Paper Money - Vol. XXXI, No. 1 - Whole No. 157 - January - February 1992

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-••■••"' 1 VOL. XXXI No. 1 WHOLE No. 157 FIRST LAND socwrnnsmg Z notn Med*S rwised and new VEPQAL DC04 COVi. *.a45 awaharthes flat phoixn.i*Otalri.g feet' lt,otions.theaugNoot Spe(laii2tX1 issues MasterCard or VISA customers call toll-free 800-258-0929 6:30 am - 8 pm, Mon.-Fri., 8 am - 2 pm, Sat., CST. Non-orders please use our regular business line, 715-445-2214. I li‘e ilable Moed P st d now SpecitiiOI ry-0 Publisher's Money-Back Guarantee If not completely satisfied, return within 14 days for a refund. Available from your favorite hobby shop or direct from the publisher. Yes! send me Pick's new specialized paper money volume I Please send me copy(ies) of the Standard Catalog of World Paper Money, 6th ed., Vol. I, Specialized Issues, at $55.00 each plus shipping. $2.50 per book to U.S. addresses; $5.00 per book to foreign addresses. Payable in U .S. funds. Standard Catalog of World Paper Money, 6th edition, Vol. I, Specialized Issues by Albert Pick Colin R. Bruce II, Neil Shafer, editors 1008 pages, hardcover, 8 1/2" x 11" $55.00, plus shipping The 6th edition is the most comprehensive special- ized world paper money reference ever assembled. Volume I brings you details of various early provin- cial and state level government notes as well as nu- merous issues sponsored by banks, regional authorities and even military authorities. New to the 6th edition are: 1. Completely new valuations in up to the three most common states of preservation. Also in- cluded for the first time are many valuations for issues that have been previously listed, but un- priced. 2. Exciting new historical facts gleaned from the ar- chives of The American Bank Note Company. Many classic proofs and specimens printed by that company and its acquisitions for banking firms around the world will soon be available for collectors through Christie's auction sales. 3. Pre-World War II listings for the Republic of Vene- zuela. Many early banks and their respective note issues are now confirmed in this greatly ex- panded section, with supportive illustrations. 4. The very unusual Argentine Provincial lottery ticket/currency issues that have run the gamut from exchangeable notes to worthless paper. 5. More than 16,700 total listings, resulting in the largest edition of this reference ever published. 6. More than 365 note-issuing authorities are com- piled in this volume, spanning more than 300 years. 7. More than 7,660 original photos - many upgraded - to help you attribute your notes. Amount for books $ Shipping and Handling $ Total Amount Enclosed $ Name Address City State Zip ( ) Check or money order (to Krause Publications) ( ) MasterCard ( ) VISA Credit Card No. Expires: Mo. Yr Signature Phone No JYF Mail with payment to: Krause Publications, Book Dept. JYF 700 E. State St., Iola, WI 54990. SOCI ETY OF PA PER MONEY COLLECTORS INC. Paper Money Whole No. 157 Page 1 PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors. Second class postage paid at Dover, DE 19901. Postmaster send address changes to: Bob Cochran, Secretary, P.O. Box 1085, Florissant, MO 63031. e Society of Paper Money Collectors, Inc., 1992. All rights reserved. Reproduction of any article, in whole or in part, without ex- press written permission, is prohibited. Individual copies of PAPER MONEY are available from the Book Sales Coordinator for $2.75 each plus $1 postage. Five or more copies are sent postage free. ADVERTISING RATES SPACE Outside 1 TIME 3 TIMES 6 TIMES Back Cover $152 $420 $825 Inside Front & Back Cover $145 $405 $798 Full Page $140 $395 $775 Half-page $75 $200 $390 Quarter-page $38 $105 $198 Eighth-page $20 $55 $105 To keep rates at a minimum, advertising must be prepaid in advance according to the above sched- ule. In exceptional cases where special artwork or extra typing are required, the advertiser will be no- tified 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 accepted up to three weeks later. Mechanical Requirements: Full page 42-57 picas; half-page may be either vertical or horizontal in format. Single column width, 20 picas. Halftones acceptable, but not mats or stereos. Page position may be requested but cannot be guaranteed Advertising copy shall be restricted to paper cur- rency and allied numismatic material and publi- cations and accessories related thereto. SPMC does not guarantee advertisements but accepts copy in good faith, reserving the right to reject objection- able 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 copy and correspondence should sent to the Editor. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXXI No. 1 Whole No. 157 JAN/FEB 1992 ISSN 0031-1162 GENE HESSLER, Editor P.O. Box 8147 St. Louis, MO 63156 Manuscripts, not under consideration elsewhere, and publications for review should be addressed to the Editor. Opinions expressed by the authors are their own and do not necessarily reflect those of the SPMC or its staff. PAPER MONEY reserves the right to reject any copy. Manuscripts that are accepted will be published as soon as possible. However, publication in a specific issue cannot be guaranteed. IN MIS ISSUE AMERICA'S FIRST' HISTORICAL VIGNETTES ON PAPER MONEY C. John Ferreri 5 THE BRIEF HISTORY OF THE GERMANTOWN NATIONAL BANK Robert R. Moon 10 SYNGRAPHIC VIGNETTES Robert Lloyd 14 BANK SIGNATURES ON THE CURRENCY OF THE RIGGS NATIONAL BANK Michael A. Zier 15 THE GREEN GOODS GAME Forrest W. Daniel 16 IN MEMORIAM-E. Burton Overlock 16 THE PAPER COLUMN - $50 and $100 SERIES OF 1882 VALUE BACK NATIONAL BANK NOTES Peter Huntoon 17 ONE BANK NOTE FROM EACH ISSUING COUNTRY Jerry Remick 21 AMERICAN BANK NOTE COMPANY IN PUERTO RICO'S NUMISMATIC HISTORY Efrain Archilla-Diez 22 SUTLER PAPER-AN UPDATE Kenneth Keller 26 NOT IN HAXBY, NOT IN GARLAND Forrest W. Daniel 30 WILLIAM R. KING Bob Cochran 32 BANK HAPPENINGS Bob Cochran 32 SOCIETY FEATURES NOTED & PASSED 33 EDITOR'S CORNER 33 NEW MEMBERS 34 MONEY MART 34 ON THE COVER: Throughout 1992 we will be confronted with many images of Christopher Columbus. First Land was engraved for ABNCo by Charles Burt. Inquiries concerning non-delivery of PAPER MONEY should be sent to the secre- tary; for additional copies and back issues contact book coordinator. Addresses are on the next page. SOCIETY OF PAPER MONEY COLLECTORS OFFICERS PRESIDENT AUSTIN M. SHEHEEN Jr., P.O. Box 428, Camden, SC 29020 VICE-PRESIDENT JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC 27114 SECRETARY ROBERT COCHRAN, P.O. Box 1085, Florissant, MO 63031 TREASURER DEAN OAKES, Drawer 1456, Iowa City, IA 52240 APPOINTEES EDITOR GENE HESSLER, P.O. Box 8147, St. Louis, MO 63156 MEMBERSHIP DIRECTOR RON HORSTMAN, P.O. Box 6011, St. Louis, MO 63139 BOOK SALES COORDINATOR RICHARD J. BALBATON, P.O. Box 911, N. Attleboro, MA 02761-0911 WISMER BOOK PROJECT Chairman to be appointed LEGAL COUNSEL ROBERT J. GALIETTE, 10 Wilcox Lane, Avon, CT 06001 LIBRARIAN WALTER FORTNER, P.O. Box 152, Terre Haute, IN 47808-0152 For information about borrowing books, write to the Librarian. PAST-PRESIDENT RICHARD J. BALBATON, P.O. Box 911, N. Attleboro, MA 02761-0911 BOARD OF GOVERNORS DR. NELSON PAGE ASPEN, 420 Owen Road, West Chester, PA 19380 CHARLES COLVER, 611 N. Banna Avenue, Covina, CA 91724 MICHAEL CRABB, Jr., P.O. Box 17122, Memphis, TN 38187-0871 C. JOHN FERRERI, P.O. Box 33, Storrs, CT 06268 MILTON R. FRIEDBERG, Suite 203, 30799 Pinetree Rd., Cleve- land, OH 44124 GENE HESSLER, P.O. Box 8147, St. Louis, MO 63156 RON HORSTMAN, P.O. Box 6011, St. Louis, MO 63139 ROBERT R. MOON, P.O. Box 81, Kinderhook, NY 12106 JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC 27114 DEAN OAKES, Drawer 1456, Iowa City, IA 52240 BOB RABY, 2597 Avery Avenue, Memphis, TN 38112 AUSTIN SHEHEEN, Jr., P.O. Box 428, Camden, SC 29020 STEPHEN TAYLOR, 70 West View Avenue, Dover, DE 19901 FRANK TRASK, P.O. Box 99, East Vassalboro, ME 04935 WENDELL W. WOLKA, P.O. Box 262, Pewaukee, WI 53072 The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the American Numismatic Association. The annual meeting is held at the Memphis IPMS in June. MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. JUN- IOR. 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 notification to the secre- tary 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 so- cieties are eligible for membership. Other applicants should be sponsored by an SMPC member or provide suitable references. DUES—Annual dues are $20. Members in Canada and Mex- ico 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 $300. 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 Decem- ber of the following year. They will also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. PUBLICATIONS FOR SALE TO MEMBERS ALABAMA OBSOLETE NOTES & SCRIP, Rosene $12 RHODE ISLAND AND THE PROVIDENCE PLANTA- ARKANSAS OBSOLETE NOTES & SCRIP, Rothert $17 TIONS, OBSOLETE NOTES & SCRIP OF, Durand $20 INDIANA OBSOLETE NOTES & SCRIP, Wolka $12 TERRITORIALS—A GUIDE TO U.S. TERRITORIAL INDIAN TERRITORY/OKLAHOMA/KANSAS OBSOLETE NATIONAL BANK NOTES (softcover), Huntoon $12 NOTES & SCRIP, Burgett and Whitfield $12 VERMONT OBSOLETE NOTES & SCRIP, Coulter $12 IOWA OBSOLETE NOTES & SCRIP, Oakes $12 MICHIGAN. EARLY MICHIGAN SCRIP, Bowen $40 MAINE OBSOLETE PAPER MONEY & SCRIP, Wait $12 MISSISSIPPI, Leggett $44 MINNESOTA OBSOLETE NOTES & SCRIP, Rockholt $12 scoTrs STANDARD PAPER MONEY CATALOG. PENNSYLVANIA OBSOLETE NOTES AND SCRIP, Hoober $28 1894. Reprint NATIONAL BANK NOTES. Guide with prices, Kelly $ 7 $34 Non-members add $3 per item ($5 if priced over $12). Postpaid . JOSEPH FALATER d.b.a. CLASSIC COINS Box 95 Allen, MI 49227 Page 2 Paper Money Whole No. 157 93MR COMPLETE MODItiLV GUIDE FOR PAPER MONEY COLLECTOPS 0...,111. 0.•••.r YID% • SI I. Christie's first aukcfgrotte of Bart 3 million Arc chives brings $ . ,, ... ,... ... ",......., • • Paper Money Whole No. 157 Page 3 U.S. PAPER MONEY COLLECTORS! Bank Note Reporter is for you! U.S. paper money collectors! Get more news of your particular collecting interest, every month, in Bank Note Reporter. Bank Note Reporter is the only independently produced publication that blankets the entire paper money spectrum. 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CP4 j Page 4 Paper Money Whole No. 157 t-rptrs SHAMOHIN• *V‘ / /1111110111141" , • " 'I'll IS 11,1 ▪ MIME 11AVE 0E1,, 111 ,11 .0tirrl," THE 1' , ty,fr:111110 - 1285804661- / „ —RLINESOFAMERIC 7 1A.--; laaUtiaak.liga 1.1110traireeeeff NEETEiiiE:411E.,11:. R.M. Smythe & Co. Auctions reach the most important collectors & dealers in U.S. & International Currency, Coins, Stocks & Bonds, Autographs, Ex- onumia & related material. Call today or send for our free color brochure describing the wide range of specialized and personal services we offer. CALL OR WRITE For Our Latest Price List Of Stocks & Bonds! ********************************** BUYING ■ Obsolete, Confederate, Colonial and Federal Currency ■ Antique Stock & Bond Certificates ■ Rare Autographs We will purchase your material outright if you desire. Call or write today. *****************************-***** TOLL FREE 800-622-1880 NY 212-943-1880 FAX: 212-908-4047 26 Broadway Suite 271 New York, NY 10004-1701 EEITABLIE3HEH 11hiSCP Paper Money Whole No. 157 Page 5 The latest scuttlebutt America's First Historical Vignettes On Paper Money by C. JOHN FERRERI 0 N two recent separate occasions I had the oppor-tunity to purchase two, uncut proof sheets of four-note obsolete notes engraved by the partnership of Leney and Rollinson. The sheets were engraved for the New York Manufacturing Co. This company was incorporated on June 15, 1812 for the manufacture of wire and cards (a device used in preparing wool for yarn). In 1814 the company was ex- tended banking privileges, and in 1817 ceased manufacturing and became the Phenix Bank of New York. Its notes are listed in Haxby as NY-1825. Other than the fractional denomina- tions, all notes are listed as proofs and one is listed with "no description available Illustrated in this article are vignettes from one of the proof sheets of four sea battles. Pictured from the other are vignettes of pieces of machinery operated by a man or woman, one sea battle, and on all, a curious small vi- gnette which, at first, looked to me like a bow tie within a circle. The plate for the $1-1-2-3 sheet is complete; the plate for the $20-10-8-6 sheet (the $20, a post note and not as described in Haxby, probably due to oversight) was not completed at the time this impression was taken. Notice the lack of plate letters and the designated area for the serial number and the lack of an imprint. One interesting observation regarding the $20-10-8-6 sheet is that on close inspection the date 1813 can be seen penned-in along with the indecipherable names of the president and cashier on some of the notes. It also appears that at one time an attempt was made to eradicate this information. All of the nautical scenes illustrated depict open-ocean battles between two ships of the early 1800s. In each sequence one ship flies the "Stars and Stripes" and the other flies the British ensign. There is no reason to believe that these scenes depict anything other than naval actions of the War of 1812. There were three major naval actions during the year 1812 where ships of the United States were victorious. They were: the American ship Constitution (Old Ironsides) vs the British ship Guerrier, the United States vs the British ship Macedonian, and Constitution vs Java. Sorting out the facts in the progression of these battles proved to be quite difficult. Many of the written and pictorial descriptions made for much confusion and contradiction. At first it was hard to tell which vignette fit which battle. Eventu- ally the confusion diminished, the facts fell into place and the engravings proved to be quite accurate with regard to the events that took place. The three different battle scenes on the $1-1-2-3 sheet show a sequence of events between the same two ships. The scene on the six dollar note of the $20-10-8-6 sheet illustrates a different battle. The War of 1812 proved the competency of the new U.S. Navy in respect to the world's seagoing powers. American ship- ping had been preyed upon for many years by such countries as France and England. The first major victory at sea brought a flush of patriotism to the American people at a time when the mood of the country was quite somber. This newfound pride surfaced in many ways including the scenes on the bank notes. What I believe to be the first use of an historical vignette on U.S. paper money is evident on these sheets, more specifically, the $1-1-2-3 sheet. Constitution vs Guerrier The date was August 19, 1812 when Captain Isaac Hull's ship Constitution (Old Ironsides)—the nickname she would acquire during this battle—spotted the sails of the English ship Guerrier, a captured and converted French warship now in the British fleet and captained by James Dacres. The naval action that en- sued has been described in many references and is shown in se- quence on the $1-1-2-3 sheet. Between 5 and 6 p.m. broadsides were exchanged a few times as the captains probed for the other's weaknesses. Not much harm was done during these exchanges. The one dollar note shows what appears to be the opening of hostilities with little damage evident. Guerrier ran off some distance at 6:00 p.m. but by 6:05 p.m. Constitution closed to within half a pistol shot and immediately opened a furious cannonade. By 6:20 p.m. Guerrier had lost its mizzenmast which caused her to come round against her helm. Then the bowsprit of Guerrier became fouled in the mizzen rigging of Constitution and for a few moments the ships seemed to be attached to each other. At this point Captain Dacres, who was up in the hammock netting of the starboard forecastle urging his men on, received a wound from marines firing from Constitution's mizzentop. As the ships separated with a jolt both remaining masts of Guerrier toppled leaving her a defenseless hulk. By 6:30 the battle had been won and the sun was setting in the west. It was during this period of the battle that round shot were seen to just bounce off the sides of the Constitution. The name and legend of Old Ironsides was born at about 6:15 p.m. on August 19, 1812 at latitude 40° 30" N. and 55° W. in the At- lantic off the New England coast. The vignette on the $2 note shows this episode of the battle. The Americans tried in vain to take their prize in tow but, be- cause of different drifting rates of the ships, this proved impos- sible. The next day a demolition party readied Guerrier for her final journey. At 3:15 p.m. on August 20 a massive explosion split the ship apart and sent her to the bottom. Old Ironsides then set sail for Boston Harbor. United States vs Macedonian A naval action took place on October 25 of the same year in- volving the American ship United States and the British ship Macedonian. Again American seamanship proved to be su- Page 6 Paper Money Whole No. 157 //, j 1. 44/47/4///1 /4///////// /44 4" 1/ /, 1///////4/,:///////,, ,- / , , //, , „ r„),; //, ///,' I ;," I , 4^, 414 - - r. awn (2) / 'II' Y.', ,Z /// , ti))011-fi C //i t 14% 01 ' /t • ////// / ) ///7// . I ". iiAY; Wit "P, 11 i ii E 18; / r .&/; • //,-'../,/ 7,—// • / Pry/.' ate ./. /1/;//; if /; /17/////y/() .//w r. ( The sequence of naval events as depicted on the notes of the $1-1-2-3 sheet of the New York Manufacturing Co. shows it to be the battle between Constitution (Old Ironsides) and Guerrier. The vignette of the $1 note shows salvos being fired at close quarters early in the battle. The scene depicted on the $2 note portrays the event about half way through the battle where the mizzenmast has already been shot away and the bowsprit has become entangled in the mizzen rigging of Constitution. At this point, as the ships separate with a jolt, the main and foremasts break off leaving it an unmanage- able wreck. The three dollar note shows the demise of Guerrier as its magazine is purposely exploded by the prize crew from Constitution. f/.3 -"I'F./1`711(1.VI: /,•", ;%://' • / ;,/( • , 1/ //, • //,/,, /A• /..".• AA/, 1.1///i / „A //, A•A . ' I, ),;//• /.04/4•////;/////',/,, ,,. • /' • I . //;•/.'• Th, 'HF.s I try..N . e ant{ 111 ft V.C . //r ////,'./ It Nev,At.rt, ///1 1 )1'4•11$1 Ili z5 ////(/ i )14'4' 4' il)r:S // // '/' sk,,,,',... ,Ij..• • / , /, . ,'. •..;..). c///f: , / A , 7,44/////////1 1/4/// 41 AAA 4, 42, / York i/A,:" /4 //A, Paper Money Whole No. 157 Page 7 The $20-10-8-6 sheet as shown above depicts both naval and manufacturing scenes. The naval action shown is between the ships United States and Macedonian when the Macedonian's mizzenmast was completely shot away and the fore and main topmasts were severed, leaving only her foresail. The machinery depicted was that used by the New York Manufacturing Co. in the process of producing hand cards, which in turn were used to prepare wool to be made into yarn. The hand cards are shown within the circle of wire. Page 8 Paper Money Whole No. 157 J(1.1151/ Wee e al> (;i7C? Z, f-iii11,-.1tf' fel ///, /17/W1 / /7.7' --/k/e! Viv///0;47/,/,/ I (AVIS /// /fry /. n-w 1II k The vignette on the note shown above depicts the battle between Constitu- tion and Guerrier early in the battle, before much damage was evident. Also shown are the hand cards within a coil of wire, both manufactured by the New York Manufacturing Co., a note issuing company. The fate of Guerrier is illustrated in the vignette shown above as both re- maining masts snap during the battle with Constitution. A British flag had been hastily attached to the mizzen stump a few minutes before, and within another few minutes this battle was over perior and the ship United States, captained by Stephen Decatur, was victorious over the Macedonian, captained by John Carden. This action lasted one and one-half hours and, at battle's end, the Macedonian had lost her mizzenmast and her fore and main topmasts. Most of her rigging was down and only her foresail remained. The vignette on the $6 note shows an uncanny similarity to the above verbal descripton. Epilogue With the help of Thomas Rockwell, Secretary of the Currency Club of New England, who is very knowledgeable in the tech- niques of early textile manufacturing, I was able to identify the The engraving on the $3 note shown above depicts the final explosion that was purposely set to send the Guerrier to the bottom. The Constitution was not able to tow her prize back to port and it became necessary to demolish the ship. other vignettes appearing on these sheets. The curious little bow tie with a circle turned out to be two hand cards within a coil of wire, both items manufactured by the New York Manu- facturing Co. The hand cards are implements used to prepare wool to be made into yarn. The large machines in the center vignettes are card making machines, as easily seen on the $20 note. The act of incorporation of the New York Manufacturing Co. on June 15, 1812 provided for a bank of discount and deposit to go into operation as soon as possible. Banking privileges were finally given in 1814. Why signed and circulated notes of these denominations have never been reported is subject to conjecture. Paper Money Whole No. 157 Page 9 Enlargement of the vignette seen on the $6 note clearly shows the results of the cannonade of the ship United States on the ship Macedonian. This engraved vignette and those mentioned previously prove to be quite accurate when compared with the contemporary written and graphic descriptions available to the historian. Other battles of the War of 1812 are depicted on bank notes, such as the Battle of New Orleans and the Battle of Lake Erie on the notes of the Jefferson Bank of New Salem, Ohio. These are dated 1817 and are among the earliest historical vignettes on U.S. paper money. However, the discovery of the NY Mfg. Co. sheets with their unique vignettes, found on no other bank issues, is truly exciting. To attribute these battle scenes as described must certainly be correct as it would make no sense, given the circumstances, to do otherwise. To accurately date these issues is another matter. It would not seem incorrect however, to hypothetically claim that this bank's notes show us (to date) the earliest known use of an historical event as a vignette on U.S. paper money. Sources Roosevelt, T. The Naval War of 1812. Fowler, William, Jr. Jack Tars and Commodores (The American Navy 1783-1815). Martin, Tyrone. A Most Fortunate Ship. Smith, Edgar Newbold. American Naval Broadsides. Forester, C.S. The Age of Fighting Sail. Chapelle, Howard I. History of the American Sailing Navy. Horgan, Thomas P. Old Ironsides (The Story of U.S.S. Constitution). Haxby, J. Standard Catalogue of United States Obsolete Banknotes, Vol. 3. Kittredge, H. History of the American Card-clothing Industry. Acknowledgments Ann Grimes, Curator of the Constitution Museum, Charlestown, Mas- sachusetts. Thomas P. Rockwell, Secretary of the Currency Club of New England. 111L0041470.4ieW.ZEIIICI. TE. -3 /36CH t ■••‘1:41.V.V.L1) 74i 1 A4 4■4ic 4 Q. jr 444 ) -.744"1 ■■ itntru -m..)zesmoasztv,zac<=uv-u=6---r-itre-s-irm, - 141.1.VIN 1.:121IS Page 10 Paper Money Whole No. 157 The fruit turned sour The Brief History of The Germantown National Bank by ROBERT R. MOON This article is the fourth and last of a series about the national banks of Columbia County in New York State and deals with the history of the Ger- mantown National Bank. While only in business for nine years, this bank generated more con- troversy and headlines than all of the other banks in the County combined. Origin of the Bank in Germantown T HE organization of the Germantown National Bank in the early 1920s was typical of many rural banking insti- tutions that came into being in that era. The National Banking Act, amended on March 14, 1900, permitted the estab- lishment of national banks with a minimum capitalization of only $25,000 in communities of less than 3,000 people. The previous minimum had been $50,000. Also, many of these small hamlets and towns wanted their own bank because of the primitive transportation facilities at that time. Of course, another option should have been branch banking, but na- tional banks were not allowed to establish branches outside of their own communities in the early part of this century. On the east bank of the Hudson River, the hamlet of Ger- mantown, a community of about 1,000 people, had been a farming community since it was first settled by Palatine im- migrants in the early 1700s. Around 1920, a group of the local fruitgrowers were finding it increasingly inconvenient to travel to the banks in Hudson, 12 miles away, which, at that time, was a round trip journey of half a day. Accordingly, a town meeting was called in Sep- tember 1921 to discuss the possibility of organizing a national bank in Germantown. The reaction was favorable and a com- mittee was formed, with Robert R. Livingston as its chairman. He sent his first letter to the Comptroller of the Currency on September 12, 1921 requesting the paperwork related to or- ganizing a national bank. Mr. Livingston was one of the largest fruitgrowers in the area, with 500 acres on the Hudson River. He weas a descendant of the Robert R. Livingston who signed the Declaration of Inde- pendence and later administered the oath of office to President George Washington. Several rounds of correspondence followed, and in November 1921 a national bank examiner came to German- town to interview the would-be officers and directors of the bank and to familiarize himself with the community in general. In his report he recommended that the application be approved and "if satisfactory officers are obtained and proper management is displayed by the Directors the situation should insure reasonable success:' The official Organization Certificate was filed on January 7, 1922 with a capital stock of $50,000 and the bank was assigned Charter 12242. A tract of land was purchased on which to con- struct a bank building, and several months later, on October 2, 1922, the Germantown National Bank opened for business. As Series of 1902 Plain Back Blue Seal $10 note on the Germantown National Bank signed by J. R(aymond) DuBois, cashier and Robert R. Livingston, president. Co-Operating With the Community! Th is Institution places at the command of the peo- ple in this community a banking service of abso- lute dependability. Unquestioned Confidence Is essential in standing and working shoulder to shoulder with the people of this section. We give positive assur- ance that the handling of every depositor's affairs will be characterized by the utmost safety, confi- dence and efficiency. Your account is cordial- ly invited and will be ap- preciated. Germantown National Bank Paper Money Whole No. 157 Page 11 an example of the importance of fruitgrowing to the area, the bank adopted the slogan 'The home of good fruit" and placed it on their stationery. Mr. Livingston was elected president of the bank and would be the bank's only president during its existence. Clyde DeWitt, a local businessman who was also the Columbia County Clerk, was elected the vice-president. The bank's cashier was J. Ray- mond Dubois who had moved from Wappingers Falls, New York where he had had banking experience. The first teller hired by the bank was Lloyd Boice, a recent graduate of New York University and the son of Arthur Boice, a member of the bank's Board of Directors. The bank was an instant, if modest, success. Its assets quickly rose to the $500,000 level and re- mained in that level for several years. On the surface, the bank appeared to be doing well, but problems were developing. The Storm Breaks In January 1931, Clyde Dewitt, the bank's vice-president, was arrested and charged with embezzlement of County funds. Mr. DeWitt, who had been the County Clerk when the bank was formed in 1922, had been elected Columbia County Treasurer in 1927. As a Republican in a heavily Republican area, he must have felt that he would be in the Treasurer's post for quite a while. However, in 1930, when he was up for reelection, DeWitt had the misfortune of being on the ballot at the same time that Franklin Delano Roosevelt was running for reelection as Governor of New York State. Governor Roosevelt won in a landslide (which would help propel him toward the White House in 1932) and his coattails helped many Democrats at- tain local offices. One of the beneficiaries of the Democratic sweep was an obscure politician in Columbia County who happened to defeat Clyde Dewitt by 400 votes out of a total of 15,000 cast. Mr. Dewitt found himself in a bit of a quandry. He had been playing fast and loose with the County Treasury, including chartering a train and taking a railroad car full of friends to New York City to have a good time. At the end of his term in December 1930 the County books were short approximately $87,000. DeWitt had been able to get away with "cooking the books" because of his affiliation with the Germantown Na- tional Bank. Both the bank and the Treasurer's office used the same type of Burroughs office equipment, so during the day Mr. Dewitt would keep one set of books at the Treasurer's office, and in the evening he would let himself into the bank and make up a complete set of spurious transactions and substitute them the following morning. While he may have been caught eventually, his reelection defeat brought the matter to a head very quickly. In order to cover the deficit, the wrote a check for $87,000 on his personal account at the Hudson River Trust Co. in Hudson and gave it Raymond DuBois, the cashier of the Germantown bank where the Treasurer's accounts were kept. Mr. DeWitt as- sured him the check was good (although it turned out he only had $23,000 in his account). Mr. DuBois took his word for it and never checked with the Hudson bank. He proceeded to allow over $20,000 to be drawn on the fictitious balance created by the $87,000 check between December 31, 1930 and January 5, 1931. On January 5 Mr. Livingston, the bank presi- dent, was informed by the Federal Reserve that the check was no good; shortly thereafter Mr. Dewitt was arrested. Eventually he would be convicted of misappropriation of county funds for personal use and be sentenced to four to seven years at the State prison in Dannemora, New York. The Fate of the Bank Quite understandably, confidence in the Germantown Bank was shaken and, considering that these events occurred in the depths of the Great Depression, customers of the bank began to withdraw their funds. The bank's officers, led by Mr. Living- ston, attempted to stem the tide, but after almost a year's efforts, the bank closed its doors on December 29, 1931 and was placed in receivership on January 22, 1932. Even the closing of the bank generated more controversy than might be expected as rumors circulated that some people had inside information as to when the bank would close its doors. For instance, one of the local volunteer fire companies emptied its accounts just a few days before the bank closed, presumably on the word of a bank employee. Receivership—A Six Year Affair What happened when a bank, such as the Germantown Bank, was placed in receivership during the Depression? The Comptroller of the Currency appointed a Receiver who was as- Considering the fate of the bank, a rather ironic advertisement for the Ger- mantown National Bank from a 1928 issue of the "Germantown Post." Page 12 Paper Money Whole No. 157 ne FILE NO. 1968 ASSESSMENT UPON SHAREHOLDERS TREASURY DEPARTMENT OFFICE OF THE COMPTROLLER OF THE CURRENCY No. 12242 In the Matter of THE GERMANTOWN NATIONAL BANK OF GERMANTOWN, NEW YORK Washington, D. C., March 7, 1932. TO ALL WHOM IT MAY CONCERN: WHEREAS, upon a proper accounting by the Receiver heretofore appointed to collect the assets of "THE GERMANTOWN NATIONAL BANK" OF GERMANTOWN, NEW YORK and upon a valuation of the uncollected assets remaining in his hands, it appears to my satisfaction that in order to pay the debts of such association it is necessary to enforce the individual liability of the stockholders therefor to the extent hereinafter mentioned, as pre- scribed by Section 5151 and 5234 of the Revised Statutes of the United States, Section 1c 156, Act of June 30, 1876, and Section 23, Act approved December 23, 1913 known as Federal Reserve Act. NOW, THEREFORE, by virtue of the authority vested in me by law, 1 do hereby make an assessment and requisition upon the shareholders of the said -THE GERMANTOWN NAT- IONAL BANK" GERMANTOWN, NEW YORK, for Fifty Thousand ($50,000.00) dollars, to be paid by them on or before the fourteenth day of April 1932 and I hereby make demand upon each and every one of them for the par value of each and every share of the capital stock of said association held or owned by them, respectively, at the time of its failure; and 1 hereby direct William Edward Willett the Receiver heretofore appointed, to take all necessary proceedings, by suit or otherwise, to enforce to that extent the said individual liability of the said shareholders. IN WITNESS WHEREOF I have hereto set my hand and caused my seal of office to be affixed to these presents, at the City of Washington, in the District of Columbia, this seventh day of March, A. D. 1932. [SEAL] J. W. POLE, of Comptroller of the Currency Comptroller of the Currency (See Inside) A copy of the assessment notice sent to shareholders of the bank announcing that they owned the receiver of the bank $50,000. xi -a 0 0 0 m' o -I- 0 z Ae ' i Paper Money Whole No. 157 Page 13 signed to wind up the affairs of the bank. This process, which could take up to several years, consisted of liquidating the assets of the bank for whatever they would bring on the market and disbursing the funds realized to the bank's creditors (i.e., the depositors) who almost always received only a fraction of what they were owed. Remember that this occurred in the days before the FDIC. The stock of the bank lost all value immediately. So the 500 shares of Germantown National Bank stock, which originally sold for $100 each, became worthless overnight. In addition, the owners of the shares were also subject to a federal law in- volving stockholders' liability. What this meant was that the shareholders were liable for a sum of money equal to the original value of their share. After all, the federal government reasoned, the shareholders elected the Board of Directors who selected the bank's officers who fouled up the affairs. In other words, if you owned say five shares of stock which originally cost $500, not only was the stock valueless but you were as- sessed by the bank's receiver an additional $500! Needless to say, when the notices were sent out on March 7, 1932, with a due date of April 14, 1932, the assessment created additional hardship in the Germantown area. Quite a few shares were now in the hands of widows or had been given to children as Christmas presents. However, the receiver was not in a forgiving mood and many people had to take out new mortgages on their homes to pay their assessments. Many of the bank's assets were sold for only a fraction of their original cost. This was the Depression, and there was definitely a glut on the market because of the hundreds of banks in receivership around the country. (For example, the bank building itself, which had cost $24,000 to build, was sold in 1937 for $3,500.) It took six years for the receiver to wind up the affairs of the bank. When he closed his books in April 1938 the depositors had received about 68 cents on the dollar. At the time of closure, the national bank examiner stated "The bank was badly extended prior to January 6, 1931 on which date the account of C. H. DeWitt, County Treasurer, be- came overdrawn $64,000. The publicity resulting from this and the prosecution of Mr. DeWitt, who was also a director of the bank, reflected very unfavorably on the bank, and deposits continually declined and liabilities for borrowed money steadily increased. The failure ofthe bank was due to incompe- tent management and lack of supervision by directors!' Aftermath Mr. DeWitt, who was paroled from State prison in September 1934, came back to the area and started a heating and plumb- ing business in Hudson and apparently lived out his life quietly. Mr. DuBois, the cashier, who was suspected of being in- volved with DeWitt (nothing was ever proven), left the area never to return. Mr. Livingston, who reportedly lost $50,000 in the bank's failure, remained active in farming and was later a member of the New York State Bridge Authority. He died in 1962 and his farm is now part of Clermont State Park. Mr. Boice, the bank's first teller, left the bank in 1926 to work for a local insurance firm. The firm was very successful and also be- came involved in real estate. Mr. Boice died in 1983. Germantown was to be without banking facilities until the First National Bank and Trust Company of Hudson opened a branch there in February 1955. In December 1955, the First Na- tional and its Germantown branch merged with the State Bank of Albany. In 1984, after merging with the Mohawk National Bank of Schenectady, State Bank became Norstar Bank of Up- state New York. The original bank building is now the home of the Germantown Telephone Company.• • The Germantown National Bank building c. 1930. Page 14 Paper Money Whole No. 157 Syngraphic Analysis The chances of locating a Germantown National Bank note are about what you might expect considering it was a small rural bank that wasn't around for a very long time and issued an amount of circulation that was barely above pocket change. That is to say, the odds are rather long. To further complicate the chase, John Hickman once explained to me that notes from banks that went under are usually harder to find because the neighboring banks made an extra effort to remove the failed bank's notes from circulation. They felt it was bad advertising to remind customers of problems in the banking industry. This was especially true during the Great Depression. The Germantown National Bank issued only 1151 sheets of $10-$10-$10-$20 Series of 1902 Blue Seal Plain Backs between 1922 and 1929 and 191 sheets of Series of 1929 Type I, $10s and 49 sheets of Type I, $20s between 1929 and its demise in January 1932. The last shipment of notes to the bank was four sheets of $20s on December 14, 1931. A total of only 4,604 large-size notes and 1,440 small-size notes was issued over the bank's nine-year history. When the bank closed, only $760 in large-size notes was out- standing along with $8,760 in small-size notes still out. In- terestingly, the large-size amount is broken down into 51 $10s and 121/2 $20s. Needless to say, most of that amount has been redeemed and destroyed since then. Until the mid-1970s, the only generally known Germantown note was a Series of 1902 Plain Back serial number 50 which had appeared as Lot 2228 in the Grinnell sale in 1945. Appar- ently the note was purchased by the late Bill Donlon, because it appeared in one of his price lists in the mid-1960s. Then, in 1976, a small-size $20 surfaced. The note grades very good to fine and is serial number A000016A. In 1982, the population expanded when old-time detective work by the author ferreted out two more notes in the immediate Germantown area—both Series of 1902 Plain Back $10s. One of them is serial number 2-A and is held by the family of a former bank employee. The note grades very good. It was carried as a souvenir for a number of years by the employee. The other is serial number 444-B and grades very fine. It was found as part of a local coin collector's estate and is pictured in this article. Since then, further research has failed to unearth any other examples so the number of notes reported to me presently stands at 3 large-size and 1 small-size. If anyone knows of any other Germantown notes, I would greatly appreciate hearing from you at: P.O. Box 81, Kinderhook, New York 12106. Acknowledgments My appreciation is extended to the following individuals: John Hickman, for sharing with me his census data on the Germantown Na- tional Bank; Terry Matchette of the National Archives in Washington, for her assistance in my research through the Currency and Bond Ledgers and the Bank Examiner's Reports; Raymond Kennedy, pub- lisher emeritus of the Hudson Register-Star. A special thanks is extended in memory of the late Lloyd Boice of Germantown, with whom I had a conversation in 1982, and whose revelations greatly assisted me in later research for this article. Sources Conversations with John Hickman and the late Lloyd Boice. Correspondence with Jake Christian Dyson of Claverack, NY. Currency and Bond Ledgers of the Comptroller of the Currency at the Na- tional Archives, Washington, DC. Ellis, E, (1878) History of Columbia County. Philadelphia, PA. Everts & Ensign. Hickman, J. & D. Oakes, (1990) Standard catalog of national bank notes, Second edition, Iola, WI: Krause Publications. Hudson Daily Star, Hudson, NY. (1932-34), various issues. New York Herald Tribune, New York. (Issue of November 9, 1962). Receivership records of the Germantown National Bank at the Na- tional Archives, Washington, DC. SyngiCaphic Vignetteb by ROBERT H. LLOYD HILE reminiscing on foreign note collecting you can make a real study by limiting yourself to notes of the World War I period. You might restrict the collection to those countries whose notes were wildly inflated. This would confine it to Germany, Austria, Hungary, Poland and Russia, and maybe a Baltic state or two. The decline of the franc, lira and drachma came much later, and even later came the great Hungarian inflation which produced notes in the hundred billion denomination. The German issues were the most numerous. Some of the new states lost control of their budgets as soon as the war ended. Cities and villages turned out "notgeld" in Germany and Austria. These were small bills from 1 pfennig to perhaps 5 marks to replace hoarded coins. They were wonderfully colorful and full of folk-lore in the design, but alas, many never saw actual use. Some had no purchasing power whatever by the time they had left the printers. They were little more than sou- venirs that could be sold to collectors. There was a considerable profit in such sales. One could acquire a group of several hun- dred different notes for $5. If you wanted the notgeld for trading purposes you could purchase 500 mixed notes for $7.50. It was fun locating the cities and towns on the map. Less than two years later they had all passed from use. The Reichsbanknotes were coming out in values of 5,000 and 10,000 marks and higher. A single 50 pfennig note had no pur- chasing power at all. This was inflation on a grand scale, sur- passing anything in world experience. Mark notes of 50,000 and 100,000 were out by 1921, and next year saw notes valued in millions of marks. In 1923 the denominations were mil- liards (billion) and billionen (trillion). The race to get notes in print in order to keep up with the falling mark resulted in some unfinished currency. If memory serves, the 50,000 mark note was available fully printed, where the black frame never got its overlay of green and brown, and with changes in watermarks and style and size of several serial numbers. Hence, there was plenty of variety to please any real collector. One could fill albums with Reichsbanknotes alone. The main problem would be condition. Some short-lived notes were well-used and are scarce in choice condition. Other short- lived issues are a glut in crisp condition, having been left be- hind in the rapid fall of the mark. They were too low in value to be usable. You would have to go through many dealer stocks to build a nice set. Bank Signatures on the Currency of the Riggs National Bank (Charter Number 5046) by MICHAEL A. ZIER RIGGS NATIONAL BANK 1896-1907 1907-1915 1915-1920 1920-1921 1921-1925 1925-1935 Arthur T. Brice-Charles C. Glover Henry H. Flather-Charles C. Glover Joshua Evans, Jr.-Charles C. Glover Robert V. Fleming-Charles C. Glover Robert V. Fleming-Milton E. Ailes George O. Vass-Robert V. Fleming Paper Money Whole No. 157 Page 15 T HIS paper is an enquiry into the bank signature varieties possibly available on the large-size National Bank notes of the Riggs National Bank (charter 5046). The Riggs National Bank was chartered on July 1, 1896, in the District of Columbia as its nineteenth national bank. At the time Riggs was chartered, there were still in operation in the District of Columbia 13 national banks, all of which were note-issuing banks. The Riggs National Bank had had a proud history prior to its application for a national bank charter. First as Corcoran and Riggs (1836-1845), then as Riggs and Company (1845-1896), the bank served well the District of Columbia and the nation. The earlier firms had served as banker to many high government officials; the most famous depositor was Abraham Lincoln. Its connections with the federal government in general were no less illustrious. Riggs and Company purchased more than 90% of the bonds used to finance the Mexican War in 1847-1848, and subsequently acted as fiscal agent (together with Baring Bros. of London) in settling the claims arising from the War. Riggs and Company provided the $7,200,000 in gold coin used to purchase Alaska from Russia. Further, in all the 60-year history of the bank, it had never found it necessary to issue currency notes. Thus, then, Riggs before nationalization. The Riggs National Bank issued both second-charter and third- charter notes and small-size notes. All of the large-size notes I have seen (which includes a serial number one brownback) contained the geographical letter used from 1902 to 1924. This indicates that for at least six years the bank issued no notes. An examination of the bank's Minutes Book shows an entry for the regular meeting of the Board of Directors on May 1, 1903, approving the preparation and issue of circulating notes in the amount of one hundred thousand dollars. Entries in March and May of 1904 authorize an increase in circulation to one million dollars. In the bank's Archive Collection is the serial number one $20 brownback note, bearing the carefully penned signatures of Arthur T. Brice and Charles C. Glover, with the geographical letter; the other serial number one notes (four $5 notes and three $10 notes) are not present. Bank records indicate that the succession of cashiers and presidents during the note-issuing period was as follows: Recalling that brownback notes would be issued from 1896 to 1908, and dateback notes from 1908 to 1916, from this table we can see that there can be brownback notes with the Brice-Glover and Flather-Glover signature combination, and in fact, such notes are in the bank's Archive Collection. Also, the table indicates that dateback notes can exist with the Flather-Glover and Evans-Glover signature combination. All of the notes in the bank's possession are the Flather-Glover variety. One of these is a $10 note, with serial number 63842, number 68668 being the highest number recorded as issued to the bank. A dateback note bearing the signature combination Evans-Glover would be an exciting find! The Evans-Glover signature combination appears on the $5 valuebacks issued by Riggs, which was the only bank in D.C. to issue valuebacks. Due to the charter renewal in 1916, Riggs would issue valuebacks in 1916 only. The note in the banks Archive Col- lection is serial number 93015 (ex Liedman, ex Grinnell collec- tions), and is the only example of this type known in any collection. Next there are the series 1902 plain back notes. These notes could carry the remaining signature varieties. The bank has a pho- tographic negative of a $20 Evans-Glover note, serial number 1924; the next higher number note is a $10 with serial number 20267, which carries the Vass/Fleming signature combination. Notes bearing the Fleming-Glover or Fleming-Ailes signature combination would fall into this gap. A similar situation exists with respect to the $5 notes. A local collector has a $5 note, serial number 1478, with the Evans-Glover signature combination. The next higher number is 18696 in the bank's Archive Collection bearing the Vass-Fleming signature combination. Any notes with the Fleming-Glover or Fleming-Ailes signature combination would fall into this gap. There is evidence that the bank did not have any notes printed after 1924 due to the presence of the geographical letter on notes issued by the bank after the geographical letter was no longer in use. As the summary indicates, all notes with the Vass-Fleming signature combination were issued from 1925 to 1929; all such notes seen carry the geographical letter abandoned in 1924. All small-size notes carry the signatures of George O. Vass, Cashier, and Robert V. Fleming, President. It would appear from the foregoing that the rare signature combinations for Riggs are as follows: Series 1882 date back notes signed Evans-Glover (if they exist); Series 1902 plain back notes signed Fleming-Glover (if they exist); Series 1902 plain back notes signed Fleming-Ailes (if they exist). 120 ,XX , 140 The Green Goods Game Page 16 Paper Money Whole No. 157 This beautiful number 1 brown back is in the Archives of The Riggs National Bank. Summary of Large -Size Note Issues TYPe Denomination Serial Nos. 1882 Brown backs 5-5-5-5 1 — 45750 1882 Brown backs 10-10-10-20 1 — 39500 1882 Datebacks 5-5-5-5 1 — 85830 1882 Datebacks 10-10-10-20 1 — 68668 1882 Datebacks 50-50-50-100 1 — 849 1882 Valuebacks 5-5-5-5 85831 98827 1882 Reissue 10-10-10-20 500 sheets (Nos. unknown) 1902 Plain back 5-5-5-5 1 — 23550 1902 Plain back 10-10-10-20 1 — 32687 None of the above speculations can be verified except by the actual, documented existence of the notes themselves. The other evidence that would document their existence is in two locations: first, the voluminous records of the Comptroller of the Currency in the National Archives, which records may or may not be complete and which show only how many of each type of note were printed and delivered (but not which bank officials signed them); second, the records of the bank documenting the receipt of notes from the Treasury, the storage of notes in the bank's vaults, the withdrawal of such notes, and the semi-annual reports submitted to the Treasury in re average circulation for the preceding six months. None of these latter FILTHY LUCRE It was the apostle Peter who used the term "filthy lucre," and he had never seen any of the tattered and grimy bills that pass for money in this great and progressive republic.2Pittsburg Gazett' There is no doubt in the minds of physicians that contagious diseases may be transmitted through the agency of soiled notes. Clean, crisp notes would naturally be less dangerous. The government and the national banks should unite in the effort to withdraw from circulation worn and soiled bills, even to the extent of not issuing any bill a second time.Phila- delphia Ledger'.=Sanborn (N. Dak.) Enterprise, Mar. 27, 1902. records are in the bank's Archive files as such (although they may be filed under another category of record or exist else- where in the bank's stored files). The author would appreciate knowing about any large-size notes in your collection from the Riggs National Bank. Please send the following information: series and type; bank serial number and plate position letter; bank signatures (if the signa- tures are illegible, say so). A photocopy would be helpful. All information will be held in confidence. Send information to: Michael A. Zier, Archivist, Riggs National Bank, 808 17th St. NW., Washington, D.C. 20006. Sources: Van Belkum, Huntoon, Warns, et al, research on National Bank Note issues. Board of Directors Minutes Book, Riggs National Bank, 1896-1916. 32 President's Square, by Roland T. Carr, Washington, D.C., 1980, the published history of Riggs from 1836 to 1868. Capital Politics and Banking, by Roland T. Carr, an unpublished history of Riggs "From the Days of the Civil War to the Present" (circa 1980). Riggs National Bank Archive Collection Personal Currency Collections, the owners of which wish to remain anonymous. IN MEMORIAM E. Burnell "Bun" Overlock died on 16 October 1991 in Winter Haven, Florida at age 84. With SPMC number 78 Mr. Overlock was proud of his charter-member status. He was born in Washington, Maine. After receiving degrees from Rhode Island College of Education Mr. Overlock went on to become principal in the Maine Lin- coln school system, and in 1959 opened the first regional junior-senior high school in Rhode Island. He retired in 1972. In 1989 Mr. Overlock was inducted into the Maine Central Institute Hall of Fame and had the Lincoln Cen- tral Elementary School named after him. In addition to the articles "Bun" wrote for PAPER MONEY, he wrote and published 66 Years a Country Fid- dler, the story of his father's life. Mr. Overlock also edited and published a book of his mother's poetry. Our condolences go out to Mrs. Martha Overlock, and we thank her and Richard Balbaton for notifying us about the loss of our friend. Two of the classic rarities in national bank note types are the $50 and $100 Series of 1882 value backs. One would not think that these should be rare because a large number of banks were eligible to issue them. However, the fact is that only a minute quantity of these high denominations were issued and those by only two banks. The lucky banks were The Winters National Bank of Dayton, Ohio (2604) and Canal-Commercial National Bank of New Orleans, Louisiana (5649). The cir- cumstances that converged to create these rarities are outlined below. ALDRICH-VREELAND ACT T HE Series of 1882 value back issues came about with the expiration on June 30, 1915, of the Emergency Currency Act of May 30, 1908, also known as the Aldrich-Vree- land Act. This Act was designed to expand the money supply by allowing national banks to issue notes secured by commercial paper and certain bonds issued by political subdivisions. Cir- culation could be issued to the banks in the amount of 75 per- cent of the value of commercial paper or 90 percent of the value of the bonds deposited as security. The act required that national bank notes issued under the authority of this act state on their faces that they were secured by United States bonds or other securities. Denominations authorized by the act were $5, $10, $20, $50, $100, $500, $1,000 and $10,000. Once the Aldrich-Vreeland Act was passed in 1908, the Comptroller of the Currency converted all Series of 1882 and 1902 national bank notes to the date back varieties. In strict conformity with the act, all the date back issues carry the "or other securities" clause on their faces. This clause was added to all face plates then in use and, of course, included on new plates made after passage of the act. The expiration of the Aldrich-Vreeland Act precipitated the Series of 1882 value backs and 1902 plain backs. What is odd is that the "or other securities" clause was not removed from ex- isting face plates. Instead, these plates continued to be used "as is" until they wore out. Only plates made after June 30, 1915 ap- pear without the "or other securities" clause. Also, existing stocks of date backs continued to be sent to the banks until they were depleted. THE PAPER COLUMN by Peter Huntoon Paper Money Whole No. 157 Page 17 $50 AND $100 SERIES OF 1882 Value Back National Bank Notes GREAT MYSTERY In what has developed into one of the great mysteries of the national bank note issues, Series of 1882 10-10-10-10 and 50-50-50-100 date backs with "or other securities" faces con- tinued to be printed until the series expired. Similarly, the Se- ries of 1902 50-50-50-100 date back plates continued to be used until August 25, 1925. The Series of 1882 date back printings took place even though value back plates for all plate combina- tions were prepared almost immediately after expiration of the Aldrich-Vreeland Act. As an example, notice the 1915 approval dates in Table 1 for the Series of 1882 50-50-50-100 value back plates that were made. Important to the discussion at hand is that Series of 1882 date back 50-50-50-100 printings continued from the old "or other securities" plates in lieu of value backs. These post-June 30, 1915 date back printings were small, amounting to only 14,707 sheets in fiscal years 1916 through 1922, but they could just as well have been value backs. As shown in Table 2, the first 50-50-50-100 value backs went into production in 1919. There is a simple reason why the Dayton and New Orleans banks were the only banks to receive them. These banks issued notes from the only Series of 1882 50-50-50-100 face plates prepared after expiration of the Aldrich-Vreeland Act. These two plates did not contain the "or other securities" clause. We know that "or other securities" faces were routinely mated with both date and value backs in the other combinations. However, plates without the "or other securities" clause were never mated with date back reverses. Consequently, once Dayton and New Orleans 50-50-50-100 faces were in existence, policy dictated that the Bureau of En- graving and Printing had to mate them with the value back de- signs. The $50 and $100 value back Dayton and New Orleans notes were the logical and necessary results. The Dayton bank had issued $50 and $100 1882 date backs previously, but these had been printed from a 2-subject 50-100 plate, a combination that had been phased-out for all banks on November 23, 1910. All of these had been issued, so when the bank needed more $50s and $100s, the new 50-50-50-100 plate was prepared for it. The New Orleans bank had not issued $50s and $100s previ- ously. In 1919, it was issuing $5, $10 and $20 Series of 1882 date backs printed before the expiration of the Aldrich-Vreeland Act, all bearing the title Commercial National Bank. A 50-50-50- 100 combination was ordered when the bank title was changed to Canal-Commercial National Bank, a change approved by the comptroller on August 28, 1919. MIXED PRINTINGS The Dayton and New Orleans 50-50-50-100 value back printings were interspersed with the last of the 50-50-50-100 date back printings. The treasury serial numbers alternated be- tween the two types as shown in Table 3. In fact, the last Series of 1882 50-50-50-100 printings consisted of 1280 sheets of date Paper Money Whole No. 157 aCCC5TZUEZUSESIV,, .:, ...:„IL1,:., — i‘i,-,-Izaa4441), 411,--- tht-00,4 Al /0 1- 9:- .,,,,,, • _, -voixo., 0.;-•, --"*-41) vaspolA --: 6.,A,Yffig..„0 SittelICN ' A,t. '.. liepnlaglier(STA011811VeretiWAS1111igtqw. . /v/0/4e/W4L „•,_,./807Aliv,itt:: - ' - iii 7; 6. Nr „ ....-4 .- '71 -1 etr1-11 - ' '---- - - °°21 i.*-4-111 M1 IP ' (//, tglAW t 6rirrei EIS 0 Page 18 14. 111 Alt/ 1:"Vc . 1 S‘ *I ARTS lir . _ I It.. I) *a 111 l• ,1,11,4 1:ft urrrEs ""b) IltfitIllnTrIt; 'MC VS111".111, ....1 . Vr114 311 1%1,4,1 It OcttrituN rsitricIlllIcill.',1.4.11 0 . •■ ce% rv1•1111:CIer■ON )It.kuiv fir Series of 1882 $50 mine back issued by the Canal- Commercial National Bank of New Orleans, Louisiana. Table 1. Plates used to print the Series of 1882 value back 50-50-50-100 national bank notes. FACE PLATES: Plate Bank City State Charter Letters The Winters National Bank Dayton OH 2604 C-D-E-C Canal-Commercial National Bank New Orleans LA 5646 A-B-C-A BACK PLATES Plate Date When Plate Plate Date When Plate Number Approved For Use Number Approved For Use 19 Jul 14, 1915 22 Jul 14, 1915 20 Jul 16, 1915 23 no data 21 Jul 14, 1915 24 Aug 11, 1915 a. Date of extension (date of organization + 20 years + 1 day). b. Date of organization. Date When Plate Plate Date Approved For Use Dec 15, 1901(a) Ian 20, 1919 Dec 12, 1900 (b) Sep 25, 1919 Plate Date When Plate Number Approved For Use 25 Aug 11, 1915 26 Aug 11, 1915 WMIP i1rRY. W. . , 1,10153-1. NIV.i.r.ItIttit "4' In 7717411, itti. •'■ etc syn.tfo.r. 1,111.1111r..1,U111O• Utah airily 4 witoxioft A,1:..4.e. INkktilAttP. 1 1 ---7-_, trilklaVettal- ,- ,,..9.w?"'4'4, ---#-I'',wwwwwww.c.R. ;4(//, i /„ • kij - (A) )C4IN eV hi /977, f, 1 0 ;NAL I I, litLIFI.40011 , 44•-r? 1,11"44bAtillrite4j ( IeWitifergacom Paper Money Whole No. 157 Page 19 Table 2. Summary of shipments of 50-50-50-100 Series of 1882 value back and intervening date back national bank sheets to the Comptroller of the Currency from the Bureau of Engraving and Printing. Delivery Date City Bank Serials Treasury Serials Sheets Type Feb 11, 1919 Dayton, OH 1-1000 A161090-A162089 1000 value Feb 12, 1919 Dayton, OH 1001-1400 A162090-A1624890) 400 value A162490-A164669 2180 date Oct 14, 1919 New Orleans, LA 1- 500 A164670-A165169 500 value A165170-A168319 3150 date May 18, 1920 Dayton, OH 1401-1800 A168320-A168719 400 value A168720-A169879 1160 date Aug 5, 1920 New Orleans, LA 501- 900 A169880-A170279 400 value A170280-A170459 180 date Oct 4, 1920 New Orleans, LA 901-1300 (b) A170460-A170859 400 value Aug 27, 1921 10 A170860-A172139 1280 date a. Assumes serials are consecutive with Feb. 11 delivery. This is only group for which no specimen is known to have survived. b. Last sheet issued to bank was serial 1057. c. Date when last Series of 1882 50-50-50-100 serial was printed. Serial number 1 $100 Series of 1882 value back issued by the Canal-Commercial National Bank of New Orleans, Louisiana. Photo courtesy of Leonard Glazer, Allen Mincho and Kevin Foley of Currency Auctions of America, Inc. Page 20 Paper Money Whole No. 157 Table 3. Known Series of 1882 $50 and $100 value back national bank notes. 2604 Dayton, OH 50 A168347-1428-D F Federal Reserve Bank of Chicago 5649 New Orleans, LA 50 A164889-220-C VF Ex Carter, Private 50 A170162-783-B VF-XF Private 50 A170539-980-B G-VG Ex Huntoon, Private 2604 Dayton, OH 100 A161542-453-C VG-F Federal Reserve Bank of Chicago 100 A168622-1703-C VF, pressed Smithsonian Institution 5649 New Orleans, LA 100 A164670-1-A VG Currency Auctions of America 100 A170589-1030-A F, cut bottom Private Series of 1882 $100 value back issued by The Winters National Bank of Dayton, Ohio. (Sm hsonian Institution photo 84-15498) backs, the last of which were printed on August 27, 1921, ending with treasury serial number A172139. Unfortunately, the ledgers showing receipts of sheets by the comptroller are lost for this period. Consequently, we do not know the titles of the banks for which the intervening date backs were printed. The same interspersing of types occurred during all of the Se- ries of 1882 10-10-10-10 value back printings and during Series of 1902 50-50-50-100 plain back printings between 1915 and 1925. Interspersing of types also occurred in 1915 during the very beginnings of the 1882 value back and 1902 plain back printings for the other combinations. The Dayton bank received all of its 1800 sheets, but the New Orleans bank got only 1057 sheets. The total numbers issued were 8571 $50s and 2857 $100s. The comptroller shipped sheet number 1 to the Dayton bank on May 21, 1919, and sheet 1800 on August 25, 1921. It is impossible to tell when the first of these came in for redemption because the bank issued both brown and date back $50s and $100s, and the redemption records do not differentiate by type. In the case of the New Orleans bank, the comptroller sent sheet 1 on October 23, 1919, and sheet 1057 on December 13, 1920. As these were the first $50s and $100s issued by the bank, it is possible to tell when they started coming in for redemption. The first two $50s arrived on February 7, 1920, and the first two $100s came in on February 24, 1920. The notes lasted in circulation only four months. Paper Money Whole No. 157 Page 21 The Dayton bank simultaneously issued $5, $10, $20, $50 and $100 value backs during the 1919 to 1920 period to main- tain a circulation of $1,000,000. On the other hand, the New Orleans bank issued $5, $10 and $20 date backs until October 23, 1919, when the comptroller's supply of these old title notes finally ran out. From this date forward, the bank issued only new title $50 and $100 value backs. The circulation of the bank remained at $300,000 until September 29, 1920. Consequently, the first of the $50s and $100s were replacements for the smaller denominations that came in for redemption. On Sep- tember 29, 1920, and again on November 2, 1920, the bank One Bank Mte From Each Issuing Country An Inexpensive Way to Collect by JERRY REMICK S a lesser phase of your hobby consider collecting at least one bank note from each of the approximately 180 countries that currently issue them. Many coun- tries have monetary units of less than one American dollar. Consequently, uncirculated notes from numerous countries will cost 254 and 50¢. Over a period of years this will amount to very little. A table in each issue of the Bank Note Reporter and World Coin News lists note-issuing countries and the unit amount in U.S. dollars and cents. When a collection by country is complete, you might consider collecting bank notes from countries no longer issuing them or those countries that have undergone a name change. Newfoundland and Biafra are examples of the former, and British Honduras, now Belize, is an example of the latter. Bank notes are light in weight, do not take up much space, and can be kept in groups in one mylar container. Since your investment is modest, these notes from around the world may be kept at home without too much concern. However, if lost or stolen, recorded serial numbers might help you to retrieve them. If you are unable to attend numismatic shows, advertise- ments in paper money publications will identify those dealers who handle inexpensive world bank notes. The Standard Catalog of World Paper Money (General Issues), by Albert Pick will help you to make a list of the notes you need. Since the book costs $50, ask your library to purchase it if you cannot afford it. In addition to basic bank note information, this catalog gives a brief history of the country, its people and industry. Circulated notes can often be purchased for much less. However, for the additional 20 or 30 cents, clean, fresh notes are much nicer to look at and handle. purchased $50,000 in additional bonds to increase its cir- culation. With each purchase, the comptroller shipped 200 50-50-50-100 value back sheets. The $50 note shown here was part of the second $50,000 shipment which included sheets 807 through 1006. The corporate life of the Canal-Commercial National Bank was extended on December 12, 1920. Up until that time, only 1057 of its Series of 1882 value back 50-50-50-100 sheets had been issued. The remaining 243 sheets, serial numbers 1058 through 1300, were cancelled, and the bank began to receive Series of 1902 plain backs. (Continued on page 25) A collection of this type can be assembled as slow or as fast as you wish. You might coordinate purchases with geographi- cal areas your children are studying in school. Historical subjects, places and people as seen on many notes might also help related studies in school. In addition to the SPMC there is the International Bank Note Society that you might consider joining if you graduate to more serious collecting. The IBNS issues a quarterly journal. For more information write to Milan Alusic, P.O. Box 1642, Racine WI 53401. From the directories of both organizations—one by the SPMC will be available soon—you can find the names and addresses of collectors in other countries from whom you could obtain new notes. Give world bank note collecting a try. ,110 ICY W - div ? r Page 22 Paper Money Whole No. 157 The American Bank Note Company in Puerto Rico's Numismatic History by EFRAIN ARCHILLA-DIEZ A MERICAN Bank Note Company was the preeminent company in the world dedicated to printing paper money and other negotiable instruments since 1858. Although it was formally organized under the name in 1858, the company was the result of the merger of seven companies whose beginnings go back to the period of the American Revolution, that is, the last decades of the 18th century. American Bank Note Company (ABNCo) was responsible for printing certificates for many of the stocks exchanged every day, including some in Puerto Rico. Perhaps unknown to our readers, and some specialized numismatists, Puerto Rico's official birth certificates, government checks received in the island by teachers and retirees, and even checks used in the Nutritional Aid Program were printed, using the latest and most modern anti-counterfeiting techniques, by ABNCo of New York. The relationship between this prestigious firm and Puerto Rican numismatics is not of recent origin, but dates back to the 19th century. American Bank Note Company printed the stock certificates for the island's first unofficial bank, the Sociedad AnOnima de Crèdito Mercantil de Puerto Rico, in 1882. Also, the notes issued by the Banco Espanol de Puerto Rico, the island's first officially chartered bank were printed by ABNCo in 1894 and 1896. Later, when the island changed from Spanish to North American dominion, this firm also printed the bills of the new Banco de Puerto Rico (P7-86), the institution that inherited the concession to issue paper money from the Banco Espanol. Among the notes issued by the Banco de Puerto Rico, in addition to those issued by the Banco Espanol overprinted "Moneda Americana" (American Currency), was the 1904 series, which continued with the tradition of small-size notes, as was the custom of the Banco Espanol and the Spanish government. These notes marked the introduction of bilingual paper money in the new American Territory of Puerto Rico. The legends and the denominations were printed in English and Spanish, and thus read "BANK OF PORTO RICO" and "BANCO DE PUERTO RICO", and "CINCO PESOS" as well as "FIVE DOLLARS" (P10). Proofs for a 200 peso (P10A) are known to exist. The 1909 series (P11 & 12) issued by the Bank of Porto Rico, continued with the practice of bilingual legends, although the size of the bills changed to the large format used by the United States government. They were known locally as "sabanas" because of the large size. All of the notes issued by both Banco Espanol de Puerto Rico and Banco de Puerto Rico, with the exception of the 1909 series, are very rare and valuable. The relationship of ABNCo and Puerto Rico started in the early 1800s. This article will focus on what is surely the island's first issue of paper money not printed locally—certainly a most historic event. American Bank Note Company can be traced to Murray, Draper, Fairman & Company. This was the first company for- mally established for the purpose of printing paper money in the United States after its independence from England (Griffiths, 31). Murray, Draper, Fairman & Company was or- ganized in 1810 and introduced many new techniques in the field of engraving and printing paper money and securities. After several mergers the company evolved into what is known today as American Bank Note Company. Let us examine Puerto Rico's history, and discover how this old and prestigious com- pany established a relationship with the island that lasted al- most two centuries. Paper money, "vales," bills, or scrip, in short the use of a medium of exchange other than specie—coins whose worth was determined by the intrinsic value of the metal—is not new. From the ancient and gigantic Chinese notes made from a sub- stance including plant fibers, to the electronic checks of today, the inherent value of coins was substituted with a pledge for payment, using something of lesser value, or no value at all. In all cases, paper money was a necessity "coin," as demonstrated in Puerto Rico during the late 18th and early 19th centuries. Ac- cording to H. Burzio, Puerto Rico is the first Spanish possession Aev7V-i - ,-t-r7VIVP‘te A possible counterfeit of an 1812 papeleta, PAl. er Real Tesorerii, -• 0 s' Puerto Rico aura- ez/ifirrazi4e---Clreohivo / `----- ' ^ai',92eiel Z/v1:1 ;7€72,1.4;x a:-/ad RENTAlS GENERALE ele///a,7/47.4*/-7 , 1 ' It:* 11110. . NORMNo 2 2t.' Noma . Ex. Pa Five pesos, P10. Paper Money Whole No. 157 Page 23 in America to issue paper money "due to the lack of hard coin" (Burzio, 279). The island's government relied on a crown sub- sidy from Mexico and Guatemala in silver coin known as "situado," which was necessary to pay the troops and suppliers to maintain the operation of San Juan's fortresses and defensive systems. Puerto Rico, and its capital city, San Juan, played a very im- portant role in the defense of Spain's interests throughout the Americas. According to the Organization of American States, Puerto Rico's fortresses were the most impenetrable and im- pressive of all in the New World (Houk, 8). The fortified city of San Juan was both coveted and feared by the Dutch, French, English and North Americans. The castles, which guarded the treasures carried by galleons on the way to Spain that had to dock in the bay for repairs, were often attacked. In the Antilles, Puerto Rico was the last stop in the long voyage to Europe. From the first decades of the 17th century, to the second de- cade of the 19th century, Puerto Rico had little economic or business activity. It was basically dedicated to military and de- fense operations. During this period, the Americas were under- going great changes. The European colonies throughout the Americas were fighting for their independence and emerging as new nations. The European powers, especially Spain, were losing important income and riches year after year. Spain was Regent Maria Cristina and Allegory No. 2; the latter was engraved by Charles Skinner, PG. finding it difficult to acquire the silver and gold it had once ob- tained with relative ease. It is necessary to recall that the Spanish Empire was built with the riches obtained in the Americas. During the 19th century Spain lost, one by one, all of its territories in the Americas and the Caribbean. Spain's colonial saga ended in 1898 with the loss of Puerto Rico to the United States of America as a consequence of the Spanish- American War. A 5 pesos note with a portrait of Ferdinand VII, P3. Intendant Alejandro Ramirez. 4.40 CMS PRIVII4510 IMITIRIIIIMUS 48Mmtsta* Five pesos (back), P11; Literature was engraved by Alfred Jones. ...',.___,V..2_.:,15:2(t.P_.54.14r,..VioCei.22_0!•_:1.1s.u.Sets3coc. oti.:+".344.!. t.f.. 3. :kimal. .5akrvitin.50ilim. •,77-`-'- "'IP @AnAzowyvagemomp,410922L 10. r',:.V-"'‘a IL to\ -^s,,,- F I lif _ --_,..--- - - C1175171777751 wriirmEtti,aLLEsjAn idealized portrait of Christopher Columbus, P11. Page 24 Paper Money Whole No. 157 During this period, the cur- rency provided by the "situado" frequently did not arrive because of pirate attacks, hurricanes or the wars of independence. In 1766, in order for the Spanish colonial government to meet its financial obligations with the troops, merchants and other suppliers, authorization was ap- proved for the printing of paper money. This is the earliest paper money issue known for the is- land. In 1767, 1780, 1787, 1810, 1812 and 1814 the "situado" was not received, and other paper money series were locally printed. Regretfully, there are no known specimens of the notes printed in the 18th century, and those from the early 19th cen- tury are extremely rare. Since there was no printing press in Puerto Rico at the time, all were probably made by a xylographic process using a plate made of wood, cut in negative, which was coated with ink and pressed against the paper. When order was again restored the troops were paid in coin and the notes were withdrawn from circula- tion, demonetized, and de- stroyed. The withdrawal, the poor quality paper used, the acid inks used, and the island's humid climate account for the rarity or non-existence of these early paper money issues. These rustic notes were extensively counterfeited, frequently caus- ing chaos in the island's de- pressed economy, and low morale among the troops. A devaluated issue would be recalled, destroyed, and replaced with a new series of notes. In 1812, Alejandro Ramirez, a Spanish native of Valladolid, and an expert in public finances, was appointed Intendant of the Treasury of Puerto Rico by don RamOn Power y Giralt, Puerto Rico's delegate to the Courts of Cadiz. Ramirez had gained a solid reputation in Spain and in the colony of Guatemala in Cen- tral America, and he immedi- ately took upon himself the task of establishing economic order Paper Money Whole No. 157 Page 25 through the implementation of measures that, at that time, were considered progressive and modern. He is credited with having introduced the first printing press in the island, estab- lishing Puerto Rico's first official printed newspaper, El Diario Economico, and creating a provincial lottery that still survives. In a bold effort to eradicate counterfeiting, he also ordered the production of the first paper money issue not printed in the island. By 1815 the United States of America was a reality. The original thirteen colonies were becoming a powerful industri- alized nation, and Puerto Rico's last series of notes under the reign of Ferdinand VII was printed in Philadelphia. Using anti- falsification printing techniques, an engraver named Jacob Perkins was attracting the attention of master engravers. In 1810 George Murray, John Draper, and Gideon Fairman estab- lished Murray, Draper, Fairman & Co. This new firm, the first of its kind in the new republic, was very successful due to the de- velopment of engraving and printing methods that were very difficult to counterfeit. The company's success was so impres- sive that the British ambassador in Washington urged the es- tablishment of the subsidiary of the printing house which opened in 1818 in London. The paper money made using Perkins' system and printed exclusively by Murray, Draper, Fairman & Company simply could not be duplicated. The rampant counterfeiting of Puerto Rico's treasury notes continued to produce chaos in the island's economy. In the early 19th century, in order to end this problem, the new Inten- dant adopted drastic measures by commissioning a new series of notes that were to be printed not by Spain, the mother country, but by the American firm of Murray, Draper, Fairman & Co. There were no telephones, telegraph, airplanes, or speedy ships that we know today, and the postal service was in its in- fancy. Since the new notes were issued in 1815, and a consider- able period of time must have elapsed during the process of planning, approving, printing, and finally delivering the finished bills in Puerto Rico, it is proper to infer that the com- missioning of the notes must have been one of the first things Ramirez did after assuming office. The notes of the Real Tesoreria de Puerto Rico (Puerto Rico Royal Treasury) bearing the credit of Murray Draper and Fairman are in the 3 and 5 pesos denominations. A bust of Fer- dinand VII—which we classify as imaginary or of American creation—is on the 5 pesos note, and the Spanish coat of arms is on the 3 pesos note. At least two varieties of each denomina- tion are known, each showing minor variations in the en- gravings, attesting to the probability that they were printed in vertical sheets of two or more notes, each one individually retouched. The quality of the printing is so good that the tex- ture of their exquisite and deeply engraved lines can still be felt. These rare bills are hand-numbered and were personally signed by Intendent Ramirez and his aide, José Bacener. With the introduction of this new series, Ramirez was able to solve the counterfeiting problem and restore public trust in the is- land's monetary system (Monclova). The 1815 Puerto Rico notes are among the first issues by Murray Draper, Fairman & Company using the novel printing system developed by them. The system's technical principles are still in use today. The new company flourished and, through various corporate mergers with other companies in the same field during the 19th century, became what is known today as the American Bank Note Company, one of the largest, and certainly one of the most prolific, paper money and secu- rity printers in the world. ABNCo. printed notes for hundreds of countries in its almost two centuries of existence, including Spain's Puerto Rico of the 19th century. With the entrance of Murray, Draper, Fairman & Co. in the Puerto Rican panorama of 1815, a relationship with Puerto Rico was started for American Bank Note Company that lasted nearly 200 years. ABNCo. was purchased in 1990 by the United States Bank Note Corporation, a major commercial printer of security paper in the United States and it would be beneficial to col- lectors if future American Bank Note Company Archive Series would include specimens of early notes from Puerto Rico, es- pecially those from the Banco Espanol era. Sources Burzio, H. (1958). Diccionario de la Moneda Hispanoamericana. Griffiths, W.H. (1959). The story of American Bank Note Company. NYC. Houk, W. (May-June 1987). Americas Magazine. Monclova, L.C. (1958). Historica de Puerto Rico, Siglio XIX, Tomo I. HUNTOON (Continued from page 21) SURVIVAL The survival rate for the $50 and $100 value backs is now known to be an incredible eight pieces, four of each denomina- tion. This represents one note for every 1400 issued. For com- parison, the average survival rate for the large-size territorials is now one per 7500 issued. It is of incidental interest to point out that the New Orleans bank was liquidated on January 6, 1921, less than a month after its charter was extended. By this time, 500 sheets of Series of 1902 50-50-50-100 blue seal plain backs had been delivered to the comptroller. Of these, only 17 sheets were issued to the bank. One wonders if any survived. SOURCES OF DATA Bureau of Engraving and Printing, 1908-1926, Annual reports of the director of the Bureau of Engraving and Printing for fiscal year ending June 30: Government Printing Office, Washington, DC. Comptroller of the Currency, various dates, National currency and bond ledgers: National Archives, Washington, DC. Hickman, J., unpublished, Reported national bank note serial numbers. Huntoon, P., 1971, The rare 1882 denomination reverse $50 and $100 notes: Paper Money, v. 10, pp. 56-58. Huntoon, P., 1990, Ending treasury serial numbers on date back na- tional bank notes: Paper Money, v. 24, pp. 19-21. Smithsonian Institution, various dates, National currency proofs: Na- tional Numismatic Collections, Washington, DC. United States Statutes, various dates, The National Bank Act and amend- ments: Government Printing Office, Washington, DC. CONSIDER donating a subscription of PAPER MONEY to your college alma mater, local historical society or library. Page 26 Paper Money Whole No. 157 Sutler Paper an update by KENNETH KELLER S INCE the article "SUTLER PAPER" appeared in the May/June 1989 issue of PAPER MONEY several addi- tional items have surfaced. Also, there are some errors in that original article which should be noted. Arkansas: $2 Sutler scrip of Adams & Yager for the 3rd Ark. Inf. should be 2nd Ark. Inf. Pennsylvania: the 254, 504 and $1 Calif. Reg. (Gen. Burns Brg. 72 Inf ) should be (Gen. Burns Brg. 71 Inf.) United States Army: 204 and 504 12th U.S. Infantry, W.H. Al- derdice items are cardboard scrip and should be deleted. Virginia: the 104 C.S. Army News Agent & Mail Carrier for 8th Brg. (Good in Sutler's Stores), J.D. Edwards. and the 254 C.S. Army News Agent & Mail Carrier for 8th Brg. (Good in Su- tler's Stores), Geo. Pannell should be listed under Confederate Army. Confederate Army: Paymaster Order, Confederate Invalid Corps, EB. Frisbie, sutler. This is incorrect. The Invalid Corps was a Union unit. It was authorized April 28, 1863, Gen. Order 105. No similar Confederate unit was organized (Todd). Another piece of Sutler scrip about which little is known is the $1 Fort Riley (Kansas) scrip of Robert Wilson. The March 20, 1862 issue of a newspaper in Junction City reports, "Colonel Wilson, Sutler at Fort Riley, has in circulation one dollar notes .. :" (Whitfield). There is a reference to a $2 14th Mass. Regiment Artillery scrip of H.B. Sheldon (Muscalus). I doubt such a denomina- tion exists. This is a common issue. There are many examples of 254, 504 and $1 H.B. Sheldon scrip. Two different 3-note sheets are known, a 254, 254, 504 sheet and a 504, $1, $1 sheet. If there was an example of $2 scrip it would probably have come to light by now. A proof 104 Col. Black's Reg't. Pa. Vol., G.A. Mundorff re- cently came on the market. G.A. Mundorff circulated a 254 denomination scrip, but I have not heard of a 104 piece that was used by him. If you have, or know of, any Sutler paper please let me know. I can be reached at 9090 Kinsman-Pymatuning Rd., Kinsman, OH 44428. The following is a list of additional Sutler paper that has come to light since the article in the May/June issue of PAPER MONEY. Sources Muscalus, J.A. Massachusetts scrip. Todd, G.L. (Dec. 1985). An invalid corps. Civil War Times. Whitfield, S. (Sept./Oct. 1990). Kansas obsolete notes & scrip. PAPER MONEY A Civil War sketch was executed by John Wothington Mansfield (1849-1933) while stationed at Chapin's Farm (just 7 miles from Rich- mond) w/HQ 3rd Brigade 3rd Division 24th Army Corps from Feb. through April 1865. Mansfield was just 16 at the time this view was executed. He went on to study in Europe and established himself as an artist of considerable renown. 8 7(',11'.7/',E //1/02/1e.)-oiKtg-e.a/ea/i/ ,deaw-1/, 0 NEf 0 LLAR-. ,e/n/c _I t chwdede/ Paper Money Whole No. 157 Page 27 CIVIL WAR ONE DOLLAR SUTLER'S NOTE JOHNSON'S ISLAND PRISON CAMP SANDUSKY BAY, OHIO The Union prison camp at Johnson's Island was established in 1861 by Col. William H. Hoffman. The camp housed a large number of Confederate officers and some enlisted men who were guarded by the 128th Ohio Infantry and the 8th Light Artillery Battery of the Ohio National Guard. Although quite pleasant in the summer, the Lake Erie winds made the camp cold and miserable in the winter. As a result, a large number of the ill-clad and poorly fed Confederates subsequently died of sickness. This note has been reproduced from a printing plate now in the collection of the Ohio Society of Military History. There are no known original examples of this note in existance. Reproduction of this limited edition note authorized exclusively by The Ohio Society of Military History, Inc. No. (i'ô ? /1000 Signed Bradley S. Keefer, Research Director There is a plate for printing a $1 Sutler Johnson Island scrip in the museum of the Ohio So- ciety of Military History, Massillon, Ohio. If you know of any examples, please let me know. Page 28 Paper Money Whole No. 157 $ Sutler's Offiee fi-:' To the Paymaster of the Invalid Corps. FOR VALUE RECEIVED, PLEASE PAY F. B. FRISB utter, or Order, e, Jr4m "r- 2 17- rt.n9 dechoc/ 4 e Jame/em mgy nwaly /ay noz/ lay day. t- (9a. L6aqi,A. SUTLER PAPER DENOMINATION UNIT SERVER ISSUER TYPE ALABAMA 10 Cents 25 Cents 1 Dollar 23rd Ala. Reg't. 23rd Ala. Reg't. 34th Ala. Reg't. House of Kahn & Bros. House of Kahn & Bros. U. Minter (?) ARKANSAS 10 Cents 25 Cents 5 Cents 10 Cents 1 Dollar 10 Cents CONNECTICUT Paymaster Order ILLINOIS 50 Cents INDIANA 50 Cents 50 Cents KANSAS 25 Cents 1 Dollar LOUISIANA 25 Cents 50 Cents First Arkansas Mounted Rifles 2nd Ark. Inf. 2nd Ark. Inf. 2nd Ark. Inf. 2nd Ark. Inf. Camp Cross, Ark. Eighth Reg't. Inf. C.V. 19th Reg't. 111. Vol. I., U.S.A. 67th Reg't. Ind. Vols. 82nd Reg't. In Vols. First Kansas Colored Vol. Reg't. Fort Riley 1st La. Reg't. 1st La. Reg't. D.V. Henry 1. R. Cox & Co. Adams & Yager Adams & Yager Adams & Yager J.C. Hall & Co. Geo. H. Moots Smith & Goldberg Harvy Spaulding Robert Wilson C.H. Nobles C.H. Nobles MASSACHUSETTS Paymaster Order 5 Cents MICHIGAN Paymaster Order Paymaster Order Paymaster Order MISSISSIPPI 1 Dollar 11th Mich. Reg't. 11th Mich. Reg't. 12th Mich. Reg't. Army News Agent Miss. L. Stern L. Stern E. Van Baalen H.C. Winslow 34th Reg't. Mass. Vols. D. Holden 63rd Reg't. Mass. Vols. Wm. A. Graves(?) Type A (1 certify—written in) Type B (I certify—printed) tat. ttp/ • laise ir nt Cr). :N. (1.7o1.61ach4141iiitiittr.11:' Paper Money Whole No. 157 Page 29 DENOMINATION UNIT SERVER ISSUER TYPE MISSOURI 50 Cents Gen. Rains' Brigade J.W. Woods Type A (sml. design R&L) 50 Cents Gen. Rain's Brigade J.W. Woods Type B (lg. design R&L) 1 Dollar Gen. Rains' Brigade J.W. Woods Type A (sml. design R&L) 2 Dollars Gen. Rains' Brigade J.W. Woods Type A (sml. design R&L) 2 Dollars Gen. Rains' Brigade J.W. Woods Type B (lg. design R&L) 3 Dollars Gen. Rains' Brigade J.W. Woods Type A (sml. design R&L) 50 Cents Gen. Rains' Command (White Hare, Mo.) H. Horton NEW HAMPSHIRE 2 Cents Fort Constitution (Portsmouth Harbor) George L. Folsom NEW YORK Paymaster Order Paymaster Order 10 Cents Paymaster Order 5 Cents 25 Cents OHIO Paymaster Order 1 Dollar Paymaster Order Paymaster Order 1 Dollar 3rd New York 3rd New York 5th X.L.C.R. (Excelsior Light Cay. Reg.) 78th Reg't. N.Y.S.V. 157th N.Y. Vol. Fort Herkimer 7th O.V.M. 30th Reg't. O.V. 117th Reg't. O.V., U.S.A. 188th O.V.I. Johnson Island E.S. Alford E.S. Alford Mooney & McMillan William H. Burch John G. Rasbach (?) Sam'! Hatch E. Dole W.N. Burke Joseph Grimm E.F. Moffett(?) Type A (N.Y. Vols.) Type B (Inf, N.Y. Vols) Type B (with "for value rec.") Plate only PENNSYLVANIA 10 Cents Col. Black's Reg't. Pa. Vol. G.A. Mundorff Proof 5 Cents Col. Murray's Reg't. P.V., U.S.A. T. Bingham SOUTH CAROLINA 10 Cents TEXAS 1 Dollar VIRGINIA 25 Cents 50 Cents First Brigade S.C.V. Parson's Reg't. 12th Texas Dragoons Stonewall Brigade Stonewall Brigade F.H. Ayers Chas. N. Page & Co. Chas. N. Page & Co. UNITED STATES ARMY Paymaster Order 18th Reg't. Inf. U.S.A. S.V.R. Carpenter 10 Cents Head Quarters 29th Reg't. William Saffin MASSACHUSETTS New Bedford Merchants Bank MA-895 (A46) $5 October 20, 1854 None Altered from $5 Merchants Bank, Stillwater MN-180-G6. Pink overprint FIVE only. MISSOURI St. Louis Bank of Missouri M0-30 (G22) $10 18 : 1810s MDF The engraved text reads "pay or 470";'"? '11(1- ILAINli or MIS SOI,...110.49?rwm-i.e .i1,/, ' e (1-?- ° (TJ 1117,161 ay_ (catiiriz. Page 30 Paper Money Whole No. 157 DENOMINATION UNIT SERVER ISSUER TYPE CONFEDERATE 2 Dollars 5 Cents 50 Cents 10 Cents STATES ARMY Fort Gibson C.S.A. News Agent & Mail Carrier for 8th Brg. (Good in Sutler's Stores) C.S.A. News Agent & Mail Carrier for 8th Brg. (Good in Sutler's Stores) C.S.A. News Agent & Mail Carrier for 8th Brg. (Good in Sutler's Stores) F.N. Nash J.D. Edwards J.D. Edwards George Pannell Not in Haxby, Not in Garland by FORREST DANIEL T HE publication of James A. Haxby's United States Obsolete Bank Notes, 1782-1866, has brought together an encyclopaedic list of the nation's obsolete bank notes. It brings together a greater list than ever before assembled, and is a boon to all collectors. Mr. Haxby acknowledges the existence of notes not listed in his catalogs or whose existence has not yet been confirmed. He asks for reports of any of those notes. When a collection of fewer than three dozen can add to the list of notes not found in the leading collections, it is apparent many others rest in small, but choice, caches. This is a call to collectors not polled for the "master list" to show the blind spots in the major collections. You, too, may have a discovery note. The Haxby work does not include certain collateral issues listed in other catalogs of obsolete bank notes. Therefore a Memphis agent's stamp on a South Carolina note not listed by Paul E. Garland in The History of Early Tennessee Banks and Their Issues is added as a teaser to bring to light other local discoveries. Paper Money Whole No. 157 Page 31 NEW YORK New York Manhattan Company NY-1695 (G85 or C85) $10 181 • 1810s Maverick Back has two indorsements, one crossed out, and a set of initials. In addition there is a red pen marking C l which may indicate coun- terfeit. Similar to illustrated counterfeit C86. Troy The Farmers Bank (?) 12c August 12, 1815 None TENNESSEE Memphis W.E. Milton, Agent 1 -;ti• ,. e"''(--/ cam„ (736A) $10 The Exchange Bank of Columbia, South Carolina, with W.E. Milton black overstamp dated 6 / 22'54. Blue overstamp G.6.20.60. ■ NK Happenings Page 32 Paper Money Whole No. 157 WILLIAM R. KING As Seen on the Northern Bank of Alabama $5 Note by BOB COCHRAN H ERE is one explanation of the portrait on the left side of the $5 note issued by the Northern Bank of Alabama at Huntsville (Rosene 134-4). This man is William R. King, who was one of the two men elected to be one of Alabama's first U.S. Senators. It is interesting to note that the other man elected was John W. Walker, of Huntsville. The election was conducted under a "gentlemans' agreement," in that one of the senators was to come from south Alabama, the other from north Alabama. King was from south Alabama. Why did the bank choose to use his portrait on their notes instead of Walker's? One theory: Walker faded into history, while King was later Vice-President of the United States under Franklin Pierce. It's a good possibility that the bank note engraving firm of Toppan, Carpenter, Casilear & Co., which produced the plates, could furnish an engraving of King's likeness quicker and cheaper than that of Walker. Reference: Rosene, W. (1984). Alabama Obsolete Notes and Scrip. Society of Paper Money Collectors. From The Banker's Magazine ■ Submitted by Bob Cochran HIS DISTINGUISHING MARK One day a big city bank received the following message from one of its country correspondents: "Pay twenty-five dollars to John Smith, who will call today' The cashier's curiosity became suspicious when a cabman assisted into the bank a drunken "fare," who shouted that he was John Smith and wanted some money. Two clerks pushed, pulled and piloted the boisterous individual into a private room away from the sight and hearing of regular depositors. The cashier wired the country bank: "Man claiming to be John Smith is here. Highly intoxicated. Shall we await identification?" The answer read: "Identification complete. Pay the money" BANK COUNTER ROBBER An Englishman named Galoway was arrested in Paris on the sixth of last February for an ingenious crime. He was well dressed and carried a gold-headed cane, and was caught pock- eting 600 pounds in bank notes which did not belong to him. For some time the Paris police had been trying to find out how large numbers of bank notes disappeared from the counters of several banking establishments in Paris. The notes always vanished as the clerk was counting them, and their disappear- ance was the more remarkable as no stranger was ever noticed near the bundle. But on the sixth of February two detectives no- ticed a man at a desk several yards away from the clerk who was counting notes. Apparently he was very busy with some calcu- lations, and on the desk lay his gold-knobbed cane, with the ferrule under Galoway's hand. The detectives were surprised to notice a spring issue from the gold handle of the cane and tuck itself into the band round a parcel of notes, which were then quietly drawn toward Galoway. Editor's Corner 0 U O Noted Passed Austin MSheheen Paper Money Whole No. 157 Page 33 Thanksgiving and Christmas have passed. The recent past was the time for us to reflect on the real priorities in life and to be thankful for our many blessings. Many of us received gifts related to our collecting interest. I am one of those lucky ones since my wife always surprises me with an item secretly ac- quired during the year from one of my close dealer friends who helps her. Too often I find, in this wonderful hobby, that proper priori- ties get misplaced. The relationship between collecting friends and dealer friends should be cultivated and cherished for the friendship that they bring. How often do we determine these relationships based on who gets the needed items, or how much we have to pay for it, or how much we can charge for it? Somehow the feeling of power from being the owner, or the pride of charging more than a fair return because of the buyer's ability to pay, or even the apparent new friendship derived from the transaction tend to fade as unimportant as one stays in the hobby for many years and grows older and wiser along the way. I would suggest that the many pleasant hours spent with our collections, the willingness to help others to learn and grow in their interest, the many true friends we gather along the way and the times that we do something for someone else that makes us feel good about ourselves are the real priorities and benefits from our hobby. We need to remember that we are the custodians of our col- lections for this generation only. Others have been so before us and there will be new ones after we are gone. The St. Louis show continued the strong upward trend of paper money. Good material was expensive and hard to find. The hobby will continue with this momentum because there isn't much available these days. SPMC is growing and planning for the future. Many good people with good ideas are helping. Each of you should do the same. We want to hear from you. Make a New Year's promise. Write to SPMC; send us an article to publish; get one new member; or just say you are glad to be a member. We sure would like to know you are out there. Read Money Mart For the first time since I have become editor of this journal I have a considerable number of articles in reserve; some authors have submitted more than one article. For much of this re- sponse we can thank Bob Cochran, our Secretary, who made an appeal for articles. Consequently, authors might be required to wait a little longer before seeing their words in print. Notwith- standing, after just a few issues articles in reserve can dwindle to a precious few. So, keep the articles coming. However, in my attempt to keep PAPER MONEY balanced with a variety of sub- jects, your patience might be required. The SPMC is primarily interested in printing original mate- rial for the first time. Some authors have simultaneously sub- mitted their articles to other publications without telling me. Time and money can be, and has been, wasted in editing and typesetting only to see the same article in print before it ap- pears in PAPER MONEY If an exception is made to this policy, all details must be coordinated with the other editor and me— this can become complicated. Reprints in PAPER MONEY are not out of the question, but only after a reasonable amount of time has elapsed after an article has been published elsewhere, and permission is granted. To all PAPER MONEY authors—thank you! Iowa Information Wanted Dean Oakes is preparing a new edition of the SPMC Iowa Obso- lete Notes & Scrip. If you have notes that are unlisted in the 1982 edition, please send photocopies to Dean Oakes, P.O. Box 1456, Iowa City, IA 52244. All contributors will be ac- knowledged. Texas Meeting A regional meeting of the SPMC is scheduled for 2:00 p.m., Saturday 25 April 1992 at the Texas Numismatic Association convention. Frank Clark will present a slide presentation of Texas national bank notes. Bebee and Seaby Honored by PNG The Professional Numismatists Guild has honored Aubrey E. Bebee and Peter J. Seaby with honorary memberships, two of only nine awarded in 36 years. Bebee, a founding member of the PNG, holds membership number one. Authors—Authors—Authors Authors, including those who have submitted articles yet to be published, may now submit a Money Mart ad with a max- imum of 20 words not including name and address. These free ads will be placed as equitably as possible and as space permits in appreciation for your contributions to PAPER MONEY NEW MEMBERSHIP COORDINATOR Ronald HorstmanN EW St. LouP i.sO it) x6 36 103191 MEMBERS mongy mart Paper Money Whole No. 157Page 34 8116 Howard W. Rokus, Box 225, Saukville, WI 53080-0225; Early issues & errors. 8117 John Steinbach, 2301 Becker Dr., Brenham, TX 77833; C, C.S.A. & Rep. of TX. 8118 Nicholas T. Economopoulos, P.O. Box 199, Holicong, PA 18928; C&D, obsolete notes. 8119 John Chermak, 1024-9th St. SW., Cedar Rapids, IA 52404. 8120 Louie Grasso, 2021 W. Plum #632, Ft. Collins, CO, 80521, C. 8121 Glenn W. Whittington Jr., 1715 Fernham Ct., Crofton, MD 21114; C, U.S. type notes. 8122 Brad Schade, P.O. Box 182, Boyne City, MI 49712-0182; MI ob- soletes & NBN. 8123 Michael J. Brannon, 37340 50th St. East, Palmdale, CA 93550; C, U.S. large-size notes. 8124 Wilson Scott, P.O. Box 843, APO New York, NY 09098-4812; C, NBN, obsoletes and CSA currency. 8125 David Hepburn, 432 Oaknoll Dr., Amherst, OH 44001; C, U.S. paper money. 8126 G.A. Vandercook, P.O. Box 14175, Lansing, MI 48901-4175; C, U.S. small-size notes. 8127 Fred Zinkman, 82 East Circle Dr., Montgomery, IL 60538; C&D, NBN. 8128 Barry A. Smith, 1707 Brookcliff Dr., Greensboro, NC 27408; C&D, Autographs, checks, CSA. 8129 Dale B. Smith, 906 N. Shannon, Sloan, IA 51055; C, IA & NE obsoletes. 8130 Sherrill Blackman, P.O. Box 158507, Nashville, TN 37215; C, NC, CSA notes. 8131 William A. Taylor, 4960 Winchester Ave., Ashland, KY; C&D, NBN. 8132 Henry Wire, 605 Yucca Dr., Round Rock, TX 78681-7412; Rep. of TX. 8133 Frank S. Viskup, Jr., 2-4 Narrows Rd. S.2C-1, Staten Island, NY 10305; C&D. 8134 John R. Thyne, 3110 Fairway Dr., Kettering, OH 45409; C&D, U.S. & world paper money. 8135 Jose Luiz Fernandes, Av. Rui Barbosa 286 Casa 1 24250-Niteroi-RJ, Brazil; C, world paper money. 8136 George J. Scheighofer, P.O. Box 384, Reynoldsburg, OH 43068; C, U.S. currency. 8137 J.A. McCandless, 241 Fourth Street, Ellwood City, PA 16117; C, U.S. & PA NBN. 8138 J. Donald Quiggins, P.O. Box 16201, Louisville, KY 40256-0201; C, world paper money. 8139 James Dickerson, 137 King St., St. Stephens, NB, Canada, E3L2C7; C, world paper money. 8140 Larry Shivers, 10605 Lorain Ave. #2, Cleveland, OH 44111; C, Obsolete, Frac., lg. size U.S. & C.S.A. notes. 8141 Joe W. Overstreet, 645 Harwood Cove, Memphis, TN 38120; C, C.S.A. & bank memorabilia. 8142 James L. Mau, 2030 Euclid Ave., National City, CA 91950; C. 8143 Charles S. Viets, 36 West Chalmers Ave., Youngstown, OH 44507-1118; U.S.A., Australia, New Zealand. 8144 Thomas B. Kitchen, 3092A Rogers Ave., Ellicott City, MD 21043; C, NBN. 8145 Norbert K. Natzman, 420 Sunset Dr., White Lake, MI 48383; C&D, MI obsoletes & uncut sheets. 8146 James Girasa, 3006 Buhre Ave., Bronx, NY 10461; C. LM109 Jeff Bachmann, Conversion from 7869. Paper Money will accept classified advenising from members only on a basis of 154 per word, with a minimum charge of $3.75. The primary purpose of the ads is to assist members in exchanging, buying, selling, or locating specialized mate- rial and disposing of duplicates. Copy must be non-commercial in nature. Copy must be legibly printed or typed, accompanied by prepayment made payable to the Society of Paper Money Collectors, and reach the Editor, Gene Hessler, P.O. Box 8147, St. Louis, MO 63156 by the tenth of the month preceding the month of issue (i.e. Dec. 10 for Jan./Feb. issue). Word count: Name and address will count as five words. All other words and abbreviations, figure combinations and initials count as separate. No check copies. 10 0/0 discount for four or more inser- tions of the same copy. Sample ad and word count. WANTED: CONFEDERATE FACSIMILES by Upham for cash or trade for FRN block letters, $1 SC, U.S. obsolete. John W. Member, 000 Last St., New York, N.Y. 10015. (22 words: $2: SC: U.S.: FRN counted as one word each) OHIO NATIONALS WANTED. Send list of any you have. Also want Lowell, Tyler, Ryan, Jordan, O'Neill. Lowell Yoder, 419-865-5115, P.O.B. 444, Holland, OH 43528. (163) QUALITY STOCKS, BONDS. 15 different samples with list $5; 100 different $31; 5 lots $130. List SASE. Always buying. Clinton Hollins, Box 112P, Springfield, VA 22150. (159) PRIVATE COLLECTOR wants MAINE NATIONALS. Attempting most definitive collection of state ever assembled: want rare banks, high denominations, red seals, 1st charters, value backs, etc. Andrew Nelson, P.O. Box 453, Portland, ME 04112. (158) ILLINOIS OCCUPATIONAL NATIONALS WANTED from the fol- lowing towns; large-size only: Virginia, Braidwood, Springfield, Lake, Chicago and Westervelt. I attend all major St. Louis Shows. Bob Schmidt, HCR 64, Box 12, French Village, MO 63036. (157) WANTED: NEW JERSEY OBSOLETE BANK NOTES AND OCEAN GROVE NATIONAL BANK. Any Ocean Grove, Jersey shore, memora- bilia, postcards, souvenirs, maps, histories, etc. N.B. Buckman, P.O. Box 608, Ocean Grove, NJ 07756 (800-524-0632). (159) FIRST CHARTER NATIONALS WANTED, all denominations from $1 thru $100, also want Michigan nationals thru $100 denomination and large and small-size U.S. type notes, serial number "1," 11111111 thru 99999999 and 100000000. Buying and paying collector prices. Jack H. Fisher, 3123, Bronson Blvd., Suite A, Kalamazoo, MI 49008. (163) PHILIPPINE EMERGENCY CURRENCY of World War II: Apayao, Bohol, Cagayan, Cebu, Mindanao, Misamis, Negros, 49 notes. Wanted, Thailand 1000 ticals. Joe R. Myhand, P.O. Box 305, Paia, Maui, HI 96779. (157) PAPER MONEY UNITED STATES Large Size Currency • Small Size Currency Fractional Currency • Souvenir Cards Write For List Theodore Kemm 915 West End Avenue q New York, NY 10025 $1 National Bank Note. First National Bank of Pueblo, Colorado Territory. F-382. New. Realized $5,170 in one of our recent sales. PM 1/2-92 Dear Rick Bagg: Please tell me how I can include my paper money in a upcoming auc- tion. I understand that all information will be kept confidential. Name Address City State Zip Check here: E I am thinking about selling. Please contact me. Brief description of holdings: Daytime phone number: Paper Money Whole No. 157 Page 35 REALIZE THE BEST PRICES FOR yo UR PAPER MONEY Go with the world's most successful auction company— Auctions by Bowers and Merena, Inc! When you consign your collection or individual important items, you go with a firm with an unequaled record of success! Over the years we have handled some of the most important paper money collections ever to be sold. Along the way our auctions have garnered numerous price records for our consignors. Indeed, certain of the price records established at our Matt Rothert Collection Sale years ago still stand today! Thinking of selling your collection or desirable individual notes? Right now we are accepting consignments for our next several New York City and Los Angeles sales. Your collect call to Dr. Richard Bagg, our Director of Auctions, at (603) 569-5095 will bring you complete information concerning how you can realize the very best price for your currency, in a transaction which you, like thousands of others, will find to be profitable and enjoyable. What we have done for others, we can do for you. Tele- phone Dr. Richard Bagg collect today, or use the coupon provided. Either way, it may be the most profitable move you have ever made! cilt MAIL TO: Auctions by Bowers and Merena, Inc. Attn: Publications Dept Box 1224 Wolfeboro, NH 03894 Page 36 Paper Money Whole No. 157 , Hill' 'I q 'I' , 111111(01 1 i } ). i1111!111(\' ;r 11,,1111,i„, if WE ARE ALWAYS BUYING ■ FRACTIONAL CURRENCY ■ ENCASED POSTAGE ■ LARGE SIZE CURRENCY ■ COLONIAL CURRENCY WRITE, CALL OR SHIP: ',TOV3* : ••_ •CVNIKE LEN and JEAN GLAZER (718) 268-3221 POST OFFICE BOX 111 FOREST HILLS, N.Y. 11375 .--41111r i ' 4, ii, .1i..:911 . low,,: il, ,'Ilan. „Tip,.„,!, tt irh UV .., ..., SI X If T1 ),titi r \ 1 11; 1().\ 1. \ $, 1,( oi 1.1 (. I ow,el, .__ Jei a m 4,12 . \ I Charter Member EARLY AMERICAN NUMISMATICS We maintain the LARGEST *619-273-3566 COLONIAL & CONTINENTAL CURRENCY ACTIVE INVENTORY IN THE WORLD! SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. SPECIALIZING IN: SERVICES: q Colonial Coins q Portfolio q q Colonial Currency Rare & Choice Type q Development Major Show EARLY AMERICAN NUMISMATICS Coins Coverage c/o Dana Linett q Pre-1800 Fiscal Paper q Auction q Encased Postage Stamps Attendance q P.O. Box 2442 q LaJolla, CA 92038 q 619-273-3566 Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS 19th Annual Show MPNSF ILLD NUMISMATIC so,L./Et } , ELKS LODGE Pleasant St., Rt. 32 Willimantic. Conn Sun., March 8, 1992 9 a.m. - 5 p.m. 50 Dealers Bourse & Exhibit Public invited - Free Admission C. John Ferreri, P.O. Box 33, Storrs, CT 06268 The "biggest" little coin and paper money show in New England ,50 50 rFn 40 "This is the Place" / for PAPER MONEY COLLECTORS in the Northeast to get a jump on the Convention Season. Join us again this year for the largest gathering of Paper Money Dealers and Collectors in the New York/New England Area. . . . FEATURING THESE LEADING PAPER MONEY DEALERS... 1. R.J. BALBATON—Lg. & Sm. U.S. Currency, Coins 2. DENLY'S OF BOSTON—All U.S., Obsoletes 3. WARWICK ASSOCIATES—All Paper, Books, Ephem. 4. CHRISTIAN BLOM—U.S. Obsolete Paper Money 5. MONEY MUNDUS—U.S. Lg. & Sm. Paper Money 6. CLAUD MURPHY—Confederate & Southern Paper 7. NUMISVALU—U.S. Lg. & Sm. Nationals, Obsoletes 8. RaBENCO—Fractional, U.S., Nationals, etc. 9. CHINA LAKE COIN & CURRENCY—MI paper, coins 10. KEN. ELWELL—Rare U.S. Paper Money, Rare Coins 11. R.I.NATS—Rhode Island Nationals, Other U.S. 12. ROGER DURAND—Odd denomination notes, Obsoletes 13. BILL AQUILINO—Medals, Tokens, Worlds Fair Ephem 14. JAMES D. KING—U.S. & Foreign Paper & Coins 15. LITCHFIELD HILLS RARE COINS—Canadian Coin—Paper 16. ROBERT VLACK—Colonial—Obsolete—Foreign Coin & Paper 17. SILVER CITY COIN—U.S. Obsoletes Coins & Tokens 18. COLONY COIN—Collector Coins & Paper Money 19. HOLMES HISTORICAL COINS—Ancient & U.S. Coins 20. NASCA DIV. R.M. SMYTHE—Stocks—Bonds, Paper Money 21. WHALING CITY COINS—All U.S. Coins 22. HOBBYHORSE COINS—Germanic & Porcelain Coins . . . Plus 30 other Paper Money, Coin, Token and Ephemera Dealers... Paper Money Whole No. 157 Page 37 I COLLECT MINNESOTA OBSOLETE CURRENCY and SCRIP Please offer what you have for sale. Charles C. Parrish P.O. Box 481 Rosemount, Minnesota 55068 (612) 423-1039 SPMC 7456 — PCDA — LM ANA Since 1976 Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals p )4"141%,,r■IlteMe■1110.,1"...11) I: N. !2ANUU1I , 11184 V205926E - Peter Huntoon P.O. Box 3681 Laramie, WY 82071 (307) 742-2217 CANADIAN BOUGHT AND SOLD • CHARTERED BANKNOTES. • DOMINION OF CANADA. • BANK OF CANADA. • CHEQUES, SCRIP, BONDS & BOOKS. FREE PRICE LIST CHARLES D. MOORE P.O. BOX 1296P LEWISTON, NY 14092-1296 (416) 468-2312 LIFE MEMBER A.N.A. #1995 C.N.A. #143 C.P.M.S. #11 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 Page 38 Paper Money Whole No. 157 WE NEED TO BUY If you are selling a single note or an entire col- lection, you will be pleased with our fair offer — NO GAMES PLAYED HERE! (Selling too! Write for free catalog.) Subject to our inventory requirements we need the following: ALL WORLD BANK NOTES Also U.S. Large Size Notes U.S. Encased Postage All Military Currency Souvenir Cards U.S. Fractional Currency National Bank Notes Colonial Currency U.S. Small Size Currency Ship With Confidence or Write We pay more for scarce or rare notes. TOM KNEBL, INC. (702) 265-6614 FAX (702) 265-7266 Box 3689 Carson City, NV 89702 Million Dollar Buying Spree Currency: Nationals MPC Lg. & Sm. Type Obsolete Stocks • Bonds • Checks • Coins Stamps • Gold • Silver Platinum • Antique Watches Political Items • Postcards Baseball Cards • Masonic Items Hummels • Doultons Nearly Everything Collectible 891), SHOP INC COIN EST 1960 " ihaP49110%7304101" 399 S. State Street - Westerville, OH 43081 1-614-882-3937 1-800-848-3966 outside Ohio CrAD TIC-1105 SEND FOR OUR COMPLETE PRICE LIST FREE 1::!!!) Ufe Member Fractional Foreign MYLAR D CURRENCY HOLDERS This month I am pleased to report that all sizes are in stock in large quantities so orders received today go out today. The past four years of selling these holders has been great and many collections I buy now are finely preserved in these. For those who have not converted, an article published this past fall in Currency Dealer Newsletter tells it better than I can. Should you want a copy send a stamped self-addressed #10 business envelope for a free copy. Prices did go up due to a major rise in the cost of the raw material from the suppliers and the fact that the plant work- ers want things like pay raises etc. but don't let a few cents cost you hundreds of dollars. You do know—penny wise and pound foolish. SIZE INCHES 50 100 500 1000 Fractional 41/4 x 21/4 $14.00 $25.25 $115.00 $197.50 Colonial 5 1/2 x 3%,6 15.00 27.50 125.00 230.00 Small Currency 6%x 2% 15.25 29.00 128.50 240.00 Large Currency 7 7%x 3 1/2 18.00 33.00 151.50 279.50 Check Size 9% x 4 1/4 22.50 41.50 189.50 349.00 Baseball Card Std 2 34 x 31/4 13.00 23.50 107.50 198.00 Baseball Bowman 2%x 4 14.00 25.50 117.00 215.00 Obsolete currency sheet holders 81/4 x 14, $1.10 each, mini- mum 5 Pcs. SHIPPING IN THE U.S. IS INCLUDED FREE OF CHARGE Please note: all notice to MYLAR R mean uncoated archival quality MYLAR R type D by Dupont Co. or equivalent mater- ial by ICI Corp. Melinex type 516. DENLY'S OF BOSTON P.O. Box 1010 / Boston, MA 02205 Phone: (617) 482-8477 BUYING and SELLING PAPER MONEY U S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Cer- tificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. Foreign Notes from over 250 Countries Paper Money Books and Supplies Send us your Want List ... or ... Ship your material for a fair offer LOWELL C. HORWEDEL P.O. BOX 2395 WEST LAFAYETTE, IN 47906 SPMC #2907 ANA LM #1503 Paper Money Whole No. 157 Page 39 • INC. P.O. BOX 84 • NANUET, N.Y 10954 Extensive Catalog for $2.00, Refundable With Order CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items P.O. Box 712 / Leesville, SC 29070 / (803) 532-6747 ANA-LM SCNA PCDA SPMC-LM BRNA FUN HUGH SHULL BUYING / SELLING: OBSOLETE CURRENCY, NATIONALSUNCUT SH EETS, PROOFS, S RIP BARRY WEXLER, Pres. Member: SPMC, PCDA, ANA, FUN, GENA, ASCC (914)352-9077 BUYING AND SELLING SHAMOKIN alutaaLtuh:,3: pm' wawa 411F30 What Language? What 'tribe? What does it mean? You Can Find The Answer In: About Indians Many banks had Indian titles. Why did the bank choose these names? What do they mean? What language are they? What tribe used these words? Almost 600 obsolete bank notes and scrip notes are recorded in this book with complete explana- tions; and numerous illustrations. THIS BOOK IS LIMITED TO JUST 300 NUMBERED COPIES $22.95 pp Order from your favorite dealer or P.O. Box 186ROGER H. DURANn— Rehoboth, MA 02769 SOCIETY OF PA PER \IONEY COLLECTORS INC. PAPER MONEY is now coming to you two weeks earlier than in the past. Therefore, the deadline for all copy has been changed. Please see page 169. Articles for PAPER MONEY are ac- cepted with the assumption they have not been submitted elsewhere. Within a reasonable amount of time your ar- ticles, with permission, may be re- printed in another journal, providing proper credit is given. Page 40 Paper Money Whole No. 157 FRANCE WANTED! g5yik-nt, AtOltd: VTC.‘4qAdllit•- Wykdr-t7 Please help me build my collection. I need the following notes and will pay top collector prices to acquire them. May I hear from you soon? • Important Type Notes from about 1750 to date. • Specimen Notes AU or better. • World War I and II Locals — these can be Chambers of Commerce, Merchants, Factories, Mines, etc. • Encased Postage Stamps — even some very common pieces are required. • Postcards that show French Banknotes. I am a very serious collector of these items and have been known to pay some sky-high prices for needed items. Priced offers are preferred as I can't tell you what you should get for your material! Finders fee paid for successful referrals! If possible please provide me with a photo-copy of item(s). R. J. BALBATON P.O. BOX 911 NORTH ATTLEBORO, MASSACHUSETTS 02761-0911 Tel. 1-508-699-2266 Days EVERY GOOD WISH IN 1992 We nit "Joi yea, will see downsizing of Am 1, and that all of our t, ; t good health, prosperity and happy hunting in the coming ye Toby,. Rick. Matt and Kevin Hi-den/tux OUR plans for a spring auction have yet to materialize and unless events we do not anticipate occur, our next auction will take place in June, with viewing of the lots in Memphis. This will be a sealed bid auc- tion with the high bids reduced to one advance beyond the second highest bid. The fairness of this method is beyond question and it has been proved in over thirty successful sales. We presently have consigned fifteen small size Wyoming notes, all on different banks, lacking only a Meeteetse specimen for a complete collection of 1929 notes from that scarce state. Additionally we have a group of small size Philadelphia notes along with other Pennsylvania notes. Obsolete notes from several states as well as some interesting literature have been consigned. A copy of the first issue of the Bank Note Reporter and other interesting publi- cations will be available. We will be accepting material for this auction until mid March so if you have material you wish to include please advise us of your in- terest. Collectors who have bid in any of our last four auctions will continue to receive our catalogs. Others should advise us of their in- terest. The economics of maintaining a large mailing list in the 1990s dictate the removal of inactive names. We make no charge for our catalogs and wish to continue to send them to all interested parties. If you wish to receive your copy via first class mail and the prices realized after the sale, please remit $5 . 00 . LT-1 'MAN Drawer 66009 West Des Moines Iowa 50265 515-225-7070 member of: 4.1A P6v