Paper Money - Vol. XXXII, No. 6 - Whole No. 168 - November - December 1993

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0VOL. XXXII No. 6 WHOLE No. 168 Nov/DEc 1993 WILLIAM McKINLEY Do You Collect Paper Money or Stocks & Bonds? NIII ; 311 ••,•• • SHAMOI(I ens 13r...11.■ rartmc... ■ 53, 'Mr3,/ • 628580466E (0' ***********************77;;;;=*** 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 if you desire. Call or write today. 26 Broadway Suite 271 New York, NY 10004-1701 ESTABI.I9HED 11-~4“ TOLL FREE 800-622-1880 NY 212-943-1880 FAX: 212-908-4047 E=M MEMBER AN INDEX TO PAPER MONEY VOLUME 32, 1993 Nos. 163-168 No. Bauman, K.S. Page Researching national banks and bank notes, No. Page Numisart—an approach, illus 165 101 illus. 168 184 Bolin, Benny Secretary of the treasury and (later) chief Collecting branch signatures of the Bank of justice of the U.S., Fred M. Vinson, illus. . 163 3 the State of South Carolina, illus. 164 67 FRACTIONAL CURRENCY Clark, Frank The story of "Cranky Tom" Hale, illus. Bob Playboy changes stock certificate vignette, illus. 164 49 Cochran 165 86 CONFEDERATE (see Counterfeits) Friedberg, Milton R. Cochran, Bob Catalog of enveloped postage, illus. 168 188 A (saw) buck is a (saw) buck, illus. 163 29 Grant, David Bank happenings 164 66 The Banker's World Fair National Bank of St. 167 165 Louis, illus. 163 18 The "Spuriscope," illus 167 160 Hatfield, Robert D. The story of "Cranky Tom" Hale, illus 165 86 What is a "bank" 165 89 The unwelcome guest, illus. 163 14 Hessler, Gene COUNTERFEITS Armandina Lozano (engraver), illus 165 83 Counterfeits of the Confederate "indian Clarence Kelker Young, letter engraver 164 69 family" note, illus. Brent Hughes 163 6 Charles Schlecht's Minerva, illus. 167 158 Counterfeits of the type 20 Confederate note, illus. Brent Hughes 168 179 Some currency models and their engravers, illus. 166 124 Frank Leslie's Confederate note, illus. 165 90 The buck starts here 166 133 Jacob Ott, champion printer of counterfeit 167 148 currency, Brent Hughes 163 12 168 199 Pete McCartney, counterfeiter, part I, illus. 163 22 Hughes, Brent Another Confederate contract printer?, illus. .. 166 128 part II, illus 164 43 Counterfeits of the Confederate "indian Thomas F. Eagan 163 22 family" note, illus 163 6 Some counterfeits of the clipper ship and Counterfeits of the type 20 Confederate note. sailor Confederate note, illus. Brent illus. 168 179 Hughes 167 149 Frank Leslie's Confederate note, illus. 165 90 The nearly perfect counterfeit note, illus. Brent Jacob Ott, champion printer of counterfeit Hughes 164 51 currency 163 12 The "Spuriscope," illus. B. Cochran 167 160 Some counterfeits of the clipper ship and The story of "Cranky Tom" Hale, illus. Bob sailor Confederate note, illus 167 149 Cochran 165 86 The nearly perfect counterfeit note, illus. 164 51 Daniel, Forrest W. Huntoon, Peter Green goods game 164 68 Brown backs, a cheap and open design, illus. . 167 147 166 127 The paper column Money tales 164 168 54 203 Arizona, series of 1929 national bank notes, illus. 164 55 Post Office Department drafts for Engraved and overprinted signatures on series transportation, illus 164 65 of 1902 national bank notes, illus. 168 200 The paper money laundry, illus 165 97 Matched series dates and charter numbers on Eagan, Thomas F. national bank notes, illus 163 10 Pete McCartney, counterfeiter, part I, illus 163 22 National bank note sheets with bank serial Pete McCartney, counterfeiter, part II, illus. .. 164 43 number 1000000, illus. 165 100 Ellenbogen, Raphael The original series national bank note part A syngraphic treasure, illus 164 49 plate printings of 1873-1875, illus 166 115 How to display your precious notes, illus. .... 167 153 Lloyd, Robert ENGRAVERS, ENGRAVING & PRINTING Syngraphic vignettes 165 103 Armandina Lozano, illus. Gene Hessler 165 83 167 165 Clarence Kelker Young, letter engraver, Gene MILITARY PAYMENT CERTIFICATES Hessler 164 69 Some currency models and their engravers, Intaglio "spider" hand press 166 130 illus. G. Hessler 166 124 Fawcett, Waldon NEW LITERATURE Laundering our paper money, illus 165 95 A catalog of Nevada checks, D. McDonald 168 206 Fisher, Jack H. Collecting paper money for pleasure & profit, B. Carmi A. Thompson, illus. 166 120 Krause 164 74 No. Page Collecting world paper money, Lance Campbell 168 206 Confederate and Southern States currency, G. Criswell 165 105 Confederate states paper money, A. Slabaugh 167 167 Owning Western history, a guide to collecting, A.A. Anderson 166 137 Territorial Florida banks & banking, C. Gresham . 166 137 The comprehensive catalog of U.S. paper money, G. Hessler 164 74 The wonderful world of paper money, N. Shafer 163 30 Oakes, Dean Iowa obsolete notes and scrip, illus. 168 192 OBSOLETE NOTES & SCRIP Collecting branch signatures of the Bank of the State of South Carolina, illus. Benny Bolin 164 67 Iowa obsolete notes and scrip, illus. Dean Oakes 168 192 The buck starts here, illus. Gene Hessler 167 148 168 199 POSTAL NOTES The first and last postal notes 1883-1894, illus. Charles Surasky 167 154 Remick, Jerry Collecting one bank note from each country 166 131 STOCK CERTIFICATES & BONDS Charles Schlecht's Minerva, illus. Gene Hessler 167 158 Playboy changes stock certificate vignette, illus Frank Clark 164 49 Surasky, Charles The first and last postal notes 1883-1894, illus. 167 154 U.S. LARGE-SIZE NOTES Carmi A. Thompson, illus. Jack H. Fisher 166 120 The paper money laundry, illus. Forrest W. Daniel 165 97 U.S. NATIONAL BANK NOTES Researching national banks and bank notes, illus. Jack H. Fisher 168 184 The Banker's World Fair National Bank of St. Louis, illus. David Grant 163 18 The paper column (see Peter Huntoon) WORLD PAPER MONEY Collect one bank note from each country, Jerry Remick 166 131 Some currency models and their engravers, illus. G. Hessler 166 124 SOCIETY OF PAPER MONEY COLLECTORS Award winners at ANA 167 169 No. Page Award winners at Memphis 167 169 New members of the SPMC board 165 105 Editor's corner 164 72 In memoriam Hank Bieciuk 163 30 George Cole 166 137 James J. Curto 166 137 Dr. Darryl Kinnison 167 169 C. Dale Lyon 164 70 M. Clay Perdue 166 137 Robert H.L. Russell 166 137 Meet your charter members 163 31 164 75 165 104 167 166 168 206 New members 163 32 164 73 165 106 167 170 168 208 Noted & passed 163 30 165 104 166 134 Notes from all over 167 166 168 204 SPMC Statement of operations 168 204 NOW AVAILABLE SPMC member Bob Cochran has generated a listing of all known counterfeit national bank notes reported between 1863 and 1935. Included are First, Second and Third Charter notes, and, for the first time, a listing of reported Series 1929 counterfeits. The listing is organized by denomination, and alphabeti- cally by state within each denomination. Each note listed is described as it was in the original published source. The listing is bound securely, so you can easily take it with you to shows and meetings. If you've ever been "stuck" with a note you thought was genuine, this booklet could easily pay for itself in just one transaction. The price of each booklet is $9.95, which includes first-class postage. All proceeds from the sale of these booklets go to the Society of Paper Money Collectors. Make checks payable to SPMC, and mail to: Bob Cochran, PO Box 1085, Florissant, MO 63031. IMPORTANT ANNOUNCEMENT SPMC is implementing a change in the delivery of Paper Money. This change now means that it is more important than ever for members to notify the Secretary if their address changes. We no longer guarantee to pay the return postage charges if the Postal Service cannot deliver Paper Money. SPMC members will have a MAXIMUM of 60 days after an address change to notify the Secretary of their new address. Any members who fail to send in an address change may miss delivery of one or more issues of Paper Money. Since SPMC will no longer pay the return postage, the Postal Service will throw away copies of Paper Money they cannot deliver. If a member moves and does not leave a forwarding address within 60 days, and that member misses an issue of Paper Money, SPMC will NOT furnish a replacement copy for free. The member will be required to pay $3.75 for the first replacement copy. If the Secretary receives a "No Forwarding Address" for any member, mailings of Paper Money to that member will be suspended until the member contacts SPMC. Remember: You pay your annual dues IN ADVANCE. If you miss an issue of Paper Money, it's your fault or that of the Postal Service. It's in YOUR best interests to notify the Secretary if your address changes. It would be really nice if you could give SPMC at least 4 weeks advance notice. AS IN THE PAST, SPMC WILL NOT - REPEAT, NOT - RECORD TEMPORARY ADDRESS CHANGES! IF YOU SPEND THE SUMMER UP NORTH AND THE WINTER DOWN SOUTH, PLEASE ARRANGE TO HAVE YOUR MAIL PICKED UP AND HELD FOR YOU, OR HAVE YOUR MAIL PICKED UP AND FORWARDED TO YOUR TEMPORARY ADDRESS. REMEMBER, I WON'T BE GETTING YOUR ISSUES BACK ANY MORE. IF THEY'RE THROWN AWAY BY THE POSTAL SERVICE, YOU'LL HAVE TO BUY REPLACEMENTS! If you have any questions or concerns about this new policy, please contact the Secretary as soon as possible. I've spent quite a bit of time over the past 7+ years "tracking down" members who move and expect SPMC to find them. The members who do this cost the rest of us several hundred dollars in postage charges each year, and we shouldn't be holding their hands anymore. Anyone who can't take 2 minutes to fill out an address change on a 19-cent postcard and send it to SPMC doesn't deserve any sympathy or extra effort. Bob Cochran Secretary, SPMC P.O. Box 1085 Florissant, MO 63031 Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXXII No. 6 Whole No. 168 NOV/DEC 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 COUNTERFEITS OF THE TYPE 20 CONFEDERATE NOTE Brent Hughes 179 RESEARCHING NATIONAL BANKS AND BANK NOTES Jack H. Fisher 184 CATALOG OF ENVELOPED POSTAGE Milton R. Friedberg 188 IOWA OBSOI,ETE NOTES AND SCRIP Dean Oakes 192 THE BUCK STARTS HERE: A PRIMER FOR COLLECTORS Gene Hessler 199 THE PAPER COLUMN ENGRAVED AND OVERPRINTED SIGNATURES ON SERIES OF 1902 NATIONAL BANK NOTES 200 MONEY TALES Forrest W. Daniel 203 SOCIETY FEATURES NOTES FROM ALL OVER 204 SPMC STATEMENT OF OPERATIONS 204 MEET YOUR CHARTER MEMBERS 206 NEW LITERATURE 206 CALL FOR NOMINATIONS 207 NEW MEMBERS 208 MONEY MART 208 ON THE COVER: William McKinley, 25th President of the United States was born 150 years ago on January 29th. This portrait was engraved by G.F.C. Smillie. of this issue contact the Secretary; the address is on the next page. Inquiries concerning non-delivery of PAPER MONEY and for additional copies S()CIETY OF PAPER IONS): COLLECTORS I NC. Paper Money Whole No. 168 Page 177 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. 0 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. ADVERTISING RATES SPACE Outside 1 TIME 3 TIMES 6 TIMES Back Cover $152 $420 $825 Inside Front & Back Cover $145 $405 $798 Full Page $140 $395 $775 Half-page $75 $200 $390 Quarter-page $38 $105 $198 Eighth-page $20 $55 $105 To keep rates at a minimum, advertising must be prepaid in advance according to the above sched- ule. In exceptional cases where special artwork or extra typing are required, the advertiser will be no- tified and billed extra for them accordingly. Rates are not commissionable. Proofs are not supplied. Deadline: Copy must be in the editorial office no later than the 1st of the month preceding issue (e.g., Feb. 1 for March/April issue). With advance notice, camera-ready copy will be accepted up to three weeks later. Mechanical Requirements: Full page 42-57 picas; half-page may be either vertical or horizontal in format. Single column width, 20 picas. Halftones acceptable, but not mats or stereos. Page position may be requested but cannot be guaranteed. Advertising copy shall be restricted to paper cur- rency and allied numismatic material and publi- cations and accessories related thereto. SPMC does not guarantee advertisements but accepts copy in good faith, reserving the right to reject objection- able material or edit any copy. SPMC assumes no financial responsibility for typographical errors in advertisements, but agrees to reprint that portion of an advertisement in which typographical error should occur upon prompt notification of such error. All advertising copy and correspondence should be sent to the Editor. 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 To be appointed. 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 F. MROSS, P.O. Box 21, Racine, WI 53401 STEPHEN TAYLOR, 70 West View Avenue, Dover, DE 19901 WENDELL W. WOLKA, P.O. Box 569, Dublin, OH 43017 The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organiza- tion 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. JUNIOR. Applicants must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or guardian. They will be preceded by the letter "j". This letter will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. Members of the ANA or other recognized numismatic societies are eligible for membership. Other applicants should be sponsored by an SMPC member or provide suitable references. DUES—Annual dues are $20. Members in Canada and Mexico should add $5 to cover additional postage; members throughout the rest of the world add $10. Life membership, payable in installments within one year, is $300. Members who join the Society prior to Oct. 1st re- ceive the magazines already issued in the year in which they join. Members who join after Oct. 1st will have their dues paid through December of the following year. They will also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. BUYING and SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items Extensive Catalog for $3.00, Refundable With Order ANA-LM SCNA PC DA HUGH SHULL P.O. Box 712, Leesville, SC 29070 / (803) 532-6747 FAX 803-532-1182 SPMC-LM BRNA FUN Page 178 Paper Money Whole No. 168 Paper Money Whole No. 168 Page 179 C ounterfeits of the Type 20ONFEDERATE NOTE by BRENT HUGHES Blanton Duncan was the paper money contractor that Confederate Treasury Secretary Christopher Memminger wished he had never met. Shrewd, ar- rogant and overbearing on the one hand, Duncan was efficient and perceptive on the other. To his credit he turned out an enormous amount of cur- rency and bonds under conditions that would have defeated a lesser man. In the process he became a bitter enemy of Memminger and tried his best to destroy him. Dr. Douglas Ball provided a detailed account of Duncan's career in the September 1978 issue of Bank Note Reporter from which I will provide a brief summary. D UNCAN came from a wealthy Kentucky family. With his own money he raised a company of volunteers and offered their services to the Confederacy. He and his men fought in the first battle of Manassas, but Duncan had ambitions beyond the battlefield. Never a shrinking violet, he celebrated his own birthday on July 2, 1861 by sending a check for $500 to Secretary Memminger "for the Southern cause!' Memminger tended to be stingy and this gift impressed him so much that he invited Duncan to drop by his office if he ever came through Richmond. A month later Duncan showed up, and in the ensuing conversation he found the Secretary was in desperate need of paper on which currency could be printed. It was typical of Duncan that he would volunteer to locate the needed paper and he left to go searching. True to his promise he delivered 350,000 sheets of good quality paper from a Tennessee mill. Memminger was pleased and saw an opportunity to introduce some competition for Hoyer & Ludwig, who were charging $15 per thousand sheets to print currency. Duncan accepted the invitation to set up a printing plant in Richmond using printers from England and equip- ment supplied by Memminger. In a short time he began to print notes for $12 per thousand sheets. This pleased Memminger, of course, but made Hoyer & Ludwig most unhappy. Duncan was not an engraver or printer so he had to learn quickly. Charles Ludwig wasn't about to loan Duncan any of his huge stock of vignettes and other design components so the new contractor had to start from scratch with original designs. They were considered ugly by most people who were hoping for something better, but at least they helped solve a critical shortage of paper money among Southern citizens. Dr. Ball pointed out that Duncan had only about twenty employees, yet he turned out thirteen million Confederate notes, 133,000 bonds and a large quantity of other paper items. Unfor- tunately, the use of lithographic stones made it easy for coun- terfeiters to copy Duncan's notes and their products soon began to circulate. All of the currency contractors had severe labor problems caused by drunkenness, fist fights, arson and other bad be- havior on the part of their employees. Duncan waded right in and proved to be tougher than any of his men. He never hesi- tated to have them thrown in jail to sober up, after which he would let them know that they would be released only if they went back to work. Duncan resented civilian authority and made life miserable for Memminger and his staff, especially after the printing plants were moved to Columbia, SC in April 1862. When he was told to move he put on his tailor-made Confederate Army colonel's uniform, hurried to Columbia and confiscated the best building and printing equipment he could find as a "mili- tary necessity!' Thus began a steady stream of problems for Memminger and Joseph Daniel Pope, the civilian in charge of the Treasury-Note Bureau in Columbia. Duncan misdirected shipments consigned to other printers, hid paper supplies in his attic and in general kept things in turmoil. It finally became too much for Memminger, who put Duncan out of business by making it impossible for him to turn a profit. Duncan went down fighting, creating a situation which made Memminger miserable for weeks. Some idea of Duncan's cunning can be gained from an ac- count of his activities when Sherman's army approached Columbia late in the war. Duncan had a beautiful home in Columbia and correctly guessed that Sherman's troops might want to burn it down. He became a member of the official dele- gation that met Sherman's advance troops to surrender the city. Taking one of the Union officers aside, Duncan offered his home as Sherman's headquarters while he was in Columbia. The offer was accepted and Duncan saved his home from burning while dozens of other mansions went up in flames. The subject of this article is the $20 note which Duncan produced, now known as Criswell Type 20—"Industry seated be- hind large '20"1 A detailed description of the genuine note will be followed by all the counterfeits known to me, with details of how they differ from the genuine note. Duncan's engraver had problems doing portraits and his ren- dering of boyish-looking Alexander H. Stephens, the Con- federate Vice-President, was not a good one. Nevertheless, Duncan turned out a total of 2,834,257 of these notes in Rich- mond and Columbia which provided the Treasury Department with a desperately-needed five and a half million dollars. --- SIX MONTHS AFTER THE RATIFICATION OF ATREATY OF PEACE BETWEEN THE CONFEDERATE STATES ----- S-‘" AND THE UNITED STATES', z ENC4' 10-3 0.1 S`' t //r,6 r e DUNCAN eurro+nnott. .Iimite 04) edr rde i SIX MONTHS AFTER THE RATIFICATION DIA LI ..14A › r ) TREATY OF PEACE 9E TWEEN - --r^^^ THE CONFEDERATE STATES 1<7'! THE SNITCH STATES-' f ) rall V*/ TairODULT: agsaatal,O., s;//fiyilk, /i6/ `%'% < Page 180 Paper Money Whole No. 168 THE GENUINE NOTE Criswell Type 20—$20, September 2, 1861 issue. Female figure representing Industry seated behind large "20" and be- tween Cupid and Beehive; A.H. Stephens at left. Female figure representing Hope leaning on an anchor at right. Printed in "First Series", "2 Series" and "3 Series" with printer's name "B. Duncan, Richmond" or "B. Duncan, Columbia, S.C' in lower right corner. The serial number is written in red ink and, like all Confederate notes except the 5011, is personally signed, in this case by Treasury clerks W.F. Caldwell and F.C. Weisiger, in brown ink. The portrait of Stephens is heavily shaded with a severe expression in the eyes and mouth which counterfeiters had difficulty copying. A stone lithograph, the note is typical of those produced by that method of printing. Type 20 Counterfeit Number One This counterfeit is an excellent lithograph which is very deceptive. It was apparently printed in large quantities with the words "FAC SIMILE CONFEDERATE NOTE" on the bottom margin, far enough from the border line to be easily trimmed off. This disclaimer allowed a legitimate printer to turn out such notes without fear of arrest for counterfeiting. The specimen I have was printed with a very light impression in which the lines for the serial number and signatures are barely visible. There are no serial number or signatures present. The easiest way to detect this counterfeit is to lay it on top of a genuine note; this quickly shows that the counterfeit is 5/16" shorter. The only reason for this difference that I can think of is that the paper available may have been too narrow to make it full size. The face of Industry is different, with an obvious part in her hair. The thumb on her left hand is too thin and the flower near her left foot is different in shape. Shading behind Cupid's caduceus is missing and Cupid's face is not round as it is on the genuine. There are fewer staves in the barrel near the anchor in the Hope vignette than there are on the genuine. There is no indication of who printed this note but it must have been produced and sold in the same manner that Sam Upham marketed his copies. It is found with printed signatures with the serial number space left blank. It may have been sold with printed serial numbers also, as many counterfeits were. For that reason one should never make a flat statement that such a note is never found without certain elements. <1,06"T FOfse,;;._ Si MONTHS AFTER THE RATIFICATION OF A TREATY OF PEACE BEI1VEEH',,,, THE CONTE ATE STATES AND THE UNITED S 4\ 4' q A ,FICATION OF A TREATY OF PEACE NETWEEN.----1-;Z:\_. -----S."‘AND THE UNITED.STATES)1, -------- Paper Money Whole No. 168 Page 181 Counterfeiters print shops were often raided and all such notes found in the shop burned immediately. There may have been printers with a legitimate print shop out front and a counterfeiting setup located in the basement or in an- other building concealed from public view. Another situation to avoid is the belief that all counterfeits have been found and that no new discoveries will be made. Many such notes were concealed inside walls of old buildings and every redevelopment project uncovers new items. For that reason collectors should contact the companies in their area that demolish old buildings and offer to buy anything in the currency line that might show up. I have found that this is more fruitful than wandering around aimlessly with a metal locator looking for buried treasure. Needless to say, readers of PAPER MONEY would be in- terested in any currency that you might turn up in this manner. Type 20 Counterfeit Number One-A This is the same counterfeit as the previous one except that the signatures of W. Hancock and A.W. Gray are printed. Someone filled in the serial number 90033 in red ink to make it appear genuine. It was passed into circulation but was quickly detected and mutilated with a heavy "X" made with pen and brown ink, a common method of denoting counter- feits when a rubber stamp was not available. The note is "FIRST SERIES," plate number 6. Since the genuine note with serial number 90033 was signed by clerks J.M. Kinney and E.C. Goddin, we know im- mediately that this note is spurious. This note was listed by Philip Chase as his C1-133 in the counterfeits section of his book Confederate Treasury Notes. I have numerous specimens of this counterfeit, all with the same printed signatures and written serial numbers. One was printed on paper watermarked "J. Whatman," a famous English paper mill. The paper could have been stolen or it could have been bought at auction in a Northern port where cargo seized from Southern ships was sold by Union officials. Type 20 Counterfeit Number Two This is another very deceptive counterfeit shown in Philip Chase's book as his C2-133. It is the same size as the genuine note but has a classic error in that Stephens' shirt front extends too high on the right side. Otherwise the portrait is an Page 182 Paper Money Whole No. 168 excellent copy. The top of the shading over Stephens' head is flattened rather than curved. Hope's eyes appear to be almost crossed. This specimen has forged signatures of D.C. Snyder and J.W. Jones in brown ink and serial number 74835 written in red ink. The Thian Register shows the genuine note with this serial number was signed by Treasury clerks G.N. Warren and H.C. Shook, so we know instantly that the note is not genuine. I have another specimen with serial number 16474 with the same forged signatures of Snyder and Jones. Since the public had no knowledge of the correct serial number/signatures combinations, this was not a problem for counter- feiters who often chose serial numbers at random. Type 20 Counterfeit Number Three This counterfeit has excellent lettering but is easily detected by a major flaw in the portrait of Stephens. On the genuine note there is a defininte cowlick over Stephen's right eye, which most counterfeiters copied. On this note there is no cow- lick at all. The forehead is almost devoid of shading. In fact the entire face is too white. This note is a lithograph on good paper. It has printed signatures of W.B. Walston and T.W. Bell, Treasury clerks who signed thousands of notes. The serial number 26138 is written in red ink. The note has two black-ink "COUNTERFEIT' stamps on the face and two off-set stamps on the back. This indicates that the clerk who did the stamping was marking a large quantity of notes and was stacking them faster than the ink could dry. This happened when a large quantity of counterfeits was seized before being circulated, but in this case the note saw some circulation before being detected. This counterfeit is listed by Chase as his C4-133. Type 20 Counterfeit Number Four I do not have a specimen of this counterfeit in my collection. Philip Chase lists it in his book where he describes it as follows: It is a lithograph like the genuine, with "FIRST SERIES" and plate number 2. The printer's legend at lower right says "B. Duncan, Columbia, S. C' instead of "B. Duncan, Richmond," which appears on most counterfeits. An unusual feature of this note is that it is 1/8" longer than the genuine note, whereas most counterfeits are shorter. Chase lists this note as his C3-133 and does not tell us if the signatures are written or printed, nor does he mention the serial number. He says that the shading is lighter all over the note, particularly so in the background behind the portrait of Stephens. The ornamentation in the corners around the portrait is different from the genuine. Cupid's mouth is also different and other elements in the vignettes are simplified. From the specimens that I have examined or have records of, I would guess that the counterfeits with the "Columbia, S.C' legend are much scarcer than the "Richmond" varieties. If anyone has this counterfeit I invite him to write me at 781 Seay Road, Inman, S.C. 29349 enclosing a photocopy. Such photocopies will enable me to complete my listing. Suitable acknowledgement will be made in PAPER MONEY in a future update. This photograph of Alexander Hamilton Stephens was made in 1867 when he was fifty-five years old. Stephens was a mental giant but a physical weakling. Sickly all his life, he weighed less than 100 pounds and suffered from angina, bladder stones, migraine headaches, pneumonia, arthritis, sciatica and colitis. In his journal he described himself as "a malformed, ill-shaped, half finished thing." In spite of his delicate condition he lived to the ripe old age of seventy- one, quite an accomplishment in those days. Paper Money Whole No. 168 Page 183 Even expert engraver Charles Portrait of Stephens by Blanton Keatinge of Keatinge & Ball could Duncan's engraver. not do much in the way of a portrait of Stephens. All of the engravers tried to make him look more mature even though Stephens himself said that he had always looked "boyish." Portrait of Stephens by Blanton Duncan's engraver. Even expert engraver Charles Keatinge of Keatinge & Ball could not do much in the way of a portrait of Stephens. All of the engravers tried to make him look more mature even though Stephens himself said that he had always looked "boyish." (Continued on page 198) 4igigPOMIEhlqiiKetteggiUZIE.K.90'aMO 0.21=ettlERIO tamitosittnnmssi- P. 1 ,01,2■E 01. * Paper Money Whole No. 168Page 184 Our Heritage in Documents Researching National Banks and Bank Notes by JACK H. FISHER, © 1992 M Y interest in collecting and researching coins, paper money, and stamps extends back to my early child- hood in Kalamazoo, Michigan, where I was fortu- nate to have a city library within one block of my home. I began my research to provide facts and information not avail- able through conventional sources on paper money, coins, cur- rency systems, government and government officials, central banks, private and national banks, legislation, and related sub- jects. Countries of special interest were Canada, the Middle East countries (especially British Palestine [Mandate Period] ), and the United States. I also have many specialized areas of in- terest within these countries: for example, on various notes and note-issuing banks in my home town of Kalamazoo and my second home town of South Haven, Michigan. The authority of these banks to function as national banks was pursuant to the acts of the United States Congress of 1863 and 1864. National bank notes were issued by approximately four- teen thousand different national banks from 1863 until 1935. It has been estimated that these chartered national banks issued about $17 billion in denominations from $1 to and including $1,000. In addition to these notes, the federal government also issued paper money such as silver certificates, legal tender notes, coin notes, Federal Reserve notes, and gold certificates, which cir- culated side by side with the national bank notes. National bank notes are so varied and diverse that collectors of paper money often express the opinion that such national bank notes are among the most interesting issues of the United States paper money. Collectors acquire national bank notes in South Haven, Michigan, the author's second home town, had only one bank that issued national bank notes. His search for a South Haven note lasted twenty years, and he now has two of three known notes issued by The First National Bank of South Haven. The back shows the Landing of the Pilgrims. Paper Money Whole No. 168 Page 185 varied ways and for varied reasons. Some collect such notes is- sued by banks that operated in the home town, home state, home county, or region of the collector. Other collectors seek notes issued by banks or cities that contain the collector's name or country of origin. Some collectors seek notes issued in cer- tain bank charter periods, such as first charter period notes; others specialize in the notes of the second charter period or the third charter period. The designs of the national bank notes were different for each of these charter periods. This is one of the reasons that so many serious paper money collectors are at- tracted to national bank notes. The passage of the National Banking Acts of 1863 and 1864 authorized the federal government to grant charters for banks to function as national banks provided they met certain finan- cial and other requirements. These banks were then supervised by the federal government. Each bank was granted a charter number and the name that had been requested and cleared prior to the granting of the charter. My grandparents arrived in the city of Kalamazoo shortly after 1900, and my grandfather, Max Fisher, selected as the Fisher family bank The Kalamazoo National Bank, which was granted charter number 3211. I have a special interest in this bank and its national notes. It was one of four Kalamazoo na- tional banks issuing national bank notes. National banks issued these national bank notes after they received their charters. They could issue national bank notes in amounts not to exceed 90 percent of the par value of United States government securities, which each chartered bank was required to deposit with the federal government as security for the national bank notes it intended to issue. The national bank notes issued by each individual bank had the name of the bank printed on each note, the location of the bank, signatures of the bank president and cashier, signatures of the federal Treasury officials, the denomination, and the coat of arms of the state on the back. Notes were issued in different denomina- tions depending on charter period of issue, but in one charter period or another, notes were issued in denominations of $1, $2, $5, $10, $20, $50, $100, $500, and $1,000. These national bank notes were valid paper money all over the United States, even though they were issued by many different individual banks. All national bank notes were produced by the federal government with production proce- dures virtually the same as for the federal Treasury issues of paper money. The designs on the national bank notes were the same for all of the national banks for each denomination for each series in each charter period. The only difference was that the issuing bank had its own name, charter number (after the original series), officers' signatures, and other features noted above. Designs were changed from time to time for the first, second, and third charter periods. These national bank notes are still valid and can still be redeemed at face value. The enjoyment of collecting national bank notes is en- hanced by learning about the issuing bank from the time it was organized up to the time that it ceased to operate as a result of liquidation, merger, or absorption by another bank. It is also enjoyable to obtain facts pertaining to national note-issuing banks still in operation from the time of organization to date. Sources to obtain information about such national banks are varied. I contacted libraries, historical societies, existing banks, and many individuals in the area where the national bank note-issuing bank operated or continues to operate. Pur- suit for facts and material through these sources resulted in some success, but in the main the results were insufficient and inadequate. My research usually turned to the vast resources of the National Archives. I obtained information and copies of papers ranging from the correspondence to and from the or- ganizers of each bank prior to and after organization through to the actual organization documents, bank examiners' reports, bank and government correspondence relative to the opera- tion of the bank, and liquidation and related papers. The banks I researched for many years were banks that ceased to exist be- fore 1900 or ceased to exist between 1900 and 1935. It would require writing a lengthy book to set forth all of the varied bank research projects I have successfully concluded to date through the utilization of the National Archives. For this article I have selected several research projects as representative illustrations: The First National Bank of South Haven, Michigan, and The Citizens National Bank of Winchester, Kentucky. The First National Bank of South Haven, Michigan, was and is extremely important to me. It is the only national note- issuing bank that had operated in South Haven. Very few of the bank notes issued by this bank survived redemption or destruc- tion. I searched for about twenty years before I was actually able to locate and acquire even one of its national bank notes. The acquired note is the $1 denomination with serial number 38. I have regarded South Haven as my "second home town" be- cause my grandparents, Sussman V. Gerber and Hattie Gerber, owned and operated a general store there for thirty-six years. They operated the store by themselves, but in the busy summer season, I was the only employee. My duties over the years in- cluded trips to the bank for deposits, change, and other er- rands. The bank was only one-half block from the store. Their bank was the successor bank to The First National Bank of South Haven, so I was aware of this note-issuing bank from a very early age. My varied sources produced information that The First Na- tional Bank of South Haven received charter number 1823 from the comptroller of the currency on May 22, 1871. It then functioned as a national bank in South Haven, and it had the authority to issue national bank notes. It issued 4,500 $1, 1,500 $2, and 12,500 $5 original issue notes plus 14,696 $5 1875 se- ries notes. Federal records indicate that only $782 had not been redeemed as of 1910. There is no way of knowing how many notes may have been destroyed by fire or other causes. I know of no notes redeemed since 1910, and only three notes are known to exist at this time. I now own two of the three, which includes one serial number 1 note. This bank was chartered May 22, 1871, and was placed into voluntary liquidation on December 31, 1889. It was succeeded by the First State Bank of South Haven. Because this was a bank chartered by the state of Michigan, it was not a national bank with the authority to issue national bank notes. The $1 note issued by The First National Bank of South Haven with serial number 38 was issued on June 15, 1871, and this date is printed on the note. The face of the note portrays two young women at an altar. The back of the note portrays "Landing of the Pilgrims" I had many questions about the note, and some were an- swered as a result of research in Michigan. The vast number of unanswered questions, however, required me to utilize the Civil Reference Branch of the National Archives. I was excited and fascinated to obtain copies of the correspondence from and to the organizers of this bank and the comptroller of the currency, organizational papers, interim reports, liquidation waa.(4 4,11 (frf*Iitt (111 t;NO S'r- TP r`2J CENTS Irs U. FROM CITA§ T. CHICKHAUS U.e.ator, tut HAVANA. SEIGAAS and VIRGINIA SMOKING TOBACCO, No. 176 Ilroa (1 :v, 11(a,:,.,) 1NTMAT-Y.01LI-r- Paper Money Whole No. 168 Page 191 Catalog Number Paper Ink Commentary Used By Advertising Message Address City State Printer Printer's Address Printer's City Printer's State Numerical Value Word Value Value Message Flap Printed Flap Message Flap Advertisement Pedigree Catalog Number Paper Ink Commentary Used By Advertising Message Address City State Printer Printer's Address Printer's City Printer's State Numerical Value Word Value Value Message Flap Printed Flap Message Flap Advertisement Pedigree Catalog Number Paper Ink Commentary Used By City State Numerical Value Word Value Value Message Flap Printed Pedigree 14 PURPLE BLACK U.S. POSTAGE STAMPS. JOSEPH BRYAN CLOTHING ESTABLISHMENT 214 FULTON STREET BROOKLYN (NY) T.R.DAWLEY READE AND CENTRE STS. N.Y. (NY) 15 Cts. 15 Cts. YES T.R. Dawley, Reade and Centre Sts., N.Y. MANUFACTURER KF 15 BUFF BLACK U.S. POSTAGE STAMPS. JOSEPH BRYAN CLOTHING ESTABLISHMENT 214 FULTON STREET BROOKLYN (NY) T.R.DAWLEY READE AND CENTRE STS. N.Y. (NY) 50 Cts. 50 Cts. YES T.R. Dawley, Reade and Centre Sts., N.Y. MANUFACTURER MRF, DROWNE 16 WHITE BLUE STAMPS. BROWNING & LONG SALEM MASS. 25 CTS. 25 CTS. NO DF 17 CREAM BLACK IN U.S. STAMPS. SOLD BY JOHN M. BURNET, Stationer & Printer, 51 William Street, New York (NY) 25 Cents 25 Cents NO RW X-KF(1986) 18 IN U.S.STAMPS. JOHN M. BURNET STATIONER & PRINTER 51 WILLIAM ST NEW YORK (NY) JOHN M. BURNET 51 WILLIAM STREET. NEW YORK (NY) 25 CENT ORIGINAL VALUE OBLIBERATED CENTS 50 CENTS (50 in Mss) DROWNE 19 YELLOW BLACK In U.S. Stamps, CHAS. T. CHICKHAUS Dealer in HAVANA SEGARS and VIRGINIA SMOKING TOBACCO 176 Broadway,/(HOWARD HOTEL) NEW YORK. (NY) 25 CENTS 25 CENTS NO RW (2 FROM LATE 50'S SALE) (To be continued) Catalog Number Paper Ink Commentary Used By Advertising Message Address City State Numerical Value Word Value Value Message Flap Printed Pedigree Catalog Number Paper Ink Commentary Used By Advertising Message Address City State Printer Printer's Address Printer's City Printer's State Numerical Value Word Value Value Message Flap Printed Pedigree Catalog Number Paper Ink Commentary Used By Advertising Message Address City State Numerical Value Word Value Value Message Flap Printed Pedigree /1),Y 71)71:2. dG ty,//,,m, / ,, / ji I,,,,,.,7 W;-;,,, ,f,k4.' (c/,',) ,/ _V-,, "7 - k,.,, ,r f (" L,./ - ,! / .../ ; /6; 4 "—/i r 141):2' „, ot, .., / . ,,. , t■ ,, , ,e,....: .. .—/ /; e• r 40,'....;!.,./ ,., ; . r ....///i.1, ,?, e • //,,, , I,/ 1 / _,,, .,,,,, I )7 /./..-. fi,,i4" ,/i- 'if,. ',,,,errieti* ,-, 2, ,,,, ' //2.7,`,. ,/' ,, , eY ',:, ,,,,,,,,,,;,,,, (1 Al 4 oe,b, ....... _.„......, 5 Cts. H Banking 'louse of E. 13. Budd 4.1 E 4 X // tai PTA,4`.111.8. t 2/.4; 4 ri6,6.kes J Page 192 Paper Money Whole No. 168 Iowa Obsolete Notes and Scrip (Revision 1993) by DEAN OAKES Burlington, Iowa Issue No. Issuer 13 E.W. Clark & Brothers 2. $2 Same as $1 in design. 3. $3 Same as $1 in design. Camanche, Iowa 20 Great Western Railroad Co. 1. Change rarity to R3 2. Change rarity to R4 3. $5 same as $1 and $2 except for large red figure 5 in center. R5 A group of these notes from this issue came on the market in 1983. These included a few $5 which had not been known until then. This accounts for the lowering of rarities in this series. Clinton, Iowa 23A E.B. Budd, Banking House 1. Black printing (Top) 5 cts. Clinton, Iowa, October 20th 1862. (C) Banking house of E.B. Budd, "Pay to the bearer five cents in current bank notes, when presented in sums of even dollars." (Signed) H.B. Horton. Overprinted "Receivable for taxes at the Treasurer of Clinton County." 5" x 2" R7 Paper Money Whole No. 168 Page 193 (Probably other denominations were issued and other dates used. Noting Issuer #24, it seems Clinton & Lyons were having a severe shortage of coin, as was all of Iowa in 1862.) Council Bluffs, Iowa 27 State Bank of Iowa, Council Bluffs branch 4. It has been pointed out to me that counterfeits were made of the $5 type 1 note. I have seen six different notes and the one thing they have in common is the issue date-5/1/60—which was probably the correct date. Davenport, Iowa 31A Leas, Wallace & Co. Date engraved 185_, note issued and redeemed by the company. Printers: Luse, Lane and Co. Printers. 1. 25C (Top) Leas, Wallace and Co. Flour Depot, Corner 2nd & Harrison St. (UR) "25" in engraved circle. (C) "On Demand pay to or bearer TWENTY FIVE CENTS in currency!' (B) Davenport (date line) Accepted (signed) L.A. Wallace. Note is yellow with a large orange underprint across central part TWENTY-FIVE CENTS. 32 New York Branch Hardware Store 1A. 254 (C) Vignette of a bee hive. Large red "25 Cts" overprint along bottom of note. Note is very similar to 504 of same issue. 33A Charles H. Plummer, Davenport Proof notes 254 & 504 listed under Washburn 34-5&6, these are now known to be the Plummer issue with the appearance of an issued $5 note. Imprinter: Chas. Shober, Chicago. 1. 54 (CR) Scene of cattle with a bridge and train in background, trees at sides and telegraph wires overhead. Date of Dec 1,1862, which is one month after the Washburn issue. No line for numbering is on the note. R7 2. 104 Unknown 3. 254 Listed under 34-5 4. 504 Listed under 34-6 Des Moines, Iowa 36 City of Des Moines—All Notes Proof R6 Eight proof sheets were sold at the American Bank Note Co. archive sale. Each was a $1, $2, $3, $5 sheet. Four of the sheets were black and white and four were printed with a red overprint of the denomination across the note on the lower half. A total of 32 notes are now known. N. it■LaLt.Cate-LC4f VIOVE fier'ff( ) ( G.,Loi„liagegat ',/e0rv,010‘ Page 194 Paper Money Whole No. 168 Dubuque 47 City of Dubuque Imprinter: Rawdon, Wright, Hatch & Edson, New York. 1. $1 Unknown 2. $2 (CT) City of Dubuque, black block letters. (UL & UR) TWO in lathe work. (LL & RR) TWO in shaded lettering. (C) Large figure 2, with countersignature of the auditor, Dubuque and date, this over the figure 2. (CL) Indian brave resting with a kill of venison behind him, his outstretched arm to (CR) Indian maiden also reclining with outstretched arm. 3. $3 Unknown 4. $5 Unknown .,......., . . 0 . . , 0 - 21 • - :...'• - ''.11 .; .,,.',,: , 4 . - '., ' i I i • r, ,, ; ''''' , • , , ., __ __,,-, , . ',,,, • S' .. i ,, 0, '.•\ , : 0-0 . -,1 ...,' .....1, .3/4.4,7■:.* . ..., ._ ....Ltrkril; 5. $10 (TC) Large river scene of barge, steamboats with buildings on shore in distance. (LL & LR) Figure 10 in lathe work. (LL) Man with hammer and shield. (LR) Lad with oar in hand. (C) "City of Dubuque" in block letters with red underprinting "TEN" Note: With a $2 & $10 coming to light, and in view of the large issue of notes, near $48,000, it seems reasonable to assume that $3 and $5 notes were issued. Prolitt:et tj bone Publieo. Iu Iterchettelee, or to ova 4T the Improvement Cemetery*/ Kktee Itbrs ftttittie..xer; Itepore n.t.ttt tiers n, i ) t'..7tt!AN xl an■lo, O 25, fi`1r „,„, ‘$ .11if -040.1041-it rnmeui, , ■rs HOOK S TOKK W :NORTH ESTER 1,0413 ilS6EICS•k11°)• Ihvoke or Stateett , r3, pet., the•Harker etie. Poet Nolo, at the NORTH—WS:STY...8 SI BOOK STORE. So• fit. MAZY ST. ,^th.,Xtra Print. Paper Money Whole No. 168 Page 195 47A Couch and Gilbert 1. 254 (LR & LL) Figure "25". (L) State of Iowa. (R) City of Dubuque. (C) Shield with name of company and address; also shows a merchant in a book store with the word "Prodigious" at bottom of shield vignette. Wording as follows, "We promise to pay the bearer ON DE- MAND twenty-five cents in merchandise, or in one of the Improvement Company's notes when the amount of $1 is presented" Printed in blue ink. Signed Couch and Gilbert. The back of this 4 1/2" x2 1/4" note is printed with the names of the merchant houses that would accept this check, a listing of forty-two establishments. 53 Dubuque Western Railroad Company 1. $5 R4 la. $5 R4 lb. $10 Same as the $5 note except for denomination. R5 lc. $20 Same as the $5 note except for denomination. R5 3. $1 R2 4. $3 R4 5. $5 R3 6. $10 R3 In about 1939 the Treasurer of Dubuque County cleaned house and an employee became owner of a large trunk of banknotes from the 1850-60 period. In the last 10 years three smaller lots of the now empty trunk have surfaced and been sold. I do not think that there are any lots left of over 20 or 30 notes from what must have been several thousand and that they are now quite widely dispersed. Most of the notes were Dubuque Central Improve- ment Co. and Dubuque Western Railroad Co. issue. 54 Grosvenor & Shelly la. 104 (UL) Large blue "X" printed with stars and stripes & "North Western Book Store!' (UR) Du- buque Iowa and large "10" in blue; same small vignette as the 254 note. (LL) Large blue figure "10:' (LR) Large blue "X:' 4 1/2" x2 1/4" overall. Signed Grosvenor and Shelly. R7 55 Lumberman's Bank of Dubuque Two uncut sheets are now known on this issue; one was known 10 years ago. iRSUr o tate up a p.rt eurrvney S.erlp, *taut rsilk..entable 491: r '1'.„WELA.....S771-21.2. OF 2-"I-T7- ota° mum. `k'raT 101,44. s ,"L.Lui) Eo