fine $195.00 306. F#223 1891 $1 Silver Cert. Choice Crisp AU $249.50 281. Houlton C#2749 $10 1929 T2 XF "SCARCE" 245.00 307. F#224 1896 $1 Silver Cert. "Educational" GEM CU 795.00 282. Skowhegan C#239 $10 1929 T1 XF 115.00 308. F#238 1923 $1 Silver Cert. CHOICE CU 49.50 283. Skowhegan C#239 $20 1929 T1 XF 135.00 309. F#238 1923 $1 Silver Cert. CHOICE CU Near GEM . 59.50 284. Skowhegan C#239 $10 1929 T2 XF "SCARCE" 175.00 SMALL SIZE TYPE NOTES MASSACHUSETTS 310. F#1604 $1 1928-D Silver Cert. Crisp AU 97.50 285. Boston C#2112 $10 Original solid VG/F 275.00 311. F#1604 $1 1928-D Silver Cert. CHOICE CU 195.00 286. Greenfield C#474 $20 1929 T2 V F "SCARCE" .... 175.00 312. F#2301 $5 "HAWAII" overprint 1934 FRN CHOICE 287. Greenfield C#2264 $5 Series 1875 VG/F "RARE" .. 395.00 CU 125.00 288. Springfield C#308 $10 2nd Brown Back VF 225.00 NEW HAMPSHIRE . additional 289. Berlin C#4523 $10 1929 T2 Fine "SCARCE" 125.00 NEW HAMPSHIRE NATIONAL BANK NOTES 290. Claremont C#596 $5.00 3rd PB VG/F 135.00 313. COLEBROOK C#4041 $10.00 1929 T2 VF/XF 291. Claremont C#4793 $10 3rd PB VG 175.00 "SCARCE" 395.00 292. Colebrook C#4041 $10.00 3rd PB VG "SCARCE" .. 195.00 314. CONCORD C#758 $5.00 1929 T2 CRISP CU Great 293. Concord C#758 $10.00 1929 T2 VF 110.00 "type" note in super condition 225.00 294. East Jaffrey $20.00 1929 T1 VG/F "SCARCE" .... 135.00 315. EXETER C#12889 $5.00 1929 T2 VG 125.00 295. Farmington C#13764 $10.00 1929 T2 XF 350.00 316. KEENE C#946 $10.00 2nd Brown Back VG 250.00 296. Franklin C#2443 $10.00 3rd PB VG 175.00 317. LACONIA (Lakeport Bank of) C#4740 $20.00 1929 297. Keene C#877 $20 1929 T1 VG 95.00 12 NICE CU. Currently the second known T2 note 298. Milford C#1070 $5.00 3rd PB VF 195.00 on this bank "RARE" 750.00 299. Milford C#1070 $20.00 3rd PB Fine "SCARCE" ... 225.00 318. LEBANON C#808 $5.00 1929 T1 CRISP UNC 300. Nashua C#2240 $5.00 3rd PB VG 95.00 "SCARCE" 450.00 301. Newport C#3404 $5.00 3rd PB VG 125.00 319. MANCHESTER C#1520 $10.00 1929 T2 VG/F. Cur- 302. Plymouth C#2587 $10.00 1929 T1 Fine "SCARCE" 150.00 rently the only $10 T2 known on this bank. Others RHODE ISLAND probably exist but not yet reported 175.00 303. Providence C#1007 $10.00 2nd Brown Back Fine .. 304. Westerly C#952 $20.00 2nd Brown Back Fine "SCARCE" 250.00 495.00 320. NASHUA C#2240 $10.00 1929 T1 XF 321. NASHUA C#2240 $10.00 1929 T2 Fine "SCARCE" 322. PETERBOROUGH C#1179 $10.00 1929 T1 VG. Newly discovered 5th known small size note on 175.00 195.00 VERMONT this bank "SCARCE" 225.00 305. Wells River C#1406 $5.00 1929 T2 Fine 79.50 323. SOMERSWORTH C#1183 $20.00 1929 T1 Fine . 175.00 Ordering Instructions 1. Personal checks and Postal money orders are the preferred forms of payment. 2. NO charge cards or phone orders accepted. 3. All items sold on a "first come" basis. 4. Deposit orders are allowed: Simply send a list of the items you want along with a 25% deposit payment up to a maximum of $500.00. On receipt of your order, we will invoice and hold those items currently available. Balance due is payable on receipt of this invoice. 5 . All items guaranteed genuine. Full 7 calendar day return privilege on ony item. 6 . Lay-a-ways accepted on larger orders, please write for details. DOLLOFF COIN CENTER: Established in 1954, SPMC#2330, ANA Life Member as well as life and regular member of numerous other state and regional organizations. Send orders to: DOLLOFF COIN CENTER Attention: Richard D. Dolloff P.O. Box 719 Portsmouth, New Hampshire 03801 DOLLOFF Coin Center P.O. Box 719 • Portsmouth, New Hampshire 03801 numismatic news Cliff Mishler Cliff Mishler — collector, show participant, hobby lobbyist. And publisher of Numismatic News. With his divergent activities Cliff successfully blends the goals of Numismatic News with support for his favored avocation. - Horne Of Superior Hobby Periodicals And Books krause publicalUms 700 E. State St., Iola, WI 54990 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 SNOVER P.O. BOX 3034 • SAN BERNARDINO, CALIF. 92413 PHONE (714) 883-5849 RAv H J SPECIMEN RA000000 FOR UP kxn ova Z.,1 RA000000 `!LIMITED Page 142 Paper Money Whole No. 123 A Library of United Paper Money Books The Comprehensive Catalog of U.S. Paper Money, by Gene Hessler, 4th edition. $19.50 U.S. Essay, Proof and Specimen Notes, by Gene Hessler. $19.50 The Standard Catalog of Depression Scrip of the United States, by Ralph A. "Curley" Mit- chell and Neil Shafer. $27.50 Military Payment Certificates, by Fred Schwan. $15.95 An Illustrated History of U.S. Loans, 1775- 1898, by Gene Hessler. To be released soon. Satisfaction guaranteed. Dealer inquiries welcome. NA,11; 132 EAST SECOND STREET Press PORT CLINTON, OH 43452 Working For The Hobby 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 OBSOLETE PAPER MONEY rERR7100,,, iir/ft T;e1 (Bank Notes, Script, Warrants, Drafts of the AMERICAN WEST a Oregon, California, Idaho, Nevada, Arizona, Utah, Montana, New Mexico, Colorado, Dakota, Deseret, Indian, Jefferson Territories! Cash paid, or fine Obsolete Paper traded. Have Proof notes from most states, individual rarities, seldom seen denominationals, Kirtlands, topicals; Colonial, Continental; CSA, Southern States notes and bonds. Also have duplicate West- ern rarities for advantageous trade. JOHN J. FORD, JR. P,O. DRAWER 706, ROCKYILLE CENTRE, N.Y. 1157L • I N C P.O. BOX 84 • NANUET, N.Y 10954 BUYING / SELLING: OBSOLETE CURRENCY, NATIONALS UNCUT SHEETS, PROOFS, SCRIP BARRY WEXLER, Pres. Member: SPMC, ANA, FUN, GENA, CCRT (914) 352-9077 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 Paper Money Whole No. 123 Page 143 Catalog available for $1CSA and Obsolete Notes P.O. Box 712 / Leesville, SC 29070 / (803) 532-6747 ANA-LM SCNA PCDA SPMC-LM BRNA FUN HUGH SHULL CURRENCY FOR SALEFOR SALE BUYING AND SELLING OREGON PAPER MONEY EXCHANGE p„vtiaat■t 'ourAw, 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. 074fgLfRNJNI!gNY' OF` IRAQ;! .763M,10,A k-).VIMOOrsigO• Dealers in choice world bank notes 1327-D Rockville Pike Rockville, Maryland 20852 Phone (301) 340-1640 U.S.A. LARGE & SMALL-SIZE CURRENCY Including: Nationals, Obsolete, Fractionals, Colonials, "Radars" & "Fancy" Serial Number Notes, & Others. S.P.M.C.-2153 P.M.C.M.-342 ROBERT A. CONDO P.O. Box 985 Venice, FL 34284.0985 (813) 484.4468 Large Mail List available for a large-size self-addressed, stamped, envelope. 30-Day Return Privilege — Your Satisfaction Guaranteed A.N.A.-LM-813 M.S.N.S.-LM-61 Page 144 Paper Money Whole No. 123 Nobody pays more than Huntoon for Annum& WYOMING State and Territorial Nationals WANT ALL SERIES, ANY CONDI- TION, EXCEPT WASHED OR "DOC- TORED" NOTES. V53E326 P 8591 (111141101161,1110LAIKI .811.1••■■ 14. 154'4,81,4,' (MANY TRADES!) PETER HUNTOON P.O. Box 3681, Laramie. WY 82071 HE engraved Statue of Liberty card illustrated—with vignette showing the spectacular the late 1880s—was privately printed using a plate from the American Bank Note Com- pany's archives. It was produced by the intaglio method with black ink on 5" x 7" white stock. $3.00 ea./2 for $5.00, incl. handling and postage in the U.S. The card would make an excellent keepsake for relatives, friends, and business associates. Immediately available from V.H. Garske 1094 Worthington Drive, Birmingham, Michigan 48009 Paper Money Whole No. 123 Page 145 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 PENNSYLVANIA /. VALLIRV COAL 41)311.ANT ,... , : zrzons val.sar co■t. alaurr• ,r, Ln us, nuA 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 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 Page 146 Paper Money Whole No. 123 Paper Money Whole No. 123 Page 147 FRACTIONAL CURRENCY People keep telling me that the fractional market is quiet and not much is happening, and then I go out and try to purchase high grade cir- culated Justices, Lincolns, Spinners, Red Backs and hand signed notes and come up lacking. I think the market is in a position that if it heats up there won't be any better material available. As in all fields of U.S. paper money, if it is not listed I might be able to find it just the same. Your want list will get results (unless you want something there are only two known). For those who have an interest in fractional currency, there is now an organization founded for the collectors of same, dues are $10 a year and the publication is worth twice that, for more information write: F.C.C.B, c/o M.R. Friedberg, 2537 Glaver Road, Cleveland, Ohio 44118 Fr.# Description/Grade Price Fr.# Description/Grade Price Fr-1226, 3o light background VG 8.00 Fr-1255, 10o 3rd Issue green back About Unc 22.50 Fr-1226, 3o light background VG/Fine 11.00 Fr-1255, 100 3rd Issue green back Unc-tight 25.00 Fr-1226, 3$ light background Fine/VF 14.00 Fr-1256, 10$ 3rd Iss. green bk. "1" obv. Very Fine 14.00 Fr-1226, 3$ light background XF 20.00 Fr-1256, 10o 3rd Iss. green bk. "1" obv. Ex. Fine + 19.00 Fr-1226, 3o light background nice AU 30.00 Fr-1257, 10$ 4th Iss. lg. seal w/wtmk. Fine 7.25 Fr-1226, 3o light back. no pearl VF + 35.00 Fr-1257, 10o 4th Iss. lg. seal w/wtmk. Very Fine 8.50 Fr-1226, 3$ light background nice CU 50.00 Fr-1257, 10o 4th 155. lg. seal w/wtmk. XF 15.00 Fr-1226, 30 light background Ch CU 65.00 Fr-1257, 10o 4th Iss. lg. seal w/wtmk. About Unc 20.00 Fr-1226, 3$ light back. horiz. pair Choice AU 65.00 Fr-1257, 10o 4th Iss. lg. seal w/wtmk. Crisp Unc 30.00 Fr-1226, 3o light back. vert. pair Crisp Unc 80.00 Fr-1258, 10$ 4th Iss. lg. sl . no wtmk. VGIF 7.25 Fr-1227, 30 dark background VG/F 12.00 Fr-1258, 10o 4th lss. lg. seal no wtmk. Ex.Fine 15.00 Fr-1227, 35 dark background VF + 17.50 Fr-1258, 10o 4th Iss. lg. seal no wtmk. CU-spots 15.00 Fr-1227, 3$ dark background Crisp Unc 55.00 Fr-1258, 100 4th Iss. lg. seal no wtmk. About Unc 20.00 Fr-1229, 5$ w/perfs no/mono tears Fine 7.00 Fr-1259, 10o 4th Iss. lg. sl . blue end VG/Fine 7.50 Fr-1229, 5o with perforations no mono VG/Fine 11.00 Fr-1259, 10o 4th Iss. lg. sl . blue end Very Fine 9.50 Fr-1229, 50 with perforations no mono V.Fine 25.00 Fr-1259, 10$ 4th Iss. lg. blue end XF/AU 17.50 Fr-1230, 5o straight edge w/monogram VG + 6.50 Fr-1259, 10$ 4th Iss. lg. sl . blue end About Unc 22.00 Fr-1230, 5o straight edge w/monogram VG/Fine 7.0D Fr-1259, 10o 4th Iss. lg. sl . blue end Super AU 25.00 Fr-1230, 5¢ straight edge w/monogram Fine/VF 9.00 Fr-1259, 10$ 4th Iss. lg. sl . blue end Crisp Unc 30.00 Fr-1230, 5$ straight edge w/monogram Very Fine 9.50 Fr-1261, 10o 4th Iss. sm. sl. blue end VG/F 7.50 Fr-1230, 50 straight edge w/monogram V.Fine/XF 11.00 Fr-1261, 105 4th Iss. sm. sl. blue end VF 9.50 Fr-1230, 5$ straight edge w/monogram Extra Fine 15.0D Fr-1261, 10o 4th Iss. sm. sl. blue end Ex.Fine 15.00 Fr-1230, 5$ straight edge w/monogram XF/AU 18.00 Fr-1261, 10o 4th Iss. sm. sl. blue end About Unc 22.00 Fr-1230, 5$ straight edge w/monogram About Unc 24.00 Fr-1264, 10o 5th Issue green seal Fine 8.00 Fr-1230, 5o straight edge w/mono pin hole CU 27.50 Fr-1264, 10o 5th Issue green seal Very Fine 10.00 Fr-1230, 5o straight edge w/monogram Crisp Unc 35.00 Fr-1264, 10o 5th Issue green seal XF/AU 17.00 Fr-1230, 50 str. edge w/mono ink smudg. Gem 60.00 Fr-1264, 10o 5th Issue green seal CU 32.00 Fr-1230, 5o straight edge inverted bk. VG 75.00 Fr-1265, 10o 5th Iss. red sl. long key Very Good 4.00 Fr-1230, 5$ straight edge w/monogram Gem Unc 95.00 Fr-1265, 10o 5th Iss. red sl. long key VG/F 5.75 Fr-1231, 50 straight edge no mono Very Fine 12.00 Fr-1265, 10o 5th Iss. red sl. long key Fine 6.75 Fr-1232, 5o 2nd Issue plain back Fine 12.00 Fr-1265, 10o 5th Iss. Hobo drawn over AG 7.50 Fr-1232, 5$ 2nd Issue plain back XF/AU 18.00 Fr-1265, 10$ 5th Iss. red sl. long key Very Fine 8.00 Fr-1232, 50 2nd Issue vert. stp. of 3 VG/F dmgd 25.00 Fr-1265, 10o 5th Iss. red sl. long key VF/XF 8.50 Fr-1232, 5¢ 2nd Issue plain back AU 28.00 Fr-1265, 10$ 5th Iss. red sl. long key XF/AU 11.50 Fr-1232, 5$ 2nd Issue verticle pair Ex. Fine 29.50 Fr-1265, 10$ 5th Iss. red sl. long key Crisp Unc 25.00 Fr-1232, 50 2nd Issue plain back Grips Unc 35.00 Fr-1266, 10o 5th Iss. red sl. short key G/VG 2.50 Fr-1232, 5o 2nd Issue 18-63 back VF/XF 11.50 Fr-1266, 10o 5th Iss. red sl. short key Very Good 4.00 Fr-1233, 5$ 2nd Issue 18-63 back AU 28.00 Fr-1266, 10$ 5th Iss. red sl. short key VGT/Fine 5.75 Fr-1233, 50 2nd Issue 18-63 back Crisp Unc 40.00 Fr-1266, 10o 5th Iss. red sl. short key Fine 6.75 Fr-1233, 5$ 2nd Issue 18-63 back Ch Unc 55.00 Fr-1266, 10o 5th Iss. red sl. short key Very Fine 8.00 Fr-1234, 5o 2nd Iss. "S" and "18-63" Fine/VF 11.00 Fr-1266, 10o 5th Iss. red sl. short key Ex.Fine 10.00 Fr-1235, 5$ 2nd Iss. Fibre Paper AU 80.00 Fr-1266, 10o 5th Iss. Hobo drawn over VG/F 10.00 Fr-1235, 5o 2nd Iss. Fibre Paper Crisp Unc 110.00 Fr-1266, 10$ 5th Iss. red sl. short key XF/AU 15.00 Fr-1238, 50 3rd Issue green back Fine 8.00 Fr-1266, 10o 5th Iss. red sl. short key About Unc 15.00 Fr-1238, 50 3rd Issue green back Very Fine 10.00 Fr-1266, 10o 5th lss. red sl. short key Crisp Unc 25.00 Fr-1238, 5$ 3rd Isseu green back Extra Fine 15.00 Fr-1267, 15o lg. seal watermarked Very Good 11.00 Fr-1238, 5$ 3rd Issue green back About Unc 25.00 Fr-1267, 150 lg. seal watermarked VG/Fine 14.75 Fr-1239,5o 3rd Issue "a" Obverse Fine 9.50 Fr-1267, 15o lg. seal watermarked Ex.Fine 27.00 Fr-1241, 10$ wlperf no monogram Fine-trim 20.00 Fr-1267, 15o lg. seal watermarked AU-nice 40.00 Fr-1242, 10$ straight edge w/monogram Very Good 5.00 Fr-1268, 15o lg. seal no watermark VF/XF 22.50 Fr-1242, 10$ straight edge w/monogram VG/Fine 6.00 Fr-1268, 15o lg. seal no watermark Ex.Fine 27.00 Fr-1242, 10o straight edge w/monogram Very Fine 9.00 Fr-1269, 15o large seal blue end Good/VG 6.00 Fr-1242, 100 vert pair w/mono silked Ugly/XF 10.00 Fr-1271, 15$ small seal blue end Very Good 11.00 Fr-1242, 10$ straight edge w/monogram AU 25.00 Fr-1271, 15o small seal blue end VG/Fine 14.75 Fr-1242, 10$ straight edge w/monogram AU + 27.50 Fr-1271, 15o small seal blue end Fine 15.50 Fr-1243, 10$ str. edge no mono VF 35.00 Fr-1271, 15o small seal blue end Very Fine 22.50 Fr-1244, 10$ 2nd Issue plain back VG/F 6.50 Fr-1271, 150 small seal blue end VF/XF 25.00 Fr-1244, 10$ 2nd Issue plain back Fine/VF 10.00 Fr-1279, 25$ with perforation w/mono XF 38.00 Fr-1244, 10$ 2nd Issue plain back Very Fine 12.00 Fr-1280, 25o with perforation no mono Good 7.00 Fr-1244, 10o 2nd Issue plain back XF/AU 18.00 Fr-1281, 25o straight edge w/monogram Very Good 5.50 Fr-1244, 10$ 2nd Issue plain back Crisp Unc 30.00 Fr-1281, 25o straight edge w/monogram VG/Fine 6.50 Fr-1245, 10o 2nd Issue "18-63" back Very Fine 12.00 Fr-1281, 25$ straight edge w/monogram Fine 7.75 Fr-1245, 10$ 2nd Issue "18-63" back AU 24.00 Fr-1281, 25o straight edge w/monogram Crisp Unc 60.00 Fr-1245, 10o 2nd Issue "18-63" back CU 30.00 Fr-1286, 25o 2nd Issue "18-63" & "S" XF 22.00 Fr-1246, 10$ 2nd Issue "S-18-63" bk. Fine 8.50 Fr-1291, 25$ 3rd Issue red back Choice CU 110.00 Fr-1246, 10$ 2nd Issue "S-18-63" bk. About Unc 24.00 Fr-1293, 25o 3rd Issue large a red bk. Ch CU 125.00 Fr-1246, 100 2nd Issue "S-18-63" bk. CU 31.00 Fr-1294, 25$ 3rd Issue green back Fine 8.00 Fr-1253, 10$ 3rd Issue red bk. hnd. sgn. Fine 32.00 Fr-1294, 25o 3rd Issue green back Ch CU 79.50 Fr-1254, 10o 3rd Issue red bk. hnd. sgn. CU 210.00 Fr-1295, 25o 3rd Issue gr. bk. sm. "a" obv. XF/AU 7.50 Fr-1255, 10o 3rd Issue green back Fine 8.50 Fr-1296, 25o 3rd Issue gr. bk. lg. "a" obv. XF/AU 24.00 Fr-1255, 10$ 3rd Issue green back VF 11.00 Fr-1297, 25o Fibre Paper green back XF/AU 100.00 Fr-1255, 10$ 3rd Issue green back Ex. Fine 15.00 Fr-1301, 25o 4th Iss. lg. seal w/wtmk. Fine 8.00 FOR ORDERING INSTRUCTIONS, SEE INSIDE BACK COVER DENLY'S OF BOSTON PHONE: (617) 482.8477 P.O. BOX 1010-B BOSTON, MA 02205 Page 148 Paper Money Whole No. 123 t. Currency Collectors: va'w Kagin's is conducting the 1986 ANA sale August 6-9 in Milwaukee, Wisconsin y ou hear it all the time-there just isn't much good material on the market today. Well, the 1986 ANA auction is shaping up to be a currency collector's dream and we at Kagin's want to give you an idea of just what kind of quality paper money will be available to our bidders: •The largest single offering of rare Canadian currency ever sold at public auction-over 175 rare and virtually unobtainable Canadian notes, includ- ing a 1913 $50 Bank of Canada note, Proof and 1910 $5 Bank of Vancouver note, VG. •$100 Legal Tender, F-165; $50 Legal Tenders, F-154, F-160, F-164, VF, Crisp, Crisp. •$500 Gold Certificate, F-1217, VF; $5 Gold Certificate, National Gold Bank, F-1136, EF. •$20 Double Denomination, Second Charter National; $100 National, First and Second Charter, Choice UNC; $2, $5, $10 1890 Coin Notes, Crisp. • 10 Refunding Certificate, F-214, F/VF; $10 Compound Interest Note, F-190b, Fine. And this is just a small sampling. Our beautiful catalogs will tell you the whole story. They are fully illustrated and contain complete descriptions of every lot to give you all the information you need to make a successful bid. Order your 1986 ANA catalog now, or take advantage of our convenient three-catalog subscription at a $5 savings. Clip and mail the coupon today. Don't miss out on the chance to add some fine material to your collection. ogi■ ❑ I would like to receive the 1986 ANA sale catalog when it is available. $10. 1=1 I would like to subscribe to a full year of Kagin's catalogs, including the 1986 ANA. $25. Payment enclosed. Bill me. Name Address LM 103 i City State Zip i I i I Phone: Day Eve 1 I i IKaAns Kagin's Numismatic Auctions, Inc. 1388 Sutter, Suite 700, San Francisco, CA 94109 (415) 474-1166 • (800) 227-5676 • in California (800) 652-4467 Charter Member PROTESSIOtik. NUMISMATISTS quit.° • IN ORDERING INSTRUCTIONS 1. Orders for currency under $250.00, $2.00 postage please. 2. All items two week return in original holders, undamaged. 3. Mass. residents must include 5% sales tax. 4. Twenty-four hour answering machine when not in. Feel free to call and reserve your notes. *NM 5. Personal checks must clear, money orders and bank checks get fast service. 6. Second choices will be used only if first item is sold. 7. We can offer a layaway plan on larger purchases. l(M ferny;t\Lrisy r , visA• Min. Order On Cards $50 Please cda Charter Member MX !ITN PAYEE fd(OLLF.(jFORS LM-2849 LIBRARY Dave Bowers has always said buy the book first, and he became president of A.N.A. I also have said buy the book first and I will be running for the board of Governors of S.P.M.C. in their next election. Maybe now is the time for you to buy the book, and who knows, you might replace Reagan! COLONIAL 1. The Early Paper Money of America by Eric Newman, First Edition, one copy only, hard to find $29.50 + 1.00 2. The Early Paper Money of America by Eric Newman, Second Edition, the Bi- ble for colonial currency 24.50 + 1.50 TYPE NOTE 3. Standard Catalog of United States Paper Money by Krause & Lemke, First Edition, new, never opened, one copy only 15.00 + 1.00 4. Standard Catalog of United States Paper, Fourth Edition, the current edition and great as it includes rarity of national banks by charter# 14.00 + 1.00 5. Paper Money of the United States, 10th Edition by Robert Friedberg, a necessity to any collector 17.50 + 1.50 6. Paper Money of the U.S. by Robert Friedberg, Second Edition (1955), one copy only 30.00 + 1.50 7. Paper Money of the U.S. by Robert Friedberg, Third Edition (1959), one copy only 25.00 + 1.50 8. Paper Money of the U.S. by Robert Friedberg, Fourth Edition (1962), one copy only 20.00 + 1.50 9. Paper Money of the U.S. by Robert Friedberg, Fifth Edition (1964), one copy only 20.00 + 1.50 10. Handbook of Large Size Star Notes 1910-1929 by Doug Murray, a good book to have! 14.95 + 1.00 NATIONAL CURRENCY 11. National Bank Notes, a guide with prices by Kelly, a must book! 2nd Edition 36.00 + 1.50 12. Standard Catalog of National Bank Notes by Hickman & Oakes, a wealth of information 70.00 + 2.50 13. Territorials, a guide to U.S. territorial national bank notes by Huntoon 13.50 + 1.50 14. The National Bank Note Issues of 1929-1935 by M.O. Warns, one copy only 19.50 + 1.50 15. Charter Number Two, the centennial history of the First New Haven National Bank (Connecticut) 1963, one copy only 11.95 + 1.25 16. Nevada Sixteen National Banks and their Mining Camps, a wonderful book full of history, M.O. Warns, SPECIAL 35.00 + 2.00 CONFEDERATE 17. Confederate and Southern States Currency, (1976 Edition) by Criswell, out of stock Wanted 18. Confederate and Southern States Bonds, by Criswell, 2nd Edition 14.95 + 1.00 FRACTIONAL CURRENCY 23. Encyclopedia of United States Fractional and Postal Currency, Milton Friedberg, the book for the real info on fractional, out of print and hard to find! 19.00 + 1.00 24. A Guide Book of U.S. Fractional Currency by Matt Rothert (1963), the first I have had for sale, one copy only 9 95 + .50 OBSOLETE CURRENCY 26. ALABAMA - Alabama Obsolete Notes and Scrip, by Rosene 13.50 + 1.50 27. ARKANSAS - Arkansas Obsolete Notes and Scrip, by Rothert, a great book 17.00 + 1.50 28. COLORADO - Colorado Territorial Scrip by Mumey Wanted 29. DEPRESSION - Standard Catalog of Depression Scrip of the United States, by Mitchell & Shafer, a well done new item 21.50 + 1.50 30. FLORIDA - Florida Obsolete Notes & Scrip, by Freeman Wanted 31. FLORIDA - Illustrated History of Florida Paper Money by Cassidy, now out of print! 29.95 + 1.50 32. INDIAN TERRITORY - Indian Territory and Oklahoma Obsolete Notes and Scrip by Burgett, Kansas Obsolete Notes and Scrip by Steven Whitfield, two books in one 13.50 + 1.50 33. INDIANA - Obsolete Notes and Scrip by Wolka, Vorhies & Schramm 13.50 + 1.50 34. IOWA - lowa Obsolete Notes and Scrip by Oakes 13.50 + 1.50 35. MAINE - Maine Obsolete Notes & Scrip by Wait 13.50 + 1.50 36. MICHIGAN - Obsolete Banknotes & Early Scrip by Bowen, hard cover reprint by Durst 39.50 + 1.50 37. MICHIGAN - Obsolete Banknotes by Bowen, the original book, a collector's item, one copy only 50.00 + 1.50 39. MINNESOTA - Minnesota Obsolete Notes & Scrip by Rockholt 13.50 + 1.50 40. MISSISSIPPI - Mississippi Obsolete Notes and Scrip by Loggatt, out of print and very hard to find! 27.95 + 1.50 MORMAN - See #54 41. NEBRASKA - Territorial Banking in Nebraska by Owen 7.95 + .50 42. NEBRASKA - A History of Nebraska Paper Money & Banking by Walton Wanted 43. NEW ENGLAND - The Obsolete Bank Notes of New England by Wismer - Quarterman reprint, one copy 22.00 + 1.00 44. NEW JERSEY - New Jersey's Money by Wait 16.50 + 2.50 45. NEW YORK - Obsolete Bank Notes of New York by Wismer, Durst reprint 17.95 + 1.00 46. NORTH CAROLINA - Obsolete Bank Notes of North Carolina by Pennell. Durst reprint 7 95 + .75 47. OHIO - Obsolete Bank Notes of Ohio by D.C. Wismer, Durst reprint 8.95 + .75 OKLAHOMA - See #32 48. PENNSYLVANIA - Obsolete Bank Notes of Pennsylvania by Wismer, Durst reprint 11.95 + .75 49. PENNSYLVANIA - Obsolete Notes and Scrip by Hoober 30.00 + 1.75 50. RHODE ISLAND - Obsolete Notes and Scrip of Rhode Island and the Pro- vidence Plantations, by Durand 20.00 + 1.50 51. SOUTH CAROLINA - South Carolina Obsolete Notes by Austin Sheeheen Jr., a hard to find super book 14.95 + 1.00 52. TENNESSEE - The History of Early Tennessee Banks by Garland 29.50 + 2.00 53. TEXAS - Obsolete Notes & Scrip by Medlar, out of print, rare . 26.00 + 1.50 54. UTAH - Mormon and Utah Coin & Currency by Rust, every note pictured with values 30.00 + 1.50 55. VERMONT - Obsolete Notes & Scrip by Colter, out of print SPECIAL 19.95 + 1.50 56. VIRGINIA - The Obsolete Paper Money of Virginia Volume I by Affleck, this book covers scrip issues Wanted 57. VIRGINIA - The Obsolete Paper Money of Virginia Volume II by Affleck, this book cover banknotes, out of print 25.00 + 2.00 60. COUNTERFEIT DETECTER - Hodge's American Bank Note Safe Guard, reprint of 1865 edition, one copy only 25.00 + 1.50 The second number after price is for postage & handling with a $5.00 maximum. IMPROVED MYLAR "D" CURRENCY HOLDERS For the last year I have sold these; they are increasingly dominating the market. These are the finest for your notes. PRICED AS FOLLOWS Size Inches 50 100 500 1000 Fractional 4-314 x 2-314 11.50 20.50 92.50 168.00 Colonial 5-1/2 x 3-3/16 12.50 22.50 102.00 185.00 Sm. Curr 6-518 x 2-7/8 12.75 23.50 105.00 194.00 Lg. Curr 7-7/8 x 3-3/8 14.75 26.75 121.75 221.50 Checks 9-5/8 x 4-1/4 18.50 33.75 152.50 277.00 Shipping is included in the U.S.A. You may batch up your needs to get best price (25 minimum one-size). Samples one of each $2 (5 different size holders) plus 22c postage. paMicea, LM-5773 DENLY'S OF BOSTON PHONE: (617) 482.8477 CWOMEI a IOW, P.O. BOX 1010•B BOSTON, MA 02205 As a seller, this method gives you the opportunity to get the full market price without the "in" dealers short-circuiting bidding, as so often is seen at public auction sales. Our currency auctions were the first to use the Sealed Mail Bid System, which gives you, the bidder and ultimate buyer, the utmost chance to buy a note at a price you want to pay with no one looking over your shoulder. Nichman- Oakes suctions, Purveyors of National Bank Notes & U.S. Currency to the collecting fraternity for over 20 years: With 30 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 June and November 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. is may - Oakes Ructions ,Inc. Dean Oakes John Hickman Drawer 1456 Java City, Iowa 52240 319 - 338 - 1111