Paper Money - Vol. XXXI, No. 3 - Whole No. 159 - May - June 1992

11 VOL. XXXI No. 3 WHOLE No. 159 MAy/JuNE 1992 COLUMBUS DISCOVERING AMERICA, 1492 Pick's Finest! STANDARD CATALOG OF WORLD PAPER MONEY Volume I, Specialized Issues 6th edition By Albert Pick Edited by Colin Bruce II and Neil Shafer 1,008 pages 8 1/2"x11", hardcover, $55.00 Larger than ever, this volume covers 250 years of state and other limited circulation currency issues from 365 note issuing authorities. 16,700 notes are listed, with 7,660 original photos, many improved. The latest valuations include items previously listed, but now priced for the first time! STANDARD CATALOG OF WORLD PAPER MONEY Volume II, General Issues 6th edition By Albert Pick Edited by Colin Bruce II and Neil Shafer 1,136 pages. 8 1/2"x11", hardcover, $49.00 This expanded, revised volume upholds its reputation as "the" reference book for nationally circulated government legal tender from the past 300 years. Coverage encompasses the 18th through 20th centuries. More than 21,000 notes are listed, over 9,600 illustrations. Today's most complete, accurate reference for nationally circulated legal tender issues from around the globe. Mail with payment to: Krause Publications, Book Dept. JYM 700 E. State St., Iola, WI 54990-0001 Send me copy(ies) of the Standard Catalog of World Paper Money, Vol. I, Specialized Issues at $55.00 each. Send me copy(ies) of the Standard Catalog of World Paper Money, Vol. II, General Issues at $49.00 each. (U.S. addresses send $2.50 per book shipping for the first book and $1.50 for each additional book. Foreign addresses add $5.00 per book shipping.) ) Check or money order (to Krause Publications) ( ) MasterCard ( ) VISA Credit card orders call toll-free 1-800-258-0929 Dept. JYM Mon.-Fri. 6:30 am to 8 pm CST • Sat. 8:00 am to 2:00 pm General business phone: 715-445-2214 Mon.-Fri. 8:00 am to 5:00 pm Amount for books $ Shipping Total Amount Enclosed Name Address City State Zip Credit Card No Expires: Mo. Yr Signature IIE=E SOCIETY OF PAPER NIONEY COLLECTORS INC. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXXI No. 3 Whole No. 159 MAY/JUNE 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. SOCIETY FEATURES NOTED & PASSED 104 NEW MEMBERS 104 MONEY MART 105 ON THE COVER: Columbus Discovering America, 1492, was engraved by Luigi Del- noce; the art work is by T.A. Liebler. It was engraved at American Bank Note Co. and was intended for $5 First Charter national bank notes. It was used on the Mexico 100 pesos, PS457 and PS463. 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. Paper Money Whole No. 159 PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors. Second class postage paid at Dover, DE 19901. Postmaster send address changes to: Bob Cochran, Secretary, P.O. Box 1085, Florissant, MO 63031. © Society of Paper Money Collectors, Inc., 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 1 TIME 3 TIMES 6 TIMES Outside Back Cover Inside Front & Back Cover Full Page Half-page Quarter-page Eighth-page 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. \torAll advertising copy and correspondence should be sent to the Editor. 77 $100 1914 RED SEAL FEDERAL RESERVE NOTES Frank A. Nowak 89 AUGUST PETERSON AND BRANCH BANKING IN RURAL NORTH DAKOTA BEFORE 1935 Steve Schroeder 91 REMINISCING BY A COLLECTOR OF 1929 NATIONAL BANK NOTES Ken McDannell 94 FRACTIONAL CURRENCY ISSUED BY THE BOROUGH OF COCHRANTON William B. Moore 97 COLLECT OBSOLETE BANK NOTES Roger H. Durand 98 MEET YOUR CHARTER MEMBERS 103 IN MEMORIAM 103 $152 $420 $825 IN THIS ISSUE $145 $140 $405 $395 $798 $775 THE PAPER COLUMN $75 $200 $390 REENTERED SERIES OF 1875 AND 1882 NATIONAL $38 $105 $198 BANK NOTE PLATES $20 $55 $105 Peter Huntoon and Doug Walcutt Page 73 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. 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Box 712 / Leesville, SC 29070 / (803) 532-6747 SPMC-LM BRNA FUN Page 74 Paper Money Whole No. 159 RET0RIER HLY GUIDE F PAPER %/IONE,/ 'COLLECORS • •••• 0114 • Cer, II 7% Christie's first auction of American Bank Note n Archives brings $3 million t ,Roesa,arZ4Pre, sr. -..... ,,r -,3:-..-..,,,, . ., ....--i- s,....g -- Iiiii 1, Tit4f- r,_.,,rz-4,..„. 1 ,....--,........„.- ..,.':..„ I p.p.:, . ..:.__-. . 4,.,1-.._..:1 ri-j "2 IF ‘rr *-1:-;;"".: fie's"."- 3--P P:-. 7":' W4,'' q# lf ' .,4' --.;•--,Q2. .... , ,, ,.—...„; . ,-k.,.. i . .....,- 1 , - , -- 7F- - F 1 —:. ' di -e.- ,-. ,, t'- ' , a _ k - '4, Irg.,.2:/ . s,z.. ii Nationals topic of second editi... on, Paper Money Whole No. 159 Page 75 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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Box 1224 Wolfeboro, NH 03894 I $1 National Bank Note. First National Bank of Pueblo, Colorado Territo- ry. F-382. New. Realized $5,170 in one of our recent sales. Dear Rick Bagg: Please tell me how I can include my paper money in an upcoming auction. I understand that all information will be kept confidential. NAME ADDRESS CITY STATE ZIP q I am thinking about selling. Please contact me. Daytime telephone: Brief description of holdings: PM 5/6-9221 Page 76 Paper Money Whole No. 159 GO WITH THE WORLD'S MOST SUCCESSFUL AUC- TION COMPANY—Auctions by Bowers and Merena, Inc. When you consign your collec- tion 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 COLLEC- TIONS EVER SOLD. Along the way our auc- tions have garnered numerous price records for our consignors. Indeed, many of our sales establish new price records on an ongoing basis. 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 call to Dr. Richard Bagg, our Director EALIZE THE BEST PRICES FOR YOUR PAPER MONEY. ,OSTiONSIFMTICOO*ReolUTAJOS)3MIERP.E.O.: of Auctions, at 1-800-458-4646 will bring you complete infor- mation 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. Telephone Dr. Richard Bagg today, or use the coupon provided. Either way, it may be the most profitable move you have ever made! . ilt? .110-..tit National datilz .,-- &c?A(1 - ` 3•=1:,,. 01, .. }0 // $ PETER HUNTOON and DOUG WALCUTT ABSTRACT Between 1878 and 1896, the Bureau of Engraving and Printing added a small star next to the upper plate position letter on the subjects in national bank note printing plates that had been reentered. Reentry is the process where design components are repressed into the plate from a roll in order to refurbish worn en- graved details. While work was being carried out on the plate, it was common for the Bureau to alter the plates as well. Changes could include one or more of the following: updating the treasury signatures, replacing the bank note company imprint with the bureau imprint, extending vignettes to the borders, slightly relocating various design elements, and other changes. Reentering in two cases coincided with the conversion of territorial plates into state plates so even the plate dates were changed. Plate letters were not changed during reentering. The Chief of the Bureau of Engraving and Printing sent notices to the Comptroller of the Currency listing 142 plates that had been reentered and starred between 1878 and 1896. In a few cases not all the sub- jects on a plate were reentered. In those cases only the reentered subjects were starred. The most commonly reentered plates were the Series of 1875, 5-5-5-5s. Every Series of 1875 denomina- tion through the $100 and all the Series of 1882 denominations were eventually reentered and starred at least once. isilt.s.L.-"yori: n# C2=2:10 IQURR El'017-Cy- q.,, • ).X 6 7 69 7 53- 4 .17 4 33 (0E10os:raw,' - 3 cps , INAT1()N. 0130 naat or, x „ • y„: nff. „ ?11. ?:„ • 40C:=1;:r "I a • 1 .4 AIN t e' Al -teftrAfAc Iss,cr inc3±667, .k. ._0;c4:0•fixtmakek Paper Money Whole No. 159 Page 77 STARS ON REENTERED SERIES OF 1875 AND 1882 NATIONAL BANK NOTE PLATES INTRODUCTION R ESPONSIBILILTY for the printing of national bank notes was gradually assumed by the Bureau of En- graving and Printing beginning in 1875. An appropria- tion bill passed on March 3, 1875 required that national cur- rency be printed on the same distinctive paper as United States notes. In August 1875, the Secretary of the Treasury decreed that the faces of national bank notes were to be printed at the Bu- reau of Engr?‘7ing and Printing. All face plates were transferred to the Bureau from the bank note companies, and thereafter the face printings were carried out by the Bureau in addition to the overprinting of seals, charter numbers and serial numbers. A new Series, the Series of 1875, was initiated to distinguish the notes printed on distinctive paper with faces printed at the Bureau. If the comptroller's stock of Original Series notes of a given plate combination ran out before a bank was extended, the comptroller would authorize the Bureau to convert the Original Series plate into a Series of 1875 plate and print notes from it. The last Original Series notes were delivered August 13, 1875, from 10-10-10-10 and 10-10-10-20 plates, and the first Se- ries of 1875 notes were delivered September 17, 1875, from 5-5-5-5 plates. On January 4, 1877, by order of the Secretary of the Treasury, all back plates from the bank note companies were turned over to the Bureau except for the black centers of the 5-5-5-5s. The black centers on the backs of the 5-5-5-5s continued to be printed by the Continental Bank Note Company through July 1877. Soon after, that operation was turned over to the Bureau as well. All the other back printings were performed by the Bu- reau beginning in January 1877. , fir A. 1.14).'f I uttp,,,-;-1U•N‘ettvertIM'O emmkt • • tiriASSA,CILUStrirS is"/ --- ■,41" ...AM., .65,V.Ita. Nner IC• Nitif liONAL CVIIREIVer v n am i 0 2_ .7.,”, C ( . N*0 FE is till'IrEAVI ay '- ' ' A ,...) 01% 01-4- .4&440 . .,101-1444.2 /*K..-orehtlArarv, rh iztr•0 1, 1111P1r. Page 78 Paper Money Whole No. 159 As the Bureau assumed responsibility for printing national currency, it also assumed responsibility for manufacturing and maintaining the plates. Among the concerns were the refur- bishing of worn plates and the need to replace exhausted plates. The technologies for doing this work were well-known and had been carried out by the bank note companies; how- ever, the Bureau had to establish its own policies for dealing with these events. By September 1878, the Bureau adopted the convention to advance the plate letters on replacement plates, thus the second 5 5 5 5 plate would bear letters E-F-G-H to dis- tinguish notes printed from it from the A-B-C-D plate. In the case of refurbished plates, the standard practice was to reenter the design elements that showed wear, a process that in- volved repressing the design elements from rolls into the worn plate. The Bureau was concerned with reentering operations on national bank note face plates at least as early as January 13, 1876, when Bureau Chief Carter advised the comptroller that the cost for reentering plates would be $20 to $30 per plate de- pending on the extent of the work. The first record of a charge for reentering a plate was dated July 27, 1877, when the Bureau notified the comptroller that the 1-1-1-2 plate for The New York National Exchange Bank (345) had been reentered and $25 should be charged to the bank. Detail showing the placement of a star to the left of the upper plate letter on a note printed from a reentered $5 Series of 1875 plate. In 1878, the Bureau adopted a convention whereby exten- sively reentered subjects on plates would carry tiny stars next to the upper plate position letters to distinguish notes printed from them. This practice continued until 1896. During this 19-year period the Bureau sent reports to the comptroller listing 142 plates that had been reentered and starred. (See Table 1.) In some cases, not all the subjects on a given plate were reentered. Only those reentered were starred. REENTERING When a plate was made, the various design elements were in- dividually pressed into the soft steel plate from a hardened steel roll that contained an image of the design element in re- lief on its surface. In the case of Series of 1875 or 1882 plates, items on separate rolls included borders, the various vignettes, the bank title, plate letters, imprints, treasury signatures, plate dates, titles of treasury officials, etc. Once transferred to the var- ious subjects on the plate, the number of the roll was recorded under the listing for the bank in a plate history ledger. If a plate showed excessive wear, the appropriate roll was retrieved and the design reentered into the plate. The process of transferring a design from a roll to a plate in- volved tremendous pressure. The pressures were sufficiently great that design elements overrun by the roll were obliterated. For example, on $5 Series of 1875 plates, the plate position letters partially overlap the vignettes. When the vignettes were reentered on such a plate, the original plate letters were obliter- ated. Therefore, following reentry of the vignette, it was also necessary to reenter the plate letters, and they usually did not fall in exactly the same places as on the original. One excellent example of this occurs on the 5-5-5-5 Series of 1875 plate for The Citizens National Bank of Washington City, District of Columbia (1893). Both the original and reentered proofs exist in the Smithsonian holdings for the $5 Series of 1875 A-B-C-D plate for this bank and it is obvious that the positions of the plate letters have moved relative to the vignettes. Likewise, the Bureau imprint drifted upward relative to "with the U.S. Treas- urer at Washington" The most obvious changes on this plate, however, were the removal of the Continental Bank Note Com- pany imprint above the act date and addition of the stars to the left of the upper plate letters. When the $5 Series of 1875 plate for The North National Bank of Boston (525) was reentered, it appears that the Bureau rolled type 2 vignettes over what were originally type 3 vignettes placed on the plate by the Continental Bank Note Company. One distinction between the two is that on the right vignette, the branches and leaves on the type 2 are slender, whereas on the type 3 they are more lean ,. or=t10151322, C=rgiCtt=2: A932383rirqD N•krrii2N,TAr I/s !:; I"titi../11E1VC,,E - ' rifts ' --„\--. • it) , ,.. •..2 ,elewil „41' C)::Lni:::::ii.414 4 id k • it ., ,1)1,PONIT'1:1) 4,v:14v 6.4%.....11({Di 1. 4,41,,,,. .1 , (1..r.y.A_LI, • OND 1;a 1 . 11 1 110re wily pay xlm.01-Seaveroh"fle.uum • ///„„„ PZ N' - 11.5cicuaircc2:=5# lez=m) AEU 9?) =MO (1==3 ”314111"'"""uill-- 1146Y ) N99262i-7.1 .11.:( . 1 It •Ins NO 1' no.ILDs of UMPON/T-44, .:41111,Ws . jf'• 4%.1.1 t-1,St4f tit.W.1 I I 1.:1 41tijilonv.eurer (*iv .„„„,, SWASTAINVD " Ittr;=:cufrsitempat=12, 1-_,ciaza..cx=tie=ttebs=xaOWESSAt Paper Money Whole No. 159 Page 79 The Washington City plate was reentered in July of 1888, and this was at least the second time it had been worked on. The plate was made in 1874 as an Original Series plate bearing the Allison-Spinner signatures and dated June 15, 1874. Next it was converted into a Series of 1875 plate by the Bureau of Engraving and Printing in the 1876-7 period when Wyman's signature replaced Spinner's and the Bureau imprint was added; how- ever, the plate date was left alone. The only substantive change that occurred during the 1888 reentry was removal of the Con- tinental Bank Note Company imprint and addition of the stars. During reentry, both the June 15, 1874 plate date and Allison-Wyman signatures were left alone. There was an evolution of vignettes on the $5 Original Series and Series of 1875 faces. Doug Walcutt has now identified four distinct pairs of engravings. One interesting twist involves the reentered 5-5-5-5 Series of 1875 A-B-C-D plates for the First Na- tional Bank of Wellington, Ohio (464), National Bank of Fairhaven, Massachusetts (490), Market National Bank of Boston, Massachusetts (505) and Union National Bank of Weymouth, Massachusetts (510). Doug observed that the vig- nettes on the reentered plates are the fourth variety, whereas those originally placed on the plate by the Continental Bank Note Company were the third variety. Similarly, the reentered Series of 1875 5-5-5-5 plate for the North National Bank of Boston, Massachusetts (525) bears the second variety instead of the third which was on the original plate. This means that in these cases the Bureau used entirely different vignette rolls when the vignettes were reentered on the plate. Other instances of this are certain to exist. SERIES OF 1875 CONVERSIONS On February 2, 1883, the Bureau reported that the 20-20-20-20 plate for The First National Gold Bank of San Francisco had been reentered. This reentry coincided with the conversion of this plate to a Series of 1875 plate. The first Series of 1875 sheets were delivered from it on February 24, 1883, and bore the Bruce-Gilfillan signatures and customary stars to the right of the upper check letters. Notes from this Series of 1875 plate comprised the only national gold bank notes from a starred plate. All the Series of 1875 $20s from the plate are starred in- cluding the number 1 sheet. Other Series of 1875 plates listed in Table 1 may also repre- sent simultaneous reentries and conversions. In these cases, al- terations accompanying reentering included changing the treasury signatures to those current and the addition of the Bu- reau imprint. DESIGN CHANGES Reentering was undertaken to prolong the life of a plate. One design element that was not changed was the plate letters be- Pair of $5 Series of 1875 notes from the same plate for The Second National Bank of Baltimore, Maryland (414). The plate used to print the "A" position note was reentered in November, 1878. Notice (1) the treasury signatures were changed to Scofield-Gilfillan and (2) the 'r and 't were omitted from Cash and Pres on the reentered plate. VIV ,10.10 • (or:. • c naviis or, ;;;;.,:- ••::7 11_P_C=ITO„._ Deptioiltb hiC:Iltr Page 80 Paper Money Whole No. 159 cause they were unique to the plate. The following correspon- dence reporting the first starred plate reveals the significance of the star. June 28, 1878 Hon. J.L. Langworth Acting Comptroller of the Currency Washington, D.C. Sir: I have the honor to advise you that the plate 5-5-5-5 of the Union National Bank, Weymouth, Mass. has been thoroughly re-entered, and for the purpose of identifying the notes printed from the repaired plate, a small star has been engraved at the side of each check letter, on the left side of each note, and the signatures of the present Register and Treasurer have been placed upon the note. Very respectfully, O.H. Irish Acting Chief of Bureau The treasury signatures were changed in a few cases such as the one for the Weymouth plate mentioned in the letter above. It was already standard practice to update the treasury signatures when Original Series plates were converted into Series of 1875 plates. It appears that this policy was extended to the reentered plates as well, at least during the late 1870s. In the case of the Weymouth plate, the Original Series plate had Colby-Spinner signatures. These were changed to Allison-New when the plate was converted into a Series of 1875 plate. The reentry documented here resulted in yet a third signature combina- tion, Scofield-Gilfillan, on this plate. There were instances where the Bureau simultaneously reen- tered and converted plates. These, of course, have new treasury signatures, but such cases seem to be the exception rather than the rule in explaining updated signatures on reentered Series of 1875 plates. It later became common practice during reentry for the Bu- reau to remove the old bank note company imprints on plates bearing them, and replace them with Bureau imprints. In the case of $10 and higher denomination plates, this caused two changes. The American Bank Note Company imprint in the bottom border was replaced by the Bureau imprint, and the "Printed at the Bureau of Engraving & Printing, U.S. Treasury Dept!" lettering was removed from inside the upper borders. Other changes included extending the vignettes to the borders of the notes, extending ruling in serial number panels, changing the sizes of the lettering used to print the titles of the treasury officials, etc. Generally these changes were not men- tioned in the reentering reports. Notice that only changes specifically mentioned in these reports are listed in Table 1. Reentered $5 plate for The Central National Bank Of New York (376). Both the original and reentered plates bear type 2 vignettes. Notice that when this plate was reentered in April 1879, the 'r and 't were omitted from Cash and Pres. See the pair of photos for the $5 Series of 1875 notes for The Second National Bank of Baltimore (414). The 20-20-20-20 plate for The First National Gold Bank of San Francisco (1741) was the only national gold bank plate reen- tered. Reentry was undertaken at the same time the plate was converted from an Original Series to Series of 1875 plate. Smithsonian Institution photo 85-32. Paper Money Whole No. 159 Page 81 Table Date 1. List of reentered plates that were identified as being starred in reports from the Bureau of Engraving and Printing to the Comptroller of the Currency. Additional details were mentioned in a few reports and those details are included here in brackets. Reported Series Combination Charter Bank City State 1878 Jun 28 1875 5-5-5-5 510 Union NB Weymouth MA (signatures changed to Scofield-Gilfillan) Jul 9 1875 5-5-5-5 468 NB Newburgh NY (signatures changed to Scofield-Gilfillan) Aug 9 1875 5-5-5-5 1389 Continental NB New York NY Aug 12 1875 5-5-5-5 254 Sixth NB New York NY Sep 12 1875 5-5-5-5 483 City NB Cedar Rapids IA Sep 20 1875 1-1-1-2 679 Pocasset NB Fall River MA Sep 23 1875 5-5-5-5 905 Tradesmens NB New York NY Nov 5 1875 5-5-5-5 1689 Ohio NB Cleveland OH Nov 27 1875 5-5-5-5 414 Second NB Baltimore MD (signatures changed to Scofield-Gilfillan) 1879 Apr 12 1875 5-5-5-5 475 Merchants NB Boston MA Apr 22 1875 5-5-5-5 376 Central NB New York NY Apr 30 1875 5-5-5-5 116 Second NB Detroit MI May 2 1875 5-5-5-5 525 North NB Boston MA May 5 1875 5-5-5-5 489 First NB St Johnsbury VT May 8 1875 5-5-5-5 1055 Agawam NB Springfield MA May 15 1875 5-5-5-5 523 First NB Middletown NY May 17 1875 5-5-5-5 508 Northwestern NB Chicago IL Jun 12 1875 5-5-5-5 374 First NB Jersey City NJ Jun 20 1875 5-5-5-5 1028 State NB Boston MA Jun 20 1875 5-5-5-5 1057 Exchange NB Pittsburgh PA Jun 20 1875 5-5-5-5 602 B of North America Philadelphia PA Jun 30 1875 5-5-5-5 1352 Hanover NB New York NY Jul 9 1875 5-5-5-5 464 First NB Wellington OH Sep 11 1875 5-5-5-5 964 Market NB New York NY Oct 17 1875 5-5-5-5 505 Market NB Boston MA Oct 31 1875 5-5-5-5 565 Second NB Providence RI Nov 4 1875 5-5-5-5 87 Third NB New York NY Nov 6 1875 5-5-5-5 578 Howard NB Boston MA Nov 6 1875 5-5-5-5 983 Rhode Island NB Providence RI Nov 12 1875 5-5-5-5 1339 N Exchange B Providence RI Nov 18 1875 5-5-5-5 394 First NB Westport CT Nov 25 1875 5-5-5-5 561 Consolidated NB Philadelphia PA Dec 3 1875 5-5-5-5 1075 N Mechanics B Asso New York NY Dec 8 1875 5-5-5-5 974 Massachusetts NB Boston MA Dec 11 1875 5-5-5-5 1036 NB of North America Providence RI 1880 Jan 3 1875 5-5-5-5 1366 NB of Commerce Providence RI Feb 5 1875 5-5-5-5 545 Boylston NB Boston MA Feb 7 1875 5-5-5-5 610 Mechanics NB Philadelphia PA Feb 17 1875 5-5-5-5 1324 Gallatin NB New York NY Apr 9 1875 5-5-5-5 2453 N Marine B Baltimore MD May 22 1875 5-5-5-5 487 First NB Elizabeth NJ Jul 9 1875 5-5-5-5 2433 City NB Springfield MA Aug 11 1875 10-10-10-10 387 Ninth NB New York NY Aug 11 1875 10-10-10-20 379 NB of the Republic Boston MA Nov 3 1875 10-10-10-20 1366 NB of Commerce Providence RI Dec 10 1875 10-10-10-20 475 Merchants NB Boston MA Page 82 Paper Money Whole No. 159 1881 Feb 10 Feb 10 Feb 28 Apr 9 May 28 Apr 23 May 10 May 10 May 22 Jun 13 Jun 13 Jun 13 Jul 15 1885 Jun 5 Jun 25 Jun 25 Jul 9 Jul 22 Jul 27 Oct 7 1875 10-10-10-20 1875 10-10-10-20 1875 10-10-10-20 1875 10-10-10-20 1875 10-10-10-20 1875 10-10-10-20 1875 10-10-10-20 1875 20-20-20-20 1875 10-10-10-10 1875 10-10-10-20 1875 10-10-10-20 1875 10-10-10-20 1882 10-10-10-20 1875 10-10-10-20 1875 10-10-10-20 1875 10-10-10-20 1875 10-10-10-20 1875 10-10-10-20 1875 5-5-5-5 1875 10-10-10-20 1875 10-10-10-20 1875 10-10-10-20 1875 5-5-5-5 1875 5-5-5-5 1875 5-5-5-5 1875 10-10-10-10 1875 20-20-20-20 1875 5-5-5-5 1875 5-5-5-5 1875 5-5-5-5 1875 5-5-5-5 1875 5-5-5-5 1882 5-5-5-5 1875 5-5-5-5 1882 5-5-5-5 690 NB of Commerce 799 Merchants NB 87 Third NB 582 Shawmut NB 1121 Metropolitan NB 629 Suffolk NB 460 N Hide and Leather B 1741 First N Gold B 657 Thames NB 514 Blackstone NB 1243 N New Haven B 541 NB Northern Liberties 2730 Third NB 1111 First NB 2040 Manufacturers NB 727 Peoples NB 1057 Exchange NB 1007 Mechanics NB 727 Peoples NB 1859 Covington City NB 720 Home NB 1527 N Webster B First NB NB of North America NB of the Republic NB American NB 2025 Merchants NB 799 Merchants NB 700 Mechanics NB 2495 Citizens NB 525 North NB 524 Continental NB 478 First NB 775 New Albany NB 1672 First NB 490 NB 516 First NB 1067 Merchantile NB 1322 Allentown NB 1322 Allentown NB 1831 First NB 1986 Marion County NB 2312 Firs: NB 1726 Iowa NB 1697 First NB 529 N Exchange B 2416 Third NB 1324 Gallatin NB State New Bedford MA New Bedford MA New York NY Boston MA New York NY Boston MA Boston MA San Francisco CA Norwich CT Boston MA New Haven CT Philadelphia PA Cincinnati OH Richmond VA Newark NJ Pittsburgh PA Pittsburgh PA Providence RI Pittsburgh PA Covington KY Meriden CT Boston MA Yarmouth MA Boston MA Philadelphia PA Ogdenburg NY Hartford CT Middletown OH New Bedford MA Pittsburgh PA Cincinnati OH Boston MA Boston MA Pittston PA New Albany IN Atchison KS Fairhaven MA Yarmouth MA New York NY Allentown PA Allentown PA Nicholasville KY Knoxville KY Webster MA Ottumwa IA Port Henry NY Boston MA Cumberland MD New York NY Apr 22 1875 10-10-10-20 (only vignettes reentered) 1875 5-5-5-5 1875 5-5-5-5 1884 Jan 12 1875 10-10-10-20 516 Jan 18 1875 10-10-10-20 672 Jan 31 1875 20-20-20-50 1657 (only $20's reentered and starred) Feb 7 1875 5-5-5-5 2446 Feb 11 1875 10-10-10-20 1165 Feb 18 1875 5-5-5-5 Feb 19 1875 20-20-20-20 Feb 25 1875 10-10-10-20 Mar 25 1875 10-10-10-20 Mar 27 1875 10-10-10-20 Apr 10 1875 10-10-10-20 Date Reported Series Combination Charter Bank City 1882 Feb 4 Feb 16 1883 Feb 2 Feb 21 Jun 11 Jun 30 Jul 26 Jul 27 Aug 7 Aug 8 Sep 5 Sep 5 Sep 5 Sep 13 Sep 13 Oct 10 Oct 10 1886 none Paper Money Whole No. 159 Page 83 Date Reported Series Combination Charter Bank City State 1887 none 1888 Apr 7 1875 10-10-10-20 1781 Merchants & Farmers NB Charlotte NC (only $20 reentered and starred) Apr 25 1875 10-10-10-20 2097 Lime Rock NB Rockland MA (only $20 reentered and starred) May 21 1882 5-5-5-5 1249 First NB New Canaan CT May 21 1875 5-5-5-5 2246 First NB Clinton NJ Jun 16 1875 5-5-5-5 1904 First NB Plymouth OH Jun 16 1875 5-5-5-5 2111 Manufacturers NB Boston MA Jun 16 1875 5-5-5-5 2209 NB of Union County Morganfield KY Jun 16 1875 5-5-5-5 2255 Orange NB Orange MA Jul 16 1875 5-5-5-5 1893 Citizens NB Washington DC (Continental Bank Note Company imprint removed) Jul 16 1882 10-10-10-20 694 York County NB York PA (National Bank Note Company imprint removed) Jul 16 1875 10-10-10-20 1857 First NB Port Huron MI (only $20 reentered, vignettes on all extended to borders, unknown which subjects starred) Jul 7 1882 5-5-5-5 1133 Woodstock NB Woodstock VT (American Bank Note Company imprint removed, vignettes extended to borders) Jul 7 1875 10-10-10-20 2435 Chapin NB Springfield MA (American Bank Note Company imprint removed, vignettes extended to borders) Jul 7 1875 10-10-10-20 2759 Eau Claire NB Eau Claire WI (American Bank Note Company imprint removed, vignettes extended to borders, only $20 reentered and starred) Jul 27 1882 5-5-5-5 1395 First NB Utica NY 1889 Apr 3 1875 5-5-5-5 2361 NB Rockville IN Apr 3 1875 10-10-10-20 2279 Metropolitan NB Pittsburgh PA Aug 20 1875 5-5-5-5 1878 Meridian NB Indianapolis IN Aug 20 1875 10-10-10-20 1878 Meridian NB Indianapolis IN Aug 20 1875 50-100 1878 Meridian NB Indianapolis IN (American Bank Note Company imprint removed) Aug 20 1882 5-5-5-5 1392 Oneida NB Utica NY Sep 12 1882 50-100 1003 N Exchange B Milwaukee WI (American Bank Note Company imprint removed) Oct 14 1875 5-5-5-5 2489 City NB Canton OH (Continental Bank Note Company imprint removed) Oct 14 1875 10-10-10-20 1763 First NB Ft Scott KS (American Bank Note Company imprint removed) Oct 26 1882 5-5-5-5 3676 First NB Arlington OR (ruling in upper serial number panel extended) Oct 26 1882 10-10-10-20 1471 Farmers NB Virginia IL (American Bank Note Company imprint removed) Oct 26 1882 50-100 409 First NB Mount Carroll IL 1890 May 26 1875 5-5-5-5 2377 First NB Fargo ND (territory changed to state, signatures changed to Rosecrans-Huston, date changed to Nov 2, 1889) 1891 none 1892 Jun 24 1875 5-5-5-5 2292 City NB Gloucester MA Jun 24 1882 50-100 538 Farmers & Mechanics NB Philadelphia PA Dec 28 1882 10-10-10-20 720 Home NB Meriden CT 1893 Mar 10 1882 10-10-10-20 1210 Adams NB North Adams MA Mar 30 1882 5-5-5-5 646 N Shoe and Leather B Boston MA Page 84 Paper Money Whole No. 159 Date Reported Jul 6 Nov 29 Series 1882 1882 Combination 5-5-5-5 50-100 Charter 1080 2069 Bank Merchants Lxchan.-e NH Whitney ND City State New Yerk New Oricans 1894 Apr 12 1875 5-5-5-5 2467 First NB Maysville May 5 1882 5-5-5-5 341 Fifth NB New York (E-F-G-H plate) May 28 1882 5-5-5-5 4562 Greylock NB Adams MA Aug 25 1882 5-5-5-5 458 First NB Norwich Nov 12 1882 10-10-10-20 957 Taunton NB Taunton MA Dec 7 1882 10-10-10-20 273C Third NB Cincinnati CB 1895 Jan 2 1882 10-10-10-20 1007 Mechants NB Providence RI Jan 2 1882 10-10-10-20 29 First NB New York NY 1896 Jan 17 1882 10-10-10-20 330 First NB Lewiston ME Feb 21 1882 5-5-5-5 4567 Hide and Leatner NB New York NY Feb 21 1875 5-5-5-5 2399 First NB Wallingford CT Apr 6 1882 10-10-10-20 4051 Commercial NB Salt Lake City UT (territory changed to state, Rosecrans-Huston to Tillman-Morgan, date changed from Jun 12, 1889 to Jan 6, 1896) There are two cases where territorial plates were converted to state plates, and at the same time thoroughly reentered. These involved the Series of 1875, 5-5-5-5 First National Bank of Fargo, North Dakota (2377) and Series of 1882, 10-10-10-20 Commercial National Bank of Salt Lake City, Utah (4051), respectively reentered and starred in May 1890, and April 1896. In these two cases, the plate dates were changed to statehood day. COSTS The obvious reason for reentering a plate was that it saved money. The cost of a new 4-subject plate at the time was $100; however, the Bureau could reenter a plate for between $20 and $30. If the plate was thoroughly reentered, the effort expended was almost as great as making a new plate, so most of the savings was in the cost of the blank plate. Correspondence be- tween the Comptroller of the Currency and the Bureau of En- graving and Printing in 1877 reveals that the banks were charged $100 for new plates and $25 for reentered plates. On August 4, 1877, the Bureau requested blanket authority from Comptroller John Knox to reenter plates that were worn without first securing permission from the comptroller's office. Knox was happy to comply, but imposed terms favorable to the banks in a letter dated that same day as follows: Treasury Department Office of the Comptroller of the Currency Washington, D.C. Hon. E. McPherson Chief of Bureau of Engraving and Printing August 4th, 1877 Sir: Your letter of this date, relating to the reentering of National Bank plates is received. Full authority is given for the reentering of such National Bank plates as may require it; providing the expense can be paid out of the appropriation for 'Expenses of National Currency' 'for paper, engraving, printing, express charges, and other expenses' Act March 3, 1877. Very Respectfully, John Jay Knox Comptroller. Reentering became rather common after this date. The use of stars to identify reentered subjects on the plates was initiated in 1878. A careful reading of Table 1 will reveal that at least one sub- ject was reentered and starred for each Series of 1875 denomi- nation through the $100. Likewise, all denominations in the Series of 1882 were reentered at least once. The 10-10-10-20 Se- ries of 1882 plate for The Third National Bank of Cincinnati, Ohio (2730) is listed twice in Table 1, on July 27, 1883 and De- cember 7, 1894 respectively. We do not know if the same plate was reentered twice or if the original and then a duplicate were each reentered. Minor reentries were not reported to the comptroller, and it is doubtful that the affected plates were starred. It is likewise highly probable that some starred plates were not reported, and consequently they are missing from Table 1. At least one such example is known (Knight, 1989, lot 391). This is a $5 Se- ries of 1875 from The National Shoe and Leather Bank of the City of New York, New York (917), which sports an 8-pointed 1 4R9F2xCet:Ttl=ar.:1- ) ON AL ,CURrqtigri -row , in /s sr( 114., ) .- (,:tiek.e214LOjf • 40;141Si 4114 J.;_„., k N.1 .11.:14.2,,s ;1 I „Lai c' fiti •,tat„,f_ • I ,■■■ 011 ,,,, Ei812.1 .114 .10 /.r,; err! Ott"'-m-cama• ,c2=ttamuiliti • -4 trcm22:4-"="-113 TioNAL cuRIZEiv 421/4=22t6c4 N1872724- ■N■CfSctkvcr ./21 0 atirisig) ;7'11'1: 0.ri= Ca32. e=2) 01=1 Cialt1P—Ilaitfil rvl t(i? 1.) TOIS :VOTE 1 s pi z 44,,LI :, x. , A.-t:r rl ri,o; 0 .\\ o Paper Money Whole No. 159 Page 85 --- °NAL cultittw NOTI:: NECI'lllis4 ) K319378)ftoyDseIete4a 4'4 (forpomirer, ,Tovitaaael; ;4744-4.fritovi • • ,. . . . i -- a :B .14Gm 'I ill /I_._ qw. p,,,, %AV:N.14,W.. AM 10M,,,,,a , ice' .11X521 ' . , / •,,,.;,---- Onriiii0' • ►, ■ ' 11$ (Y"'fr '--_---fzz,, th . i 0 1: 2_,...- ,... . , ... 4.11 ti.:56xiiscrlf_xew/743=zoljzi--:"" 4-,.c2f.t±t--.-__:01:11;■42=:::::■.. rait==kcixiamettititg • Three $5 notes from the same plate for The First National Bank of Cincinnati, Ohio (24, the top an Original Series, the middle a Series of 1875 proof made when the Original Series plate was converted to a Series of 1875 plate, and the bottom a reentered Series of 1875 not listed on Table 1. The fact that the signatures were changed to Scofield- Gilfillan indicates that the plate was probably reentered early in 1878 before reentries were routinely reported to the Comptroller by the Bureau of Engraving and Printing. " :A) ,,,,I, ,,,,,, ,,,.1%lf,L :1-7651, OJ ' ,' ,. E694_ -; ,, ....„.. 1 . .,„t i216 , /........ ',41S1.1 titiliMONA • cwimi I t out ///,,,,C4Co 4./v evozo_lvkozawskomm-04:4o.1 * 3, • tstAi fgwm7w: - ogtorg. fY 9 4 2 olucim 1219 itt'S fir ' t Itir: (VW 4: 4111 ail ()INV thelloyart 011 ktutVAIN /Y,;! *tiff /kirfi, . 4) <2,1 thlvi 02401=0.0021C01. --k.s..n41-4474111) , Page 86 Paper Money Whole No. 159 Reentered $5 Series of 1882 for The Middletown National Bank, Connecticut (1216). This reentry does not appear on Table I because either we missed the entry or it was done after reporting of reentries was discontinued. Photo courtesy of Joseph Franklin O'Brien. Reentered $5 and $10 Series of 1882 brown back face plates. As with Series of 1875 reentries, the star was placed near the upper plate letter. Photos courtesy of Joseph Franklin O'Brien. -=We- If:YeA c47 , , ,-; D /ALI , . ti9 4)NAL , s sEl Y2625463- (-) J. fd lift=ortt-lN cuRRENcy 7LP7Z1- er=z3.0cala•. _ r NTiffs NOTE Is I:yr:el:1J • ) /44441 B"..i1.0);4° l' ,;Lit /41, ( - ,;;;0 sr:1i ti (0EPOS, TE ;. r - 1-41114L egslito ► 4t4 "w//,,„ 0 /,,(% _-„_ .c=lefe=maucir-ns thrit 3165 /i 10' %////, ,,, A)424441.11 w ' .s --, ,.%talaii vd la , , II AlrI4FORT) Paper Money Whole No. 159 Page 87 Notice that this note is from a reentered $5 Series of 1875 E-F-G-H plate. Reentered $5 Series of 1875 note from The City National Bank of Canton, Ohio (2489) reported to the Comptroller on October 14, 1889. Notice that the Continental Bank Note Company logo was removed from above the act ap- proval date. Reentered $10 Series of 1875 note from The American National Bank of Hartford, Connecticut (1165) reported to the Comptroller on February 11, 1884. Photo courtesy of Joseph Franklin O'Brien. Page 88 Paper Money Whole No. 159 star below the upper check letter B. If this odd 8-pointed star signifies reentry of the plate, it was not reported to the comp- troller and is therefore missing from Table 1. It appears that at least one 10-10-10-20 plate was reentered twice, a Series of 1875 plate for The Citizens National Bank of Cincinnati, Ohio (2495). Jackson (1979) illustrated the "B" $10 from the plate and the note has two stars, one to the left and one to the right of the upper plate letter. See also NASCA (1990, lot 4130). However, reentry of this plate was only reported once to the comptroller, on March 23, 1884. Jackson's double star note was printed in 1893. Similarly, on September 1, 1892, the bureau informed the comptroller that the Series of 1882 10-10-10-20 plate for The Consolidated National Bank of Philadelphia, Pennsylvania (561), had been reentered so many times it needed to be replaced. However, no report was made to the comptroller showing this plate had been reentered. It is possible that the reentries were minor and the plate was never starred. It is more likely that Table 1 is incomplete owing to incomplete reporting of reentered and starred plates by the Bureau to the comp- troller. END OF REENTERED STARS The work involved in thoroughly reentering a plate was exten- sive, almost as much work as preparing a new plate. By 1887, the Bureau was routinely replacing plates rather than reen- tering them. It appears that the Bureau broadly interpreted the comptroller's August 4, 1877 authorization to proceed with reentering at the Bureau's discretion as also allowing the Bu- reau to prepare new plates if needed. The result was numerous Series of 1875 and 1882 replacement plates that commonly had entirely new bank title layouts and, of course, incremented plate position letters. Manufacture of replacement plates had become so common by 1889 that in May of that year Comptroller of the Currency E.S. Lacy requested that the Bureau restore the practice, discon- tinued 12 years previously, of notifying the comptroller when duplicate plates were needed so that the comptroller could authorize them. It appears that, from the perspective of the comptroller, manufacture of replacement plates was somewhat out of control. There was an immediate but brief resurgence in extensive reentering in 1889. Based on the lack of reports after April 6, 1896, it appears that reentering and starring of plates was discontinued in 1896 in favor of simply making new plates with incremented plate letters. The plate history ledgers reveal that partial reentering was common both before and after the star era of 1878-1896, but nothing appeared on the notes from reentered plates to in- dicate that they had been reentered. DISCUSSION Extensively reentered subjects on plates were identified by the addition of stars next to the upper plate letter during the period 1878 through 1896. The stars are found on Series of 1875 and Series of 1882 notes. A set could be formed of all Series of 1875 denominations up through the $100. A similar set could be formed of all the Series of 1882 denominations. The most ex- otic starred plate was the Series of 1875 20-20-20-20 for the First National Gold Bank of San Francisco (1741). The star signifies that the plate was reentered, a process wherein design elements are repressed into the plate from steel rolls carrying the images in relief on their surfaces. The stars do not indicate either replacement plates or reengraved plates. The latter is actually a nonsense term. SOURCES OF DATA Bureau of Engraving and Printing, various dates, Certified proofs from National Currency plates: National Numismatic Collections, Smithsonian Institution, Washington, D.C. Bureau of Engraving and Printing, various dates, Copies of correspon- dence to and from the Bureau of Engraving and Printing: U.S. Na- tional Archives, Washington, D.C. Comptroller of the Currency, various dates, Plate history ledgers: U.S. National Archives, Washington, D.C. Jackson, Glenn, 1977, A significant star note discovery: Essay-Proof Journal, v. 34, pp. 163-164. Jackson, Glenn, 1979, Check letters identify plates used to print Na- tional Currency Series 1875 and 1882: Essay-Proof Journal, v.36, pp. 20-25. Knight, Lynn F., 1989, Auction Catalog: 4th Annual Professional Currency Dealers Association Convention and Auction, St. Louis, Missouri, November 30-December 3. NASCA, 1990, Auction Catalog: Memphis International 1990 Public and Mail Bid Auction #89, June 15-16. BOOKS ON PAPER MONEY Arkansas Obsolete Notes & Script, Rothen $22 Territorials-US Territorial National Bank Notes, Huntoon $20 Florida, Cassidy (Ind nails & obsolete) $29 Vermont Obsolete Notes & Scrip, Coulter $20 Indiana Obsolete Notes & Scrip, Wolka $22 National Bank Notes, Hickman & Oakes 2nd ed $95 Indian Territory/Oklahoma/Kansas Obsolete Notes & Scrip, Burgett and Whitfield $20 US Obsolete Bank Notes 1782-1866, Haxby 4 vol Early Paper Money of America, 3rd ed., Newman $195 $49 Iowa Obsolete Notes & Scrip, Oakes $20 Depression Scrip of the US 1930s $27 Minnesota Obsolete Notes & Scrip, Rockholt $20 World Paper Money 6th ed., general issues $49 Pennsylvania Obsolete Notes & Scrip, Hoober $35 World Paper Money 6th ed., specialized issues $55 North Carolina Obsolete Notes, Pennell rpnt $10 Confederate & Southern States Bonds, Criswell $25 Rhode Island The Providence Plantations Obsolete Confederate States Paper Money, Slabaugh $9 Notes & Scrip, Durand $25 Civil War Sutler Tokens & Cardboard Scrip, Schenkman $27 10% off on five or more books • Non-SPMC members add: $3 for one book, $5 for two books, $7 for three or more books CLASSIC COINS - P.O. Box 95—Allen, MI 49227 N the 1983 edition of The Comprehensive Catalog of U.S. Paper Money, Gene Hessler reports that government records indicate that 119, $100, 1914 red seal Federal Re- serve Notes are outstanding. It has been the contention of many students of U.S. paper money, including Mr. Hessler, that government figures in such cases can leave considerable to be desired. When I first read of 119 notes outstanding I had an intuitive feeling, based upon personal frequency of encounter with the issue, that this number was too low. In an attempt to prove my case I began, about a half dozen years ago, keeping serial number data on the notes which I observed. Since then numerous collectors and dealers have augmented my study. I regret that I did not keep a record of contributors and thus give credit. A few months ago the 120th note was observed. Grades shown are those that were reported to me or which I personally observed. A number of notes have been observed several times in the course of this study and it is interesting to find that in many cases they, like wine, improve with time! Nevertheless, the grades reported herein are those that were originally observed and not the later or "improved" grades. I 1,164;:wir;" IT1) A106 lA A10611A 44ift ":,41.4r.VIOWAUCAlirs Aft 14“: 114 iac 1Wri Mit Mc "ca.: italif a r c>f'rx' '' 4H is L113304 IN_ Ai..,#/#9A49 /fiffito- ,, ,Kuroxs..fr roma 19.1.00. 0.......31WON. JUP Se (Lir. vot rtc, ft; avz frivws.:: -moire Paper Money Whole No. 159 Page 89 $100 Red Seal Federal Reserve Notes 1914 by FRANK A. NOWAK Among blue seal 1914 Federal Reserve notes there are three minor varieties of face design. In the red seal 1914 FRN's there are two minor varieties of face design which I have listed as Type 1 and Type 2. Type 1 has no bank numeral or letter at the upper left or lower right. Type 2 has both the bank numeral and letter at these locations and is the same as Friedberg catalog Type A blue seal FRN's. From the data it is obvious that one design (I have called in Type 1) preceded the other (I la- beled it Type 2). Why the minor change in face design? I don't know. Perhaps it was to facilitate sorting by different Federal Reserve Banks. Although the number of observed notes now exceeds government figures, this issue should by no means be consid- ered any less rare. The only hoard of significance is the eighteen consecutive Boston notes which, aside from an occasional corner fold, are strictly uncirculated and quite choice. A few cir- culated Boston notes were also a part of that hoarad. Barring any future large hoards, I would estimate the total number of $100, 1914 red seal FRN's outstanding at about twice the cur- rent observed number or 240. Whatever the correct number, it will slowly decrease through attrition. F1138A F5316A F11443A F11619A F19120A T1 vf, lot 4452* T1 vf to ef unc. T1 ef T2 strong ef 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 51/2 x3 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 Th X 31/2 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 3/4 x 3 3/4 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 8 3/4 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 I Boston, MA 02205 Phone: (617) 482-8477 Page 90 Paper Money Whole No. 159 Observed $100 1914 Red Seal FRN's Observed $100 1914 Red Seal FRN's Serial No. Type Grade Serial No. Type Grade Serial No. Type Grade A7779A A10607A A10608A A10609A A10610A A1061 IA A10612A A10613A A10614A A10615A A10616A A10617A A10618A Al 0619A A10620A A10621A A10622A Al 0623A A10624A A24307A A25941A A28011A A29732A A32323A A43964A B16672A B41080A B41420A B47426A B49145A B62594A B68778A C1122A Ti C5592A Ti C14476A T2 C21518A T2 C21520A T2 C22247A T2 C25928A T2 C29917A T2 C36679A T2 C36788A T2 C40287A T2 vf about fine, writing on back vg to fine ef about new ef about new ef UDC. about new fine C171A Ti vf D4490A T1 good D6261A Ti strong el D7561A T2 vg to fine D17679A T2 fine D21762A T2 vg to fine D29331A T2 strong ef D35122A T2 about new D35659A vf to ef D40208A T2 fine E1301A T1 fine E2956A. T1 ef E4152A Ti vf E8907A T1 vg to fine E11054A TI fine E12417A Ti vg to fine E12638A Ti fine E21112A T2 ef, lot 4446* G2845A unc. G5795A T1 vg to fine-burn G16933A T2 vg to fine G19322A T2 good to vg G21906A T2 vg G29701A T2 fine G35343A T2 vg to fine G36991A T2 ef G37751A T2 unc. G52282A G52704A T2 vg to fine-rust G54937A T2 unc. H4754A Ti fine, closed tear 1-19742A Ti about ef H10021A T1 fine H11043A vf H12430A T2 vf plus H21093A T2 strong ef H21615A T2 fine I7332A Ti fine 116391A T2 vf 117410A T2 vf I19262A T2 fine 11883A T1 vi 12073A T1 fine J3099A Ti unc. lot 4475 16793A TI vg to fine- pinholes 110244A T1 fine 110489A T2 fine-corner off 112399A T2 vf J19125A T2 fine to vf J19660A T2 about new K1009A T1 vg K2525A vf, lot 4480* K7786A unc. K11875A T2 vf K13100A T2 strong ef K14152A T2 fine L418A Ti fine plus L514A Ti vi L4300A Ti vg to fine-burn L6057A Tl of to ef L7933A Ti fine to vf L10012A T2 fine L11329A T2 about new L11330A T2 cu L12194A T2 fine face; vg-f (back soiled) L21949A T2 about new L28901A T2 unc. L30581A "1-2 fine, trace tellers stamp on face L30722A T2 about fine, pinholes L32565A T2 of L33641A T2 about new L34044A T2 ef * Grinnell cu = crisp unc. vg = very good vf = very fine ef = extra fine The scarcer districts are, not too surprisingly, Atlanta, Min- neapolis and Dallas. Boston, too, would fall into the "scarcer" category if it were not for the aforementioned hoard. New York is by no means "common" despite serial number evidence of close to 70,000 notes issued (highest of any district). So where are all the New York $100, 1914 red seal FRN's? This author's guess (based on some skimpy evidence) is that they went to Eu- rope where some may still reside. Any additional data or improvement on the existing data presented below would be greatly appreciated by the author (P.O. Box 2283, Prescott, Ariz. 86302). Also appreciated would be any information on the $50, 1914 red seal FRN's, a study only recently undertaken. It appears that the $50, 1914 red seal FRN's are a bit more scarce than the $100s. ■ TI fine to vf T1 about new Ti T1 cu T1 cu Ti Cu T1 cu T1 T1 Ti about new T1 cu Ti Cu Ti cu Ti Tl T1 cu cu cu T1 Cu T1 Cu T1 cu vg to fineT2 fineT2 fine to vfT2 goodT2 efT2 fineT2 Ti vg-writing T1 unc. T2? good to vg Tl? good to vg T2 good to vg T2 vg to fine Paper Money Whole No. 159 Page 91 August Peterson and Branch Banking in Rural North Dakota Before 1935 by STEVE SCHROEDER ABSTRACT August Peterson was a pioneer country banker who created a network of state and national banks in North Dakota in the early part of this century. His career shows the character of the early bankers and how bankers created branch systems within our system of unit banking. A UGUST Peterson was born in Sweden on November 29, 1865, and came to America in 1883. He settled in the Mouse River Valley of the northwestern Dakota Ter- ritory, 130 miles beyond the end of the nearest railroad line and somewhat ahead of the government surveyors. When Northwestern Dakota was surveyed in 1886 Peterson was not allowed to file a homestead claim on his farm because he was not yet twenty-one years old. Undaunted, Mr. Peterson started over, filing on a new homestead after he came of legal age. In 1887 the Great Northern Railroad arrived and the city of Minot was established. This was soon followed by E. Ashley Mears and the Bank of Minot, one of Mr. Mears' many busi- nesses in the Dakota Territory. By 1890 August Peterson was working in Mears' Bank of Minot. He probably had an unusual practical education in banking under Mears. Mears' methods were years ahead of the time. Mears developed a network of banks in North and South Dakota, actively solicited investments in Eastern states and sold mortgages to private investors through The Mortgagae Bank and Investment Company at Fargo, a mortgage company which he also owned. His activities included an insurance company, a mortgage company, a sheep raising enterprise (U.S. Sheep Company), and a string of state and national banks. Mears was accused of sharp practices by his fellow bankers and the local press, particularly because he charged fees for loans, required borrowers to purchase insurance on the collateral from his insurance company, and was quick to foreclose. By 1893 the Mears empire collapsed under attack from the local press, North Dakota banking officials and the Comptroller of the Currency. In 1893 August Peterson was one of the receivers for Mears' banks. Later in the 1890s Peterson was involved in cattle ranching, a hardware business and real estate in the Minot and Devils Lake areas. He travelled to Alaska and Sweden. In 1899 he set- tled at Harvey and established his first bank there. This bank became the First National Bank of Harvey. Peterson's return to North Dakota coincided with the beginning of the second Dakota boom. Between 1898 and 1915 the Northern Pacific, Chicago, Mil- waukee and St. Paul, Great Northern and Soo Line Railroads competed for growing freight shipments by extending rail lines throughout North Dakota. The state's railroad trackage almost doubled from 2,662 miles to 5,226 (Robinson, 236). The "Wheat Line War" saw new railroad lines and towns developed in areas where farmers were expanding wheat production. In 1905 the field agents for Dun and Company found fifty-eight new towns under construction and over one hundred new banks beginning operation (Hudson, p. 134). Many of these towns were within sight of each other on the open prairie be- cause the rail lines were so close together. Competition be- tween the Soo and Great Northern was almost suicidal. For example, the Great Northern town of Olmstead was barely five hundred yards from the Soo Line town of Egeland. Town developers and businessmen followed the rail lines through North Dakota. Some of them were especially aggressive—David Tallman, a banker from Willmar, Min- nesota, oversaw the development of forty townsites and, with his friend Sigurd Qvale, established forty-two banks in North Dakota. Other merchants also established branch operations along the railroads. August Peterson drove in a covered wagon along the survey route of the Soo Line and selected sites for his banks. By 1929 Paper Money Whole No. 159Page 92 GRAF TON1) • Lana don , --Pork River • Crosby P Bo?Iin.,u • R ug by 0■7`, DEVILS LAKE O GRAND RKS 0 V... Harvey f Carrington ac \\ BISMARCK ° E Iltndolo - --- - — - — - — - — - — - — --- — - — - — - — -- - — - — - — Location of .Peterson's National Banks: STATE OF NORTH DAKOTA 1. Harvey 4. Makoti 7. Van Hook 2. Max 5. Plaza 8. New England 3. Ryder 6. Parshall 1 'W '."_91"_ U.S. Highways Railroads Rivers, Lakes THE(AITEDSTATESOTAIIERWA t -. . THE FIRST NATIONAL BANK If T1.1t1 13 NOR,, nAJTA °is I PIPLIALtS -71161111111M111111111151111 ■•• 1) . SCHRIIIIMMOSHRIO1141 TIRE , N ITEv)si . vrEsiwAm Etti ,•.% THE FIRST XATIONAL NANA OF etz 2.4914 , taCat/y/lr-‘10/e/e / .7 cal& Five -cent note, unissued with engraved date of Jan. 12, 1863. Neither of the illustrated examples of the Cochranton issue are signed, so it is not clear if any of the notes were actually put into circulation. The Borough Council minute books for this period are missing, and the borough ordinance books contain no reference to the printing of currency, so the circumstances of the issue of these bills are unknown. Ten-cent note, unissued with engraved date of Jan. 12, 1863. The only information about them comes from the notes themselves. They were printed by Sage, Sons & Co. of Buffalo, N.Y., as were the Meadville notes, and several of the design ele- ments are the same. They are printed on plain white paper, so they did not aspire to artistic merit as some of the engraved fed- eral notes did. The federal fractional currency was phased out quickly after the end of the [Civil] War, and it is probable that these notes represent the only attempt of Cochranton Borough to print its own money. ■ Schroeder, continued from page 93 ILICINIMMIL7111E, THE I 'XITVHSTATESAWAMEH. THE FIRST NATIONAL RANK OF NEW ENGLAND NORTH DAKOTA TWENTY. IN WARS 0 0 0 0 0 0 4 A. complete set of the 1929 issues bearing the signature of August Peterson. Careful examination of bank records and notes will undoubtedly locate other bankers in other states who built branch bank systems during the era of national bank notes. Acknowledgments The Institute for Regional Studies at North Dakota State University provided the photograph of Mr. Peterson. Glen I. Jorde provided notes to illustrate this article. References Fargo Forum, 3/28/31; 8/8/31; 4/23/49. Growing with Pride: Harvey, N.D., Area: 1906-1981. (1981) Altona, Manitoba: D.W. Frieson & Sons, Ltd. Hickman, J. and D. Oakes (1990). Standard Catalogue of National Bank Notes. Iola, WI: Krause Publications. Hudson, J. (1985). Plains Country Towns. Minneapolis, MN: University of Minnesota Press. Robinson, E. (1966). History of North Dakota. Lincoln, NE: University of Nebraska Press. Reminiscing, continued from page 96 I want to thank ALL the great dealers I did business with. There are some GREAT dealers out there. And a GREAT group of dedicated collectors, too. To the collectors searching out specific notes, remember it takes PATIENCE, PERSEVERANCE, DEDICATION, DETERMINATION and above all RESEARCH YOUR NOTES, KEEP SEARCHING AND NEVER GIVE UP. A special thanks to John Hickman, M. Owen Warns, Louis Van Belkum and Pete Huntoon for all their pioneering and hard work in the fur- therance of national bank note collecting. Also thanks to Arlie Slabaugh. Paper Money Whole No. 159Page 98 I F you're tired of Lincoln cents, or if type coins have priced you out of the hobby, 1 price of silver dollars seems too 41 ■10.;or if the ups and downs of the much like investing in the stock It64 market, and it is, or if slabbed coins seem to represent the tomb- might be, let me introduce you to an INstones for the death of coin col-lecting as a hobby, and they well interesting alternative. How many #100times have you heard someone say, "try it, you'll like it"? Well my fellow collectors, try collecting with a different approach. Collect works of art. Collect beauty and color. Collect something that you can afford without mort- gaging your house. Go back to fundamental collecting and enjoy it as a hobby, the hobby you learned to love as a youngster. My friends, let me introduce you to the fas- cinating and interesting world of U.S. obso- lete bank notes. "Why obsolete bank notes?" you ask. Well read on and I'll tell you. Obsolete bank notes, or broken bank notes as some people refer to them, record the most fascinating period of the history of the United States; not only our banking history but the entire history of the country. Many of the highly regarded events in our history are pictured on these notes. Presidents, famous personalities, military leaders and just about anyone of importance appears on some note from somewhere. Our accomplishments in ar- chitecture, with famous buildings like the nation's capitol, cap- ital buildings of many states, the Crystal Palace in New York and other structures too numerous to enumerate are pictured on these fascinating notes. Bridges, towers, lighthouses, etc., are pictured on many of the bills of this era. The history of the railroads is recorded. The shipping industry, agriculture, lumber, mining, etc. are traced. The lifestyle of the Indians, in- cluding many famous Indians and their tribes, will be found. As previously stated, just about the entire history of the times and all the achievements of the country were subjects used on obsolete notes. We have only scratched the surface of what is collectible about these interesting notes. Would you believe that Santa Claus was pictured on currency that was used in everyday com- merce? Well, many versions of his portrait are on banknotes from different states. How about cattle, a whale, a dragon? Any- thing you can imagine was used on these notes, and you're sure to find something to interest you. Unusual names, unusual places, even non-existent places (when state boundary changes were implemented, banks in the town of one state were now located in a different state), are recorded on these notes. As you can see, subjects for collecting are almost endless. Before proceeding, we should consider some basics for the benefit of new collectors. What is an obsolete bank note or a broken bank note or a states bank note? They are all the same. Collectors refer to them by any of these names. Old-time collectors were known as rag pickers. Most of these old-time collectors had little regard for these notes that were issued by private banks, railroads, insurance companies and private merchants under the loose guidelines of state charters. Even cities and towns issued forms of scrip. Other than that by the state, little or no control was exercised regarding their emission. The first bank in the country to open under a state charter was the Bank of North America. It was char- tered in Pennsylvania in March 1784. A century earlier the original thirteen colonies and the Con- tinental Congress issued currency. Ultimately those notes became worthless and paper money fell out of favor with the public. They preferred to deal in hard specie with an intrinsic value rather than to trust the bank and its paper money. When coinage was in short supply the acceptance of paper was a necessity if business was to be con- ducted. More banks ob- tained state charters within the next few years, mostly in New York and New Eng- land. Paper money began to flow through the hands of the people. The earliest of these notes were rather crude with little or no design. The designs that were used on the notes were rather simple, basic vignettes such as a plain bird that was sup- posed to be an eagle or maybe an anchor or a simple building. Anything within the limited abilities of the engravers was better than nothing at all. As time went on and the engravers improved their tech- niques, the vignettes became more complex. Allegorical scenes seem to be favorite subjects of the early craftsmen. In the begin- ning, these craftsmen did not sign the plates used for the notes. Engraving was just a sideline used as a means of support. Later, these sculptors, as they became proud of their work, signed the plates with their name or a company name. Within a few months of the death of George Washington, the Washington Bank of Westerly, Rhode Island opened for business on August 22, 1800. They commissioned an engraver by the name of Amos Doolittle of New Haven, Connecticut to engrave plates for their notes. A vignette of George Washington was to be on each denomination of note issued by the bank. Doolittle was an excellent line engraver but his talent was sadly lacking when the engraving of a portrait was concerned. He could not duplicate Washington repeatedly so each note on the plates renders a slightly different Washington. These were the first notes to use a portrait of George Washington as a central vignette. With the turn of the century, engraving began to improve rapidly. Many plates were engraved in England where superior work was accomplished. American engravers, such as Abner Reed and Peter Maverick, soon made names for themselves and formed their own companies. by ROGER H. DURAND 1.1;f_ :I) ri r.,v HARTFORD, • • • • Paper Money Whole No. 159 Page 99 In many instances, these old bank notes furnish us with the only accurate record of what old buildings looked like, such as this train station on the Exchange Bank of Hartford, Connecticut. As banking rapidly expanded, new engravers with improved engraving techniques presented themselves. A new process for engraving bank notes using pre-engraved parts, like a puzzle, was perfected by Jacob Perkins. The same plate could be used for several banks with just a change of name, location or denomination. Around 1820, the beginning of the most colorful period in bank note engraving history, complete scenes were being en- graved. Subjects from famous paintings were engraved and used to adorn bank notes. Early buildings were accurately por- trayed and became a part of recorded history. Peter Maverick is considered one of the best engravers of this period. Large vignettes, in some instances covering half the note, be- came commonplace rather than the exception. By 1830, Ameri- can engraving had arrived, and with the introduction of color, the notes became works of art. At no time in history, in any country, has the work of this period been surpassed. With little regulation, the imagination of the engravers had no bounds, and the most beautiful notes in the world were created. By the late 1850s and early 1860s the notes were multi- colored, with as many as four colors being used. Notes were decorated with every subject imaginable; some even accurately portrayed vignettes of entire towns. During this colorful period banks and other note-issuing en- tities created and used many denominations on their currency that are no longer in use today. Denominations such as $1.25, $1.50 and $1.75 were commonplace and could be used to make change, especially for the $3 and $4 bills, which were com- monly used during this era. A $2.50 note made change for $5 and $10 bills. One could make a collection of over one hundred different bills that were issued throughout the country. Many very un- -.— lanyr-actrivm.-auv,rttiv usual denominations were made that would make an in- teresting collection, such as $7, $14 and even $65 bills. It seems unrealistic to have $1,000 bills when the average worker only earned a few dollars a month, but large denomination notes were used in inter-bank transactions. A collector can accumu- late different $1,000 bills from around the country, although they are rather scarce. Since this country was populated by immigrants from around the world, some of the paper money of the period had a definite foreign flavor. A bank from the German section of Philadelphia printed some of its notes in German; Spanish Pillar dollars were pictured on many notes; notes from Louisi- ana were printed partly in French, and Hungarian was used on some notes from New York. A few notes had the denomina- tions printed in dollars and cents and also in pence, adding a British flavor. The influence that foreign countries had on our currency adds to the interest of this period in our history. Territorial notes also play an important role in obsolete notes. In some cases, territories themselves and companies that operated within territorial borders issued notes. In a few cases, banks with no charters in the territories were issuers with just the good faith of the issuer for backing. The people in these outlying areas were desperate for currency with which to con- duct business, especially when coinage was in short supply (which was most of the time), and these notes certainly filled the need. Although territorial national bank notes are very popular, at a price, in many cases obsolete territorial notes go unnoticed. It is difficult to believe that a nice note from the territory of Nebraska can be purchased today for under $30. Imagine, over 130 years old and it can still be purchased for such a small amount. /37,, I - • • t ,1171.7.! An unusual spurious bank note that was supposed to be from the Manufacturers Bank of Providence, R.I. The counter- feiter, in an attempt to give it credibility, signed the name Samuel Slater and dated it May 1, 1842; Slater died in 1835. r ,ft-iiittitt77/10,7148# .AN. D 0 LLAR S " 3 I Page 100 Paper Money Whole No. 159 This period in history would not be complete if merchants scrip was not mentioned. It is collected along with bank notes of the period. Literally hundreds of merchants issued private scrip, mostly in emergency situations to alleviate the need for small change. It was usually circulated in the neighborhood of the merchant. This scrip, created for specific situations, was in denominations ranging from one mill (1/104) to one dollar with many gradations in between. An example is a note for six cents and three mills issued by the Hartford and New Haven Turnpike for the passage of a one horse sleigh. Other denomi- nations were used for various types of traffic that used the fa- cility. A 24-cent and a 48-cent note was used by a New Orleans postmaster to make change for the purchase of the first stamps issued by the Confederate States during a severe shortage of specie during the Civil War. Common denominations, such as 5, 10, 25 and 50 cents were plentiful and, in most cases, were colorful works of art. Santa Claus appeared on a scrip note from New York that was worth 25 cents toward the purchase of a book about Saint Nicholas. A railroad issued notes in the odd denomination of 33 1/3 cents toward the price of a meal on their trains. Over one hundred different denominations have been reported on obso- lete bank notes and scrip. A problem often encountered by the banking industry was boundary changes due to the formation of states. As state lines were changed, banks located and chartered in one state now found themselves in another. These unusual occurrences are recorded for posterity by the bank notes that were issued during those turbulent times. A bank from Pawtucket, Mas- sachusetts issued notes that became negotiable in Rhode Is- land. At the same time, the Pocasset Bank of Fall River, Rhode Island became a Massachusetts bank that continued to issue notes that were dated in Massachusetts after the state boundary change. Many Maine banks were originally chartered in Mas- sachusetts. Boundary changes is just one example that makes collecting these notes so fascinating. The predominant problem that early banking had to con- tend with was the same problem that plagued the note issuers of the Colonial period in our country's history—counterfeiting. Banks, as well as the general public, were constantly plagued by fraudulent notes. There were several types of deceptive bank notes, and they were abundant. The different types of counter- feits made during this period make unusual collectibles in themselves. The most interesting type of counterfeit was made by using bank notes from a genuine bank that had gone into receiver- ship due to poor management or, in some cases, outright fraud. These worthless notes were acquired by counterfeiters, who then obliterated the city, or both city and state, name of an issued note and reprinted that part of the note with the loca- tion of a stable bank with the same name, such as Farmers Bank—there was a Farmers Bank in several cities, towns and states. In some cases, these notes were so skillfully altered that they fooled even the most cautious person. Another type of counterfeiting problem was the raising of the denomination of the notes. For example, a genuine $1 bill would have the amount obliterated and a higher counter (a die with the denomination on it) from a genuine note from a failed bank would be glued over the $1. This would make the $1 appear to be a $10, $20 or whatever denomination the coun- terfeiter wanted it to be. A third form of counterfeit was a completely spurious note made from a plate that was never used by the bank named on the note. The plate would be used to print notes from several banks by just changing the bank title, location or some other aspect of the plate, and signatures were either printed or hand- written to represent the signatures of the officers of the actual bank. A good example of this type of fraud is a $5 bill from the Manufacturers Bank of Providence, Rhode Island, signed and dated May 1, 1842 by Samuel Slater as president. Slater died in 1835. Many banks failed during this period as a result of dishonest or inept officers and, with little regulation by the states, out- right bank frauds were instituted in many cases. Sometimes, stolen plates as well as counterfeiting on a large scale led to the downfall of a few more banks. The first bank in the country to fail was the Farmers Ex- change Bank of Gloucester, Rhode Island. It was chartered in 1804 and closed in 1809. This failure caused a chain reaction of other bank failures, including the Coos Bank in New Hamp- shire which was owned by the same group as the preceding bank. These and a few other banks were owned and controlled by Andrew Dexter, Jr. who, in a short time, put over $650,000 of currency into circulation—a total loss to the bill holders. When the Farmers Exchange Bank closed, its tangible assets were just $86.46; it had over $580,000 in outstanding debt. It is easily understood why the common term by which these notes, issued during the states banking era, are known as "broken bank notes" Although all the notes of this era are referred to by this term, not all of the surviving notes are from banks that failed. Many notes are from successful banks and, in some cases, they can This beautiful bank note in new condition was just recently purchased from a coin dealer in Western Massachusetts for just $4. What other 150 -year old collectible or antique can still be purchased for a com- parable price? Paper Money Whole No. 159 Page 101 This discovery note was pur- chased at the 1991 Interna- tional Paper Money Show in Memphis, Tennessee. still be redeemed today by the bank which originally issued the notes. An example of an existing bank that still redeems its notes at par is the Washington Bank of Westerly, Rhode Island. After almost 200 consecutive years of operation, it still offers to redeem its outstanding notes and carries them as a liability on their books. The curtain fell on this colorful time in banking history in 1863 with the introduction of the National Bank Act which, in effect, placed a 10 percent tax on the face value of all the cur- rency issued by banks chartered by the states. Most of these banks obtained a federal charter, forfeited their state charters and operated as national banks. A few remained open under state charters but they no longer issued bank notes. One of the last banks to forfeit its state charter was the High Street Bank of Providence, Rhode Island. This bank continued to operate successfully as a state bank until it finally surren- dered its state charter in 1930. It is still operating today as the Citizens Bank of Rhode Island. Where to Look for Bargains Now that you have a little background about these fascinating notes, the next question that comes to mind is where to find a few notes and make an inexpensive beginning to this type of collecting. This is probably easier than you think. Some of the best numismatic buys you will ever make will be at flea markets. Not in coins, but you will get real collector bargains in bank notes. The average seller has little or no knowledge about these bank notes. In fact, he probably doesn't know the defini- tion of a broken bank note. Another group anxious to give their bank notes away are an- tique dealers. They usually price these items according to what they paid for them. Since they have very limited knowledge, they paid next to nothing, and they sell them for next to nothing. They generally do not have the time nor the inclina- tion to check on rarity or market prices for this type of material. Another bargain center that comes to mind is the vest pocket coin dealer. Many beautiful notes and super-bargains can be found at local coin clubs or Sunday coin shows. Just ask a vest pocket coin dealer if he has any broken bank notes. If he looks puzzled or offers you a silver certificate, or maybe a replica of a colonial note, you have found a possible source. If he has obsolete bank notes he will practically give them away. Re- member, he got them for just about nothing. Regular full time coin dealers are another good source for obtaining additions for your collection rather inexpensively. Very often their knowledge of paper money is limited. You can also attend major coin shows to obtain additions to your collection. You cannot expect super-bargains at this type of show but, in many cases, you will be getting excellent value for your collecting dollars, a much better value than if you bought coins. We next come to paper money dealers. They may also sell coins, but they specialize in paper money. They will be your source for forming the basis of your collection. All the previous sources will have notes available by chance, but paper money dealers will have an inventory of the exact notes you will want to purchase for your collection. In most instances, there will be no bargains here, but you will get honest value for your money. And, if you think you paid a little too much, time will take care of that. You do not have to be afraid that a note you purchased for a specific amount will suddenly become practically worth- less as some of the silver dollars have become, and you don't have to worry about the fluctuation in the price of precious metals. I have seen these notes only increase in value over time. I would recommend that you attend a paper money show. There you will find a convention center of paper money dealers from all parts of the country with just about anything in bank notes that you could want. Advanced collectors attend these shows to add to their collections. Some dealers specialize in material for beginning collectors, while others cater to the ad- vanced collector. There should be something for everyone. I have never heard of anyone who attended one of these shows and did not find it to be a very satisfying experience. It could be the thrill of a lifetime! And finally, we come to the auction. Auctions play a great part in obtaining notes of all types, but especially broken bank notes. Some auctions specialize in paper money and they are a great source. They usually feature notes that range from the common to the extremely rare; something for all the phases of your collecting hobby. Many times, coin auctions offer a few bank notes. They should not be overlooked as a source of ob- taining additions to your collection. When a collector claims that he doesn't see many obsolete bank notes for sale, it means that he just hasn't been looking for them hard enough. All the notes that he or she has over- looked have been purchased by the enlightened collectors. Buy the Book Before the Note "Buy the book before the note" is probably the best advice one can give a collector whatever their collecting preference. A novice collector probably doesn't need books for his first three or four modest initial purchases, but it will not take long be- fore a book that helps with the theme of a collecting interest 1.11,020.41.111110311116/ Towanne.,...awegr.m1...-ergus...a..asew Z.,* I 0 1! ,LVOLD, Wet 5111 7.01.V .13. .A. NH . ///,/ /,/1 TEN DOLLARS /// /////1/i/, (". '`/Ybsat;-_Lay. &ix ( 121111VII,..1.1.0.111%04, Although called a broken bank note, it is still carried on the books of the Washington Bank of Westerly, Rhode Island Page 102 Paper Money Whole No. 159 will be a necessity. Books on obsolete bank notes and scrip serve a twofold purpose. First, they inform the reader on just what is available. Second, they usually have some sort of rarity scale to guide the reader as to the prices one should pay for a particular note. It will also give an idea as to how often one can expect to have an opportunity to purchase a particular note. If the book states that just one or two examples have been reported, the collector has a decision to make when he happens upon one of them. If he passes because he feels the price is too prohibitive he may never have another opportunity to purchase that particular note. A basic catalog of obsolete bank notes and scrip is North American Currency by Grover Criswell. There have been two edi- ison to coins, where a discovery piece would be so expensive that only the most wealthy could afford to own it. It is not uncommon for a rare obsolete note to cost less than two hundred dollars. And, if it happens to be damaged, the price could be much less. Within the last three years I have seen unique damaged notes sell for as little as thirty-five dollars. Obsolete notes are certainly affordable, even to the collector with modest means to support his collecting interests. A Word About Value Collectors often find that they are no longer just collectors but are also investors. Every major purchase should not become a tions; however, both are out of print. A massive four-volume comprehensive listing of obsolete bank notes was recently published by Krause Publications: United States Obsolete Bank Notes 1782-1866 by James Haxby. An ex- cellent reference with thousands of illustrations. However, there are thousands of scrip and non-bank notes that are not included in this work; it covers bank notes only. The Society of Paper Money Collectors and individual col- lectors have published compre- hensive books that include all and is still negotiable at the bank after almost 200 years. bank notes, scrip and other mis- cellaneous notes on the following states: Alabama, Arkansas, Colorado Territorial Scrip, Florida, Indiana, Iowa, Kansas/Oklahoma/Indian Territory (all in one book), Maine, Michigan, Minnesota, Mississippi, Nebraska, New Jersey, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, and Utah. Various subjects about obsolete bank notes and scrip are covered in the many books written by John A. Muscalus, Ph.D. such as railroads, scrip notes from several communities and various vignettes picturing famous and not-so-famous people. He also identified many famous paintings that appear on bank notes and scrip. His work certainly adds to the pleasure of col- lecting obsolete notes. There is more than adequate information available to satisfy the most discriminating collector; and more books will be written. decision as to whether they can or should invest an amount that might exceed the price of a new car. Well rejoice, you can return to the pleasures of fundamental collecting without investing. A collection of hundreds of obso- lete bank notes and scrip can be accumulated for the prices one would pay for common silver dollars. Remember, I said common silver dollars. I mean the $10 to $75 price range. It is difficult to believe that these notes are still so inexpensive. There is no logical reason why, but the fact remains, they are reasonably priced. I can't see how they can remain at these low prices indefinitely, but as of now it is the collector's good for- tune. If you stop and think about it, what antique, coin, work of art, anything that is over 150 years old, in the same condi- tion as the day it was made (BU gem 65 to a coin collector), can you purchase for $15 or less? You will be amazed at just how many different notes you can acquire at these prices. Sleepers Sleepers—the word itself causes the heart of a collector to beat a little faster. Nothing matches the thrill of finding a new note or acquiring a unique or extremely rare item. This feeling can be experienced in the field of obsolete notes and scrip. I cannot remember attending a major paper money show when I or a fellow collector did not experience the thrill of a discovery piece. New items continue to surface, delighting the fortunate collectors who acquire them. The best part is that the collector can usually afford to make the purchase. There is no compar- Try It, You'll Like It The fact remains that the best value for your collecting dollar, as far as I can determine, has to be obsolete bank notes and scrip. Go back to basic collecting for the enjoyment of it as a hobby, the hobby you loved as a youngster, a hobby you can afford. Form a collection that you can show with pride and per- haps interest your non-collector friends with fascinating notes from another era. Try it, you'll like it. ■ Paper Money Whole No. 159 Page 103 Meet Your Charter Members These biographies are being printed in the order received. Merrill Younkin I started collecting coins and paper money at about the same time, in the early 1950s. I served in various offices in the Wichita Coin Club during that time and assisted in starting the Boeing Club in Wichita in the 1960s. I participated in the beginning of the Society of Paper Money collectors and have maintained my membership ever since. I have also been a member of ANA all these years. My interest in paper money is limited to $1 notes of the United States and the history thereof. I was employed by the Boeing Airplane Company after col- lege and retired after thirty-seven years with the company as an Industrial Engineer. As a Director of Industrial Engineering there was little time available for my hobby. Now in retirement I have the time. I have a complete collection of PAPER MONEY in my library, a collection of The Numismatist beginning in 1951, and many other books that I have collected over the years. Forrest W. Daniel I entered the printing trade as a printer's devil at age 13, and even- tually gained the status of tramp printer; I worked as a typesetter for weekly and daily newspapers in seventeen towns in eight states. Letterpress printing was replaced by offset for newspapers, so in the mid-1970s I changed my career and became a reference specialist for the State Archives and Historical Research Library of the State Historical Society of North Dakota and served there for nine years. I began collecting paper money and coins in 1953 from Harry Kittoe and Jim Emigh in Aurora, Illinois and Ray Yablun and Louis Castelli in Chicago. One of my first purchases was a choice CU 1869 $5 legal tender note. I became interested in re- search and my first articles were published in The Numismatist. I joined the Society of Paper Money Collectors when it was organized because I knew no other collectors of paper and wanted to learn more about the subject. There were few refer- ences and little literature available at the time. Contrary to the wisdom of Aaron Feldman, I bought unattributed fiscal docu- ments that appeared to have potential for research. "Buy the note, then write the book': Many of my articles have been pub- lished in PAPER MONEY. I have served on the Board of Governors of the SPMC and suggested the design for the So- ciety logotype. My numismatic research led to local history, and I edited or wrote the feature article for the monthly newsletter Wells County History for ten years. I was Treasurer of the North Dakota Historical Society, Inc. for several years. At present I am compiling an anthology of printers' lore, his- tory and anecdotes. ]"Many articles" doesn't adequately describe Mr. Daniel's contri- butions to PAPER MONEY— "prolific" would be a better word for the number of articles with which he has entertained and educated SPMC members over the years.—Bob Cochran] Brent Hughes I wish I could take credit for being a "founding father" of the SPMC, but I can't. Thirty years is a long time to remember details but I believe the following is correct as to how I became Charter Member Number 7. I'm almost sure it was J. Roy Pennell Jr. who wrote to me shortly after he and others had gotten together at one of the conventions and founded the Society. Roy knew that I was a graphic artist and asked if I would make a drawing of an em- blem or logo for the new group. I made a number of thumbnail sketches for the board to consider. They selected the design they wanted and I made a large comprehensive drawing which has also served as a master for all the cuts made since. Roy had reserved membership No. 7 for me and at some point later on I served on the board for one term. Since I was unable to attend the conventions and board meeteings I could contribute very little. ]Since 1962 Mr. Hughes has contributed over 20 extensive ar- ticles about a variety of topics; many of them have provided valuable knowledge about the issues of the Confederacy.—Bob Cochran] IN MEMORIAM Jack R. Gregg SPMC member Jack R. Gregg of Dallas passed away on March 3, 1992. Jack was originally from Springfield, Ten- nessee. He was a graduate of Vanderbilt University, the University of Dallas, and Golden State University. At the time of his death he was Director of the Health Services MBA program at the University of Dallas. Jack had worked at NASA in Huntsville, Alabama for 13 years and at Southwest Medical School before joining the Univer- sity of Dallas. George Nicholson George Nicholson was a friend to any paper money col- lector who ever had the pleasure of meeting him. I met George at one of the early Memphis shows and saw him on many occasions at other shows. Seeing George always made the show for me. We enjoyed talking of this fas- cinating hobby of ours, and telling of our experiences, and those of others, regarding the discovery of national bank notes. George always had an experience to relate and was anxious to hear of yours. We enjoyed sharing information with each other and introducing each other to fellow collectors. George was intense in the discussion of this intriguing subject of paper money. We often discussed the possibility of writing up these many conversations but usually passed it off by saying that no one would believe what we had to say. We have lost many good friends in our hobby over the last few years. No longer will we gather to chat with Amon Carter, Bob Medlar, Bill Bailey, J.L. Irish, Joe Kinney, and many others. How blessed we are that we were able to become acquainted with such great people who shared the love we have for this wonderful hobby. Roman L. Latimer Austin M. Sheheen Page 104 Paper Money Whole No. 159 The Memphis Show is just weeks away. This is the big event of the year that all paper money collectors and dealers look for- ward to. The SPMC Board of Directors have been busy this year and there have been some changes. We will have an SPMC Breakfast this year on Sunday morning before the show opens, instead of the SPMC Banquet which has been traditionally on Saturday night. Some members and spouses have not attended because of conflicts with other activities and it has gotten fairly expensive, so we will try something different. Committees are Studying • By-Law changes • Promoting the Society and its goals • Acquiring and retaining members • Increasing advertising and articles in PAPER MONEY • Jump starting the Wismer Book Project If you as a member, need to communicate any concerns that you have, please let me hear from you. You will receive a reply. It is my hope that there are many of our members that want to serve the Society. If you want to be elected to the board, serve on a committee, write for the journal, conduct a society meeting at a coin show, or just express your satisfaction or dis- satisfaction, please tell us and we will respond to your requests. The auction at the FUN Show in January was a clear indica- tion that our hobby remains strong and active. Prices were strong and interest was very high. Even in bad economic times our hobby continues to expand. Good material is very hard to find and dealers are paying strong prices for choice items. Start planning to be in Memphis in June—I hope to see each one of you there. You won't be disappointed. Life Membership Bonus In 1975 American Bank Note Co. prepared packagaes of four engraved sheets for the American Bankers Association. The pri- mary sheet, Men in Currency, includes eleven engraved portraits of Americans who have appeared on U.S. currency. Remaining sheets bear engravings of the Statue of Liberty, America 1776-1976, and the Gettysburg Address with a portrait of Abraham Lincoln. These packages have been advertised for as much as $100. A member who wishes to remain anonymous has donated 50 of these packages. The first 50 members who apply for life membership and mention this offer will receive one package. The names of the recipients will be identified as new life members and printed in PAPER MONEY so that the member- ship will know that these packages were distributed equitably. SPMC Breakfast in Memphis The Society of Paper Money Collectors will host a buffet break- fast at the Memphis Coin Club's 16th International Paper Money Show. The breakfast will be from 7:30 a.m. until 8:30 a.m. on Sunday, June 21, 1992 in Ballrooms 1 & 2 of the Crowne Plaza, The Convention Hotel. Everyone is invited to attend. Various awards will be presented by the SPMC and other or- ganizations. There will be an abbreviated Tom Bain Raffle. Tickets are $12, and reservations are requested. Checks made out to SPMC should be sent to: Mike Crabb, P.O. Box 17871, Memphis, TN 38187-0871. NEW MEMBERSHIP COORDINATOR NEW Ronald HorstmanP.O. Box 6011St. Louis, MO 63139 MEMBERS New Members 8193 L.F. LaVigne, 2863 Wofford Rd., Charleston, SC 29414-7036; C&D. 8194 Joe Gorak, 2401B La Costa Ave., Carlsbad, CA 92009; C, U.S. currency. 8195 Cecil Brighton, 1307-220th Ave., New Richmond, WI 54017; C, U.S. & obsolete notes. 8196 John A. Wafer, P.O. Box 1271, Cuyahoga Falls, OH 44223; C, NY & OH Nat. BN. 8197 Marvin Owens, P.O. Box 534, Walhalla, SC 29691; C, CSA & obsolete notes. 8198 Jack Beymer, 737 Coddingtown Ctr., Santa Rosa, CA 95401; C&D. 8199 David Ryder, 53 Dinnick Cres., Toronto, Ont. M4N-1L7 Canada; C. 8200 Cecilia Hatfield, Bureau of Engraving & Printing, 14 & C Sts. SW, Room 702-5A, Washington, DC 20228. 8201 Kenneth Thompson, 3313 Imperial, Amarillo, TX 75106. 8202 Ray Anthony, 9715 Santa Monica Blvd., Beverly Hills, CA 90210. 8203 David McLaughlin, P.O. Box 260914, Lakewood, CO 80226; C, NBN, Canada. 8204 L.W. Martin, Sr., 617 Binkley St., Sherman, TX 75090; C, C.S.A. & obsolete notes. 8205 Harry Perakis, 13 Rampart West, Media, PA 19063; C&D. 8206 Gerald Norwood, 2601 N. Bluff Wichita, KS 67220; C, U.S. currency. PO Box 30369 Cleveland, Ohio 44130 216.884-0701 Paper Money Whole No. 159 Page 105 8207 Vance Poteat, 26 Oxford Rd., Manalapan, NJ 07726; C, C.S.A. & Continental notes. 8208 R. Leibert, 621 San Marino Rd., Bryn Mawr, PA 19010; C; NBN. 8209 Charles Heilman, Box 340, Mackinaw City, MI 49701. 8210 Ron Shiban, 304 Cloverdale Ln., Schaumburg, IL 60194; C, U.S. currency. 8211 Mark J. Altschuler, 817 Avenue A., Bayonne, NJ 07002; C, U.S. Lg.-size notes. 8212 Lynn Dovel, Box 67, Narka, KS 66960. 8213 Forrest E Anderson Jr., 2111 Stratford Rd. SE, Decatur, AL 35601; C. 8214 Barry Krause, P.O. Box 3702, Van Nuys, CA 91407; C. 8215 Thomas R. Kenna, P.O. Box 96, Manorville, NY 11949; C, U.S. lg.-size notes. 8216 Wong, Kai Yuen, 3/F Flat A3 Friends House, 6 Carnarvon Road, Kowloon, Hong Kong; C, notes with port. of Queen Elizabeth; modern U.S. & Switzerland. 8217 Dean S. Thomas, 202 S. Stratton St., Gettysburg, PA 17325; C, Col., Cont., obsolete & C.S.A. notes. 8218 Robert Weitzman, 6519 Colerain Ave., Cincinnati, OH 45239; C, FR notes. 8219 Ernest Robin, 3529 S. Harlem #2, Berwyn, IL 60402; C, U.S. bank notes. 8220 Robert Bujak, Fancevljev Prilaz 1, 41010 Zagreb, Hrvatska- Croatia. 8221 John Ciafrani, 2357 Hillcrest Ave., Pennsauken, NJ 08110; C. 8222 Avis W. Arsenault, 10 Nob Hill, Weymouth, MA 02188; C&D, Fractionals. LM 101 John B. McCarthy, 36 Shorewood Rd., Marblehead, MA 01945-1233; Conversion from 5934. LM 114 Charles C. Parrish, P.O. Box 481, Rosemont, MN 55068; Con- version from 7456. LM 115 Robert M. Birnbaum, P.O. Box 1063, Clifton, NJ 07014; Con- version from 8076. Paper Money will accept classified advertising from members only on a basis of 155 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 first of the month preceding the month of issue (i.e. Dec. 1 for Jan./Feb. issue). Word count: Name and address will count as five words. All other words and abbreviations, figure combinations and initials count as separate. No check copies. 10% discount for four or more insertions of the same copy. Sample ad and word count. WANTED: CONFEDERATE FACSIMILES by Upham for cash or trade for FRN block letters, $1 SC, U.S. obsolete. John W. Member, 000 Last St., New York, N.Y. 10015. (22 words: $2: SC: U.S.: FRN counted as one word each) 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) 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) DISTRICT OF COLUMBIA INFORMATION WANTED: Looking for Washington DC notes, want to record charter, denom., type and serial numbers. If note is for sale please let me know, by including price and condition. Special interest in Ch. Nos. 26, 526, 627, 682, 875, 1893, 2358, 2382, 4195, 4244, 4247, 4522, 7936, 10825. Bob Bolduc, 9350F Snowden River Parkway, Suite 238, Columbia, MD 21045. (163) NEW YORK NATIONALS WANTED FOR PERSONAL COLLECTION: TARRYTOWN 364, MOUNT VERNON 8516, MAMARONECK 5411, Rye, Mount Kisco, Hastings, Croton on Hudson, Pelham, Somers, Har- rison, Ossining, Yonkers, White Plains, Irvington, Peekskill, Bronxville, Ardsley, Crestwood, New Rochelle, Elmsford, Scarsdale, Larchmont, Port Chester, Tuckahoe. Send photocopy; price. Frank Levitan, 4 Crest Avenue, Larchmont, NY 10538, (914) 834 -6249. (163) TEXAS NATIONALS WANTED from Albany, Alto, Lufkin, Nacog- doches and Robert Lee. Also want memorabilia from these cities. Bobby Sowell, 316 Humason, Lufkin, TX 75901. (161) OLD STOCK CERTIFICATES! Catalog plus 3 beautiful certificates $4.95. Also buy! Ken Prag, Box 531PM, Burlingame, Calif. 94011. Phone (415) 566-6400. (182) KANSAS COLLECTOR SEEKS NATIONAL BANKNOTES. Presently interested in the following small size notes: Bonner Springs; Peabody; 10195 Alma; 8142 First NB, in Ness City; 8290 Decatur County N.B. of Oberlin; Wetmore; Highland; Fowler; Oakley. Also need many scarce and rare large size Kansas Notes. C. Dale Lyon, P.O. Box 1277, Salina, Kansas 67402. HARRY IS BUYING NATIONALS - LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES Page 106 Paper Money Whole No. 159 ^ 1ll^lj!I^Ill^^^i^l I,^,^ , i. I ^ ^ ^ ^I may'• ^ ^n WE ARE ALWAYS BUYING • FRACTIONAL CURRENCY • ENCASED POSTAGE • LARGE SIZE CURRENCY • COLONIAL CURRENCY WRITE, CALL OR SHIP: C1INCY1. LEN and JEAN GLAZER (718) 268-3221 POST OFFICE BOX 111 FOREST HILLS, N.Y. 11375 - —_ F \^ ^I'\PLR \IO\F.\ (ULI.I (••( )Its ^ni J M 92. `1 Charter MPmhar Paper Money Whole No. 159 Page 107 b_414..s *4).PRomisp. TO - TaFIRBEST StavicEs7:*-- .s ,C700,1' irrr.Vitti IN] NI:13A0O HS11i86 314101 ONV S631N:kid EINIVLS 39V1 ,lig'SI T 3AAsy 7:16.0X ,Vdit'A b 1%, " s 1,3Y3110641.3 H9IH LS NV9 it :$1 A- O(IAV7 HOS 'Lf3 r NIT r, j a ill ...,...,......,V EXHIBIT CHAIRMAN Martin Delger 9677 Paw Paw Lake Dr. Mattawan, MI 49071 Phone 616-668-4234 After 6:00 PM For bourse information and room reservation cards, write: Mike Crabb Box 17871, Memphis, TN 38187-0871 Phone 901-754-6118 After 6:00 p.m. MEMPHIS COIN CLUB'S 16th ANNUAL INTERNATIONAL PAPER MONEY SHOW June 19, 20, 21, 1992 COOK CONVENTION CENTER 255 N. Main Street, Memphis, TN 38103-0016 (901)576-1200 Convention Hotel: CROWNE PLAZA 250 N. Main St., Memphis, TN 38103 / 901 - 527 - 7300 Back - Up: BROWNESTONE HOTEL 300 N. Second St., Memphis, TN 38105 / 901 - 525 - 2511 Bureau of Engraving & Printing's Billion Dollar Exhibit American Bank Note Commemoratives, Inc. Exhibit Commemorative Souvenir Cards U.S.P.S. Temporary Postal Station Auction by Lyn F. Knight, Inc. Fantastic Paper Money Exhibits Society Meetings LEGAL TENDER NOTE, • • ••• -1., ,^• 211;n14 ■ LEGAL TENDER NOTES SILVER CERTIFIIATEs Page 108 Paper Money Whole No. 159 INTRODUCING THE NEW AND IMPROVED PHOENIX CURRENCY ALBUM PAGES Originally introduced to the collecting community in 1971, our album pages are used by hundreds of collectors to showcase and house their collections. We offer pages made of the finest acid-free paper. And mounts made of the safest MYLAR-type materials that your hobby dollars can buy. You get to design your album by purchasing individual sections of pages as your collection grows. If you care about your notes and want to show them in an award-winning way, then by all means you should be using PHOENIX CURRENCY ALBUM PAGES. Why not give us a trial order? LEGAL TENDER NOTES ONE DOLLAR 1928. The only One Dollar Legal Tender issued since 1928. The page has one frame but could accommodate another note below it should you wish to show the back, or mount a STAR. L-01 1 page, 1 mount 2.00 TWO DOLLAR 1928-1963A. This popular set becomes a showpiece when mounted on these pages. L-02 7 pages, 14 mounts 11.35 FIVE DOLLAR 1928-1963A. Discontinued in late 1967, the Red Seal Fives are now very popular with collectors because of their low cost and ready availability. A set of these pages will hold the complete issue. L-05 6 pages, 12 mounts 9.95 BLANK PAGES Titled LEGAL TENDER NOTES are used to house any denomination, any series and especially ideal for the BLOCKLETTER and STAR NOTE collectors. Economical with three notes per page. L-3B 4 pages, 12 mounts 6.95 SILVER CERTIFICATES NATIONAL CURRENCY ONE DOLLAR 1928-1957B. Illustrated pages that will allow you to house a complete set of these popular Blue Seal notes. SC-1 11 pages, 21 mounts 17.95 FIVE DOLLAR 1934-1953B. Illustrated pages for a complete set. SC-5 4 pages, 8 mounts 6.50 TEN DOLLAR 1933-1953B. Illustrated pages, with the rare 1933 note on a separate page which can be held aside while the balance of the set is completed if necessary. SC-10 5 pages, 9 mounts 8.00 EMERGENCY ISSUE- AFRICA.Two pages to house the One, Five and Ten Dollar Yellow Seal Notes. These notes were issued in the early part of World War II to be used in the Africa campaigns. S-EA 2 pages, 3 mounts 3.25 EMERGENCY ISSUE- HAWAII. The One Dollar is a Silver Certificate, while the Five, Ten and Twenty are Federal Notes. These notes have a brown seal and serial numbers and are overprinted "HAWAII." These are TYPE SET pages. S-EH 2 pages, 4 mounts 3.25 EXPERIMENTAL ISSUE. "R & S" Another WWII issue, this time to test the wearing qualities of regular versus ED ST , ,S SILVER CERTIFICATES special papers. The overprint appears in red on the lower right face of the note. S-RS 1 page, 2 mounts 2.00 BLANK PAGES. Titled SILVER CERTIFICATES are used to house any denomination, any series and are especially ideal for the BLOCKLETTER and STAR NOTE collectors. Economical—three notes per page. S-3B 4 pages, 12 mounts 6.95 SERIES 1929. Collect one denomination from each State or Territory-52 in all, cities or banks with unusual names, or all notes from one state. N-058 6 pages, 12 mounts 7.50 NATIONAL CURRENCY NATIONAL CURRENCY BLANK PAGES. Titled NATIONAL CURRENCY are used to house any denomination or comb- ination mixed on a page. Economical three notes per page. Ideal pages for your "trading stock." N-3B, 4 pages, 12 mounts 6.95 BLOCKLETTER & STAR NOTE SETS Non-illustrated Blockletter and Star Note pages, are sold per unit of 6 pages and 12 mounts for $7.50. When ordering, order by catalog number as listed at left and add a "B" to the number (i.e., #01-16b would be the designation for 1988A notes). • 6111.11 FAITIEll %TES ,••,•, ,nt• -* 4 sa-6"; • FEDERAI. RESERVE NOTES . . ,1,1111, 111111. • FEDERAL RESERVE: NOTES `s ^, 8, 1^,• • • FEDERAL RESERVE NOTES • FEDERAL RESERVE NOTES m's - • • • EEDER RENERI E NOTES Paper Money Whole No. 159 Page 109 GOLD CERTIFICATE SERIES 1929 and greatly resembling the National Bank Notes, but issued instead by the Federal Reserve Banks. Collected by the District Sets of all one denomination. F-05B 6 pages, 12 mounts 7.50 SERIES 1928 & 1928A. Collectible only since a 1964 law and now extremely popular. No collection of small size notes should be without these. Pages show the $10. 20, 50 and 100. G-01 2 pages, 4 mounts 3.25 ONE DOLLAR FEDERAL RESERVE NOTE TYPE SET ALBUM This illustrated set of pages allows the collector the option of collecting only one of each of the $1 notes by series/signature designation. 01-TYPE 1963-1988A, GRANAHAN-BRADY, 8 pages, 16 mounts 13.00 FEDERAL RESERVE BANK NOTES ONE DOLLAR DISTRICT SETS Pages are titled FEDERAL RESERVE NOTES. All sets show the Series Date and Secretary and Treasurers' names. Each frame of the DISTRICT SET contains an illustration of a note and the name of the appropriate Federal Reserve District. CAT. # SERIES PRINCIPALS PAGES MOUNTS PRICE 01-1 1963 GRANAHAN-DILLON 6 12 $9.95 01-2 1963A GRANAHAN-FOWLER 6 12 9.95 01-3 1963B GRANAHAN-BARR 3 5 4.95 01-4 1969 ELSTON-KENNEDY 6 12 9.95 01-5 1969A KABIS-KENNEDY 6 12 9.95 01-6 1969B KABIS-CONNALLY 6 12 9.95 01-7 1969C BANUELOS-CONNALLY 5 10 8.00 01-8 1969D BANUELOS-SCHULTZ 6 12 9.95 01-9 1974 NEFF-SIMON 6 12 9.95 01-10 1977 MORTON-BLUMENTHAL 6 12 9.95 01-11 1977A MORTON-MILLER 6 12 9.95 01-12 1981 BUCHANAN-REGAN 6 12 9.95 01-13 1981A ORTEGA-REGAN 6 12 9.95 01-14 1985 ORTEGA-BAKER 6 12 9.95 01-15 1988 ORTEGA-BRADY 6 12 9.95 01-16 1988A VILLAPANDO-BRADY 6 12 9.95 PHOENIX CURRENCY ALBUM PAGES Fit any standard three ring loose-leaf binder. Banknotes are not included with the pages. ORDERING INSTRUCTIONS: 1. We prefer you order by Mail or Fax, all orders filled in order of postmark or receipt. 2. Additional $3.00 for shipping. 3. No overseas orders can be accepted. We'll gladly ship to APO, FPO, Guam, etc. 4. VISA or MasterCard: Minimum order is $50.00. Send all raised information as it appears on card. Your signature is required. Orders sent only to card holder's address. 5. Massachusetts residents include 5% sales tax. 6. Money cheerfully refunded if not satisfied. 14 day return privilege. Phone: 508-699-2266 Fax: 508-643-1154 DORIC COINS & CURRENCY P. O. Box 911-PM, No. Attleboro, MA 02761-0911 FEDERAL RESERVE NOTES BLANK PAGES, titled FEDERAL RESERVE NOTES are used to house any denomination other than the $1 & $2 notes, any series, and are ideal for the BLOCKLETTER and STAR NOTE collector. Also fine for "trading stock." F-3B 4 pages, 12 mounts 6.95 ALL PURPOSE PAGES SNIALL SIZE CI RHEA( T BLANK PAGES. Titled SMALL SIZE CURRENCY are used for collections of type notes. errors, radars, unusual serial numbered notes or duplicates. Trulyall-purpose pages and ECONOMICALtoo. AP-3B, 4 pages, 12 mounts 6.95 TWO DOLLAR DISTRICT SETS 02-1 1976 NEFF-SIMON, 6 02-1B Non-illustrated pages, 12 mounts 6 pages, 12 mounts 9.95 7.50 3,1 10 cUtiporg*Ikkadcorflitwitin 4 ..vallWrvam-rmvvranwvErnrr rrststncri-vrto, •... ••• • ••••••• • • •• • • 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 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 — TREASURER-RAMS '`IiE434244=4-&—, 1 1 (' Page 110 Paper Money Whole No. 159 of EARLY AMERICAN NUMISMATICS *619-273-3566 We maintain the LARGEST ACTIVE INVENTORY IN THE WORLD! IA SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. COLONIAL & CONTINENTAL CURRENCY SERVICES: q Portfolio Development q Major Show Coverage q Auction Attendance SPECIALIZING IN: q Colonial Coins q Colonial Currency q Rare & Choice Type Coins q Pre-1800 Fiscal Paper q Encased Postage Stamps D EARLY AMERICAN NUMISMATICS c/o Dana Linen q P.O. Box 2442 q LaJolla, CA 92038 q 619-273-3566 Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS ( TUICNalltIC Wedisrly What Language? What Tribe? What does it mean? You Can Find The Answer In: gnterestingoo, 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 186 ROGER H. DURAND Rehoboth, MA 02769 Million Dollar Buying Spree Currency: Nationals MPC Lg. & Sm. Type Fractional Obsolete Foreign Stocks • Bonds • Checks • Coins Stamps • Gold • Silver Platinum • Antique Watches Political Items • Postcards Baseball Cards • Masonic Items Hummels • Doultons Nearly Everything Collectible 399 S. State Street - Westerville, OH 43081 1-614-882-3937 1-800-848-3966 outside Ohio *`.1rn 4:7?•144.1iN Life Member 11•11,Von&y•4" SEND FOR OUR COMPLETE PRICE LIST FREE COIN SHOP INC Paper Money Whole No. 159 Page 111 Back Issues of PAPER MONEY Available The following back issues of PAPER MONEY are now available at $2.75 each from R.J. BALBATON, SPMC Book Sales Dept. P.O. Box 911 No. Attleboro, MA 02761-0911 1968 - No. 25 1980 - No. 86, 87, 89, 90 1988 - No. 133, 134, 135, 136, 137, 138 1970 - No. 35 1982 - No. 97, 100 1989 - No. 139, 140, 141, 142, 143, 144 1971 - No. 38, 39 1983 - No. 104, 105, 106, 107 1990 - No. 146, 147, 148, 149, 150 1972 - No. 44 1986 - No. 124, 125, 126 1991 - No. 151, 152, 153, 154, 155, 156 1979 - No. 80, 81, 83 1987 - No. 127, 129, 130, 131, 132 1992 - No. 157, 158, 159 The following indexes to PAPER MONEY are available at NO CHARGE, please send business size SASE. Or they can be included with your order for journals upon request. Volume No. 22 No. 24 No. 25 No. 27 No. 28 Issues 103-108 " 115-120 121-126 133-138 139-144 Please do not send funds with your order. You will be invoiced for those issues plus postage that can be supplied at the time your order is received. This procedure will avoid the necessity of making refunds. Remember, Do Not Send Funds With Your Order! YOU WILL BE BILLED! Five or more copies shipped postpaid. This opportunity to obtain the wealth of information contained in these issues may not last long, as most are in limited supply. 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 • UMIS AILU INC. P.O. BOX 84 • NANUET, N.Y 10954 PAPER MONEY UNITED STATES Large Size Currency • Small Size Currency Fractional Currency • Souvenir Cards Write For List Theodore Kemm 915 West End Avenue C New York, NY 10025 THE ARAB WORLD CONTACT OFFICE FOR HISTORICAL PAPER MONEY cs * SPECIALIZED IN ARABIC PAPER MONEY TO REQUEST A FREE LIST (ATTN. AGAL) P.O. BOX 11534 • GLENDALE, CA 91226. U.S.A. TEL. (310) 288-1160 WE BUY Paper Money Whole No. 159Page 112 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 BUYING / SELLING: OBSOLETE EECURRENCY, NATIONALSUNCUT SHTS, PROOFS, SCRIP BARRY WEXLER, Pres. Member: SPMC, PCDA, ANA, FUN, GENA, ASCC (914) 352-9077 Do You Collect Paper Money or Stocks & Bonds? 1111,-; 1:1(1.111 1(1 . 11,1: it1,1, 111,11S1'1,10 IN THE ****************************************** 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. BUYING ALL U.S. PAPER MONEY & STOCKS AND BONDS 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 i f you desire. Call or write today. CR.M.SMYTIHIE) 26 Broadway Suite 271 New York, NY 10004-1701 E 9TABLI6IHED iMitirMit) TOLL FREE 800-622-1880 NY 212-943-1880 FAX: 212-908-4047 €±D ■411.1171 MEMBER C OLONIALS, Obsoletes, Satirical Notes, Depression Scrip, Fractional notes,and numerous books, catalogs and publications will be available in our June Sealed Bid Auction along with an outstanding group of type notes made up of two collections assembled over a period of many years. In addition to the notes that are readily available, the first collection of 64 pieces includes a Fr 95a in extremely fine condition, the elusive Fr 125 in fine+, the $50. Fr 164 in VG+, and the very popular spread eagle $100. Fr 165 a in VG. A Refunding Certificate, Fr 214 in fine, and a Compound Interest Treasury Note, Fr 190a in about fine. Also a $50. 1981 Silver Certificate Fr 333 in VF. A 1905 technicolor in a beautiful very fine grade, plus a $50, $100, and $500. 1882 Department series, all in fine or better, and a really nice XF 1922 Fr 1200 $50. are among the Gold Certificates. A $1000. 12-L Fr 1133 1918 Fed- eral Reserve note in a nice unimpaired fine grade and most of the type nationals in- cluding a nice $50. and $100 Brown Back round out the group. The second collection is made up of notes of superb quality, several of which, including the Fr 16, 26, 40, 87, 95a, 96, 229, 242, 257, 352, 710 and 1046 are as near perfection as you are ever likely to see. Both collectors have consigned their books and catalogs to the sale so that future collectors can learn more about their hobby. Numerous interesting Nationals will be available, including a group of large size notes from a hoard that recently surfaced in New England. All but one of the sixteen Wyoming towns where banks issued 1929 series notes will be represented in the sale. A small group of souvenir cards as well as a million dollar Confederate check and numerous other interesting items are included. The auction will close in late June, with viewing of the lots in Memphis. This will be a sealed bid auction 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 suc- cessful sales. Contact us with reference to future sales R I should you have material you wish to consign. We will consider an auction anywhere in the country if the material warrants. z=4 C/D E- - illrKkilpf INO Drawer 66009 West Des Moines Iowa 50265 515-225-7070 Collectors who have bid in any of our last four auc- tions will continue to receive our catalogs. Others should advise us of their interest. 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.