Paper Money - Vol. XXVI, No. 6 - Whole No. 132 - November - December 1987

FREEDOM P.O. Box 4290 cda Owl., N..Srr Pm/4.WD. Curnrwry Dovlerio Asseelsta "Pronto Service" Omaha, Nebraska 68104 SECOND CHARTER NATIONAL CURRENCY All notes are listed by Friedberg Catalog Nos., Charter Nos. are in parentheses. N.Y. CITY. 1882 $5. BROWN BACK: "New Amsterdam N.B." (5783). F504, CH CU. "American Exch. N.B." (1194). F471, GEM CU Top mgn. trifle close 595. AND RARE SO CHOICE 750. NEW YORK. "2nd N.B." (2688). F466, CU 525. "American Exch. N.B." (1194). F471, CH CU .... 625. "N.Y. State Bank of Albany" (1262). F468, CH CU 575. "Chase N.B." (2370). F475, VF + 225. K.Y. "Nat. Bank of Louisville". (2171). F474, "Nat. Bank of Commerce" (733). F467, VF, Top Fine 175. Mgn. is very close 125. MASS. "Safety Fund N.B. of Fitchburg". (2153). "Nat. Bank of Commerce" (733). F467 F474. AU. Scarce 425. "The J.P. MORGAN NOTE". CH CU 600. MASS. "Merchants N.B. of New Bedford". (799). "Lincoln N.B." (2608). F477, CH CU 575. F467, AU but bottom mgn. real close 195. "Lincoln N.B." (2608). F477, CU. Faint Fold 375. NEW HAMP. "Monadnock N.B. of East Jaffrey" "Merchants N.B." (1370). F469. ExF + 225. (1242). F474, VF (back Fine) 195. "Nat. Bank of No. America". (4581). F472, CU. OHIO. "2nd N.B. of Bucyrus" (3274). F467, CU Light fold 325. GEM 750. "Nat. Park Bank". (891). F467. CU. Faint Fold ... 350. PA. "1st N.B. of Montrose". (2223). F474, CU. "Hanover N.B." (1352). F469, CU, Faint Fold. Top Top mgn. close 425. Mgn. close 275. RH. ISL. "Blackstone N.B. Providence". (1328). "New Amsterdam N.B." (5783). F477, CH CU 575. F468, Fine 150. "Chase N.B." (2370). F475, Tillman/Roberts. CU. Faint fold 425. PA. 1882 $50. BROWN BACK: N.Y. CITY. 1882 $10. BROWN BACK: "First N.B. of Washington". (586). F508, CU "First N.B." (LOW #29). F479. CU. Faint fold 450. GEM 2950. "Lincoln N.B." (2608). F490. Light hdlg. at right end, VF 175. PA. 1882 $100. BROWN BACK: N.Y. CITY. 1882 $20. BROWN BACK: "Bank of Pittsburgh Nat. Assn." (5225). CU. "American Exch. N.B." (1394). F501, CU but bot- Small edge repair. Lists $4,750.00 in Fried- tom mgn. is cut close. Priced LOW 395. berg's 11th Ed. Worth more than our price ... 2450. Ask for list of 1882 2nd Charter "Dated Backs", "Value Backs" & 3rd Charter Notes. SASE + $1.00 (for postage) for our U.S. sales lists: (A) Large Size Types; (B) Large Size Nationals; (C) Colonial & Continental Currency; (D) Fractional Curren- cy; (E) Confederate States of America Currency. Please specify which lists you desire. BUYING BUYING BUYING BEBEE's is paying $600.00 to as high as $2,000.00 - depending on Rarity & Grade- for the following 1882 $5.00 Brown Back Nationals in AU to Choice Unc.: Alabama - Alaska - Arizona - Arkansas - California - Colorado - Florida - Hawaii - Idaho - Maryland - Mississippi - Montana - Nebraska - Nevada - New Mexico - North Dakota - South Dakota - Washington - Wyoming. BEBEE's is also paying TOP, IMMEDIATE CASH prices for all Territorials, 1st & 2nd Charter Nationals, Stars & No. 1 Notes; Double Denominations; rare Large-Size Type Notes & Scarce Uncut Sheets (4 & 12). If you have any of these notes, we invite your inquiry. "To all our friends and customers of the world over we extend our sincerest wishes for Joyous Holidays and a New Year of Peace, Good Health and Happiness" AUBREY & ADELINE BEBEE ANA Life #110, ANS, IAPN, PNG, SPMC, Others SOC I ETY)1-; PA PER NI( ).N EY COLLECTORS PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors. Sec- ond class postage paid at Dover, DE 19901. Postmaster send address changes to: Bob Cochran. Secretary, P.O. Box 1085, Florissant, MO 63031. © Society of Paper Money Collectors, Inc., 1987. All rights reserved. Repro- duction of any article, in whole or in part, without express written permission, is prohibited. Annual Membership dues in SPMC are $20; life membership is $300. Individual copies of PAPER MONEY are $2.50. ADVERTISING RATES SPACE 1 TIME 3 TIMES 6 TIMES Outside Back Cover Inside Front & Back Cover Full Page Half-page Quarter-page Eighth -page 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 issue (e.g., Feb. 10 for March/April issue). Mechanical Requirements: Full page 42 x 57 picas; half-page may be either vertical or hor- izontal in format. Single column width, 20 picas. Halftones acceptable, but not mats or stereos. Page position may be requested but cannot be guaranteed. Advertising copy shall be restricted to paper currency and allied numismatic material and publications and accessories related thereto. SPMC does not guarantee advertisements but accepts copy in good faith, reserving the right to reject objectionable material or edit any copy. SPMC assumes no financial responsibility for typographical errors in advertisements, but agrees to reprint that portion of an advertise- ment in which typographical error should oc- cur upon prompt notification of such error. All advertising copy and correspondence should be sent to the Editor. 181 185 A PROBLEM OF SECURITY Roger H. Durand 187 RAILROAD NOTES & SCRIP OF THE UNITED STATES THE CONFEDERATE STATES AND CANADA Richard T. Hoober 191 IS THERE A SANTA CLAUS? Robert R. Moon 193 GENUINE "COUNTERFEITS"? Robert E. Cochran 194 SOCIETY FEATURES INTEREST BEARING NOTES 198 RECRUITMENT REPORT 198 IN MEMORIAM: Vernon L. Brown 198 AWARD WINNERS AND SPEAKERS AT ATLANTA ANA 199 NEW MEMBERS 199 MONEY MART 199 ON THE COVER: Thomas Crawford's Freedom, atop the U.S. Capitol Building, was engraved by Owen G. Hanks. $152 $420 $825 IN THIS ISSUE $145 $405 $798 DEMAND NOTES AT ST. LOUIS $140 $395 $775 Ronald L. Horstman $75 $200 $390 CENSUS OF UNREPORTED CHARTERS FOR LARGE-SIZE $38 $105 $198 NATIONAL BANK NOTES. Part I; New England $20 $55 $105 Allen Mincho Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXVI No. 6 Whole No. 132 NOV. / DEC. 1987 ISSN 0031-1162 GENE HESSLER, Editor Mercantile Money Museum 7th & Washington, St. Louis, MO 63101 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 reject any copy. Deadline for editorial copy is the 10th of the month preceding the month of publication (e.g., Feb. 10th for March/April issue, etc.). Camera ready advertising copy will be accepted up to three weeks beyond this date. Paper Money Whole No. 132 Page 177 Page 178 Paper Money Whole No. 132 Society of Paper Money Collectors OFFICERS PRESIDENT Roger H. Durand, P.O. Box 186, Rehoboth, MA 02769 VICE-PRESIDENT Richard J. Balbaton, 116 Fisher Street, N. Attleboro, MA 02760 SECRETARY Robert Cochran, P.O. Box 1085, Florissant, MO 63031 TREASURER Dean Oakes, Drawer 1456, Iowa City, IA 52240 APPOINTEES EDITOR Gene Hessler, Mercantile Money Museum, 7th & Washington, St. Louis, MO 63101 MEMBERSHIP DIRECTOR Ron Horstman, P.O. Box 6011, St. Louis, MO 63139 BOOK SALES COORDINATOR Richard Balbaton, 116 Fisher Street. N. Attleboro, MA 02760. WISMER BOOK PROJECT Richard T. Hoober, P.O. Box 196, Newfoundland, PA 18445 LEGAL COUNSEL Robert J. 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PUBLICATIONS FOR SALE TO MEMBERS BOOKS FOR SALE : All cloth bound books are 8 1/2 x 11" ALABAMA OBSOLETE NOTES & SCRIP. 1984 Rosene $12.00 Non-member price $15.00 ARKANSAS OBSOLETE NOTES & SCRIP, 1985 Rothert $17.00 Non-member price $22.00 FLORIDA PAPER MONEY, ILLUSTRATED HISTORY OF, (softcover) 1980 Cassidy $16.00 Non-member price $19.50 INDIANA OBSOLETE NOTES & SCRIP, 1978 Wolka $12.00 Non-member price $15.00 INDIAN TERRITORY/OKLAHOMA/KANSAS OBSOLETE NOTES & SCRIP, 1980 Burgett and Whitfield $12.00 Non-member price $15.00 IOWA OBSOLETE NOTES & SCRIP, 1982 Oakes $12.00 Non-member price $15.00 MAINE OBSOLETE PAPER MONEY & SCRIP, 1977 Wait $12.00 Non-member price $15.00 MINNESOTA OBSOLETE NOTES & SCRIP, 1973 Rockholt $12.00 Non-member price $15.00 NEW JERSEY'S MONEY, 1976 Wait $15.00 Non-member price $20.00 PENNSYLVANIA OBSOLETE NOTES AND SCRIP (396 pages), Hoober $28.00 Non-member price $29.50 RHODE ISLAND AND THE PROVIDENCE PLANTA- TIONS, OBSOLETE NOTES & SCRIP OF, 1981 Durand $20.00 Non-member price $25.00 TENNESSEE-THE HISTORY OF EARLY TENNESSEE BANKS AND THEIR ISSUES, 1983 Garland $20.00 Non-member price $29.50 TERRITORIALS-A GUIDE TO U.S TERRITORIAL NATIONAL BANK NOTES, (softcover) 1980 Huntoon $12.00 Non-member price $15.00 VERMONT OBSOLETE NOTES & SCRIP, 1972 Coulter $12.00 Non-member price $15.00 Write for Quantity Prices on the above books. 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Paper Money Whole No. 132 Page 179 If You Collect U.S. Paper Money Then You Owe Yourself A Hard Look At Bank Note Reporter From the early large size "Greenbacks" of 1861 to the intricately designed Treasury Notes of 1890; from the first of the small size U.S. paper — the Legal Tender Notes — to the scarce, obsolete Gold Certificates, if you collect U.S. paper money, you should be reading BANK NOTE REPORTER. As the only independently produced publication aimed exclusively at the paper money hobby, each BANK NOTE REPORTER is loaded with interesting articles and features that can benefit you now. There's no excess in BANK NOTE REPORTER. It covers paper money. And that's all! With every timely issue, you'll find a jam-packed slate of hobby happenings. Each month an experienced staff, as well as outside experts, including a key correspondent tracking the Washington, D.C., beat and others who zero in on the myriad of interests represented in the paper money spectrum, combine to bring you the latest hobby developments. Information that can assist you in your buy/sell decisions whether for long-term investment purposes, or simply for the enjoyment of the hobby. Add to this trustworthy advertisers, a list of upcoming shows and events, and reports of important auctions, and it's easy to see why BANK NOTE REPORTER is your complete news and marketplace for all paper money. T°Eri,:le YOUR NEWS AND MARKETPLACE FOR ALL PAPER MONEY Bank Note Reporter Krause Publications 700 E. State St., Iola, WI 54990 Enter my subscription as follows: ( ) New ( ) Renewal/Extension ) 1 year (12 issues) $19.50 ) 2 years (24 issues) $36.00 ) 3 years (36 issues) $52.50 ) Check (to Krause Publications) ) MasterCard/VISA acct no exp. date: mo. yr signature Name Address City State Zip Addresses outside the U.S., including Canada and Mexico, add $6.00 per year. Payable in U.S. funds. BM6 Page 180 Paper Money Whole No. 132 The 1988 American Bank Note Company ARCHIVE A limited edition collection of the world's finestintaglio panted vignettes, used to embellish 19th and early 20th century currency, stamps, stocks, bonds, scrip and checks. DISCOVER THE FINE ART OF FINANCE The 1988 Archive Series features 12 frameable steel-engraved 872"x11 1 /4" vignette sheets, displaying a mini- mum of 3 and a maximum of 10 distinctive engravings. Each sheet is devoted to a unique facet of 19th century Americana: SERIES • Coins on Paper • The Hunt • The Frontiersmen • The Iron Horse • On the River • Cherubs & Cupids • Of Brick and Stone • Down in the Mines • Prominent Americans • The Animal Kingdom • Allegories of Finance • A House Divided MUSEUM-QUALITY PAPER AND SPECIAL INKS The Archive Series vignette sheets are intaglio-printed with specially formulated bank note inks the finest form of printing known to man. CORRESPONDING BEAUTIFUL ARCHIVE SERIES PORTFOLIO YOURS FREE! Lined with acid-free museum-quality pa- per to preserve your collection for years to come, the Archive Series Portfolio, a $30.00 value, is our gift to you FREE with your pre-paid subscription. SPECIAL BONUS GIFT! A magnificent intaglio engraving of a Republic of Czechoslovakia 1000 Korun note is our gift to you FREE with each renewal order and new subscription to the 1988 American Bank Note Company Archive Series. PMM'88 ORDER FORM American Bank Note Company Archive Series Program Post Office Box 3, Bowling Green Station New York, N.Y 10274-9998 DATA SHEETS The 1988 Archive Series includes corresponding data sheets which outline the information the American Bank Note Company holds on the original master engravers, dates of origin, and the financial documents on which the engravings have appeared. Please enter my subscription for the 1988 American Bank Note Company Archive Series. I understand I will receive one shipment of 4 vignette and 4 data sheets approximately once every other month, beginning in March 1988, for a total of 3 shipments. Check one: q Renewal q New Subscription Method of payment: q Direct. I enclose a check or money order for $160' as full payment. I will receive the Archive Series Portfolio and the 1000 Korun note FREE with my first shipment. Make checks payable to the American Bank Note Company. q Credit card. Charge the full amount of $160* to my credit card indicated below and send my FREE Portfolio and 1000 Korun note with my first shipment. q MasterCard CREDIT CARD # EXP DATEPlease type or print clearly q VISA AUTHORIZED SIGNATURE All applications are subject to acceptance MR / MRS /MS ADDRESS CITY STATE ZIP 'Add $9.75 for shipping and handling (covers all shipments). N.Y. residents add applicable sales tax. Foreign orders en- close $19.50 for shipping and handling. YOUR APPLICATION MUST BE POSTMARKED BY FEBRUARY 29,1988. Month Year Paper Money Whole No. 132 Page 181 Demand Notes at St. Louis by RONALD L. HORSTMAN Numismatist and Financial Historian :cl:1987 by Ronald L Horstman INTRODUCTION In issue 64/65 of PAPER MONEY, there appears an excellent article by Walter Breen about non-interest-bearing treasury notes, commonly called demand notes. After many years I was finally able to acquire a St. Louis demand note. This led me to search the local newspapers, Bankers Magazine, and to correspond with Mr. William F. Sherman of the Na- tional Archives for information about these issues. I was able to locate additional informa- tion, and in some cases, different facts than Mr. Breen had found. This information is con- tained in the following article. Future researchers might uncover even more answers than I was able to locate, and develop even more new information. THE TIMES HEN Abraham Lincoln assumed the Presidency on March 4, 1861, the economy of the United States was in a chaotic condition. The national debt was $76 million, the highest since the War of 1812: money was available only at very high interest rates, and revenues were coming in very slowly. In an attempt to improve this situation, Lincoln nominated Salmon P. Chase for the position of Secretary of the Treasury. Chase initially refused. having just recently been elect- ed a United States Senator from Ohio, but he finally agreed to serve the nation in its time of need. The total assets of the country consisted of $250 million in specie and $200 million in state bank notes circulating under varying laws lacking uniformity and security. Many of these notes circulated at a discount. Most of the revenues received by the government were from duties on imports, with a small amount coming in from the sale of public land. In an attempt to increase revenues many duties on imports were increased under the Act of March 2, 1861, but these effects were not to be felt immediately. Several other Acts had previously been passed au- thorizing national loans in the form of stock bearing interest for 20 years and treasury notes bearing interest for shorter terms. The stocks (bonds) had to be sold at the best rate obtainable, which was usually a discount from par, while the treasury notes could be paid out at par to those who would receive them either for monies owed by the government or to redeem other out- standing treasury notes when coming due. The secession of the Southern states, culminating in the at- tack by Confederate forces on Fort Sumter in April, 1861. add- ed to the financial woes of the nation. One-fourth of the coun- try's wealth was held in banks of the states in rebellion. How- ever, it was felt that the war would be short-lived. When the Republican-controlled Congress convened on July 4, 1861, minus Representatives and Senators from the South- ern states, Secretary Chase proposed sweeping changes in the nation's monetary system. Among his proposals were additional increases in tariffs on many items, including sugar, coffee, tea, brandy, wine and silks. A national loan, not to exceed $250 million, consisting of coupon or registered bonds, and interest and non-interest-bearing treasury notes was suggested. Also proposed was a personal income tax of 3% on incomes ex- ceeding $800 annually. THE ACT Chase's proposals were accepted and a national loan of $250 million was authorized by the Act of July 17. 1861. Included in this act were coupon or registered 20-year bonds, one- and three-year interest-bearing treasury notes, and $50 million of -14144,04, (12-. X.:11/ :/irtfrl; —1; 17'e,",c /:)1;1/4/ ////, r /111(Val 2p. a asermi , ("1 Page 182 Paper Money Whole No. 132 Unissued receipt for payment on account of 6% U.S. Bonds authorized by the Act of 17 July 1861. non-interest-bearing treasury notes. The non-interest notes were to be payable on demand by the Assistant Treasurer of the United States at Philadelphia, New York and Boston, and were to be of denominations of not less than $10. These notes could also be redeemed and reissued in equal amounts until Decem- ber 31, 1862. All obligations in the denominations of $50 and above were required to bear the seal of the Treasury Depart- ment. To defray the cost of preparation of plates, printing, paper, and other expenses incurred by this act, $200 thousand was appropriated. This act was the first to authorize the Secre- tary of the Treasury to borrow money; this power had previous- ly been vested only in the President. A supplemental Act of August 5, 1861 provided for the ex- change of three-year treasury notes paying 7-3/10% interest for 20-year bonds paying 6% interest. The previously authorized non-interest-bearing treasury notes were made payable at the Depository in Cincinnati and by the Assistant Treasurer at St. Louis. Also, these notes could now be issued in denominations of not less than $5. The signatures of the Treasurer and Register of the Treasury, or those of other designated officers of the Treasury Department were required on all treasury notes issued under this or any pre- vious act. Also, treasury notes of any denomination were no longer required to bear the seal of the Treasury Department, re- pealing the provisions of the previous act. THE MAN AND THE PLACE The office of Assistant Treasurer of the United States at St. Louis was established in the Act of August 6, 1846. This act required the President to nominate and, with the ad- vice and consent of the Senate, appoint the Assistant Treasurer for a 4-year term. Among the duties of this office was the obliga- tion to "keep safely without loaning, using, depositing in banks or exchanging for other funds as allowed by this act, all the pub- lic money collected by them or otherwise at any time placed in their possession and custody." For these services the position paid $2,500 per annum. The Assistant Treasurer was required to procure suitable space, with a fire-proof vault and safe, to transact the business of his office. A new three-story Custom House building was con- structed in St. Louis on the southeast conner of Third and Olive Streets in 1859. The St. Louis City Directory of that year des- cribed the offices of the Assistant Treasurer as "being located in the Northeast corner of the building ready for occupancy and neatly fitted up with sash partitions and counters in a large busi- St. Louis Custom House and Post Office. Paper Money Whole No. 132 ness room connected to a private one for the sub-treasurer and a watchman's room. The safe for the sub-treasury is one of the largest and strongest in the United States. The bottom, top, sides, and ends are made of three thicknesses of chilled iron riveted together. The dimensions are 14 feet in length, 11 feet wide, and 10 feet high standing on a solid foundation of mason- ry. The sides and top are enclosed with a 2 foot thick brick wall reinforced with wrought-iron bars." The lock required three keys to open it and each key had a changeable collar on it, re- sulting in immeasurable combinations to thwart thievery. The building was described as being more than large enough for all the purposes for which it was originally intended. Just 10 years later a report from A.B. Mullett (Supervising Ar- chitect to George S. Boutwell, Secretary of the Treasury) dated March 20, 1869 described the building in a different light, stat- ing in part "The building has been modified and rearranged sev- eral times, and it is not believed that any changes which could be made would improve it or relieve its present crowded condition. The office of the Assistant Treasurer is in the basement which is dark, damp and in every way unsuitable for the purpose for which it is used. It is in fact little better than a cellar." Serving in the position of Assistant Treasurer at St. Louis dur- ing the Civil War was Benjamin O'Fallon Farrar, a former city councilman, county judge. and state legislator, who was ap- pointed by Lincoln in early 1861 and served until April of 1865. PREPARATION The ink was barely dry on the Act of July 17th when the bank note companies began preparations to obtain the lucrative con- tract for printing the newly authorized notes. Despite the fact that $5 notes had not yet been authorized, the National Bank Note Company, in anticipation of future acts, prepared a plate and produced a proof of this denomination featuring an engrav- ing of Lincoln and the words "For The" before the signature block of the Treasurer and Register. Despite the early efforts of the National Bank Note Company, the initial contract was awarded to American Bank Note Com- pany on July 25th. Immediately, the ABNC employed 30 to 40 first-class engravers to prepare the $10 and $20 plates. With the passage of the supplemental Act of August 5, 1861, authorizing $5 notes, these plates were also ordered on August 9th. Before plate preparation was even completed it was anticipated that persons other than the two top treasury officials would sign the notes. Notwithstanding, the first series of notes had to have the words "For The" written in before the signatures when signed by persons other than these officials. The plates were soon changed to include the printed words "For The". The demand notes were printed on four-subject plates with all the notes on a particular plate being the same denomination and payment location. The notes were distinguishable as to plate po- sition by the letters A, B, C, and D. The notes were printed in green and black on the face, and green on the back. The patent date of June 20, 1857 appears on the face and refers to the formula used to prepare the green ink. These notes have been described as the original "green backs," but in fact the color green was actually first used on the back of treasury notes of 1857. The cost to the government for preparing these notes was as follows: Engraving the face, tint and back plate— $850.00 per 4-subject sheet; printing the face, tint, back and serial numbers — 71/2 cents per sheet; and the paper cost slightly over 1 cent per sheet. When required, the plates could be retouched for $425.00 per set of 3. Page 183 ISSUANCE Once American Bank Note Company delivered the demand notes to the Treasurer, the painstaking job of preparing these notes for general circulation began. This process was described in an article originally appearing in the New York Herald and re- printed in the St. Louis Daily Democrat on September 19, 1861: The Preparation of Treasury Notes The Treasury presented an animated scene Tuesday night. Over 200 Clerks were engaged in cutting and trimming demand notes in the denomination of $5, $10 and $20. They were all engaged in the new Treasury extension in which are placed 20 tables with 10 pairs of shears each. Every man receives 100 sheets which are charged against him. They must be cut, returned and his account canceled before he leaves the room. In another room are some 20 clerks detailed for signing the demand notes who are obligated to work almost incessantly to supply the pressing call for this national loan at Boston, New York and Philadelphia. This call became so urgent yesterday that Secretary Chase found it necessary to increase the force engaged in their preparation. He at once notified the heads of bureaus to detail such clerks as could be spared on this work. The reply was that all regular hands were busy on regular duty. The law required the work to be performed by the reg- ular employees. Secretary Chase immediately directed an order to be issued for all clerks in the four bureaus to report for extra duty after dinner and out of office hours. Hence the great force at work on the notes Tuesday night. The clerks were given to understand that such of them as could not devote a few extra hours of labor to their country in its present emergency could be dis- pensed with entirely. The result was that all were on hand. It must be remembered that each note must have 2 signatures, those of the Register and the Treasurer, and that three thousand signatures is a large days work for one man and that 5 million dollars of $5 notes re- quire 2 million signatures. Now one can begin to see what is required of the Treasury department in this branch. To accomplish all this Secretary Chase and his assist- ants are obligated to work 16 out of 24 hours. It is the determination of the department to so organize the force that one and one half to two and one half million of the notes per day can be placed in the hands of the banks until the whole 150 million of seven and three tenths coupon and fifty million demand notes are in circulation. signed Washington Correspondent New York Herald CIRCULATION The first demand notes arrived at the office of the Assistant Treasurer at St. Louis on the 16th of September. This shipment consisted of $1 million in five and ten dollar notes payable at New York, Boston, and Philadelphia. Ben Farrar, Assistant Treasurer, had apparently received no instructions as to how to distribute these notes, so, the following day he wrote to Secre- tary Chase questioning the method to be used in paying out, re- ceiving, and carrying them on his books. Secretary Chase's answer to this inquiry could not be located. A receipt signed by Ben Ferrar, Assistant Treasurer at St. Louis for taxes on salaries collected from Union soldiers. _. /5Y1_. SSIa3W lT.,.d T AS[J^iE.l.^ VF l IE ITS. AT „, .. - _. ST'ZOUIS .^-- — /1" Unissued check of St. Louis Assistant Treasurer. Page 184 Paper Money Whole No. 132 /6fr r ^t rf ( / u:i/t i;1 /. *f7JJ(/t//O / / /J///^F/7,lf^ ^ y} q^` G (I r ) Jt ^! b. +,,'^. However, the method of putting these notes into circulation is partially explained by a letter dated October 21, 1861 in which Secretary Chase informed the Assistant Treasurer at Philadel- phia that no demand notes had been sent to that location for disbursement. The stated reason was that he was "desirous of seeing the practical movement of the notes payable by you, after issue in other localities. Such issues it appears seek Philadelphia and are presented for redemption." Chase further stated that the government was making large expenditures at the navy yards in Philadelphia and that he wanted a full report of any employee of the government who refused to accept or attempt ed to depreciate in any way the value of the notes. While the notes reportedly were not well received in the East, they were very well accepted in the Western areas. Throughout the fall and early winter of 1861 the demand notes circulated quite freely in St. Louis, with quite a few being carried into the rural areas by pork buyers. Many notes, except those payable at St. Louis, were also bought up as exchange and sent to the East. On December 16, 1861 the Merchants Bank of St. Louis advertised that they would receive on deposit and pay out in like funds, United States Treasury Notes payable on demand. Since these notes, instead of coins, were receivable for the duties on imports, they were for all practical purposes on a par with gold, only more convenient to handle. In monetary transactions they were at 1% discount to gold and were at 6% to 7% premium over Missouri bank notes circulating at the time. The biggest problem with the demand notes was their limited quantity in the Western regions. By December 1, 1861 only $33 million of the $50 million authorized had been issued, and this was simply not enough to support the business community. Eastern banks faced a different dilemma. In November the issu- ance of demand notes increased sharply there, and the banks were pressed to receive them on deposit. Depositors demanded specie when these deposits were withdrawn, rapidly depleting the banks' reserve. The situation became so severe that on De-cember 28th the New York banks suspended specie payment to protect their gold reserves. St. Louis banks followed suit until these matters were resolved. As the year 1862 began, demand notes continued to circulate freely in the West but their supply was still limited. Meanwhile, the national treasury was almost completely drained by the war effort and immediate action was required by Congress. On Feb- ruary 12th Congress voted to authorize an additional $10 million in demand notes to be issued as an emergency issue. Paper Money Whole No. 132 No counterfeit demand notes have ever been observed, but in a letter dated October 26, 1861 from Secretary Chase to the As- sistant Treasurer at Boston, a reference is made to the detection of a scheme for counterfeiting U.S. notes. DEMISE On April 1, 1862, before the entire issue of $60 million in de- mand notes was completed, the death knell was sounded for this type of currency. The Act of February 25, 1862 authorized $150 million worth of legal tender notes to be issued, in denominations of not less than $5. Of this amount $50 million was to be "in lieu of the de- mand Treasury Notes which shall be taken up as rapidly as prac- ticable." The legal tender notes were to be substituted for them. The plates for the new notes provided for printed rather than hand signatures and the seal of the Treasury imprinted on them. The face and tint plates were of the same general design as the demand notes with an entirely different design on the back, but still retaining the green color. It was estimated that the new plates would take 20 days to complete. On March 17th the demand notes were declared legal tender. This gave them currency status at clearing houses and in all busi- ness transactions. By July, 1862 there were still $50 million of the "old demand notes" in circulation. They possessed a special value lacking in the newly-issued legal tender notes, in that they could be used in payments for duties on imports. However, this feature hastened their presentation, as people preferred to use them even if paying a premium of three to four percent as op- posed to acquiring gold at nine percent. As they disappeared from circulation, those remaining continued to increase in value, as did gold. It was estimated that $1/2 million of these notes was being destroyed by the Treasury every day; by October, 1862 only $20 million to $25 million remained outstanding. Those that remained outstanding created quite a problem for the government. They were used instead of coin to pay import duties, and the interest on the national debt had to be paid in specie, thus compelling the Treasury to purchase coin to meet the difference. Once they were out of the way enough gold would be collected from duties to meet the interest payments. Old demand notes continued to disappear from circulation, and less than three years after their initial issue the Bureau of Public Debt reported on June 14, 1864 that only $833,788 was still outstanding. This represented slightly over 1% of the origi- nal $60 million authorized by the Acts of July 17th and August 5th, 1861, and February 12th, 1862. A newspaper of the day made a statement which applied then as well as now: "Demand notes are becoming quite scarce and have greatly increased in value. SOURCES BANKERS MAGAZINE. New York, NY. Various issues. DAILY MISSOURI REPUBLICAN. St. Louis, MO. Various issues. LAWS OF THE UNITED STATES — STATUTES AT LARGE 1846. LAWS OF THE UNITED STATES RELATING TO CURRENCY, FINANCE. AND BANKING FROM 1789-1891. Charles F. Dunbar. Boston, 1891. Letters and Telegrams sent by the Secretary of the Treasury and Miscellaneous Treasury Accounts: American Bank Note Company. Na- tional Archives. THE FINANCIAL HISTORY OF THE UNITED STATES FROM 1861 TO 1885. Albert S. Bolles. New York, 1894. UNITED STATES NOTES. John Jay Knox. New York, 1888. Page 185 Census of Unreported Charters for Large-Size National Bank Notes Part 1: New England by ALLEN MINCHO D URING the last year the membership of the Professional Currency Dealers Association has begun an attempt to determine which charters remain to be discovered in large-size national bank notes. Our first installment deals with the six New England states. The ground rules for attribution and deletion from the list of unknown charters were simple. Documentation of at least one known note per charter was a must, provided for through rec- ords of previous ownership, prior listings, auction records, photographs, or a visual observation with a written record of same. Only charter numbers were taken into consideration, so it should be remembered that certain bank titles may be unknown within a reported charter. In addition, while these listings have been produced with the cooperation of dealers and leading col- lectors throughout the country, one must keep in mind that new discoveries are not only possible, they are extremely likely to oc- cur. We will, therefore, be publishing periodic updates to this series in PAPER MONEY on a regular basis. Should you know of the existence of any large-size example on any of the follow- ing charters, kindly report them to me at Post Office Box 1525. Cedar Park, Texas 78613. Charter State No. Bank Name I Town Connecticut: 196 FNB of New London 251 FNB of Mystic Bridge 1084 Saybrook NB of Essex 1141 FNB of Bethel 1300 Mercantile NB of Hartford 1358 Norwich NB of Norwich 1379 Shetucket NB of Norwich 1477 Thompson NB of Thompson 1478 Jewett City NB of Jewett City 2419 Winsted NB of Winsted 3668 Mechanics NB of New Britain 3964 Thomaston NB of Thomaston 5358 Guilford NB of Guilford 8243 Greenwich NB of Greenwich 9313 FNB of Plainfield Page 186 Maine: 310 FNB of Hollowell 624 American NB of Hollowell 878 Second NB of Portland 901 Sandy River NB of Farmington 1095 Traders NB of Bangor 1687 Farmers NB of Bangor 2175 FNB of Fairfield 3219 Merchants NB of Gardiner 3690 Kined NB of Dover 3814 FNB of Ellsworth 4806 Peoples NB of Belfast 9826 Kezar Falls NB of Kezar Falls Massachusetts: 158 FNB of Marlboro 455 Central NB of Worcester 488 FNB of Newtonville 553 FNB of Chelsea 583 Lancaster NB of Lancaster 584 Mechanicks NB of Newburyport 704 Salem NB of Salem 731 Charles River NB of Cambridge 770 National City Bank of Cambridge 778 Hamilton NB of Boston 817 National Exchange Bank of Salem 1073 Quinsigamond NB of Worcester 1207 Worcester County NB of Blackstone 1288 National Union Bank of Fall River 1469 Everett NB of Boston 1699 Kidder NGB of Boston 1993 Eleventh Ward NB of Boston 2152 Home NB of Brockton 2485 South Framingham NB of South Framingham 3365 North Attleboro NB of North Attle- boro 3868 FNB of Rockland 4074 Winnissimet NB of Chelsea 4240 Stoneham NB of Stoneham 4664 FNB of Arlington 5071 Middlesex County NB of Winchester 5158 National Hamilton Bank of Boston 5163 Colonial NB of Boston 6104 National Suffolk Bank of Boston 7675 Jewelers NB of North Attleboro 12979 FNB of Medford New Hampshire: 1071 Carroll County NB of Sandwich 4693 NB of the Commonwealth of Manchester Rhode Island: 1396 Traders NB of Providence 1405 Greenwich NB of East Greenwich 1460 Phenix NB of Phenix Vermont: 269 FNB of Saint Albans 470 FNB of Brattleboro 816 Ascutney NB of Windsor 861 FNB of Burlington 1200 NB of Poultney 1541 Irasburg NB of Orleans at Irasburg 1564 West River NB of Jamaica 1583 Vermont NB of Saint Albans 1634 National Union Bank of Swanton 2274 Randolph NB of West Randolph 2290 Barton NB of Barton Paper Money Whole No. 132 3150 Gray NB of Middletown Springs 3257 Windsor NB of Windsor 3311 Merchants NB of Rutland 4258 Ferris NB of Swanton 13261 FNB in Poultney A few marginal notes on recently discovered charters may be of interest. Connecticut 224 (Second NB of Norwich) turned up at last year's Indiana State Numismatic Association show. Mas- sachusetts 767 (Marblehead NB of Marblehead) appeared in an auction held by a dealer in antiques in southern New Jersey earlier this year. Vermont 4929 (Peoples NB of Swanton) was discovered in January of this year in the inventory of a Cali- fornia coin dealer. All of the above just goes to show that at least a few unreported notes are out there waiting to be discovered. EFFECTIVE IMMEDIATELY! Advertising & Money Mart Rates Have Been Increased This necessity will be addressed in the Jan./Feb. issue. WORLD BANKNOTES New Listing Features: • Over 1000 Different Chinese Notes • Over 300 Different Russian Notes • Over 2000 Different Notes From Other Countries. • Highly Competitive Prices • Conservative Grading — WRITE FOR FREE COPY — JIM FUGATE 3155 Commanche Ct. N.W. Salem, Oregon 97304 Paper Money Whole No. 132 Page 187 INTERESTING NOTES 'BOUT INTERESTING NOTES ©1987 Roger H. Durand A PROBLEM OF SECURITY D URING the era when banking was regulated by state charters, or in some cases, with little or no regulation at all, security was a constant problem facing the banking industry. With robberies and embezzlement a common occur- rence, it is no wonder that the industry faced the problem of se- curity with a great deal of concern. Elaborate safes were con- structed to discourage theft. Employees were carefully chosen, and when their honesty was in question, they were discharged from their positions. The storage of redeemed bank notes had to cause a great deal of concern to the banking industry. If the notes fell into the wrong hands, the bank could be ruined and would probably go into receivership. Although many banks failed during these turbulent times as a result of depressions, speculation and the many other problems that faced a poorly regulated industry, I can find no evidence that a bank ever failed because the security of its redeemed notes was compromised. The national bank era brought to a close the most colorful time in our banking history. The surviving banks were forced to ob- tain national charters in order to remain in business. Banking was now federally regulated. A tax was levied on all issues of private bank notes, which made it impossible for banks to con- tinue to issue these notes. All the notes issued while banks operated under their state charters had to be redeemed. A few banks continued to operate under their state charters, but they also had to redeem their note issues because a wary public would no longer accept their notes. As the notes were re- deemed, different methods of cancellation were used to ensure that the same note would not be presented for redemption at some later time. My years of collecting and research have brought me to the following conclusions as to the methods of retiring these bank notes. The most important problems facing the banking institutions in disposing of their notes were security and safety. Their entire issue had to be accounted for at any one time for accounting purposes. The methods of retiring the notes varied at the pleas- ure of the bank officers. This article records the most often used methods of retiring the banks' obligations. It is by no means con- clusive. but, to my knowledge, it is one of the first attempts to re- cord this interesting aspect of the state bank note period. It is my intent that it be used as a basis for future study on this interesting subject. The order in which I have listed the methods of re- demption does not necessarily follow the exact sequence in time that the various banks used these methods. The exact order is almost impossible to verify. 1. The oldest and most often used method was simply to re- tire the notes from circulation as they were presented to the bank for redemption and simply destroy them. It is evident that most banks employed this method, because notes from many banks that issued currency are unavailable to collectors. Gen- uine bank notes from banks that survived the state bank era are truly rare. For accounting purposes, they were recorded in the bank records as having been retired, so as not to confuse them with later issues from the bank. Banking histories are available to verify this method of accounting for the notes. 'rs ,„ ,/„,,„„//, /7/7 4w/7i' Af w (%Jw(rw?'. 7" Page 188 Paper Money Whole No. 132 2. The banks that did not destroy their redeemed notes stored them in vaults for bookkeeping purposes, or perhaps as a reserve in the event additional notes were needed. They would be available for some future time. The evidence that is available verifies that this method was seldom used. Only on rare occa- sions are hoards of notes discovered. If this was a common practice, hoards of notes would surface occasionally, but this is seldom the case. The best example of this method of redemp- tion, that I can recall, is the Cochituate Bank of Boston. When David Wismer recorded the notes from Massachusetts, he could only record two denominations from this bank. These notes were extremely scarce. Today, these are among the most com- mon obsolete bank notes. It seems that the entire redemption of this bank surfaced. A discovery of this magnitude is rare and very seldom encountered, but it does serve to verify this method of note redemption. 3. The next method of redemption was probably pen cancella- tion across the face of the note as in figure 2. This method follows the habit of cancelling counterfeit notes by writing counterfeit, or words to that effect, across the face of the note so that it could not be redeemed or passed to some unsuspecting person during a business transaction. It is only logical to assume that a bank employee would use this method to cancel redeemed notes. The example in figure 2 is dated, probably for accounting purposes. 4. In rare instances, the note was cancelled by "X-ing" out the entire signatures of the president and cashier (see figure 3). Most likely, the bank's entire redemption was not cancelled by this method because it would not seem to serve any useful pur- pose, except for accounting. The bank probably wanted to save a few examples of their notes for their archives or as souvenirs for the officers or some shareholders. Very few notes remain with this type of cancellation. Paper Money Whole No. 132 5. The next method would be cutting the signatures from the note (see figure 4). At first it would seem that this was just an easier method to accomplish the same result as the preceding, but I don't think that was the case. The entire redemption of the Phenix Village Bank of Phenix, R.I. was cancelled by cutting the signatures from the notes. All the notes were salvaged. This seems to verify that this method of cancellation was done for ac- counting purposes. The notes were rendered useless in the event they fell into the wrong hands and yet remained available for accounting. It seems this method was used by quite a few banks. Page 189 r 6. To speed up the process of rendering notes useless, but not destroying them, caused some inventive person to develop a hammer-like instrument with blades on the head which could be used to strike the note as it lay on a soft surface; the note was cut as indicated in figure 5. This method was not too widely used by banks, but it was commonly used to redeem railroad notes. The note was not destroyed but was obviously cancelled and could be stored with safety. 7. During the Industrial Revolution when all types of ma- chinery were being invented, it was inevitable that it would affect the banking industry. Machine perforation was a method of can- cellation of notes that was used by a few banks during the latter part of the state banking era (see figure 6). Notes cancelled by this method are rather scarce. The notes remained intact for ac- counting. This was a neat and efficient method of rendering notes useless for storage. Usually, only the last issue of a bank would be found with this cancellation. Paper Money Whole No. 132 8. A few banks really wanted to be certain that their redeemed notes were secure (see figure 7). After the note was machine-can- celled, the signatures were cut, thereby making doubly certain that the note could not be used again. Very few notes are found with this double cancallation. This is probably the scarcest meth- od of cancellation. Page 190 9. An improved machine perforated redeemed notes with the perforation spelling out words rather than just random holes (see figure 8). The usual wording was the word "paid" along with the date of redemption, or some other information, that the bank required for their accounting records. This was the last mass cancellation method used for accounting. The end of the state banking era was imminent with the introduction of federal currency; cancelling notes was no longer a problem for banks, The federal government handled all currency redemptions; they still do so today. 10. Occasionally, a bank that became a national bank re- deemed one of their state bank issues years after the period of redemption had passed. When this happened, the note was cancelled and probably kept by the person redeeming it as a souvenir. It was pen cancelled as in figure 9 and probably re- turned to the owner, or perhaps it was confiscated by one of the bank officers as a souvenir. These notes are exceptionally scarce and, therefore, seldom encountered. 11. The last methods of redemption that I have recorded is cancellation by the use of a rubber stamp as in figure 10. It seems this was used in lieu of or along with pen cancellation. The last two methods were administered to the back of the note so as to not destroy the beauty of the face. As we know, almost all the state bank notes were printed on the face only. In conclusion, I have found this to be just one of hundreds of interesting ways to collect and study obsolete bank notes. It seems that the research in this area is endless. By the way, figure 10 is the back of the note in figure 1. Can you imagine the amount of interest lost by holding a $500 bill from July 1, 1863 until it was finally redeemed on July 15, 1909? To my knowledge, the note is unique. Surprising as it may seem, the note has gone full circle and is now worth its face value. ■ CrIT?Eivs, / 11 , 4 4, / 'zit/7 ti Nisi /a /if 1 i/(7./ //A ,/ (//1' A ///fe///',/ii/elovii Jo? A' DOUAI? ' ' f Pr•,itterrt, Paper Money Whole No. 132 Page 191 Railroad Notes and Scrip of the United States, the Confederate States and Canada by RICHARD T. HOOBER (Continued from PM No. 131, Page 160) BROOKLYN — BROOKLYN CITY RAILROAD The company was incorporated December 16, 1853. 4. 2C Type set note. R6 Date — None. Imprint — None. BROOKLYN— GRAND STREET & NEWTOWN RAILROAD The line was organized in 1860 to run from New York ferries to the Newtown Creek at Penny Bridge. When Grand Street, in Brooklyn, was extended in 1876, the road lengthened 6 miles. On May 1, 1890, the property was leased to the Brooklyn City Railroad, which had been chartered in 1853. The line later became part of the Brooklyn Rapid Transit System. 5. 5C (C) Horse drawn car, between 5s. R4 6. 10q Similar to No. 5, except denomination and brown print. R4 7. 25C Similar to No. 5, except denomination and green print. R4 8. 50C Similar to No. 5, except denomination and blue print. R4 Date — Oct. 15, 1862. Imprint — Harvey & Kennard, 112 William St., N.Y. New York No. 8 NEW YORK—NEW YORK, LAKE ERIE & WESTERN RAILROAD 9. 20.00 (L) Train at station. R6 Date — August 1893. Imprint — American Bank Note Co. NEW YORK— NEW YORK & NEW HAVEN RAILROAD The road ran from New Haven, Connecticut, to Williamsbridge, New York, a distance of 62.25 miles. In 1870 it was consolidated with the Hartford & New Haven Railroad. Later, trains entering New York City ran on the tracks of the New York & Harlem Railroad. TES i v/e/y/ v.ficr rafii;e.;//i/.///i■ti / ef' V///iIr (9' al,Y lehy,./// New York No. 14 (To be continued) TY OENTS, Page 192 Paper Money Whole No. 132 10. 5C (L&R) 50. (C) Train. Green print. R3 11. 100 Similar to No. 10, except denomination. R3 12. 25C Similar to No. 10, except denomination. R3 Date — Dec. 1, 1862 on reverse. Imprint — Ferd. Mayer & Co. 96 Fulton St. N.Y. New York No. 11 NEW YORK—THIRD AVENUE RAILROAD 13. 2C (C) Large 2. Brown print. R5 Date — Unknown Imprint — Unknown. PORT JERVIS—ERIE RAILWAY COMPANY The railroad was chartered in 1832. Construction began in 1836, but due to financial difficulties, completion was delayed until 1851, when it was opened April 22, running from the Hudson River to Lake Erie. The charter was amended to provide passage through a small part of Pennsylvania. The line went into receivership in 1859, and in 1878 it was transferred to the New York, Lake Erie & Western Railroad. The latter road was sold under foreclosure November 6, 1895, becoming part of the Erie Railroad, which was chartered November 14, 1895. 14. 500 (C) Train. 50 CENTS at left. R7 Date — July 12, 1862. Imprint — None. ,710,21`1(110.. THE FARMERS NATIONAL RANA Of 7AUDSON Hcr YORK 44:ii.;ya;;zargi 1000004 990 ItIMP•11 Paper Money Whole No. 132 Page 193 IS THERE A SANTA CLAUS? by ROBERT R. MOON, SPMC 5766 "There is no Santa Claus in numismatics" (or syn- graphics for that matter). This is an expression I have read, or heard, many times during my collecting career. The basic philosophy behind the statement is that you don't get something for nothing in this "game." But how true is this old saying? I think an experience I had might help answer that question. I WAS recently invited to the weekly luncheon of the Hud- son Lions Club to speak on the history of local banking. There was nothing unusual in this. Over the last several years I have talked, in front of quite a few local civic organiza- tions, senior citizens groups and library clubs on my research in- to the history of area national banks and the notes they issued. As a collector of national currency for almost ten years, I have been fascinated not only by the notes but the circumstances be- hind their issuance, including the (sometimes controversial) his- tory of the banks and the people who handled the notes. When I started telling people about my studies, I also began receiving invitations to let other folks know about my discover- ies. I was more than happy to do this because, not only did I love talking about my hobby, but I never knew if someone in the back row would come up afterward and say "I have one of those!" Besides, since most of my engagements are at lunch- eons or dinners, I would get a free meal to boot! Anyway, here I was at the Lions' luncheon talking about the local banking days gone by, near a table set up with a selection of notes along with other banking memorabilia. I usually try to inject a little humor in the event by picking out a banker in the crowd and asking him about some questionable practices that occurred -say, 50 years ago, and ask if they still do things that way. It's good for a laugh or two and keeps the presentation in- teresting. After talking about 20 or 30 minutes, I then field a few questions and inevitably, after the presentation, talk to a few people. Well, on this particular day, one gentleman who I recognized as a long-time local attorney came up, picked up my Series of 1929, Type I $20 note on the Farmers National Bank of Hud- son (Ch. 990) and asked, "Do you have one with Hank James' name on it?" (Henry James was president of the Farmers Na- tional Bank from 1932 to 1959. My note was signed by Aaron Cochrane, Mr. James' predecessor.) I told the gentleman no I didn't but, of course, I was looking for one. He then said, "stop by my office when you're done here." About an hour later, I was sitting in his law office wondering what to expect. After exchanging pleasantries, he reached into his office safe and took out an ordinary business-size envelope. Out of the envelope, he produced a $20 bill and handed it to me. The note was a Type II $20 note on the Farmers National Bank (with Henry James' signature). It graded about XF and had a paper clip stain from being attached to another document for quite a while. The stain probably accounts for the note escaping redemption. Series of 1929, Type II $20 note on the Farmers National Bank of Hudson, New York. While neither a common or super rare note, as the author explains, you can't beat the price. The attorney then went on to explain that he had picked up the note in an estate he had handled several years ago and that he had been wondering what to do with it. I was about to say that I could think of an excellent home for the note (namely me) when he added: "I listened to you talk today and you are obviously someone who would really appreciate the bill and I would like to give it to you." "Did you say give?", was my surprised response. "Yes, I did and I'm sure you will enjoy it," he answered. Well, needless to say, I accepted his offer. The Farmers National Bank is not a common one for small- size notes but is not a super-rarity either. The Hickman and Oakes Standard Catalog of National Bank Notes places it in the R5 category, but a few other notes have surfaced to change it to an R4. Whatever its rarity, it will be a long time before I part with this one. So, getting back to my original question —is there a Santa Claus in our hobby? For the "collector" who is content to merely accumulate notes and salt them away, I would say the answer is no. However, for the true collector who does his research and shares his hobby with those around him, there is definitely a chance of finding a surprise under your (Holiday) tree any time of the year. Source John Hickman and Dean Oakes, Standard Catalog of National Bank Notes, Krause Publication, Iola, Wisconsin, 1982. EFFECTIVE IMMEDIATELY! Advertising & Money Mart Rates Have Been Increased This necessity will be addressed in the Jan./Feb. issue cCD Page 194 Paper Money Whole No. 132 GENUINE "COUNTERFEITS"? by ROBERT E. COCHRAN, © 1987 What is "Money"? The question may sound ridicu- lous. but it forms the basis of one of the most interest- ing criminal cases in United States history. Further, it points out an oversight by the framers of the National Bank Act of 1863—an error that caused headaches for several national banks, frustration and embarrass- ment for the Comptrollers of the Currency, and finan- cial risk for clerks who worked in the Redeption Agen- cy of the U.S. Treasury Department. The question above concerns stolen, UNFINISHED "National Bank Notes": the term "unfinished" was applied to a note that did not bear the required signatures of the bank officials as specified by the National Bank Act of 1863 and the revised Act of 1864. THE NATIONAL BANK ACT T HE National Bank Act of 1863 was enacted with a two- fold purpose: to provide revenue for the government needed to finance the military efforts in the war with the Confederacy, and to provide some supervision over the bank- ing practices in the country. The act established national banks that were chartered by the government and subject to its super- vision. National banks were required to purchase interest- bearing United States bonds and deliver them to the Treasurer of the United States. These bonds were used to secure the circu- lating notes, i.e., national currency, that the banks were RE- QUIRED to issue by the act: the national banks (except national gold banks) could issue currency up to 90% of the par value of its bonds deposited with the Treasurer. The Comptroller of the Currency, an office established by the act, issued charters to the national banks, issued receipts to the banks for their bonds deposited with the Treasurer, was respon- sible for having the notes of the banks printed and delivered to the banks, and maintained the relationships between the banks' bonds and their circulating notes. CIRCULATING NOTES (NATIONAL CURRENCY) The circulating notes were described as follows in the National Bank Act of 1863: "Such notes shall express upon their face that they are secured by United States bonds, deposited with the Treasurer of the United States, by the written or engraved signa- tures of the Treasurer and Register, and by the imprint of the seal of the Treasury; and shall also express upon their face the promise of the association (national bank) receiving the same to pay on demand, attested by the signatures of the president or vice-president and cashier." The act further states: "After any association receiving circulating notes under this Title has caused its promise to pay such notes on demand to be signed by the president or vice-president and cashier thereof, in such manner as to make them obligatory promissory notes, payable on demand at its place of business, such association may issue and circulate the same as money. And the same shall be re- ceived at par in all parts of the United States in payment of tax- es, excises, public lands, and all other dues to the United States, except duties on imports; and also for all salaries and other debts and demands owing by the United States to individuals. corpor- ations, and associations within the United States, except interest on the public debt, and in redemption of the national currency." The following important facts about national bank notes are derived from the provisions of the National Bank Act: 1. National bank notes were to be signed by the president or vice-president and cashier of the issuing bank, AND NO OTHERS. 2. ONCE SIGNED, national bank notes were to circulate the same as money, at par, in all parts of the United States. 3. National bank notes could not be used to redeem the banks' bonds on deposit with the Treasurer. The act clearly specified that only "Lawful Money" (legal tender) could be used to redeem the banks' bonds. 4. National bank notes were obligations of the United States. But they were also specifically defined as being promissory notes of the issuing banks. In light of the above facts, two questions to be now addressed are (1) What were these "notes" BEFORE they were signed, and (2) what were these "notes" if they bore the signatures of persons OTHER than the president or vice-president and cashier of the bank? Hiland R. Hurlburd. Comptroller of the Currency (1864-1867). His was an "unpleasant task." THEFTS IN THE COMPTROLLER'S OFFICE Beginning under the term of Hugh McCulloch, sheets of un- signed national bank notes began to disappear from the Comp- troller's offices. A later Comptroller, Hiland R. Hurlburd, in his official report to Congress for 1867, provides an account: It is an unpleasant task, but nevertheless the performance of a duty, to submit the following statement relative to the ab- straction, at various times, of unfinished national bank notes: In the summer of 1864 it was ascertained that packages of notes forwarded to certain western banks were each found to be short of the required amount by one impression (a sheet containing four notes). This happened at intervals for several months. Then, for nearly a year, no losses occurred. But in Paper Money Whole No. 132 Page 195 This note, dated May 17, 1867, from Comptroller of the Currency H.R. Hurlburd to Hugh McCulloch, Secretary of the Treasury recommended that James H.A. Schureman be dismissed "for dishonesty." the fall of 1865, impressions began to be missed from the packages of notes in the counting room of the office; and in December a package containing $4,500 in fifty and one hun- dred dollar notes of the National City Bank of Lynn, Massa- chusetts, was missed. From this time there was a cessation in the thefts, until about the first of May last, when a package containing $12,000 in fifties and hundreds of the First Na- tional Bank of Jersey City, New Jersey, was stolen. At each of the periods when these frauds took place, in- vestigations were instituted and diligent efforts were made to discover the perpetrator, but without success. The last rob- bery was discovered almost immediately upon its taking place, and vigorous measures were at once taken to detect and bring the guilty party to justice. There is reason to believe the effort was not unsuccessful, as a man who had been em- ployed in the counting room from the time of its first organi- zation, in a confidential capacity, was arrested, and upon ex- amination before the proper authorities, held under bonds until the next session of the grand jury of the District. A MESSENGER IS ARRESTED The man arrested was James H.A. Schureman, a messenger in the Issuing Division of the Comptroller's Office. On May 17, 1867 Comptroller Hurlburd sent a letter to Secretary of the Treasury Hugh McCulloch recommending that Schureman be dismissed for dishonesty, and that the dismissal be backdated to become effective May 1, 1867. In his report to Congress for 1869 Hurlburd recounted the thefts, and updated the previous report: The evidence against him, though very strong, was not con- sidered conclusive, and it was throught best not to bring the case to trial at once, but to wait and see what additional testi- mony might be developed by the lapse of time. During the past year (1869), efforts made by the guilty party to avail himself of the stolen notes, furnished conclusive proof of his guilt, he was tried in the criminal court of the District in Au- gust last . . In the summer of 1869, a $50 note of the First National Bank of Jersey City, New Jersey, was presented at that bank for re- demption. The Treasury serial number, 19647, and the bank serial number, 736, identified it as being one of the notes stolen from the Comptroller's offices in May, 1867. The signatures of the president and cashier of the First National Bank had been forged on the note. The note was traced to a bank in Georgia, and after some investigation it was determined that James H.A. Schureman had been in the town at the time the note was passed there. Thomas P. Kane served in the Comptroller's Office for many years, first as secretary to the Comptroller and later as the Depu- ty Comptroller. His book "The Romance and Tragedy of Bank- ing" is a virtual history of the Comptroller's Office and the men who held the position. In the book he offers an opinion of how the notes were stolen and passed: It appears that while some changes were being made in the room of the (Issue) division, this messenger was sent into the vault with some books and during the short time he was in there concealed a money package under his vest. He had been previously granted leave of absence for several days, and after stealing the package left Washington for the South, where he put some of the notes in circulation after clumsily affixing signatures to the notes other than the names of the president and cashier of the bank. it r► kOL tt TOW PIL C.ShNir:. Cif 0-E R5H C111 WILL Phl FiFty NEVI TER,SEI usa /IAA( AA ALWAN o..11 km04 Anktu sltrahN hTiO A I- CUR26HC4 5 e (giurTA`1:sti- I - 1040u t)SCCURED Of mosic 196 ,7 rat UNITED 1.)rTE• //4' A\f p* 1- 16. 0;in. no 1.1STmlwor t\ 14‘,11, 4\ v c To4v C. litLAALA 41 C. 016 041 0 031 1T,0 ra VI Di RI ATtCI4 OF 116 tirra co /y44 ,avt 1#1, ;',042(0/. t. , L.. I Page 196 Mr. Kane's comment that the thief affixed "signatures to the notes other than the NAMES of the president and cashier of the bank" is incorrect, however: in the indictment against Schure- man, a $50 note of the First National Bank of Jersey City, New Jersey is illustrated (hand-drawn). According to a deposition from Michael Sandford, cashier of the bank, the signatures on the note, purported to be his and that of John S. Fox, the presi- dent of the bank, were forgeries. Paper Money Whole No. 132 were not "money" until they had been signed by the president or vice-president and cashier of that particular bank, AND NO OTHERS! The motion was granted, and Schureman was found not guilty. PROBLEMS CAUSED BY THE APPEARANCE OF THE STOLEN NOTES This closed the book on James H.A. Schureman, but what about the many notes that had been stolen from the Comp- These were among the eight, hand-drawn illustrations of a $50, first charter, original series note from the First National Bank of Jersey City, NJ, entered in the indictment against Schureman. THE TRIAL OF JAMES H.A. SCHUREMAN Schureman was indicted and charged on counts of "Removing Papers from the Treasury" and "Passing Counterfeit Money." Schureman was found guilty by the jury on the count of "Re- moving Papers from the Treasury," but his attorney filed a mo- tion in arrest of judgement, claiming that the evidence offered by the District Attorney was not sufficient to convict him. The defense claimed to have shown that other employees of the Comptroller's office had access to the vaults at the time the notes were stolen. The judge in the case agreed with the defense attorney, and the conviction was overturned. In his trail for "Passing Counterfeit Money," which lasted for several months, Schureman was again the beneficiary of what the Bankers Magazine would later call "a shrewd lawyer." The circumstantial evidence in the case was overwhelming: Schure- man had been in the vault the very day the notes in question were stolen, and he had been in the very town in Georgia at the same time the notes were passed there. Schureman's "shrewd lawyer" recounted for the court the provisions of the National Bank Act, as quoted at the beginning of this article. He moved to quash the indictment on the grounds that it stated that "money" had been stolen, when in fact national bank notes troller's office between 1864 and 1867? The Act of June 20, 1874 established an agency of the Treasury Department for the redemption of worn-out and mutilated national bank notes. Be- fore that time, the notes were simply reissued by the various banks as they came back in, and the condition of the notes con- tinued to deteriorate. The public had complained about "filthy and germ-ridden" notes, labelling them a threat to the health of the country. The establishment of the redemption agency served to alleviate this problem, but it also brought in many of the "counterfeits," stolen from the Comptroller's office years be- fore but still in circulation. U.S. Treasurer Francis E. Spinner addressed this situation in his report to Congress for 1874: The Comptroller [John Jay Knox at the time this was written] now states it as his opinion, that very few of the notes of the First National Bank of Jersey City, amounting to more than two-thirds of all the unsigned notes stolen, are now in exist- ence. This belief is founded on the fact that the theft was dis- covered at once and an arrest made almost immediately. The theory is that the thief, in order to destroy the proof that might be brought against him, destroyed nearly all of these notes, and some of those of the National City Bank of Paper Money Whole No. 132 Lynn (Massachusetts), that he had previously stolen. This theory is confirmed and strengthened by the fact that but few of the notes of either of these two banks have made their ap- pearance at the agency here for redemption, while of the notes of the thirty-nine banks from which but a single sheet each was stolen, their appearance occurs disagreeably often, to the disgust of the poor counters WHO ARE RESPONSI- BLE IN DOLLARS IF THEY PASS THEM WITHOUT DIS- COVERING THEIR CHARACTER. (author's emphasis) At a more recent time, in December, 1868, unsigned notes of the Third National Bank of the city of New York, amounting to $750, mysteriously disappeared while in transitu from one room to another in the Office of the Comptroller of the Cur- rency. Although these notes were never in the custody of that bank, nor any of its officers or agents, yet it is under- stood that it redeems them on presentation at its counter, thus setting an example worthy of imitation by other banks, and by the GOVERNMENT AS WELL. Treasurer Spinner's last comment above discloses his obvious unhappiness with the existing laws. A report from the National Bank Redemption Agency, dated July 31, 1875, lists stolen notes from six banks, among them the First National Bank of Jersey City, New Jersey and the National City Bank of Lynn, Massachusetts (the notes stolen from the Comptroller's office), and describes them as follows: "The National Bank Notes described below were stolen when unsigned, the signatures of the bank officers forged, and the notes put in circulation. They are rejected when presented for redemption at the National Bank Redemption Agency, for the reason that the Agency has no authority to charge them to the banks which issued them." To review: these "notes" had been charged to the accounts of the various banks (against their deposited bonds) because the Comptroller of the Currency had arranged to have them print- ed. They were complete with Treasury seal and serial numbers, lacking only the proper signatures to make them "lawful money." Because the signatures on the notes were forgeries, the government could not consider them "lawful money"; even though the banks involved had never been in possession of these notes—or "issued" them—the government, because of the decision in the case of James H.A. Schureman, was placed in a very embarrassing position: the redemption agency refused to redeem these "notes" because they were not "lawful money," thereby disavowing any responsibility for them. Since the Treasury held the bonds of the issuing banks, and the government refused to redeem the notes against those bonds, who was responsible for the loss? THE BANKS! In most of the thefts the amount was less than $100, but in the case of the First National Bank of Jersey City, New Jersey, it was $12,000! Further, if a clerk in the Redemption Agency had the misfortune to accept one of these "notes" for redemption and credited the involved bank, that clerk (the "poor counter" men- tioned by Spinner) had his or her paycheck docked by the same amount! Every time a note from one of the involved banks came in for redemption, the clerks had to determine if the signatures were genuine, and there were thousands of notes being re- deemed every day! SPINNER'S REMEDY Spinner recognized the irony of this situation, and further in his report of 1874 he recommended a method of eliminating the problem: Page 197 In the opinion of the Comptroller of the Currency, the whole amount of the notes that were taken from the Department that are now in existence does not exceed $5,000. As all of them were entirely finished, both face and back, having the signatures of the Register and the Treasurer of the United States, and bearing the seal of the Treasury Department on their face—being in fact genuine and perfect in all their parts, save the signatures of the officers of the banks; and as they were put into circulation through the agency of an employe [SIC] of the Government, and as they are now in the hands of innocent parties who received them in good faith for their full face value, it is most respectfully recommended that Con- gress be asked to make an appropriation of say, $5,000, wherewith to redeem these stolen notes, so that they may be cancelled and destroyed when presented at the Treasury for redemption; and that the Comptroller of the Currency be au- thorized to issue new notes instead thereof to the various banks which would be entitled to receive them. The Act of June 20, 1878 contained an appropriation of $5,000, as requested by the Treasurer, to redeem the national bank notes stolen from the Comptroller's offices. Since the first thefts occurred in the summer of 1864. some 14 years lapsed before the government acted to alleviate this problem, caused by its own negligence in safeguarding the notes in its possession. In an upcoming issue we will discuss another aspect of the dis- position of stolen, "UNFINISHED" national bank notes—what happened if the notes were stolen from the possession of the bank, after they had been delivered by the Comptroller of the Currency, but before the proper signatures had been affixed. References Annual Report of the Comptroller of the Currency, 1867. 1869. 1874, Government Printing Office. Washington, D.C. Bankers Magazine. The Bankers Publishing Company, New York. Volume LXXX, Number 5 (May. 1910). Page 721. National Archives, Record Group 21. District Courts of the United States. U.S. Supreme Court for the District of Columbia. Case File 7495, U.S. vs. James H.A. Schureman. National Archives, Record Group 21. District Courts of the United States. U.S. Supreme Court for the District of Columbia. Criminal Docket 7, Case File 7495. U.S. vs. James H.A. Schureman. National Archives, Record Group 56. E162. Letter records from the Comptroller of the Currency, December 1863 — September, 1872. Re- vised Statutes of the United States. The National Bank Act of 1863 and other laws relating to national banks. The Romance and Tragedy of Banking. Thomas P. Kane, Second Edi- tion, 1923. Copyright 1922, The Bankers Publishing Company, New York. Pages 57-58. Acknowledgements I wish to thank Cynthia G. Fox of the National Archives for locating the correspondence and court records pertaining to the trials of James H.A. Schureman: Ms. Fox found a list of employees of the Comptroller's Of- fice during the time of the thefts, then cross-referenced the names on the list to the letter files of the Comptroller, and determined that James H.A. Schureman was a candidate for more research. It was at this point that she uncovered the case records of his trials. This amounts to super- ior research in itself, and allowed me to assemble the material in the other sources into a meaningful project; without her assistance this arti- cle could not have been written. My sincere thanks to Ron Horstman for providing me with his original research material, encouraging me to pursue the case and write this arti- cle, and for proofreading my drafts. Thanks also to Eric P. Newman for providing advice and guidance re- garding the legal aspects of the court cases and the laws. And a special thanks to the staff of the Mercantile Library in St. Louis. Page 198 Interest Bearing Notes Roger Society of Paper Money Collectors was well represented at the ANA convention in Atlanta. Our hospitality table was popular and activity was brisk for most of the convention. Col- lecting paper money is enjoying a renewed collector interest as was evident by the amount of material available from many dealers in attendance. Their sales were good and the collectors I spoke to were satisfied with the additions they obtained for their collections. Book sales and new membership applications were better than at the last few ANA Conventions. Our meeting was well attended, with the main discussion focusing on insurance, for paper money collections in particular. I researched several avenues of insurance with no success. There are not enough collectors available for an insurance company to consider creat- ing a policy specifically for paper money insurance. The only advice I can give you is to check with your local insurance agent about adding a floater clause to your home owners or tenants insurance policy. The other alternative is to participate in the fine ANA insurance program. At the moment, these are the only alternatives available to us. I also noticed an increase in paper money exhibits. Each show I visit seems to offer an ever- increasing amount of paper money exhibits. The exhibits at this convention were outstanding. The second International Paper Money show held in conjunc- tion with the GENA convention at Cherry Hill, NJ was well at- tended by collectors. Lack of dealer participation was evident by the small number of paper money dealers in attendance. Each dealer who did attend reported excellent sales and a few claim- ed this to be their best show ever. It seems that different material was available since many of these dealers do not travel as far as the center of the country to attend the Memphis or St. Louis shows. Collectors were happy as many outstanding notes sur- faced; these were eagerly purchased and found new homes. The SPMC table attracted a lot of people. All the books we brought to Cherry Hill were sold. The educational programs and the paper money exhibits were excellent. In fact, a paper money exhibit won the best of show award. About the only negative comments concerned the lack of dealer participation. Many, many collectors who cannot afford to travel to the midwest to attend a show asked me why the dealers refuse to participate in an east coast show. I advised them to write to the dealers they purchase notes from and ask why they can't accommodate them by attending an east coast show. We held a regional SPMC meeting which was fairly well attended. It is evident that our membership wants to participate in SPMC activities and we will continue to do our best to offer as many varied programs as possible. I spoke to many of the authors of Wismer project books who are not yet in print to try and find out what we could do to help them complete their task. After conferring with them, I have de- cided to have a Wismer project round table discussion at the Memphis show for past authors, current authors and future authors. All authors are urged to attend this conference if possi- ble. Past authors will share their methods of accumulating Paper Money Whole No. 132 material, numbering systems, construction methods and all the necessary information needed to help current authors complete their tasks. It should be a very informative discussion. As this issue of PAPER MONEY is prepared, we should be on our way to St. Louis. This show promises to be one of the stellar events of the syngraphic year. Hope to see you all there. RECRUITEMENT REPORT Ronald Horstman 15 Roger H. Durand 4 Tom Denly 5 Richard J. Balbaton 3 Vernon L. Brown 1904-1987 Long-time member Vernon L. Brown died on September 24. Failing health kept him from attending collector gath- erings during the past few years. Vernon's interests were varied, but, paper money was his primary interest and U.S. depression scrip his research forte. His study of this material served as his thesis at New York University. The Standard Catalog of Depression Scrip of the U.S. was dedicated to Vernon L. Brown. From 1931-1963 he was at The Chase Manhattan Bank Money Museum. Vernon succeeded the originator, Far- ran Zerbe. From 1956-1958 he served as president of the New York Numismatic Club (ANA-LC 1). We were fortu- nate to have Vernon's services as secretary of the SPMC from 1967-1975. Vernon's smiling face and pleasant manner will be missed by all those who knew him. STATEMENT Of OfIN/1110;l; IZNAGISIENT ANC CIRCULATION A...4w nuxc ww, .• '"".. ''''. P0.9931 1.117 1. nyww.,ro k Kt 0 10 11 h h h 16 , D■110, 110M, 2 1.6quat 21. 1911/ 3• ....m9",..c.A Ne. 15.00 7.11999.94To,Rot 11-11.Nly sa No ow nwon9N•ave 6 . Nu • ..... ..., 1211 m. Pp., 919INey, Comer, Celo...r. 19941 ISent Cant, I. hp4o1././........./I .1.911191 ma.t..96e.11410 1..1460...4.01049.1 s..1160.19.101 1211 M. Orsont111914.4., Cow, Ce1almre 901 ernt CONK), • iv, s.Nra. 4.0 c09991.191 m.o.. A MOM 00 9......em. 19 g WOW. 4/9o19.9. Ik e...9•91..../99.9...- kw. owl. ...II .a m..r 12010 9010021, 0..., ., 9. 0405,1 02 995.0• C.., M 19901 1•119.s............•••■••••■•••■•■ Otn• Wavle, 149cAntlle Ma, Paws, 7th 4 11•501119ten. St. URN, NJ 61101 A.......11 1.01.10.......o.............991 Omar Litho PrInttrg Cows, , 1211 M. Oupolt 1119/say, COW, Or 19901 .9.,..9999+4.........m....................................,.. NN.*/ NALL 9.N. coosog.6sToKI•esmo• Ow f P fall nr a 1 11 61 ' r--,=="eret:14*—Tall=2...-1"-tt".7.," ••••••• "--• " ••••• ........ os..."1 .9410.1•9019.41 • :•.-==—.7.....—='...t.—:::-='=•..Z....1::::72:•=t..•••_:_-1.4:-..-..r" q r.:,114r.2.t..."— 0'Alt:.r,=:-.1:_,==,-- "-- - . wko ...v. or 0...0900. eutViallill= 1119"..14TROF:iii yen wsortmoa...... 2171 MO • 71./.....R.1.6. ... .... ... ,.. -0- -0- t-.......e. 1920 117) e row.. r..• emow•nox ......•./..“... asen PIN ' MIL1174.,?..=!..%174.7.1=1 e e L TOTAL OWT.OK0O1 I.. wr.99•9 1921 1111 .• rottr!::::::":2!—...---.. 7 tr...4..5.5.5.... -0- -0- . 999611••••■• ••• ....1,-.■.....I... , 9•99.9........ N ,003 1956 • 1■111.0■•■19•99•••monla99•1..9 'N 't"m"*"79L"''' Tfi ..'"''''...." Collector Dealer Paper Money Whole No. 132 Page 199 Award Winners and Speakers at Atlanta — ANA Convention The following received awards for their paper money exhibits in the specified categories, In some instances there were no second or third place awards. U.S. Paper Money: first, John Wilson (Electricity: 1896 Style); second, Martin Leimkuhler (U.S. Fractional Curren- cy, A Type Set, 1862-1876): third Fred Schwan (Strange, Un- usual and Mysterious Military Payment Certificates) U.S. Obsolete Paper Money: first, George B. Tremel (Currency of the Confederacy—Type Notes 1861-1862). sec- ond, Samuel E. Roakes (The Printers of the Confederacy); third, Joseph R. Lasser (The Constitution Signers) Foreign Paper Money: first, Joseph E. Boling (Building a National Currency in Japan, 1868-1899); second, Gene Hessler (Five Bank Note Artists) Western Americana: first, Nancy Wilson (Wooden De- pression Scrip) Local Interest: first, Robert Comely (Georgia's Black Her- itage Reflected in Our Paper Money); second. Samuel E. Roakes, Jr. (Currency Issued by Georgia During the Civil War) The Julian Blanchard Award, given by the SPMC for an exhibit that combines bank notes, proofs, vignettes and stamps was received by Gene Hessler for his award previously men- tioned. At the general SPMC meeting, Neil Shafer spoke about Food Stamp Change From Individual Stores. The speaker at the IBNS meeting was Richard Balbaton; his subject was Bank Notes of the Banque de France. In the Numismatic Theatre, the following speakers ad- dressed a variety of paper money subjects: Douglas Ball, Ken Barr, Joseph E. Boling, Carl D'Alessandro and Clyde M. Reedy. At the ANA Educational Forum, Gene Hessler, with the addition of slides, spoke about G.F.C. Smillie and his Enduring Engraving: The Reapers. MEMBERSHIP DIRECTOR Ronald Horstman N Louis , .O .mBoo x6 36 01 3191 St. P MEMBERS 7520 Ken Wallach, 132 Montage St Brooklyn, NY 11201: C&D, Obsolete bank notes. 7521 Harry W. Atkinson, 5845 Norton Circle, Flowery Branch, GA 30542. 7522 Cecil Anderson, P.O. Box 218. Conley GA 30027; C&D. 7523 John Bergman, 4223 Iroquois Ave., Lakewood, CA 40713; C, Numismatic literature. 7524 Ira Skelton, P.O. Box 41, Greenwood, SC 29648; C, FRN. 7525 Miguel Estrella, P.O. Box 1750, Santo Domingo, Dom. Rep.; Dominican and Haitian Notes. 7526 Gifford Kelly, 4628 Clairton Blvd., Pittsburgh, PA 15236; C&D, MPC & type notes. 7527 Jay A. Duda. 7947 Southtown Ctr., Bloomington, MN 55431; C&D, National currency & type notes. 7528 John M. McGarry, 189 Ashuelot St., Dalton, MA 01226. 7529 Kevin Guernier, 63 Park Rd., Hamden, CT 06511; C, Obsolete, railroads & bonds. EFFECTIVE IMMEDIATELY! Advertising & Money Mart Rates Have Been Increased This necessity will be addressed in the Jan./Feb. issue Address Correction for ABNCO Archive Series Article in Vol. XXVI, No. 5, Whole No. 131: Wendell Wolka P.O. Box 929 Goshen, IN 46426 mom 'oP mart Paper Money will accept classified advertising from members only on a basis of 15C per word, with a minimum charge of $3.75. The primary purpose of the ads is to assist members in exchanging, buying, selling, or locating specialized material and disposing of duplicates. Copy must be non-commercial in nature. Copy must be legibly printed or typed. accompanied by prepayment made payable to the Society of Paper Money Collectors, and reach the Editor, Gene Hessler, Mercantile Mon- ey Museum, 7th & Washington, St. Louis. MO 63101 by the tenth of the month preceding the month of issue (i.e. Dec. 10, 1987 for Jan. 1988 issue). Word count: Name and address will count as five words. All other words and abbrevia- tions, figure combinations and initials count as separate. No check copies. 10% discount for four or more insertions of the same copy. Sample ad and word count. WANTED: CONFEDERATE FACSIMILES by Upham for cash or trade for FRN block letters, $1 SC, U.S. obsolete. John W. Member, 000 Last St.. New York. N.Y. 10015. (22 words: $2: SC: U.S.: FRN counted as one word each) 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 (138) NEW YORK NATIONALS WANTED. Athens, Catskill, Coxsackie, Germantown, Hudson, Hunter, Kinderhook, Philmont, Tannersville. Windham. Send description and price. All letters answered. Robert Moon, Box 81, Kinderhook, NY 12106 (138) 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) 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) 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., Edi- son, NJ 08820. (132) Paper Money Whole No. 132 WANTED: OBSOLETE CURRENCY, SCRIP, BANK ITEMS AND CONFEDERATE ITEMS OF NORTH CAROLINA. Single items or collections. Send description and price. Jim Sazama, P.O. Box 1235, Southern Pines, NC 28387. (139) Page 200 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) NEW YORK NATIONALS WANTED FOR PERSONAL COLLEC- TION: TARRYTOWN 364, MOUNT VERNON 8516, MAMARO- NECK 5411, Rye, Mount Kisco, Hastings, Croton on Hudson, Pel- ham. 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) NUMBER 1 and 11111111 UNITED STATES type notes wanted and unusual United States error notes. Jack Fisher, 3123 Bronson Blvd., Kalamazoo, MI 49008. (140) KUWAIT 1960 NOTES in regular issue and specimen, also want Jor- dan, 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) HUNTSVILLE and WALKER CO. TEXAS WANTED. George H. Russell, 1401 19th St., Huntsville, TX 77340. (135) MISSISSIPPI OBSOLETE NOTES WANTED for my collection. Liberal prices paid for notes needed. Byron W. Cook, Box 181, Jack- son, MS 39205. (133) RAILROAD, MINING AND OTHER nice looking stocks and bonds wanted. Have many of above for sale also. Send 22C stamp for lists. Jack Curry, Box 7395-Dept. M, Jersey City, NJ 07307. (135) STOCK CERTIFICATES & BONDS — buy and sell! Current catalog of interesting certificates for sale. $1. Buying all—but especially interest- ed in early Western certificates. Ken Prag, Box 531PM, Burlingame, CA 94011, phone (415) 566-6400. (149) WANTED: RHODE ISLAND NATIONALS from Cumberland, Woonsocket and all 1929 series. Send for offer or write giving descrip- tion and price desired. Also have RI notes to sell or trade. RI vats, P.O. Box 7033, Cumberland, RI 02864. (132) ILLINOIS NATIONALS WANTED. Pay $300 or more for Middle- town #7791, Chester #4187. Buy-sell-trade many others. SASE for list. Chet Taylor, Box 15271, Long Beach, CA 90815. (132) WANTED, ALL OBSOLETE CURRENCY, ESPECIALLY GEOR- GIA, 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 Hawkinsville, La Grange Bank, Central Bank Milledgeville, Ruckersville Banking Co., Bank of St. Marys, Cot- ton Planters Bank, any private scrip. I will sell duplicates. Claud Mur- phy, Jr., Box 15091, Atlanta, GA 30333. (138)) ILLINOIS NATIONALS WANTED: Albany, Bement, Beecher, Chester, Coulterville, Crescent City, Forrest, Granville, Greenfield, Mound City, Palatine, Ranson, Sidell, Saint Anne, Sparta, Ullin and others. Lynn Shaw, Rt. 2, Box 315, Coulterville, IL 62237. (135) WANTED: 1953B $10 SC. If you won't sell, please send me serial number and face and back plate numbers. Article on this note in pro- gress. Mike Stratton, NATO AGARD, APO NY 09777. (132) PAPER MONEY MAGAZINES: I need SPMC's first twelve issues; sets considered. Robert Galiette, 10 Wilcox Lane, Avon, CT 06001. (133) GOLD CERTIFICATES WANTED in extra fine, almost-uncirculated and uncirculated conditions in both large- and small-size U.S. notes. Jack Fisher, 3123 Bronson Blvd., Kalamazoo, Michigan 49008. (136) AUTOGRAPHED U.S. NOTES WANTED with special interest in notes autographed by United States Presidents, Treasurers and Secre- taries of the Treasury in both large- and small-size notes. Jack Fisher. 3123 Bronson Blvd., Kalamazoo, Michigan 49008. (136) MICHIGAN NATIONALS WANTED with serial number one, Michi- gan First Charters, all Kalamazoo. Michigan banks and Michigan large- size $100.00 nationals. Jack Fisher, 3123 Bronson Blvd., Kalamazoo, Michigan 49008. (136) SERIAL NUMBER 100,000,000 U.S. NOTES WANTED and also want serial one. 11111111 through 99999999 small-and large-size, large-size only star notes and single digit 1966 $100.00 Red Seal Star Notes. Jack Fisher, 3123 Bronson Blvd., Kalamazoo, Michigan 49008. (136) CENTRAL CITY AND GREENVILLE, KENTUCKY NATIONALS WANTED for personal collection. Would also like to correspond with other collectors of Kentucky nationals. Richard L. Deavers, 223 Reser- voir Ave., Central City, KY 42330. BONDS AND SHARES. Private collector will buy all your unwanted stock and bond certificates for cash at a price. No quantity too large. All countries and classifications except France before 1940. Send photo- copies and price wanted to: J. Glaser, 6900 E. Camelback Rd., Scotts- dale, AZ 85251. SPRINKLE HAS VARIOUS UNCUT SHEETS of old bank checks starting at $4.50. Frank Sprinkle, 304 Barbee Blvd., Yaupon Beach, NC 28461. ILLINOIS NATIONALS FOR SALE: Aledo, Alton, Amboy, Arenz- ville, Batavia, Carmi, Carthage, Charleston, Chicago Heights, Ed- wardsville, Evanston, Geneseo, Havana, Jacksonville, Jerseyville, Joliet, Kankakee, Kewanee, Lawrenceville, Lewistown, Marion, Mar- shall, Mulberry Grove, Morris, National City, Paris, Peoria, Salem, Waukegan, other states. SASE brings lists. Joe Apelman, Box 283, Covington, LA 70434. MANHATTAN COMPANY, CHASE NATIONAL AND AARON BURR MATERIAL WANTED. Interested in obsoletes, nationals, fis- cal paper items, books, checks, bonds, etc. Thomas Buda, 442 Cald- well Dr., Wyckoff, NJ 07481. (135) BANK NOTE CO. SAMPLE BOOKS WANTED. Also annual reports or sales brochures featuring vignettes. Jeff Price, P.O. Box 5579, Santa Monica, CA 90405. (137) WAKEFIELD, RHODE ISLAND NATIONAL BANK NOTES WANTED. Also interested in nationals from other Rhode Island cities and towns except Providence. Frank Bennett, Box 8153, Coral Springs, FL 33075. (132) WANTED: 1907 CLEARING HOUSE SCRIP AND CHECKS. Need items from most states; please send full description or photocopy with price. I am particularly interested in Washington, Oregon, North Dakota, New York and Georgia. T. Sheehan, P.O. Box 14, Seattle, WA 98111. (133) MICHIGAN NATIONALS WANTED. Also Michigan obsoletes, scrip and fractionals. Send SASE for my list. Dr. Wallace Lee, Suite 210, Summit Place, Pontiac, MI 48053. (135) WANTED: Early California Postmarked envelopes and documents. P. Frusetta. Box 246, Tres Pinos. CA 95075. SUPPORT YOUR SOCIETY Paper Money Whole No. 132 Page 201 Njj! j jj ij1 1.,J j j I '• j' '1 , 'J I j WE ARE ALWAYS BUYING ■ FRACTIONAL CURRENCY ■ ENCASED POSTAGE ■ LARGE SIZE CURRENCY ■ COLONIAL CURRENCY WRITE, CALL OR SHIP: Vt1221.... ZTinc. LEN and JEAN GLAZER (718) 268-3221 POST OFFICE BOX 111 FOREST HILLS, N.Y. 11375 11- 11 1' \ R \ 10\1- } ( 01 1.1 ( I ( r/ ivt ctz: Charter Member LM-5773LM-2819 Back Issues of PAPER MONEY Available The following back issues of PAPER MONEY are now available at $2.50 each from R.J. BALBATON, SPMC Book Sales Dept. P.O. Box 911 No. Attleboro, MA 02761.0911 1966 — #20 1977 — #69 1968 — #25, 26 1979 — #80, 81, 83 1970 — #35 1980 — #85, 86, 87, 89, 90 1971 — #38, 39 1983 — #104, 105, 106, 107 1972 — #41, 44 1985 — #118, 119, 120 1974 — #52, 53 1986 — #124, 125, 126 1975 — #60 1987 — #127, 128, 129, 130, 131 ### An index to "Paper Money" Volumes 1-10, 1962-1971 Please do not send funds with your order. You will be invoiced for those issues that can be supplied at the time your order is received. This procedure will avoid the necessity of making refunds. Remember, Do Not Send Funds With Your Order! YOU WILL BE BILLED! Five or more copies shipped postpaid. This opportunity to obtain the wealth of information contained in these issues may not last long, as most are in limited supply. DO YOU KNOW WHAT THIS IS? (HINT: It is printed on only one side!) This vignette, printed from a plate prepared from the original die, appears on the BureauANSWER: of Engraving and Printing's Souvenir Card honoring the ANA Convention in 1972! SPECIAL INTRODUCTORY OFFER! We will send you the ANA 1971-1973, 1975-1976, and 1980 B.E.P. Souvenir Cards which show the 1896 $1, $2 and $5 Silver Certificate vignettes, faces and backs (one of which is illustrated above), regular price for the 6 Cards—$44, JUST $33! (postpaid in U.S.) Our comprehensive Souvenir Card price lists are just $1, refundable. MasterCard VISA' ACCEPTED! P.O. Box 859P Tiburon, CA 94920 RUSS BELL (415-435-9494) AAPS Alk LIFE Page 202 Paper Money Whole No. 132 INTRODUCING THE OREGON PIONEER CURRENCY ALBUM QUALITY BINDERS USED FOR DISPLAY, TRANSPORT & STORAGE SAFE MYLAR PAGES HOLD YOUR LARGE AND SMALL U.S. TYPE NOTES, C.S.A., COLONIALS, OBSOLETES, SCRIP, NATIONALS, ETC. VIEW BOTH SIDES OF NOTES EASILY RE-ARRANGED ZIPPERED MODEL FOR SECURE TRANSPORT QUALITY THROUGHOUT! SEND FOR FREE BROCHURE DEALERS INQUIRE ON LETTERHEAD OREGON PAPER MONEY EXCHANGE 6802 S.W. 33RD PLACE PORTLAND, OREGON 97219 SUZANNE NAVEN 503/245-3659 (EVES) BANKS 1868 UNION NATIONAL BANK (Philadelphia) $75 Black/White Capital Stock certificate with several attractive vignettes. One of the very few engraved banking stocks, from the American Bank Note Company. Pen-cancelled, otherwise in VF + condition. Our Current BANK listing includes more than 3 dozen Bank stocks, from 1812 to 1933, many with vignettes by the major bank note companies of the 19th century. Call or write today and ask for our BANK listing, or for our general catalogue of more than 150 stocks and bonds. CENTENNIAL DOCUMENTS P.O. Box 5262, Clinton, NJ 08809 (201) 730-6009 4$ %Plillni"Vilit1414.1011.*414' ,74 CANADIAN BOUGHT AND SOLD • CHARTERED BANKNOTES. • DOMINION OF CANADA. • BANK OF CANADA. • CHEQUES, SCRIP, BONDS & BOOKS. FREE PRICE LIST CHARLES D. MOORE P.O. BOX 1296P LEWISTON, NY 14092-1296 (416) 468-2312 LIFE MEMBER A.N.A. #1995 C.N.A. #143 C.P.M.S. #11 Walt Alcott Numismatics and Paper Americana ARIZONA TERRITORY CHECKS AMR C4411RAVVV, NERCUMLF IMITUTION Neat. ne toi,r3 Wtal Hollbrook, Arizona $30 each, one of each $50 Stocks • Bonds • Checks • Maps Engravings • Labels • Etc. Box 3037 • Quartz Hills, CA 93534 805-942-7105 MEMBER: ANA (LM); SPMC; CSNS; PSNA; PCDA Paper Money Whole No. 132 Page 203 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 IAN A. MARSHALL P.O. Box 1075 Adelaide St. P.O. Toronto, Ontario Canada, M5C 2K5 WORLD PAPER MONEY Also World Stocks, Bonds and Cheques 416-365-1619 CURRENCY IAT10NI ":7; CVO , fjj -. 07Ci'toral 5,4 Ad> 101 4,A fNi,,. G, c ita 0 )0 • Broken Bank Notes • Southern State Issues • Confederate Currency • Merchant Scrip • Collections Needed: Buy/Consignment Approval Service Available— Supply One Dealer Reference or Your S.P.M.C. Number. PRICE LIST — Enclose Large Size 22c Self-Addressed Stamped Envelope. Topical interests or states collected and desired collectable grades are helpful if approvals are re- quested. DON EMBURY 12321/2 N. GORDON STREET, LOS ANGELES, CA 90038 S.P.M.C. 3791 ST. LOUIS, MISSOURI OBSOLETES AND NATIONALS WANTED RONALD HORSTMAN P.O. BOX 6011 ST. LOUIS, MISSOURI 63139 !.Louis Norumolai Bank -144) ..1,4) • + Page 204 Paper Money Whole No. 132 , NATIONAL', Paper Money Whole No. 132 Page 205 • U/V/IS U INC . P.O. BOX 84 • NANUET, N.Y 10954 BUYING / SELLING: UNCUT SHTS, PROOFS, SCRIP BARRY WEXLER, Pres. Member: SPMC, ANA, FUN, GENA, CCRT (914) 352.9077 ..,44,„ EARLY,.. ,., 0 ,.„, ,,, ,,.1 , im, fifo.: AMERICAN,, ot4. ri-,,. It NUMISMATICS - ,,, *619-273-3566 COLONIAL & CONTINENTAL CURRENCY SPECIALIZING IN: SERVICES: q Colonial Coins q Portfolio q Colonial Currency Development In EARLYq Rare & Choice Type q Major Show Coins Coverage q Pre-1800 Fiscal Paper q Auction We maintain the LARGEST ACTIVE INVENTORY IN THE WORLD! SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. AMERICAN NUMISMATICS C/o Dana Linett q Encased Postage Stamps Attendance ■ P.O. Box 2442 ■ LaJolla, CA 92038 ■ 619-273-3566 Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS WANTED OBSOLETE PAPER MONEY (Bank Notes, Script, Warrants, Drafts of the AMERICAN WEST Oregon, California, Idaho, Nevada, Arizona, Utah, Montana, New Mexico, Colorado, Dakota, Deseret, Indian, Jefferson Territories! Cash paid, or fine Obsolete Paper traded. Have Proof notes from most states, individual rarities, seldom seen denominationals, Kirtlands, topicals; Colonial, Continental; CSA, Southern States notes and bonds. Also have duplicate West- ern rarities for advantageous trade. JOHN J. FORD, JR. P.O. DRAWER 706, ROCKVILLE CENTRE, N.Y. 1157L BUYING AND SELLING CSA and Obsolete Notes Catalog available for $1 ANA-LM SCNA PCDA HUGH SHULL P.O. Box 712 / Leesville, SC 29070 / (803) 532-6747 SPMC-LM BRNA FUN WE NEED TO BUY If you are selling a single note or an entire col- lection, you will be pleased with our fair offer — NO GAMES PLAYED HERE! (Selling too! Write for free catalog.) Subject to our inventory requirements we need the following: ALL WORLD BANK NOTES Also U.S. Large Size Notes All Military Currency U.S. Fractional Currency Colonial Currency U.S. Encased Postage Souvenir Cards National Bank Notes U.S. Small Size Currency Ship With Confidence or Write We pay more for scarce or rare notes. TOM KNEBL, INC. (714) 886.0198 P.O. Drawer 3949 San Bernardino, CA 92413 I COLLECT MINNESOTA OBSOLETE CURRENCY and SCRIP Send Notes or Photo Copies with Prices Wanted or for Fair Offer to: Charles C. Parrish P.O. Box 481 Rosemount, Minnesota 55068 SPMC 7456 LM ANA 1853 Page 206 Paper Money Whole No. 132 PAPER MONEY UNITED STATES Large Size Currency • Small Size Currency Fractional Currency • Souvenir Cards Write For List Theodore Kemm 915 West End Avenue q New York, NY 10025 WE WANT TO BUY B.E.P. SOUVENIR CARD PROOFS! EAGLE PRINTS: F.U.N. '84 (Brown) $115 I.P.M.S. '84 (Blue) 125 A.N.A. '84 (Green) 105 STATUE OF LIBERTY PRINTS: I.C.C. '85 (Maroon/Gray) 65 A.N.A. '85 (Green/Blue) 55 LIBERTY BELL PRINTS: I.P.M.C. '85 (Blue) 60 5% BONUS: shipments over $500! RUSS BELL P.O. Box 859M, Tiburon, CA 94920 (ASDA, APS) WE DISAGREE Mail order deception has infiltrated our hobby, prompting many collectors to lump all hobby publications into that "soiled" category. Well, we disagree! Because at NUMISMATIC NEWS we take special measures to protect the interests of our valued subscribers. We do it by insisting that advertisers pass a strict screening policy before they utilize our pages. And, we affirm advertiser integrity on an ongoing basis, through an aggressive "blind testing" program, recognizing solid advertising practices with the Krause Publications' Customer Service Award. Others may talk a good game, but it's a solid policy of action that keeps NUMISMATIC NEWS standing above the rest. That's why you can rely on NUMISMATIC NEWS to provide a favorable climate for both buyer and seller. numismatic news rw Wm./ Ga. 'swung CON MAIIKET Home Of Superior Hobby Periodicals and Books krause / publications 700 E. State St., Iola, WI 54990 BUYING and SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Cer- tificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. Foreign Notes from over 250 Countries Paper Money Books and Supplies Send us your Want List ... or ... Ship your material for a fair offer LOWELL C. HORWEDEL P.O. BOX 2395 WEST LAFAYETTE, IN 47906 SPMC #2907 ANA LM #1503 Many are the collectors who have learned the grade of the notes in their collection on the day that they sold them. If you want to know when you buy them, try TIE F171117 P.O. Box 2283 Prescott, AZ 86302 (602) 445.2930 Our illustrated price list Number 98 of United States paper money will be ready for mailing in January and will contain a wide variety of both large and small size type notes in grades ranging from exceptionally choice to substantially less and priced commensurate with current market conditions. Also included will be a broad selection of national bank notes and fractional currency. A copy is yours for $1.00 Frank A. Nowak SI )(11.:IN PAVIA& NI, /NEV ( (71.1.1-.CTORS Pc.a charter member Paper Money Whole No. 132 Page 207 Page 208 Paper Money Whole No. 132 The name in rare coin auctions for U.S. paper currency Every Kagin auction features a large and varied selection of U.S. paper money to please both the generalist and the specialist. Whether you wish to buy or sell, take advantage of the Kagin reputation for service, experience and collector orientation. Auction Schedule November 21-22, 1987, The San Jose Coin Show, San Jose, CA February 4-6, 1988, The Long Beach Coin Expo, Long Beach, CA May 6-7, 1988, The San Diego Coin Show, San Diego, CA To arrange for a consignment or to order a catalog, call us at (800) 367-5428 Kagin's Numismatic Auctions, Inc., 1388 Sutter, Suite 700, San Francisco, CA 94109 pRofEssiolo, uMISMATISTs tsis.D • IN , ORDERING INSTRUCTIONS 1. Orders for currency under $250.00, $2.00 postage please. (MasterCard 2. All items two week return in original holders, undamaged. Im t rar mom 3. Mass. residents must include 5% sales tax. N_______-', MA' 4. Twenty-four hour answering machine when not in. Feel free to call and reserve your notes. IIIIIIIIIIII 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. Min. Order On Cards $50 Please 1.114-2S49 PHONE: (617) 482.8477 411roy P.O. BOX 1010•B BOSTON, MA 02205 LIBRARY Dave Bowers has always said buy the book first, and he became president ^f A.N.A. 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, 11th 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 2 copies available, 35.00 + 1.00 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 - Iowa 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 2-3/4 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 6-5/8 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. jtiat Charter Member PAPE R NRA1N ss.s.rx -ross arAci-CW7:\ LM-5 773 DENLY'S OF BOSTON Hickman 416 Ructions ,Inc. Drawer 1456 joIna at" , Iowa 52240 rumen SEMIICI John Hickman 319 33 - 1114 Nichman- Oakes Auctions, Purveyors of National Bank Notes & U.S. Currency to the collecting fraternity for over 20 years: Our currency auctions were the first to use the Sealed Mail Bid System, which gives you, the bidder and ultimate buyer, the utmost chance to buy a note at a price you want to pay with no one looking over your shoulder. As a seller, this method gives you the opportunity to get the full market price without the "in" dealers short-circuiting bidding, as so often is seen at public auction sales. ith 32 sales behind us, we look forward to a great 1987-88 for all currency collectors as well as our Sealed mail bid and floor auctions. We have had the pleasure of selling several great notes during the past year with prices going 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 auction is scheduled for June in Memphis. Our November auction will be held in St. Louis with the Pro- fessional Currency Dealers Assoc. convention. There will be hundreds of lots of U.S. and national currency. 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 June Memphis convention auction catalogue and prices rea- lized plus our other auction catalogues and price lists through June of 1988. Send $8.00 now, you won't be sorry.