Paper Money - Vol. XXVII, No. 3 - Whole No. 135 - May - June 1988

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MAY/JUNE 1988VOL. XXVII No. 3 WHOLE No. 135 LIBERTY 8C GREENBACKS tis The name in rare coin auctions for U.S. paper currency Every Kagin auction features a large and varied selection of U.S. paper money to please both the generalist and the specialist. Whether you wish to buy or sell, take advantage of the Kagin reputation for service, experience and collector orientation. 1988 Auction Schedule August 12-14, San Francisco Int'l Numismatic & Philatelic Expo To arrange for a consignment or to order a catalog, call us at (800) 367-5428 Kagin's Numismatic Auctions, Inc., 1388 Sutter, Suite 700, San Francisco, CA 94109 Paper Money Whole No. 135 SOCIETY OF PAPER MONEY COLLECTORS INC. Page 65 PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors. Second class postage paid at Dover, DE 19901. Postmaster send address changes to: Bob Cochran, Secretary, P.O. Box 1085, Florissant, MO 63031. © Society of Paper Money Collectors, Inc., 1987. All rights reserved. Repro- duction of any article, in whole or in part, without express written permission, is prohibited. Annual Membership dues in SPMC are $20; life membership is $300. Individual copies of PAPER MONEY are $2.50. ADVERTISING RATES SPACE 1 TIME 3 TIMES 6 TIMES Outside Back Cover $152 $420 $825 Inside Front & Back Cover $145 $405 $798 Full Page $140 $395 $775 Half-page $75 $200 $390 Quarter-page $38 $105 $198 Eighth-page $20 $55 $105 To keep rates at a minimum, advertising must be prepaid in advance according to the above schedule. One-half of amounts in shaded area may be paid six months after in- itial payment. In exceptional cases where special artwork or extra typing are required, the advertiser will be notified and billed extra for them accordingly. Rates are not commissionable. Proofs are not supplied. Deadline: Copy must be in the editorial of- fice no later than the 10th of the month preceding issue (e.g., Feb. 10 for Mar- ch/April issue). Mechanical Requirements: Full page 42 x 57 picas; half-page may be either vertical or horizontal in format. Single column width, 20 picas. Halftones acceptable, but not mats or stereos. Page position may be requested but cannot be guaranteed. Advertising copy shall be restricted to paper currency and allied numismatic material and publications and accessories related thereto. SPMC does not guarantee advertisements but accepts copy in good faith, reserving the right to reject objectionable material or edit any copy. SPMC assumes no financial responsibility for typographical errors in advertisements, but agrees to reprint that portion of an advertise- ment in which typographical error should oc- cur upon prompt notification of such error. All advertising copy and correspondence should be sent to the Editor. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXVII No. 3 Whole No. 135 MAY/JUNE 1988 ISSN 0031-1162 GENE HESSLER, Editor P.O. Box 8147 St. Louis, MO 63156 Manuscripts and publications for review should be addressed to the Editor. Opinions expressed by the authors are their own and do not necessarily reflect those of SPMC or its staff. PAPER MONEY reserves the right reject any copy. Deadline for editorial copy is the 10th of the month preceding the month of publica- tion (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 FIRST GREENBACKS OF THE CIVIL WAR Ronald L. Horstman 69 CENSUS OF UNREPORTED CHARTERS FOR LARGE-SIZE NATIONAL BANK NOTES Allen Mincho 73 MORE REPLICA NOTES Everett K. Cooper 75 SPENCER M. CLARK Benny Bolin 77 A TOUGH PAIR OF ACES Robert R. Moon 79 RAILROAD NOTES & SCRIP OF THE UNITED STATES, THE CONFEDERATE STATES AND CANADA Richard T. Hoober 81 THE RED RIVER RAISIN & LAKE ERIE RAILROAD AND ITS "BANK" Robert D. Hatfield 83 SOCIETY FEATURES INTEREST BEARING NOTES 85 IMPORTANT MESSAGE FROM THE SECRETARY 85 CANDIDATES FOR THE SPMC BOARD 86 IN MEMORIAM 87 NEW MEMBERS 87 MONEY MART 88 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, P.O. Box 8147, St. Louis, MO 63156 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 : All cloth bound books are 8 1/2 x 11" ALABAMA OBSOLETE NOTES & SCRIP, 1984 Rosene $12.00 Non-member price $15.00 ARKANSAS OBSOLETE NOTES & SCRIP, 1985 Rothert $17.00 Non-member price $22.00 FLORIDA PAPER MONEY, ILLUSTRATED HISTORY OF, (softcover) 1980 Cassidy $16.00 Non-member price $19.50 INDIANA OBSOLETE NOTES & SCRIP, 1978 Wolka $12.00 Non-member price $15.00 INDIAN TERRITORY/OKLAHOMA/KANSAS OBSOLETE NOTES & SCRIP, 1980 Burgett and Whitfield $12.00 Non-member price $15.00 IOWA OBSOLETE NOTES & SCRIP, 1982 Oakes $12.00 Non-member price $15.00 MAINE OBSOLETE PAPER MONEY & SCRIP, 1977 Wait $12.00 Non-member price $15.00 MINNESOTA OBSOLETE NOTES & SCRIP, 1973 Rockholt $12.00 Non-member price $15.00 NEW JERSEY'S MONEY. 1976 Wait $15.00 Non-member price $20.00 PENNSYLVANIA OBSOLETE NOTES AND SCRIP (396 pages), Hoober $28.00 Non-member price $29.50 RHODE ISLAND AND THE PROVIDENCE PLANTA- TIONS, OBSOLETE NOTES & SCRIP OF, 1981 Durand $20.00 Non-member price $25.00 TENNESSEE-THE HISTORY OF EARLY TENNESSEE BANKS AND THEIR ISSUES, 1983 Garland $20.00 Non-member price $29.50 TERRITORIALS-A GUIDE TO U.S. TERRITORIAL NATIONAL BANK NOTES, (softcover) 1980 Huntoon $12.00 Non-member price $15.00 VERMONT OBSOLETE NOTES & SCRIP, 1972 Coulter $12.00 Non-member price $15.00 Write for Quantity Prices on the above books 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 66 Paper Money Whole No. 135 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. 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 AN■ Paper Money Whole No. 135 Page 67 Page 68 Paper Money Whole No. 135 MEMPHIS COIN CLUB'S 12th ANNUAL INTERNATIONAL PAPER MONEY SHOW June 24, 25, 26, 1988 COOK CONVENTION CENTER 255 N. Main Street, Memphis, TN 38103 (901)576-1200 Discount on Northwest Airlines Dial 1-800-328-1111 and use contract No. 12685 to make flight reservations, or have your travel agent do it for you. Convention Hotel: CROWNE PLAZA 250 N. Main St., Memphis, TN 38103 / 901-527-7300 Back - Up Hotel: SHERATON MEMPHIS 300 N. Second St., Memphis, TN 38105 / 901-525-2511 Bureau of Engraving & Printing's Billion Dollar Exhibit American Bank Note Company Exhibit U.S.P.S. Temporary Postal Station Commemorative Souvenir Cards Auction by Hickman-Oakes Auctions Society Meetings For bourse information and room reservation cards, write: Mike Crabb Box 17871, Memphis, TN 38187-0871 Phone 901-754-6118 After 6:00 p.m. EXHIBIT CHAIRMAN Martin Delger 323 Dawnlee Avenue Kalamazoo, MI 49002 . " J . 4 .. 4>- 4 'v. • I. 4 Paper Money Whole No. 135 Page 69 The First Greenbacks of the Civil War The $100 Two-Year Treasury Notes of March 2, 1861 by RONALD L. HORSTMAN Numismatist and Financial Historian ©1988, Ronald L. Horstman Face of the $100 Treasury note printed in black with a red overprint. INTRODUCTION When the Alexandre Vattemare collection was sold in 1981, researchers and collectors were able to view, and in a few instances, acquire specimens of United States notes that very few living persons had ever seen. This collection was given to Vattemare by Salmon P. Chase, Secretary of the Treasury, in late 1862, with the understanding that it would be "for public use," as were other educational items obtained prior to this. However, these notes were placed in his personal collection where they remained for many years. Thus, after a century of re- clusion, they have finally attained their original intent and are now available "for public use." This article describes one of these notes and the circumstances of its issuance. FINANCIAL TROUBLES A S THE CLOUDS of impending civil war darkened thehorizon in early 1861, the United States governmentfound itself unable to meet its financial obligations. The administration of James Buchanan, which was coming to a close, had failed to control the national debt, which had risen from $29 million in 1857 to $64 million in 1860. The govern- ment had become increasingly dependent on the issuance of bonds for long terms and treasury notes for shorter terms as a means of meeting the deficit. Acts authorizing national loans provided the Secretary of the Treasury, acting for the President, with the latitude to issue either notes or bonds as necessary, at rates that he felt were favorable. General John A. Dix, upon being appointed Secretary of the Treasury on January 11, 1861, found that the government was unable to redeem maturing treasury notes. He immediately in- vited bids for the sale of previously-authorized (but not yet is- sued) treasury notes, and was able to sell $5 million worth, but at a 12 percent discount. THE ACT OF MARCH 2, 1861 On this date, two days before the inauguration of Abraham Lin- coln, legislative action was finally taken in an attempt to correct the financial problems facing the nation. The duties on imports were sharply increased and a loan of $10 million was authorized. The act provided for the sale of bonds bearing up to 6 percent interest to be sold by sealed proposal at not less than par. If the bonds could not be sold under agreeable terms, the President was empowered to decline all offers and issue treasury notes in place of this or any other previously authorized loans. The treasury notes were to be issued in denominations of not less than $50 and bear interest at the rate of 6 percent per an- num, payable semi-annually on January 1 and July 1. This act Page 70 did not specify the length of time that the treasury notes were to bear interest. The decision was made by Lincoln on the advice of the Secretary of the Treasury to issue them for 60 days and 2 years. The act did specify that these notes could be paid to those who were owed money by the government, and that they would be received by the United States for all debts due, including dut- ies on imports, which put them on a par with gold and silver. The sum of $20 thousand was appropriated to defray the cost of preparing bonds and treasury notes to be issued by this act. The holders of treasury notes had the option of exchanging them in sums of $500 or more for bonds at any of the Assistant Treasur- er's offices. Upon maturity these notes were redeemable for their par value in coin. The increase in revenue from import duties brought by this act created a receptive atmosphere for disposing of the bonds au- thorized, and $3 million worth were sold at favorable rates. The surrender of Fort Sumter to the Confederate forces on April 14, 1861, caused a collapse in the bond market, and treasury notes had to be sold at par to 1 & 27/100 percent premium. The authority to issue treasury notes under this act expired on June 30, 1862, so two-year notes could not accumulate interest after that date. These notes were, however, a general obligation of the United States government, and, since they were payable to the bearer, they circulated in commercial transactions. A description of the $50, $100, $500 and $1000 two-year notes is found in Hodges American Bank Note Safe-Guard, along with other federal and state-chartered bank issues of the day. The 1869 American Bond Detector states that as of July 1, 1869, five years after the interest had ceased, $3,300,000 of the March 2, 1861 treasury notes were still outstanding. This figure represents nearly 10 percent of the $22,468,100 two- year notes and $12,896,350 of the 60-day notes issued. The report of the Register of the Treasury for July 1, 1896 showed that one $50 note had been redeemed in that year, leaving a balance of $2,450 outstanding. By December 31, 1983, this amount had been reduced to $2,100. Counterfeiting of any treasury note was punishable by from three to ten years imprisonment at hard labor, and a fine not ex- ceeding $5,000. No notes of this series have been reported as having been counterfeited. Two related letters have been located in the National Archives that deal with the issuance and payment of interest on these treasury notes, and are included here in their entirety. Paper Money Whole No. 135 Treasury Dept July 29, 1861 All disbursing officers to whom Treasury Notes are issued for payment on public account have been always required since 1837 to endorse thereon the date when they pay them to public creditors — Such date having been decided by the Attorney General to be the date of the actual issue of such notes as obligation of the United States from which interest is to be computed. If such disbursing officers do not endorse the date of their issue of such notes, they must in justice to the public, be re- quired to account for the interest which may have been ac- crued on the notes between the dates when they were signed by the Treasurer and their issue in payment of claims on the United States. S.P. Chase Sect. of Treasury To: John Cisco, Esqu. Asst. Treasurer, N.Y. December 23, 1861 Sir, Your letter of the 20th inst., relating to the payment of in- terest on the treasury notes issued under the Act of 2 March last is received. I have to request you to pay the interest on such notes as may be presented to you in the following manner, and you will make the necessary arrangements. You will require the holders of such notes, to present the notes with schedules signed by such holders, showing the amount, date and numbers of each note with the interest payable thereon to 1 January. Whether more or less than half a year interest is then due, it will be payable. Such Treasury Notes and the schedules thereof you may require to be left with you from one to three days beforehand for examination to your convenience. Notice to that effect should be given in two or three wide- ly circulated newspapers of your city, a form of which is en- closed which you can modify to suite your views and con- venience. Back of the $100 Treasury note printed in green. Proof of a North Missouri Railroad advertising note with a lithograph version of Liberty prepared by Sage, Sons & Co., Buffalo, NY. A proof note issued by the Mechanics Bank of St. Louis that includes Liberty and the eagle on shield; it is printed in black with a red overprint. ildcairr-irkv, A.t•t. Paper Money Whole No. 135 When the schedule is found to be correct you will pay the interest to such holders obtaining his schedules as a voucher of the sum paid and you will stamp across the face of the note with printers ink in sufficiently large type "In- terest paid to 1 January 1862". The Treasurer will be directed to make you the necessary remittance for the payment of interest. S.P. Chase THE FIRST GREENBACKS The two-year notes issued under authority of the Act of March 2, 1861 measure 7 and 3/4 inches, and appear to have been at- tached to a stub, as a partial scroll in the left-hand border on the face of the note suggests. This stub would probably have includ- ed such information as date and place of issue, to whom issued, the government official issuing the note, and possibly the reason for issue. All notes bear the imprint, both face and back, of the National Bank Note Company, and the clause "Patented March 23, 1860." This date refers to Patent Number 30488, which was is- sued to James MacDonough of New York City on October 23, 1860; for some reason the recording of the patent was antedat- ed to April 23. The patent is described as combining the name of the issuer and the denomination with geometric, cycloidal and rosette work into a product to prevent alteration or counter- feiting of bank notes. In this series of notes the phrase "United States Treasury Notes," a Roman numeral and its correspond- ing Arabic numerals representing the denomination are repeat- ed many times over the face and back. A repeated denomina- tion is a typical NBNCo design feature; it can be found on numerous state-issued notes. Page 71 Sample of rosette work from the patent by James MacDonough. At the bottom of the face of each note are spaces for the sig- natures of the Register and the Treasurer. While the Act of March 2, 1861 did not mention signatures, earlier acts specified that the Register and Treasurer should sign on behalf of the United States. The only known circulated issue of this series is a $50 note discovered about 1970, which bears the signatures of F.E. Spinner and G. Luff (with "as Register" handwritten). Lucius F. Crittenden was Register of the Treasury and Francis E. Spinner was Treasurer during the entire period that these notes were being issued, and technically both of their signatures should have appeared on all notes. Page 72 '410% S T //l/%% 1W.1/1'////.. 5 /// f(677('(;/ali S122 0 (4,4/,. » omm-ntortatti • PTV /WM& >1 71/18,1,WIlli ••0 r • xi/pp/0,Y"/ Jfirri-it Paper Money Whole No. 135 City of St. Louis warrant en- graved and printed by the National Bank Note Co. fea- turing the eagle on shield. The $100 note features Liberty and an eagle with shield as major devices. Neither of these vignettes appear on other United States notes, but Liberty appears on both engraved and lithographed state-chartered bank notes and at least three bank notes of South America. Several of these notes feature the eagle with shield as well. Over $22 million worth of two-year treasury notes of this series were issued. The only complete surviving $100 note intended for circulation is illustrated. At the time when this group of notes was presented to Vattemare, in late 1862, the treasury notes of March 2, 1861 were being issued. The serial number on this note indi- cates that it was intended for circulation, but was withdrawn, punch canceled and furnished by Chase to Vattemare for inclu- sion in the collection. (For this note 8,719 notes from old plates were prepared 95,848 and from new plates. ed.) From old plates, 7.624 notes were prepared. (Photo courtesy of Paul Kagin) From new plates, 114,316 notes were prepared. (Continued on page 76) Paper Money Whole No. 135 Page 73 Census of Unreported Charters for Large-Size National Bank Notes Part 2: The Midwest (Great Lakes Area) compiled and edited by ALLEN MINCHO on behalf of the Professional Currency Dealers Association D URING the last year the membership of the Professional Currency Dealers Association has begun an attempt to determine which charters remain to be discovered in large-size national bank notes. Our second installment deals with four of the Great Lakes states of the midwest. The ground rules for attribution and deletion from the list of unknown charters were simple. Documentation of at least one known note per charter was a must, provided for through rec- ords of previous ownership, prior listings, auction records, photographs, or a visual observation with a written record of same. Only charter numbers were taken into consideration, so it should be remembered that certain bank titles may be unknown within a reported charter. In addition, while these listings have been produced with the cooperation of dealers and leading col- lectors throughout the country, one must keep in mind that new discoveries are not only possible, they are extremely likely to oc- cur. We will, therefore, be publishing periodic updates to this series in PAPER MONEY on a regular basis. Should you know of the existence of any large-size example for any of the follow- ing charters, kindly report them to me at Post Office Box 1525, Cedar Park, Texas 78613. Charter State Number Dank Name/Town 33 FNB of Cairo 8 5 FNB of Monmouth 114 FNB of LaSalle 160 FNB of Moline 207 Second NB of Peoria 225 Second NB of Chicago 319 FNB of Freeport 37 2 FNB of Woodstock 429 FNB of Rockford 466 Mechanics NB of Chicago 642 Merchants NB of Chicago 703 Merchants & Farmers NB of Quincy 759 FNB of Knoxville 849 Farmers NB of Warren 1484 FND of Winchester 1517 NB of Vandalia 1637 FNB of Pekin 1693 NB of Commerce of Chicago 1734 German NB of Chicago 1779 Farmers & Merchants NB of Vandalia 1808 FNB of Lewiston 1845 Cook County NB of Chicago 1922 FNB of Rochelle 1968 FNB of Prophetstown 1996 Mount Vernon NB of Mount Vernon 2147 Mattoon NB of Mattoon 2170 FNB of Streator 254 FNB of Prairie City 2386 N State B of Bloomington 2450 Hide & Leather NB of Chicago 7629 Olney NB of Olney 2675 FNB of Woodstock 2751 FNB of Monmouth 2804 City NB of LaSalle 2824 FNB of Lexington 3465 Spring Valley NB of Spring Valley 3500 American Exchange NB of Chicago 35 02 Park NB of Chicago 3620 FND of Wenona 3677 United States NB of Chicago 3882 Prairie State NB of Chicago 4038 FNB of Pane 4187 FNB of Chester 4313 Peoples NB of Monmouth 4476 City NB of Streator 4489 Globe NB of Chicago 4666 Chemical NB of Chicago 4767 Evanston NB of Evanston 4967 FNB of Alexis 5111 American NB of Chicago 5121 Grant Park NB of Grant Park 5470 FNB of Saint Anne 6089 FNB of Albany 6191 FNB of Greenup 6192 FNB of Garrett 6211 FNB of Philo 6318 FNB of Clifton 6423 Citizens NB of Joliet 6514 FNB of Libertyville 7339 FNB of Windsor 65 Georgetown NB of Georgetown 791 FNB of Middletown 7841 Neoga NB of Neoga 80 53 FNB of New Haven 8212 Findlay NB of Findlay 8234 Coal Belt NB of Benton 9601 FNB of Minonk 10132 FNB of Coal City Illinois: 10318 Farmers NB of Allendale 10567 Caledonia NB of Caledonia 1184 5 FNB of Livingston 11862 FNB i n Homer 12525 FNB of Woodhull Indiana: 17 FNB of Richmond 50 FNB of Franklin 5 8 FNB of Bluffton 63 FNB of Rockville 82 FNB of Lawrenceburg 88 FNB of Warsaw 129 FNB of Wabash 145 FNB of Huntington 14 FNB of Goshen 356 FNB of Greensburg 577 FNB of Attica 793 Muncie NB of Muncie 815 FNB of Union City 882 Union NB of LaFayette 894 FNB of Kokomo 1046 FNB of Thorntown 1066 FNB of Columbus 1100 Merchants NB of Fort Wayne 1234 N State B of Lima 1418 Lawrenceburg NB of Lawrenceburg 1619 Brookville NB of Brookville 1772 German NB of Evansville 1897 FNB of Newport 1925 FNB of Liberty 1932 FNB of Sullivan 1949 FNB of Delphi 2066 Gibson County NB of Princeton 2101 FNB of Michigan City 2178 FNB of Spencer 2202 Bundy NB of New Castle 2208 FNB of Monticello 2238 FNB of Auburn 2369 Farmers NB of Sullivan Illinois Charter State Number Michigan: 39474261 5415 6485 755 29099 979211549 Ohio: 9 5372 92 101 131 137 258 378388 530 607 620 807 931 9331062 1164 1230 1238 1277 1578 1689 1948 2004 2026 2041 2203 2210 2219 2282 2296 2325 2389 2496 2497 2549 2582 2616 2625 2691 2861 2882 2922 2942 2946 3141 3177 3191 3328 3461 3492 3610 4045 4472 4585 4657 4712 4772 4782 4822 4864 4961 4970 5125 5144 5277 5315 5344 53965653 57695819 5870 Page 74 Charter State Number Indiana: 2556 2660 2687 2696 2742 2769 2889 2903 3013 3280 4656 4725 4825 4835 4841 4888 4901 5300 5369 5919 5997 59986194 6261 6651 6959 71757437 7454 7513 7830 8060 8166 8192 8351 8408 8492 8625 8747 8832 8868 8912 9115 9209 9286 9352 9488 9670 10409 10616 10718 Michigan: 81 813 1065 1280 1544 1574 1725 1764 1857 1953 2017 2046 2084 2085 2211 2214 2429 2492 2606 2708 2914 3034 3088 30953109 312332393243 3251 3314 338834103747 3 89 6 Bank Name/Town FNB of Indianapolis Lebanon NB of Lebanon FNB of Kendallville FNB of Centerville FNB of Terre Haute NB of Franklin City NB of Lawrenceburg FNB of North Manchester Indiana NB of Bedford Fowler NB of LaFayette Perrin NB of LaFayette White NB of Fort Wayne FNB of Gas City Alexandria NB of Alexandria Indiana NB of Elkhart FNB of Dunkirk Second NB of Vincennes FNB of Petersburg FNB of Lowell FNB of Knox FNB of Dana FNB of Matthews FNB of Rockport Kokomo NB of Kokomo FNB of Rensselaer FNB of Hartford City Columbia City NB of Columbia City FNR of Freeland Park Peoples NB of Muncie FNB of Shelburn Ferdinand NB of Ferdinand FN3 of Remington American NB of Princeton FNB of Kewanna FNB of Ridgeville FNR of New Point Mercantile NB of Evansville FNB of Williamsburg Citizens NB of Winamac Bankers NB of Evansville Lynnville NB of Lynnville Albion NB of Albion FNB of Kirklin FNB of Shirley FNB of Butler Patoka NB of Patoka FNB of Arcadia Farmers & Merchants NB of Redkey Citizens NB of Greencastle American NB of Kewanna FNB of Fremont FNB of Fenton FNB of Constantine FNB of Jackson Lowell NB of Lowell N Exchange B of Albion Second NB of Pontiac FNB of Schoolcraft FNB of Mason FNB of Port Huron Lansing NB of Lansing FNB of Muir FNB of Buchanan FNB of Ishpeming FNB of Negaunee Farmers NB of Constantine FNB of Mount Clemens FNB of Whitehall Citizens NB of Saginaw Manistee NB of Manistee FNB of Flushing FNB of Stanton Merchants NB of Charlotte Merchants NB of Muskegon Ishpeming NB of Ishpeming Plymouth NB of Plymouth East Saginaw NB of East Saginaw FNB of Saint Louis City NB of Greenville FNB of Concord NB of Battle Creek Pontiac NB of Pontiac Second NB of Owosso Sault Ste Marie NB of Sault Ste Marie Merchants NB of Battle Creek Paper Money Whole No. 135 Bank Name/Town FNB of Bessemer FNB of Benton Harbor FNB of Durand Ithaca NB of Ithaca Albion NB of Albion Farmers NB of Richland FNB of Croswell NB of Pontiac FNB of Dayton FNB of Lodi FNB of Oberlin FNR of Logan FND of Greenfield Second NB of Zanesville FNB of Lancaster FNB of Mount Gilead FNB of Cuyahoga Falls FNB of Granville FNB of Eaton Toledo NB of Toledo Central NB of Cincinnati Commercial NB of Cleveland Norwalk NB of Norwalk Farmers NB of Ripley Jefferson NB of Steubenville FNB of Steubenville Muskingum NB of Zanesville FNB of Lebanon Chillicothe NB of Chillicothe Trumbull NB of Warren Ohio NB of Cleveland Iron NB of Portsmouth FNB of Berea Second NB of Jefferson FNB of Alliance FNR of New Lisbon FN of Middleport FNB of Batesbille Farmers NB of Franklin Commercial NB of Toledo Farmers NB of Mechanicsburg Hubbard NB of Hubbard FNE of Granville Merchants NB of Lima Union NB of Cincinnati Farmers & Merchants NB of Uhrichsville Exchange NB of Cincinnati FNB of Lorain FNB of Salem Old NB of Cambridge FNB of Felicity Cincinnati NB of Cincinnati Logan NB of West Liberty City NB of Akron Citizens NB of Sandusky FNB of Flushing Peoples Ni) of Newark Knox NB of Mount Vernon Fidelity NB of Cincinnati FNB of Conneaut Clinton NB of Columbus FNB of Bowling Green Middleport NB of Middleport Holcomb NB of Toledo/NB of Toledo Wooster NB of Wooster New London NB of New London FNB of Cortland Western Reserve NB of Cleveland Citizens NB of Miamisburg FNB of Belmont Citizens NB of Akron Wick NB of Youngstown American NB of Lima FNR of Dresden FNB of College Corner FNB of Montpelier FNH of Minerva FNB of Carrollton Metropolitan NB of Cleveland Commercial NB of Zanesville American NB of Barberton Wadsworth NB of Wadsworth (Continued on page 76) Paper Money Whole No. 135 More REPLICA NOTES EVERETT K. COOPER I HAVE endeavored to maintain a reference set of modern reprints of Confederate and Southern states currency is- sued during the Civil War. Since the printing of my article in PAPER MONEY, 1970, No. 35, p. 94 I have acquired addi- tional pieces; they are listed here. Confederate States of America Plate Letter Serial No. $5 September 2, 1861 4763 (e) $5 September 2, 1861 24497 (e) $10 September 2, 1861 77389 (e) $20 September 2, 1861 131760 (e) $50 September 2, 1861 31351 (e) $1,000 May 23, 1861 46* $1,000 May 28, 1861 176A (e) $1,000 May 28, 1861 A 297 (b) 4ACSIMILOune 2, 1862 on 355 fa $2 June 2, 1862 2473 (e) $20 December 2, 1862 61351 (e) $100 November 20, 1862 Z (none) (d) 50( February 17, 1864 F 85999 (a) $1 February 17, 1864 3691 (e) $1 February 17, 1864 A 42507 (a) $1 February 17, 1864 B 82129 (d) $2 February 17, 1864 94505 (e) $2 February 17, 1864 A 98840 (a) $5 February 17, 1864 D 18262 (d) $5 February 17, 1864 G 19640 (a) $10 February 17, 1864 D 40679 (d) $10 February 17, 1864 E 45447 (a) $10 February 17, 1864 45946 (e) $20 February 17, 1864 B 76627 (a) $50 February 17, 1864 yA 14949 (a) $50 February 17, 1864 59204 (e) $50 February 17, 1864 wA 72104 (d) $100 February 17, 1864 801 (e) $100 February 17, 1864 C 20396 (a) $500 February 17, 1864 B 659 $500 February 17, 1864 D 26949 (a) $500 February 17, State of Georgia 1864 33546 (a) $2 January 1, 1864 E 433? (b) $4 January 1, 1864 A 1415 (b) $10 February 1, 1863 A 11116 (b) $50 February 2, 1863 A 29742 (b) $100 April 6, 1864 A ? (b) $500 April 6, State of Florida 1864 A 300 (b) $3 March 1, 1863 2101* (Ameritage Co. ad on back) State of Louisiana Page 75 $50 March 10, 1863 K 2009 (c) $2 February 24, 1862 A 14007 (c) $5 October 10, 1862 J 6164 (c) 50G March 1, 1864 0 4450 (c) State of Mississippi $100 April 11, 1862 4478 $100 January 19, 1863 A 5446 (c) $50 January 19, 1863 A 5430 (c) $20 January 19, 1863 A 4998 (c) $10 January 19, 1863 A ? (c) $3 September 1, 1870 A 45402 (c) $1 September 1, 1870 A 10351 (c) State of New York $2 December 24, 1836 24 (St. Nicholas Bank as Christmas card in green, red & black)* State of Texas * $10 Govt. of Nov. 1, 1838 1385 $20 Govt. of Apr. 1, 1838 569 $3 Rep. of June 1, 1841 2077 $50 Rep. of Oct. 25, 1839 5962 (a) (b) "COPY" on face (c) Photocopy of note in Criswell catalog (d) "FACSIMILE HONG KONG" on back (e) Made in England, smaller size (5 1/2"x2 3/4") It is possible and probable that additional state notes illustrated in the Criswell catalog have been copied and sold. (The following is a reprint of Mr. Cooper's 1970 article with the deletion of replicas already listed by Mr. Rochette in Paper Money, No. 133.) A "second generation" of Confederate paper money was given birth immediately preceding and during the 1961-1965 centennial of the Civil War. The increased interest in memora- bilia and literature of the War Between the States was a natural phenomenon and it produced much in the way of souvenir material for sale to the general public. Included were several sets of souvenir copies of the currency issued by the Confederate government. The average collector today will not be deceived by these centennial reprints, but they could deceive a novice collector. Following the military adage that it is wise to know your enemy, a list of the most widely distributed sets prepared during that period is compiled here. Appearance, constant serial number, printed signatures, and reprint mark will be the key point in their recognition. Two recent instances have come to this writer's attention of a non-collector bringing forth one of these souvenirs with an inter- esting anecdote of being found hidden in a chimney of an old house! One of the cases was in England! Caveat Emptor will be the watchword as time passes and the memory of the centennial dims and these second generation Confederate notes age na- turally. There were numerous other reprints of individual notes, with or without advertising material printed on them, which were locally reproduced and did not gain the national distribution that the above achieved. Paper Money Whole No. 135Page 76 CHECKLIST OF COMMON CENTENNIAL REPRINTS OF CONFEDERATE CURRENCY Denominations — Criswell Plate Serial Issue Date No. Letter No. Back The General Mills breakfast cereal "Cheerios" premium issued winter 1954-1955. Backs are marked in small type "REPRINTED U.S.A. 1954." $1 February 17, 1864 574 D 82283 Plain $2 February 17, 1864 569 D 34098 Plain $5 February 17, 1864 560 H 1138 Printed $10 February 17, 1864 548 H 83185 Printed $20 February 17, 1864 512 B 13410 Printed $50 February 17, 1864 498 XA 77114 Printed $100 February 17, 1864 490 A 92685 Printed $500 February 17, 1864 489 A 9229 Plain $1000 May 28, 1861 1 A 176 Plain Souvenir Confederate money copyrighted 1953 by Gilbert Humphreys, sold in envelopes containing $680 in face value. Well done reproduc- tions with no reprint markings. 50c April 6, 1863 485 F 104508 Blue design $5 February 17, 1864 564 B 45806 Printed $10 February 17, 1864 545 B 22462 Printed $10 April 6, 1863 431 H 50863 Printed $10 September 2, 1861 189 W 81484 Printed $20 February 17, 1864 T-67 D 23483 Printed $20 September 2, 1861 141 3 102945 Printed $50 February 17, 1864 499 XA 24791 Printed $50 December 2, 1862 362A XA 85165 Printed $100 October 2, 1862 294 Ae 57939 Printed $100 August 26, 1862 310 Y 459 Printed $500 February 17, 1864 489 B 16599 Printed $500 February 17, 1864 489 D 393 Printed *Submitted by John L. Kuhn, Jr. who noticed that the incorrect date of the Michigan note in the list on p. 13 is probably Bowen 12(a). The bank did not exist before 1806. GREENBACKS (Continued from page 72) Bank notes with this image of Liberty: $1: Bank of Savannah. GA; Mechanics Bank of St. Louis, MO. $2: Bluff City Bank of Caledonia, IL; State Bank of Iowa. $10: Farmers & Merchants Bank of Elkton, MD; New Britain Bank, CT. 1 peso, Banco del Pobre, Chile, PS361. 100 pesos, El Banca de Queretaro, Mexico, PS 394. 10 libras, Junto de Vigilancia, Peru, P24. Addenda Records in the National Archives reveal that two-year Treasury notes issued under the Act of 2 March 1861 were printed from old and new plates. An overprint, similar to the one on the face of the $100 note, as described by Mr. Horstman, appears on all denominations in this series. The only known circulated $50 note is without over- print. The $50 specimen from the Vattemare collection includes an overprint. I think we can safely assume that old plates, with- out overprints, and new plates, with overprints, can be distin- guished this way. (ed.) Acknowledgments Bob Cochran, Gene Hessler and Paul Kagin Sources Bankers Magazine. Various issues. New York. Bolles, A.S. (1894). The financial history of the United States from 1861 to 1885. New York. Daily Missouri Republican. Various issues. St. Louis. DeKnight, M.F. (1897). History of the currency of the country and the loans of the United States. Government Printing Office: Washing- ton, D.C. Dunbar, C.F. (1891). Laws of the United States relating to currency, finance, and banking from 1789-1891. Boston. Hessler, G. (1983). The Comprehensive catalog of U.S. paper money. BNR Press: Port Clinton, OH. Hodges, D.M. (1862). Hodges American bank note safe-guard. New York. Knox, J. J. (1888). United States notes. New York. Letters and telegrams sent by the Secretary of the Treasury. National Archives: Washington, D.C. Lowe, R. (Christies) (1982). Important United States paper money. New York. Ordway, N.G. (1869). American bond detector. Washington, D.C. CENSUS (Continued from page 74) Charter State Number Bank Name/Town Ohio: 5917 FNB of Paulding 6068 FND of Fairport Harbor 6289 New NB of Warren 637? FND of Orrville 6455 Commercial NB of Sandusky 6515 FNB of Butler 6529 Dresden NB of Dresden 6565 FNB of Leipsic 6640 Mount Pleasant NB of Mount Pleasant FNB of Loudonville6657 FNB of Loveland6816 Lodi NB of Lodi7017 FNB of Kalida7074 FNB of Somerset7237 Farmers & Merchants NB of7248 Mount Vernon 7584 Union NB of Columbus 7631 FNB of Buckeye City 7639 FNB of Baltimore 7671 FNB of Westerville 7711 FNB of Sardis 8420 FND of Belpre 8478 FNB of Cheviot 8507 Farmers & Merchants NB of Lebanon 9630 FNB of Louisville 9930 FNB of Williamsburg 11216 Prairie Depot NB of Freeport 11376 Northern NB of Cleveland Address Change for Editor Gene Hessler P.O. Box 8147 St. Louis, MO 63156 Paper Money Whole No. 135 Page 77 Spencer M. Clark ornerstone of the Bureau of Engraving and Printing by BENNY BOLIN, SPMC 6795 Spencer Morton Clark was a little known gentleman who over- came great odds and formed one of the largest and most import- ant printing agencies in the world. The Bureau of Engraving and Printing (BEP), which is currently celebrating its 125th anni- versary, was a direct result of Clark's persistence and dedication to the government. He was the first superintendent of the Na- tional Currency Bureau under President Abraham Lincoln. In the process of forming the bureau, Clark weathered many storms. His reputation, morality and integrity were often publicly questioned. He was investigated by three separate Congression- al Committees based on reports of poor administration of his bureaus and for other numerous charges that turned out to be false. In spite of these assaults on his character, Clark remained loyal to the government and strove to make the National Cur- rency Bureau the best it could be. C LARK was born on Monday, June 3, 1811, in Brattle-boro, Vermont. He was the second of nine children ofEzra and Laura Hunt Clark. In 1819, when Spencer Clark was eight years old, his family moved to Hartford, Con- necticut. His father was a merchant in the wholesale iron trade until his death on January 10, 1870, One of Clark's younger brothers, Ezra Jr., became a U.S. Congressman and represent- ed the Hartford district from 1855 to 1859. Before the age of 18, Clark got his first job as a clerk in the hardware store of James H. Welles. Around 1830, he entered into private business and became a partner in the firm of Gilbert, Clark and Company. This company built and operated a mill in Simsbury, Connecticut for the reduction and separation of ore from the surrounding copper mines. On August 5, 1833, he married Mariah J. Barnard of Hartford. They eventually had two children, Spencer Jr., born in 1834 and Harriett born in 1840. In 1834, Clark moved his family back to Brattleboro. Here he worked as a cashier in the Bank of Brattleboro until 1836 when he formed Clark and Company. This company manufactured rulers and other mathematical instruments. Clark and Company failed in 1842 and Clark then moved his family to New York City. On December 3, 1842, Clark appeared be- fore Commissioner J.W. Metcalf of the U.S. District Court for the southern district of New York and declared bankruptcy due to the failure of his company. He listed as debts a total of $12,191.75 and as assets only the clothes he and his family owned. In New York, Clark worked as a clerk and bartender at the Carleton and Clarendon Hotels for two years. In 1844, in partnership with Mr. E.W. Coleman, he formed yet another company, Clark and Coleman. They were general produce merchants dealing primarily in grain and flour. In 1855 this company also failed. It was the opinion of the other merchants and was widely reported in the papers of the day that this failure was the sole responsibility of Clark. They pointed out the fact that Mr. Coleman paid off his portion of the debts and reopened his own successful company. Clark, on the other hand, was re- ported to have offered his creditors only seventy cents on the dollar and even then did not pay his debts. He left New York and moved to Washington D.C. where he served in various po- sitions for a short time. In early 1856 he became a clerk in the Bureau of Construction under the U.S. Treasury Department. In August 1856, Mr. A.H. Bowman, the engineer in charge of the bureau, made Clark his chief clerk. He served in this posi- tion until May 1860 when he was named Acting Engineer, re- placing Mr. Bowman. Clark was promoted to this position even though a large number of more qualified engineers were unem- ployed at the time. He also merely "professed" to being an engi- neer but had never actually been qualified as such, nor had he ever adopted it as a profession. Clark himself stated that he had never had any connection with public works until given this po- sition. As acting engineer, Clark made a quick impression on the Secretary of the Treasury S.P. Chase. He quickly came up with a number of unique innovations designed to ensure the se- curity of the notes issued by the Treasury and to speed their pro- duction. Clark suggested that the notes be imprinted with fac- simile signatures of the required officers as well as a copy of the U.S. Treasury seal. In proposing that this work be done in the Treasury building he formed the basic framework of the BEP. Clark designed the machinery for the imprinting as well as the seal used (a variation of which is still used today on some securi- ties). He also designed and constructed the machines used to cut and separate the four-note sheets. On July 10, 1862 Clark was to be involved in the first of the three Congressional committees investigating him or his bureau. The "Committee on Expenditures on Public Buildings" was con- vened to investigate the costs of the extensions of the Treasury building and the Capitol. They were also instructed to decide if the officers of the Bureau of Construction were qualified to hold their positions. The committee found that contracts were honored that caused great "extravagance in the expenditure of public moneys," and that the work that was done was not of good quality. The committee found Clark guilty of no wrong- doing, as all of the contracts were signed before he was in charge of the bureau, but they did find that substandard work was allowed under his supervision. Because of this, they ruled that Clark was not qualified for his position and recommended his removal. Nevertheless, no further action was taken and Clark continued in his position. Page 78 On April 10, 1862, Clark submitted a plan to Secretary Chase to take over the printing of the one and two-dollar United States notes. This was accepted on August 22, 1862, officially forming the BEP with Clark as its first superintendent. Secretary Chase instructed Clark to keep a perfect record of all steps in the process and to implement checks and guards necessary to main- tain security. He was instructed to keep a daily record of the amount of notes on hand at each step as well as a daily record of all costs incurred. This was an area in which Clark proved him- self to be less than attentive. Notes, sometimes large amounts, were unaccounted for and sometimes lost. Also, the required daily and weekly reports at times became monthly and some records were never even kept. However, Secretary Chase was so satisfied with Clark's overall progress that in January 1863 he assigned the processing of all notes to Clark's department. Due to the widespread counterfeiting of the first issue of fractional currency, Clark became involved in anti-counterfeiting innova- tions for the second issue. Clark helped Dr. Stuart Gwynn de- velop a membrane paper that had a foreign fiber introduced into it. It was hoped that this "distinctive" paper would help deter counterfeiting. Clark also added to the design a bronzed oval on the face and large bronzed denominational numerals on the back. If an attempt was made to photographically reproduce the notes, these areas would appear black. Also, any attempt to simulate them would result in a portion of the detail being hid- den. This feature was used only on the second issue and was discontinued when production of the third issue began. Meanwhile, due to Clark's innovations, Secretary Chase asked him to look for other ways to cut costs in printing the notes and bonds. As it turned out, this was to become Clark's biggest struggle and headache and led to his temporary suspen- sion from the bureau. He found that the private bank note com- panies printing the notes charged the government enormous prices. Clark felt that his currency bureau could do the job "for a comparatively small outlay, at a great savings of cost." This was of course strongly opposed by the bank note companies and the unions representing the people who would become unem- ployed. The private bank note companies did not want to lose the lucrative and profitable business of printing the bank notes. Initially they attempted to "buy" Clark off. It was reported that Clark's wife did not like living in Washington, D.C. and desired to move back to New York. The bank note companies proposed that they give Clark fifty-thousand dollars to abandon and stop the printing and engraving being done in the Treasury Depart- ment and leave Washington. It was felt that Clark was the only person who would attempt to carry out the printing and that if he left, the bank note companies could regain the printing con- tracts. However, it was felt by those close to Clark that "no amount of money could purchase him or induce him to take any course detrimental to the interests of the government." There- fore, it became necessary for the bank note companies to resort to other means to remove Clark. Due to the war and the subsequent shortage of available male workers, it became a necessity for a large number of women to be hired to work in the printing department. This was a new and radical idea in the workplace. The private bank note companies used this new idea, especially the fact that a large number of women were employed at night, to raise charges against the bureau. Charges of fraud and promiscuity rocked the Treasury Department. Reports of drinking, orgies and required sexual favors to keep jobs were numerous. It was widely reported that the printing bureau "had been converted into a place for de- bauchery and drinking, the very recital of which is impossible without violating decency." Secretary Chase began an investiga- Paper Money Whole No. 135 tion into these charges. He borrowed a detective from the War Department, Colonel Lafayette C. Baker, to investigate. Con- gress also appointed an investigatory committee headed by James A. Garfield which convened on May 3, 1864 to look into the validity of the charges. Colonel Baker began quickly and soon had imprisioned Dr. Gwynn on charges of attempting to swindle the Treasury. Colonel Baker reported that all the charg- es were indeed true. The most damaging testimony was from two female clerks, Ella Jackson and Jennie Germon, who signed sworn statements attesting to the truth of the charges. They also testified to sexual rendezvous outside the department with Mr. Clark. Secretary Chase suspended Clark but reinstated him soon after and had Dr. Gwynn released when it was found that Colonel Baker had gained these confessions by coercion and fraud. The majority of Colonel Baker's allegations were found to be totally false. Nearly every witness summoned by Baker was found to have been manipulated by him and in several cases witnesses were given a written transcript of what to say. The committee found that the charges against Clark were the direct result of an effort to stop the printing in the Treasury Department. They also found that Colonel Baker tried by any means possible, even coerced testimony, to shield himself from legal action as a result of his arrest of Dr. Gwynn on unfounded charges. They found all charges to be totally false. They further stated that "the policy of printing public money in the Treasury has resulted in a great savings of expense to the government and security against fraud and the affairs of the printing bureau have been administered with marked ability and integrity." While Clark was probably not guilty of the charges, the investi- gation did show him to be, in some instances, a very poor ad- ministrator. No further action was taken and Clark returned to his position as head of the printing bureau. Clark found that the second issue of fractional currency had been extensively counterfeited. In his report to Secretary Chase, Clark stated "to protect that portion of the public which will not protect itself by the exercise of ordinary diligence in scrutinizing paper money, the only course in my judgement when a coun- terfeit gets into the channels of circulation is therefore to make a new issue and withdraw the latter from circulation." Therefore, authorized by the Act of June 30, 1864, production on the third issue of fractional began. This issue caused a great uproar in Congress and forever changed the course of U.S. paper money. Whether an act of vanity or an entirely authorized act, the five-cent note had Clark's own portrait in the center. This so angered Congress that they passed the Act of April 7, 1866. Section 12 of this act forbids the use of the likeness, or portrait, of any living person on any plates "hereafter engraved." Con- gress decried Clark's action and stated that they had meant to have the portrait of William Clark the explorer on the note. Clark stated that General Spinner had authorized the use of Clark's portrait on the note to honor him for his dedicated serv- ice to the bureau. However, General Spinner did not have the authority to authorize note designs and had never before tried to exercise such authority. However it came about, Secretary McCulloch did not know Clark's likeness was on the note until the plates were finished. He allowed the note to be printed only because of the great delay and expense that would have result- ed from making a new die. Public opinion was incredibly nega- tive, even though many of the private bank notes circulating at the time had portraits of the banks' officers on them. The nega- tivism of this act eventually subsided and Clark once again set- tled down to his work in the printing bureau. (Continued on page 80) ATough Pair ofces by ROBERT R. MOONSPMC 5766 Paper Money Whole No. 135 Page 79 Notes on Lansingburgh, NY finally surface For collectors of national currency from banks in New York state, one of the toughest challenges has been locat- ing a note on one of the two national banks from the vil- lage of Lansingburgh. What makes this hunt for a note particularly interesting is that not only are the banks no longer around, but the village itself went out of existence when it was annexed by the neighboring city of Troy on January 1, 1900. What further complicates the chase is the fact that both banks liquidated early in the First Charter Period. The Two National Banks in Lansingburgh A BRIEF LOOK at the two banks reveals their origins as state-chartered institutions. The Bank of Lansingburgh wasincorporated on March 19, 1813 as the first banking facility in the village. Lansingburgh, on the east bank of the Hudson River, was named after Abraham Jacob Lansing who in 1763 had purchased the land where the village was located. The other bank was originally titled the Rensselaer County Bank of Lansingburgh and opened its doors in January 1853. Both banks took early advantage of the National Banking Act and converted to national status in 1865. The Bank of Lansingburgh became the National Bank of Lansingburgh, Charter 1426, while its competitor became the National Exchange Bank of Lansingburgh, Charter 1534. Within five years, however, both banks reverted to state- chartered institutions and their original names. The National Bank liquidated on March 6, 1869 and the National Exchange Bank followed on December 27, 1870. The two banks shortly thereafter went completely out of existence when the Rensselaer County Bank failed on July 13, 1872 and the Bank of Lansing- burgh closed its doors on March 19, 1877. As mentioned earli- er. Lansingburgh, as an independent entity, ceased to exist in 1900 and became the northern section of the city of Troy. Syngraphic Analysis Again, both banks had very similar histories when it came to their national bank note circulation. Listed below is their circula- tion data: The National Bank of Lansingburgh — Charter #1426 $ 1- 1- 1- 2: 1 — 4500 = $22,500 issued $ 5- 5- 5- 5: 1 — 2975 = $59,500 issued $10-10-10-20: 1 — 1100 = $55,000 issued Total amount issued — $137,000 Total amount outstanding at close — $135,000 Total amount outstanding in 1910 —$ 1,122 The National Exchange Bank of Lansingburgh — Charter #1534 $ 1- 1- 1- 2: 1 — 3800 = $19,000 issued $ 5- 5- 5- 5: 1 — 2875 = $57,500 issued $10-10-10-20: 1 — 600 = $30,000 issued Total amount issued — $106,500 Total amount outstanding at close — $ 90,000 Total amount outstanding in 1910 — $ 508 Therefore, both banks had ceased issuing national currency by 1870 and, during the ensuing 40 years, their combined out- standing circulation dwindled to a mere $1,630. Most of that miniscule total has probably been destroyed or lost forever leav- ing almost no survivors. So what are the chances for collectors? There were no Lansingburgh notes in the Grinnell collection, and William Donlon, who had many rare New York state na- tionals in his 12 Mail Bid Sales, never had a specimen from Lansingburgh. As of just a few years ago, both Lansingburgh banks were listed in the "unknown" category. The First Ace Appears The first note of Lansingburgh to become known to the general, collecting fraternity surfaced in early 1985 when it was con- signed to Hickman-Oakes Auctions for their June 1985 Mem- phis sale. The note was part of an old-time New York collection that featured many other scarce New York nationals. The Lan- singburgh note was a First Charter "Ace" on the National Bank of Lansingburgh in VG-F condition; it appeared as Lot 677 in the auction. The note, as I found out afterward, was purchased by dealer Allen Mincho of Cedar Park, Texas, who was repre- senting a client from the Troy area. Allen, a former resident of the Empire State, still manages to have some great New York material pass through his hands in one fashion or another. Original Series $1 note on the National Bank of Lansingburgh Charter 1426, signed by Alexander Walsh, cashier, and F.B. Leonard, president. This note made its first appearance at the 1985 Memphis Sale. Page 80 Paper Money Whole No. 135 Original Series $1 note on the National Exchange of Lansingburgh Charter 1534; this is part of just $508 outstanding. The note is signed by H.W. Mosher, cashier and John S. Fake, president. The Second Ace Surfaces In early 1987, I was making a routine call to Allen to see if he had found anything interesting from my "neck of the woods" that I could add to my collection when he proceeded to tell me a rather interesting story. Allen had been contacted by the repre- sentative of an old-time banking family, presumably from the Troy area, with some notes to sell. After some negotiations, Allen purchased the group of notes, which included some good Troy specimens but also contained one other item — a First Charter "Ace" on the National Exchange Bank of Lansing- burgh. The other charter had appeared! After our own negotia- tions, a deal was struck and I picked up the note at the Memphis show in June of 1987. Bringing The Two Notes Together Before the Memphis meeting, however, I began to wonder if it would be possible to obtain the other Lansingburgh note and thus bring the two Lansingburgh "Aces" into one collection. Since the Memphis auction in June 1985, I had located the owner of the other note and contacted him regarding a possible transaction. It took several months, but a trade was finally made in December of 1987 and the two Lansingburghs are now to- gether. Any More Out There? Unless it can be verified in the Currency and Bond Ledgers of the Comptroller of the Currency in the National Archives that a particular note is unique, it would be absurd to claim any note as the only one known. I would like to think that my two "Aces" are unique, but I have been collecting long enough to know that another could appear tomorrow, or a new speciman may never surface. Both of these Lansingburgh notes had come out of heretofore unknown collections so the possibility of another sur- prise does exist. I have heard a few rumors about other Lansing- burgh notes but, after investigation, these have turned out to be either obsolete notes or nothing at all. Some of the people I en- countered turned out to have the credibility of someone you would find at a coin show who claims to have a roll of $50 gold slugs in his dresser drawer. So, while they may or may not re- main unique, these two Lansingburgh "Aces" should always re- main a rare and interesting pair. SOURCES Hayner, Rutherford. Troy and Rensselaer County, New York: A His- tory, Lewis Historical Publishing Company, Inc., New York and Chica- go, 1925. Hickman, John and Dean Oakes. Standard Catalog of National Bank Notes, Krause Publications, Iola, Wisconsin, 1982. Weise, A. J. History of Lansingburgh, New York from the Year 1670 to 1877, William H. Young, Troy, New York, 1877. CLARK (Continued from page 78) Clark ran the bureau scandal-free until December 17, 1866. He was then investigated by a third Congressional committee. This committee convened on January 24, 1867 to examine the system of record keeping and security measures in the National Currency Bureau. They found the method of record keeping to be extremely lax. In order to get testimony from the bureau's employees without fear of reprisal, the committee asked Clark to resign. He did so on November 17, 1868 and was replaced by Mr. George McCartee on March 11, 1869. After leaving the BEP, Clark joined the Department of Agri- culture as a compiler and copyist in the statistical division. He served as such until he was made the head of the Bureau of Vital Statistics in 1890 where he served until his death on De- cember 10, 1890. Clark is buried in the Spring Grove Cemetary in Hartford, along with his wife, parents and several of his sib- lings. No matter how Clark was perceived during his lifetime, he did a great deal to revolutionize the printing of our paper currency and to combat counterfeiting. Even today a number of methods and machines used in the production of paper money are based on Clark's original ideas and designs. So, regardless of his faults. Spencer Morton Clark truly was the cornerstone of the BEP. Address Change for Editor Gene Hessler P.O. Box 8147 St. Louis, MO 63156 .71/4(ET 03 E. ;;.■ 1l ■••• :h*1.)/;' jii;////, I (tilt //'/// r ///, 171.0-.44f 6i6 //j / I n Fr( 1(10UARS ';2/1// ,- 401t1,C, ?,/.: et.."11: s' 4/sc a, c:" '11"/ SpetY. 1 _O.reastirtr of tfic Painesville and Fairport Rail-Road Company, or ,.gerimer. VOIR '0074L4132, PAINESVILLE, OHIO, 1.•43 Auditor. II Ohio No. 13 Paper Money Whole No. 135 Page 81 Railroad Notes and Scrip of the United States, the Confederate States and Canada by RICHARD T. HOOBER (Continued from PM No. 133, Page 19) Ohio No. 7 PAINESVILLE—P AINESVILLE & FAIRPORT RAILROAD 11. 121/2(C (L&R) 121/2 CENTS. (C) Train, 121/2. R7 12. 25q (C) Train. R7 13. 1.00 (C) Train. R7 14. 3.00 (C) Train. R7 Date — 183-. Imprint — None. 7//r/<, , /;77(///r. 1-T411.1gii1), Page 82 Paper Money Whole No. 135 RICHMAN—OHIO RAILROAD (See City of Ohio) 15. 1.00 Similar to No. 2. R3 16. 2.00 Similar to No. 3. R4 17. 3.00 Similar to No. 4. R4 TOLEDO— ERIE & KALAMAZOO RAILROAD BANK The eastern terminal of the railroad, Toledo, was in Michigan territory until June 15, 1836. The road was constructed of a thin ribbon of iron laid on oak stringers, and was opened for traffic in 1837. On August 1, 1849, the line was leased in perpetuity to the Michigan Central Railroad, and later became part of the New York Central System. 18. 12 1/2C 19. 25C 20. 25( 21. 50¢ (L) Blacksmith at forge. (C) Train. (R) Cattle. R7 (L) Cherub, 25 above and below. (C) Train, between 25s. (R) Female, eagle, riverboat. R7 (L) Train. (C) Female, eagle. (R) Washington. R7 (L) Cattle. (C) Train. (R) Franklin, eagle, train. R7 Ohio No. 21 22. 1.00 (L) Harrison, ONE above and below. (L) Commerce, between Is. (R) Train, ONE above and below. R7 23. 1.25 Similar to No. 22, except denomination. R7 24. 1.50 Similar to No. 22, except denomination. R7 25. 1.75 Similar to No. 22, except denomination. R7 Date — January 18, 1841, part ink. Imprint — S. Stiles, New York Rawdon, Wright & Hatch, New York. (To be continued) Paper Money Whole No. 135 Page 83 The ed iver aisin & Lake Erie ailroad and its "Bank" $1 dated 1863, signed by C. Luce, cashier and J.Q. Adams, president; imprint Geo. D. Baldwin, New York. Bowen- 8(B) by ROBERT D. HATFIELD In the early and mid-1800s Monroe, Michigan began to evolve into a major transportation center. The harbor at LaPlaisance Bay was very busy but travel over the muddy five-mile-long LaPlaisance Road to Monroe was sometimes almost impassible. The LaPlaisance Bay Harbor Company was chartered in 1826 to find a solution to this problem. The com- pany was headed by leading citizens of Monroe in- cluding: John Anderson; Oliver Johnson; Dr. Rob- ert Clark, who would later serve as a delegate to the First Convention of Assent in 1836; Charles J. Lan- man; James Hale; John S. Wendell; Charles Noble, who would later serve as a delegate to the Third Leg- islative Council in 1828 and 1829; and Levi S. Humphrey. These men had made a good effort to make the harbor secure from storm; they realized the importance of efficient transport to Monroe. T HE YEAR 1835 was a boom year for Monroe and Michiganalike. In the ten-year period of 1830-40, the populationof Michigan grew from 31,639 to 212,267, an impres- sive 671% increase. In 1835, James Quincy Adams, born in Keene, New Hampshire in 1798, came to Monroe. Adams was a law graduate of Dartmouth College and he joined the already established office of Robert McClelland. He was later elected prosecuting attorney for Monroe County, and also held the of- fice of postmaster for several years. Adams was familiar with railroads, and when he became the secretary of the harbor com- pany he proposed that a rail line be installed. He suggested a route from the bay along LaPlaisance Road, down Scott St., thence along First to Harrison St., from Monroe to Dundee, then southwest along the Raisin River to Blissfield. However, this idea only managed to get to the point of seven miles of actu- al track. The River Raisin & Lake Erie Rail Road (RR&LE) Company was chartered on March 26, 1836. Its commissioners included: James Q. Adams; Nathan Hubble; Wolcott Law- rence, who would serve on the First Convention of Assent and the Second and Third Legislative Councils; Sybrant Van Nest; James Hale, an officer of the harbor company; Darius Mead; and Addison J. Comstock, who would serve in the Second Convention of Assent and the Constitutional Convention of 1850. Robert McClelland, a stockholder in the railroad, served as the first Bank Commissioner, a delegate to the Constitutional Convention of 1835, 1850 and 1867, Governor of Michigan from 1852-53, Secretary of the Interior, Regent of the Universi- ty of Michigan 1850-52, Speaker of the State House in 1843, and in the U.S. House for the 28th-30th Congresses. No locomotive ever chugged over the wooden rails of the RR&LE. Horses pulled the flat cars loaded with immigrants and baggage over a track of the hardest kind of wood, 2 to 4 inches in size. Early stories indicate that it was not unusual for the cars to come off the tracks five or six times each trip. Adams, as president of the railroad, was very interested in a clause in the charter that enabled the line to "issue certificates of indebtedness", which he took to mean bank notes. Adams, and others, decided to issue notes ranging from 50 cents to 50 dol- lars with only a very poor seven miles of track and a few cars as collateral. The notes stated that there was $300,000 capital, but the line was very fortunate to obtain $32,500 when it was sold to the state in 1840. As early as 1837 the banknotes were quot- ed in New York and Philadelphia with "no sale". A state House (Continued on page 84) Page 84 Paper Money Whole No. 135 Author Seeks Assistance Numismatic bibliophile Michael J. Sullivan is preparing a bibli- ography of United States bank histories including works on both individual states and individual banks. Unlike Dr. Muscalus' work published in 1942 titled a Bibliography of Histories of Specific Banks, Sullivan's work includes extensive information useful to both the bibliophile and bank historian such as the number of photographs and their topic (bank presidents, bank notes, buildings, etc.), the type of binding, the types of financial data presented, and information on special editions. Works have been cross indexed with business history bibli- ographieS such as Larson and Daniells as well as the standard numismatic bibliography by Clain-Stefanelli. Furthermore, books for which book reviews have been published have been cited. Several prominent bank note collectors, business historians, and numismatic bibliophiles have contributed to the project thus far. However, additional help is needed to locate the approx- imately 150 titles that have yet to be located for cataloguing purposes. The author will buy or trade bank histories to secure needed titles or will provide contributors with the necessary instructions to submit information, Whether you have only a few bank his- tories or a large collection, your assistance would be appreci- ated. For further details contact the author at PO Box 461, Winnetka. IL 60093. 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 RED RIVER (Continued from page 83) resolution dated March 21, 1837 instructed the Attorney Gen- eral to commence proceedings against the railroad for violation of its charter in that it had issued notes. One of the Bank Com- missioners, Marshal J. Bacon, visited Monroe in 1837 and filed a report that he could find neither the bank nor railroad offices. There is no evidence that the RR&LE ever built any offices, but in 1837 it did purchase two splendid passenger cars at Troy, New York. Through some clerical error these cars ended up be- ing sent to the Detroit & St. Joseph RR, in Detroit. It took a writ and the sheriff of Monroe several days to resecure these cars for the RR&LE, but they were eventually used. In 1840 the RR&LE became part of the state's Michigan Southern Railway, which had been started in 1836. The state finally realized that it did not belong in the railroad business and in 1846 sold the Southern Railway to a private firm, the Michi- gan Southern & Northern Indiana RR, which in turn came un- der the control of the Lake Shore RR sometime in 1852. In 1869 a consolidated Lake Shore and Michigan Southern RR was formed to take over, and in turn it was absorbed by the New York Central in 1914, and eventually the Penn Central. Just because the Raisin River & Lake Erie Rail Road Co. was sold in 1840 did not appear to matter to James Q. Adams, for in 1863 he had notes issued from New York using the RR&LE's name. When notes began to appear in Michigan, that State's Supreme Court held a case against this "firm" and found it in violation of "an act of banking" which was not allowed. Surprisingly these bright colored notes later saw use during the Civil War, when, at times, the notes were accepted in areas of the South instead of Confederate notes. Adams finally left Monroe for New York City where he lived until his death in 1865. The Raisin River & Lake Erie Rail Road Company and its "bank" became part of the lore of the 'wildcat days' when banks and bankers were to be trusted as one would trust a wildcat. Sources Bowen, Harold L. State Bank Notes of Michigan. Havelt Publishing, 1956. Bulkley, John McClelland. History of Monroe County, Michigan. Chi- cago: Lewis Pub., 1903. Bureau of the Census. Historical Statistics of the United States—Coloni- al Times to 1957. Washington, D.C.: U.S. Printing Office, 1960. Felch, Alpheus. "Early Banks and Banking in Michigan." Report of Pioneer Society of the State of Michigan. Volume II, Pioneer Col- lection. Detroit: Pioneer Society, 1880. King, Jason, Jr. Notes on Civil War Veterans of Monroe County. Mon- roe, MI: Historical Comm., 1979. "Railroads Bring New Age as Immigrants Moved West." The Monroe Evenings News. Tuesday, March 19, 1968. A special thanks to the staff of the Monroe County Historical Museum. Read Money Mart Interest Bearing Notes Roger H.Durand Paper Money Whole No. 135 Page 8.5 THE 16th MANSFIELD NUMISMATIC SOCIETY SHOW The syngraphic year got off to a fine start with this show on March 13th. As usual, due to the efforts of John Ferreri, an out- standing group of paper money and coin dealers were present offering, perhaps, the largest amount of all types of paper money for sale with the exception of only the two major paper money conventions. All indications point to a banner year for the collectors of syngraphic material. THE 32nd METROPOLITAN NEW YORK NUMISMATIC CONVENTION. The society held a regional meeting in conjunction with this show. Del Beaudreau was the guest speaker and he gave an outstanding illustrated talk about Chinese bank notes with vig- nettes of the Great Wall of China. Due to the efforts of Doug Walcutt, this show, as an increasing number of shows are doing, featured a designated area of the bourse floor for paper money dealers. The dealers featured all types of paper and many notes found new homes in collections. The show was a huge succcess and I'm certain paper money will become a regular feature at this show. WISMER PROJECT UPDATE The first roundtable discussion of present and past authors will take place in June at Memphis during the International Paper Money Show. An exchange of ideas of all present should help make the Wismer project continue along at a favorable pace. INTERNATIONAL PAPER MONEY SHOW The highlight of the syngraphic year will take place in Mem- phis. I strongly urge everyone to attend this show, especially if you have never attended this event in the past. I hope to see you there. IMPORTANT MESSAGE FROM THE SECRETARYIlm 1. I have been told by many members that they did not receive a dues notice in the September/October 1987 issue of the magazine. Several of these members were somewhat upset at receiving my reminder notice, which was sent out in late January. For the record, everyone who received a copy of the Sep- tember/October 1987 issue of PAPER MONEY received a dues notice. It may not have been the envelope that was supposed to be in the magazine, but an announcement was placed quite prominently in the magazine. To avoid this little "Ritual" that not a few members seem to enjoy putting the secretary through, we will be notifying everyone twice about the upcoming membership dues re- newal this fall. I do not have the time nor the patience any more to be a "babysitter" for members who have to be re- peatedly begged to send in their dues renewal payments. The 1989 dues renewal envelope will be contained in the September/October 1988 issue of PAPER MONEY. Unless someone makes a mistake, every member will receive a dues envelope. The dues envelope will have a label on it which will show, in the upper right hand corner, the date that membership expires! This date is not the date the dues should be sent in —they should be sent in well in advance of this date. In most cases, the date will be January 1, 1989. If a dues envelope is not contained in the magazine, we still have you covered; each label on the outside of the magazine will have the same date on it, in the upper right hand corner. If, for example, your label has "1/1/89" in the upper right hand corner, your dues should be paid before that date. Since some members may not remember this announce- ment, and some may claim that they did not receive an en- velope, there will be another announcement in the July/August 1988 issue of PAPER MONEY, to the effect that the dues envelope will be contained in the Septem- ber/October 1988 issue. The mailing envelope of the Sep- tember/October issue will indicate that the dues envelope is inside, and the matter should be attended to immediately. 2. The dues envelope will contain a blank membership card. For whatever reason, some members continue to fill out these cards and send them back to me. What do I want with them? Please look in the dues envelope and take out your membership card! Fill out the card with your name, the year, and your mem- bership number. Your membership number is the last four digits of the code on the mailing label which begins with "PM". Keep your card!!!! DO NOT repeat, DO NOT send it back to me, I don't want it!!!! 3. Please write your membership number on your check when you pay your dues. If you change your address, please write your SPMC number on the form, or list it somewhere in the correspondence. If you do not want your magazines lost, then put your membership number on the material you send me. I keep track of the membership by number, not by name. 4. Some of you live in more than one location during the year. I can certainly understand that. However, the SPMC is not in the position where we can be changing everyone's ad- dress twice a year. In the future , if a magazine comes back marked "Temporarily Away", I will make one attempt at sending a first-class postcard to the member asking them to notify me of a permanent address; I will also be asking for an amount to cover the return and forwarding postage charges. Currently, each magazine returned for any reason costs your treasury $.88 in return postage, and $.69 in forwarding postage. If the member does not respond in a reasonable amount of time, mailings to the address will be suspended, until the member complains about non-receipt of magazines. 5. I am eager to help any of you avoid the problems outlined above. If you have any questions or comments, please let me know. I'm anxious to hear from you if you have any sug- gestions as to how we can spend your dues money more ef- ficiently. This organization has members worldwide, and our membership is somewhat nomadic; during 1987, over 10% of our membership changed addresses. I want you to re- ceive your magazines on time; but you will have to help me. C. JOHN FERRERI has been a member of the SPMC since 1969. He served as its treasurer from 1975 to 1979 and has been an active board member. John has been a contribu- tor to PAPER MONEY and the Connecticut volume of the Wismer project. He is a member of the ANA, New England Numis- matic Society, Currency Club organizations.of New England and other Page 86 Paper Money Whole No. 135 CANDIDATES FOR SPMC BOARD NELSON PAGE AS- PEN was born and raised in Philadephia. He is a graduate of the Citadel in Charleston, SC and served with the U.S. Navy during World War II, Korea and Vietnam. Nelson is a practicing orthopedic sur- geon and father of five chil- dren. He is a founder and charter member of the Cur- rency Club of Chester Coun- ty (PA), and a member of nu- merous other numismatic societies. Dr. Aspen has authored many articles on coins and paper money. As an author he is best known for A History of Bermuda and its Paper Money. MIKE CRABB is a board member seeking reelection. Mike's paper money inter- ests include U.S. small- and large-size notes, St. Louis Federal Reserve and Federal Reserve Bank notes. Mike is a member of about 15 numismatic organizations including the ANA, ANS, Essay-Proof Society and the Memphis Coin Club. He has held offices including that of president of the Memphis Club. Mike has been co-chairman of the International Paper Money Show since its inception. Only five candidates have been nominated, conse- quently, the secretary will cast one vote to elect these members by acclamation. STEPHEN R. TAYLOR is an avid collector of Paper Money of the United Sates and Uruguay. He is also an active exhibitor and lecturer on "Paper Money as a Hob- by" and has given talks on "How to Design and Build an Exhibit". He is currently serv- ing as President of the Ameri- can Numismatic Association, after having served a four- year term as Governor and a two-year term as Vice President. He is a Past President of MANA and GSNA and Past Vice President of MSNA. He was the found- er of the Kent Coin Club (Del), served as President for three terms and held every office in the club. He was also the originator and editor of the club newsletter for six years. In 1982 Steve was the recipient of PAN's first Frank Gasparro Award, given to Pennsylvania's Outstanding Numismatist and received a Numismatic Ambassador Award from Krause Publica- tions in 1979. He won the ANA Best in Show Award in 1978 and has exhibited in 36 states and 5 Canadian provinces, receiving over 300 awards for his efforts in displaying paper money of the U.S.A. In 1986, he was selected as the winner of the first award by MANA to the "Person of the Year" for his work in that organization. He has devoted countless hours to the hobby, especially work- ing with young people in the field of syngraphics. He is currently serving as ANA Chairman of the Young Numismatists. ROBERT R. MOON of Kinderhook, NY has been a member of SPMC for eight years and specializes in the collecting and research of up- state New York national bank notes. Bob has written several ar- ticles for PAPER MONEY and was the recipient of a literary award from the SPMC in 1985. He also re- ceived the Bank Note Re- porter's Most Inspirational Exhibit award at Memphis in June of 1986. Bob was also a contributor to the Hickman-Oakes catalog of national bank notes and has spoken to many local and histori- cal organizations on the history of national banking. A graduate of Clarkson University in Potsdam, NY, Bob is cur- rently a computer systems analyst with the New York State De- partment of Social Services. He is married and has a son and a daughter. If elected to the SPMC Board of Governors, his main goal will be to work toward a greater level of cooperation between collec- tors and dealers in the SPMC in order to improve both the finan- cial and fraternal strength of the Society. IN MEMORIAM Adelbert P. "Del" Bertschy, SPMC Del Bertschy, the Dean of Milwaukee numismatics, died on 22 February, two months before he would have been 92. His interest in the hobby began 80 years ago. Both Barney Bluestone and Albert Grinnell played a part in developing Del's interest in paper money; he, in turn, was a mentor for others. Del was a member of numerous numismatic organi- zations, a Numismatic Ambassador, and a charter member of the SPMC. Glenn B. Smedley, SPMC 3 Born in 1902, Glenn Smedley, SPMC founding member, died on 31 December 1987 of emphysema. He was a resi- dent of Colorado Springs where in recent years he served as the Director of Public Relations for the ANA. When Glenn retired, as a self-taught electrician, he de- voted all his time to numismatics. Much of what he wrote was related to paper money. He served as the SPMC trea- surer (1961-1965) and president (1969-1971). In a letter published in PAPER MONEY No. 123, p. 132, George Wait wrote that Glenn was offered membership No. 1, "since it was his original idea, but he modestly declined Glenn Smedley was a recipient of the ANA Medal of Merit (1953) and the Farran Zerbe Award (1960). Ed Reiter, in his "Who's Who in the Hobby" column, said Glenn was "one of the most diligent toilers in the field." Glenn was thorough and exact in what he did. Because of this, perhaps, he chose the very last day of the year as the appropriate time to leave us. Paper Money Whole No. 135 Page 87 BEP DIRECTOR MOVES TO ANA Robert J. Leuver, Director of the BEP since 1983 will become the Executive Director of the American Numismatic Association. The issuance of uncut sheets of currency and the high visibility of the BEP at major conventions began under Leuver. He has been, and will undoubtedly continue to be, a friend of the paper money fraternity. MEMBERSHIP DIRECTOR NEW Ronald HorstmanP.O. Box 6011St. Louis, MO 63139 MEMBERS 7590 Robert Gioffi, 54 E. Market St.. Rhinebeck, NY 12572: C, American currency. 7591 Earl F. Sanford, Box 402, Witt. IL 62094; D. IL. national curren- cy. 7592 Harry Fechte, 2601 Cleveland Blvd., Granite City, IL 62040; C, Granity City nationals. 7593 Ephraim Gorlin, 6422 Park Heights Ave. Apt. C, Baltimore. MD 21215. 7594 Shown Rolfe, Suslol Box 14, American Embassy, FPO New York. NY 09509; C, World & obsoletes. 7595 Gary L. Bleichner, 1020 Pleasant Lane, Fairbault, MN 55021: C, Small-size MN nationals. 7596 John Pettey, P.O. Box 414, Wayne, IL 60184; C. 7597 Albert J. Muller, 588 Deerwood, Tallmadge, OH 44278: C, U.S. Paper. 7598 G.W. Goodlow, 1212 Clinton Ct., Palatine, IL 60067; C, U.S. currency. 7599 John R. Stone, 3007 Andrew Ave., Lansing, MI 48906: C. Michigan obsoletes & fractional notes. 7600 High-Tech Creations Int., 1750 Kalakaua Ave., 3534, Honolu- lu, HI 96826; D. 7601 James F. Gemmell, 8 Charles Plaza #2704, Baltimore, MD 21201; C, National bank notes. 7602 Walt Meyer, 2308 Gristmill Rd., Little Rock, AR 72207 C&D. Type & national bank notes. 7603 Mike Reilly, 1043 Greenfield St., Thousand Oaks, CA 91360: C. U.S. currency. 7604 James P. Barrett, 11 Bagdad Rd., Durham, NH 03824. 7605 Eric Carlson, 76 Bedford St., Lexington, MA 02173; D. 7606 Ronald E. Scholz Sr., 29514 Ridge Rd., Wickliffe, OH 44092: D, U.S. currency. 7607 Robert Slate, Box 400. Markesan, WI 53946. 7608 John D. Davis, 24350 Lakeshore #206, Euclid, OH 44123; C. 7609 Roy Vogel, 42 Bedford Rd., Mahwah, NJ 07430; Errors, world, NJ and C.S.A. LM72 Peter Pallas, 5342 W. Newport, Chicago, IL 60641-3332: C. Large-size U.S. type notes. LM73 Jere P. Brehm; Conversion to life membership from #5377. LM74 Tom Kanawyer; Conversion to life membership from #6468. LM75 James Sorn; Conversion to life membership from #7388. SPMC Speakers at Memphis & Cincinnati Tom Snyder, who now coordinates the "1929-1935 National Bank Note Varieties" column, will speak on that subject at the SPMC general meeting in Memphis. At the Saturday SPMC banquet, Fred Schwan, with the aid of slides, will address the subject of "Strange, Unusual & Mysterious Military Payment Certificates." On Wednesday, 20 July, at the ANA Convention in Cincin- nati, John Wilson will present an illustrated, slide program. "Paper Money: 1690 to the Present." Page 88 Paper Money Whole No. 135 mom mart 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, P.O. Box 8147, St. Louis, MO 63156 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) RAILROAD, MINING AND OTHER nice looking stocks and bonds wanted. Have many of above for sale also. Send 220 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 1 collect. Particularly want any city-county issues, Atlanta Bank, Georgia RR Banking, Bank of Darien, Pigeon Roost Mining, Monroe RR Banking, Bank of Hawkinsville, La Grange Bank, Central Bank Milledgeville, Ruckersville Banking Co., Bank of St. Marys, Cot- ton Planters Bank, any private scrip. I will sell duplicates. Claud Mur- phy, Jr., Box 15091, Atlanta, GA 30333. (138)) ILLINOIS NATIONALS WANTED: Albany, Bement, Beecher, Chester, Coulterville, Crescent City, Forrest, Granville, Greenfield, Mound City, Palatine, Ranson, Sidell, Saint Anne, Sparta, Ullin and others. Lynn Shaw, Rt. 2, Box 315, Coulterville, IL 62237. (135) WANTED: 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) 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 re- ports 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) FREE MONTHLY WORLD BANK NOTE MAIL BID LIST! No minimums. No buyers fee. Buy at your price! All bids considered. Mike Baeten, 2194 Center St., Green Bay, WI 54304 (135) WANTED: 1907 clearing house scrip and checks. Need examples from most states; please send full description or photocopy with price. I am particularly interested in Washington, Oregon, Georgia, New York, Ohio, Michigan, and Texas. Need information on other states also. Tom Sheehan, P.O. Box 14, Seattle, WA 98111. (139) OHIO NATIONALS WANTED: Also want Lowell, Holland, Tyler, Ryan, Jordan, O'Neill. Private Collector. Lowell Yoder, P.O. Box 444, Holland, OH 43528. (142) BONDS & SHARES. Private collector will buy all your unwanted stock and bond certificates for cost at a price. All countries and classifi- cations before 1940. Send photocopy and price wanted. J. Glaser. 6900 E. Camelback Rd., Suite 430, Scottsdale, AZ 85251. (139) UNCIRCULATED, original, unprocessed U.S. large-size type and large nationals wanted by collector. Paying over green sheet for some choice CUs and many gems. Write: Michael Abramson, P.O. Box 6105, Duluth, MN 55816. (137) PAPER MONEY MAGAZINES WANTED: I need original issues of the first twelve PAPER MONEY magazines published by SPMC; sets considered. Robert Galiette, 10 Wilcox Lane, Avon, CT 06001. (138) I COLLECT MINNESOTA OBSOLETE CURRENCY and SCRIP Send Notes or Photo Copies with Prices Wanted or for Fair Offer to: Charles C. Parrish P.O. Box 481 Rosemount, Minnesota 55068 SPMC 7456 LM ANA 1853 Paper Money Whole No. 134 Page 89 CONFEDERATE MONEY FOR SALE BY MAIL BID. Small hoard discovered in old collection, some rare and scarce notes. Send SASE to Michael Wheat, 158 Buford Pl., Macon, GA 31204. (136) WANTED FOR my personal collection, large and small-size national currency from Atlantic City, NJ. Don't ship, write first with what you have for sale. Frank lacovone. P.O. Box 266, Bronx, NY 10465-0266. (140) NEW JERSEY NATIONALS FOR SALE: Belvidere, Elmere, Glass- boro, Hackettstown, Harrison, Hawthorne, Irvington, Kearny, Madi- son, Milltown, Millville, Mt. Holly, Newton, North Bergen, Nutley, Pas- saic. Paterson, Plainfield, Plainville, Rahway. Salem, Summit, Union City, Washington, West New York, Woodbridge, Woodbury. Other states, free lists. Joseph Apelman, P.O. Box 283, Covington, LA 70434. 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 4,, b' — °. EARLY,.4. ., .>e. 1 .'g"ill, % AMERICAN _. f\A i-,. ► NUMISMATICS ref ..Q.- -- . *619-273-3566 COLONIAL & CONTINENTAL CURRENCY SPECIALIZING IN: SERVICES: q Colonial Coins q Portfolio q Colonial Currency Development o Rare & Choice Type q Major Show q EARLY Coins Coverage q Pre-1800 Fiscal Paper q Auction q Encased Postage Stamps Attendance ■ P.O. Members: Life We maintain the LARGEST ACTIVE INVENTORY IN THE WORLD! o ■ SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. AMERICAN NUMISMATICS c/o Dana Linen Box 2442 ■ LaJolla, CA 92038 619-273-3566 ANA, CSNA-EAC, SPMC, FUN, ANACS Page 90 Paper Money Whole No. 135 ST. LOUIS is calling you 3rd Annual National and World Paper Money Convention November 10-11-12-13, 1988 Cervantes Convention Center Headquarters Hotel: Radisson St. Louis Ninth Street and Convention Plaza Hickman-Oakes Auction Educational Exhibits Society Meetings and Programs The National and World Paper Money Convention will feature a bourse area with 100 of the leading dealers in rare United States and World paper money, stocks, bonds and fiscal docu- ments. Plan now to be there and participate in the excitement of this annual event. For Bourse information and hotel discount forms: Kevin Foley P.O. Box 589 Milwaukee, Wisconsin 53201 (414) 282-2388 Sponsored by the Society of Paper Money Collectors, the International Bank Note Society, and the Professional Currency Dealers Association. Page 91 Sell Your Coins & Currency To The Highest Bidder 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. Paper Money Whole No. 135 tank of C. iiiiititact r/ t - _J Apr w Subscription information: U.S. & CANADA OVERSEAS One Year 1Wo Years Three Years One Year TWo 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 NY residents Toll-Free 800-622-1880 call 212-943-1880 WANTED OBSOLETE PAPER MONEY fo's ZC*4.11 Vtairi"( :1 F2.."C.C 91:Nr€, - (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 BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items Extensive Catalog for $2.00, Refundable With Order ANA-LM SCNA PCDA HUGH SHULL P.O. Box 712 / Leesville, SC 29070 / (803) 532-6747 SPMC-LM BRNA FUN _„ , e• • • EIGHTEIN PENCE ft7.5:7 LURC 11 iGHTEEN PENCE. Accepting Consignments Now For These Auctions: JUNE 1988, MEMPHIS INTERNATIONAL A major offering of STOCKS, BONDS & RELATED ITEMS. Closes April 15, 1988. r. SILT - id Do, a, Afra. • ..,.....--- ,..IFT JUNE 1989 & 1900, MEMPHIS. Major public auctions to be Iere ==T•c held in conjunction with BOTH the 1989 & 1990 MEMPHIS WM (LEM ''''''''''' 1.1 - a INTERNATIONAL PAPER MONEY SHOWS! Plan ahead. fSepaat cuerewFiul I LbLecaot Lao preR pmh oi utomg rianpbh oy.t nu. catalogues NwAhTiac NwAi LI I CURRENCY, STOCKS & BONDS & RELATED ITEMS. - . NASCA Division of R.M. Smythe & Co., Inc. WE NEED TO BUY If you are selling a single note or an entire col- lection, you will be pleased with our fair offer — NO GAMES PLAYED HERE! (Selling too! Write for free catalog.) Subject to our inventory requirements we need the following: ALL WORLD BANK NOTES Also U.S. Large Size Notes All Military Currency U.S. Fractional Currency Colonial Currency U.S. Encased Postage Souvenir Cards National Bank Notes U.S. Small Size Currency Ship With Confidence or Write We pay more for scarce or rare notes. TOM KNEBL, INC. (714) 886.0198 P.O. Drawer 3949 San Bernardino, CA 92413 Oregon Pioneer Currency Albums Safe Storage Display and Transport of Your Notes THE ONLY ALBUM USING ARCHIVAL MYLAR VIEW BOTH SIDES OF NOTES EASILY REARRANGED ZIPPERED MODEL FOR SECURE TRANSPORT QUALITY THROUGHOUT! Sized for your Large Type notes, CSA, Colonials. Obsoletes, Nationals Send For Free Brochure Today! DEALERS INQUIRE ON LETTERHEAD OREGON PAPER MONEY EXCHANGE 6802 S.W. 33rd Place, Portland, OR 97219 (503) 245-3659 (EVES) Page 92 Paper Money Whole No. 135 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 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 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 ••o• • 2=1.3513......73:... - AMSIMPAIWAWYCANAI '1701 6743 ."-nr•Ttrrrizairrol.. • ti 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. 135 Page 93 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 • INC. P.O. BOX 84 • NANUET, N.Y 10954 BUYING SELLING. OBSOLETE CURRENCY, NATIONALS• UNCUT SHEETS, PROOFS, SCRIP BARRY WEXLER, Pres. Member: SPMC, ANA, FUN, GENA, CCRT (914) 352.9077 THE BANKOF ST LOUIS 11“)D Vit ST. LOUIS, MISSOURI OBSOLETES AND NATIONALS WANTED RONALD HORSTMAN P.O. BOX 6011 ST. LOUIS, MISSOURI 63139 441.1.0ttis National ...41";Fm- "36 Anty.koms`muutN Page 94 Paper Money Whole No. 135 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 SHING LEE STAMPS & BANK NOTES POSTAL AUCTION No. 10 for Chinese Bank Notes and Bonds More than 1000 lots for each Auction held every two to three months. Materials including People's Re- public and Japanese Occupation Paper Money, Cheques and Bonds . . . etc. — — — Illustrated Catalogue Free on Request — — — DEALERS/INVESTORS: We have the largest stock of inexpensive Chinese Banknotes of good quality. Please write for details. Room 9. 2F Shing Lee Com. Bldg., 6-12 Wing Kut St., Central, Hong Kong — TEL. 5-8153456 Million Dollar Buying Spree Currency: Nationals MPC Lg. & Sm. Type Obsolete 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 "91OSIACIAMSAyft" 399 S. State Street - Westerville, OH 43081 1-614-882-3937 1-800-848-3966 outside Ohio SEND FOR OUR COMPLETE PRICE LIST FREE LA Life Member Fractional Foreign CURRENCY ASS9C1ATION, -W 1179' .17.047.0113)4).01.1.4 s.70, id , 3 01 ./ •Broken Bank Notes •Southern State Issues •Confederate Currency •Merchant Scrip •Collections Needed: Buy/Consignment Approval Service Available— Supply One Dealer Reference or Your S.P.M.C. Number. PRICE LIST — Enclose Large Size 22c Self-Addressed Stamped Envelope. Topical interests or states collected and desired collectable grades are helpful if approvals are re- quested. DON EMBURY 12321/2 N. GORDON STREET, LOS ANGELES, CA 90038 S.P.M.C. 3791 • 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 Home HI Superlor Hobby Pertuditals and Books krause , publications 700 E State St Iola WI 54990 Walt Alcott Numismatics and Paper Americana KR OY• sor 1, e'e 4iffei,kre. CALIIIDLNIA srstsr CABLE 1U1041) .A1 1,11.1, 110. 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 Hills, CA 93534 805-942-7105 MEMBER: ANA (LM); SPMC; CSNS; PSNA; PCDA Paper Money Whole No. 135 Page 95 TO)LE, _2,, SE) Page 96 Paper Money Whole No. 135 , '17:1717,i i-iviii , H 7 ji ,.1 , ,,, Ili IV 1 \I 1 I 4,' ,f„ki`„Ii\1 0 11.11' ' ! I ' '' . :1111 \‘‘ I ' Il II:1 1/4 H I 1111 i 1 , A I llift I i l ■,11 !II Illjl' • I WE ARE ALWAYS BUYING ■ FRACTIONAL CURRENCY ■ ENCASED POSTAGE ■ LARGE SIZE CURRENCY ■ COLONIAL CURRENCY WRITE, CALL OR SHIP: LEN and JEAN GLAZER (718) 268.3221 POST OFFICE BOX 111 FOREST HILLS, N.Y. 11375 _ \ 1( )\I.1 ( ()I I I ( I 016 mciz' Charter Member pROf ESSIotok■ UMISMATISts ;u) •IN , ORDERING INSTRUCTIONS 1. Orders for currency under $250.00, $2.00 postage please. 2. All items two week return in original holders, undamaged. MasterCard 3. Mass. residents must include 5% sales tax. 4. Twenty-four hour answering machine when not in. Feel free to call and reserve your notes. *M. 5. Personal checks must clear, money orders and bank checks get fast service. 6. Second choices will be used only if first item is sold. 7. We can offer a layaway plan on larger purchases. VISA* Min. Order On Cards $50 Please LM-2849 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 (1962), one copy only 20.00 + 1.50 9. Paper Money of the U.S. by Robert Friedberg, Fifth Edition (1964), one copy only 20.00 + 1.50 10. Handbook of Large Size Star Notes 1910-1929 by Doug Murray, a good book to have! 14.95 + 1.00 NATIONAL CURRENCY 11. National Bank Notes, a guide with prices by Kelly, a must book! 2nd Edition 36.00 + 1.50 12. Standard Catalog of National Bank Notes by Hickman & Oakes, a wealth of information 70.00 + 2.50 13. Territorials, a guide to U.S. territorial national bank notes by Huntoon 13.50 + 1.50 14. The National Bank Note Issues of 1929-1935 by M.O. Warns, one copy only 19.50 + 1.50 15. Charter Number Two, the centennial history of the First New Haven National Bank (Connecticut) 1963, one copy only 11.95 + 1.25 16. Nevada Sixteen National Banks and their Mining Camps, a wonderful book full of history, M.O. Warns, SPECIAL 35.00 + 2.00 CONFEDERATE 17. Confederate and Southern States Currency, (1976 Edition) by Criswell 2 copies available, 35.00 + 1.00 18. Confederate and Southern States Bonds, by Criswell, 2nd Edition 14.95 + 1.00 FRACTIONAL CURRENCY 23. Encyclopedia of United States Fractional and Postal Currency, Milton Friedberg, the book for the real info on fractional, out of print and hard to find! 19.00 + 1.00 24. A Guide Book of U.S. Fractional Currency by Matt Rothert (1963), the first I have had for sale, one copy only 9 95 + .50 OBSOLETE CURRENCY 26. ALABAMA - Alabama Obsolete Notes and Scrip, by Rosene 13.50 + 1.50 27. ARKANSAS - Arkansas Obsolete Notes and Scrip, by Rothert, a great book 17.00 + 1.50 28. COLORADO - Colorado Territorial Scrip by Mumey Wanted 29. DEPRESSION - Standard Catalog of Depression Scrip of the United States, by Mitchell & Shafer, a well done new item 21.50 + 1.50 30. FLORIDA Florida Obsolete Notes & Scrip, by Freeman Wanted 31. FLORIDA - Illustrated History of Florida Paper Money by Cassidy, now out of print! 29.95 + 1.50 32. INDIAN TERRITORY - Indian Territory and Oklahoma Obsolete Notes and Scrip by Burgett, Kansas Obsolete Notes and Scrip by Steven Whitfield, two books in one 13.50 + 1.50 33. INDIANA - Obsolete Notes and Scrip by Wolka, Vorhies & Schramm 13.50 + 1.50 34. IOWA - Iowa Obsolete Notes and Scrip by Oakes 13.50 + 1.50 35. MAINE - Maine Obsolete Notes & Scrip by Wait 13.50 + 1.50 36. MICHIGAN - Obsolete Banknotes & Early Scrip by Bowen, hard cover reprint by Durst 39.50 + 1.50 37. MICHIGAN - Obsolete Banknotes by Bowen, the original book, a collector's item, one copy only 50.00 + 1.50 39. MINNESOTA - Minnesota Obsolete Notes & Scrip by Rockholt 13.50 + 1.50 40. MISSISSIPPI - Mississippi Obsolete Notes and Scrip by Loggatt, out of print and very hard to find! 27.95 + 1.50 MORMAN - See #54 41. NEBRASKA - Territorial Banking in Nebraska by Owen 7.95 + .50 42. NEBRASKA - A History of Nebraska Paper Money & Banking by Walton Wanted 43. NEW ENGLAND - The Obsolete Bank Notes of New England by Wismer - Quarterman reprint, one copy 22.00 + 1.00 44. NEW JERSEY - New Jersey's Money by Wait 16.50 + 2.50 45. NEW YORK - Obsolete Bank Notes of New York by Wismer, Durst reprint 17.95 + 1.00 46. NORTH CAROLINA - Obsolete Bank Notes of North Carolina by Pennell, Durst reprint 7 95 + .75 47. OHIO - Obsolete Bank Notes of Ohio by D.C. Wismer, Durst reprint8 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 2-718 12.75 23.50 105.00 194.00 Lg. Curr 7-718 x 3-318 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. IterCharter Member ---", SOCIM ''0 MME u - COLLECTORS Isc o, 31.4.-1Z7.\ LM-5773 DENLY'S OF BOSTON PHONE: (617) 482.8477 Quova urea won,P.O. BOX 101043 BOSTON, MA 02205 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: „us. Pub4,.., i00 NircutITE Avik.,, ,Joh n Hick man 52 2 4 0 319-33 3-1114 Wth 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. ,aikeskmart Dean Oakes Drawer 1456 Paid Citj, Iowa