Paper Money - Vol. XXVII, No. 1 - Whole No. 133 - January - February 1988

VOL. XXVII No. 1 WHOLE No. 133 JAN./FEB. 1988 iu HAPPY BIRTHDAY ABE Kagins Numismatic Auctions offers for sale: Encased Postage Collection Long Beach, California, February 4-6. Catalogs available now. Call 800-367-5428. 5' Claflin, Extra Fine 2' blackjack (Gault), Extra Fine 3' Shillito, About New Largest and finest collection in existence-160 pieces. All known merchants represented, numerous finest-known pieces. Two 90-cent pieces, one 2-cent blackjack (only three known) and four trial pieces. Reconstructed sheet of four $5 Educationals, ex Grinnell. Morgan autograph. Gem $2 1880 Legal Tender note. Morgan autograph. Cut sheet of four Gem $5 Legal Tender notes. Thompson autograph. Over 100 pieces of autographed large-size U.S. paper currency. High-quality notes, 13 signers represented. Many scarce items, some unique. AN INDEX TO PAPER MONEY VOLUME 26, 1987 Nos. 127-132 No. Page No. Page ABNCo archive series, additional data 131 165 MacMahon, Shayne Adams, Larry Charting the known Florida nationals 127 25 Interest bearing notes 127 36 Mincho, Allen 128 66 Census of unreported charters for large-size national bank 129 101 notes. Part I, New England 132 185 130 134 Moon, Robert R. A dollar is a dollar is a dollar 127 35 Is there a Santa Claus? Illus. 132 193 Arnold, David Ray, Jr. The national banks of Philmont, New York. Illus. 129 96 Dark side of a gold note 129 95 Mueller, Barbara R. BANKS AND BANKERS Famed Australian lottery spawns special postal note. Illus. 127 28 National banking on Staten Island, Illus. Part Ill, Walter T. Nagel, Bob Dornfest 127 5 The meaning of syngraphics to me 130 123 The national banks of Philmont, New York, Illus. Robert R. NEW LITERATURE Moon 129 96 A History of Money and Banking in Connecticut. William F. The story of Boatmen's National Bank. Illus. Robert E. Cochran 130 125 Hasse 128 69 BROKEN BANK NOTES (See OBSOLETE NOTES) Roger Allister, Banker 1830-1860. William F. Hasse 128 69 Carter, Mike Newman, Eric P. Charting the known Florida nationals 127 25 Earliest known error on U.S. paper money. Illus. 131 156 Cochran, Robert E. OBSOLETE NOTES Bank happenings 129 99 A problem of security. Illus. Roger H. Durand 132 187 130 123 An unlisted 100 note from Council Bluffs, Iowa, dated Decem- 131 158 ber 1, 1862. Illus. 129 99 Genuine "counterfeits." Illus. 132 194 Death near the court house. Illus. Ronald L. Horstman 131 159 The story of Boatmen's National Bank. Illus . 130 125 RAILROAD NOTES Two checks that changed history. Illus. 129 85 Railroad notes and scrip of the United States, the Confederate COLONIAL AND CONTINENTAL CURRENCY states and Canada. Illus. Richard T. Hoober 127 9 The constitution and its numismatically-linked signers. Illus. 129 89 Joseph R. Lasser 130 117 130 129 CONFEDERATE 131 160 A close call for the Confederacy. Illus. Brent H. Hughes 127 14 132 191 Confederate and southern states confederate counterfeit currency. Ross, Robert W., III Illus. Henry M. MacCarl 131 149 Additions to Pennsylvania obsolete notes. Illus. Contest announcement 127 13 Part I 127 16 Contest winner Daniel, Forrest W. 130 123 Part II 128 55 Money tales 127 24 SOCIETY OF PAPER MONEY COLLECTORS 128 61 Annual awards described 128 72 130 132 Award winners and speakers at Atlanta-ANA 132 199 The green goods game 129 81 Awards banquet in Memphis 130 135 131 158 Candidates for SPMC board 128 69 Dornfest, Walter T. Election results 130 134 National banking on Staten Island. Illus. Part III 127 5 In memoriam Durand, Roger H. Vernon L. Brown 132 132 A problem of security 132 187 Muscalus, Dr. John A. 127 29 Interest bearing notes 131 165 Ted Uhl 127 29 132 198 Interest bearing notes 127 36 ERRORS 128 66 Earliest known error on U.S. paper money. Illus. Ronald L. 129 101 Horstman & Eric P. Newman 131 157 130 134 Hoober, Richard T. (See RAILROAD NOTES) 131 165 Horstman, Ronald L. 132 198 Death near the court house. Illus. 131 159 Letters to the editor 128 67 Demand notes at St. Louis. Illus. 132 181 130 135 Earliest known error on U.S. paper money. Illus. 131 157 Memphis personalities (photos) 130 135 Hughes, Brent H. New members 127 37 A close call for the Confederacy. Illus. 127 14 128 66 Huntoon , Peter 129 103 The paper column: 130 136 A magnificent septet. Illus. 131 163 131 166 National bank note serial numbering highlights from the post- 132 199 treasury serial numbering era. 127 12 Recruitment report 128 67 The use of geographic letters on national bank notes, 1902- 129 101 1924. Illus. 128 53 131 166 Lasser, Joseph R. 132 198 The Constitution and its numismatically-linked signers. Illus. 130 117 Ton, Graeme M., Jr. Lindesmith, Robert J. The "king alpha" $5 silver certificate. Illus. 127 20 An unlisted 10C note from Council Bluffs, Iowa, dated Decem- U.S. LARGE-SIZE NOTES — general articles ber 1, 1862. Illus 129 99 Dark side of a gold note. Illus. David Ray Arnold, Jr. 129 95 Lloyd, Robert H. Demand notes at St. Louis, Illus. Ronald L. Horstman 132 181 The unfortunate series, 1902 - 1908. 129 88 U.S. SMALL-SIZE NOTES — general articles MacCarl, Henry M. A dollar is a dollar is a dollar 127 35 Confederate and southern states counterfeit currency. Illus. . 131 149 The "king alpha" $5 silver certificate. Illus. 127 20 Scarce mules wanted! Please ship. $2 Legal Tender 1928C back plates higher than 289 $5 Federal Reserve 1934A back plates less than 939 $5 Legal Tender 1928C and D back plate 637 other scarce mules, any denomination Peter Huntoon P.O. Box 3681 Laramie, WY 82071 ASCC Ebe it-415c nating Dorlb of ebeth Collecting ********* Join us'and receive our quarterly journal, THE CHECK COLLECTOR. The Society has interest and appeal for check collectors and those interested in banking history, fiscal documents, revenue stamps, vignettes and security printers and stock and bond certificates. A slide program is available to members. The friendliest collectors anywhere! THE AMERICAN SOCIETY OF CHECK COLLECTORS Charles Kemp, Secretary 2075 Nicholas Court, Warren, MI 48092 No. Page U.S. NATIONAL BANK NOTES A magnificent septet. Illus. Peter Huntoon 131 163 Census of unreported charters for large-size national bank notes. Part I, New England 132 185 Charting the known Florida nationals. Mike Carter & Shayne MacMahon 127 25 Genuine "counterfeits" Illus. Robert E. Cochran 132 194 Is there a Santa Claus? Illus. Robert R. Moon 132 193 National bank note serial numbering highlights from the post- treasury serial numbering era 127 12 National banking on Staten Island. Illus. Part III. Walter T. Dornfest 127 5 The national banks of Philmont, New York. Illus. Robert R. No. Page Moon 129 96 The story of the Boatmen's National Bank. Illus. Robert E. Cochran 130 125 The unfortunate series, 1902-1908. Robert H. Lloyd 129 88 The use of geographic letters on national bank notes, 1902-1924. Illus. Peter Huntoon 128 53 Warns, M. Owen 1929-1935 national bank note varieties—supplement XVI. Illus. 127 30 Update — individual national bank charters by states whose notes of the 1929-1935 issuing period remain unreported. Illus. . . . 128 62 SOCIETY OF PIPER HONEY COI , I ECTOR S I NC. 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. 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Vol. XXVII No. 1 Whole No. 133 JAN. /FEB. 1988 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. IN THIS ISSUE THE PAPER COLUMN Small Note Mules, A Fifty Year Retrospective Peter Huntoon 5 LIST OF COMMON REPLICA NOTES Edward C. Rochette 13 THE POTATO BARREL BANK Bob Cochran 15 RAILROAD NOTES & SCRIP OF THE UNITED STATES THE CONFEDERATE STATES AND CANADA Richard T. Hoober 19 ON THE COVER: This portrait of Abraham Lincoln was engraved in 1869 by Charles Burt. It has been used numer- ous times but continuously since 1928 on all $5 notes. Inquiries concerning non delivery of PAPER MONEY should be sent to the secretary. Paper Money Whole No. 133 Page 1 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. Galiette, 10 Wilcox Lane, Avon, CT 06001 LIBRARIAN Wendell Wolka, P.O. Box 929, Goshen, IN 46426. PAST-PRESIDENT Larry Adams, P.O. Box 1, Boone, IA 50036 BOARD OF GOVERNORS Richard J. Balbaton, Charles Colver, Michael Crabb, Thomas W. Denly, Roger Durand, C. John Ferreri, Gene Hessler, Ronald Horstman, William Horton, Jr.. Douglas Murray, Dean Oakes, Stephen Taylor, Frank Trask, John Wilson, Wendell Wolka. The Society of Paper Money Collectors was organ- ized in 1961 and incorporated in 1964 as a non- profit organization under the laws of the District of Columbia. It is affiliated with the American Numis- matic Association. The annual meeting is held at the Memphis IPMS in June. MEMBERSHIP - REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. JUNIOR. Applicants must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or a guardian. They will be preceded by the letter "j". This letter will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or to vote. Members of the ANA or other recognized numis- matic societies are eligible for membership. Other applicants should be sponsored by an SPMC mem- ber or provide suitable references. DUES - Annual dues are $20. Life membership is $300. Regular membership dues are sent on the an- niversary of membership commencement. COM- PLIMENTARY COPY OF PAPER MONEY will be sent to anyone who is contemplating membership in the SPMC. Send request to the Membership Di- rector. PUBLICATIONS FOR SALE TO MEMBERS BOOKS FOR SALE : 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 All cloth bound books are 8 1/2 x 11" Write for Quantity Prices on the above books. ORDERING INSTRUCTIONS 1. Give complete description for all items ordered. 2. Total the cost of all publications ordered. 3. ALL publications are postpaid except orders for less than 5 copies of Paper Money. 4. Enclose payment (U.S. funds only) with all orders. Make your check or money order payable to: Society of Paper Money Collectors. 5. Remember to include your ZIP CODE. 6. Allow up to six weeks for delivery. We have no control of your package after we place it in the mails. Order from: R.J. Balbaton, SPMC Book Sales Dept., P.O. Box 911, N. Attleboro, MA 02761-0911 Library Services: The Society maintains a lending library for the use of the members only. For further information, write the Librarian - Wendell Wolka, P.O. Box 929, Goshen, IN 46426. Page 2 Paper Money Whole No. 133 Paper Money Whole No. 133 Page 3 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. rteof 4 ,t DOTEi--,.-A -: ) L /- 12.-)617 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) $17.50 ( ) 2 years (24 issues) $32.50 ( ) 3 years (36 issues) $47.00 ( ) 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. BD7 Page 4 Paper Money Whole No. 133 32nd ANNUAL "METRO NEW YORK" CONVENTION MARCH 24-27,1988 at the VISTA INT'L. HOTEL WORLD TRADE CENTER, N.Y.C. Including a Paper Money Dealer's Section SHOW HOURS Thursday, March 24 — 3:00 P.M. to 8:00 P.M. Friday, March 25 — 9:30 A.M. to 7:00 P.M. Saturday, March 26 — 9:30 A.M. to 6:00 P.M. Sunday, March 27 — 10:00 A.M. to 4:00 P.M. COMPETITIVE EXHIBITS IN ALL AREAS OF NUMISMATICS. Educa- tional Forums and Meetings include: SPMC, EAC, METAMS, VECTUR- ISTS, BIBLIOMANICS & YOUNG NUMISMATISTS. AUCTIONS BY BOWERS & MERENA, INC. featuring the Guia Collection of World Gold Coins. Part II of the Norweb Collection & other consign. ments. FOR INFORMATION Herman & Beverly Visser Doug Walcott, Pres. RD #3, Ponderosa Road RD #10 Carmel, N.Y. 10512 Carmel, N.Y. 10512 914-225-7846 914-225-7008 Bourse Chairpersons FUTURE CONVENTION DATES March 30-April 2,1989 March 29-April 1,1990 Paper Money Whole No. 133 Page 5 SMALL NOTE MULES A FIFTY YEAR RETROSPECTIVE g i THE PAPER COLUMN by Peter Huntoon IFTY years ago, $1 Series of 1935A Silver Certificate macro face plate number 1 went to press on January 6, 1938 to create the first mule. Its impression was mated on a sheet with a then current micro back. Here began the first in a series of mule varieties that flowed for 15 years from the Bureau of Engraving and Printing. Mules ceased in 1953 when the last of the 12-subject $50 and $100 Federal Reserve micro back plates were finally retired with the phasing out of 12-subject plates. A mule is a note that has a micro-size plate number on one side and a macro-size plate number on the other. Micro num- bers measure 0.6 mm high whereas the macro numbers are 1 mm. high. (See Figure 1.) To see the difference on actual notes, compare the size of the plate numbers on any Series of 1928 $1 Silver Certificate against those on a modern bill. Figure I. Comparison between micro (left), intermediate (center), and macro (right) size plate numbers. The change to macro-size numbers was of sufficient import- ance to the Bureau of Engraving and Printing that they ad- vanced the series designations on the new macro face plates by one letter. For example, the $5 Silver Certificates (SC) went from Series of 1934 to 1934A despite the fact that the treasury signatures remained Julian-Morganthau. The difference was entirely in the size of the plate numbers. During the transition to all macro plates, both micro and macro plates were in use, often side by side on the same press. This occurred because the Bureau had a policy of using up obsolete plates rather than scrapping them. Whenever micro faces were mated with macro backs, or macro faces were mated with micro backs, we had a mule, As shown in Table 1, mules were created in every denomina- tion from $1 to $10,000. In fact, high denomination notes were among the most commonly muled owing mostly to large stocks of 12-subject high denomination micro back plates. The last of the high denomination 12-subject micro back plates in active use were $50 and $100 plates mated with macro Series of 1950 Federal Reserve Note (FRN) faces. Series of 1950 $50 and $100 FRN mules are quite common as a result. Table 1. Complete list of mules by type. Den. Class Series Face Back $1 SC 1935 micro macro 1935A macro micro $2 LT 1928C micro macro 1928D macro micro $5 SC 1934 micro macro 1934A macro micro 19348 macro micro 1934C macro micro LT 1928B micro macro 1928C macro micro 1928D macro micro 1928E macro micro FRN 1934 blue green seal micro macro 1934 Hawaii micro macro 1934A blue green seal macro micro 1934B * macro micro 1934B NY 212 intermediate micro 1934C macro micro $10 SC 1934 micro macro 1934 North Africa micro macro 1934A macro micro FRN 1934 yellow green seal micro macro 1934 blue green seal micro macro 1934A yellow green seal macro micro 1934A blue green seal macro micro $20 FRN 1934 blue green seal micro macro 1934 Hawaii micro macro 1934A yellow green seal ** macro micro 1934A blue green seal macro micro 1934A Hawaii macro micro $50 FRN 1934 blue green seal micro macro 1934A blue green seal macro micro 1934B macro micro 19340 macro micro 1934D macro micro 1950 macro micro $100 FRN 1934 blue green seal micro macro 1934A blue green seal macro micro 1934B macro micro 1934C macro micro 1934D macro micro 1950 macro micro $500, 1000, 5000, 10000: mules possible in all printed 1934 series. Mule varieties involving late finished plates: $10 SC I934A 86,87 macro micro $20 FFN 1934 204 blue green seal micro macro 1934 204 Hawaii micro macro * none reported ** may be possible from Chicago Table 2. Dates for the last use of micro and first use of macro plates for silver certificate and legal tender faces, and backs through the $100 denomination. Faces: Type 1 SC 1935/35A 2 LT 1928C/28D 5 SC 1934/34A LT 19288/28C 10 SC 1934/348 Backs: Denomination 1 2 5 regular 629 637 10 20 50 100 mid 1938 (approx.) Feb 7, 1941 early 1940's (guess) early 1940's (guess) Last Use Mirco Face First Use Macro Face Aug 31, 1938 Jan 6, 1938 Feb 12, 1940 Mar 13, 1939 Aug 18, 1938 Jan 14, 1938 Dec 1, 1940 May 31, 1939 Jun 29, 1944 Dec 5, 1939 Last Use Micro Back Feb 8, 1940 Aug 12, 1942 First Use Macro Back Jan 28, 1938 Aug 22, 1939 Jun 1942 (approx.) Aug 1938 (approx.) Nov 17, 1947- Feb 2, 1948 Jun 23, 1945- Jun 16, 1949 early 1942 (approx.) Oct 27, 1942 1953 1953 Page 6 Paper Money Whole No. 133 Crucial records that could definitively document the durations for the various mule printings have been lost from the Bureau of Engraving and Printing in the last two decades. Sometime after O'Donnell published the 1974 edition of the Standard Hand- book of Modern U.S. Paper Money, the Bureau purged its files of old plate record cards that contained the dates showing when each plate had been on the presses. Incomplete duplicate records in separate ledgers continued to exist, but five years ago one of the key ledger books containing all the $5 and higher de- nomination back plate data disappeared. As a result, it has been impossible to reconstruct the exact periods of production for only $1 SC, $2 United States/Legal Tender (LT), and $20 FRN mules. THE FIRST MULE The first macro plate to go to press was the number 1 Series of 1935A Silver Certificate face on January 6, 1938. The first $1 macro back, plate 930, did not go to press until January 28, 1938, consequently all 1935A $1 SCs printed between January 6 and January 27 were mules. Those sheets were competing with $5 1934A SCs for the distinction of being the first mules to be overprinted with serial numbers. It turns out that the first Series of 1934A $5 SC faces (macro) went to press on January 14, 1938, a week after the first $1s. All were mated with micro backs and thus were the first $5 mules of any class. The $5 SC sheets advanced to the serial numbering stage more quickly than the $1s. On January 25, 1938, the first mule to be serial numbered was a $5 SC bearing number D50352001A. The first $1 SC 1935A mule, M07668001A, was numbered the next day. Two days later on January 28, 1938, the first muled star note was printed, a $1 Series of 1935A with serial * 17076001A. Macro plates for other denominations and classes gradually came on line in succeeding months. (See Tables 2 and 3 for dates.) Table 3. Dates for the last use of micro and first use of macro Federal Reserve faces. Den. District Series of 1934 Last Use Series of 1934A First Use 5 A Jul 23, 1945 Sep 6, 1943 B Feb 24, 1945 Jul 31, 1941 C Jan 22, 1946 Jul 23, 1943 Jan 9, 1946 Sep 18, 1942 Jan 23, 1946 Sep 29, 1942 F Nov 23, 1945 Oct 6, 1942 Jan 28, 1944 Oct 26, 1942 H Oct 23, 1945 Jun 24, 1944 Sep 7, 1944 none printed J Sep 24, 1945 none printed K Apr 30, 1945 none printed L Dec 18, 1943 Sep 22, 1943 10 A Aug 21, 1939 Mar 2, 1939 C Jul 24, 1939 D Sep 1, 1939 Jul 26, 1938 F Jun 25, 1945 (no 1934 In use Sep 17, Aug 16, 1939 H Dec 20, 1940 Aug 22, 1944JI Dec 15, 1944 K Feb 26, 1946 L Oct 7, 1940 20 A Sep 24, 1945 (1934A plate 27 used one regular 1934A production May 17, 1940 C Feb 27, 1946 Feb 27, 1946 Dec 26, 1945 F Dec 11, 1945 C Apr 3, 1940 H Jan 10, 1946 I Dec 7, 1945 (last 1934A used on Oct 26, 1942) J Feb 27, 1946 K Feb 26, 1946 L Feb 27, 1946 50 A Jul 8, 1944 Jul 25, 1945 C Jul 22, 1944 Jul 16, 1945 • (last 1934A used on Aug Jul 18, 1945 F Aug 7, 1945 C Jul 20, 1944 H Nov 5, 1945 I Jul 3, 1944 J Jul 7, 1945 K Jul 9, 1945 L Jan 16, 1946 Sep 21, 1938 May 24, 1938 Oct 21, 1938 Jun 21, 1938 Jul 8, 1938 Feb 27, 1939 1941 - Oct 20, 1943) Jun 24, 1938 Sep 11, 1940 Sep 21, 1938 Aug 21, 1940 Mar 19, 1940 Aug 4, 1939 Jun 4, 1940 day only on Jun 4, 1940; began on Jul 2, 1942) Nov 4, 1938 Jul 21, 1942 Apr 30, 1940 Jul 30, 1940 Jun 9, 1942 Aug 1, 1938 Oct 9, 1942 Oct 9, 1942 28, 1943) Her 26, 1941 Jan 26, 1942 Nov 2, 1939 Jun 29, 1942 Jun 29, 1944 none printed Jul 23, 1943 Jun 29, 1942 Jul 1, 1942 Jun 29, 1944 Jun 28, 1944 Jun 24, 1943 Jul 1, 1943 Dec 23, 1942 Jul 9, 1943 1 000 500 100 A Jul 20, 1944 B May 19, 1939 C Jul 21, 1944 D Jul 13, 1945 Aug 7, 1945 F Jul 30, 1945 (1934 plate 4 also used May 22, G Aug 13, 1943 H Jul 4, 1945 Jul 6, 1945 J Jul 11, 1945 K Jul 11, 1945 Jul 28, 1945 A Jul 12, 1940 Apr 30, 1941 C Aug 27, 1941 Aug 27, 1941 Jun 30, 1945 F Jun 2, 1942 Mar 3, 1943 H Jan 31, 1936 1 Jul 3, 1942 Jun 30, 1945 K Jun 30, 1945 L Jun 30, 1945 A Jul 12, 1940 May 1, 1941 Aug 26, 1941 Dec 26, 1940 Oct 5, 1944 F Jun 26, 1945 Mar 13, 1943 11 Jul 23, 1943 I Jul 3, 1942 J Jun 26, 1945 K Sep 29, 1943 Jul 3, 1943 none printed Jul 5, 1939 Jun 29, 1942 Jun 29, 1942 Jun 29, 1942 Jun 29, 1942 1951 - May 28, 1951) May 20, 1940 Jun 29, 1942 Jun 28, 1942 Jul 3, 1942 Jul 6, 1942 Jun 29, 1942 none printed Nov 29, 1943 Jun 29, 1942 Jun 25, 1943 Nov 15, 1943 Jen 24, 1944 Feb 24, 1943 Aug 2, 1943 Jun 30, 1944 Feb 24, 1943 Sep 23, 1943 Jun 23, 1943 Jun 30, 1942 Dec 8, 1943 Jun 30, 1942 Jun 28, 1943 Nov 15, 1943 Jun 28, 1943 Mar 10, 1943 Jul 22, 1943 Apr 25, 1945 Jun 30, 1944 none printed Jul 2, 1943 AZ Figure 2. The last $5 micro back plates in use: 629 (Noy 17, 1947--Feb 2, 1948) and 637 (Jun 23, 1945-Jun 16, 1949). Paper Money Whole No. 133 Page 7 Table 3, continued. Den. District Series of 1934 Last Use Series of 1934A First Use 5000 A Jul 11, 1940 none printed B May 21, 1940 none printed C Jul 11, 1940 none printed D Dec 9, 1935 none printed E Jan 28, 1936 none printed F Jan 28, 1936 none printed C Feb 24, 1943 none printed H Jan 29, 1936 Sep 23, 1943 I none printed none printed J Jan 28, 1936 none printed K Jan 28, 1936 none printed L Dec 26, 1940 none printed 10000 A Jul 11, 1940 none printed 8 Apr 19, 1940 none printed C Jul 11, 1940 none printed D Dec 9, 1935 none printed E Jan 29, 1936 none printed F Jan 29, 1936 none printed G Feb 24, 1943 Jun 28, 1944 H Sep 28, 1943 none printed I none printed none printed J Jan 29, 1936 none printed K Jan 29, 1936 none printed L Dec 27, 1940 none printed $1 SILVER CERTIFICATE MULES One dollar Silver Certificate mules were printed continuously from January 6, 1938 until February 8, 1940, respectively as Series of 1935 mules (January 28, 1938-August 31, 1938) and Series of 1935A mules (January 6, 1938-February 8, 1940). The complete regular block letter ranges for these mules were as follows: 1935 mules MA-RA, and 1935A mules MA-EB. Had the first $1 Series of 1935A impressions been routed to serial numbering presses just five days earlier, they would have been overprinted with the last of the serials in the LA block, which were in use between December 1, 1937 and January 21, 1938. The last Series of 1935 mules were numbered R81552000A (September 7, 1938) and *22392000A (September 12, 1938). $2 LEGAL TENDER MULES Two dollar Legal Tender Series of 1928C mules came off the presses between August 22, 1939 and February 12, 1940. The Series of 1928D mules arrived between March 13, 1939 and August 12, 1942. Series of 1928C $2 mules have been proven to be extremely rare, second only in rarity to the fabled Series of 1934A $5 FRN mules. $5 MULES By far the most interesting mules involved the three $5 classes. Micro $5 face plates gradually wore out and the first to go were the SC Series of 1934 plates on August 18, 1938, next were the LT Series of 1928B plates on December 1, 1940, and finally the last Series of 1934 FRN (Richmond) on January 23, 1946. With the exception of two plates, the last of the micro back plates were retired in about June of 1942. Overlapping the depletion of $5 micro plates were the intro- ductions of $5 macro plates in the following order: SC Series of 1934A faces - January 14, 1938; macro backs - approximate- ly August, 1938; LT Series of 1928C - May 31, 1939; and FRN Series of 1934A (New York) July 31, 1941. The mix of plates thus available assured a highly varied $5 mule production for years to come. A great added surprise came in 1944 when an unfinished now ancient $5 micro back plate bearing number 637 was dis- covered and completed on November 10, 1944. It first went to press on June 23, 1945 and was used rather continuously until June 16, 1949 when it was finally cancelled. In the meantime a second ancient plate was discovered, plate 629, which was already completed but which had never been used. It too was sent to press, but for a very short period, namely November 17, 1947 through February 2, 1948. (See Figure 2.) These extra- ordinary plates produced a plethora of our rarest and most eagerly sought mules. See the rich listing of possible 629 and 637 varieties in Table 4. Table 4. Cl... Reported and possible $5 vsrietiea from micro back plates 629 and 637. Series District Type Serial Blocks * Specimens Reported 629 (Nov 17, 1947 - Feb 2, 1948) SC 1934C mule MA,NA yes both LT 1928E mule HA yes FIN 1934C A mule AA 7 E C D E F mule mule stile mule mule BC CA DA EA PA 7 C H I J K L mule mule mule mule mule mule GA RA IA JA KA LB ,t ).es 637 (Jun SC 23, 1945 1934A - Jun 16, 1949) mule KA,LA ye. both 19348 mule KA,LA yes both, also •A 1934C mule LA,MA,NA,PA ye. all, also *A LT 1928C non-mule CA 1928D null. GA yes 19288 male CA,IiA yes both Fillt 1934 A 3 C D E F H J non-mule non-mule non-mule non-mule non-mule non-male non-mule non-mule AA BA,BB CA DA LA FA HA JA 19346 A mule AA B C D e r G H mule mule mule mule mule mule mule BB CA DA EA FA GA,GB HA ye. L mule LA,LB I.• only 19148 A mule AA yes B 8 212 C D e F mule mule mule mule mule mule BB BB CA DA EA PA yea C mule CA yes H mule HA yes I J mule mule IA JA yes L mule LA,LB 19340 A mule AA Ii15,1.* only 8 C D L F mule mule mule mule mule EB,BC CA OA EA FA BC only G H mule mule GB HA ?,,es I mule IA 7 J K L mule mole mule JA KA LB yea • star notes are possible for all listed varieties, those known are listed under Specimens Reported. indicates a 1934C FRN mule is reported but whether It is • 629 or 637 back plate is unknown to se. Figure 3. Period during which the various types of $5 silver certificate mules were produced and corresponding serial prefix letters (vertical axis). Note that KA serials below K65984000A were printed out-of-se- quence between 1942 and 1944. 1928 *34 A B C D cr G< w 2 H K L -I LI-I F M N 0 R S T U V 7.• *- 34 ' FIRST - MACRO-. - FACE LAST - FIRST FACE - - BACK TT if) (O r— co cn — ro if) N co cr) - 10 •:/- rr) 16,I934D LASTMICRO - BACK - A B C D E F G H L` M N P 0 R S T U V AA 34 A ► 3 4 A-13 4 B 1-1 3 4 C 3 4 D DI Page 8 Paper Money Whole No. 133 Five dollar micro back 637 produced the following mules: SC 1934A, B, C; LT 1928D, E; and FRN 1934A, B, C. In addi- tion, this plate undoubtedly appears unmuled with LT 1928C and FRN 1934 faces although none are currently known. Plate 629 produced mules in the following series: SC 1934C, LT 1928E, and FRN 1934C. All 629 mules are prized rarities. Many 637 mules are major finds, especially Series of 1934A FRN mules, which rank as the most elusive of all mule rarities. Plates 629 and 637 are solely responsible for all the $5 mules produced after January 1946. The productions of $5 SC and LT mules are summarized in Figures 3 and 4. A B C E F 28C Hj cr) D GW A - _J I 2280 2B( LO N r0 if) t D r-- CD 0) 0 N 01 sr Or re) st ct st ,C) kr, tn Figure 4. Period during which the various types of $5 legal tender mules were produced and corresponding serial prefix letters (vertical axis). There was overlapping production of 1928C-D and 1928D-E mules but the overlap was too short to show on this graph. $5 FRN MULES As shown in Figure 5, $5 FRN mules were produced continu- ously from 1938 to 1949. First were the very plentiful micro Series of 1934 faces mixed with macro backs from 1938 to 1946. FRN Series of 1934A mules-these have micro backs- were printed for a short period for New York in 1941 and 1942. Muled 1934As are also possible with 637 backs for all districts except I, J and K from 1945-6 vintage printings. Series of 1934B FRN mules are possible from plate 637 for all districts except Dallas from 1945-7 printings. FRN Series of 1934C mules are possible from both 629 and 637 for all districts, respectively from 1947-8 and 1946-9 printings. 0 0 tr) In 'Tt - Cr) (.0 is. CO 0) 0 r‘i lc) qt. (0 N- CO 0) cr) - iiiiiiiii I 34 B —j It CB DA EA 34 FA 34 F 629- •637 I t 0) 0 cn Figure 5. $5 Federal Reserve mules. Vertical lines block out available backs. Fine horizontal lines block out available faces. Heavy arrows show serial letters used. Mule varieties and their dates of production can be figured from overlapping face and back production. mOro MN r.) V,g` r- N NMr0 re) rn rn 1928A 19288 1928C FIRST MACRO BACK FIRST MACRO FACE LAST MICRO FACE 1- 637 -1 6 29 -i 19280 28.E c{ FIRST MAC RO ' BACK '—OLD MICRO BACKS- III I IC vt toto co r- co Cl) cf) I-- BA-0-t-- B B -----e'1-4B C m■-1 F B D{ Polf.■es•om. 34 3 4 A H 3 4 A H 348 1-1 3 4 C 34 D 34 1 I I I ( 0 — N M cr in CD ti CO 1 1 I 1 1— 34 A--1 348 1-1 I- 34C -1 34D 1- 3 4 A 3 4 B 3 4 C 1 340 1 1-34 A —1 348 I-1 3 4 C 3 4 D CA 1 34 8 34C 3 4 D F■rE B 11-•KTB 629 "637 Paper Money Whole No. 133 Page 9 to 0 co crcnrt - (.0 r.... co cr) cr) - N re) I 1 I I 1 Mit All the $5 FRN mules are of the blue-green seal variety. The yellow-green seal $5s ceased to be printed just weeks before the first $5 Series of 1934 mules appeared in late 1938 so no 0 (L, r- co 0, 0) _ yellow-green seal mules are possible. Muled $5 Hawaii notes - I 1 GC were made, but only in the Series of 1934 printings. The muled HI K{ FIRST BACK -4- OLD MICRO BACKS' { 111111 ,r LC) CD r— CO CO tf) 34C 340 34 34 34 / HAWAII 34B I-I 1111 0—Nre) 34 34 34A 1 348 I- 34C -1 34D I-1 348 H 34C 34D JA LA HA 34B 34C 34D K A IA 34C 1 I-1 1-34C -1 34D 1--I 34D LB-0-4 Figure 5 continued Series of 1934 Hawaii $5s are much more common than the unmuled 1934s. Likewise, muted Series of 1934 blue-green seal $5 FRNs are very common, whereas unmuled blue-green seal Series of 1934 FRNs are very scarce. Among the great mule rarities are $5 Series of 1934A, B and C FRNs. (See Figure 6.) Only a few of each are known with the Series of 1934A being represented now by only three speci- mens. FRN $5 1934B and C mules are very respectable rarities as revealed by the short list of reported specimens in Table 5. Several possible districts are yet to be discovered. More of these rare $5 FRN mules are certain to come to light, and each will be eagerly sought as there simply are not enough of them to go around. Don't hold out for uncirculated notes-they generally come used! $5 FRN SERIES OF 1934A MULES Without question, the rarest $5 mule is the Series of 1934A FRN. I searched for 20 years before even seeing one. Several years ago the late Leon Goodman stated that he had a VG specimen on the New York FR, block BB, that he remembered as being from the early 1941-2 printings, not the later 637 type. A second specimen finally appeared very quietly in 1984. a 637 mule with serial L01212949* in XF that was buried on page 42 of Dean Oakes' 12th currency catalogue released in September. The price: $40! Dean recalls that the note probably came from the Amon Carter collection. It was quickly spotted by David Klein (ReBenco) and next appeared in his April 1986 Bank Note Reporter ad, page 21, for $950. Lightning struck again in 1986 when a second New York - this one a 637 - ap- peared on Dave Koble's (Mid America Currency) September 26th price list. Koble's note graded AU, bears serial B63063567B and carried a price tag of $8. Both of these finds are pictured here in Figure 7 for your enjoyment and rank among the most important mule finds of this decade. It is puzzling why the $5 FRN 1934A mules have proven to be so rare. There were plenty of opportunities for their production, both in the 1941-2 and 1945-6 periods. I have speculated be- fore that most of the 637 printings in the 1945-6 group fortui- tously must have been routed to SC and LT face presses. Per- haps, however, many of you simply never bothered to turn your $5 FRN Series of 1934As over to see if you had a mule! Let me know what you find. A REMOTELY POSSIBLE $5 FRN MULE Series of 1934B New York FRN $5 face plate 212 bears a very distinctive intermediate size plate number halfway in size between a micro and macro. (See Figure 1.) This plate was used between November 7, 1945 and November 14, 1946, a period of time entirely overlapped by usage of micro back plate 637. The discovery of a $5 1934B New York 212-637 mule would be a great find, marrying as it would two fascinating varieties on one note. Such a find is entirely possible so examine your notes carefully. 1-34 A 34B Figure 6. A rare newly discovered $5 Series of 19348 FRN mule. Back plate is 637. Photo courtesy of Logan Talks. SERIES OF .34 eA54375901A B63063567B WASIIINGTON.D.C. Page 10 Paper Money Whole No. 133 mil/ 2caEsaiomiHrune, arsb.jkar.'741 tftWV.ST-141:33`') lit)" OA1111 Ab4j/1901 Azo,====.,„ *.r=7,Nalgl="" 0000L*1"MJIMErAirscip1 4.9111111I L \ B630635676 FIMMAMOROVATEANCIISII=WHES. OlononisLORTENDERFOR Luers THEIN `"1"grATNglg:Lrg:In'gr' Figure 7. Two of the three known $5 Series of 1934A mules. Both have back plate 637.Note L01212949* photo courtesy of Logan Talks. SERIES , 1.14 WASHINGTONMV. 1934A B63063567B L01212949* B B (reported to 637 637 ? be Table 5. Reported FRN $5 Series of 1934A, 1934B and 1934C mules. 1934C AU A54870831A XF B22594851C VG B42196541C early back plate) B45409229C G31475153B ? ? ? 637 ? ? ? ? AU ? 1934B G45417717B 629 ? G61015789B 637 VG A54375901A 637 VF G64633087B 637 B94911759B 637 H70831511A G21370363B 637 CU I20058699A H54567383A 637 CU J31266251A 637 VG I18105713A 637 L01597562B 637 VG L02967122B 637 CU L01359866* 637 CU L01359867* 637 CU Paper Money Whole No. 133 $10 MULES Generally small inventories of $10 FRN Series of 1934 micro face plates for several districts including Boston, New York, Philadelphia, Cleveland, Richmond, Chicago and Minneapolis forced unusually early production of $10 Series of 1934A notes, mules included, beginning in 1938. Compare the $10 Series of 1934A first use dates in Table 3 against those for the other denominations. A plentiful supply of $10 Series of 1934 SC face plates al- lowed a delay in SC Series of 1934A plate production until De- cember 5, 1939. The result is that muled Series of 1934 SC $10s are very common. Table 3 shows that the last $10 micro back was retired some- time in early 1942, a date comparable to the final retirements of $2, $5 (regular), and $20 micro backs. The early 1942 $10 re- tirement date is estimated with reasonable certainty using the following facts. First, no $10 Hawaii or North America printings utilized micro back plates. The first $10 Hawaii was delivered on June 8, 1942 (Shafer, 1967) so the $10 micro backs were gone by then. The first North Africa $10, a note bearing serial A91044001A, was delivered three months later on September 4, 1942 (Shafer, 1967). Second, the last SC Series of 1934A mules were numbered in the A90xxxxxxA to A9lxxxxxxA range (O'Donnell, 1982) revealing that the last micro back plates were phased out just weeks or a few months before the first Hawaii and North Africa printings. Although no micro backs survived into the North Africa print- ings, a few $10 SC Series of 1934 micro faces were available. Impressions from them created the rare Series of 1934 $10 North Africa yellow seals, all of which are muled having macro backs. It appears that all $10 Series of 1934A SC mules bear back plate numbers 404, 553, and 578. Therefore these three micro plates were the only $10 micro backs in use after December 5, 1939 when the Series of 1934A SC face plates first went to press. Page 11 Notes from two special Series of 1934A SC plates were muted, late finished face plates 86 and 87, respectively between July 18, 1940 and early 1942, and December 5, 1939 and January 16, 1940. Both are rare but the 87 mule is particularly so. I felt very fortunate to obtain a G-VG example of an 87 mule bearing serial A77948268A some years ago. The early production of $10 macro back plates and Series of 1934A FRN faces opened a short window in mid-1938 that al- lowed for the production of the following three most unusual varieties: yellow-green seal Series of 1934 mules, yellow-green seal Series of 1934A non-mules, and yellow-green seal Series of 1934A mules. With the singular theoretically possible exception of some $20 Series of 1934A Chicago mules, these three yellow-green seal FRN varieties are entirely restricted to the $10 denomination, and limited to just a few possible districts. The next section will treat this occurrence in detail. Suffice it to say that these varieties have proven to be very scarce if not rare. FRN YELLOW-GREEN TO BLUE-GREEN SEAL CONVERSION The earliest Series of 1934 FRNs were characterized by very distinctive vivid yellow-green seals and serial numbers. This color was a carryover from the last Series of 1928 FRN print- ings. We now possess enough data through our study of mules to closely determine when the yellow-green seals were phased out in the 1934 series. The following facts aid the analysis. First, no $5 Series of 1934 yellow-green seal mules were produced, consequently the color was abandoned before the $5 macro back plates went to press in 1938. The best estimate is that the first $5 macro back plates were used in August, 1938, but the actual date could lie between July and early October. Second, $10 Series of 1934A yellow-green seals are known from a few districts such as the New York mule shown in Figure 8. These were printed from macro Series of 1934A face plates that were placed in production between May 1938, but before the time when the first $5 macro back plates were used. Figure 8. Unusual $10 FRN Series of 1934A yellow green seal mule produced in 1938. Page 12 Paper Money Whole No. 133 Given the uncertainty of exactly when the $5 macro back plates came on line, we can bracket the yellow-green to blue- green conversion as occurring between late June and late Sep- tember 1938, with the July-August period being most likely. Using the data in Table 3, this implies that $10 FRN Series of 1934A yellow-green seal notes are possible only from New York, Cleveland, Richmond and Chicago, and $20s possibly from Chicago. In contrast, $10 Series of 1934 yellow-green seal mules are possible from all 12 districts, providing Series of 1934 face plates for all the districts were on the presses during this same short period. If the first $5 macro back plate did not go to press until after September 21, 1938, then it is also possible that $10 Series of 1934A yellow-green seals from Boston and Minneapolis could be added to the list, mules included. Notice from Table 2 that no $5, $50 or $100 Series of 1934A yellow-green seals are pos- sible. Likewise macro back plate data from Table 3 demonstrate that no Series of 1934 $5, $20, $50 or $100 yellow-green seal mules are possible either. $20 FRN MULES Macro $20 back plates and macro FRN Series of 1934A face plates for most districts were rather late in coming on line. For example, the first $20 macro back plate went into service on February 7, 1941. The same pattern also prevails in the higher denominations as well. The most interesting $20 mule variations involve (1) the Hawaii issues delivered between June 8, 1942 and July 18, 1944 and (2) late finished macro back plate 204. Micro Series of 1934 San Francisco face plates lasted through all the $20 Hawaii printings, and a few micro back plates survived the first few Hawaii printings until the last of them was retired on Octo- ber 27, 1942. Consequently, unmuled and muled Series of 1934 and 1934A Hawaii $20s are possible. The muled Series of 1934A (micro back) Hawaii has proven to be very scarce. The unmuled Series of 1934 (also a micro back) is very rare. The scarcity of both reflects the dwindling availability of micro backs during the early $20 Hawaii printings in 1942. In contrast, muled Series of 1934 (macro backs) and unmuled Series of 1934A $20 Hawaii's are common because both Series of 1934 and 1934A face plates were readily available during the entire $20 Hawaii era. Late finished macro back plate 204, in use from April 4, 1944 to October 2, 1946, is occasionally found muled with the last of the Series of 1934 FRN face plates in both blue-green seal and Hawaii issues. Series of 1934 blue-green 204 mules are possible from all the districts except New York and Chicago (see Table 3). However, they are very scarce. I have had the opportunity to own only one of them with serial E57805065A. Mike Tauber has a Series of 1934 Hawaii 204 mule, serial L89374859A, which is currently unique to my knowledge. $50 AND $100 FRN MULES Micro $50 and $100 12-subject back plates were in use until 12-subject plates were phased out in 1953. Consequently, these micro plates hold the record for longevity in production, and they also hold the distinction of producing the only Series of 1950 mules. There was a large stock of them so Series of 1950 $50 and $100 mules are common. Macro $50 and $100 back plates were also made. Considering all combinations, FRN $50 and $100 mules were produced in all of the following series: 1934, 1934A, 1934B, 1934C, 1934D and 1950. The Series of 1934 mules were micro faces-macro backs whereas all others were macro faces with micro backs. My search of the records in preparing Table 3 revealed one fascinating anomaly, that of a very late press run for $100 Atlanta Series of 1934 face plate number 4 during the week of May 22-28, 1951. This press run constituted the only use of a $100 Series of 1934 plate after August 7, 1945, although some Series of 1934A plates were used as late as 1951. The strange May, 1951, Series of 1934 printing appears to be the last $100 printing in the series, post-dating the last Atlanta $100 Series of 1934D production runs by almost four months as well as the first Series of 1950 $100 production runs by a couple of weeks. If notes reached circulation from this anomalous late printing, they should bear serials greater than F04892000A according to data in Shafer (1967). They could be either mules (micro faces/ macro backs) or, ironically, micro non-mules. Plenty of micro $100 back plates were still in existence in 1951 to create the non-mule variety. HIGH DENOMINATION MULES Mules are common in the $500, $1000, $5000 and $10000 FRNs from most if not all of the printed 1934 series varieties. For possibilities see O'Donnell (1982). MULES — EVOLUTIONARY SCIENCE I have been writing about mules since 1967. Every trip to Washington yields a few more clues to the puzzle of their issu- ance and each year the discovery of a few more mules reveals the realities of what we once thought might be possible. A new article was rushed to press each time insights and findings emerged. I hope that you will see these articles as ever steadier steps toward a better understanding. When you find a statement or date in a more recent article that contradicts a former state- ment or date, rely on the validity of the more recent finding. Mules have yielded their secrets grudgingly. It had taken years to piece together many of the basic facts from what are becom- ing increasingly less complete official records with each passing year. We will never have the entire story, but I think we have de- veloped a fairly comprehensive understanding of the subject. Incidentally, if you can't locate an old article of interest, just write and I will send you a photocopy. SOURCES OF DATA New data presented in this article came from Bureau of Engraving and Printing records including serial number diaries written by a press- man, and plate record ledgers maintained by the Custodian of Dies, Rolls, and Plates. These records are presently split between the Bureau of Engraving and Printing, and the National Archives. Many of the con- clusions presented here update and build on earlier, more detailed, re- search as follows. MULES: Huntoon, P. (1970) $5 mules exist thanks to regular houseclean- ing: Bank Note Reporter, February, pp. 8, 14. Huntoon, P. (1979) Mules and changeover pairs: Paper Money, v. 18, pp. 197-205. Huntoon, P. (1982) New data on $5 back plates 629 and 637 and their mules: Paper Money, v. 21, pp. 56-60. Huntoon, P. (1983) The fascinating $5 mules: Paper Money, v. 22, pp. 205-212. (Continued on page 14.) Paper Money Whole No. 133 Page 13 LIST OF COMMON REPLICA NOTES by EDWARD C. ROCHETTE (Reprinted with permission of the author) The following listing of modern reproduction notes is contained in Making Money, Rogues and Rascals Who Made Their Own, by SPMC member Edward C. Rochette. The book, which retails for $9.95, is available to all SPMC members at a discount. Please contact Renaissance House Publishers, P.O. Box 177, Frederick, CO 80530. We are indebted to Mr. Rochette for allowing us to print this list. It will, no doubt, help SPMC members who are contacted by non-collectors who have in their possession "an old, rare bill, which must be worth a lot of money." Anyone with knowledge of modern reproductions not listed here is asked to notify the editor, and this listing will be updated. Description Serial # Alabama State of, Montgomery, $100, Jan. 1, 1864 834 Arkansas Treasury Warrant, $1, April 28, 1862 128346 California Wells Fargo, San Francisco, $20, Jan. 11, 1871 . 370455 Canada City Bank, Montreal, $4, Jan. 1, 1857 12549 Confederate States $1, Feb. 17, 1864 82129 $2, April 6, 1863 46695 $5, Feb. 17, 1864 18262 $10, Sept. 2, 1861 5089 $10, Feb. 17, 1864 40679 $20, Sept. 2, 1861 1524 $20, Feb. 17, 1864 46410 $20, unreadable date -probably Sept. 2, 1861 15247 $50, Sept. 2, 1861 18443 $50, Sept. 2, 1861 23961 $50, April 6, 1863 3987 $50, Feb. 17, 1864 5670 $50, Feb. 17, 1864 72104 $100, May 8, 1862 108? $100, Nov. 20, 1862 65798 $100, Nov. 20, 1862 no number $500, Feb. 17, 1864 16760 $500, Feb. 17, 1864 18278 $1,000, May 28, 1861 178A $1,000, May 28, 1861 197A $100,000, July 25, 1861 4832 Connecticut Colonial, 10 shillings, June 1, 1780 11259 Bank of New England, uncut sheet $3-5-10-20 unissued no number Continental Currency Colonial, $20, Sept. 26, 1778 270350 Delaware Colonial, 5 shillings, Jan. 1, 1776 62101 Florida Bank of Fernandia, $5, Feb. 1, 1860 237 Bank of St. John's, $5, May 2, 1859 667 Bank of Florida (Tallahassee) $4, Feb. 1, 1864 542 Bank of West Florida, $10, Nov. 3, 1832 1363 Merchants & Planters Bank, $20, Nov. 12, 1833 13?? State of Florida (Tallahassee) $1, Mar. 1, 1863 2396 Georgia Colonial, $4, Sept. 10, 1777 ???? Colonial, $4, Sept. 10, 1777 19567 $100, April 6, 1864 19567(?) Indiana Citizens Banking House, Gosport, $2, July 1, 1857 . . . ???? Citizens Banking House, Gosport, $3, July 1, 1857 .. 2929 Citizens Banking House, Gosport, $5, July 1, 1857 .. 2658 Exchange Banking House, Indianapolis, $3, Oct. 27, 1819 no number Louisiana Canal Bank, New Orleans, uncut sheet $10-10-10-10 no number Canal Bank, New Orleans, uncut sheet $10-20-20-20 no number Canal Bank, New Orleans, uncut sheet $100-100- 100-100 no number State of Louisiana, $100, March 10, 1863 2650 Maryland Colonial, $8, April 10, 1774 14020 Somerset & Worcester Savings Bank, $2, Nov. 1, 1862 1564 Massachusetts Colonial, $8, May 5, 1780 25480 Michigan Macomb County Bank, $2, April 1, 1758 5203 Tecumseh Bank, $1, undated no number Mississippi Treasury Note, $100, Jan. 8, 1862 2758 New Hampshire Colonial, 30 shillings, Aug. 24, 1778 992 Colonial, $7, April 29, 1780 1702 or A702 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 Page 14 Paper Money Whole No. 133 New Jersey Colonial, 18 pence, March 25, 1775 8418 Union County Bank, Plainfield, $5, Sept. 12, 1859 no number New York Colonial, 5 pounds, Feb. 16, 1771 24323 Colonial, $10, Aug. 13, 1776 unreadable no. Bulls Head Bank, New York City, $3, Aug 10, 1864 4042 Clinton Bank, $100, Dec. 2, 1839 9 City Trust & Banking Co. $2,000,000, Dec. 21, 1839 5509 Corporation of the City of Albany, 10 cents, July 17, 1862 676 Genessee County Bank, $52.12, May 5, 1865 16896 Sherman & Barnes, Buffalo, 25 cents, July 11, 1862 no number North Carolina Colonial, $4, Aug. 8, 1778 126 or 146 State of North Carolina, $1, Sept. 1, 1862 808 Ohio Bank of Granville, $3, May 11, 1838 7374 State Bank of Ohio, Franklin Center Branch, Columbus, $1, July 7, 1861 9131 Pennsylvania Colonial, 15 shillings, Oct. 1, 1773 5520 Bank of North America, Philadelphia $1, Jan. 30, 1862 28 Bank of North America, Philadelphia, $1000, Jan. 30, 1862 22 Rhode Island Colonial, $3, July 20, 1780 2298 South Carolina Colonial, 5 shillings, April 10, 1778 640 Colonial, $8, Oct. 19, 1776 no number Cotton Planters Loan Association, $5, May 15, 1862 .. 415 Tennessee Bank of Chattanooga, $2, Jan. 4, 1863 no number Texas Republic of, $1, June 10, 1840 2150 Republic of, $2, March 1, 1841 5214 Republic of, $3, Sept. 1, 1841 383 Republic of, $5, Jan. 15, 1842 2231 Republic of, $10, Jan. 25, 184? 5480 Republic of, $20, Jan. 10, 1841 1575 Republic of, $50, Jan. 1, 1840 1112 Republic of, $100, 1839 15? Republic of, $100, May 29, 1839 663 Republic of, $500, Jan. 1, 1840 1381 Texas Treasury Warranty, $5, Oct 6, 1862 112586 United States Bank of, Washington, $10, Jan. 23, 1834 646 Bank of, Washington, $1,000, Dec. 15, 1840 8894 Bank of, Washington, $1,000, Dec. 25, 1840 711 (Payable to Daniel Boone) Virginia Colonial, $250, March 1, 1781 1165 Bank of Rockbridge, $5, Jan. 8, 1859 1692 Treasury Note, $100, Oct. 15, 1862 119 Treasury Note, $100, Oct. 15, 1862 2875 Washington, D.C. Columbia Bank, $3, Oct. 20, 1862 no number Bullion Bank, $3, July 4, 1862 no number Bank of the United States (see United States) Presidents Bank, $1, 1852 no number (MULES, continued from page 12) LATE FINISHED PLATES: Huntoon, P. (1982) $20 FRN back plate 204 and other late fin- ished plates: Paper Money, v. 21, pp. 174-175. Huntoon, P. (1982) $20 back plate 204, new data: Paper Money, v. 21, pp. 268-269. Huntoon, P. (1984) Late finished plates used to print small notes: Paper Money, v. 23, pp. 122-125. FRN 1934B NY 212: Huntoon, P. (1984) $5 1934B New York intermediate size plate number 212: Paper Money, v. 23, pp. 87-89. CATALOGUES: O'Donnell, C. (1982) Standard handbook of modern United States paper money, 7th edition: Krause Publications, 336 pp. Shafer, N. (1967) A guide book of modern United States currency, 2nd edition: Whitman Publishing Company, 160 pp. Paper Money Whole No. 133 Page 15 "That vault is easily unlocked, but it is as safe as any they have in Lafayette . . ." The Potato 1014 arrel by BOB COCHRAN ank PREFACE According to the sources quoted, the following story is true; it most likely took place in Indiana. However, the facts as known don't quite add up; but the story has been around, in print, since at least 1881, and possibly 1860. Presented here are three versions of the story of "The Potato Barrel Bank." A fourth source is noted, containing the same facts as one of the others; it differs only in tense. If anyone reading this can provide more definitive infor- mation, I'm sure it will be most appreciated by collectors of Indiana obsolete bank notes, and by all serious stu- dents of banking history as well. BACKGROUND The following is taken from Indiana Obsolete Notes and Scrip, published in 1978 by the Society of Paper Money Col- lectors : PRIVATE BANKS M ANY private "institutions" which saw fit to issue theirown currency unfortunately made Indiana their home.These enterprises were never in any way regulated or controlled by the state, and the resulting corruption and poor business practice cost more than one Hoosier his hard earned savings and wages. Notes issued by the state government were not held in much better esteem and they, along with the in- numerable issues of the many different private banks, railroads, plank road companies, individuals, and merchants, were ac- cepted only at stiff discounts when no other form of currency was available. While these issues were certainly no laughing matter at the time, they do make up one of the more colorful and interesting segments of Indiana's monetary history. THE "FREE BANKING" ERA The Free Banking Act went into force in July, 1852 and was patterned to a great extent on the New York banking legislation of 1838 with the exception that real estate could not be used to secure note issues. Banks wishing to issue notes deposited state securities with the State Auditor who, in turn, countersigned and registered notes that were then placed in circulation by the bank involved. Strict provisions were made to liquidate the bank if notes were refused for payment and had to be protested. Over one hundred banks were authorized under the provisions of the Free Banking Act and its subsequent revisions. Some were suc- cessful, but a great majority of the banks were unfortunately out to turn a quick profit, quite often under illegal circumstances, for their owners. As a result almost every loophole that existed in the law was exploited. "WILDCAT BANKS" IN "PAPER TOWNS" A provision in the Free Banking Act previously referred to was that a bank issuing notes was required to redeem these notes in gold and silver when the notes were presented over its counter. It was a common practice for banks planning to issue notes to locate the banks in remote or inaccessible places, in order to make the redemption of their notes difficult. Since the location of these banks was known only to the creatures inhabit- ing the forests, the term "wildcat bank" was applied to them. In many cases, the actual owners of the bank lived a great distance from it; often they weren't even residents of the state where the bank was located. These persons could place the banknotes in circulation where they lived or did business, and the primitive transportation facilities of the time guaranteed that the notes would circulate for some time before redemption, even if the bank could be easily located. When the notes would be re- deemed, they would be shipped back to the owner, and the process would be repeated. So we have the owner of a bank printing notes, say in New York, exchanging them at face value there, and having the funds available to invest and earn interest for several months or more, until the notes were redeemed, say in Indiana. In this story, a wealthy broker owned twenty "wildcat banks." Prior to the organization of his banks he obtained from a real estate dealer in Indianapolis a list of twenty "paper towns." These were a product of the real estate speculation of the period and existed only in the fertile imagination of promoters and perhaps on crude plat maps in obscure county courthouses. Banks were then established in these "towns." Businessmen who accumulated the notes of these hard-to-find banks frequently employed the services of express companies in the redemption of notes. One company that did a thriving business in this practice was the Adams Express Company, which had an office in Indianapolis. ALEXANDER L. STIMPSON AND THE BANK OF MOROCCO (Version One of the Story) Alexander Stimpson was a pioneer expressman who in 1860 published a history of the express business. This work was re- printed in 1881 with some additional material; entitled History of the Express Business, it is apparently the source of the story now retold. One of the banks established by the wealthy broker was the Bank of Morocco; Morocco was located, at least on Page 16 Paper Money Whole No. 133 paper, in Newton County in northwestern Indiana. The agent for Adams Express Company in Indianapolis was Alexander L. Stimpson. At one time he received a package of $1000 in notes issued by the Bank of Morocco, which the express company was to present for redemption. The day this happened, all of Stimpson's messengers were unavailable, so he had to under- take the mission himself. Stimpson had no idea where Morocco was, so he went to the State Auditor's office in Indianapolis; there he was told that Morocco was located on the grand prairie about 50 miles west of Lafayette, some 125 miles from Indiana- polis. The Indianapolis and Lafayette Railroad, then under con- struction, ran about 35 miles from Indianapolis toward Lafay- ette. Stimpson took the train to the end of its construction point, and proceeded to Lafayette by stage. Once in Lafayette Stimp- son consulted with a banker friend who told him to take the road to Rensselaer, the seat of Jasper County. Stimpson rented a horse and rode to Rensselaer, but no one knew where Morocco was. He continued on his journey, taking the plainest track he could across the prairie, in the general direction of Newton County. One account of what took place next is found in Gold in the Woodpile, by O.K. Burrell, published by the University of Oregon in 1967: After traveling all day he saw two cabins some distance ahead. One of these was a blacksmith's shop and the other the residence of the blacksmith. He rode up to the door of the shop and asked the blacksmith if he could direct him to the town of Morocco. The blacksmith replied, "You need no direction; you are in the town now." Although astonished, the agent then asked, "Is there a bank in this town?" It was now the turn of the blacksmith to be astonished, and he re- plied, "Yes; why do you ask that question?" The agent re- plied, "I have some business with the bank and wish to find it." After a little hesitation the blacksmith then inquired, "What is the nature of your business?" The agent, trained to be uncommunicative about the affairs of his customers, said only that he would state his business to the bank officers if he could find them. "Well," said the blacksmith, "hitch your critter in the shade there, and I'll go with you to the bank." With this preliminary out of the way, the agent followed the blacksmith who started for the cabin where he lived. As he entered the door he said, "This is the Bank of Morocco; take a seat." When asked if he was the cashier, the blacksmith replied "I don't know what they call me, but I do all the busi- ness that is done here." The agent then told him he had one thousand dollars of the notes of the bank, for which he wanted gold. "Well," said the blacksmith, "it is too late now and you will have to stay overnight; we will transact the bank business tomorrow." The agent had no alternative but to comply, and after staking the rented horse out on the prairie in such a way that he could graze, the two men returned to the "bank" for supper. After the meal was finished, the banker-blacksmith explained that he was not well-equipped for "keeping tavern," in that he had only two beds which were fully occupied by his wife and four children. He ex- plained that, since the weather was warm, he slept on the prairie. He offered to provide the agent with a blanket and pillow so he would be as comfortable as possible. The agent, having no alternative, sensibly replied, "That will suit me exactly." The blacksmith, sensing that the agent was uneasy about sleeping on the prairie with a thousand dollars in his pocket, said, "If you wish, I will put your money in the bank vault tonight, and give you your gold in the morning." The agent agreed, although he had no idea where the bank "vault" was, nor whether the money would be any safer there than in his pocket. The blacksmith then took the package of bank notes and went to a potato barrel in a corner of the cabin and began taking potatoes out of the barrel. He filled a large basket with potatoes and then placed the bank notes in the barrel and filled the barrel with potatoes. "That vault is easily unlocked," he said, "but it is as safe as any they have in Lafayette." The two men made their beds on the prairie and slept soundly. The next morning, after an ample breakfast, the blacksmith said briskly, "We will open the bank now and proceed to business." Going to the same barrel, he removed the potatoes as before until he came to the package of bank notes. He took the bank notes to the table and counted them. When he was satisfied, he returned to the potato bar- rel and took out the remainder of the potatoes. Then from the bottom of the barrel he lifted out a bag which was lettered "$5,000." From the bag he counted out fifty gold double eagles and handed them to the agent. He then put the bank notes in the bag with the remainder of the gold and put the bag in the bottom of the barrel and then put back the potatoes. The agent expressed his appreciation for the ac- commodations and offered to pay for supper and breakfast. But the blacksmith refused to accept any payment, saying, "You are the first man who has ever found the Bank of Morocco, and if you keep the location to yourself you are welcome to all I have done for you." This the agent agreed to do. It is probably fortunate that business was not brisk at the Bank of Morocco. The process of locking and unlocking the"vault" would have worn out the potatoes. racutkeci spoobo.9 Paper Money Whole No. 133 Page 17 In 1954, the Public Library of Fort Wayne and Allen County published Early Banking in Indiana, which contained an article with essentially the same facts as recounted above. However, the article, attributed to the Daily Fort Wayne Sentinel of July 21, 1881, is told in the first person; perhaps it is the account of Stimpson taken from his book. At any rate, the story closes with the following statement: "Mr. John P. Dunn, the auditor of the state, told me afterward that several persons had tried to find the Bank of Morocco; but he thought that I was (the) only one who had succeeded." A BARREL FOR A SAFE (Version Two of the Story) The following article is taken verbatim from Paper Money Number 73, January/February, 1978, page 18. The following banking incident is extracted from the Sandusky, (0.) Journal. It was related by Mr. Hackerdorn, attorney for the N.Y., Lake Erie & W. Railroad. In former days gold was in demand, and it was a hard matter to have script redeemed for this coin, for, if the banks went to dealing in script, it meant their ruin, and it was a hard matter to find a bank willing to redeem the paper, if it could be avoided in any possible manner. In fact, when there was any script of- fered for redemption, the banks never could be found. It appears that an express company had $10,000 worth of script in its possession, which it wanted redeemed. The company's officials learned that there was a bank in Jones- ville, Ind., and immediately dispatched a messenger for that place on horseback, to secure gold for paper. The messenger drove around through the country for several days, search- ing for the town of Jonesville: No one appeared to know where it was, neither had any one ever heard of the Jones- ville Bank. Finally the messenger came up to a man whom he met along the road, and made further inquiry as to the town of Jonesville and the Jonesville bank. The man told him that the place was Jonesville, and that the bank was at the corner, pointing out a dingy looking little blacksmith shop at the intersection of two country roadways. The messenger approached the shop with a look of astonishment, and on entering inquired of the smithy: "Is this the Jonesville Bank?" "Yes, sir," was the reply; "Got some of that 'ere script, I sup- pose." "Yes; can you redeem it?" "How much is it?" "$10,000." "Yes, I guess I can; I've got the money in the safe." "Well, where's the safe?" "Over there in the corner," said the blacksmith banker, and he at once proceeded to dump out a barrel of potatoes. In the bottom of the barrel was $30,000 in gold, and he redeemed the $10,000 worth of script. Banker's Magazine —May 1892. (Throughout, scrip was spelled script in the original. — ed.) REGARDING BANKS — THEN AND NOW (Version Three of the Story) These paragraphs were written by George Ade, and are the beginning of the Foreword to The Making of a Trust Company, published in 1923. It was in 1853 that my father ran a fur-trading station at Morocco, Indiana. The town was a blacksmith shop and two cabins hiding in a grove, forty miles from a railway station, surrounded by lonely stretches of slough and virgin prairie. Deer and mink and beaver were plentiful, but settlers were miles and miles apart. The town was so small and remote and hard to find that a band of enterprising promoters down at Indianapolis decided that it was entitled to a bank. Those were the happy days of wild-catting. Morocco was in line for a bank because it would be impossible for the general public to visit any bank at Morocco. The idea, way back yonder, was to have the banks so far away from the banking public that no one would drop in and draw out money. So the Bank of America was founded. The founders might have called it the Bank of the Western Hemisphere or the Bank of the Solar System, but they preferred to be modest. They deposited certain collateral with the State Treasurer and then they floated seventy-five thousand dollars worth of notes, redeemable only at the bank of issue. These notes went into circulation and finally one explorer went across the prairies on horseback and discovered the town of Morocco and inquired about the bank and demanded money on his notes and made so much trouble that the bank went out of business. The bankers said it was no use trying to keep a bank open if people insisted on coming in and asking for money on their wild-cat paper. THE FACTS AS WE KNOW THEM Indiana Obsolete Notes and Scrip contains no reference to the Bank of Morocco. The only bank listed for Morocco is the Bank of America, and it is described as follows: "The Bank of America opened as a state-authorized free bank in 1854. It failed the following year. The bank left $238 in outstanding Page 18 Paper Money Whole No. 133 circulation as of November 1, 1860 according to state records. The notes were redeemed at 87 cents on the dollar." A note il- lustrated is a $5 note, which is raised from a $1 issue of the bank. According to Wendell Wolka, co-author of the book, the note illustrated is the only note known to exist from the bank. The author of Gold in the Woodpile undoubtedly had access to Stimpson's book, for he states that "Stimpson placed these events as taking place 'about twenty years ago'," and speculated that the year would have been 1861. If the Bank of America in Morocco was inaccurately described by Stimpson as the Bank of Morocco (a possibility since it was almost certainly the only bank in "town") the events would have taken place before 1855. A statement is contained in Gold in the Woodpile to the effect that the Indiana State Department of Financial Institutions has no record of the bank; perhaps Mr. Burrell examined the state records for the Bank of Morocco, and would not have found any references. However, the "Bank of America" in Morocco is clearly listed in the 1857 report of the Indiana State Auditor, portions of which are included in Indiana Obsolete Notes and Scrip. SUMMARY The question remains—is this a true story? Probably. While this story is strange, it is by no means alone; other bizarre "bank- ing practices" of the period are well documented. Did Alex- ander L. Stimpson's memory become hazy over the years? Pos- sibly. The author of Gold in the Woodpile was very careful to document his sources, and he makes reference to Stimpson's book; he may have created the conversation between Stimpson and the blacksmith, but he does quote from the book. The ac- count from the Daily Fort Wayne Sentinel of July 21, 1881 may be an excerpt from the book, as it is written in the first person and would be contemporary with the publication of the book; it was a common practice at the time for newspapers to reprint material from current sources. George Ade would appear to be a reliable source, since he places his father in the "town" of Morocco in 1853. He correctly refers to the bank as the "Bank of America"; however, he states that the bank floated $75,000 worth of notes. According to Indiana Obsolete Notes and Scrip, Baldwin, Adams & Com- pany of New York printed 10,000 notes for the Bank of America, in $1 and $5 denominations; a little math indicates that no combination of 10,000 $1 and $5 notes would add up to $75,000. Remember that the State Auditor supposedly "registered and countersigned notes" before they were placed in circulation. Mr. Ade's comments were written in 1923, so perhaps his memory was hazy, too. Indiana Obsolete Notes and Scrip does not mention the town or Bank of Jonesville. There is a possibility that Jonesville and the Bank of Jonesville existed, However, it's more likely that this version of "The Potato Barrel Bank" had been modified (and the amount of money involved enhanced from $1,000 and $5,000 to $10,000 and $30,000, respectively) by the time it reached the Sandusky, Ohio Journal. This version indicates that scrip was to be exchanged for gold, not banknotes. Scrip was normally issued in small denominations. If this version is true, then $10,000 in scrip would have been a large package of paper! So far, we have three votes for Morocco and one vote for Jonesville. Your turn, reader. POSTSCRIPT There exists another version of a "barrel bank," but the barrel didn't necessarily contain potatoes. Caleb Taylor was president of the Farmers National Bank of Bucks County, in Bristol, Pennsylvania. He had been a director of the predecessor of the national bank, the Farmers Bank of Bucks County, during the period when banks were allowed to circulate their own curren- cy, before the National Bank Act of 1863. The following story was related about him in the 1914 history of the bank: When a young man, Mr. Taylor did considerable business in buying cattle in the west, bringing them to his father's farm, at "Sunbury," in Bristol township. and fattening them for market. He took with him all the western notes that the Bank had taken at a discount which in those days was often con- siderable. On one occasion, he stopped at a farm house in the West to inquire as to the location of a bank that had issued some of the notes in his possession, and was informed by the farmer that he had reached the bank. After partaking of a bountiful country dinner, he and the farmer repaired to the kitchen where the farmer removed the lid from a barrel, took out what Eastern notes were required, giving them to Mr. Taylor at the current rate of discount and redeeming the notes of the "kitchen" bank at par. REFERENCES "A Barrel For A Safe," unattributed. PAPER MONEY, Volume XVII, Whole Number 73, January/February, 1978, p. 18. The Society of Paper Money Collectors, Inc. Early Banking in Indiana. Prepared by the Staff of the Public Library of Fort Wayne and Allen County, Indiana. 1954. Farmers National Bank of Bucks County, Bristol, Pennsylvania . A Century's Record 1814-1914, by Charles E. Scott. Gold in the Woodpile, by O.K. Burrell. Copyright 1967, University of Oregon. University of Oregon Books, Eugene, Oregon. History of the Express Business, by Alexander L. Stimpson. Baker & Godwin, Printers, New York. 1881. Indiana Obsolete Notes and Scrip, by Wendell A. Wolka, Jack M. Vorhies, Donald A. Schramm. Copyright 1978. Society of Paper Money Collectors, Inc. Krause Publications, Iola, Wisconsin. The Making of a Trust Company; Twenty-One Years' Experience of Chicago Trust Company, by William T. Cross. Second Edition. Copyright 1923, Chicago Trust Company, Chicago, Illinois, pp. IX-X. ACKNOWLEDGMENTS My sincere thanks to Wendell Wolka and Jack Vorhies for their valu- able assistance in the preparation of this article. ccz A Closer Look at Veracruz, a five-page study of Mexican revolutionary notes by Dwight Musser will be sent for $1 to cover the cost of printing and postage. Musser's address is Box 305, Ridge Manor, FL 33525. Advertising & Money Mart Rates Have Been Increased v)(Ece ZiTilifiningtoit ant Olttbott I li rub L0111pant1 WtoliNGTON, N . January 1, 14;2. ENTS on orconni of FREIGTIT o and Wdehm, Railroad, JA MRS S GR EEN , Tref( sn rrn T1 . he receirt.1 PASSAGE. 00 it, Paper Money Whole No. 133 Page 19 Railroad Notes and Scrip of the United States, the Confederate States and Canada by RICHARD T. HOOBER (Continued from No. 132, Page 191) NORTH CAROLINA WILMINGTON—WILMINGTON & WELDON RAILROAD On January 3, 1834, the Wilmington & Raleigh Railroad was granted a charter by the state. The name was changed to the Wilmington & Weldon Railroad in 1855. The road later became part of the Atlantic Coast Line Railroad. 1. 5' (C) Train, 5 CENTS at left and right. R6 2. 100 (C) Watch and chain, 10 CENTS at left and right. R6 3. 20t (C) Eye, 20 CENTS at left and right. R6 4. 25(r (C) Drafting tools, 25 CENTS at left and right. R6 Date — January 1, 1862. Imprint — None. North Carolina No. 1 OHIO CINCINNATI—DETROIT & ST. JOSEPH RAILROAD 1. 1.00 (C) Train, riverboats, bridge. R6 Date — March 9, 1840. Imprint — Unknown. CITY OF OHIO— OHIO RAILROAD The line was organized in 1836, to run from New York City to, and up, the Tioga River to Lake Erie, crossing the Cuyahoga, Sandusky and Wabash Rivers to terminate where the Rock River en- ters the Mississippi, a distance of 1,050 miles. The City of Ohio was headquarters of the road for some time. r/r r r rrrri/r/ ; //r// 77/ // / / //Clivot01.1 1.1/1 Ae (Li Page 20 Paper Money Whole No. 133 Cost was to be less than $1,000,000, and the entire line was to be built on stilts, consisting of double line of piles, with planks edgewise and bolted to the piles. No provision was made for iron rails, chains or even ties. The cars presumably were to run on the planks. The plan was finally adopted with the addition of a light strap iron rail. The charter also extended banking privileges, which was used to issue notes of some $400,000, none of which were ever redeemed. Actual construction began three years later. Right of way 100 feet wide was cleared and 112 piles and 1,056 ties were laid to the mile. The first pile was driven at Fremont, June 19, 1839. Before the work progressed beyond Manhattanville, the Ohio Plunder Law, passed in 1837, under which the company had bilked the state of more than $250,000, was repealed in 1840, resulting in the collapse of the Ohio Railroad. 2. 1.00 (L) "Capital Stock ..." (C) Train, between ls. (R) Riverboat, between Is. R3 3. 2.00 (C) Train. (R) Indian. R4 4. 3.00 (C) Train. (R) Wharf scene. R4 5. 5.00 (L) "Capital Stock ... " (C) Train, between 5s. (R) Riverboat, V above and below. R3 6. 10.00 (C) Train. (R) Wharf scene. R5 Date — Oct. 1, 1839, part ink. Imprint — Rawdon, Wright & Hatch, New York. Ohio No. 5 NEWARK—COLUMBUS & LAKE ERIE RAILROAD 7. 50.00 (L) Female. (C) Train. (R) Sailing ship. R4 Date — 1st October, 1850. Imprint — Rawdon, Wright, Hatch & Edson, Cincinnati. OHIO CITY—OHIO RAILROAD (See City of Ohio) 8. 1.00 Similar to No. 2 R3 9. 2.00 Similar to No. 3 R4 10. 3.00 Similar to No. 4 R4 (To be continued) Interest Bearing Notes Roger H.Durand Paper Money Whole No 133 Page 21 ADVERTISEMENT INCREASE With the monumental task of the revision of the By Laws behind us, the board of directors moved on to a complete revue of the Paper Money magazine. We found that the cost of print- ing a page exceeded the cost of a page of advertisement. We were, in fact, subsidizing our advertisers. The increase in adver- tisement reflects the true cost of the space used for the ad. We can now continue to produce the quality magazine that our membership expects. PATRONS ASSOCIATION A patrons association form was included with your Novem- ber/December Paper Money magazine. If you have not already sent in a donation, please take a moment to reflect on the pleas- ure you receive from being a member of the society through its many functions, i.e., Wismer project, attendance at conven- tions, magazine, etc. Your dues cover our basic expenses. A donation to the patrons association enables us to provide the ex- tra benefits you have come to expect. We would like to do even more with new programs but we always have to consider the cost factor. Please help the society with a donation; we would all benefit. WISMER PROJECT UPDATE A new author has been assigned for the North Carolina manuscript. Please send any information or new discoveries concerning North Carolina to Jim Sazama P.O. Box 1235 Southern Pines, N.C. 28387 A new up-to-date listing for all the state authors will appear in Paper Money in the near future. If this project is to have con- tinued success, the participation of all of our membership is necessary. No one person has access to, or can discover, all the notes pertaining to any one state. Please help Jim and the other authors to bring this project to a successful conclusion. SECOND ANNUAL NATIONAL AND WORLD PAPER MONEY CONVENTION The show in St. Louis was one of the highlights of the syn- graphic year. It was well attended and both collectors and dealers claimed to have a very successful show. The SPMC hospitality table was given a prime location; in fact, it was the first table a person encountered as he entered the bourse room. We enrolled many new members in the SPMC and did a brisk business with our Wismer books. Exhibits were numerous and well presented. The educational programs were of the highest caliber and fairly well attended. Anyone who could not attend this show lost an opportunity to enhance his or her collection and knowledge. FUTURE SHOWS The next show where the SPMC will hold a regional meeting will be the F U N show in Florida in January. We will also hold a regional meeting at the 32nd Metro New York Convention in March. EXPULSION AND NON-RENEWAL OF MEMBERSHIP Occasionally we are approached with a request to take action against a member or currency dealer for unethical practices. In some cases, the complaint is well documented but that is not always the case. Please understand, the SPMC cannot be a policing agency. Membership will not be renewed or a member will be expelled only in the event that the unethical transaction resulted in the prosecution and conviction of the accused. Then and only then will the SPMC take whatever action is appro- priate. In Memoriam Morris Bram, SPMC 5807, passed away on July 12, 1987, in Tamarac, Florida, at the age of 78. Mr. Bram joined the SPMC in 1980. He helped to found the Ameri- can Israel Numismatic Association in 1967, and was serv- ing as president and Board Chairman of that organization at the time of his death. The American Israel Numismatic Association has established a memorial fund in his name, and contributions will be earmarked for this special fund. They may be made to the Morris Bram Memorial Fund, c/o AINA, P.O. Box 25790, Tamarac, FL 33320. Our society has lost another member and long-time supporter. Following a lengthy hospital confinement due to an automobile accident, Joe Kinney died on 6 No- vember 1987 at 84 years of age. For years Joe collected photographs of scarce and rare national bank notes. At the 1987 Memphis IPMS Joe was awarded a certificate of merit, in absentia, for this project to which he devoted time and money. In 1986 the entire col- lection of photographs was given to the Wm. R. Higgins, Jr. Foundation Museum and Library in Okoboji, Iowa. Arthur S. Sipe, SPMC 2315, passed away August 1, 1987, at the age of 83. Mr. Sipe joined the SPMC in 1968, listing his specialty as Colonial currency. He was very active in the ANA, having served as vice president and then president from 1967 to 1969. He was appoint- ed to the U.S. Assay Commission by President Lyndon B. Johnson, and served on an advisory board for the Franklin Mint. As this issue was being completed, more sad news reached us. On 15 December 1987, a fatal automobile accident took place and Harry Wigington was killed. Harry served as a SPMC secretary and board member. He wrote articles for PAPER MONEY and received a literary award for 1984. Harry was a contributor of West- ern state material to the Wismer Book Project. As all those recognized here, Harry will be missed by those who knew him. .. (I.) Harry Fechte and exhibit chairman Mart Delger. (r.) Bob Lemke and speaker chairman John Wilson. Each speaker, exhibitor and chairman received a framed sheet of the Bank of Hagerstown, MD $5 & $10 notes. Page 22 Paper Money Whole No. 133 PCDA-SPMC MEMBERS RELAXING IN ST. LOUIS Tom Conklin, Mike Crabb, Doug Murray and Jasper Payne chat at the Mercantile Money Museum party hosted by the Profes- sional Currency Dealers Association. In the museum library, Dana Linett, Bob Rozycki, Gene Hessler, Bob Cochran, Kevin Foley and Roy Peterson, who looks at his wife, Chiyo, as she took this photograph and others at the museum. ABNCo ARCHIVE SERIES PLATE DESTRUCTION Calvin W. Aurand, president of ABNCo, your editor and Aurelia Chen, the Archive Series coordinator. Also in attendance were Steve Taylor, ANA president and three representatives from the American Philatelic Society : Keith Wagner. Executive director; William L. Welch, Jr., editor of the Philatelist; and Virginia L. Horn, director of library services. On 12 November. 1987, as everyone looks on, Richard Roach runs one of the Archive Series plates through the chopping machine. This destruction limits the 1987 issue to 1,145. OREGON PAPER MONEY EXCHANGE 40{ILANI) ih domi 11, `'I\ OM I " OBSOLETES • COLONIALS STOCK CERTIFICATES & BONDS CONFEDERATES • OLD CHECKS NORTHWEST DEPRESSION SCRIP CURRENT LIST FOR $1.00 - REFUNDABLE - Ask About Our Upgrading Program -- WE BUY, TOO -- OREGON PAPER MONEY EXCHANGE 6802 S.W. 33rd PLACE • PORTLAND OR 97219 (503) 245-3659 (EVES) SUZANNE NAVEN (SPMC, PMCM, CCRT) Paper Money Whole No. 133 Page 23 MEMBERSHIP DIRECTOR NEW Ronald HorstmanP.O. Box 6011St. Louis, MO 63139 MEMBERS 7530 Loren E. Toombs, 335 Montier Rd., Glenside, PA 19038; C, Nationals, types & NM nationals. 7531 Dias E. de Faria, C.P. 22.270, Sa. Paulo. S.P.. Brazil; C, World, Brazil, Military. 7532 Robert Lawrence, 26 Orchard Lane, Colts Neck, NJ; C, Broken bank notes. 7533 Thomas P. Gavin, 1717 S. Taylor #4, Arlington, VA 22204; C, Confederate & Southern state notes. 7534 Cleal Falke, P.O. Box 3206, Shreveport, LA 71103; C, U.S. Small-size & Mexico. 7535 Charles E. Blackmon, P.O. Box 162, De Soto, TX 75115; C, Obsolete notes. 7536 V.J. Shilakes, 6549 Hawthorne, Garden City, MI 48135; C&D, Obsolete notes. 7537 Joseph Maddalena, 2049 Century Park East 5080, Los Angeles, CA 90067. 7538 Pat Poole, Rt. C Box 2-C, Evergreen, AL 36401; C, Na- tionals, bank notes. 7539 Reginald K. Dunham, 1512 S. Main, Jacksonville, IL 62650; C. Illinois national bank notes. 7540 Gerald W. Stone, 679 W. Littleton Blvd. 104, Littleton, CO 80120; C&D. 7541 David C. Hanson, Cowrie, IA 50543; C, U.S. type. 7542 James L. Watson, 12888 Rue La Ville, St. Louis, MO 63141; C&D, Emergency & war currency books. 7543 Darryl Kinnison, P.O. Box 521, Westwood, CA 96137; C, Confederate & obsolete notes. 7544 Sam Tolar, P.O. Box 36, Greenville, MS 38702; C, Mississippi obsolete notes. 7545 Ronald Malicki, W74 N735 Spruce Ave., Cedarburg, WI 53012; C&D, Caribbean & world island notes. 7546 H.L. Mitchell, 2202 Howard Dr.. Pine Bluff, AR 71603; C. 7547 Alvan Jones, 4 Viewhill Rd., Southboro. MA 01772; C, MPC & silver certificates. 7548 Rony Almeida, P.O. Box 113053, Miami, FL 33111- 3053; C&D, Latin America. 7549 Gregory M. Myers, 37 Stone St., Walpole, MA 02081; C, U.S. large & small-size notes. 7550 Joseph M. Basile, 611 Deaver Drive, Blue Bell, PA 19422; C, Montgomery County, PA. 7551 Allan L. Teal, P.O. Box 429, Chester Hgts., PA 19017. 7552 Nessim Bassan M., P.O. Box 4222, Colon Free Zone. Panama; C, Latin America. 7553 Robert J. Ahearn, 150 Brick Kiln Ct., Cheshire, CT 06410; C, Obsolete bank notes. 7554 William S. Panitch, P.O. Box 12845, Albany, NY 12212; C&D, Albany County NY national and obsolete notes. 7555 John R. Thyne, 6921 Homestretch Rd., Dayton, OH 45414; C, General US. 7556 Terence Fredericks, 2002 Wood Hill Dr Jacksonville. FL 32216; C, Canadian paper money. 7557 Lt. Col. B.A. Gill (Ret.), Box 381, Clifton Park, NY 12065. 7558 Dennis Knowlton, 360 High St., Coventry, CT 06238; C. Obsolete notes. 7559 Larry Moss, 5350 Rich Rd., Memphis, TN 38119; C, Autographed currency. Ed Richt, 2837 Brownsboro, Louisville, KY 40206; D, Reinstatement. LM61 James R. Hatch, P.O. Box 978, Londonderry, NH 03053; Conversion to life member from 7387. LM62 Charles Kemp, 2075 Nicholas Court, Warren, MI 48092; Conversion to life member from 3980. LM63 Joseph Klodzinski, 1419 Chalfont Drive, Schaumburg, IL 60194; Conversion to life member from 7342. LM64 James K. Hedges, M.D.; Conversion to life member from 3367. LM65 Brian Kestner, P.O. Box 664, Millbrae, CA 94030; Conversion to life member from 5360. LM66 Professional Currency Dealers Association; Conversion to life member from 7000. LM67 David W. Moore; Conversion to life member from 4664. LM68 Raymond L. Bisordi; Conversion to life member from 6968. LM Thomas R. Conklin; Conversion to life member from 1662. LM Gene Hessler; Conversion to life member from 3157. RECRUITMENT REPORT Collector Ronald Horstman 15 Roger H. Durand 5 Dealer Richard J. Balbaton 9 Tom Denly 5 Page 24 Paper Money Whole No. 133tN 1 mon 1 P mar 1M. Paper Money will accept classified advertising from members only on a basis of 156 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, 1988 for Jan. 1989 issue). Word count: Name and address will count as five words. All other words and abbreviations, figure combinations and initials count as separate. No check copies. 10% discount for four or more insertions of the same copy. Sample ad and word count. WANTED: CONFEDERATE FACSIMILES by Upham for cash or trade for FRN block letters, $1 SC, U.S. obsolete. John W. Member, 000 Last St., New York, N.Y. 10015. (22 words: $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) 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 226 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, 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 Murphy, 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: 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) 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) 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) 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) 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) TEXAS NATIONALS FOR SALE: Amarillo, Corsicana, Denison, El Campo, Galveston, Georgetown, Gonzales, Hillsboro, La Grange, Laredo, Olney, Palestine, Richmond, San Angelo, Schwertner, Stephenville, Victoria, Waco, Waxahachie, Wichita Falls. Other states (specify). Free lists. Joseph Apelman, P.O. Box 283, Covington, LA 70434. WESTERN AMERICANA SALES — AUCTIONS. Historical financial documents, checks, stocks, autographs. Three catalogs: $3. American West Archives, Box 100-PM, Cedar, UT 84720. Also buying. WANTED BUYING WANTED We are especially anxious to purchase the following UNITED STATES NOTES for the personal collection of AUBREY AND ADELINE BEBEE. The acquisition of any of these scarce notes will bring our outstanding paper money collection nearer to completion. We would be grateful for any notes that you could send us in the grades specified. Please send notes, indicating the prices desired or for our Top Cash offer. A quick, pleasant deal is always assured you at BEBEE'S. GOLD CERTIFICATES — AU TO UNC. 1882 $50 Large Red Seal. FR. 1191 1882 $100 Large Red Seal. FR. 1204 1882 $100 Brown Seal. FR. 1203 1882 $100 Lg. Brown Seal. FR. 1205 SILVER CERTIFICATES 1880 $1,000 FR. 346B/D AU to UNC. 1891 $1,000 FR. 346E VF to UNC. 1899 $1, #11111111; 22222222, #77777777; 88888888 UNC. 1882 $5.00 NATIONAL BROWN BACK NOTES BEBEE'S is paying $600 to as high as $2,000 — depending on Rarity and Grade — for the following 1882 $5 Brown Back Nationals: ALABAMA - ARIZONA - ARKANSAS - CALIFORNIA - COL- ORADO - FLORIDA - IDAHO - MARYLAND - MISSISSIPPI - MONTANA - NEVADA - NEW MEXICO - NORTH DAKOTA - RHODE ISLAND - SOUTH DAKOTA - WYOMING. AU to UNC. TERRITORIAL NATIONALS 1882 $5 ARIZONA - IDAHO - WYOMING. AU to UNC. (Second Choices: Other Denom., Grades.) We are also paying TOP IMMEDIATE CASH prices for Double-Denomination Notes, Other Territorials, Rare Large-Size Nationals, No. 1 & Star Notes, and Uncut Sheets (4 & 12). Please give us a try — BEBEE' has been a leading specialist in U.S. Paper Money since 1941. AUBREY & ADELINE BEBEE P.O. Box 4290, Omaha, NE 68104 • (402) 558-0277 Itiank of COMI0ITC1' Pf NASCA Auctions reach the nation's most important collectors of U.S. and International Coins, Currency, Stocks & Bonds, Autographs, Medals, Tokens, and Related Items. Consigning is easy. Immediate cash advances are readily available. Sell Your Coins & Currency To The Highest Bidder Paper Money Whole No. 133 Page 25 • N ° 2 , • .EIGHTEVN PENCF GI, Trianil•-am• ff. iv! ,a EIGHTEEN PENCE. ,,„i17Nre".L 1,1.11L ) Accepting Consignments Now For These Auctions: MARCH 25, 1988, U.S. CURRENCY & COIN AUCTION, New York City. OBSOLETE, FEDERAL & CSA CURRENCY, COINS, NUMISMATIC LITERATURE and RELATED ITEMS, Closes January 14, 1988. APRIL 21, 1988, SPRING AUCTION, New York City. A Major offering of AUTOGRAPHS. Closes February, 14. 1988. Other sales to be announced FIRST MID-WINTER SCRIPOPHILY EVENT STRASBURG, PENNA FEBRUARY 5-7, 1988 In the Heart cf the Amish Country Lancaster County For Information Please Call (212) 908-5184 MAY 1, 1988, GREATER NEW YORK NUMISMATIC CONVENTION SALE. In conjunction with the GREATER NEW YORK coin show. MEDALS & TOKENS from around the world, JUDAICA, Closes March 14, 1988. JUNE 1988, MEMPHIS INTERNATIONAL, MAIL BID ONLY A major offering of STOCKS, BONDS & RELATED ITEMS. Closes April 15, 1988. JUNE 1989 & 1990, MEMPHIS. Major public auctions to be held in conjunction with BOTH the 1989 & 1990 MEMPHIS INTERNATIONAL PAPER MONEY SHOWS! Plan ahead. Space will be at a premium in both catalogues which will feature FULL COLOR photography. U.S. & INTERNATIONAL CURRENCY, STOCKS & BONDS & RELATED ITEMS. NASCA Division of R.M. Smythe & Co., Inc. Subscription Information: U.S. & CANADA OVERSEAS One Year TWo Years Three Years One Year 1Wo Years Three Years NASCA $45 $80 $105 $55 $100 $125 FRIENDS OF FINANCIAL HISTORY $25 $45 $60 $30 $55 $75 COMBINED SUBSCRIPTION $70 $120 $160 $85 $150 $195 26 Broadway New York, NY 10004 Toll-Free 800-622-1880 NY residents call 212-943-1880 EARLY AMERICAN NUMISMATICS *619-273-3566 COLONIAL & CONTINENTAL CURRENCY rs We maintain the LARGEST ACTIVE INVENTORY IN THE WORLD! SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. SPECIALIZING IN: 1:1 Colonial Coins q Colonial Currency q Rare & Choice Type Coins q Pre-1800 Fiscal Paper q Encased Postage Stamps SERVICES: q Portfolio Development q Major Show Coverage q Auction Attendance o EARLY AMERICAN NUMISMATICS o c/o Dana Linett q P.O. Box 2442 q LaJolla, CA 92038 q 619-273-3566 Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS Featuring these leading paper money dealers .. . 1. NUMISVALU— U.S. Nationals, Obsoletes, Type, Ephemera 2. "RINATS" —Roland Cormier—Rhode Island National Banknotes 3. WARWICK ASSOCIATES—All U.S. Paper Money, Books, U.S Obsolete 4. R.J. BALBATON—Lg & Sm U.S. Currency, Obsoletes, Books, Coins 5. FINN & KRACOV —Foreign Paper, Broken Bank Notes, Foreign Coins 6. M.S. RARE COINS—U.S. Obsoletes, Medals, Tokens, Political Coins 7. DEL BEAUDREAU —Foreign Paper Money, Chinese, Japanese, Korean 8. DENLY'S OF BOSTON — U.S. Paper Money, Obsoletes, Coins, Fractionals 9. NEW ENGLAND SYNGRAPH1CS —U.S. Nationals, Uncut Sheets 10. SILVER CITY COIN — Obsoletes, Paper Money, Coins, Tokens 11. FRANK TRASK— Lg & Sm U.S. Currency, Colonials 12. RABENCO — U.S. Paper Money, Lg, Sm, Fractionals 13. LITCHFIELD HILLS RARE COINS—Canadian & Foreign Paper & Coins, U.S. Type 14. KENNEBUNK COIN & CURRENCY—Rare Paper Money, Checks, Postcards, Paper Americana 15. HERMAN KRAWJEWSK1— Polish Coins, Foreign & U.S. Paper Money 16. MARY SAGER —Paper Ephemera, Obsoletes 17. HAROLD CUDDY—U.S. Lg Size, Obsoletes, Rare Gold, Silver, Copper 18. ROLAND HILL —All U.S. Paper Money before 1930 . Plus 32 Other Paper Money, Coin, Token, Ephemera Dealers .. . 16TH ANNUAL SHOW ,,01::1) NUM ISMAT/c soci6,4 ELKS LODGE Pleasanl SI.. RI. 32 Willimantic, Conn. Sun., March 13, 1988 50 Dealers 9 a.m. 5 p.m. Bourse & Exhibits ANIMMINIMI■111111•11111. 04,50 C. John Ferrari, P.O. Box 33, Storrs, CT 06268 Public Invited Free Admission a IP"'PEP The "biggest" little coin end paper money show In New England for PAPER MONEY COLLECTORS in the Northeast to get a jump on the convention season. Join us again this year for the largest gathering of paper money dealers and collectors in the New York/New England area "This is the Place" . Paper Money Whole No. 133Page 26 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 1973! 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. RUSS BELL AuFE (415-435-9494) \ APS VISA' P.O. Box 859P Tiburon, CA 94920 ACCEPTED! Paper Money Whole No. 133 Page 27 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 A.SSep ATION! 129,a 4,/ V. I 4.1.`/P7.4.611:41,7 AZ 3 470,7, "L‘..V ""-?6;r5il.1.M /,A. f•1.?”.4 117, a. irEatil:t •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 1232 1/2 N. GORDON STREET, LOS ANGELES, CA 90038 S.P.M.C. 3791 4.k.A OP' THE BAN ri OF S: LOUIS '/7/— u”ox-14,kov---T t Cr1039F :311 .;■.,10,PI ST. LOUIS, MISSOURI OBSOLETES AND NATIONALS WANTED RONALD HORSTMAN P.O. BOX 6011 ST. LOUIS, MISSOURI 63139 I.Loms Aalional Bank ,6531921U,,,, MOker...0 Page 28 Paper Money Whole No. 133 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 U.S. Encased Postage All Military Currency Souvenir Cards U.S. Fractional Currency National Bank Notes Colonial Currency 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 7456LM ANA 1853 ot , •} + .wrz■so-; Walt Alcott Numismatics and Paper Americana gratzr CAKE It4ii8011) (0 .,Lt. /4 : 01 Yellow-Aster Mine Co. Randsburg, CA, 1902 $22. California Street Cable Railroad San Francisco, CA, 1890s $25. One of each $40. Stocks • Bonds • Checks • Maps Engravings • Labels • Etc. Box 3037 • Quartz H ills, CA 93534 805-942-7105 MEMBER: ANA (LM); SPMC; CSNS; PSNA; PCDA Paper Money Whole No. 133 Page 29 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 Million Dollar Buying Spree Nationals MPC Currency: FractionalLg. & Sm. Type Obsolete Foreign Stocks • Bonds • Checks • Coins Stamps • Gold • Silver Platinum • Antique Watches Political Items • Postcards Baseball Cards • Masonic Items Hummels • Doultons Nearly Everything Collectible COIN SHOP EST 1960 INC "91421:94.4&#.4" 399 S. State Street - Westerville, OH 43081 1-614-882-3937 1-800-848-3966 outside Ohio Life Member SEND FOR OUR COMPLETE PRICE LIST FREE N.4.711, IttIE• /IMP, (.1■117,11■•• Whom do you trust With trust, you can proceed with confidence in every move you make. In the coin hobby, "trust" is synonymous with NUMISMATIC NEWS advertisers. They pass a strict screening policy before they utilize our pages. And, to further protect the interests of our valued subscribers, we spend thousands annually in a "blind testing" program, and recognize the integrity of our advertisers with the valued Krause Publications' Customer Service Award. In a hobby built on trust, that's good news for our readers — because it takes the worry out of mail order transactions. And good news for our advertisers, too — because their advertising builds them a lifelong clientele. numismatic news Va.. N... CO., Go. Rnat., Horne of Superior Hobby Periodical, and Books krause publications 700 E. State St.. Iola. WI 54990 BUYING / SELLING.• OBSOLETE CURRENCY, NATIONALSUNCUT SHEETS, PROOFS, SCRIP BARRY WEXLER, Pres. Member: SPMC, ANA, FUN, GENA, CCRT (914) 352.9077 UMIS-11-4LU INC. eezzre/4 ,.„„?Fitaltihrif ,criturma• P.O. BOX 84 • NANUET, N.Y 10954 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. BOX 10317, PHOENIX, AZ 85064 a Page 30 Paper Money Whole No. 133 IliKilfinfiNPOVICOPCIMMkt b743 1:Y44E S11514% AlohylexAr...Irm C ?' '.4;1;t -at:./ 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 Paper Money Whole No. 133 Page 31 BUYING and SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Cer- tificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. Foreign Notes from over 250 Countries Paper Money Books and Supplies Send us your Want List ... or ... Ship your material for a fair offer LOWELL C. HORWEDEL P.O. BOX 2395 WEST LAFAYETTE, IN 47906 SPMC #2907 ANA LM #1503 PAPER MONEY 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) 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 Page 32 Paper Money Whole No. 133 1•11 1 1,1111''Th.,,‘, WE ARE ALWAYS BUYING ■ FRACTIONAL CURRENCY ■ ENCASED POSTAGE ■ LARGE SIZE CURRENCY ■ COLONIAL CURRENCY WRITE, CALL OR SHIP: tIBR jE 4t• inc. LEN and JEAN GLAZER (718) 268-3221 POST OFFICE BOX 111 FOREST HILLS, N.Y. 11375 soci 4'0 p • 1010, Jr/ 3M , Charter Member pROFESSIOrik. 'tult5 • IN C ORDERING INSTRUCTIONS 1. Orders for currency under $250.00, $2.00 postage please. (p.Cnom. eard2. All items two week return in original holders, undamaged. 3. Mass. residents must include 5% sales tax. c\‘‘,7/....__,,,,, vim 5. Personal checks must clear, money orders and bank 4. Twenty-four hour answering machine when not in. Feel free to call and reserve your notes. lailMill 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 DENLY'S OF BOSTON j Charter Member ".77---,:,,I \ MKfil ...).15 rune NUM'S 1/C01.1.71-01lti .5...141 -11Wr-- LM-5773 LM-2849 checks get fast service. Publi...ona PHONE: (617) 482.8477 sso.ss s P.O. BOX 1010-B BOSTON, MA 02205 LIBRARY Dave Bowers has always said buy the book first, and he became president of 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 (3962), 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 795 + .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 4-3/4 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. Our currency auctions were the first to use the Sealed Mail Bid System, which gives you, the bidder and ultimate buyer, the utmost chance to buy a note at a price you want to pay with no one looking over your shoulder. As a seller, this method gives you the opportunity to get the full market price without the "in" dealers short-circuiting the bidding, as so often is seen at public auction sales. Purveyors of National Bank Notes & U.S. Currency to the collecting fraternity for over 20 years: ith 34 sales behind us, we look forward to a great 1988 for all currency hobbyists as well as our mail bid and floor auctions. We have had the pleasure of selling several great notes during the past year at prices for single notes above $30,000 with total sales of an auction in the $250,000 area. Currency collecting is alive and well. If you have currency, a single rarity, or an entire collection, now is the time to consign. Our sales will give you the pulse of the market. Currency collecting is alive and well. 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 1989. Send $8.00 now, you won't be sorry. NS TOMO una John HickmanDean Oakes nsu. 7". k.ion. lirawer 1456 jowa City, Iowa 5724o 319-33 8- 1144