Paper Money - Vol. XXXII, No. 4 - Whole No. 166 - July - August 1993

VOL. XXXII No. 4 WHOLE No. 166 JuL/Auc 1993 ANN IZARD af*T■INSKIIMMegn... o AMOICIN T /I S 0E1111. ES 'I' 17.1 . — II , ItE ILA N. BEE. 111,1,2.11 .1,0 IN TI1F Tit :1(•,;(11121' al.FAMEINNo7 8285804661- / ******* ***************** ************ STATES 0 AMERICA. BUYING ■ Obsolete, Confederate, Colonial and Federal Currency ■ Antique Stock & Bond Certificates ■ Rare Autographs We will purchase your material outright i fyou desire. Call or write today. Pcda 0.1&) R.M.SMYTHE) 26 Broadway Suite 271 New York, NY 10004-1701 1AI9HED 149180 TOLL FREE 800-622-1880 NY 212-943-1880 FAX: 212-908-4047 •=0 MEMBER Do You Collect Paper Money or Stocks & Bonds? 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! **************************************** SOCIELY OF PAPER MONEY coLL•croRs INC. Paper Money Whole No. 166 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., 1993. All rights reserved. Reproduction of any article, in whole or in part, without ex- press written permission, is prohibited. Individual copies of this issue of PAPER MONEY are available from the Secretary for $2.75 each plus $1 postage. Five or more copies are sent postage free. 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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. \sios ierAll advertising copy and correspondence should be sent to the Editor. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. )0(X11 No. 4 Whole No. 166 JULY/AUG 1993 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 pos- sible. However, publication in a specific issue cannot be guaranteed. IN THIS ISSUE THE PAPER COLUMN THE ORIGINAL SERIES NATIONAL BANK NOTE PART PLATE PRINTINGS OF 1873-1875 Peter Huntoon 115 CARMI A. THOMPSON Jack E. Fisher 120 SOME CURRENCY MODELS AND THEIR ENGRAVERS Gene Hessler 124 GREEN GOODS GAME Forrest W. Daniel 127 ANOTHER CONFEDERATE CONTRACT PRINTER? Brent Hughes 128 MONEY TALES Forrest W. Daniel 129 INTAGLIO "SPIDER" HAND PRESS 130 COLLECT ONE BANK NOTE FROM EACH COUNTRY Jerry Remick 131 THE BUCK STARTS HERE: A PRIMER FOR COLLECTORS Gene Hessler 133 SOCIETY FEATURES NOTED & PASSED 134 MEET YOUR CHARTER MEMBERS 134 OPEN LETTER TO ALL SOCIETY MEMBERS 136 NEW LITERATURE 137 IN MEMORIAM 137 NEW MEMBERS 138 MONEY MART 138 ON THE COVER: Original art for military payment certificates is discussed on page 125. Inquiries concerning non -delivery of PAPER MONEY and for additional copies of this issue contact the Secretary; the address is on the next page. Watch this space for back issue ordering procedure. Page 113 SOCIETY OF PAPER MONEY COLLECTORS OFFICERS PRESIDENT JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC 27114 VICE-PRESIDENT DEAN OAKES, Drawer 1456, Iowa City, IA 52240 SECRETARY ROBERT COCHRAN, P.O. Box 1085, Florissant, MO 63031 TREASURER TIM KYZIVAT, P.O. Box 803, LaGrange, IL 60525 APPOINTEES EDITOR GENE HESSLER, P.O. Box 8147, St. Louis, MO 63156 MEMBERSHIP DIRECTOR RON HORSTMAN, Box 2999, Leslie, MO 63056 WISMER BOOK PROJECT STEVEN K. WHITFIELD, 14092 W. 115th St., Olathe, KS 66062 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 AUSTIN M. SHEHEEN Jr., P.O. Box 428, Camden, SC 29020 BOARD OF GOVERNORS FRANK CLARK„ P.O. Box 117060, Carrollton, TX 75011 CHARLES COLVER, 611 N. Banna Avenue, Covina, CA 91724 MICHAEL CRABB, Jr., P.O. Box 17871, 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, Box 2999, Leslie, MO 63056 JOHN JACKSON, P.O. Box 4629, Warren, NJ 07059 ROBERT R. MOON, P.O. Box 81, Kinderhook, NY 12106 WILLIAM E MROSS, P.O. 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Box 712, Leesville, SC 29070 / (803) 532-6747 FAX 803-532-1182 SPMC-LM BRNA FUN Page 114 Paper Money Whole No. 166 Paper Money Whole No. 166 Page 115 The Original Series National Bank Note Dart-Plate 1873-1875rintings of ABSTRACT Printings were made from selected subjects on Original Series plates during the period 1873-1875. There were two reasons for these part-plate printings. The first was to omit the $10 subjects from 10-10-10-20, 10-10-20-50 and 10-50-50-100 printings delivered between October 14, 1873 and June 29, 1874, while production of $10 notes was suspended. Later in 1874 and 1875 the $10 subjects from the 10-10-10-20 plate for The Syracuse National Bank of New York and 10-10-20-50 plate for The First National Bank of New York, New York, and the $100 subject from the 50-100 plate for The Central National Bank of New York, New York were omitted because these denominations had been expertly counterfeited. PART-PLATE PRINTINGS S pecial part-plate printings were made from 10-10-10-20, 10-10-20-50, 10-50-50-100 and 50-100 Original Series plates during the period 1873 and 1875. New treasury sheet serial numbering blocks were assigned to the newly created part-plate combinations. Each utilized blue treasury sheet serials as follows: 20 from 10-10-10-20 (beginning X22), 20-50 from 10-10-20-50 (K85), 50-50-100 from 10-50-50-100 (A71) and 50 from 50-100 (A22). The motivation for these special printings were two. First, the Secretary of the Treasury ordered the suspen- sion of printings of $10 national bank notes on July 31, 1873. Second, special part-plate printings were undertaken in 1874 and 1875, for three banks omitting subjects from their plates that had been successfully counterfeited. SUSPENSION OF $10 PRINTINGS The first of the part-plate printings involved 10-10-10-20, 10-10-20-50 and 10-50-50-100 plates. The $10 subjects were omitted. The cause can be traced to an obscure Act of Congress passed on March 3, 1873 which appropriated sundry civil ex- penses for the government for the fiscal year ending June 30, 1874. Contained in the act was the following provision: For replacing the worn and mutilated circulating notes of national banking associations, and for engraving and preparing in such manner and on such paper and of such form and design as the Secre- tary of the Treasury may prescribe new circulating notes for such as- sociations to replace notes of a design and denomination now successfully counterfeited, six hundred thousand dollars: Provided, That each of said national banking associations shall reimburse the treasury the costs of the circulating notes furnished under this provision . THE PAPER COLUMN by Peter Huntoon This surprise legislation caused considerable consternation among the Secretary of the Treasury, the Comptroller of the Cur- rency and the banks. First, it demanded the preparation of a new national bank note issue. Second it blurred the authority for the issuances of national currency. In the National Bank Act of June 3, 1864, responsibility for national currency plate preparation, printing and distribution was assigned to the Comptroller of the Currency under the direction of the Secretary of the Treasury, whereas this act placed the burden directly on the Secretary of the Treasury. Third, it prescribed that the banks receiving the new notes had to reimburse the treasury for the costs of their prepa- ration, whereas previously these costs were paid indirectly by the banks through a 0.5 percent semiannual tax on their circulations. The prime motivation for the 1873 act was the decrepit con- dition of national bank notes in circulation at the time. No effec- tive mechanism was then in place to get worn notes out of circulation so the sponsors of this legislation decided to force an improvement. Counterfeiting of Original Series notes was not, in fact, a particularly serious problem and the counterfeiting issue proved to be a side show. However, the Treasury and the Comptroller had to take action. In a letter to Comptroller of the Currency John Knox dated July 31, 1873, Secretary of the Treasury William Richardson advised that the $10 Original Series note was the most successfully coun- terfeited, and that he had directed the Superintendent of the Bu- reau of Engraving and Printing to immediately arrange for the preparation of new $10 plates. He added: "While for the present, allowing National Banks to receive the ten dollar notes now al- ready printed from existing plates, you will cease ordering the printing of any further notes from said plates" (Bureau of En- graving and Printing, various dates). This order resulted in two very interesting developments: (1) the preparation of the Series of 1873 national bank circulating notes which were never adopted and (2) the suspension of printings of $10 Original Series national bank notes. Printings from 10-10-10-10 plates ceased on July 31, 1873. The last combi- Page 116 Paper Money Whole No. 166 nation containing $10 subjects to be impacted was the 10-10-10-20 because deliveries from them continued through September 6, 1873. See Table 1. Existing sheets containing $10 subjects continued to be issued to banks as per Richardson's letter; however, when stocks ran out, the $10 subjects were omitted from new printings. The first part-plate printing consisted of the $20 subject from the 10-10-10-20 plate for The North National Bank of Boston, Massachusetts. These were delivered to the Comptroller on Oc- tober 14, 1873. See Table 2. Table 1. Periods during which deliveries of $10 Original Series notes were suspended. Last Delivery First Delivery Combination Before Suspension After Suspension 10-10-10-10 Aug 25, 1873 Jul 14, 1874 10-10-10-20 Sep 6, 1873 Jul 9, 1874 10-10-20-50 Jul 31, 1873 Aug 7, 1874 10-50-50-100 Nov 17, 1864a none a. See Table 3. Table 2. Dates of deliveries for all the Original Series part-plate printings to the Comptroller of the Currency. All treasury serial numbers are blue. Notice the skips of seven treasury serial numbers following the first two $20 entries. Date Bank Location Charter Bank Serials Treasury Serials 20 from 10-10-10-20 plates: 1873 Oct 14 North NB Boston MA 525 6401- 7400 X22- X1021 Dec 19 East Tennessee NB Knoxville TN 2049 801- 2550 X1029- X2778 1874 Jan 2 Plymouth NB Plymouth MA 779 2051- 2800 X2786- X3535 Feb 7 Pocasset NB Fall Rivier MA 679 2301- 3300 X3536- X4535 Feb 11 Agricultural NB Pittsfield MA 1082 1001- 1250 X4536- X4785 Mar 11 NB Augusta GA 1613 7501- 9500 X4786- X6785 Mar 19 Suffolk NB Boston MA 629 7991- 8990 X6786- X7785 Mar 24 N Hudson River B Hudson NY 1091 2351- 3350 X7786- X8785 Mar 27 Central NB New York NY 376 17601-20600 X8786-X11785 Mar 27 Commercial NB Providence RI 1319 4102- 6601 X11786-X14285 Apr 1 First NB Towanda PA 39 1601- 3600 X14286-X16285 Apr 1 First NB Dubuque IA 317 4101- 5100 X16286-X17285 Apr 1 NB Commerce New Bedford MA 690 5101- 7100 X17286-X19285 Apr 1 Suffolk NB Boston MA 629 8991-10990 X19286-X21285 Apr 1 Peoples NB Helena MT Terr 2105 311- 1310 X21286-X22285 Apr 6 NB Kinderhook NY 1026 2001- 2500 X22286-X22785 Apr 8 First NB Mount Joy PA 667 1540- 2539 X22786-X23785 Apr 13 First NB Romeo MI 354 1701- 2200 X23786-X24285 Apr 13 Union NB Weymouth MA 510 3831- 4330 X24286-X24785 Apr 24 First NB Marquette MI 390 901- 1400 X24786-X25285 Apr 29 Third NB Springfield MA 308 9001-11500 X25286-X27785 Apr 29 Mechanics NB Philadelphia PA 538 7156- 8400 X27786-X29035 May 7 Milwaukee NB Milwaukee WI 1017 3001- 4500 X29036-X30535 May12 Townsend NB Townsend MA 805 1401- 1900 X30536-X31035 May21 First NB Hudson NY 396 4341- 4840 X31036-X31535 Jun 5 First NB Marquette MI 390 1401- 1618 X31536-X31753 Jun 11 First NB Greenfield MA 474 4751- 5250 X31754-X32253 Jun I1 Mechanics NB New Bedford MA 743 6701- 7950 X32254-X33503 Jun 29 First NB Findlay OH 36 501- 1000 X33504-X34003 1875 Jun 25' 1' Syracuse NB 20-50 from 10-10-20-50 plates: Syracuse NY 1341 1801- 4300 X34004-X36503 1874 Jan 15 First NB Cincinnati OH 24 9601- 9850 K85- K334 Feb 20 First NB Kansas City MO 1612 3361- 6932 K335- K3906 Oct 30 b First NB New York NY 29 4501- 5000 K3907- K4406 50-50-100 from 10-50-50-100 plate: 1874 Feb 17 Kensington NB Philadelphia PA 544 251- 550 A7I- A370 50 from 50-100 plates: 1874 Sep 11 b Central NB New York NY 376 8971- 9870 A22- A921 1875 Jan 6b Central NB New York NY 376 9871-10270 A922- A1321 Mar 19 b Central NB New York NY 376 10271-10670 A1322- A1721 Jul 21 b Central NB New York NY 376 10671-11670 A1722- A2721 a. The month and day for this shipment to Comptroller was omitted from the records. The date of the first $20 part-plate shipment to the bank was June 25, 1875, and is assumed to closely follow the delivery of the part-plate printing. b. These printings were carried out to isolate counterfeits that were in circulation. SOP'..°30 -50. nelY, , .5 0 ItaTjtooio nEscv. '044! , poi Nultd 10A1BAll .11.1.1i{117*, ljj• 84'61.4.4.01 4t t, • Willi 111C mourn, at Illitoli i nom /AIfr, •a St, h„/,ok,, loo`h11161474-; -7v„/ Nani)ttal I3 ail o' E LPH ILA: - wiPimittEifit 1)()LE*11,,s , wiwuer , on 11C 11104.— 0 41-xkaaatGia;bpailia .41.„, e 01,..atslutiaasz, : -- 01.axamaezbitio, 3- e4e7,fr D+5.k., 4 .4 ,..):Arte-.44.,,,,:,,..,. :, 1: __ OiitiNtitei) :)-4-UILIS '--P•Q),,Liz- iiiitit0,;lik !4i0''S' PJ ..'' - -W:1-€2 cvliTI) A-4'11-4 rif'' .., , ..,A,S, i 044 4- ' - Peposyrettwiiiiiwt`.S.TrvituretrutWashingtott., : V- /44 , VAL, \ili, g 11,L,„ _ /0,/,/,/:/.21,i0SWIVA:#417 ,./ .if'Ylb; NklittifInall Milk of - Twill LAD E IXIII.4.-. ,• iinllVJir" "latitti4O- ittit#00 '4'4744- ILAITF)) STI Tif:A7S7„- .— 1)eposAfedwitlithelt.S.TreasetivralWashingt(m. ft vAh t, "kW:, 0/%/?/, liOtl'gArf444 /7) ,, /17, National Mink of PH ILAD E Itt. 1 57r,V1 . 15. 0. .1 , '4.101Sti.1.1 • or,rr ••••, :,k AMWEL11, faWcfralMiegSW TilisSoke Az) z1-4119-1-1- limfaiger 1:31- wrrnrEU.S.TitnAsumcwgvWumcpgm, Ct /i -L ISOM6-1104 k7;",,,' !pl./ Miltikok-" PHILADELPHIA *. WAIITOr 44/1 OftiN1WW4#01.00(3" „ 10 111 nut Paper Money Whole No. 166 Page 117 The Kensington National Bank of Philadelphia, Pennsylvania (544) was the only bank in the country to use the 10-50-50-100 Original Series combination. While $10 production was suspended in 1874, 50-50-100 part-plate printings were made, followed in 1875 by full-plate printings. Treasury serial numbers A349-A370 were duplicated between these printings. (Smithsonian photo 84-15958.) Page 118 Paper Money Whole No. 166 Comptroller John Knox attacked the Series of 1873 in his 1873 annual report (Comptroller of the Currency, 1873, p. XLVII-XLIX) complaining of the confusion in authority for the series and taking the side of the banks regarding its cost to them. He gave the problem of counterfeits considerable atten- tion as follows. ... during the last ten years the notes of but thirty-seven banks, lo- cated in but nine states of the Union, have been counterfeited, and only forty-three plates, of the whole six thousand plates which have been engraved have been counterfeited. A method, both simple and practicable exists, by which the issue of such counterfeit notes can be readily prevented, and that is by the withdrawal from circulation of such denominations of the genuine notes of national banks as have been counterfeited ... most of the genuine notes would soon be retired, after which all genuine notes (except when presented to the Treasury or to the bank issuing them for redemption) would be refused along with the counterfeits. No additional notes of these denominations would thereafter be is- sued to the banks upon which counterfeits are known to exist. Knox recommended repeal of the provisions requiring the new notes in the 1873 act, or at least amending the act to have the costs of the notes borne by the government. The controversies attending the Series of 1873 circulating notes vanished. Apparently Secretary of the Treasury Richardson was able to read into the 1873 act discretion on the matter and killed the series. An amendment to the National Bank Act passed June 20, 1874 greatly streamlined redemption procedures, placing responsibility for redemptions squarely on the Secretary of the Treasury. The work of the redemption agency in the treasury between June 20, 1874 and November 1, 1875 was staggering. Over $219 million in national bank notes, a total that represented 64 percent of the total value of national bank notes then in circulation, was redeemed (Comptroller of the Currency, 1875, p. xxxv). The unfit notes in circulation were rapidly replaced, and the general condition of national bank notes in circulation improved appreciably. The Act of June 20, 1874 addressed the primary complaint underlying passage of the Act of March 3, 1873—unfit national bank notes in circu- lation. The Secretary's ban on the printing of Original Series $10s was lifted soon after passage of the Act of June 20, 1874. Regular deliveries of $10 notes resumed on July 9, 1874. DISPENSATION FOR $10 GOLD BANK NOTES The prohibition against printing $10 national bank notes was not extended to national gold bank notes. Two printings of 10-10-10-20 national gold bank sheets were made during the period September 6, 1873-July 9, 1874. On September 12, 1873, treasury serial numbers B301873-B302272 and bank serial numbers 401-800, for The First National Gold Bank of Santa Barbara, California (2104), were delivered to the Comptroller. This was followed on October 7, 1873 by serial numbers B302273-B302472, 1042-1241 for The National Gold Bank of D. 0. Mills and Company, Sacramento, California (2014). COUNTERFEIT PROTECTION Once the seed for part-plate printings was sewn, it was applied to controlling counterfeits for three banks, The Central Na- tional Bank of New York, New York (376), The First National Bank of New York, New York (29), and The Syracuse National Bank of Syracuse, New York (1341). Particularly dangerous Original Series counterfeits had been circulated for these banks, $10s on New York (29) and Syracuse (1341), and $100s on New York (376) (Grant, Bushnell and Co., 1918). Part-plate printings containing only the $50 for The Central National Bank were delivered to the Comptroller between September 11, 1874 and July 21, 1875 (Table 2). Similarly, $20s and $50s for The First National Bank of New York were delivered on Oc- tober 30, 1874. Only the $20 was printed from the 10-10-10-20 plate for Syracuse in 1875. The $100 Central National Bank counterfeit caused quite a bit of trouble. Apparently it was first detected between April 3 and September 10, 1874, because the Comptroller of the Cur- rency suspended the issuances of $100s to the bank after an April 3 shipment but before a September 10, 1874 shipment. Only the $50s from the last 300 of the regularly printed 50-100 Original Series sheets were shipped to the bank on September 10, 1874. These included treasury serial numbers 404838-405137 and bank serial numbers 8671-8970. The $100s were cut from the sheets and ultimately destroyed on March 8, 1876. Utilizing bank serial numbers 8671 through 11670, $50s from the part- plate printings followed. Later, 3000 Series of 1875 50-100 sheets were printed for the bank bearing serial numbers A53489- A56488, 1-3000. The $100s from these were cut from the sheets by the Comptroller's clerks and omitted from shipments to the bank made between July 15, 1876 and August 26, 1876. The high denominations were discontinued for the bank with the August 26 shipment, and the 3000 unissued Series of 1875 $100s were destroyed on Febniary 19, 1879. TREASURY SERIALS Special treasury serial number blocks were assigned to each of the different part-plate combinations. Each utilized blue prefixed treasury numbers which are listed in Table 2. The Bureau of Engraving and Printing was responsible only for printing the treasury serial numbers and seals on national bank notes which had otherwise been printed by the various bank note companies at this time. It was customary for the Bu- reau to skip seven treasury serial numbers before overprinting the treasury sheets serial numbers on the first printing for each sheet combination for each bank during the Original Series. Al- though the part-plate bank serial numbers were consecutive from those used on the last full-plate printings, the part-plate printings were at first treated as "first" printings for the banks. Consequently, seven treasury serial numbers were skipped be- fore the December 19, 1873 and January 2, 1874 $20 printings from 10-10-10-20 plates. This bothersome convention was shelved for the part-plate printings in January, 1874, when logic prevailed that such printings were actually continuations of the previous full-plate printings. Consequently, the 7-number skips did not occur within the other part-plate combinations, or within the $20 printings after January 2, 1874. DUPLICATE TREASURY SERIALS The most unusual circumstance involving the numbering on a part-plate combination is that of the 50-50-100 for The Ken- sington National Bank of Philadelphia, Pennsylvania, charter 544. This bank was the only bank in the country to utilize a 10-50-50-100 plate. Only three Original Series printings were made from this plate, the middle one being the part-plate 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 workers want things like pay raises etc. but don't let a few cents cost you hun- dreds of dollars. You do know — penny wise and pound foolish. SIZE INCHES 50 100 500 1000 Fractional 43/4x 2 3/4 $15.00 $28.00 $127.00 $218.00 Colonial 5 1 /2x 33/16 16.50 30.50 138.00 255.00 Small Currency 6 5/8 x 2 7/8 16.75 32.00 142.00 265.00 Large Currency 7 7/8 x 3 1 /2 20.00 36.50 167.00 310.00 Check Size 9 5/8x 4 1 /4 25.00 46.00 209.00 385.00 Baseball Card Std 23/4 x 33/4 14.50 26.00 119.00 219.00 Baseball Bowman 2 7/8 x 4 15.50 28.00 132.00 238.00 Obsolete currency sheet holders 8 3/4 x 14, $1.20 each, minimum 10 Pcs. National currency sheet holders 8'/2x 17 1 /2, $2.50 each 17 1 /2" side open, minimum 10 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 material by ICI Corp. Melinex type 516. DENLY'S OF BOSTON P.O. Box 1010 617-482-8477 Boston, MA 02205 800-HI-DENLY FAX 617-357-8163 Paper Money Whole No. 166 Page 119 printing consisting of the 50-50-100 subjects. Table 3 lists these printings. Notice that different blocks of treasury serial numbers were used for the 10-50-50-100 and 50-50-100 printings as was customary. worn notes back out over their counters until the deplorable condition of the national bank notes in circulation had be- come a national disgrace. SOURCES Table 3. Complete record of Original Series notes printed from the unique 10-50-50-100 plate for The Kensington Na- tional Bank of Philadelphia, Pennsylvania, charter 544. Notice that treasury serials A349-A370 were used twice. Date Delivered Subjects Bank Treasury to Comptroller Printed Serials Serials Nov 17, 1864 10-50-50-100 1-250 99- 348 blueb Feb 17, 1874 50-50-100 251-550 A71-A370 blue' May 15, 1875 10-50-50-100 551-693 A349-A491 blue b a. $10 bank serials 251-550 were skipped. b. The 10-50-50-100 combination was assigned a set of treasury serials beginning with number 99. The completed set consisted of serials 99-348 and A349-A491. c. The 50-50-100 combination was assigned a set of treasury serials beginning with number A71. The completed set consisted of serials A71 -A370. What is interesting in this special case is that the second full- plate 10-50-50-100 Original Series printing occurred after prefix letters were added to treasury serial numbers. Ily chance, the letter A was used as the prefix on this printing and it began with treasury serial A349, a number that continued from where the unprefixed full-plate 10-50-50-100 numbering had ceased. Notice however that the treasury serial block assigned to the 50-50-100 part-plate combination already had used treasury serial numbers A349 through A.370. As a result, these same treasury numbers were used twice on the Kensington $50s and $100s. Consequently it would have been possible to find two notes from this bank with the same denomination from the same plate position with the same treasury serial number! As shown in Table 3, the bank serial numbers were consecu- tive on the $50s and $100s regardless of whether they were from the 10-50-50-100 or 50-50-100 printings. Therefore no bank serial numbers were duplicated. DISCUSSION The Original Series part-plate printings accompanying the sus- pension of production of $10s, beginning July 31, 1873 and ending July 9, 1874, and three groups of part-plates printings associated with counterfeited notes in 1874 and 1875, produced treasury serial numbering varieties that are easily dis- tinguishable by their blue color and distinctive prefix letters. The suspension of the $10 printings during 1873 and 1874 was a peculiar response to legislation that was passed on March 3, 1873 calling for a new series to replace worn and counter- feited Original Series national bank notes. Introduction of the new series was avoided and printing of $10 notes was resumed following the passage of the Act of June 20, 1874 which autho- rized a streamlined redemption procedure that would get unfit notes out of circulation. Over $219 million in national bank notes, 64 percent of the total value of national bank notes then in circulation, were redeemed between June 20, 1874 and November 1, 1875. The problem all along was the fact that previously the national banks were responsible for taking unfit notes out of circulation and there was a cost associated with this obligation. The bankers avoided the cost by shoving the Bureau of Engraving and Printing, various dates, Copies of correspon- dence to and from the Bureau of Engraving and Printing: U.S. National Archives, Washington, D.C. Comptroller of the Currency, 1873, Annual Report of the Comptroller of the Currency to the 1st session of the 43rd Congress of the United States: Government Printing Office, Washington, D.C., LI pp. plus ap- pendices. Comptroller of the Currency, 1875, Annual Report of the Comptroller of the Currency to the First Session of the Forty-Fourth Congress of the United States: Government Printing Office, Washington, D.C. Comptroller of the Currency, various dates, Ledgers showing receipts of national currency from the engravers: U.S. National Archives, Washington, D.C. Comptroller of the Currency, various dates, National currency and bond ledgers for individual national banks: U.S. National Archives, Washington, D.C. Grant, Bushnell and Company, September, 1918, The National Counter- feit Detector, Journal for Bankers and Merchants in the United States and Canada: Grant, Bushnell and Company (New York), v. 12, no. 9., pp. 18-27. United States Statutes, Acts of June 3, 1864, March 3, 1873, and June 20, 1874 pertaining to national banks. Paper Money Whole No. 166Page 120 He signed $1 Silver Certificates Carmi A. Thompson by JACK E. FISHER, NLG (All Rights Reserved) M Y interest in United States Treasurer Car- mi A. Thompson be- gan when I first decided to as- semble a complete uncirculated collection of $1 silver certificates by signature combinations, commencing with the first silver certificates issued in 1886. 1 ac- complished this goal years ago, but the fact that the Napier- Thompson signature combina- tion commanded a much higher purchase price than the other $1 1899 silver certificates stimu- lated my curiosity. Why were the $1 silver certificates with the companion signatures of James C. Napier, in his official capacity as Register of the Treasury, and U.S. Treasurer Lee McClung quite reasonably priced, in com- parison with the signatures of James C. Napier and U.S. Treas- urer Carmi A. Thompson? Some of the authorities on paper money list James C. Napier concurrently in office with Carmi A. Thompson, as United States Treasurer from November 22, 1912 to March 31, 1913, but this is in conflict with the following resolution of December 9, 1912, and his letter of resignation dated March 4, 1913 and is stated for comparison and reference. "Resolved, That the Senate advise and consent to the appointment of the following named person agreeable to his nomination: 'Carmi A. Thompson to be Treasurer of the United States' "Commission Under Confirmation Dec. 10-12" signed by the Secretary, Charles G. Bennett and Assistant Secretary H.M. Rose. This article will attempt to cover some of the interesting points in the life of Carmi A. Thompson. He was born in Wayne County, West Virginia on September 4, 1870, the son of Granville and Mary Thompson. In the latter part of 1859 his grandfather, a leader of the abolitionist movement, moved the family from West Virginia to Lawrence County, Ohio. Thompson's father settled in Ironton, Ohio and worked in the coal mines, as did young Carmi to help with family finances. But through sheer motivation Carmi did manage to attend dis- trict schools and Ironton High School. He taught school in West Vir- ginia for one term when he was 16 years old, and then obtained employment as part of a sur- veying crew on the Cincinnati, Hamilton & Dayton Railroad. In 1887 he entered Ohio State University and graduated Bach- elor of Philosophy with a Ph.B. degree in 1892. Thompson taught school for two years in Bement, Illinois be- fore enrolling at Ohio State University Law School. He received his degree in 1895, and commenced practice in Ironton that same year. The next year he was elected City Solicitor, a position he held for six years. Throughout his tenure in office he was also a member of the Ohio National Guard. During the Spanish- American War he served as a Captain of Company I, 7th Ohio Volunteer Infantry and was later promoted to Colonel of the regiment. While still in Ironton, he was instrumental in organizing the Iron City Bank and helped it found the Ohio State Life Insur- ance Co. and the Ironton Store & Manufacturing Co. In 1903 he was elected to the lower branch of the Ohio State Legislature. He was re-elected to a second term and became Speaker of the House. There were many revisions of the House rules under his aegis. He was known as an efficient and capable executive and politician. As a result of his integrity and ability he was so well- respected by the people of the State of Ohio that in 1906 and 1908 he was elected Ohio's Secretary of State. He was the only Republican to win office in these elections. His popularity and his effectiveness made him a visible factor in state politics. He worked diligently on behalf of President Taft and was offered a Federal Judgeship which he declined. Late in 1910 President Taft offered him the Assistant Secretaryship of the Department of the Interior, under Secretary Robert A. Ballinger. He accepted and held this office from March 6, 1911 until July 12, 1912, when he became a secretary to President Taft. He was in this White House post until November 1912. In December of 1912 he was appointed Treasurer of the United States and in 1913 he retired to private life. Lrru uriA fl epartinvith officr of tho • itrea9arvr tilt, ituitrb t1' n..6,111 t'et.€43 r Paper Money Whole No. 166 Page 121 Instead of resuming his law practice immediately, Thomp- son accepted the position as general manager of the Great Northern Iron Ore Properties in St. Paul Minnesota. This busi- ness was substantially created by James J. Hill and the Lake Su- perior Co., Ltd., a subsidiary of the Great Northern Railway which owned the second largest ore deposits in the world at that time. Thompson also became president of the South Butte Mining Co. and the Cottonwood Coal Co. The type of man he was be- came evident when he took charge of the iron ore properties. Instead of managing the mines from an office in St. Paul, Thompson went to the mines, lived in a box car, wore rough clothes, worked with the men, and, as a result, succeeded in fixing a policy of work and employment that ended all labor troubles and doubled the mines' production. He was asked to go to Cleveland to become vice president of Tod-Stambaugh Co., and in 1924 became president of that company and Becker Steamship Co., an ore transport line. Thompson was president and board chairman of Becker Steamship Co., later known as Midland Steamship Co., until his death. During this time he was also practicing law as a member of the firm of Thomson & Smith in Cleveland. Paper Money Whole No. 166Page 122 " ONE STINT WOOLL411 7;7,7,4. ;7474,747, k .s4 SWIER CERTflEICATE Sea reran demand 1112/e111KO4SIIILIIIIICAMIKAAMIS '114. &t OAS. 101101.100E,Litill , k411,S6'6 1'0:e . ,T;;47FOri OLVER oFER TT FICA K KLIGINIIKKX111111.11,17777111,T711ANIpeiqt His services as a public servant were again called upon when he was appointed as a member of the advisory committee to the American delegation at the Conference on the Limitation of Armaments in Washington in 1921 and 1922. He then re- entered active politics and was the Republican nominee for Governor of Ohio. The election was an extremely close one, which he lost by only 16,000 votes. Paper Money' Whole No. 166 Page 123 President Calvin Coolidge asked Thompson to go to the Philippine Islands in 1926 as a special commissioner to make a survey of economic, political and related conditions. This as- signment lasted for a matter of months. In 1928 he became manager of the pre-convention campaign of Senator Willis for the Republican Presidential nomination, a decision on his part that caused him to lose the support of the many political allies who had associated with him over a period of years who were backing Herbert Hoover. Senator Willis died just before the convention and Thompson was left without a candidate. Although he had decided to never resume his political career he was frequently consulted by the Republican party. He was a delegate to all Republican Conventions, and served as a delegate at large at the convention in Philadelphia which nominated Wendell L. Wilkie. Thompson died on June 22, 1942, leaving his widow Leila, to whom he had been married for 43 years, a daughter, Gladys Thompson Holmes, and four grandchildren. The cut sheet of 1899 $1 silver certificates bearing the Carmi Thompson signature and serial numbers 1, 2, 3 and 4 was ob- tained in 1974 from Harley Freeman, a well-known numis- matist, who was most gracious in providing me with the following information. His picture and name appeared in the press when he was general chairman of the ANA convention in 1934. He was con- tacted by a Gladys Thompson Holmes who wished to sell some U.S. paper money. He did not know her, but agreed to look at what she was offering for sale. Upon arrival he was shown the 1899 sheet of $1 notes with serial numbers 1, 2, 3 and 4 plus a letter dated December 25, 1912 from Carmi A. Thompson to his daughter, Gladys Ella Thompson. He attempted to persuade her to keep the notes and the letter for her family. Mrs. Holmes informed him that if he would not buy them she would sell them to someone else. Under such circumstances Mr. Freeman purchased the notes and letter and held them from 1934 to 1974. He did not offer the letter for sale when I purchased the notes, and I was unaware of the contents of the letter. I did eventually acquire the letter but there were certain con- ditions. I could not publish the letter until: 1—I could verify the death of Mrs. Holmes; 2—obtain the consent of Mrs. Holmes if she was still living; or 3—after the death of Harley Freeman. Harley Freeman died in 1976, and I lost a truly wonderful numismatic friend. This letter, in his own handwriting, verifies that the first sheet of any notes printed with the signature of Carmi A. Thompson is the number one sheet of 1899 $1 silver certificates with serial numbers D1D, D2D, D3D and D4D. In addition to being the first sheet with his signature, this sheet was also the presentation sheet to Treasurer Carmi A. Thompson. My efforts to locate a photograph of Carmi A. Thompson were unsuccessful for many years. A photograph was eventu- ally obtained from a family member who inferred that it was from about the time that Thompson was Treasurer of the United States. Harley Freeman was the owner-custodian of these priceless Carmi A. Thompson numismatic treasures from 1934 to 1974, and I have been the owner-custodian since 1974. In due time I will be seeking the next owner-custodian of the number 1 presentation sheet of silver certificates and the December 25, 1912 letter. Please send any communications or comments concerning this article to: Jack H. Fisher, 3123 Bronson Boulevard, Kalamazoo, Michigan 49008. Two "Discovery" Large-Size Alabama Nationals Reported by BOB COCHRAN, LM-30 C HRISTMAS came early in 1991 for SPMC member Gerald Loegler, thanks to Knoxville, Tennessee dealer (and SPMC member) Jasper Payne. At the recent St. Louis PCDA show, Jasper acquired a previ- ously unknown large-size note from The First National Bank of Coffee Springs, Alabama (Charter 11259). The note is a 1902 Series, Third Charter Plain Back, "B" position note, featuring matching serial numbers 6259. The note grades a solid very good, possibly better. The First National Bank of Coffee Springs, Alabama was chartered on October 28, 1918, and placed in receivership on March 30, 1930. The bank issued 9121 sheets of Third Charter Plain Back $5 notes, and only 145 sheets of 1929 Series Type One $5 notes. A small-size note from the bank has yet to be reported to John Hickman. Thanks to Jasper, the note currently resides in Mr. Loegler's collection. (I can say that because I know Jasper spurned several offers for the note at the show.) Mr. Loegler also reported the existence of another heretofore unknown note issued by The Farmers & Merchants National Bank of Headland, Alabama (Charter 11445). This note is also a 1902 Series, Third Charter Plain Back, from the "A" position on a 10-10-10-20 plate. The bank serial number is 2083 and the treasury serial number is E169115H. Only 2706 sheets were printed from this plate for the bank, to go along with 4420 sheets of $5 notes. According to Mr. Loegler, this note also grades very good. The Farmers & Merchants National Bank of Headland was chartered on August 25, 1919, and operated until it was placed in conservatorship on March 23, 1933. This latter date indicates that the bank was on shaky ground when the Bank Holiday was declared by President Franklin Roosevelt earlier in the month. The bank was placed in the hands of a conservator, and finally placed in receivership a year later, on March 29, 1934. The bank was restored to solvency in December of that year, in the hope of keeping it afloat. But the bank was finally placed in volun- tary liquidation on February 7, 1935. We applaud Mr. Loegler's willingness to share his new "treasures" with other collectors, and his justifiable pride in adding them to his collection. These two new discoveries reduce the number of unknown large-size Alabama nationals to 34. Some collectors may be surprised by this number, thinking it should be much smaller; of the 164 banks of issue in Alabama, 157 of them issued large- size notes. However, if we scan the listings of the banks whose large-size notes are still unknown, we find that quite a few of these banks were only in operation for a very short time—less than 10 years. Many of them came and went before 1900, leaving many years for their notes to find their way to the redemption agency. Finally, many Alabama banks were chartered after the passage of the Gold Standard Act of 1900, which reduced the required capitalization to $25,000—their note issues were small to begin with. Paper Money Whole No. 166Page 124 Some Currency Models and Their Engravers by GENE HESSLER I N 1989, during a visit to the Bureau of Engraving and Printing (BEP), I found some art work that served as models for currency. My list of subjects to be researched and written about becomes increasingly longer. So, before an- other four years transpires, I thought I should at least identify this material for those who might share my interests. With the exception of two examples, all were used on military payment certificates. In 1946 the BEP agreed to produce currency for the Kingdom of Thailand. Following the design of this series of 1, 5, 10, 20 and 100 baht notes, the Tudor Press in Boston, Massachusetts was contracted to print the notes lithographically. The name of the Tudor Press is familiar to collectors of military payment certificates; this company printed Series 461, 471, 472 and 541. The portrait on the Thai notes was based on a three-quarter- length photograph of the young King Rama VIII. In style, this emission of notes closely resembles military payment certi- ficates Series 461 and 471. The following examples were used on military payment cer- tificates. Unless attribution is made, records at the BEP do not identify the artist or modeler. The original art work for Liberty on the 5(1 -50(I, Series 691. The head of Liberty on the 54-504 notes, Series 591, based on the Statue of Liberty by sculptor Frederick A. Bartoldi, was en- graved by Matthew Daniel Fenton. Mr. Fenton was born in Washington, DC on 6 March 1906, and was educated in that city. His art studies included work at the Corcoran Gallery School of Art. On 16 May 1918 a young Mr. Fenton joined the BEP as a messenger. He began his apprenticeship as an en- graver on 19 July 1923. Mr. Fenton probably retired from the BEP ca. 1970. Paper Money Whole No. 166 Page 125 A reversed profile of Liberty as seen on the 10( note, Series 611 and the soldier on the $20 note, Series 681 were engraved by Arthur Dintaman who was born in Lebanon, PA on 29 April 1919. This engraver was educated in Washington, DC, including art studies at the Abbott School of Fine and Commercial Art and the Corcoran Gallery School of Art. Mr. Dintaman's ap- prenticeship at the BEP began on 20 March 1939. Tiara, on the $1 note and the female profile on the $10 note, both Series 611 were engraved by Mr. Fenton. The art work, which served as the model for the following fp yrfour notes, was created by Charles Ransom Chickering. Mr. *'R Chickering was born in Smithville, NJ on 7 October 1891. He was educated in Philadelphia, including studies at the Pennsyl- vania Museum of Art and the School of Industrial Art. Mr. Chickering started at the BEP on 1 April 1943 as an apprentice pantograph operator. He began his apprenticeship as an en- graver in 1946. After this artist retired on 31 October 1961, he returned to the BEP on 6 November 1961 to work as a designer. On 2 May 1970 Mr. Chickering died in Island Heights, NJ. The original art for the 10(t note, Series 611 and the $20 note, Series 681. Tiara, by C. R. Chichering and engraved by Matthew Fenton, appears on the Series 611 $1 note. This lovely model was drawn by C.R. Chickering and engraved by Charles Brooks for the Series 611 $5 note. The female portrait on the $5 note, Series 611 was engraved by Charles A. Brooks. This prolific engraver was born in Washington, DC on 26 April 1905. He was educated in Phila- delphia, where he later engraved for the E.A. Wright Co. from 1920 until 1925. He started at Wright Co. when he was 15 years of age. Mr. Brooks worked as a self-employed engraver from 1928 to 1937. On 23 March 1938 Mr. Brooks joined the BEP; he remained there until 1947. He then engraved for the Security Bank Note Co. until 1948 when he rejoined the BEP. Mr. Brooks retired at the end of 1966. 7-As. 4 k : ■ I A eri T...11C01=r". r+IES 591 .77.14. ,1 I ',HAIN PAYAI ENT CI.: III! FICSIT, !A VE I)( 1 1,1- \ It S 4ktraimy.o'ifamewitaaakiazisigmffr..... FOR USE ONLY IN UNITED STATE, MILITARY ESTABLISHMENT. - NY UNITED STATES AUTHORIZED PERSONNEL IN ACCORDANCE WITH APPLICABLE PULES AND PEDULAT,DNS Page 126 Paper Money Whole No. 166 These four progressive proof impressions represent the four printing stages for the $5 note with the portrait of Miss Ann lzard engraved by Charles Brooks. The portrait of Miss Ann laird, based on a painting by Gilbert Stuart, was also engraved by Charles Brooks. This engraved por- trait, with the hair of Miss Izard slightly altered, was used on the $5 note, Series 591. Ann Izard was one of four daughters of Ralph lzard (1741- 1804), a delegate to Congress from South Carolina in 1782, and a U.S. senator in 1789. Ralph Izard and his wife Alice sat for a portrait by John Singleton Copely, a contemporary of Gilbert Stuart. Europe, a cameo-like female profile seen on the back of the $5 note, Series 641, was engraved by Mr. Dintaman. The modeler is unknown; however the original source for this profile is Architectural Armaments in Berlin, printed by Rom- meler & Jonas in Dresden. This elegant portrait was model for the engraving by Richard Bower for the Series 591 $1 note. The Green Goods Game Conducted by Forrest Daniel HARRY IS BUYING NATIONALS - LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES PO Box 30369 Cleveland, Ohio 44130 216-884-0701 Paper Money Whole No. 166 Page 127 The female profile that resembles a Hollywood glamor pho- tograph from the 1930s, on the $1 note, Series 591, was en- graved by Richard M. Bower. This engraver, who was born in Harrisburg, PA on 27 June 1917, studied at the Corcoran Gallery School of Art, as did a number of his colleague& Mr. Bower joined the BEP as a pantograph operator in 1943. He retired from the BEP on 30 June 1972. There was a piece of art by Mr. Chickering that was engraved by Richard Bower in 1958; however, there is no indication as to the intended use. The head is based on Freedom, the statue by sculptor Thomas Crawford that stands atop the U.S. Capitol Building. For art and engraving attribution of two additional military payment certificates by this writer, see "Ceres: An Engraving by G.F.C. Smillie," PAPER MONEY No. 160, p. 135. ■ SPLITTING TEN-DOLLAR BILLS Baltimore Sun: A new departure in the way of counterfeiting money was brought to light at the United States sub-treasury in Baltimore a few days ago. A somewhat torn $10 government bill was presented at the cashier's window with a request for change, which was given. The note was sent to Washington as mutilated currency, and was returned with the information that one side of the note was good, but the other side was a well-executed counterfeit of the original. It was found that a $10 bill had been split, the face being separated from the back, a seemingly impossible undertaking. The original face with a counterfeit back had been used, and it is quite likely that a gen- uine back with a well executed face had been passed in some other quarter. The portion of the note was worth exactly its proportion of the whole, or in other words, $5. More recently another $10 "face" was presented at the cashier's window, with a similar request for change. The clerk at the window, suspecting the bill, told the man who handed it in to wait a moment until he could consult Dr. Bishop, the sub- treasurer. Dr. Bishop recognized in the note the familiar game, and said it was worth $5. When the clerk returned to window, however, the man had left without waiting for his change. The sub-treasury, which was out $5 on the first transaction was evened up by the second. This system of manipulating paper money is perhaps one of the most dangerous forms of swindling ever attempted. One or more genuine "faces" mixed with several whole notes would be liable to deceive expert bank tellers. The face bearing un- doubted proof of genuineness, very few would be apt to ex- amine the backs of all the notes, unless something in the feel of the paper might arouse suspicion. Then should any one, es- pecially if not so expert as a bank-teller, happen to strike the counterfeit side and have his doubts about the notes, a glance at the other side would possibly set at rest all questions.—Wood County Reporter, Grand Rapids, Wis., Oct. 21, 1886. (Comment: The foregoing item is especially interesting to the compiler because since the inception of this column he has wished he could reprint a remembered item from an old printing trade journal. The item described a formula, or method, for splitting sheets of bond paper; it ran, probably in Graphic Arts Monthly, about forty-five years ago. The process could be applied to splitting bank notes to pro- duce transparencies to aid production of counterfeit plates in the manner suggested by the work of primitive photographer William Henry Fox Talbot. [PAPER MONEY, May/June, 1979.] No report of that use has been found to date, but it cannot be discounted since this item shows bank notes were split.) Paper Money Whole No. 166Page 128 Another Confederate Contract Printer? by BRENT HUGHES T HERE are so many puzzling and still unexplained episodes in Confederate financial history that collec- tors are seldom surprised at what turns up. Colonel Grover Criswell recently acquired a Civil War newspaper which presents yet another interesting angle on Treasury Secretary Memminger's rather frantic efforts to keep a supply of paper money flowing to the Treasury Department. The newspaper is the Newark (New Jersey) Daily Advertiser of Monday, January 4, 1864. The news item on page two is an account of the arrest of a New York City print shop owner for producing a huge quantity of Confederate bonds and currency. The account is as follows: Seizure of Makers of Rebel Currency On Saturday night, in New York City, United States Marshal Murray made a seizure of about $6,000,000 in Confederate bonds, $1,000,000 in Confederate Treasury notes, and a large quantity of dies, printing presses, lathes, and other machinery for doing fine bank note engraving. The principal in the business was a printer, named Winthrop E. Hilton, at 11 Spruce street and also at the corner of Ann and Gold streets and after a careful espionage by de- tectives the result was his arrest with most of his machinery and lithographic stones for printing $100, $50 and $5 Confederate notes. He is now in the custody of Gen. Dix, in one of the forts in New York harbor. The investigation is still going forward with a view of ferreting out everything connected with his transactions. It has already transpired that Hilton had a contract with the rebel Secretary Memminger, and that the bonds and notes already printed, as well as the machinery for making them, were to have been shipped on the 1st of January to Halifax, and from thence to Nassau to a Confederate agent. From there they would have been shipped on a blockade runner for the coast of Florida. The plates, dies, etc., were spoken of in an intercepted letter as being superb, and it was also stated that Hilton would act in perfect good faith, from the very large pecuniary interest he had in the matter. In con- nection with the matter, it is stated that the manufacturer of a geo- metrical lathe which was seized among Hilton's effects, was found in this State, about six miles back of this city, but upon examination he proved to be a loyal man, in the employment at present of the Treasury Department, making bank note machines. He stated that Hilton went to him and wanted him to make a geometrical lathe and a transfer press after the style of the Continental Bank Note Company; that he was busy at the time and did not furnish him with the lathe until four months after, and which he delivered to him about ten days ago; but that he did not make the transfer press, as he could not. On being arrested and brought before the Marshal, this man gave satisfactory proof of his loyalty and was therefore released. The only record I can find of a Hilton being involved with Confederate currency is contained in a letter from Sam Upham to a Dr. William Lee dated October 12, 1874. Upham was prob- ably the most famous maker of counterfeit Confederate notes, although he insisted that they were only "facsimiles:' He stated in the letter that he began operations on March 12, 1862 and ended his project on August 1, 1863. Upham stated that "in the year 1863 two individuals in New York (Haney & Hilton, the former since deceased) copied several of my fac-simile notes, and I have been told, sold large quantities to bogus . . . cotton brokers and other scalawags, who passed through the Con- federate lines and purchased cotton from the Rebel planters:' Could this have been the same Hilton mentioned in the newspaper? If so, why would he claim that the bonds and notes were genuine items produced under contract with the Con- federate Treasury Department? In the excitement of being ar- rested, Winthrop Hilton may have made a serious mistake. Surely he must have known that if the United States govern- ment could prove that he had been working with the enemy he could have been charged with treason. Men have been hanged for less. Hilton would have been better off to have done what Sam Upham had done in March 1862 when Union authorities raided his printing plant. Sam had explained to the arresting officers that his "facsimiles" were doing great harm to the Con- federacy by destroying the confidence of the Southern citizens. He was so convincing that local authorities sent the case to the State Department in Washington, DC. Secretary of State Seward was puzzled about what action could be taken against Upham and solved his problem by forwarding the matter to the War Department. There is reason to believe that Secretary of War Edwin Stanton knew exactly what to do with Upham because Sam was back in business very quickly with a good supply of excel- lent paper. He continued to produce vast quantities of his "fac- similes" for the next sixteen months, becoming something of a celebrity in the process. Perhaps the Hilton mentioned in the newspaper was a different man. We know that many residents of New York City were pro-Southern during the war, so it is not unreasonable to believe that a shop for printing Confederate bonds and notes could have been hidden there. All it would have taken was for sympathetic city officials to look the other way while the ac- tivity went on. We know that the Confederacy had a lot of espionage proj- ects in the New York City area. Most of these were covert with few written records made at the time. Detailed instructions were usually passed verbally and left no paper trail. Could Memminger have become nervous about the growing number of Southern ports falling to Union forces and taken this means to insure a supply of bonds and currency? If so, the project had to be one of the Confederacy's greatest secrets. There would certainly have been advantages to having bonds printed in New York City. Memminger could have easily ar- ranged to have the bonds signed and dated there, after which they could have been smuggled to England and France to be sold there. (Continued on page 130) Paper Money Whole No. 166 Page 129 COUNTING UNCLE SAM'S CASH-1910 C OUNTING billions of dollars in all forms of money and all kinds of securities is the herculean task in progress in an important branch of our national gov- ernment. The necessity for thus taking stock of Uncle Sam's hoard arose quite unexpectedly. Indeed, such an invoice of the government's financial resources has never been taken at stated intervals, as a merchant takes inventory or a banker balances his accounts periodically. The summons for a recounting of the republic's treasure invariably comes, as this one did, at comparatively short notice. A special squad of the most expert money handlers in the world were organized to enumerate all the coins and currency and bonds in the federal strongbox and this body of three dozen men and women will work steadily for weeks and months in the money caverns that constitute the national fortress against panic. The necessity for this lengthy and costly job arose from the shifting of responsibilities in the office of the treasurer of the United States. In the eyes of a major portion of the newspaper reading public the announcement that Charles H. Treat has resigned as treasurer did not seem to carry near the significance that would have attached to a change in the personnel of the president's cabinet or [perhaps] the passing of a leader in the United States senate. However, with the first hint of Mr. Treat's intention to leave the government service [Charles H. Treat served as Treasurer from July 1, 1905, to October 30, 1909—Ed.], the federal employees most directly interested— that is, the treasury clerks who have to carry on the big count— in effect had notice of the big chore that awaited them, for be it known that such a wholesale census of the government's financial resources is taken when only one man steps down as treasurer and another steps in—something that is scarcely expected to happen oftener than once in four years at the most. The responsibilities of the treasurer of the United States that make necessary the very careful balancing of accounts at a time such as this arise from the fact that this official is, by law, charged with the receipt and disbursement of all public moneys not only in the treasury at Washington but also in the subtreasuries at Boston, New York, Philadelphia, Baltimore, Cincinnati, Chicago, St. Louis, New Orleans and San Francisco, and in the national-bank United States depositories. He is also trustee for the bonds held to secure national-bank circulation and the public deposits in national banks, so that this head paymaster of the government has in his keeping not only all of Uncle Sam's wealth but hundreds of millions of dollars of other people's money, which he must keep in such shape as to be able to render an accounting at any day and hour. Now when the new treasurer of the United States took over the office he was obliged to give the outgoing treasurer a receipt in full for all of the moneys in his keeping. Naturally he would want to do this only after assuring himself that all the funds were intact to the last dollar and penny—hence the big count. As may be surmised, this appraisal of what Uncle Sam has laid by for a rainy day cannot be exactly concident with the entry and exit in the treasurer's office. To count one by one all the bills and gold pieces and silver and copper coins in the governmental hoard is a time-consuming task and the new treasurer will probably have been in office three or four months and perhaps even six months [before] he is in a position to hand to the outgoing official a formal receipt closing the transfer. Of course, if the count of the money and securities should show any shortage from the total amount called for by the books, the retiring official will have to make good out of his own pocket, which is rather hard, since subordinates handle the funds and do all the counting—but this has never occurred since the present scheme of settling accounts was adopted. While this fingering over of all forms of legal tender is country-wide in scope owing to Uncle Sam's cordon of branch offices stretching across the continent, the big end of the job and the most spectacular phase of it has its locale in the treasury building at Washington, where the bulk of Uncle Sam's wealth is stored. There are upward of a score of different vaults in the treasury building and every one of these capacious strong boxes will be investigated by the money monitors charged with the task of verifying the government bookkeeping. If the plan of previous counts is followed the counting of the coin, which is bulky, will be entrusted almost entirely to men, whereas the enumeration of the bills and bonds will be largely in the hands of young women, whom experience has demonstrated are defter at such work than their masculine co-workers. Indeed, at the previous event of this kind some of the most expert of the young women developed an ability to count 20,000 bills in five hours. The young women who are engaged in this work give their undivided attention to counting bills. Male associates give out the bundles of money to be counted and take charge of them as the count of each package is finished. The fastest work in this whole big undertaking is done in counting the reserve fund— that is, the millions upon millions of dollars in brand new currency that is held in reserve ready to be issued whenever called for. This wealth is in the form of crisp bills, ranging in denomination from $1 to $10,000 each. There are thousands of bundles of this paper money, each bundle containing 4,000 notes of one denomination. Inside a main bundle of the size indicated are 40 small packages, each containing 100 notes. Thus a bundle containing $4,000,000 in $10,000 bills is no bulkier to handle and no more trouble to count than a package containing $4,000 in $1 bills. An official of the treasury has personal charge of the count and working under him is a force recruited on the ratio of about five counters to one bailer and sealer. As the count progresses each package in turn has the heavy wax seal broken and is unwrapped by one of the men, who hands it over to one of the women counters, taking her receipt for the bundle of money. She proceeds to count the bills and if the package is found to contain the amount called for turns it back with an endorsement as to its contents and the receipt which she has given is destroyed or returned to her. Each package which is pronounced O.K. is taken in hand by the bailers and sealers, re- Page 130 Paper Money Whole No. 166 wrapped, labeled and sealed with the great daubs of red wax bearing the official treasury seal, so that at the end of this proceeding the package looks just as it did before the work began. The women employed at the treasury department are fa- mous as the most expert currency counters in the world and the most highly skilled of the force were drafted for this extra un- dertaking. Contrary to the supposition of many people, the counters at the treasury in going over a package of currency ac- tually lift each note by the upper right-hand corner. To be sure, the women are aided at their work and have a check on ac- curacy by the keeping tab on the progression of the numbers printed in blue ink on the face of all notes—the notes in the package being placed in regular rotation, but aside from this supplementary scheme for verifying there is actual counting in the good old-fashioned way. Records as high as 6,000 notes per hour have been made by the most expert of the 400 women counters in Uncle Sam's employ, but such high-speed work cannot be maintained for any great length of time. A most important feature of the task is the counting of the bonds held by the government as security for the circulation of national banks and as security for government money deposited with the banks. These bonds occupy a special vault in the treasury building and they total something like three- quarters of a billion dollars in value. A committee of seven officials will count the bonds, and inasmuch as great care is necessary in going over the bonds, coupon and registered, it is expected that at least two months will be necessary for this task along. The last time a count of the bonds was made six weeks was allowed for the task, but Uncle Sam now has on hand 50 percent. more bonds than were in storage at that time. The counting of the coin—gold, silver, nickel and copper—in possession of the government constitutes yet another branch of this unique enterprise. In the case of the coin the term counting must not be taken too literally, for as a matter of fact much of the accumulation of coin is weighed on the delicate scales at the treasury instead of counted. Weighing, in the case of freshly minted and unused coin gives just as accurate a ver- dict as to the value as does counting. Certain numbers of coin are placed in bags and weighed as standards. The sum of $5,000 in gold weighs 181/2 pounds; 500 silver dollars are sup- posed to tip the scales at 351/2 pounds, and $200 in half- dollars, that is 400 coins, weighs 11 pounds. In weighing coin at the treasury very accurate tally has to be kept by tellers who stand beside the scales and record the outcome of each operation. For all that the weighing of coin will be doubtless resorted to for the major portion of the accounting of Uncle Sam's cash, there will be tons of coin which for one reason or another will probably have to be gone over by hand. An expert woman counter can handle about 60,000 silver dollars, half-dollars or - quarters in a working day, fingering them over one by one, but this method of work is now being displaced in Uncle Sam's money storehouse by an ingenious new type of electrically operated machine, which counts coins of any denomination at the rate of 1,000 per minute. An automatic registering device keeps count with absolute accuracy. Dimes, nickels and cents are more difficult to count by hand than the larger coins, but the handling of these minor coins has been greatly facilitated in recent years by the introduction of counting boards, which fill mechanically when a stream of coin is poured over them, and each of which, when full, holds a given number of coins. Bags, when filled with coins, are duly sealed on the same prin- ciple as the packages of bills are sealed, but the closing of the opening of a coin sack is not done with a stick of wax, as in the case of the currency parcels, but with a mechanical appliance that can be held in one hand and somewhat resembles in ap- pearance the punch used by the average street-car conductor.— Waldon Fawcett, Griggs County Sentinel, Cooperstown, N. Dak., Jan. 13, 1910. .."•■■•■4011■■1 Intaglio "Spider" Hand Press The following was included in a press release from the Bureau of Engraving and Printing. It is presented here for those who might be unfamiliar with the method employed to print U.S. paper money in the mid-19th century. HE Intaglio Hand Press consists essentially of a mov- able plank or bed between two steel drums. An en- graved plate is placed on the bed and inked with a hand roller. The plate surface is carefully wiped off leaving ink in the engraved lines. A paper is placed on the plate and impressed with the engraved design by being drawn between the drums. This explanation in no way conveys the extreme physical effort and skill needed to operate a hand press. The printer had much to learn from experience how much ink to place on the plate, how much ink to rub off the plate, and how much pres- sure to exert on the plate using the long radial handles called a "spider!' The engraved plate had to be heated on a small stove and the printer had to vigorously roll the ink onto the plate with a leather or rubber roller. The heat and rolling action caused the ink to penetrate the lines of the engraving. Next, the surplus ink lying on the surface of the plate had to be removed by a brisk rubbing with a piece of starched muslin. In order to clean the plate perfectly, the printer then had to polish it with the palms of his hands. This polishing required skill and judg- ment, for every trace of ink had to be removed from the surface of the plate without disturbing the ink that lay in the engraved lines. The printer then transferred the plate to the bed of the press, and his assistant laid a dampened sheet of paper on the plate. Grasping the spokes of "spider" in a hand over hand ac- tion, the printer forced the bed and plate between the rollers. His assistant removed the sheet and set it aside. In the year 1876, James Milligan was granted U.S. Patent 180,490 for an "improvement in plate printing presses!' Mil- ligan's press incorporated the basic principles of the hand press but used steam for power and for continuous movement of the plates. His invention revolutionized the engraved printing in- dustry. The Bureau of Engraving and Printing continues to use the "spider" press to pull specimens for proofing purposes and at certain exhibitions held throughout the United States to demonstrate the art and craft of intaglio printing. Contract (Continued front page 129) Thus the newspaper account raises more questions than it answers. What happened to Winthrop Hilton after his arrest and detention by the military? Was a trial ever held? Did he really have a contract with Memminger or was he just another counterfeiter? Somewhere there may be a long lost record of this mysterious project. Does any member of our society know anything about it? If so, why not tell us about it? Paper Money Whole No. 166 Page 131 Collect One Bank Note From Each Country by JERRY REMICK, SPMC 742 T HE table that accompanies this article lists all countries currently issuing their own bank notes and 23 countries that use banknotes of another country. Add the United States to the table and there are 188 countries currently issuing their own bank notes. The table also lists, as of February 5, 1993, the number of units of currency from any country that is needed to purchase one United States dollar. For example, the table shows that in early 1993, $1.264 Canadian dollars purchased one U.S. dollar, but it took $1.47 U.S. to purchase one punt from the Republic of Ireland. This table is a useful check-list for those who wish to form a collection of one or more bank notes from each note-issuing country. This can be a most instructive collection, especially for a youngster, as he or she learns geography, the relative value of each country's monetary unit, and something about the country. Twenty-three countries listed in the table use the bank notes of another country as they have none of their own, so they can be crossed off the list and need not be collected. This leaves 187 countries listed in the table that issue their own banknotes. Countries listed in the table that use banknotes of other coun- tries are: Andorra, Armenia, British Virgin Islands, Georgia, Greenland, Kazakhstan, Kiribati, Kyrgysztan, Liechtenstein, Marshall Islands, Monaco, Montenegro, Nambia, Nauru, Palau, Panama, San Marino, Tajikstan, Turkmenistan, Turks & Caicos, Tuvalu, Uzbekistan and Vatican City. The seven Russian republics listed in this paragraph are now using the Russian ruble as currency; they will probably have their own currency eventually. Greenland, Liechtenstein, Nambia and Panama once had their own bank notes. Nambia is planning once again to issue its own banknotes. C.P.A., C.EP., East Caribbean and Sterling, which appear in the country column in the table, are monetary units used by four different groups of countries, each of the countries being listed separately in the table; they are not separate note-issuing countries. Eight Caribbean Island countries, all former British colonies, use bank notes issued by the Eastern Caribbean Central Bank, each country having its own identifying letter after the serial number. Otherwise, the notes are identical. These bank notes are catalogued under East Caribbean States in the Standard Catalogue of World Paper Money, Volume II by Albert Pick. The countries with their identifying letter after the serial number are: Antigua (A), Dominica (D), Grenada (C), St. Kitts (K), St. Lucia (L), Montserrat (M), Anguilla (U) and St. Vincent (V). Since the only difference in the notes issed by each of these eight countries is a letter after the serial number, you might prefer to collect one type note issued by the Eastern Caribbean Central Bank. While the $1 note issued by the Eastern Carib- bean Central Bank was replaced by a coin a few years ago, it is still available from some dealers in uncirculated condition for about $2.50. The $5 banknote is now the lowest denomination issued for this area. Seven African countries, all former French colonies, use the bank notes issued by the Banque Centrale des Etats de I'Afrique de l'Ouest, which is catalogued under West African States in Al- bert Pick's catalogue. Each country has its own distinctive letter on the face of each note at the lower left corner and the upper right corner. Except for this identifying letter, the notes are identical. The countries with their distinctive letters are: Ivory Coast (A), Benin (B), Bukina Faso (C), Mali (D), Niger (H), Senegal (K) and Togo (T). Again, some collectors may wish to collect just one type note. My advice is to start by collecting one bank note in uncircu- lated condition from each note-issuing country. Many dealers advertising in this journal and elsewhere can supply the notes from all the countries you require. Uncirculated bank notes of the lowest denomination from many countries sell for between $0.35 and $1.75 U.S. If you wish to expand your collection, collect one banknote from each country where the country's name has changed. Ex- amples are British Hondouras, which is now known as Belize, and Rhodesia, which is now known as Zimbabwe. There are also some countries which once issued notes, but no longer do so. Some examples are Greenland, Newfound- land, St. Pierre & Miquelon and East Germany. There are also currency boards which formerly issued notes used in several or more countries, but no longer issue banknotes. Two examples are the West African Currency Board and East African Currency Board. Once you have one bank note or more from most of the countries currently issuing them, you may wish to start a col- lection of type notes from one or several countries that interest you, or, consider a topical collection with a topic that interests you, such as birds, animals, fish, trains, etc. Again try to get notes in uncirculated condition, or if they are scarce, the best condition you can afford. Some collectors may wish to collect notes from a number of countries that have a common bond. Examples are notes is- sued by British Commonwealth countries, former French Colonies, former Portuguese Colonies, Arab countries, African countries, etc. You can store your collection in mylar pages with pockets in them; these are available at most camera shops. If you use the mylar pages for a collection of one note for each country, I would suggest that a thin strip of paper be inserted that in- cludes the name of the country, its monetary unit and the value in terms of the U.S. dollar. The Standard Catalog of World Paper Money, 6th Edition, Volume II, General Issues by Albert Pick, published in July 1990, is out of print but may still be available from dealers at the original cost of $49 plus postage. A very useful reference showing photos of each denomina- tion of bank notes currently circulating in each country is the MRI Bankers' Guide to Foreign Currency by Arnoldo Efron. The 250-page catalogue, issued quarterly, is available at a special Page 132 Paper Money Whole No. 166 MRI BANKERS' GUIDE TO FOREIGN CURRENCY Official tourist rates of exchange as of February 5, 1993, in foreign units per USD, except those marked "M", which indicates how much it costs in U.S. currency to buy one foreign unit. FOR INFORMATION ONLY. Afghanistan Albania Algeria Andorra Angola Anguilla Antigua+Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Congo Republic Cook Is Dollar Costa Rica Croatia Cuba Cyprus Czech Rep Denmark Djibouti Dominica Dominican Rep East Caribbean Ecuador Egypt El Salvador England Equal Guinea Estonia Ethiopia Falkland/Malvinas Faroe Is Krona Fiji Islands Finland France French Polynesia Gabon Gambia Afghani 1,000.00 Lek 110.00 Dinar 22.67 See Spain and France New Kwanza 1,000.00 See East Caribbean See East Caribbean Peso .99 Tram N/A Florin 1.79 Dollar .6753M Schilling 11.68 Manat 57.20 Dollar 1.00 Dinar .3770 Taka 39.00 Dollar 1.98 Rubel 57.20 Franc 34.21 Dollar 1.98 See C.F.A. See C.F.A. At par with New Zealand Colon 138.00 Dinar 700.00 Peso .7575 Pound 2.02M Koruna 29.20 Krona 6.34 Franc 177.70 See East Caribbean Peso 13.00 Dollar 2.67 Sucre 1,850.00 Pound 3.32 ColOn 8.80 See Sterling See C.F.A. Kroon 13.27 Birr 5.00 At par with Sterling At par with Denmark Dollar .6294M Markka 5.68 Franc 5.61 See C.F.P. See C.F.A. Dalasi 8.74 Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guatemala Guernsey Guinea Bissau Guinea Conakry Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea PDR Korea Republic Kuwait Kyrgysztan Laos Latvia Lebanon Lesotho Maloti Liberia Libya Liechtenstein Lithuania Macao Macedonia Madagascar Malawi Malaysia Maldive Is Mali Malta Marshall Is Mauritania Mauritius Mexico Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands Neth Antilles New Caledonia New Zealand Russian Ruble D.Mark 1.65 Cedl 550.00 At par with Sterling Drachma 222.00 See Denmark See East Caribbean Quetzal 5.25 At par with Sterling Peso 5,000.00 Franc 812.00 Dollar 126.00 Gourde 12.00 LempIra 5.87 Dollar 7.73 Forint 84.80 Krona 65.40 Rupee 29.90 Rupiah 2,060.00 Rial 1,495.00 Dinar 3.22M Punt 1.47M At par with Sterling New Sheila! 2.80 Lira 1,528.00 See C.F.A. Dollar 22.10 Yen 124.20 At par with Sterling Dinar 1.45M Russian Ruble Shilling 36.70 See Australia Won 2.15 Won 795.00 Dinar .3075 Russian Ruble Kip 720.00 Rublis 170.00 Pound 1,825.00 At par with South Africa Dollar 1.00 Dinar .2930 See Switzerland At par with Russian Rubles Pataca 7.98 Denar 1,250.00 Franc 1,890.00 Kwacha 4.51 Ringgit 2.62 Rufiyaa 11.98 See C.F.A. Lira 2.64 M U S Dollar Ougiya 106.00 Rupee 17.35 Nuevo Peso 3.06 Leu 572.00 See France Tug rug 150.00 See Yugoslavia See East Caribbean Dirham 8.99 Metical 2,740.00 Kyat 5.38 See South Africa See Australia Rupee 46.63 Gulden 1.86 Gulden 1.79 See C.F.P. Dollar 5155M Nicaragua COrdoba Oro 6.00 Niger See C.F.A. Nigeria Naira 23.00 Northern Ireland See Sterling Norway Krone 7.01 Oman Rial .3851 Pakistan Rupee 26.20 Palau U S Dollar Panama Balboa 1.00 Papua New Guinea '