Paper Money - Vol. XXVII, No. 5 - Whole No. 197 - September - October 1998

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•'IA' r ,,,,, • VOL. XXXVII No. 5 WHOLE No. 197 :S41/4„teziatii-10 SEPT / OCT 1998 4 //, lA'%/Ite two DOLLARS E49461872: / //, E49461872:- The Northeast's Most Important Currency Show THIRD ANNUAL STRASBURG PAPER MONEY COLLECTORS SHOW September 17-20, 1998 The Northeast's most important paper money show is scheduled for Thursday, September 17 to Sunday, September 20, 1998, at The Historic Strasburg Inn, Route 896, Strasburg, Pennsylvania. The show's sponsor, R.M. Smythe & Co., Inc., will conduct two major currency auctions on Friday, September 18, and Saturday, September 19 at 8:00 P.M. (catalogue $15). Other highlights of the show include more than 35 dealers, free parking, a joint breakfast meeting of the Society of Paper Money Collectors and the Currency Club of Chester County with a presentation by William Millar, a meeting of the American Society of Check Collectors, and a special numismatic Santa Claus exhibition courtesy of John and Nancy Wilson. SHOW HOURS Thursday, September 17, 2:00 P.m.-7:00 P.M. (Professional Preview— $25 charity donation) Friday, September 18, 10:00 A.M. -6:00 P.M. (General public—no charge) Saturday, September 19, 10:00 A.M. -6:00 P.M. (General public—no charge) Sunday, September 20, 10:00 A.M. – 2:00 P.M. (General public—no charge) Dealers participating in the Strasburg Paper Money Collectors Show include: David Amey • Bill Anton • Bob Azpiazu • Dick Balbaton • Keith & Sue Bauman • Dave Berg • Chris Blom Carl Bombara • C.E. Bullowa • Dave Cieniewicz • Paul Cuccia • A.P. Cyrgalis • Tom Denly • Roger Durand 'Tom Durkin • Steve Eyer • Larry Falater • Don Fisher • Aaron Gaizband • John Hanik • Harry Jones • Buddy Kellar Dave Klein • Bob Kvederas • Art Leister • Larry Marsh • Leo May • Steve Michaels • Claud & Judith Murphy J.C. Neuman • V.H. Oswald • John Parker • Huston Pearson • John Schwartz • Robert Schwartz George Schweighofer • R.M. Smythe & Co. • Dave Strebe • Bob Vlack • Barry Wexler For hotel room reservations contact The Historic Strasburg Inn, Strasburg, Pennsylvania 800-872-0201, 717-687-7691 Fax 717-687-6098 Strasburg is 20 minutes from Lancaster, PA; one hour from Philadelphia; and 21/2 hours from New York City. Auction consignments are being accepted through July 17, 1998 Contact Douglas Ball, Martin Gengerke, or Steve Goldsmith to discuss your material. Contact Mary Herzog for show information or to order a catalogue ($15). C CR.M.SMIME R.M. Smythe & Co., Inc., 26 Broadway, Suite 271, New York, NY 10004-1701 800-622-1880, 212-943-1880 Fax 212-908-4047 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 1 085, Florissant, MO 63031. © Society of Paper Money Collectors, Inc., 1998. All rights reserved. Reproduction of any article, in whole or in part, without express written permission, is prohibited. Individual copies of this issue of PAPER MONEY are available from the Secretary for $2.75 each plus $1 postage. Five or more copies are sent postage free. ADVERTISING RATES SPACE 1 TIME 3 TIMES 6 TIMES Outside Back Cover $152 $420 $825 Inside Front 4 Back Cover $145 $405 $798 lull 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 sched- ule. In exceptional cases wherespecial 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 office no later than the 1st of the month preceding issue (e.g., Feb. 1 for March/April issue). With advance notice, camera-ready copy will be ac- cepted up to three weeks later. Mechanical Requirements: Full page 42-57 pi- cas; half-page may be either vertical or horizon- tal 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 advertisement in which typographical error should occur upon prompt notification of such error. All advertising copyand correspondence should be sent to the Editor. Paper Money Whole No. 197 Page 145 SOCIETY /AM E PAPER MONEY COLLECTORS INC. OF Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXXVII No. 5 Whole No. 197 SEPT/OCT 1998 ISSN 00314162 GENE HESSLER, Editor, P.O. Box 31144, Cincinnati, OH 45231 Manuscripts (5w), not under consideration elsewhere, and publications for review should be sent ID the Editor. Accepted mss will be published as soon as possible: however, publication in a specific issue cannot be guaranteed. Opinions expressed by authors do not necessarily reflect those of the SPMC. Mss are to be typed on one side only, double-spaced with at least one-inch margins. A copy should he retained by the author. the author's name, address and telephone number should appear on the first page. In addition, although it is not required, you are encouraged to submit a copy on a 3i/5 or 51/4 inch MS DOS disk, identified with the name and version of software used: Microsoft Word, Word Perfect or text (ASCII), etc. If disk is submitted, double-spaced printout must accompany disk. IN THIS ISSUE G.B. DeBERNARDI AND Till', LABOR EXCHANGE MOVEMENT Steve Whitfield 147 SWEDEN USES BANK NOTE MOTIF FOR STAMP DESIGN Barbara R. Mueller 150 SYNGRAPI-IIC TRIVIA Bob Cochran 151 PLYMOUTH, MICHIGAN NOTE, A PILGRIM CONNECTION lack Ff. Fisher 152 MONEY TALES Forrest W. Daniel 153 REFLECTIONS OF JOHN HICKMAN 154 A SECOND LOOK AT WARRANT NUMBER 1 Gene Hessler 154 ON THE WATERFRONT, RED HOOK, BROOKLYN, AND ITS BUILDING COMPANY Stephen M. Goldberg 156 NATIONAL BANK NOTES SERIES 1929, SUPPLEMENT XXI Frank Bennett 158 ABOUT TEXAS MOSTLY Frank Clark 163 THE BUCK STARTS HERE Gene I lessler 164 SOCIETY FEATURES THE PRESIDENT'S COLUMN 165 THE EDITOR'S CORNER 165 AWARDS AT MEMPHIS 166 BOARD MEETING MINUTES FROM MEMPHIS 166 NEW MEMBERS 168 MONEY MART 168 For change of address, inquiries concerning non-delivery of PAPER MONEY and for additional copies of this issue contact the Secretary; the address is on the next page. ON THE COVER. The larger portrait ofAndrew Jackson, on the new $20 note, was engraved by Thomas R. Fl ipschen. The lettering on the note was engraved by Debbie Alexander, Dixie March, Gary Slaght and John Smith. Page 146 Paper Money Whole No. 19 7 SOCIETY OF PAPER MONEY COLLECTORS COORDINATOR: 1929-1935 OVERPRINTED NATIONAL CURRENCY PROJECT FRANK BENNETT, P.O. Box 8722, Port St. Lucie, El, 34985 BOARD OF GOVERNORS RAPHAEL ELLENBOGEN, 1840 I larwitch Rd., Upper Arlington, 011 43221 GENE HESSLER, P.O. Box 31144, Cincinnati, OH 45231 RON HORSTMAN, 5010 Timber Lane, Gerald, MO 63037 MILTON R. FRIEDBERG, 8803 Brecksville Rd. #7-203, Brecksville, 01-1 44141-1933 JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC 27114 STEPHEN TAYLOR, 70 West View Avenue, Dover, DE 19901 WENDELL W. WOLKA, P.O. Box 569, Dublin, OH 43017 STEVEN K. WHITFIELD, 14092 W. 115th St., Olathe, KS 66062 OFFICERS PRESIDENT ROBERTCOCHRAN, P.O. Box 1085, Florissant, MO 63031 VICE-PRESIDENT FRANK CLARK, P.O. Box 117060, Carrollton, TX 75011 SECRETARY FRED L. REED, Ill—P.O. Box 793941, Dallas, TX 7.5379- 3941 TREASURER MARK ANDERSON, 335 Court St., Brooklyn, NY 11231 APPOINTEES EDITOR GENE HESSLER, P.O. Box 31144, Cincinnati, OH 45231 MEMBERSHIP DIRECTOR PRANK CLARK, P.O. Box 117060, Carrollton, TX 75011 WISMER BOOK PROJECT STEVEN K. WII1TFIELD, 14092 W. 115th St., Olathe, KS 66062 LEGAL COUNSEL ROBERT J. GALIETTE, 3 Teal Lane, Essex, Cl 06246 LIBRARIAN ROGER I I. DURAND, P.O. Box 186, Rehoboth, MA 02769 PAST-PRESIDENT DEAN OAKES, Drawer 1456, Iowa City, IA 52240 The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit or- ganization under the laws of the District of Columbia. It is affiliated with the American Numismatic Associa- tion. 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 guardian. They will be preceded by the letter "j". This letter will be removed upon notifica- tion to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. Members of the ANA or other recognized numismatic societies are eligible for membership. Other applicants should be sponsored by an SMPC member or provide suitable references. DUES—Annual dues are $24. Members in Canada and Mexico should add $5 to cover additional postage; members throughout the rest of the world add $10. Life membership, payable in installments within one year, is $500, $600 for Canada and Mexico, $700 elsewhere. Members who join the Society prior to Oct. 1st receive the magazines already issued in the year in which they join. Members who join after Oct. 1st will have their dues paid through December of the following year. They will also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. BUYING and SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items 60-Page Catalog for $5.00 Refundable With Order ANA-LM SCNA PCDA CHARTER MBR . HUGH SHULL P.O. Box 761, Camden, SC 29020 (803) 432-8500 FAX 803-432-9958 SPMC-LM 6 BRNA FUN Paper Money Whole No. 197 Page 147 G.B. DeBernardi AND The Labor 1-i:xchange Movement by STEVE WI I IFFI ELD ORE than 25 years ago I received a letter from Mr. Joe M Snell, then Director of the Kansas State I I istorical So- ciety, with an enclosed letter. Joe knew me from re- peated inquiries regarding the history of paper money issues of Kansas and from frequent visits to do research at the Soci- ety library in Topeka. The enclosed letter included several pho- tocopies of notes I had not previously seen from Kansas, along with an inquiry for information about them. The notes were examples of Labor Exchange scrip in three "denominations," with the place of issue designated as "Freedom," Kansas. This sent me to my research sources where I soon discovered there had in fact been a Kansas colony called Freedom, which dis- appeared around the turn of the century. It was located near Fort Scott in Bourbon County. Several locations from other states for this type of scrip had previously been reported and a few Society of Paper Money Collectors state catalogs illustrated similar pieces. I was also able to ascertain that a man named G. B. "DeBernidi" [sic] had been the proponent of the movement and that he had lived at either Independence or St Joseph, Missouri. I wrote what I was able to find out about the notes and offered to purchase them from the holder. Unfortunately, I never received a response; however, when the Kansas Paper Money book was published in 1980, the notes were listed with what informa- tion I had. In later years, after returning to Kansas, I made several visits to Independence and St. Joseph looking for information about the Labor Exchange, Mr. "DeBernidi," or the notes; without success. In 1990, in an update of the Kansas Paper Money cata- log published in PAPER MONEY, I suggested that someone should uncover the history of the Labor Exchange movement and publish it for collectors. Of particular interest would be the locations of all Exchange Branches and their note issues. In December 1993 an article about the town of Freedom, Kansas appeared in the Kansas City Star, written by James J. Fisher who writes a regular column about local history. I wrote to Mr. Fisher and requested his source, being sure to enclose a self addressed stamped envelope. Months went by with no re- sponse (not unexpected) when suddenly I got a note back say- ing that his source had been an article in a Kansas state historical quarterly publication from the late 1970s. This is a publica- tion that I have subscribed to since 1970, and I have hunted down and purchased every issue back to the late nineteenth century, so it was unbelievable to me that I could have missed it. I did some cursory looking in back issues without success and forgot about it after a while; adding it to my long "to do" list for sometime in the distant future. In February 1996 I was pleased and surprised to see an ar- ticle by Mr. Bruce Smith in the Bank Note Reporter. The article provided a good deal of information about this elusive sub- ject. Bruce corrected the spelling of Mr. DeBernardi's name and explained how the error had been perpetuated by succes- sive writers using a 1932 Waldo Moore article from The Nu- mismatist, where the name had originally been mispelled. Bruce also listed known notes and branches with their locations, and requested that any new locations be reported to him. I immediately sent a letter thanking him for the article and providing additional information about new locations, i.e. Osage City, KS. In a similar pattern to previous efforts, I never received a response. However, I recently had an opportunity to get to the Historical Society library where I spent some time looking for information about the town of Freedom. I was able to locate Mr. Fisher's source fairly quickly, and sure enough I had missed it in 1977. The article was most informative about the history of Freedom, Kansas. In addition, there were a num- ber of other research sources in the library which provided much of the story behind the Exchange movement, the Free- dom Colony, where the whole thing had started for me, and what had happened to the Labor Exchanges. It also provided a number of Exchange locations in Kansas where notes had not surfaced. The biggest surprise to me was that a newspaper promoting the Labor Exchange movement* had been published at Olathe, Kansas, where I have lived for the last six years. The paper was called "Progressive Thought and Dawn of Equity." Edited by E.Z. Ernst, it was published from 1893 to 1903. The complete set had been microfilmed and was available at the Historical Society. Labor Exchanges were associations of "members" who deposited goods they produced in an "Exchange Warehouse," or provided services in exchange for "labor checks." At least two of the branches were located at Olathe including Branch No. 6, which produced shirts, and No. 38, the publishing ef- fort of Mr. Ernst. In 1896 Branch 38 also built a grain finishing mill and produced milled products. Giovanni B. DeBernardi was born in Zubiena, Piedmont, Italy on February 2nd, 1831. As a young man he travelled in Europe and finally emigrated to America in the 1850s. Even- tually he located about 15 miles east of Kansas City, Missouri, where he took up farming. Around 1875 he lost most of his farm to a mortgage foreclosure resulting from the panic and depression that began in 1873. He became a member of the Greenback Party of Missouri and spent time as a lecturer for the Grange movement. In 1890 he wrote a 262-page tract titled Progressive Thought and the Dawn of Equity. In that same year he organized a worker's cooperative called the "Labor Exchange" and obtained a charter from the state of Missouri. By 1894 he was editing a weekly paper at Independence, Missouri titled, The Labor Exchange. M. DeBernardi, possibly his daughter, was assistant editor. By January 1896, nearly 100 Labor Exchange Branches had been chartered, although many were still in the Note equivalent to one cent, Branch 84 face. Page 148 Paper Money Whole No. 197 organizing stage. By March 1897, the number had reached 200, with over 10,000 members. And by early 1901 there were more than 300 branches with more than 15,000 individual mem- bers in the United States and Canada. The explosive growth in membership was caused by the national financial crisis of 1893 and the ensuing depression. The debtor classes, including farmers and industrial workers, were whipsawed by the lack of cheap money, or any money, in circulation and resulting widespread unemployment. They organized to get out from under what they perceived as "mo- nopolist" control of the nation's money supply and jobs. A single socialist colony, based on Mr. DeBernardi's prin- ciples of labor, was organized and established at a place called Freedom, Kansas in 1897. DeBernardi actually opposed the idea of rural colonys. Freedom was located on approximately 160 acres of farmland on the Fort Scott Railroad, about six miles northwest of present day Fulton, Kansas. It was orga- nized by a man named Bailey, who owned a hotel at Iola, Kansas. Mr. Bailey was not a member of the Exchange. J.W. Fitzgerald was president and J.A. Howard served as secretary. A number of tarpaper covered shacks were erected and by 1900 the population had reached 13 persons. About that time, E.Z. Ernst moved to Freedom and became the agent for promoting the colony. Peak population reached 41 people in 1901. In addition to farming and coal mining enterprises, a "flying machine" factory was erected and a protoype aircraft was con- structed before 1902. The flying machine did not work and that enterprise failed. Internal bickering soon developed and the population began to decline after 1902. The original land- owner filed a lawsuit aginst two of the members and obtained a judgement against the colony. Ernst turned over his respon- sibilities as agent at the end of 1902. From 1903 to 1905 the colony-town lapsed into obscurity, and in 1905 a fire of suspi- cious origin consumed what was left of the buildings. The Olathe paper provided a wealth of information on the branches. Locations and branch numbers were discovered for 145 of the 311 branches listed. A single issue of "The Labor Exchange" of Independence identified 11 more. Branch 1 was located at 216 East 15th Street in Kansas City, Missouri.** Members produced tailored goods and tin cans. Branch 4 was also located in Kansas City. Branch 311, the last one listed, was located at Bellemont, Oklahoma. Some of the branches were named after their managers, while others received patri- otic names, such as the "Self Reliance" Branch, 220 in Cincin- nati, Ohio. "Bernardi," Oklahoma was home to Branch 103. Branch 230 was located at "Hepner Station on the Lehigh Val- ley Railroad, East Brunswick Township, Pennsylvania." For awhile, the paper published lists of products that various branches produced or wished to exchange. Most produced whatever was available locally. For example, there were a num- ber of coal producers, such as 223, at Osage City, Kansas; and Branch 299, at Vineyard Haven, Massachusetts, not surpris- ingly, produced fish. There were eleven or twelve Exchanges in Kansas. The larg- est branches in the country were reportedly located at Olathe, with Branch 6 and 38, and at Osage City, Kansas, 223. No notes have turned up from Olathe and only a single one-twen- tieth note has surfaced for the Osage City Branch. As previ- ously mentioned, notes are also known for the Freedom Branch 199. Other Kansas Exchanges included: Beloit; Edwardsville, 197; Fort Scott; Harding, 140; Peterton; Pittsburg, 54; Salina, 131; and Turner. Notes have been reported from Exchange Branches in Ari- zona, California, Colorado, Kansas, Missouri, New Jersey, Pennsylvania, Minnesota, Montana, Ohio, Oregon, Texas, Mall, and Washington. Except for the Denver, Colorado Branch, the notes appear to be scarce, although more will un- doubtedly surface as additional information is published about the history of paper money and its many substitutes. Exchange Branches were also located in the states of Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Idaho, Iowa, Kentucky, Loui- siana, Massachusetts, Michigan, Mississippi, Nebraska, New York, North Carolina, Oklahoma, South Dakota, Tennessee, and Virginia. Branch 157 was located in Canada, at Toronto, and there may have been other branches in Canada. The notes of interest to collectors were produced to be used as change for re- deemed Labor Exchange checks or deposit certificates. This is explained in the Septem- ber 1895 issue of Progressive Thought. That same issue reported "Branch Deposit Certificates are ready. All but printing on the local name and address and number- ing. Will be sent to chartered branches at $3.00 for 500 or $4.50 for 1,000." Prior to this time Labor Exchange checks or certificates had been used as receipts for labor. An order for 1000 checks at $6 from the Osage City Branch was reported shortly -A thereafter. Marshall, MO, Branch 2 had issued 22,500 units of certificates as early as 1893 and these were reportedly used throughout the county. The Olathe Branch, 6 ran a shin factory and used some certificates in 1893. Tennessee's Branch 10 produced cigars, stencils, clothing and brooms. Pfafftown,Note equivalent to one cent, Branch 84 back. • IBRANco No. N ',--ziiALtr.ce 912... 4.,..„.........9 j5 at."11tR il,LItOS OR * , 7 rit F', 1 DUCTS ;Al LA 1 ji I' eAT.Torg 4 Paper Money Whole No. 197 Page 149 NC Branch 11 was organized on August 4th, 1893 and had issued 186 checks by year end. Number 13, location unspecified, nearly perished before reorganizing. Branch 20 was located in Nebraska, etc. Most of the scrip was probably redeemed for what it represented. Notes, once redeemed, were more than likely destroyed. Many of the branches reported that Labor Exchange scrip was widely accepted by local mer- chants in their communities. The office of the president, Mr. G.B. DeBernardi, was lo- cated in Independence, Missouri. The office of the general or- ganizer, Mr. E.Z. Ernst, was located in Olathe, Kansas. Seven members were required to organize an Exchange Branch. A charter and branch number were obtained by send- ing $2.50 to the Exchange headquarters at Independence. A charter was good for life. One of the members was appointed to handle the issue and redemption of scrip. In order to avoid conflicting with laws of the United States, Exchange scrip was printed in denominations of one-half, one-quarter, one-tenth, etc., equivalent to U.S. dollars and their fractions. The way the system worked was that members could "deposit" or exchange their services or goods produced for certificates denominated in units representing portions of a days labor. Labor was val- ued at $4 per day and each worker received 75 cents worth of certificates per day forI- sustenance. Once the crop was harvested or the goods produced were sold, the proceeds went to the Exchange. if workers desired to keep any part of their own production, they were required to pay for it in certificates. There was a small reduction on redemption of goods that accrued to the warehouse operator for expenses. It later also became pos- sible to deposit property mortgages in exchange for these checks. A problem with the whole Labor Exchange idea would ap- pear to have been the disparity between the goods or crops produced and products required for consumption by the mem- bers. lithe Exchange only produced a single commodity, such as coal, for which there was an outside market demand, the output could be sold for U.S. dollars and the dollars could then have been used to purchase the needs of Exchange mem- bers. However, if such a demand had existed, people who pro- duced those crops or that product should not have been out of work in the fi rst place. It seems as if Exchange members would be working to produce unneccessary goods, in excess of what they themselves could utilize. This problem became more apparent as local branches sought to exchange their goods with distant branches. DeBernardi wrote that branches were not obligated to redeem the scrip of other branches, since each group was indepen- dent. Ernst further warned new branches to establish a local trade before going too far afield in search of other trade goods. A number of branches complained that they had no legal ten- der with which to purchase raw materials for their skilled la- bor. And the cost of transportation for goods, such as coal, became a difficult problem resulting in appeals for a Labor Exchange Railroad. Salem Oregon Labor Exchange, Branch 108 face. Salem, Oregon Labor Exchange, Branch 108 back. Page 150 Paper Money Whole No. 197 On May 15th, 1901 G.B. DeBernardi passed away at his home in Independence. His photograph was published (for the second time) in the Olathe paper; a distinguished looking man with a trimmed white goatee. For some time enthusiasm in the movement had been waning. The Progressive Thought had become a promotional paper for the Freedom Colony af- ter 1900, and its issues came further and further apart. Branch reports ceased in 1899 and by July 1901 Ernst was looking for someone to take over the paper. In the fourth quarter issue of 1902 the paper announced that it would become more of a promotional organ for "progressive literature, socialism, and free speech." The principles of the Labor Exchange "were still true" but the people were not so ready to take up the philoso- phy, or to adhere to the principles once adopted. The editor commented that the movement had not developed as had been hoped for and that the Labor Exchange plan "cannot meet the present urgent needs of the people." This issue also contained a design for a new Labor Exchange "Deposit Credit" for one unit of services, Series A, 1900. These credits were to be re- deemable for services or products at the Freedom Labor Ex- change Branch. Ernst's picture was on the back. In the first quarter issue of 1903 an article titled "The Adventures of a Woman" began, completely filling the paper, except for one small column. In it the editor protested that the Labor Exchange idea was not dead or dying, which is a pretty good indicator that it was. Some branches were still in operation. By 1899 the national depression was ending and prosper- ous times were returning to America. The Spanish-American War and its successful outcome made this country a world power, and establishment of the gold standard in 1900 elimi- nated much of the greenback controversy. People wanted gold or hard money rather than "checks," or scrip, and the supply became sufficient to accommodate everyone's needs. The La- bor Exchange Branches redeemed their checks and faded into oblivion, although some were apparently still active as late as the teens. It is unlikely that all 311 branches issued scrip. Probably many of them never got organized after receiving their char- ter. However, the fact that they were organized makes it pos- sible that notes were issued at some highly desirable locations. Now it's up to collectors and dealers to root them out. These Labor Exchange checks, like other substitutes for money, remind us of the many trying periods of economic history that America has experienced. They are fascinating mementos, which motivate us to study local history and the history of the United States. It remains for future collectors and researchers to uncover the 150 or so remaining, unknown, branch locations and the note denominations that were is- sued. This collector is satisfied with what is now known about Mr. DeBernardi and his Labor Exchange movement, and espe- cially about the Exchange Branch locations in Kansas, my adopted state. I must get back to looking for information about the Kansas issues and issuers of the Civil War period. I low- ever, if one of those Olathe, Kansas Labor Exchange scrip pieces just happens to turn up I might be interested. (To see what interest there may be in Labor Exchange scrip, if anyone out there would like to know the branches located in your state, if you will send me a SASE, I'll be happy to provide what information I have. Steve Whitfield: 14092 W. 115th ST: Olathe, KS 66062. My thanks to Hugh Shull for providing notes used to illustrate this article, and to the Denver Public Library for research assistance.) Endnotes: *There were additional newspaper advocates of the Labor Exchange movement in PA, OR, CO, WA, IA, OH, IL, VA, CA, and LA. * *A 5/100th note on Branch 1, Kansas City, MO, dated 1898 appeared in a Currency Auctions of America sale in May, 1993 References (newspapers): A socialist colony. (17 Aug. 1809). The Fort Scott Weekly Tribune. DeBernardi, G.B. (ed.) (Oct. 1897). The Labor Exchange. Vol. IV, No. 7, Independence, MO. Ernst, E.Z. (ed.) (1893-1903). Progressive Thought and Dawn of Equity. Vols. 1-10. Olathe, KS. Grant, H.R. (Spring 1977). Portrait of a worker's Utopia: The Labor Exchange and the Freedom, Kansas Colony. Kansas State Historical Quarterly, pp. 56-66. Smith, B.W. (Feb. 1996). Group tried to save laborers from disaster. Barth Note Repot-ter, p. 40. To Wool- Li-o,&aff fir/"01( SWEDEN USES BANK NOTE MOTIF FOR STAMP DESIGN by BARBARA R. MUELLER personification of the Swedish nation—a seated Brit- A annia-like figure called "Mother Svea"—was long a part of the design of notes issued by the Sveriges Riksbank. For well over a century she appeared on such notes as Pick 14- 16, 19-31, 33-38, 44, 45, 47 & 48. (She was supplanted by a svelte standing version modelled by a beauty queen for Pick 56). In 1994 Sweden Post issued a finely engraved, dark blue stamp reproducing the familiar seated figure to mark the country's entry into the so-called "common market" of the European Union. The stars surrounding Svea's head were added to represent the five other member states of the European Free Trade Area that joined the common market at the same time as Sweden. The face value of the stamp was the European post- age rate. Eva Ede designed the issue, Scott 2042, that was engraved by the well-known Swedish engraver Martin MOrck. ■ X7'1, - 1,,r',.....tovr..1,..":"01.:0NE t-71:, • A' 1439 NATItINAL.triE 'I ONO; •wwn. 111066 %vol., • First charter note signed by Arnold as president. Paper Money Whole No. 197 Page 151 SY\ GRAPHIC TRIVIA by BOB COCI IRAN The following article by Steven K. Whitfield first appeared in PAPER MONEY in 1973 (Issue 45, page 30). As stated by Col. Whitfield, Olney Arnold was born in 1822 and raised in Woonsocket (then a part of Cumberland), Rhode Island. A Rhode Island Banker Olney Arnold was born in Newton, Massachusetts on January 17, 1822. Raised in Woonsocket, then a part of Cumberland, Rhode Island, he became a bank cashier as a young man. In 1853, he moved to Pawtucket, Rhode Island, after being elected cashier of the Peoples Bank of North Providence. Pawtucket, now a large city, was only a small village in North Providence at the time. In 1863, Arnold organized the First National Bank of Pawtucket and became cashier. The assets of the Peoples Bank were finally merged with the First National Bank in 1865; Arnold was elected president of the new bank in 1875. During the Civil War Arnold organized military companies for active service and acted as commis- sioner and superintendent of drafts in Rhode Island. For this service he was promoted to the rank of Major General of Militia. General Arnold led an active public life in local politics, the Universalist Church, charitable organizations and various societies. Other business interests included the Cumberland Mills and the Dexter Yarn Company. He also organized the Pawtucket Electric Lighting Company. He was a candidate for state governor, U.S. senator and U.S. representative. Olney Arnold was a typically successful banker of the 19th century who left a legacy to paper money collectors and histo- rians in the notes that bear his signature. Reference History of Providence County, R.I. Edited by Richard M. Bayles, Vol. 11, pp. 102-104, New York, W.W. Preston est Co., 1891. I have reviewed several accounts of the opening day of the Blackstone Canal on June 28, 1828, when the Lady Carrington became the first boat to travel on the canal. All of the accounts most certainly are adapated from a Providence newspaper story of July 1, 1828. The newspaper related an amusing incident involving "a local merchant." The merchant was sitting on the rail of the boat, involved in a conversation with his busi ness partner. The boat suddenly bumped the canal bank, and the merchant was thrown into the 31/2-foot deep water. He was helped back into the boat, dried off, and then casually contin- Obsolete note signed by Olney Arnold as cashier. ued the conversation he was hav- ing with his business partner. Olney Arnold was about six years old when this incident hap- pened, and could have been liv- ing in the Woonsocket area at the time. The Blackstone Canal ran right through the Woonsocket/ Cumberland area. Is it possible that Olney Arnold was the son of the local merchant who took a dip in the Blackstone Canal on open- ing day, one Mr. Arnold, and given the name of his father's business partner, one Mr. Olney? Page I 52 Paper Monet' Whole No. 197 PLYMOUTH, MICHIGAN _OTE A PILGRIM CONNECTION by JACK LI. FISHER, NLG Y curiosity about Plymouth, Michigan originated dur- ing my childhood in Kalamazoo, Michigan Public Schools. I wondered about Plymouth, Michigan hav- ing am connection with the Pilgrims; Plymouth, Massachu- setts; Plymouth, England; Plymouth Rock and related historical subjects. I did not act upon this early curiosity until I acquired a $5 Second Charter Period Brown Back national bank note issued by The National Exchange Bank of Plymouth, Michigan char- ter number 4649. This note is dated November 14, 1891. The note focused my curiosity into an active research project. I was not disappointed as I commenced to probe and learn about the early days of the Plymouth, Michigan area. I learned that the old native American trails were used as the roads by the first individuals who investigated this area for possible settlement. These trails extended from Detroit by following the Rouge River to and beyond the area that today is known as Plymouth, Michigan. The first land that was purchased in what was later known as Plymouth Township was by Alanson Aldrich in 1824, but he did not settle there. John Williams and Allen Tibbets are considered to be the first settlers. Settlers were attracted due to the high quality of the land and because water was plentiful from many springs and a branch of the Rouge River. Among the settlers were descen- dants of the Pilgrims who landed at Plymouth, Massachusetts in 1620. The community itself had no name for two years. Various names considered were Pekin, LeRoy, Plymouth and others. The name of Plymouth was accepted at a meeting of inter- ested citizens at the home of John Tibbits on February 26, 1827. It was approved by Gov. Cass and the legislative council on April 12, 1827. The first township meeting was May 25, 1827. Officers were elected and a total tax of $154.40 was levied to be allocated among 140 taxpayers. The village of Plymouth was recorded in 1837 after being laid out by Henry Holbrook. There were five stores, a Presby- terian church, three taverns, a druggist, a lawyer, three physi- cians and others to provide necessary services. The population was estimated to be about 300. It also had a wild cat bank known as Wayne County Bank. There were two first class hotels. Plymouth was the stage- coach headquarters, which was called the Detroit-Ann Arbor. There were as many as eight four horse stagecoaches that passed through Plymouth each day. Many of the passengers and drivers stayed at the hotels. The village was incorporated in 1867. The first elected presi- dent was Bethnel Noyes. There was always a feeling in Ply- mouth, Michigan of an attachment to Plymouth, Massa- chusetts. There was also a feeling among the residents of connection with the Pilgrims and Plymouth, England. Plymouth, Michigan grew to such an extent that a local group decided it needed a national bank. This group organized The First National Bank of Plymouth, which received charter num- ber 1916 on January 5, 1872. It had a capital of $50,000. It only issued First Charter Period notes consisting of Original Issue $1, $2 and $5 plus Series 1875 $5 notes. This bank was placed in voluntary liquidation in November 1891. It was succeeded by The National Exchange Bank of Ply- mouth with charter number 4649 issued November 14, 1891. It was regarded as a reorganization of the liquidated The First National Bank of Plymouth, charter number 1916. The First National Exchange Bank of Plymouth issued $5, $10 and $20 Second Charter Period Brown Backs. The $5 note dated November 14, 1891 with bank serial number 1900 il- lustrates this article. Clatimv 'ft M72017 """' Plo,st 01 . $6,49, )1*.xi'f 'FAN! 11 4\1433 . HANK . 191.414,1[019Blii :41,14.1.4a NV EMMAUS -4)r4Hviziri20 • /1, ASV 19 00 t. A crai,Q-ao,),zzegitommexilortstuorto $5 Second Charter Period Brown Back national bank note issued by The First National Exchange Bank of Plymouth, Michigan charter number 4649 Paper Money Whole No. 197 Page 153 Then I learned about The Plymouth National Bank that had charter number 3109 issued January 16, 1884. It issued only Second Charter Period Brown Backs in the $5 denomination. It was placed in voluntary liquidation in February 1890. It was then reorganized as the Plymouth Savings Bank on May 13, 1890. The Plymouth Savings Bank and The First National Exchange Bank of Plymouth were consolidated in 1903 with the new name of The Plymouth United Savings Bank. The president was C.A. Fisher (no relative of mine). The bank prospered. There was an announcement dated October 2, 1952 to the effect the Plymouth United Savings Bank, along with another Plymouth hank chartered in 1926 as First National Bank of Plymouth, charter number 12953, were opened as offices of the National Bank of Detroit after the merger of these banks into the National Bank of Detroit. The Plymouth, England connection was again in the news when Plymouth, Michigan celebrated its centennial in 1967 (the village being incorporated in 1867). The Lord Mayor of Plymouth, England arrived, along with aldermen, city clerk and other officials. The relationship between the two Ply- mouths was and is strong because during World War I the Ply- mouth, Michigan Rotary Club sent food, clothing, medical supplies, money and letters to Plymouth, England during the "Plymouth Rock" from Plymouth, England presented to Plymouth, Michi- gan by Lord ,Vlayor Fra nk Chapman of Plymouth, England. The bronze marker next to the "Plymouth Rock" situated in Plymouth, Michigan states: "THIS PLYMOUTH ROCK REMOVED FROM THE MAYFLOWER STEPS IN THE HARBOR OF PLYMOUTH ENGLAND FROM WHENCE OUR PILGRIM FOREFATHERS EMBARKED IN 1620 WAS PRESENTED TO THE PEOPLE OF THIS COY ON JULY 7, 1967 BY THE PEOPLE OF PLYMOUTH ENGLAND ON THE OCCASION OF THE VISIT OF THEIR LORD MAYOR FRANK CHAPMAN DURING OUR CENTENNIAL YEAR OF 1867" blitz when England was under bombing attacks by Nazi planes and rocket bombs. The Lord Mayor brought a piece of rock from Plymouth, England as a gift to Plymouth, Michigan. The area where this "Plymouth Rock" is situated is now designated as a Michigan Historical Site with a marker in front of the gift "Plymouth Rock." A marker states "PLYMOUTH—The Village of Plymouth was settled in 1825, incorporated in 1867, and became a city in 1932. The Lord Mayor of Plymouth, England came here in July 1967 to celebrate the centennial of Plymouth, Michigan's incorporation as a village. He and his aides presented this piece of rock from Plymouth, England to the citizens of Plymouth, Michigan, some of whom are descendants of the Pilgrims. This rock, taken from Plymouth harbor from where the Mayflower sailed in 1620, stands as a symbol of friendship between the two cities." The "Plymouth Rock" gift is shown in the photograph used to illustrate this article. The people of Plymouth, England, were given four trees native to Michigan as a gift from the people of Plymouth, Michigan. These four trees are growing in front of the city hall of Plymouth, England. The ties between the two cities are close. There are many other banks throughout the country that have the name of Plymouth in the titles. Many of these Ply- mouth banks issued national bank notes in various denomi- nations in different charter periods. Collecting notes from these Plymouth banks could and would make an interesting collect- ing goal. This could also lead to learning in depth about the Pilgrims and the various cities named Plymouth to enhance the enjoyment of the Plymouth notes. Any individuals with information about unusual notes is- sued with the name of Plymouth are requested to transmit such information to lack H. Fisher 3123 Bronson Boulevard, Kalamazoo, Michigan 49008. Information will be shared with the numismatic-syngraphic community. DEMOCRATIC MONEY The $10 treasury note of the series of 1880 is called the "jackass bill" because a picture of the American eagle thereon when turned upside down forms a perfect imitation of the head of a jackass. It is told that an engraver in the employ of the govern- ment received notice of his discharge, and in the month he worked after his notice, he made the puzzle picture in revenge. Whether done purposely or by accident however it is perfect. Mr. T.L. Price has one and showed it to the editor this week. We would be glad if any reader of this, who has one of these bills, would send it in, as such hills are very scarce with us, and we are anxious to add one or more to our "collection," and we will return the sender our sincere thanks and due credit on subscrip- tion account. P.S.—As the government is republican and the bill is evidently of democratic faith it is likely these bills will be called in immediately, and ifyou have one, the sooner you send it to us the better it will be for the government—and us. — The Pioneer Express, Pembina, N. Dak., Mar. 15, 1901. REFLECTIONS OF y-okl .(-- ;:ekNow E have had the very great pleasure of handling several thousand national bank notes over the last five years. Most of these notes have circulated; many of them are well-used, still retaining the working man's sweat expended in earning them, signs of the merchant's sometimes greasy thumb, and the folds of many wallets. Mostly the kind of note regarded by the big numismatic dealers as "junk" and hardly worth their while to handle. We know that many of these notes are unique, notes that we have sold for a few dollars over face that will, in the years to come, be greatly prized and valued for the rarities they are. Every one of them has added to the pleasure of a collector and contributed to our personal competence in this field and helped put all the other nationals in perspective. Handling a large number of "unimportant" notes helps us appreciate all the more the few "important" properties we have owned. Since the beginning, we have based our operation and estimates of rarity on what we felt COULD exist. Any note known to have been issued may, by some happenstance, be uncovered sooner or later. Such was the case with our beauti- ful Montana Territorial $1 in 1968, and our uncut pair of small- size Alaska uncovered last year, both previously unknown. With eight or nine Porto Rico notes now known, and since the "hoard" of Red Seal Alaska notes surfaced about four years ago, only three exciting possibilities remain to be uncovered in the national field. Notes are known from all territories ex- cept Idaho. Eight banks issued notes there, but no notes are known. The First National Bank of Juneau, Alaska issued Brown Backs and Date Backs but none are known. Only one bank issued Brown Backs in Nevada, with no notes known UNTIL NOW. Many of you will understand the thrill it is for us to announce the recent acquisition of a very fine $10 BROWN BACK issued by the First National Bank of WINNEMUCCA, NEVADA! By all odds the most desirable and exciting note we've ever held in our hands. Without a doubt one of the great rarities in American numismatics. Of the sixteen banks chartered in Nevada, the first two lasted only a few years and issued only first charter notes. The only second charter bank, organized late in 1886, issued only $5 notes until 1900, when a change in the law temporarily prohib- ited over one-third of a bank's circulation in the $5 denomina- tion. Over the next six years only 824 sheets of 10-10-10-20 were placed in circulation. Our note is the top note of sheet number 524. Winnemucca is located in a rather remote section °four least populous state. The town, incidentally, is named for the Piute Chief Winnemucca, a portly Indian whose very intel- ligent daughter Sarah had a remarkable command of English and became prominent in Nevada history. A large part of our pleasure in this field comes from the ulti- mate sale of our notes to the collector. We receive genuine pleasure every time we send out one of our notes, even in those cases where the premium is very nominal. It is therefore in the nature of a sacrifice to place this great rarity in other hands for disposition. We have decided, however, out of respect for the importance of this property, and in fairness to all collectors who may wish to consider it before ONE collector in America adds this new piece to his collection, to put it up for public auction in this year's ANA sale in St. Louis. In this way, many of you will be able to respect it and share in the excitement when it is sold. The value will be established by competitive bidding. For some time we have intended to comment on the man- ner in which we feel RARCOA of Chicago has served the col- lector of paper money. In full page ads, placed in numismatic publications, they have offered a wide assortment of material, fairly graded and reasonably priced. They have featured exten- sive selections of nationals at modest prices and have done a very fine job in their auctions. We give much of the credit for this to their paper money specialist, Dennis Forgue, familiar to many of you. We are therefore less reluctant than we would otherwise be in consigning our prize, knowing that RARCOA is handling this year's ANA sale, and that this great rarity will be handled and presented with the respect it so richly deserves by people who have earned the privilege. jilickman & Waters 25th Mail List, 19701 Page 154 Paper Money Whole No. 197 A second look at Warrant Number 1 by GENE HESSLER In PAPER MONEY No. 55, Warrant Number 1 was dis- cussed. After that article was published I researched in- formation for An Illustrated History of U.S. Loans, 1775-1898, which provided additional information to that article. N SEPTEMBER 13, 1789 a loan for $191,608.81 was 0 made on the authority of the Secretary of the Trea- sury, "in pursuance to an Act of Congress of the twen- tieth day of August I 789 . . ." This was the only loan to be negotiated by the United States Treasury Department without 4;7(a/e,/w7 L/ ( .1)7 a 47.1.e/eel:A/es eeez", 99;/e/It, 141,(1.14/1Z-_,47/42,1 , t4e, ai• a ,..47-01 reed' 1:•• ,toritaif 1/} ../ezed kmoli //e 41; ;,7 e7.?e-tc/apy A4iy,ozeetairce (71. giyfiefrza .rzi;101 -Ptrae/e 4, ftn rle72'5,4 ei/ 41C iiveweete (1.9, --1(76,4(?' /29 /p/ieel /led 1./' yam *altktern.l.-- ) X-147/X 4-inee,erp' On //le /4 Wit,/ a ev-'0C4io?ht f") ..y ° +414t2e41. +,;‘,.4t7)1+,44.---• 41":":te 04:r 4116 "le + • 6iewlewri,ed /A/LdIle •.7.. ee,i !)/ h;tWeerefriel emit Paper Money Whole No. 197 Page 155 Warrant number 1, dated 13 September 1789, bears the signature of Alexander llam hon. lawful authority, the money of which was provided by the Banks of New York and North America. Secretary of the Trea- sury Alexander I lamilton said "Obvious considerations dic- tate the propriety, in future cases, of making previous provisions by law for such loans as the public exigencies may call for, defining their extent, and giving authority to make them." The $1,191,608.81 consisted of nine 6% loans: The final redemption of this loan was on June 8, 1790. This unique example of the first of the nine aforementioned loans is in the Archives of the Bank of New York. One day before the appropriation of the first $20,000, "the Secretary had been authorized to spend the same amount in negotiating treaties with the Indians. So it is possible, though not certain, that those [early] borrowed dollars promoted peace between red man and white" (Warrant 3). 13 September $20,000 1 December $10,000 14 September $30,000 2 December $20,000 * 21 September $50,000 2 December $ 1,600 1 October $20,000 17 February $20,000 10 October $20,000 *An additional $8.81 was added for an interest overcharge (Bayley 30). Sources Bayley, B.A. (1869). The national loans of the United States of America from July 4, 1776 to lune 20, 1880, as prepared for the tenth census of the United States. Washington, DC. Hessler, C. (Jan./Feb. 1975). Alexander Hamilton and the Hinted States Treasury warrant number 1. PAPER MONEY, No. 55. The Story of Warrant no. 1 (no date). The Bank of New York. Page 156 Paper Money Whole No. 197 112 RED HOOK, BROOKLYN, AND ITS BUILDING COMPANY by STEPHEN M. GOLDBERG Red Hook, the brawling waterfront and neighbor- hood where Al Capone got his start in life, is the peninsula in southwest Brooklyn that juts into the water just below Manhattan Island. It was settled in 1636 by the Dutch, who named it Roode Hoek for the color of its soil and for its shape. It remained a marshy enclave for 200 years until the opening of the Atlantic Basin, which brought about great industrial and maritime expansion in the 1850s. It soon became one of the busiest shipping cen- ters in the country. At the time of the Civil War ships were docking there from all over the world to receive and unload cargo, and for repairs and service. In The Beginning OR the first 200 years of its existence Red Hook was privately owned. In 1638 Governor Wouter Van Twiller successfully petitioned the Dutch West India Company for the purchase of the peninsula for his personal use. At some point thereafter the Company began to notice that a consider- able portion of its holdings in New Netherlands were being used for the benefit of its officers, not for itself, and it declared many of these personal purchases null and void. Consequently, Red Hook was reacquired by the Company in 1652. It was subsequently conveyed and granted to Breuckelen (Brooklyn) by Governor Peter Stuyvesant in 1657, and the transfer was confirmed at a later date by the English Governor Richard Nicolls. I The peninsula was then sold by the patentees and freeholders of Breuckelen to Colonel Stephanus Van Cortlandt, whose purchase was confirmed by a grant from King William III in 1697. Van Cortlandt died in 1700 and his heirs executed a deed in 1712 to Matthias Van Dyke, who conveyed the land to his son John in 1736. John in turn left the estate to his sons Matthias and Nicholas in 1784, who divided it between them. By the 1830s Red Hook was owned almost in its entirety by the second Matthias Van Dyke and his brother. Besides resi- dences, the property contained two mills, one for flour and one for ginger. The deed to the first Matthias had mentioned a mill, a mill pond occupying 47 acres of drowned marsh, and a dam. The mill referred to would have to have been the flour mill, since the ginger mill was built much later. Stiles, in vol- ume I, has the flour mill belonging to Matthias, the ginger mill to Nicholas, but reverses ownership in volume II. The peninsula also held a powder house, and its contents were used to blow up buildings in New York City to prevent the further spread of the Great Fire of 1835 after the city water supply had given out . The Red Hook Building Company Upon Matthias' death, his heirs brought a partition suit in chancery, and under the ensuing order of the court, the estate was sold in 1834 to a group of individuals who organized the Red Hook Building Company for purposes of selling the prop- erty to the public, taking Red Hook out of private ownership for the first time. In pursuit of its aims, the company issued stock at a par value of one dollar per share, allegedly redeem- able on Wall Street at a discount of one half of one percent. The undertaking was highly speculative and proved to be more burdensome than originally expected. In 1835 the company was taken over by Voorhees, Stranahan and Company who eventually organized the Atlantic Dock Company, which built the extensive warehouses and stores in Red I look known as the Atlantic Docks. The Red Hook Building Company's surviving notes belong to two issues: $1s and $10s dated January 1, 1838, with the figure of Hebe, the goddess of youth, at left and Vulcan at the forge on the right, and dollars dated January 8, 1838 with a slightly different layout and Hebe replaced by a corporate in- scription in a circular seal. The January 8th $1 is probably the most common full size Brooklyn note and is readily available. The notes of January 1 are considerably rarer with perhaps three or four known of the $1, four or five of the $10. I've always thought of the company as a fly-by-night outfit since it never had a right to issue circulating notes, and it seemed to me to have made an endrun around the prohibi- tions by issuing its notes in the form of stock certificates at a time when hardly anyone in New York State knew what was legal and what was not. Now I'm not so sure. Stiles clearly refers to the issues as stock and would certainly have agreed that they were certificates in the form of notes, a characteriza- tion diametrically opposite to my own. On the other hand, if the certificates were truly redeemable and thus acceptable on Wall Street, then .circulatibility is implied, making the issues company notes. So after all is said and done, was the company perpetrating a fraud? It would seem not. Clearly it owned some valuable property. If stock or note issues began in 1834 or 1835, then the surviving certificates of 1838 are only coincidentally con- nected to the New York City-area frauds of the period. Since they are all obviously remainders, it is probable that pre-1838 issues and many of the 1838-dated notes were either redeemed or converted to Atlantic Dock stock, and it is well known that note redemption has always been the hallmark of a legitimate firm. F 7. - ) , ',.."^ •:' --''' 1 'V' "40 BOOR- 0 IPA. t); t NIG COWMAN'„._.:----• ..,,/ ONN Ir.,4,1:2 F 0 I D OLT.ta, k //A Z,d, (///,‘ 1 1 C 113 it tillfill tflititillt0 - _ 1.5:1 1b)1116 n;!, /tea/ at,/ 7 Sea. Pres: COWANRtIfftf00: BLIONNO 1)/C • 7:,;;/./ ./ / .(/ D oLLA_R cl o 11.3 tti i ij to / ///6/.. /24, //////,' // < 's /•„, i.„. 21s., • MID 40 OK 0.01.NNC. • /<;,"/7", 7 17;•;/, a/ */ TEN _17.1-1111-3, "jii 3 111I 1,i ;VMS iicb it) oil It 10 itil i it tp Tit ` ,//:((c-e t _ WA,4a. 'i-ry .f Red Hook Building Company, Brooklyn, the known types of January I and 8, 1838, printed by Burton and Curley. No earlier dated specimens have survived and their designs are unknown. • -Di2,1 -gwzx ,>4 4i • Paper Money Whole No. 197 Page 157 Were there ever any other denominations? The two-note sheet suggests that there were since a standard sheet typically had four prints and the sheet shown here has been trimmed. If higher denominations ever existed, they must have been detached from the full sheets on or before the first of January, issued and redeemed, leaving no specimens for today's collec- tor unless someone out there isn't talking. On The Waterfront From the mid-1800s onward life in this blue-collar commu- nity revolved around the waterfront. The famous movie whose title I honored for this article, with its portrayal of the neigh- borhood, the longshoremen, their union, and the Brooklyn mob, was based on life in 1930s Red Hook, although in typi- cal Hollywood fashion the film's only explicit Brooklyn refer- ence is to Greenpoint and it was shot in Hoboken, NJ. Red Hook's present deterioration began with the construc- tion of two parkways and a tunnel, all of which combined to physically isolate the waterfront from the rest of the neighbor- hood and the neighborhood from the rest of the city. Never- theless the neighborhood remained viable throughout the 1950s, but beginning in the '60s the shipping business began to fall off dramatically and the associated loss of jobs led to great social changes. The neighborhood today is your worst urban nightmare. In 1993 a popular grade school principal named Patrick Daly, upon leaving the school to search for a strident who had fled the building in tears, was caught in the crossfire between warring drug gangs and died on the street. President Clinton saw fit to mention this tragedy in a televised address not long afterward. Whether the neighborhood will ever return to what used to pass for normal there— will any- thing these days?— is impossible to say. (Continued on page 162) INCE Ken McDannel authored Supplement XX, which appeared in the Sept/Oct 1997 issue of PAPER MONEY, we have had renewed interest in this project. I've been fortunate to have known Ken for many years. He probably knows more about 1929 national bank notes than most collectors and was an excellent choice for coordinator of this project. He had the foresight to start collecting small-size nationals in the mid-sixties and put together a great collection of notes from every state, including Alaska. He soon recog- nized the rarity of some of these notes and wasn't afraid to pay the price for them. When his collection was auctioned by Hickman-Oakes in August 1988 collectors had the opportu- nity to bid on rare notes from seldom seen towns in each state. I'm proud to follow in his footsteps as coordinator of this project and will do my best to continue the work done by Ken and previous coordinators M. Owen Warns and "Fom Snyder. Thanks to the 24 people who have contributed to Supple- ment XXI, which adds ten charter discoveries and 163 denomi- nation discoveries to the list of 1929 national bank notes. All information is equally appreciated, but I would be remiss if 1 did not mention the accomplishment made by Richard J. Balbaton of North Attleborough, Massachusetts. In supplement XX he reported charter 2312, Webster, Massachusetts, leaving only two charters unreported for that state. In lune of 1997 he came up with a serial number 1 810 from charter 2288, Spen- cer and in October reported a $20 from charter 14266, Haverhill, the final Massachusetts charter to be reported. Cer- tainly an outstanding achievement we all can appreciate. Thank you Richard! I have received questions from several collectors regarding notes from their collecting area. I'm more than happy to try to give the answer to questions regarding this project with the exception of the name of the contributor. I have had requests from collectors wanting serial numbers of notes reported from their collecting area. I'll do my best to provide this informa- tion but be aware that serial numbers of reported notes were not recorded before Tom Snyder took over the project in 1988. If you want to know which denominations have not been re- ported from your collecting area please send me a large stamped, self addressed envelope. If you want a list of all of the unreported denominations, which is 32 pages at this time, please send $4 to cover my cost for printing and mailing. If you would like the list on a computer disk, please send a 31/2" disk and return postage. I have it on MS Works. Please send your reports to: Frank Bennett, P. 0. Box 8722 Port St. Lucie, FL 34985-88722. When reporting your finds please send a photo copy or at least the serial number of the note. This way we can maintain a positive list for future SPMC members. S A369,. .MXICIMPIWAJIL. ccrizimmivc.-Nr 8000[199A rn rw cr) 000009A TWEIIITYDOILO9 THE McCLOI.111 NATIONAL BANN INIcCI,OUD GURORNIA TWENTY 1)I 'LIARS 9 4 9 '41 TALIg101;103.4TEVAI2,1311AllEli (;w/.1,_,..... THE FAST NATIONAL SANS OF AL - FAR:LAND CAUFORNM TEN DOLLARS BL-C10340A BG00340A 10 44 3 8 Page 158 Paper Money Whole No. 197 NATIONAL BANK NOTES SERIES 1929 WERE ISSUED FOR ONLY SIX YEARS, FROM JULY 15. 1 929 TO JULY 10. 1 935 TYPE 1 FROM JULY 15 1 929 TO MAY OF 1 933 / TYPE 2 FROM MAY 1 933 TO JULY 10, 1 935 SUPPLEMENT XXI COVERING THE PERIOD 5/2/97 TO 1/3 1/9 8 FRANK BENNETT, COORDINATOR KEN MCDANNELL, HONORARY COORDINATOR Some great notes have been reported recently . . . here are a few: $20 McCloud, CA Ch. 9479 (Photo courtesy of Lowell C. Horwedel) The First National Bank of McCloud, California was chartered in 1909 and was placed in voluntary liquidation in October 1935. It issued a total of 11,947 small-size notes. Located in Siskiyou County, McCloud had a population of 150 in 1935. This is the $20 denomination discovery for charter 9479. $10 McFarland, CA Ch. (Photo courtesy of Lowell C. Horwedel) The First National Bank of McFarland, California was char- tered in 1913 and changed its title in June 1934 to First Na- tional Bank in Delano. It issued a total of 9,024 small-size notes, both types 1 and 2, in the $5, $10 and $20 denomina- tions. Located in Kern County, McFarland had a population of 690 in 1935. This is the discovery $10 denomination for charter 10387. $10 Ordway, CO Ch. 8695 The First National Bank of Ordway, Colorado was chartered in 1907. It issued 2,352 small-size type 1 notes. Located in Crowley County, Ordway had a population of 1,139 in 1935. This is the $10 denomination discovery note for charter 8695. $100 Seneca, KS Ch. 5101 THE NATIONAL BANN OF SEN T:CA KAN ;AS urstmonowits D000032A D0000321 V. I I5 o MERRIMACX NATIONAL BANK OF HAV E R_FI111 MASSACHUSETTS -266 1000145 $20 Haverhill, MA Ch. 14266 mmemmorm.m.c cnumemlumcle TREFFNTEEDSILVIMSDEIMFAtlet A0001.'45 14266 PVE1111,1001142S $10 Spencer, MA Ch. 2288 ORE SPENCER NATIONAL BANN SPENCER MASSACHUSETTS 00000011 TIEN DOIXARS 0000001A • , • TENDOLLAIRS 00000811 $5 Naper, NE Ch. 9665 112411-T..°11.C.,a THE FIRST NATIONAL BHA OF is!A PER NEBRASKAto tiet FIVE 1)OLLAICS 00000811 ci THE GUNGE NATIONAL BANK OF FAHNEAN COUNTY AT SMETTIPORT INCAMECCIFIIILATA ‘31011CCIEILE MACY Krrnomsn"grrrnxurtenonstrm,Ineomarroarawrae•or VIJEFMEREDfir11121FAOEMEDRUItt, 8591 A000929 AO 8591 $20 Smethport, PA Ch. 8591 • PENNSYLVANIA • !ft,: tX) TWENTY DINItIARS 1111ItaiIIIIOIN)SITATIO*011:01111tittit, THE SECURITY F000003A NATIONAL BANN 0E, O MOBR1D GE ct) SOUTH DAKOTA ut 11 ;al „4111.44,0 DO Paper Money Whole No. 197 Page 159 (Photo courtesy of lames J. Hoskovec) The National Bank of Seneca, Kansas was chartered in 1 897. This bank issued only $50s and $100s in both large- and small- size. There were 966 $50s and 192 $100s, all type 1, issued in Series of 1929. Located in Nemaha County, Seneca had a popu- lation of 1,864 in 1935. This is the $100 denomination dis- covery for charter 5101. (Photo courtesy of Richard J. Balbaton) Merrimack National Bank of Haverhill, Massachusetts was chartered in November 1934. It issued small-size notes in the $5, $10 and $20 denomination for a total of 4,498. Located in Essex County, Haverhill had a population of 48,710 in 1935. This is the charter discovery note for charter 14266. (Photo courtesy of Richard J. Balbaton) The Spencer National Bank, Spencer, Massachusetts was char- tered in July 1875. It closed in November 1929 just four months after small-size national bank notes were first issued. It issued only 3,498 small-size notes. Located in Worcester County, Spencer had a population of 6,080 in 1935. This is the charter discovery note for charter 2288. $20 Howell, MI Ch. 14144 The First National Bank in Howell, Michigan was chartered in May 1934. It issued 3,555 notes of which only 330 were $20s. Located in Livingston County, Howell had a population of 3,615 in 1935. This is the $20 denomination discovery for charter 14144. $10 Lawton, MI Ch. 12084 The First National Bank of Lawton, Michigan was chartered in November 1921. It issued 7,098 small-size notes, both type 1 and type 2 in the $5, $10 and $20 denominations. Located in Van Buren County, Lawton had a population of 1,164 in 1935. This is the $10 denomination discovery for charter 12084. (Photo courtesy of Gerome Walton) The First National Bank of Naper, Nebraska was chartered in 1909. The bank went into receivership on December 12, 1930. It issued 882 type 1 $5s and 444 type 1 $10s. Located in Boyd County, Naper had a population of 840 at the end of the note issuing period in 1935. This is the charter discovery note for charter 9665. (Photo courtesy of Frank Bennett) The Grange National Bank of McKean County at Smethport, Pennsylvania was chartered in March 1907. It issued a total of 48,946 small-size notes. Smethport had a population of 1,733 in 1935. This is the denomination discovery $20 for charter 8591. $20 Mobridge, SD Ch. 11590 (Photo courtesy of Alex Perakis) The Security National Bank of Mobridge, South Dakota was chartered in December 1919 and was placed in receivership in September 1931. It issued a total of 2,658 small-size notes. Mobridge, located in Walworth County, had a population of 3,464 in 1935. This is the charter discovery note for charter 11590. $10 Canyon, TX Ch. 14090 Alit FIRST NATIONAL DANK IN CANYON Ocb TEXAS 1)40.90 4000006 TEN DOLLARS 4000006 0090 $10 Tonasket, WA Ch. 14166 FIRST ".::"'" 14166 4000324 NATIONAL BANK IN TONASKET WASHINGTON 'nun.' oustut ON scuts:: TEN DOLLARS A000324 14156 $20 Baldwin, WI Ch. 10106 7iffler'"VAIS211tATIIM cEnirciumrancx- 1111144WASTAITESiOrVICIRK .6 TNT FIRST NATIONAL RANK OF BALDWIN WISCONSIN B0000844 ". Int 3 5 ri 9 EU00019,4 _aissmwm -tzia—TAM (Photo courtesy of Bob Steele) airtommAraucovviraw sevam,V3:3, '111112IgIV:11,4111T,FORISVIERIM Lit rIBST E0OVA9A. NATIONAL BANK IN }EN\ MORE WISCONSIN TWENTY 0411114t1 ,.t.,3 $100 Lake Geneva, WI Ch. 3125 ) 9,actrsjyyjitsrstiJo1 lottaluek INF FIRST F000030, NATIONAL SANK OF H^' LAKE GENEVAC.1 WISCONSIN ONE IWNIMEDDIALLIItti F0000341. $5 Manawa, WI Ch. 8710 TOE FIRST • NATIONAL BANK OF AIANAWA WISCONSIN NSA °SIMS LIFIONSOISI OF 1s.t — "1 0000555A FIVE DOLLARS D0005554 , amtitamooloomaiomew $20 Park Falls, WI Ch. 10489 WAR 311114(t1I61_11411VIIRSARIIONCRia\ IRE FIRST NATIONAL BANK OF :•ARK FALLS WISCONSIN J' ',Sill' DOLLARS . 10001004 - On1 1..'i.!: 10 4 •41 8 A 9 Cm."N • _-, 10,24 rn co Page 160 Paper Money Whole No. 197 (Photo courtesy of James I. Hoskovec) The First National Bank in Canyon, Texas was chartered in April 1934. It issued 80 $5s and 180 $10s, all type 2, for a grand total of 260 small-size notes. Canyon is located in Randall County. This is the $10 denomination discovery for charter 14090. (Photo courtesy of Don C. Kelly) The First National Bank in Tonasket, Washington was char- tered in May 1934. It issued only 405 $10s and 140 $20s mak- ing this note a miracle of survival. located in Okanogan County, in 1935 Tonasket had a population of 513. This is the charter discovery for charter 14166. (Photo courtesy of Bob Steele) The First National Bank of Baldwin, Wisconsin was chartered in November 1911 and was absorbed by charter 11245 in July 1935. It issued a total of 8,462 small-size notes. Located in Saint Croix County, Baldwin had a population of 808 in 1935. This is the $20 denomination discovery for charter 10106. $20 Fennimore, WI Ch. 13599 The First National Bank in Fennimore, Wisconsin was char- tered in February 1932. It issued a total of 3,056 small-size notes. Located in Grant County, Fennimore had a population of 1,341 in 1935. This is the $20 denomination discovery for charter 13599. (Photo courtesy of Vernon Oswald) The First National Bank of Lake Geneva, Wisconsin was char- tered in 1884. It issued a total of 12,691 small-size notes of which 204 were type 1 $100s. Located in Walworth County, Lake Geneva had a population of 3073 in 1935. This is the $100 denomination discovery for charter 3125. (Photo courtesy of Bob Steele) The First National Bank of Manawa, Wisconsin was chartered in 1907 and was placed in receivership in March 1934. It is- sued a total of 7,549 small-size notes. Located in Waupaca County, Manawa had a population of 3131 in 1935. This is the $5 denomination discovery for charter 8710. (Photo courtesy of Bob Steele) The First National Bank of Park Falls, Wisconsin was chartered in February 1914. It issued a total of 14,041 small-size notes. Located in Price County, Park Falls had a population of 3036 in 1935. This is the $20 denomination discovery for charter 10489. $5 Watertown, WI Ch. 1010 )Av.."- ,. .C.;:1;e:: -`2 VillyNifirilM:11191:4"!ANtTit#W '441 ' THE WISCONSIN '•••• AUOLI273A NATIONAL CANNOT WATERTOWN WISCONSIN FIVE DID.L.1.IIS A110027311 0 $5 Termopolis, WY Ch. 12638 ANNIII.WF11,r1U,Ercri; FIRST \ 12638 NATIONAL BANN IN THERMOPOLIS WYOMING FIVE DOLLARS A000124 12638 Paper Money Whole No. 197 Page 161 (Photo courtesy of Bob Steele) The First National Bank of Watertown, Wisconsin was char- tered in 1865 and was placed in receivership in March 1934. It issued a total of 9,122 small-size notes. Located in Jefferson County, Watertown had a population of 10,613 in 1935. This is the $5 denomination discovery for charter 1010. (Photo courtesy of Peter Huntoon) The First National Bank in Thermopolis, Wyoming was char- tered in February 1925. It issued 11,030 small-size notes. Only 312, all type 2, were of the $5 denomination. Located in Hot Springs County, Thermopolis had a population of 2,129 in 1935. This is the $5 denomination discovery for charter 12638. Charter Discoveries in State Charter City Den. Serial NI-I AL 5970 Andalusia 20 A00024SA NJ 6759 Sheffield 10 A001829 7073 Oxford 10 A000295A CA 7152 Cucamonga 10 D000490A 9479 McCloud 20 B000099A 10387 McFarland 10 B000340A 10977 Ukiah 10 B000524A CO 7533 Littleton 10 C000407A 8695 Ordway 10 B000228A CT 186 Rockville 10 F000263A 1128 New Haven 100 ?000087A 3020 Naugatuck 5 A000515 5309 Ridgefield 20 B000079A IL 1870 Marengo 10 D000012A 5149 Milford 10 E000158A 8892 Palestine 20 C000040A 13709 Evanston 10 A000059 IN 7824 Batesville 5 B000356A 14113 Goshen 20 A000221 KS 5101 Seneca 100 D000032A KY 7215 Pineville 10 D001752A MD 2453 Baltimore 50 D000207A 684 Milton 10 C000003A 2172 Athol 10 A001778A Charter City Den. Serial 2288 Spencer 10 C000001A 14266 Haverhill 20 A000145 1745 Hastings 5 A001197A 1745 Hastings 10 D000801A 3378 St. Johns 10 A0001000 3925 Buchanan 20 F000215A 9654 Ithaca 5 B000845A 9874 Birmingham 10 F000025A 9874 Birmingham 50 F000126A 10529 Benton Harbor 5 C003462A 10886 Gladstone 5 F000684A 11260 Marine City 5 A001309A 11260 Marine City 20 A000002A 12084 Lawton 10 E000155A 12793 Almont 5 D000595A 12826 Utica 5 E003519A 12999 Lincoln Park 20 F000443A 14144 Howell 20 A000072 14249 Hancock 5 A003375 5330 Stewartville 10 A000119A 5362 West Concord 5 0000060A 7024 Frazee 5 unknown 8049 I lerman 5 unknown 8059 Adams 5 D000182A 8551 Fairmont 5 B000034A 9771 Fairfax 10 D000110A 10554 Isanti 20 F000075A 10580 Kasson 5 A000142A 10824 Swanville 20 A000084A 10898 Wendell 5 D000399A 11293 Lake Wilson 20 A000187 12959 Buffalo 20 A000052A 13564 Dawson 5 A001010 14167 West Concord 5 A000514 12333 Clayton 5 E003425A 2897 Aurora 10 C000169A 5282 Newman Grove 20 4 notes known 8385 Central City 20 C000039A 9092 Amherst 5 A000113A 9665 Naper 5 0000081A 537 Charlestown 5 A000275A 1052 Portsmouth 5 D000771A 13764 Farmington 5 A001145 1452 Newark 100 C000083A 1459 Frenchtown 5 A000972A 3621 Atlantic City 20 C000225A 3878 South Amboy 5 F001751A 4274 Boonton 10 A000013 6179 South River 20 A000086A 7223 Englishtown 5 E000012A 8501 Dunellen 10 A000497A 8829 Little Falls 5 B000224A 10142 Westfield 20 D000416A 10224 Bradley Beach 20 D000131A 12675 Montclair 10 D001611A 12834 Passaic 10 A000745A 12903 N. Merchantville 10 (2 (nown-no SN's) 12939 Jersey City 10 F000780A 13047 Wharton 5 A000001A 13120 Camden 5 A000253A 13215 Point Pleasant Beach 10 B000925A 13848 Belmar 5 A001235 13855 Branchville 10 A001266 13893 Edgewater 50 A000210 13916 Metuchen 10 A001808 13969 Collingswood 20 A000030 14006 Clementon 20 A000543 MI MN MO NE Charter Discoveries in State Page 162 Paper Money Whole No. 197 Charter Discoveries in Charter Discoveries in State Charter City Den. Serial State Charter City Den. Serial NY 273 Oxford 20 B000136A 11019 Tom Bean 5 [000436A 382 Brockport 20 B000001A 12186 Dallas 100 A000896 1040 Saugerties 5 F000037A 13199 Wolfe City 5 A000002 2117 Ellenville 10 B000553A 14090 Canyon 10 A000006 3171 Mechanicville 5 E000478A 14236 McKinney 20 A000487 4519 Perry 5 D000193A WA 5472 Motesano 20 Al-A6 uncut sheet 4998 Albion 5 A000001A 14166 Tonasket 10 A000324 5178 Addison 5 E000452A Wl 1010 Watertown 5 A000273A 7483 West Winfield 20 A000001 3125 Lake Geneva 100 F000025A 8058 Greenwood 20 A000012 8710 Manawa 5 D000555A 8146 Andover 10 C000430A 8118 Dale 20 Unknown 8531 Canton 5 D002266A 10106 Baldwin 20 B000084A 8833 Lindenhurst 20 C000037A 10489 Park Falls 20 F000100A 9326 Wappinger Falls 10 A000032A 13599 Fennimore 20 E000019A 9427 Callicoon 5 not listed WY 12638 Thermopolis 5 A000124 10084 Cornwall 20 D000217A 11055 Friendship 20 D000296A 173 newnotes 11087 Hicksville 20 B000283A 10 new charters 11854 Cedarhurst 10 D000576A 163 new denominations 12494 Macedon 10 A000208A 12574 White Plains 5 A001665 12925 West Seneca 20 F000020A Names of Contributors to Supplement XXI 13246 Bolivar 10 A000607 OH 422 Van Wert 10 C000150A Richard J. Balbaton Don C. Kelly 2831 Fostoria 10 D000403A Frank Bennett Robert Kotcher 4336 Fronton 5 B001099A Frank Clark Robert Kvederas, Sr. 5259 McConnelsville 5 D000090A Currency Auctions of America Gary MacDonald 6308 Marion 5 C001976A Charles A. Dean Lawrence O'Neal 6892 Coshoscton 5 E000884A George Decker Vernon Oswald 7759 Powhatan Point 5 D000999A Robert Hearn Charles C. Parrish 8251 Wilmington 20 D000023A Warren Henderson Joe Sande 9211 New Paris 20 A000076A William K. Herzog Gil Sem 9336 Versailles 20 B000089A Lowell C. Horwedel Leon Silverman 9518 Seven Mile 5 A000017A James 1. Hoskovec Bob Steele 10692 Mt Drab 20 D000109A Peter Huntoon Gerome Walton 11216 Freeport 20 A000074A 13154 Caldwell 20 A000241A PA 540 Philadelphia 50 F000020A References 570 Philadelphia 50 B000367A 3051 3067 Brookville Quarryville 5 5 C003073A A000118 Hickman, I. and D. Oakes. (1990). Standard catalog of national bank notes. 2nd Edition. Iola, WI: Krause Publications. 6891 Conneaut Lake 10 unknown J.W. Clement Co. (1937). The book of the universe. New York, NY: The 8591 Smethport 20 A000929 World Syndicate Publishing Co. 9528 12363 LaPorte North Girard 20 20 D000136A B000052A Kelly, D.C. (1997). National bank notes as a guide with prices. 3rd Edi- tion. Oxford, OH: The Paper Money Institute. 12573 Philadelphia 5 A000744A 12573 Philadelphia 20 B000433A 13032 Philadelphia 100 E000007A SD 11590 Mobridge 20 F000003A TN 2593 McMinnville 5 E000285A Red Hook (Continued from page 157) 2720 Clarksville 100 B000008A 3288 Centerville 10 A000797A 3576 Jackson 20 A001020 ENDNOTE 4648 Knoxville 5 unreported 'Although Red Hook was included when the town of Brooklyn was 8836 Selmer 5 2 known formally incorporated, it does not appear on the map of Brooklyn 9027 Copper Hill 10 F000754A Village that was drawn in 1827, which neatly contradicts my sen- 9162 Etowah 10 E000816A tence in "Sorting II" that the village was formed on the boundaries of 9532 Nashville 5 D001321 A the town. Also, Breuckelen is the correct original spelling—the ear- 9532 Nashville 10 C000408A lier article left out the "c". 9809 Crossville 20 F000057A 12031 Harriman 5 A004076A REFERENCES13482 Greenville 10 E000197A 13482 Greenville 20 D00007A Jackson, K. (ed.). (1995). The encyclopedia of New Yoh City. New York TX 5288 Gilmer 10 A001014 and New Haven: Yale University Press and the New York Histori- 7045 Floydada 20 A000097A cal Society. 8787 Byers 10 D000397A Stiles, H.R. (1993). The history of the Ci ty of Brooklyn, 1867-1870. Bowie, 10624 Edgewood 20 D000106A MD: Heritage Books reprint. urnieri; &alio-chant PILOT Po I NT,TEXAS F.,_4 px OR)ER 3 TO THE "J t. 012$200 0A.11/411?_0 0 CTS 4;11z-ink, Na l.S 4:39 —DOLLARS 7,70. Page 163Paper Money Whole No. 197 ABOUT TEZaMOSTLY lifarium ftirrrilanth 3Bank PILOT POINT, TEXAS by FRANK CLARK ILOT POINT is located on a high ridge in the north- eastern corner of Denton County. The name of the community comes from a large grove of post oak tim- ber extending out into the prairie on this high ridge. Since there were no roads in the early days, people navigated by vis- ible landmarks. This grove of trees could be seen for miles, and was used by travelers as a "pilot" to mark their location. well-respected. The first cashier of the bank was C.L. Stone, a banker from Henryetta, Oklahoma, who was recruited to over- see the bank's day-to-day operations. The following is a roster of the officers throughout the bank's existence: President Vice-President D.W. Light D.W. Light, Jr. D.W. Light, Jr. G.E. Light G.E. Light Joe B. Burks Cashier Assistant Cashier C.L. Stone G.E. Light G.E. Light R.L. Massey Gordon Elmore R.A. Chance J. Earl Selz B.A. Bugby As did many banks, Farmers and Merchants Bank of Pilot Point failed during the Great Depression. The bank's directors began voluntary liquidation on November 28, 1931. On De- P S8,301 American 32-1 Exchange National Bank, DALLAS, TEXAS f Although the Farmers and Merchants Bank of Pilot Point didn't issue currency, checks with a vignette of the bank's beautiful building have survived. This one is a cashier's check signed by Cordon Elmore, directing the American Exchange National Bank of Dallas to transfer $20,000 of the Farmers and Merchants funds on deposit in that bank to the Merchants and Planters National Bank of Sherman, Texas. Hence the site and the community that later developed there became known as "Pilot Point." Pilot point was settled in 1846. In 1860 a town was plotted and laid out; by 1898 the population had grown to 2,000. Pilot Point became an important center in Denton County, reflected by the fact that there were three banks in the town at the turn of the century. The three banks were The Pilot Point National Bank, the First State Bank of Pilot Point, and the Farm- ers and Merchants Bank. This article will offer a brief history of the Farmers and Merchants Bank. Farmers and Merchants Bank opened for business on Janu- ary 2, 1896 in an elegant building on the west side of the town square. The founder and first president of the bank was Colo- nel D.W. Light, assisted by his two sons, D.W. Light, Jr., and G.E. Light. The Light family was prominent in Pilot Point and cember 1, 1931 the process was complete and another small- town Texas bank passed from the scene. The bank building itself enjoyed a brief moment of glory in the 1967 film "Bonnie and Clyde." The exterior of the build- ing was used in a scene that depicted Bonnie Parker and Clyde Barrow exiting a bank after a robbery and escaping, despite a "shootout" with authorities. Today, the bank building houses an antique shop. References Bates, E.F. (1976). History and Reminiscences of Denton County. Demon, TX: Terrill Wheeler Printing, Inc. The Federal Reserve Bank of Dallas Archives. The Pilot Point Mirror. January 10, 1896. uus NIVICE ISA LEGALTENDER • VOX TEN TOME rstUiaSIDAS.01, AMMON 3588 H.S. vtinropausKarg. Page 164 Paper Money Whole No. 197 The Starts Here A Primer for Collectors by GENE HESSLER few years ago I took the first real vacation I have had A in years. With an uncle and a mutual friend we drove through Colorado, Wyoming, Montana and New Mexico. I had not been through this part of the country for about 35 years. The scenery and surroundings reminded me why many Europeans have a love affair with western America. Driving through desolate areas, up and down mountains, and admiring bison and other large animals also reminded me of the images of the West as seen on our paper money. The Pioneer, at times called The Woodchopper, and his family on the $5 United States (legal tender) note dated 1869-1907, represents those pioneers who settled the West. This descrip- tive image was engraved by Henry Gugler (1816-1880). The Pioneer, as he looks into the distance, seems to be con- centrating on the horizon; perhaps he saw a group of Indians approaching. The most popular Indian among paper money collectors is Running Antelope, a Sioux chief of the l-lunkpapa (those who camp at the entrance) tribe. G.F.C. Smillie (1854-1924) is the engraver of this subject; he based it on a photograph by Alexander Gardner in the Smithsonian Institution. In the original photograph Running Antelope only had a few feathers in his hair. Consequently, to complete the de- sired model-image, someone had to pose for a second photograph with the headdress. This note and the $1 and $2 silver certifi cates, all dated 1899, were issued to replace the beautiful but unsuccessful silver certifi cates dated 1896 known as the educational notes. The western plains Indians and the bison, or buffalo as most Americans prefer, are inseparable in the minds of most of us. The buffalo was life to the Indians. The skin was fashioned into garments; the flesh, dried and roasted, provided nourish- ment; horns and hooves were transformed into utensils, weap- ons and figurines; lashing material and the string portion of the bow was made from tendons and sinew. There probably were 15 million buffalo roaming the West in the early 1800s. By the end of the next century the animal was approaching extinction. Hunters killed the buffalo for their hide only. From the windows of trains that were invading the home of the Indians, thousands of buffalo were shot for sport. The Indians were losing their sacred buffalo. In 1867 General Philip Sheridan was in command of the Department of the Missouri, and he conducted a campaign against the Indians. He was quoted as saying the army should "exterminate the buffalo and the Indian problem will be settled." He even suggested a bronze medallion "with a dead buffalo on one side and a discouraged Indian on the other" for buffalo hunters. Looking back, the $10 United States note with the image of a buffalo could be considered our first and only ecological bank note. With the help of Theodore Roosevelt, who had been in- fluenced by John Muir, the disappearing buffalo was placed on this note instead of a battleship, the original subject. For one of the models, a big bull buffalo named Pablo in the National Zoological Park in Washington, DC was chosen. Named after its owner, Michael Pablo from Ronan, Montana, Pablo was purchased by the National Zoo for $500 on October 23, 1897. The 2000-pound buffalo lived until October 3, 1914, when it died of old age. As part of a mounted group of buffalo in the Smithsonian, another bull was observed by the artist Charles Knight (1874- 1 953), who made a drawing from which Marcus W. Baldwin (1854-1925) made his engraving. Baldwin had trouble mak- ing a sketch of the living and moving Pablo, so Knight, who happened to walk by, offered his assistance. The note that bears the image of Pablo originally had the battleship Massachusetts in the center with portraits of United States naval heroes William Bainbridge and Steven Decatur. These portraits were replaced by those of Meriwether Lewis and William Clark. These two explorers complemented Pablo. It is often assumed that Black Diamond, the model for the five-cent piece, also served as the model for the 1901 United States note, especially since the bank note and the coin were released within twelve years of each other. Each of the three western notes de- scribed here are relatively expensive in nice condition. However, you are fortunate because each of these notes plus the original essai, with the battleship design, has been printed on Bureau of Engrav- ing and Printing souvenir cards; each is available for about $10, or less. The battleship and buffalo notes make an attrac- tive pair; they show what might have been and what came to be. (Copyright story reprinted by permission from Coin World, August 28, 1995.) 'E3 Editor's Corner O U 8 Paper Money Whole No. 197 Page 165 The President's Column The Kentucky Obsolete Notes and Script book has just been sent to all the folks who ordered copies. It looks GREAT! It will be a wonderful addition to the libraries of our members who specialize in this material, and will place a tremendous amount of information at our fingertips. Thanks to: principal author and researcher Earl Hughes; editor Steven Whitfield; Ted Hughes and Boys Town Philamatic Center for furnishing photographs; Glenn Martin for allowing many notes from his collection to be photographed; Richard Balbaton for proof- reading; and Roger Durand, who "made it all happen." If you're now the proud owner of one of these books, you have them to thank for it. We now have a good supply of Membership Applications. If you'd like a few, ask Frank Clark to send them to you; his address is listed in the front of this issue. Speaking of new members, I'm pleased to announce that an anonymous donor has provided $100 "seed money," which will be awarded to the top new member recruiter beginning NOW and running through the SPMC Breakfast at Memphis in 1999. In my mind, the two greatest contributions that an SPMC member can make to our hobby is ( I ) submitting ar- ticles to PAPER MONEY and (2) recruiting new members. Our members who care enough to expend the effort to share the fun of SPMC membership with others are incredibly valuable to all of us; perhaps a "contest" of sorts will bring out the best efforts from many members. If anyone else would care to con- tribute to this award, get in touch with me. There are several opportunities for you to attend an SPMC general meeting in the next few months: Judith Murphy will host a meeting and educational presentation during The Blue Ridge Numismatic Association Show at the Northwest Geor- gia Trade and Convention Center in Dalton, Georgia, Satur- day, August 19th at 4 p.m. (Frank Clark hosted a meeting during the National Paper Money and Historical Artifacts show at the Renaissance Dallas (Texas) North Hotel, on Saturday, August 29th.) William Millar will present "Money and the Constitution" following the SPMC breakfast on Saturday, Sep- tember 19th, at the 3rd annual Paper Money Collectors Show in the Historic Strasburg Inn, Strasburg, PA. Saturday, Septem- ber 26th, at 2:30 p.m.; there will be an SPMC membership meeting and educational program during the North Carolina Numismatic Association's annual show in Greensboro; con- tact Bob Schreiner for more information at (919) 929-7668. Ronald Horstman will make an educational presentation af- ter a brief SPMC general meeting on Saturday, October 24th, during the 13th annual National and World Money Show, held at Henry VIII Inn, near the airport in St. Louis. If you're in the neighborhood, try to attend one or more of these functions; meet some of your fellow SPMC members! AND BRING A FRIEND! This will probably be my last opportunity as editor to address the member- ship. A few months ago I decided to relinquish the editorship of our journal, PAPER MONEY. This is being done for two rea- sons. With current scan- ning and computer capabilities, one person can do the work of three, thus saving the SPMC a considerable amount of money. The second rea- son is related to my (impossible) perfectionist nature. In my original profession, music, performers are only as good as their last performance. If someone is "slipping," the news travels presto. I left music while I still had a good reputation. Now, before my editing mistakes—and there have been a few—be- come noticeable to everyone, I have decided to pass the editor's pen while I still have my reputation. Allow me to say how cover illustrations were selected. If the provided illustrations, due to quality, could not be enlarged to the appropriate size, or, if none of the illustrations were visually "right" for the cover, which would relate to an article, I went to my personal photo file. Alternatives were engraved portraits or images that related to anniversaries. For some is- sues I spent hours trying to find something for the cover rather than having a blank oval. The result, some covers were better than others, but it was not for a lack of trying to have a timely and attractive cover. At the last minute it became impossible for me to attend the Memphis show. Since the minutes of the board meeting are included in this issue, I have the opportunity to respond to the displeasure of one board member. A pejorative, deleted from the minutes, was used, which denigrated the value of PAPER M ONE Y. Since I was not present to defend "our" magazine I will take this opportunity to say what would have been in the minutes. During the 14 years as editor all editing and rewriting was clone to make all authors look good and the magazine as in- teresting as possible. It would be editorial suicide to do other- wise: my name is in each issue. I have tried to please everyone but know that is impossible. We all know about trying to "please all the people ...." This prompts me to relate a story about George Bernard Shaw when he made an appearance in Albert Hall in London. When he completed his lecture the capacity crowd leaped to their feet and cried "bravo, bravo!" One man in the front row cupped his hands around his mouth and shouted "b000000." Shaw leaned toward the man and said, "even if I agreed with you, who are we against so many?" For their production assistance I wish to publicly thank Mary Lou Stubbolo, Doug Oswell and Gretchen Wagner, a magi- cian with a copy camera. I have done my utmost to make "our" journal the prize-winning publication that it is. I inherited the editorship from the extremely competent hands of Barbara Mueller. Now PAPER MONEY is in the hands of Marilyn A. Page 166 Paper Money Whole No. 197 Reback, a dedicated and highly-qualified editor. I'm proud to say that I selected her to succeed me. For the next year, at least, I will remain as contributing editor, however Marilyn is now the boss. She has my support, please give her yours. I will continue to submit articles to PAPER MONEY and serve as a member of the board, if re-elected in the future. Thanks to all the authors and to the members who, during the past decade, expressed their approval and appreciation. Good health, good fortune, and happy collecting. Mea Culpa, Mea Culpa I failed to put the name of Ed Fritz on the scripts for the History of Paper Money slide set. The $200 that Mr. Fritz con- tributed paid for a major portion of this project, consequently he should have been recognized. Ed, your name is now on all four copies of the script. Members who wish to borrow this slide set should contact our librarian Roger Durand. SPMC Member Awards. Literary awards for 1997 were presented on June 20 at the Memphis International Paper Money Show by Wendell Wolka. For articles in PAPER MONEY, vol. XXXVI: 1, John Martin Davis, Jr. "The Last Bond of the Lost Cause" in No. 190; 2, David G. Gladfelter and William S. Dewey for "Bergen Iron Works Script" in No. 189; 3, Peter Huntoon for "U.S. Small- Size $5 Mules" in No. 192. The recipient of the Dr. Glen Jackson Memorial Award was Mark Tomasko for "A Review of the Work of John S. Wallace" in PAPER MONEY, No. 190. An Award of Merit went to Don C. Kelly for his revised book, National Bank Notes. Brent Hughes received the Bank Note Reporter Nathan Gold Memorial Award. Frank S. Viskup, Jr. earned and received the SPMC Membership Recruiter Award. Ron Yeager & Wendell Wolka. A plaque from the Memphis Coin Club was made available to each exhibitor. The SPMC Best of Show Award went to Ron Yeager for "The First 100 National Banks Chartered." Benny Bolin & Wendell Wolka. Benny Bolin captured the prestigious Julian Blanchard Award for "South Carolina Vignettes, Proofs and Specimens." For "Courtesy Autographs on Fractional Currency" Thomas F.X. O'Mara received the Bank Note Reporter Most Inspirational Award. The Fractional Currency Collectors Board presented three awards: 1, Robert Laub for "William Pitt Fessenden—The Maine Man"; 2, Douglas K. Hales for "Examples of Fractional Currency Plate Proofs, Die Proofs & Essays"; 3, Benny Bolin for "Notes on Fractional Notes." The Amon Carter, Jr. Award, presented by the I BNS went to Larry Smulczenski for "The Bank Notes of the Berlin Wall." The Souvenir Card Collectors Society presented the Jim 'Thompson Memorial Award to Ray Ellenbogen for "The Early Souvenir Cards of the ANA." Bob Cochran & Dave Harper. SPMC president Bob Cochran was added to the Numis- matic Ambassador list by Krause Publications. Congratulations to all. Dave Harper was the presenter. At the Mid-America Coin Expo in Milwaukee, Board Mem- ber Raphael Ellenbogen was also named a Numismatic Am- bassador. Congratulations to Bob and Ray! SPMC MEETINGS Judith Murphy will host a SPMC meeting and educational pro- gram at the annual North Carolina Numismatic Association convention. It will be held at the Village Green, 310 W. Meadowview, Greensboro, NC on Sept. 26 at 2:30 p.m. I I ugh Shull, paper money dealer from Camden, SC, will speak on "Collecting Confederate Paper Money at a PCDA-sponsored meeting at the National and World Paper Money Convention in St. Louis. (See convention ad.) Society of Paper Money Collectors Annual Board Meeting 20 June 1998 Holiday Inn Crowne Plaza Memphis, Tennessee Meeting called to order by President Bob Cochran at 8:05 a.m. Present: Bob Cochran, president; Frank Clark, vice president; Mark Anderson, treasurer; Ray Ellenbogen, Milt Friedberg, Ron Paper Money' Whole No. 197 Page 167 Horstman, Judith Murphy, Stephen Taylor, Steve Whitfield, Wendell Wolka, governors; Roger Durand, Guy C. Kraus, Michele Orzano, Marilyn Reback, Fred Reed, Greg Ruby, mem- bers and guests. Governor and Editor Gene Hessler was absent due to illness. President read from Secretary's report, approximately 1,750 active members. Minutes of previous meeting approved President introduced new SPMC Secretary Fred Reed. [Note: New address for correspondence is SPMC, c/o Fred Reed, P.O. Box 793941, Dallas, Texas 75379-3941.] Treasurer's Report circulated As of 4/30/98 society's assets were approximately $171,000, with expenses approximately $44,000 annually. Treasurer reported a net annual shortfall for operating expenses of approx. $11,000. He also indicated less flexibility in managing Society funds due to the commit- ted Life Membership Fund. Life membership fees were recently increased from $300 to $500 to support this liability. Treasurer proposed a Society Investment Policy. Discussion centered on the suitability for Society purposes of government and commercial notes. It was moved and approved to autho- rize the Treasurer to invest funds in commercial paper. This policy is to be reviewed on an annual basis. President reported that long-time PAPER MONEY Editor Gene Hessler had requested to be relieved of those duties at the end of the year. Cochran then introduced new Editor Marilyn Reback, a senior editor for ANA' s The Numismatist. President indicated that Hessler would continue to serve as advisor to the publication. Vice President Clark circulated the Membership Report. For the period Nov. 1, 1997, to June 8, 1998, new members to- taled 117. Principal recruiters for the period were Frank Viskup of Stanley Morycz (21), Frank Clark (13), Bob Cochran (12), Torn Denly (10), Gene Hessler (7), Ray Ellenbogen (6), Judith Murphy (6), Dean Oakes (5) and Hugh Shull (5). Also re- ported were 78 new Life Members. Ray Ellenbogen reported on his membership retention ef- forts soliciting former members. Over two years, an attempt was made to contact more than 400 past members resulting in 28 renewals. President and board indicated extreme plea- sure with the effort. Steve Whitfield reported on the Wismer Obsolete Note Book Publishing Project. The Kentucky book is at the printer. This first by subscription-only effort garnered 285 orders. Economics enabled the books to be hard bound instead of soft bound, as advertised. Several governors expressed pleasure that the Soci- ety would not be burdened with unsold books. Whitfield introduced dealer Guy C. Kraus, past president of the Mississippi Numismatic Association, who had submitted a manuscript for an updated book on Mississippi obsoletes. This work would replace the 1975 SPMC book by L. Candler Leggett. It was suggested that the new work would have six times the number of notes and varieties listed in the previous book. Kraus also has compiled a companion effort on Mississippi checks which was also offered for publication. After discussion, board approved proceeding with cost estimates on both books. Librarian Roger Durand reported on library activity, includ- ing lending of slide series prepared by Gene Hessler. Regional Meeting Coordinator Judith Murphy reported arrangements for an SPMC breakfast scheduled for the September Strasburg, PA show. She voiced appreciation for the cooperation extended by the various show directors, singling out ANA Convention Coordinator Ruthann Brettell and Memphis Show Chairman Mike Crabb. Under New Business, Mark Anderson reported on a forth- coming lecture series jointly sponsored by the European Ameri- can Bank and the New York 1-listorical Society. This free series, with receptions, will feature noted syngraphic authorities John Herzog on the history of banking in New York, Doug Ball on northern market activity during the Civil War, and Allen Mincho on banking a century ago when the boroughs joined together as a unified New York City. Judith Murphy indicated a similar cooperative effort was being planned with the Museum of the New South in Char- lotte, NC. A demonstration of the new SPMC World Wide Web site was conducted by webmaster Glen Johnson and Wendell Wolka. This colorful, informative web site was programmed by computer programmer Johnson, with content provided by Wolka. The site may be reached at by members and non-members alike. In addition to a homepage outlining membership benefits, the site provides a down- loadable application, a FAQ (frequently asked questions) page with a link to a listing of spurious facsimile notes, a listing of upcoming events, a synopsis of recent PAPER MONEY maga- zine articles with author's guidelines, updates on society news, links to society officers for fielding inquiries, a resource page of additional organizations and periodicals, as well as names and addresses of SPMC officers for further inquiries by mail. An extended discussion ensued on the preparation and pub- lication of the society journal, Paper Money. Costs for the pub- lication for editorial, production, printing and postage average approx. $6,900/issue. These issues are being prepared conven- tionally. Gene supplies typed copy to the printer, which is then typeset, laid out and returned for approval. This method is relatively costly, time consuming and laborious. Included in these costs are the $600/issue salary of the editor and addi- tional funds paid two contractors. The Society would benefit under the new arrangement because Marilyn would produce camera-ready flats using computer desk top technology. This would save production costs at the printer. Editor Reback's salary for this turnkey effort was approved at $1,250/issue. Cochran read a letter from veteran Editor Hessler, requesting to be continued on a paid consulting basis. New Editor Reback said she would welcome such an arrangement and resource. In honor of his excellent service to the Society and his syngraphic expertise, it was unanimously approved to continue the former editor in this role for a period of one year on a per page basis not to exceed $200/issue. The net effect of these changes was projected by the SPMC treasurer to save the soci- ety approx. $1,000/issue in the future. Transition of editors will proceed during the remainder of 1998, with the first issue produced by Reback to be the Jan/Feb 1999 issue. A general discussion of publication content ensued. Gover- nor Horstman, in particular, was extremely critical. He ques- tioned cover subjects which were irrelevant to issue content. He also objected to articles which were heavy on superficial data and light on syngraphic details. Several board members, including the Society President, opined that content was de- pendent on submissions from volunteers. Others suggested reprinting worthy articles from outside media, which is already being done to some extent. Still others reflected the difficulty of producing a general publication for a society of specialists. The new editor indicated an eagerness for quality submissions. Advertising also came under scrutiny. Horstman wanted to know why notes weren't being advertised in the publication. Dealers present said they could not afford to advertise collec- Page 168 Paper Money Whole No. 197 tions in Paper Money and sit on the notes for many months in the hope they would sell. This long lead time for the bimonthly journal precludes anything but general institutional, image and buying ads, as well as slow turnover ads for books and sup- plies. It was concluded the journal could not compete for timely advertising with the commercial periodicals. The President appointed the Secretary to the Board of Gov- ernors. There being no further business, the meeting was adjourned at approximately 9:55 for attendance at the annual general membership meeting. Respectfully submitted, Fred Reed, SPMC Secretary, (if you have e-mail, please send e-mail address.) NEW MEMBERSHIP COORDINATOR NEW MEMBERS 9506 Joseph M. Palmieri, 10004 Madronawood Dr., Laurel, MD 20708-3162; C, Frac. & sm.-size notes. 9507 Archibald Irizarry, P.O. Box 4417, Vega Baja, PR 00694-4417; C, Latin America, $2 U.S. notes. 9508 John Hawken, 6169 St. Andrews Rd., #133, Columbia, SC 29212; C. 9509 lames R. Weiland, 73 Canterbury Rd., Aurora, IL 60506; C. 9510 John C. Bow, 7411 Bridle Dr. 646-0185, Nashville, TN 37221; C. 9511 Kevin John Hill, 10944 San Pablo Ave. #432, El Cerrito, CA 94530; C, Frac. NBN, sil. certs. 9512 Anthony 1. Dennis, P.O. Box 837, South Windsor, CT 06074; C, C.S.A. bonds, colonial, CT obsoletes. 9513 Anthony Sindoni, 250 S.W. 16th St., Pompano Beach, FL 33060; C, world notes. 9514 Arthur V. Udovich, 330 Sunset Dr., Flushing, MI 48433; C, U.S. 9515 lames L. Kalp, 100 Barbara Dr., Clarks Summit, PA 18411-1920; C, lg.-size and obsoletes. 9516 Edward Close, 684 E. Reeceville Rd., Coatesville, PA 19320; C, C.S.A. 9517 Richard Gittis, 1804 Chestnut St., Philadelphia, PA 19103; C&D. 9518 Mark Rabinowitz, 180 Mar Len Dr., Melbourne Beach FL 32951; C. 9519 Howard Weiner, 207 Cotter Ave., Staten Island, NY 10306; C. 9520 John J. Statkum, 13 Oneida Circle, Nashua, NH 03060; C&D, U.S. 9521 August Guarniere, 152-72 Melbourne Ave. Apt. 6F, Flushing, NY 11367-1441; C&D. 9522 Brian F. Blackwell, 700 E. Ash Lane #14307, Euless, TX 76039. 9523 Keith Stout, 7810 Pencross Ln., Dallas, TX 75248-3109; C&D, U.S. lg.-size & C.S.A. 9524 David Jorgensen, 764 Kilkenny Ct., Sunnyvale, CA 94087; C. 9525 Bob Young, 1058 Hickman Rd., Augusta, GA 30904-6322; C, obsoletes. 9526 Darryl R. Grove, P.O. Box 226, Boiling Springs, PA 17007; C, postal & frac. currency. 9527 Thomas H. Mars, 561 W. Parkside Dr., Palatine, IL 60067-9033; C. 9528 John S. Lenz, 932 N. Poplar St., Waukegan, IL 60085; C, obso- lete & type notes. 9529 Vernon P. Brown, 809 U.S. 23, Waverly, OH 45690; C, U.S. lg.- size. 9530 Walter]. Kramarski, Box 4255 RFD, Long Grove, IL 60047; C. 9531 Harry K. McCord, 5924 Tilbury Rd., Alexandria, VA 22310-1624; C, $2 notes. LM291 William L. McNease, 24444 W. Valencia Blvd., #1104, Valencia, CA 91355; address change. LM318, Ed Chauncey, 4412B 50th St. Suite 1, Lubbock, TX 79414; D, converted from 5847. lmonp3A! mart Paper Money will accept classified advertising from members only on a basis of 156 per word, with a minimum charge of 53.75. '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 pay- able to the Society of Paper Money Collectors, and reach the Editor, GenelIessler, P.O. Box 31144, Cincinnati, 01-145231 by the first of the month preceding the month of issue (i.e. Dec. 1 for Jan./Feb. issue). Word count: Name and address will count as five words. All other words and abbreviations, figure combina- tions 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 ERN block letters, $1 SC, U.S. obsolete. lohn W. Member, 000 Last St., New York, N.Y. 10015. (22 words: $2: SC: U.S.: FRN counted as one word each) OLD STOCK CERTIFICATES! Catalog plus 3 beautiful certificates $8.95. Also buy! Ken Prag, Box 14817-PM, San Francisco, CA 94114. (415) 586-9386. (198) MASSACHUSETTS LARGE- AND SMALL-SIZE NATIONAL BANK NOTES WANTED from Buzzards Bay, Edgartown, Falmouth, Hanvich, Hyannis, Nantucket, Tisbury, Provincetown and Yarmouth. Frank Bennett, P.O. Box 8722, Port St. Lucie, FL 34985. (197) WW II MILITARY CURRENCY MY SPECIALTY! Periodic price lists for 554 SASE; MPC, Philippine Guerilla, Japanese invasion, world coins-paper-stamps, U.S. coins-paper-stamps, Confederate, obsoletes, FRN, stocks-bonds. 702-753-2435. Edward B. Hoffman, P.O. Box 6039- 5, Elko, NV 89802-6039. (199) STOCKS & BONDS wanted! All types purchased including railroad, mining, oil, zoos, aviation. Frank Hammelbacher, Box 660077, Flushing, NY 11366. (718) 380-4009 (fax 718-380-4009) (norrico@ (205) STOCK CERTIFICATES, BONDS, 40-page list for two 3211 stamps. 50 different $25; three lots $60. 15 different railroads, most picturing trains $26, three lots $63. Clinton Hollins, Box 112, Dept. P. Spring- field, VA 22150-0112. (208) WANTED: ORIGINAL ART used for Bank note engraving. John Jack- son, P.O. Box 4629, Warren, NJ 07059, 908-604-4841. (A) WANTED OHIO NBNs. Please send list. Also, want LOWELL, TYLER, RYAN, WHITNEY, JORDAN, O'NIELL. Thanks for your help. 419-865- 5115. Lowell Yoder, POB 444, Holland, OH 43528. (207) WANTED: STOCKS AND BONDS. Railroad, Mining, City, State, CSA, etc., etc. Also wanted Obsolete and CSA Currency. Always Paying Top Dollar. Richard T. Floober, Jr. P.O. Box 3116, Key Largo, FL 33037. Phone or FAX (305) 853-0105. (203) Frank Clark P.O. Box 117060 Carrollton, TX 75011 GOLDS IRTI FICATE " X 44/4:1 .t411 /X ///////./ D70990 .eallaildfaigfireZ41 THAR, G■Efl,fritirlitA MAT /X te ///xe // /74, ////4/(// 7D 0990 zeinamexacivvd.Lum, SY 0010DMMAIM r`if KoLeLcIY-2,..c. aN929 X435 EM'PelY9,1( (+1,1 ,D=.11/i/J.44 I*ZaCV&VF4, CMCDkEtte /X/i/ //,;(/ "6e,, te(24. leti f\f'929443 TAM/ tarft. (t)14110911W4 1.11):LI ///// //, X /X/ SUPERB UNITED STATES CURRENCY FOR SALE SEND FOR FREE PRICE LIST BOOKS FOR SALE COMPREHENSIVE CATALOG OF U.S. PAPER MONEY by Gene Hessler. 6th Edition. Hard cover. 579 pages. The new Edition. $32.00 plus $3.00 postage. Total price $35.00. THE ENGRAVERS LINE by Gene Hessler. Hard cover. A complete history of the artists and engravers who designed U.S. Paper Money. $75.50 plus $3.50 postage. Total price $79.00. NATIONAL BANK NOTES by Don Kelly. The new 3rd Edition. Hard cover. Over 600 pages. The new expanded edition. Gives amounts issued and what is still outstanding. Retail price is $100.00. Special price is $65.00 plus $4.00 postage. Total price $69.00. U.S. ESSAY, PROOF AND SPECIMEN NOTES by Gene Hessler. Hard cover. Unissued designs and pictures of original drawings. $14.00 plus $2.00 postage. Total price $16.00. Stanley Moryez P.O. BOX 355, DEPT. M • ENGLEWOOD, 011 45322 937-898-0114 Page 170 Paper Money Whole No. 197 CHECK THE "GREENSHEET" GET 10 OFFERS THEN CALL ME (OR WRITE) FOR MY TOP BUYING PRICES The Kagin name appears more often than any other in the pedigrees of the rarest and scarcest notes (U.S. Paper Money Records by Gengerke). BUY ALL U.S. CURRENCY Good to Gem Unc. I know rarity (have handled over 95% of U.S. in Friedberg) and condition (will pay over "ask" for some) and am prepared to "reach" for it. Premium Prices Paid For Nationals (Paying 2 to 3 times "book" prices for some). I can't sell what I don't have Pay Cash (no waiting) No Deal Too Large A.M. ("Art") KAGIN 910 Insurance Exchange Bldg. Des Moines, Iowa 50309 (515) 243-7363 Fax: (515) 288-8681 At 78 I can't afford to wait — Currency Dealer Over 50 Years I attend about 25 Currency-Coin Shows per year Visit Most States (Call, Fax or Write for Appointment) Collector Since 1928 Professional Since 1933 "Founding Member PNG, Pres, 1963-64 ANA Life Member 103, Governor 1983-87 ANA 50-Year Gold Medal Recipient 1988 BUY EVERYTHING All U.S., Uncut Sheets, Errors Star *, Special Numbers, etc. VitifOSIO, lour Hometown Currency Headquarters Top prices paid for National Currency Collections. Large-Size Type Notes. All Florida Currency and Scrip Largest Inventory of National Currency & Large Size Type Notes! Interested? Call 1-800-327-5010 for a Free Catalog or write Rare Coins & Currency "Since 1967" P.O. Box 177, Boca Raton, FL 33429-0177 Page 171Paper Money Whole No. 197 EARLYof ,, ,c , .>_,.4- ,, s,. %.. .,. AMERICAN, ,40 ... F\* NUMISMATICS 4,..,4.-- . *619-273-3566 COLONIAL & CONTINENTAL CURRENCY SPECIALIZING IN: SERVICES: q Colonial Coins q Portfolio q Colonial Currency Development q Rare & Choice Type q Major Show q EARLY Coins Coverage o Pre•1800 Fiscal Paper q Auction We maintain the LARGEST ACTIVE INVENTORY IN THE WORLD! o SEND US YOUR LISTSWANT FREE PRICE . LISTS AVAILABLE. AMERICAN NUMISMATICS c/o Dana Linett q Encased Postage Stamps Attendance ■ P.O. Box 2442 ■ LaJolla, CA 92038 ■ 619-273-3566 Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS You're Invited to the . . . . 13th Annual National and World Paper Money Convention Thursday—Sunday, October 22-25, 1998 Henry VIII Hotel, 4690 North Lindberg Blvd., St. Louis, Missouri * 100 Booth All Paper Money and Related Collectables Bourse Area * Currency Auctions of America Sale * Complimentary Airport Van Service * Educational Programs * Club Meetings Paper Money Show Hours Thursday, October 22 12 Noon-6 PM Auction Sessions: Friday, October 23 10 AM-6 PM Friday, October 23 5PM Saturday, October 24 Sunday, October 25 10 AM-6 PM 10 AM-1 PM Saturday, October 24 5PM Hotel Reservations To book a room at the Henry VIII event site call the hotel at (800)325- 1588 and ask for the special National and World Paper Money Conven- tion rate: Rooms: $65 Single / $70 Double Suites: S75 Single / $80 Double General Chairman: Ronald Horstman P.O. Box 2999, Leslie, MO 63056 (573) 764-4139 Auction Lot Viewing Wednesday, October 21 • Thursday, October 22 (Auction lot viewing Wednesday all day and Thursday prior to 12 noon restricted to booth holders) Friday, October 23 • Saturday, October 24 Bourse Applications: Kevin Foley—Bourse Chairman P.O. Box 573, Milwaukee, WI 53201 (414) 481-7287; FAX: (414) 481-7297 Show Hours: Thursday, February 18 (Professional Preview—$25) Friday, February 19 Saturday, February 20 Sunday, February 21 2 p.m.-6 p.m. 10 a.m.-6 p.m. 10 a.m.-6 p.m. 10 a.m.-2 p.m. 5th ANNUAL CHICAGO PAPER MONEY EXPO Friday, Saturday, Sunday February 19-20-21,1999 Ramada O'Hare Hotel 6600 North Mannheim Road Rosemont, Illinois 100 Booth Bourse Area * Major Paper Money Auction * Society Meetings Hotel Reservations: Please call the Ramada Hotel O'Hare directly at (847) 827-5131 and ask for the special Chicago Paper Money Expo rate of $85 S/D. * Educational Programs Complimentary Airport Shuttle * Complimentary Hotel Guest Parking The Chicago Paper Money Expo is sponsored by Krause Publications, the World's Largest Publisher of Hobby Related Publications, including Bank Note Reporter & Standard Catalog of United States Paper Money. Bourse Information: Kevin Foley P.O. Box 573 • Milwaukee, WI 53201 (414) 481-7287 • FAX (414) 481-7297 , , .0011104',iLl Rs:* Page 1 72 Paper Money Whole No. 197 Buying & Selling National Bank Notes, Uncut Sheets, Proofs, No. 1 Notes, Gold Certificates, Large-Size Type Error Notes, Star Notes. Commercial Coin Co. P.O. Box 607 Camp Hill, PA 17001 Phone 717-737-8981 Life Member ANA 639 luktplig-" THE CAMP HILL MATIOMAL BAK CAMP HILL PENNSYLVANIA it.LPKY TO na III•17LP FIVE DOLLARS F000126A 266' PHILLIP B. LAMB, LTD. CONFEDERATE STATES OF AMERICA, HISTORICAL CONNOISSEUR Avidly Buying and Selling: CONFEDERATE AUTOGRAPHS, PHOTOGRAPHS, DOCUMENTS, TREASURY NOTES AND BONDS, SLAVE PAPERS, U.C.V., OBSOLETE BANK NOTES, AND GENERAL MEMORABILIA. Superb. Friendly Service. Displaying at many - major trade shows. PHILLIP B. LAMB P.O. Box 15850 NEW ORLEANS, LA 70175-5850 504-899-4710 QUARTERLY PRICE LISTS: $8 ANNUALLY WANT LISTS INVITED APPRAISALS BY FEE. THE FIRST NATIONAL BANK OF LE SUEUR 17*- mnomiots •P.; FIVE IMLLARS 0000179$ VIVI_ ;I' leAutti\ 0000179$ I COLLECT MINNESOTA OBSOLETE CURRENCY and NATIONAL BANK NOTES Please offer what you have for sale. Charles C. Parrish P.O. Box 481 Rosemount, Minnesota 55068 (612) 423-1039 SPMC LM114 - PCDA - LM ANA Since 1976 MYLAR D CURRENCY HOLDERS PRICED AS FOLLOWS BANKNOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 43/4 x 2 3/4 $17.75 $32.50 $147.00 $255.00 Colonial 51/2 x 311 1 , 18.75 35.00 159.00 295.00 Small Currency 6 5I8 x 2 718 19.00 36.50 163.00 305.00 Large Currency 7718. 31/2 23.00 42.50 195.00 365.00 Auction 9 x 33/4 26.75 50.00 243.00 439.00 Foreign Currency 8 x 5 30.00 56.00 256.00 460.00 Checks 95/8 x 41/4 28.25 52.50 240.00 444.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 83/4 a 141/2 $13.00 $60.00 $100.00 $230.00 National Sheet Side Open 81/2 x 171/2 25.00 100.00 180.00 425.00 Stock Certificate End Open 91/2 a 121/2 12.50 57.50 95.00 212.50 Map and Bond Size End Open 18 a 24 48.00 225.00 370.00 850.00 You may assort noteholders for best price (min. 50 pcs. one size). You may assort sheetholders for best price (min. 5 pcs. one size) (min. 10 pcs. total). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar DS is a Registered Trademark of the Dupont Corporation. This also applies to uncoated archival quality Mylar0 Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp., Melinex Type 516. DENLY'S OF BOSTON P.O. Box 1010 617-482-8477 Boston, MA 02205 ORDERS ONLY: 800-HI-DENLY FAX 617-357-8163 Page 173 Paper Money Whole No. 197 BOOKS ON PAPER MONEY & RELATED SUBJECTS The Engraver's Line: An Encyclopedia of Paper Money & Postage Stamp Art, Hessler $85 Comprehensive Catalog of U.S. Paper Money Errors, Bart 35 The Comprehensive Catalog of U.S. Paper Money, Hessler 40 U.S. Essay, Proof & Specimen Notes, Hessler 19 The Houston Heritage Collection of National Bank Notes 1863-1935, Logan 25 National Bank Notes, Kelly 45 U.S. National Bank Notes & Their Seals, Prather 40 Paper Money of the U.S., Friedberg. 14th edition 24 Prisoner of War & Concentration Camp Money of the 20th Century, Campbell 35 Small-Size U.S. Paper Money 1928 to Date, Oakes & Schwartz. Softbound 25 World Paper Money, 7th edition, general issues 55 World Paper Money, 7th edition, specialized issues 60 10% off five or more books / $3 for one book, $4 for two books, $5 for three or more books. All books are in new condition & hardbound unless otherwise stated. CLASSIC COINS — P.O. BOX 95 — Allen, MI 49227 CANADIAN BOUGHT AND SOLD • CHARTERED BANK NOTES. •DOMINION OF CANADA. •BANK OF CANADA. • CHEQUES, SCRIP, BONDS & BOOKS. FREE PRICE LIST CHARLES D. MOORE P.O. BOX 5233P WALNUT CREEK, CA 94596-5233 (925) 946-0150 Fax (925) 930-7710 LIFE MEMBER A.N.A. #1995 C.N.A. #143 C.P.M.S. #11 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 BUYING / SELLING: OBSOLETE CURRENCY, NATIONALS, U.S. TYPE, UNCUT SHEETS, PROOFS, SCRIP. Periodic Price Lists available: Obsoletes ($3 applicable to order), Nationals, & U.S. Large & Small Size Type. PHONE or FAX BARRY WEXLER, Pres. Member: SPMC, PCDA, ANA, FUN, GENA, ASCC (914) 352.9077 • 1N C. P.O. BOX 84 • NANUET. N.Y 10954 Page 174 Paper Money Whole No. 197 Million Dollar Buying Spree Currency: Nationals MPC Lg. & Sm. Type Fractional Obsolete Foreign Stocks • Bonds • Checks • Coins Stamps • Gold • Silver Platinum • Antique Watches Political Items • Postcards Baseball Cards • Masonic Items Hummels • Doultons Nearly Everything Collectible 809 EST 1960 " %le AilifOatit04" COIN SHOP INC SEND FOR OUR COMPLETE PRICE LIST FREE 399 S. State Street - Westerville, OH 43081 1-614-882-3937 1-800-848-3966 outside Ohio Cn) 6,..W•ILL. A(iiAT) we Member 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 .0 . BOX 2395 WEST LAFAYETTE, IN 47906 SPMC #2907 ANA LM #1503 Paper Money Whole No. 197 Page 175 WANTED ALL STATES ESPECIALLY THE FOLLOWING: TENN-DOYLE & TRACY CITY: AL, AR, CT, GA, SC, NC, MS, MN. LARGE & SMALL TYPE CONFEDERATE. WRITE WITH GRADE & PRICE. ALSO SEND (WANT LIST) FOR LARGE & SMALL TYPE NOTES SEND FOR LARGE PRICE LIST OF NATIONALS— SPECIFY STATE DECKER'S COINS & CURRENCY P.O. BOX 250, BLAINE. TN 37709 (423) 932-9677 SPMC LM-120 ANA 640 FUN LM-90 Bank History Books • Published Bank Histories, over 200 Different, from Almost all States, and Canada, 1882 to the Present. • State and Regional Banking Histories, over 40 Different, mid-1800's to 1920's • Bank Directories & RR Manuals, Occasionally • Research Materials, Collateral Items for your Paper Money or Check Collection • Inquire by Author, Bank Name, or State of Interest OREGON PAPER MONEY EXCHANGE 6802 SW 33rd Place Portland, OR 97219 (503) 245-3659 Fax (503) 244-2977 WANTED WISCONSIN NATIONALS r...11Ill:riT:'7::: ltJ:fzlr15,41:t."s,,H 34:::74 i::: a .1:400sWomatv,-.Faleth.,- '''''''"X;,;,,,/z=7(.ecettil C. Keith Edison P.O. Box 845 Independence, WI 54747-0845 (715) 985-3644 FAX (715) 985-5225 PAYING TOP DOLLAR FOR ALL MISSOURI NATIONALS! Need all Denominations and Types from Missouri Ask for J.L. Laws The Scotsman 11262 Olive Blvd. St. Louis, MO 63141 1-800-642-4305 Fax: 1-314-692-0410 Buying & Selling Foreign Banknotes Send for Free List William H. Pheatt 6443 Kenneth Ave. Orangevale, CA 95662 U.S.A. Phone 916-722-6246 Fax 916-722-8689 INTERNATIONAL BANK NOTE SOCIETY MEMBERSHIP DUES & FEES The current annual dues, in U.S. Dollars and U.K. pounds, are: Regular Membership $ 17.50 L 11.00 Family Membership 22.50 14.00 unior Membership 9.00 5.50 Life Membership 300.00 187.50 Euro Cheques, add .50 For applications for all categories of membership contact: Milan Alusic P.O. Box 1642, Racine, Wisconsin 53401 U.S.A. (414) 554-6255 Page 176 Paper Money Whole No. 1 97 Always Wanted Monmouth County, New Jersey Obsoletes - Nationals - Scrip Histories and Memorabilia Allenhurst — Allentown — Asbury Park — Atlantic Highlands — Belmar Bradley Beach — Eatontown — Englishtown — Freehold — Howell Keansburg — Keyport — Long Branch — Manasquan — Matawan Middletown — Ocean Grove — Red Bank — Sea Bright — Spring Lake N.B. Buckman P.O. Box 608, Ocean Grove, NJ 07756 800-533-6163 Fax: 732/922-5055 WORLD PAPER MONEY specialized in Poland, Russia E.Europe visit us: Buy Set Free Price ListE Torn Sluszkiewiez • IL O.Box 54521, Middlegate Postal BURNABY, B.C., CANADA, V5E 4J6 • U OBSOLETE NOTES •• • • • ■ Also C5A, Continental & Colonial, Stocks & •• ■ Bonds, Autographs & Civil War Related • ■ •Material . ■ ■ LARGE CAT. $2.00 Ref.• ■■ • Always Buying at Top Prices ■ • • • ■ RICHARD T. HOOBER, JR. ■■ ■ P.O. Box 5116, Key Largo, FL 33037 • ■ •FM or Phone (305) 853-0105 ■ U NW). "E'.E• Ittnit ,.,=Z9!EalSt_ iaijfjW444*-ai4 Montle:in Wonat Baia clinumornours ealize Top Market Price for Your Paper Money! The currency market is hot! In recent months we have seen a tremendous amount of buying activity and invite you to jump on the bandwagon. Consider selling your important notes and currency items in one of our upcoming auctions to be held in New York City or in conjunction with the Suburban Washington/Baltimore Convention. The same bidders who helped set world record prices in our recent sales will compete for your currency items as well. Call Q. David Bowers, Chairman of the Board, or John Pack, Auction Manager, at 1-800-458-4646 to reserve a space for your material. We can even provide a cash advance if you desire. It may be the most financially rewarding decision you have ever made. A cut sheet of four $10 Legal Tender notes. F-123 in Average New to Choice New realized $17,600. A $5 Federal Reserve Bank note. F-782* in EF realized $7,150. A $10 Silver Certificate. F-1700 in Gem New realized $8,800. A $100 One-Year Note, believed to be unique, realized $8,250. An Interest Bearing $5,000 Proof Note realized $11,000. An Uncirculated Lazy Two $2 note from the State of Missouri, Town of California realized $4,840.Auctions by Bowers and Merena, Inc. Box 1224 • Wolfeboro, NH 03894 • 800-458-4646 • FAX: 603-569-5319 • 17t edition STANDARD CATALOG OF Upited States Paper Morey By Chester L. Krause and Robert F. Lemke Robert E. Wilhite, Editor NATIONAL BANK NOTES • LARGE & • FRACTIONAL CURRENCY • ERROR •POSTAGE STAMP ENVELOPES • ENC •PHILIPPINE ISLANDS COMMONWEALTH ISSUES • PRE-O" WAR U.S. NOTES • GUIDE' O AUTHENTICITY ESSE1\T1 1 A L P/A1::1 -1 OF YOUR PA PER 1 /1 NEY CO1 FCI I ON 186 years of paper money in three grades of condition 200 high-definition Photos for positive identification Valuations for over 10,000 currency items Hardcover • 8-1/2 x 11 • 248 pages 600 b&w photos • SP17 • $24.95 Avail. 9/98 • Essential information on design, authenticity, signers, illustrators and more STANDARD CA_ \LOG OF U.S CAPER MONEY 17th Edition Edited by Robert E. Wilhite The information you need at your fingertips! Small notes, large notes, national bank notes, U.S. Treasury notes, Civil War substitutions, postage stamp envelopes, error notes and more are all cataloged. Buy and sell in today's growing paper money market with confidence. Information can be found quickly and easily with categories listed by denomination rather than obligation. More than 5,000 currency items in one place will save you hours of frustrating time and research. Fully updated with well over 10,000 valuations, and a detailed 15-page guide to authentication. To order by mail send selection list and quantity with payment to: Credit Card Calls Toll-freee KRAUSE PUBLICATIONSBook Dept. N82S700 E. State St., Iola, WI 54990-0001 Please add appropriate book post shipping, handling and state tax charges as follows: $3.25 1st book; $2 ea. add'1. Call for Overnight or UPS delivery rates. Foreign addresses $15 per shipment plus $5.95 per book. Sales tax: WI residents 5.5%, 11 residents 6.5%. 800-258-0929 Dept. N82S Monday-Friday, 7 a.m. - 8 p.m. Saturday, 8 a.m. - 2 p.m., CT Visit our secure web site: