Paper Money - Vol. XXXIII, No. 3 - Whole No. 171 - May - June 1994

Please sign up as a member or login to view and search this journal.

Table of Contents

11111111 11111 , MAY/JUNE 1994VOL. X_XXIII No. 3 WHOLE No. 171 E.M. STANTON We Buy, Sell & Auction The Very Best In Paper Money, Stocks & Bonds, Coins & Autographs SHAMOKI RA3S10 lite 0 111 MS+ 12.1111 IKPOSITED iN (115 F3 8 661- WAITE 11 Ca7,1 29b45711:-— , ,nr.A011:1.MLEGIMTVAPISK ,===ink gorg.**************************************** Accepting Consignments Now for Major Public and Mail Bid Auctions in 1994 & 1995. Call or write for further information. Ir**** -4')th*****14 -************************* Crriegt , Send for our latest fixed price list of stocks and bonds. 26 Broadway Suite 271 New York, NY 10004-1701 EirArg141131IE ID 11-Akift" TOLL FREE 800-622-1880 NY 212-943-1880 FAX: 212-908-4047 MEMBER SOCI I‘iTY OF PAPER NION EY COI LECTORS INC . 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., 1994. 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. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. vol. XXXIII No. 3 Whole No. 171 MAY/JUNE 1994 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 PLATE LETTERING ON LARGE-SIZE NATIONAL BANK NOTES AND THE MAINTENANCE AND REPLACEMENT OF PLATES Peter Huntoon 75 THE ART OF THE DEAL: 10 G's FOR A FIVER Leonard W. Boasberg 81 HOW I GOT STARTED Bob Bolduc 82 THE UNITED STATES TREASURY SPECIMEN BOOKS Raphael Ellenbogen 82 THE BUCK STARTS HERE: A PRIMER FOR COLLECTORS Gene Hessler 90 A CURIOUS SOUTH CAROLINA NOTE IMPRINT Benny Bolin 91 THE MAGNIFICENT CONFEDERATE MONTGOMERY NOTES Brent Hughes 93 CATALOG OF ENVELOPED POSTAGE Milton R. Friedberg 98 THOSE COLOR OVERPRINTS Forrest W. Daniel 103 SOCIETY FEATURES NOTES FROM ALL OVER 104 MONEY MART 104 ON THE COVER: This is the 125th anniversary of the death of E.M. Stanton, Lincoln's Secretary of War. This portrait was engraved by Charles Burt. Change of address, and inquiries concerning non-delivery of PAPER MONEY and for additional copies of this issue, contact the Secretary; the address is on the next page. Paper Money Whole No. 171 Page 73 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. • U Iv KLU INC. P.O. BOX 84 • NANUET. N.Y 10954 ,NATIA)NAL ,411111E7,T5Y BUYING/ SELLING- OBSOLETE CURRENCY, NATIONALRIP S• UNCUT SHEETS, PROOFS, SI BARRY WEXLER, Pres. Member: SPMC, PCDA, ANA, FUN, GENA, ASCC (914) 352.9077 Page 74 Paper Money Whole No. 171 Paper Money Whole No. 171 Page 75 Plate Lettering on Large-Size National Bank Notes and the Maintenance and Replacement of Plates OBJECTIVE The purpose of this article is to document the conventions used to letter the subjects on large size na- tional bank note plates. In order to accomplish this, it is important to differentiate between altering, reentering and replacing national bank printing plates in order to determine when plate letters changed. DEFINITIONS The processes of replacing, altering and reentering plates must be examined in order to provide clarity to this discussion. Replacement plates were entirely new plates that were manufactured to replace worn plates. Be- ginning in 1878, the plate letters on replacement plates were advanced for the various denominations from those on the previous plates for a given bank. Altered plates were existing plates on which design elements were changed such as converting a territorial plate to a state plate, changing the treasury signatures, or, in the case of the startup of the Series of 1882 and 1902 date back issues, altering the security clause to include "or other securities': Lesser alterations included adding or removing manufacturer imprints and extending design ele- ments to the borders. In general, the plate letters on altered plates were left unchanged with one major group of exceptions. All plate letters were advanced when the security clause on the faces of Series of 1882 and 1902 were altered to read "or other securities!' Reentered plates were existing worn plates upon which design elements were repressed from rolls to refurbish details. The plate letters on reentered plates were left unchanged, but occasionally moved slightly. ALTERED PLATES T HE altering of plates was a very common occurrence, particularly in the early series. For example, Original Se- ries plates were altered into Series of 1875 plates by the Bureau of Engraving and Printing through the addition of new treasury signatures and the Bureau imprint. The bank titles on Original Series and Series of 1875 plates were altered in a number of instances involving title changes. In the extreme, an entirely different bank title was placed on an existing plate. Some interesting examples follow. The title of The Second National Bank of Havana, New York (343) was changed during the Original Series to The Havana National Bank on January 9, 1874. The bank was receiving 5-5-5-5s and the old title plate was altered to the new title with a new plate date of March 20, 1874 and new treasury signatures of Allison-Spinner. These alterations were carried out by the Continental National Bank Note Company. THE PAPER COLUMN by Peter Huntoon The First National Bank of Rockville, Indiana (63) was or- ganized under the Act of February 25, 1863, and was liquidated while issuing Series of 1875 notes on April 25, 1877. It was suc- ceeded by The National Bank of Rockville (2361), chartered on June 16, 1877. The history of its A-B -C-D 5 55 5 plate is fas- cinating. The plate began as an Original Series with Chittenden-Spinner signatures, plate date of November 2, 1863, act date of February 25, 1863, and The First National title. It was next altered by the Bureau of Engraving and Printing into a Series of 1875 plate by changing the signatures to Allison- New and adding the Bureau imprint. All else remained the same. Upon the liquidation of The First National Bank, the Bureau received an order from the Comptroller of the Currency John Knox on June 27, 1877, as follows: Please change plate for First National Bank of Rockville, In- diana, charter number 63, so as to read 'The National Bank of Rock- ville," Rockville, Indiana, charter number 2361. Also change date of note, so as to read June 30, 1877. (Bureau of Engraving and Printing, various dates-b). These alterations were made, and, in addition, the treasury sig- natures were changed to Allison-Wyman. Page 76 Paper Money Whole No. 171 The twist in this case was that the altered plate still carried the act approval date of February 25, 1863 because charter 63 was granted under the 1863 act. Through an oversight, this date was not changed when the plate was altered, even though the new bank, charter 2361, was an Act of June 3, 1864 bank! Later, an E-F-G-H replacement plate was made for the bank and it carried the proper act approval date. The most interesting plate alteration order that I found was the following, again from Comptroller Knox, and dated May 7, 1877: Please change the plate prepared for The Farmers National Bank of Mattoon, Illinois, which plate was ordered to be prepared in letter from this office February 14, 1876, to "The Farmers National Bank of Platte City," Platte City, Missouri. Transfer to bear date May 25, 1877, charter number 2356. Enlargement of the corner of a $5 Original Series note from The Tenth Na- tional Bank of the City of New York, New York (307), from a replacement(?) plate as indicated by the number 2 below the lower plate letter B. (Photo courtesy of Doug Walcutt who discovered this variety.) There was no Farmers National Bank of Mattoon, Illinois. The original order was a mistake and the Comptroller was saving money by altering the plate instead of having an entirely new one made. Although the previous examples of altering represent both major and minor changes, they did not lead to changes in the lettering of the subjects on the plates. The wave of alterations that produced lettering advances was forced by passage of the Emergency Currency Act of May 30, 1908. This act required that all Series of 1882 and 1902 face plates include the clause "or other securities;' Approximately 10,000 plates were altered to comply with this act, and the plate letters on those plates were advanced when they were altered. REENTERED PLATES Reentering was very common throughout the large size na- tional bank note issues because it cost-effectively prolonged the life of the plates. During reentry, the design elements on some Series of 1875 and 1882 plates were simultaneously al- tered, but not the plate letters. Beginning in the late 1870s the practice was adopted of changing the treasury signatures when a plate was thoroughly reentered. This practice ceased within a few years. Typical Series of 1902 plates lasted for about 35,000 impres- sions. The Series of 1902 $5 plates for The First National Bank of the City of New York (29) lasted for an average of about 70,000 impressions, revealing that these plates were extensively reentered. REPLACEMENT PLATES AND EVOLUTION OF LETTERING CONVENTIONS The problem of worn out plates plagued the national bank note printings from the beginning. Replacement plates made during the Original Series by the bank note companies carried the same letters and signatures as those they replaced. There is one known example of an Original Series plate that I interpret as being a replacement plate that carried an identifier indicating its status. This was a 5-5-5-5 for The Tenth National Bank of New York, New York (307) upon which a small number 2 was engraved under the lower right plate letter on all four subjects. This plate was prepared by the Continental Bank Note Company. The variety was discovered in 1985 by Doug Walcutt, the leading student of Original Series and Series of 1875 varieties. Walcutt cautions that without proof we cannot be certain that the 2s were added to an existing plate after it was altered, so in his view the variety could represent ei- ther an altered or replacement plate. The incrementing of plate letters on replacement plates was a Bureau of Engraving and Printing innovation that com- menced in 1878, during the Series of 1875, as the Bureau as- sumed responsibility for making plates. Important is the fact that the current treasury signatures were placed on the earliest Series of 1875 replacement plates, not the signatures that ap- peared on the plates that they replaced. The first Bureau replacements appear to have been 5 5 5 5s with the Scofield- Gilfillan combination, indicating that they were made after April 1, 1878. One example is the E-F-G-H Series of 1875 5-5-5-5 plate for The Second National Bank of Springfield, Mas- sachusetts (181) which bears the Scofield-Gilfillan combina- tion. This plate replaced an A-B-C-D Series of 1875 5-5-5-5 Allison-New plate. The practice of placing new signatures on Paper Money Whole No. 171 Page 77 IONAL CUltit:;7-geg.F:=11$:6:2ix*.c=.10-,-4 Nor'.; 'E 7 2627 73--ailnosns 0, .; t. -crixE4 61,g;:=4 t;r(_,•44,44/, OTogv* ECN. 440SIYAld:1,1 // 'W■714:stUIL,40.E.1rii * ./, ,V4=0:15' 1". CIAF=Wer24p, 7:.(141; .4 TO. ./../A•to 1"11* t*L'14" titRalilhT .44.---tz1-D) 1--- *Pk OTE SECiri N491547tMZIFTO11, ik BONDS Or, -)4 eir *441trE,11111 )405.1714 ';'1-4. , SE CONIC Ilevaaya Pair of Series of 1875 $5 notes from The Second National Bank of Springfield, Massachusetts (181). The "E" note is from a replacement plate, and the treasury signatures on it are Scofield-Gilfillam the officers current when the replacement plate was made. (Photos courtesy of Doug Walcutt.) replacement plates appears to have ceased before 1882. The last such plates carry the Bruce-Gilfillan signature combination. LETTERING CONVENTIONS Plate lettering conventions at the Bureau of Engraving and Printing had become fairly well standardized by the time the Series of 1882 was introduced. The following guidelines evolved: 1. The lettering of subjects for each denomination began at A with the start of each new series for every bank. Included were the new Series of 1902 plates for banks that were ex- tended in 1921 or 1922, which already had been issuing Se- ries of 1902 notes. 2. Lettering advanced consecutively within each denomina- tion down the plate, and then from plate to plate in the order in which the plates containing that denomination were made. 3. Plate letters for the different denominations reverted to A if the bank title changed or the bank reassumed an earlier charter number. Letters did not change on territorial plates that were altered into state plates. 4. Plate letters were advanced on existing Series of 1882 and 1902 plates when they were altered to the "or other securi- ties" variety with the introduction of the date back types. LETTERING SEQUENCE Lettering progressed within a given denomination from sub- ject to subject as the plates were made. See the independent se- quences of letters for the $10s and $20s in Table 1. The lettering sequence usually did not include the full al- phabet. The sixth format in a series of 4-subject single denomi- nation plates such as a 5-5-5-5 or 10-10-10-10 was U-V-W-X. The letters Y and Z were skipped so that the seventh format was A,- B R-Cc-D D . Thus, the style of letting was homogeneous on the plate instead of the heterogeneous Y-Z-A A-13,. Similarly, the eighth format in a series of 10-10-10-20 plates was V-W-X-H. The letters Y and Z were skipped on the $10s on the next format, and the plate was lettered A A -B B-Cc-I. Here, the styles of letters used on like denominations remained homogeneous. Notice that the $20 was consecutive from the preceding plate. The 24th format was V 3-W3 -X3 -X. The Y was not used on the $20 on the next plate. Rather, the Y and Z were once again skipped and the 25th format was A 4 -B s -C4 -AA ! See Table 1. The only way the letters Y and Z could be reached was on $10s in cases where there was a succession of intermixed 10-10-10-20 and 10-10-10-10 plates. This actually occurred as shown in Table 2 for Hartford, Connecticut (121), and Wilkes Barre, Pennsylvania (104). The W-X-Y-Z plate for Hartford (121) was ordered September 16, 1926, and the one for Wilkes Barre Paper Money Whole No. 171Page 78 mean 01081110WITIITIMIUSIMIN ,UNITEDSTATESOFAMER1CA • $10 Series of 1902 blue seal plain back note front The First National Bank of Hartford, Connecticut (121), w h plate letter "Z." See Table 2. (Photo courtesy of Robert Kvederas.) (104) February 6, 1929. Notice on Table 3 how the Yy was reached for a $10 on The National Bank of Commerce in New York (733). Although theoretically possible, the letters Y and Z were never used in a 50-100/50-50-50-100 mix because no bank required enough plates of those combinations to cycle to the end of the alphabet. Notice the progression of lettering styles on Table 1 as the al- phabet was cycled: A, AA, A3 , A4 , etc. For convenience, the numbers are herein referred to as subscripts but there is great variability in the placement of these numbers next to the plate letters. The subscript 2 was not used. In what is a measure of great financial prowess, The First National Bank of the City of New York (29) reached $5 Series of 1902 plate ArB 7 -C7 -D,, the highest format found on any plate. This plate was ordered November 3, 1928. The highest format used on a 10-10-10-20 plate was P s -Q s -R s -NN for the same bank on a Series of 1902 plate completed on August 6, 1928. The plates for the large banks progressed through the let- tering alphabet rapidly. For example, The National Bank of Commerce in New York (733) was beginning to cycle through the alphabet a second time using the A, style on its Series of 1902 10-10-10-10 and 10-10-10-20 issues by the end of red seal era. The bank had cycled well into the number 4 numerical subscript alphabet during its date back issues before it ceased issuing notes in 1915. The double letter variety occurs on Series of 1882 notes for a number of banks, although the numerical subscripts were not reached in that series. DESIGN REPLACEMENTS Face plates containing certain title layout varieties were syste- matically replaced during the Series of 1882 issues. The early $5s utilized a face format in which the treasury signatures were stacked above and to the left of the bank title. These were phased out and replaced with a more standardized in-line sig- nature variety beginning about the middle of 1887 and con- tinuing at least through late 1903, based on approval dates on proofs that I examined. The following letter from Edward 0. Graves, Chief of the Bureau of Engraving and Printing to Abrahams, Deputy Comptroller of the Currency, dated April 25, 1888, nicely explains the motivation behind this seeming rash of replacements: I am in receipt of your letter of the 24th instant in-closing, with the request that I will inform you whether its wish can be complied with, a letter from the Peoples National Bank of Clay Center, Kansas, No. 3345, asking if a change in the character of the title on its plate can be made so as to remedy its excessive plainness, and stating that a similar favor has been accorded the First National Bank of that place; No. 3072. The letter of the Peoples National Bank is herewith returned with the information that the change in the plate of the First National Bank was made for the reason that the engraving of the title on its former plate was inferior and inar- tistic, being produced by the patent lettering process, and that a new plate engraved in a more artistic style was prepared, not as a favor to the bank, but for the credit of this Bureau. This course has been pursued at the discretion of the officers of the Bureau to the extent that the state of the work permitted with those national bank notes plates on which the lettering was conspicuously inferior. As the Peoples National Bank does not fall within this category, I would not feel warranted in having a new plate prepared for it. In any event, it would not be desirable to have the titles of two banks in the same town engraved in the same style (Bureau of Engraving and Printing, various dates-b). Similarly, many Series of 1882 10-10-10-20 faces were purged during the same period. Many of these plates had been made using American Bank Note Company rolls. One example of the 10-10-10-20 replacements of this type involved The Putnam County National Bank of Carmel, New York (976). This bank issued 12717 sheets of 10-10-10-20s, far fewer than would cause a plate to wear out, yet a new plate was made for the bank and approved for use on November 3, 1897. It had an entirely different bank title layout, which had the more standard turn- of-the-century Bureau of Engraving and Printing look. This ac- tivity seems to have flourish in the 1887-1890 period, followed by a lull in 1890-1891 as the glut of 1889-1890 territorial to state alterations for Dakota, Montana, Washington, Idaho, Wyo- ming, and belatedly, Colorado, took priority. In the case of the purged Series of 1882 varieties, the replace- ment plates sported advanced plate letters, but utilized the same plate dates and treasury signatures as on the plates that were replaced. These type of replacement plates should be dis- tinguished from numerous Series of 1882 10-10-10-20 and 50-100 American Bank Note Company plates that were altered by the Bureau of Engraving and Printing through replacement of the bank note company imprint with the Bureau imprint in Paper Money Whole No. 171 Page 79 A1.81468 360073ft 'RFT SERIES OF 1902. Z(„/ THE A204172 SERIES tW1002. Stid, c . Latd:;;; Craftallt7: 437 \ 1 ,_I SERIES 01-1902. "Tri E. Enlargements showing Series of 19 02 plate lettering that has advanced into the second (A A) and fourth (A 4, E4) passes through the lettering alphabet. There is great variation in the placement of the duplicate letters and the numbers on such notes. Table 1. Plate letters used on the Series of 1902 10-10-10-20 plates for The First National Bank of the City of New York, New York (29). Notice that the letters Y and Z were not used for either the $10s or $20s. A-B-C-A AA-B K-CG-I A3-B3-C3-Q As-B4-C4-AA A5-B3-05-11 D-E-F-B DD -EL-CG-J D3-E3-F3-R D 4 -E4 -F4 -13 13 D 5 -E 5 -F5 -J 1 G-H-I-C GG -H II -I I -K G3-H3-I3-S G4 -14 4 -1 4 CC G 5 -1-1 5 -I 5 -KK J-K-L-D J i -KK-LL-L J3-K3-L3-T L4 -K4 -LL-DD Ks -Ls -M s -LL M-N-O-E MM -N N -O0 -M M3 -N 3-0 3 -U M4-N4-04-EE M 5 -N 5-0 5 -Mm P-Q-R-F Pp-QQ -RR-N P3-Q3-R3-V P 4 -Q4-R4 -FF P s -Q s -Rs -NN S-T-U-G S s Tr U ri O S7-T3-U3-W S4-T4-1_14-GG V-W-X-H Vv-Ww-XK-P V3-W3-X3-X V4 -W4-X4-1-1H Note: The last Series of 1902 5-5-5-5 plate for this bank was A7-B 7 -C7-D . Oregon Paper Money Exchange Presents.... The Oregon Pioneer SafeKeepers The Banknote Albums that Fit in a Safe Deposit Box! The Ones You've Been Waiting For FOR LARGE US FOR WORLD PAPER NOTES MONEY $68.95 ppd $72.95 ppd With 50 Archival MYLARTM Holders OREGON PAPER MONEY EXCHANGE 6802 SW 33rd Place Portland, OR 97219 (503) 2-45 -3659 (eves) Page 80 Paper Money Whole No. 171 Table 2. Plate letters used on Series of 1902 plates for The Second National Bank of Wilkes-Barre, Pennsyl- vania (104), and The First National Bank of Hart- ford, Connecticut (121), that led to the use of plate letters Y and Z. Combination Plate Letters 10-10-10-20 A-B-C-A 10-10-10-10 D-E-F-G 10-10-10-20 H-I-J-B 10-10-10-10 K-L-M-N 10-10-10-10 O-P-Q-R 10-10-10-10 S-T-U-V 10-10-10-10 WXYZ Table 3. Plate letters on selected Series of 1902 plates for The National Bank of Commerce, New York, New York (733). Notice the use of Y,. 10-10-10-20 00 -P I,QQ -I 10-10-10-10 RR-SS-Tr Uu 10-10-10-10 Vv-Ww-Xx -Yy 10-10-10-10 A3 -B 3-C3 -D 3 10-10-10-10 U3 -V3 -W3-X3 10-10-10-10 A4 -B 4 -C4 -D 4 10-10-10-10 Q 4 -R4 -S4 -T4 ACKNOWLEDGMENT the lower border and removal of the "Printed at the Bureau, En- graving & Printing, U. S. Treasury Dept" notation along the border. The plate letters on the altered plates were not in- cremented, and the title layouts were unchanged. An excellent example is the 10-10-10-20 plate for The Albuquerque National Bank, Territory of New Mexico (3222) which was recertified for use on July 25, 1884 after having these alterations. Certainly there were exceptions to the guidelines outlined here for replacement plates. For example, I found a notice to the Comptroller from the Bureau dated November 5, 1889 ad- vising that a Series of 1882 5-5-5-5 replacement plate lettered E- F-G-H had been prepared for The City National Bank of Grand Rapids, Michigan (3293), with a new style title layout, small charter numbers, BEP imprint, and new treasury signatures (Bureau of Engraving and Printing, various dates-b). By this time, the changing of the treasury signatures had long ago been discontinued for replacement plates. DISCUSSION The early replacement plates in the national bank note series were prepared by the bank note companies during the Original Series and were virtually identical to those that they replaced, having identical dates, treasury signatures and plate letters. The advancing of plate letters on replacement plates was a Bureau of Engraving and Printing innovation that occurred as the Bu- reau assumed responsibility for making plates during the Se- ries of 1875. The concept of exactly what constituted a replacement plate evolved within the Bureau during the Series of 1875. In addition to advancing the plate letters on the new plates, new treasury signatures were also added at first. How- ever, by the beginning of 1882, it appears that the idea of a replacement plate had assumed a more literal meaning. Aside from the plate letters, everything else remained the same as on the previous plate including the treasury signatures. New bank title layouts were commonly used on replacement plates in the Series of 1875 and 1882, In fact, the purpose of most Series of 1882 replacement plates was to replace "inferior and inartistic" layouts. In contrast, the various denominations on Series of 1902 replacement plates looked exactly like those they replaced. Consequently, the Series of 1902 saw full stan- dardization of the concept of a replacement plate, specifically that the designs of like denominations were identical from plate to plate save only for the progression of the plate letters. Doug Walcutt critically reviewed this article providing many sugges- tions for its improvement. He also provided data from his observa- tions on replacement and reentered Original Series and Series of 1875 notes, and provided crucial photographs reproduced here. REFERENCES CITED AND SOURCES OF DATA Bureau of Engraving and Printing, various dates-a, Certified proofs from U. S. national bank note face plates: National Numismatic Collections, Smithsonian Institution, Washington, DC. Bureau of Engraving and Printing, various dates-b, Correspondence to and from the Bureau of Engraving and Printing: U. S. National Ar- chives, Washington, DC. Bureau of Engraving and Printing, various dates-c, National bank note face plate history ledgers: U. S. National Archives, Washington, DC. Paper Money Whole No. 171 Page 81 The Art and the Deal 10 G's for a Fiver by LEONARD W. BOASBERG Staff Writer, The Philadelphia Enquirer Reprinted courtesy of The Philadelphia Enquirer (Submitted by Bob Cochran) T HERE'S $10,000 out there waiting to be exchanged for a $5 bill. That's 10 grand for one fin, just waiting—it's eight years now—for somebody to collect, no questions asked. The 10 G's are the reward for whoever returns or provides in- formation leading to the return of the painting of a $5 bill— titled, aptly, Five Dollar Bill, by the 19th-century American artist William Harnett. The painting vanished from its frame in the American wing on the first floor of the Philadelphia Museum of Art sometime between 6:30 p.m., Saturday, Dec. 15, 1984, and 9 the next morning. "There's a plum tree waiting to be shaken," says William E Smith, whose New York City firm represents underwriters that insure the fine arts. The underwriters offered the reward a week after the theft. A year later, they paid the Art Museum the $100,000 the painting had been insured for, but the reward, according to Smith, still stands. As for the museum, "we would return the money happily" to the insurance companies if the painting were returned, says museum president Robert Montgomery Scott. The museum would also happily keep confidential the iden- tity of the returner, or whoever gives information leading to the thief. "If you telephone me and tell me that you've found the $5 in a trash basket on 16th and Market Street, I'll go to 16th and Market and pick it up, with no questions asked' Scott said. The thief would have trouble collecting the reward unless he could come up with a pretty good explanation. But if his con- science is bothering him, or if he'd just like to get rid of the thing—and he can't sell it, since anybody in the art world would know it was stolen—all he has to do is phone the museum and tell it were to find the painting. The number to call is 215-785-5495. An informant could call the same number, or call the FBI- 215-829-2700—and be assured of confidentiality. The person who dropped the dime on Stephen Shih, who at gunpoint stole Auguste Rodin's Mask of the Man With the Broken Nose from the Rodin Museum on the Parkway in 1988, col- lected the $10,000 reward, and his or her identity has never been revealed, according to FBI Special Agent Robert Bazin. Eight years after the theft, the FBI has no leads on the missing $5 bill. The oil-on-canvas painting, only 12 inches by 8 inches, mint green on a dark background, was done in 1877 in the then- popular trompe l'oeil style, of which the Irish-born, Philadelphia-reared Harnett was the leading American practi- tioner. Trompe l'oeil is French for "fool the eye," and the $5 was so trompeur that in 1886 the Secret Service arrested painter Harnett on suspicion of counterfeiting. It seems that for years the Secret Service had been looking for an elusive counterfeiter, who had been turning out $100 bills of extraordinary artistic merit—painting rather than printing them. After an investigation, the Secret Service concluded Har- nett was not their man and let him go, with a warning to cease and desist from painting currency. [NOTE: It's almost a sure bet that the "elusive counterfeiter" referred to was Emanuel Ninger, whose "artwork" was so good that he successfully passed coun- terfeit notes of various designs and denominations for at least 15 years, maybe longer. Ninger was captured in March 1896, when one of his "notes" was handled by a saloon employee whose hands were wet, causing the ink to run. After his identity was known, Ninger was referred to as "Jim the Penman" For more information about this fascinating story, see articles by Brent Hughes in PAPER MONEY and Bank Note Reporter.] The Art Museum has two other Harnett paintings—one called Still Life of Ten-Cent Bill, also known as The Shinplaster; the other, Still Life With Writing Table. It got them and Five Dollar Bill in 1943 from Mrs. Alex Simpson Jr. and A. Carson Simpson. Shortly after the theft, Samuel L. Evans, president of the American Foundation for Negro Affairs in Philadelphia, also offered a reward, of $5,000, for information leading to the ar- rest and conviction of the thief. Suspicion had fallen on members of a black professional fraternity, Sigma Pi Phi, who had attended a party at the Art Museum the night the painting may have vanished. W. Wilson Goode, then the mayor, and his city managing director, Leo A. Brooks, were among the 120 guests. Evans said he had offered the reward to clear the names of the party guests. He withdrew the reward three years later, as- suming, he said, that their names had been cleared, since no suspect for the theft had been found. [In a related article appearing in the December 27, 1992 edi- tion of The Philadelphia Enquirer, Michael E. Ruane described the activities of J.S.G. Boggs, who has been offering individual hand-drawn copies of U.S. currency at "face" value in exchange for goods and services. The "notes" have been widely accepted, causing the Secret Service to take a special interest in his activi- ties. On one of his "notes," Boggs added a touch of irony—the signature of "W. Michael Harnett" as "Treasurer of Are] [Thanks to Harry Forman for bringing this article to our attention.] Page 82 Paper Money Whole No. 171 How I Got Started by BOB BOLDUC M Y interest in numismatics began around the age ofeight. As with many young collectors, my father alsocollected, which is how I got started. I wanted to col- lect coins and most dealers I spoke to were only interested in dealing with the investor with the deep pockets. My interest soon faded and I had no collecting interests for a number of years. I then became employed by Riggs National Bank of Washington, DC and that was the start of something new. I soon had the honor of meeting Mike Zier, who was the bank archivist. Mike, who is not a dealer but a collector, saw my interest in paper money and was willing to show and tell everything he knew about the Riggs collection. He was instrumental in putting this collection together for the bank, and his vast amount of information was enough to rekindle my interest. I then discovered that the bank I was currently working for had issued their own currency . . . I was hooked. I continued to learn as much as I could about grading and rarity before I started spending my hard-earned cash. I was going to be in contact with a new group of dealers since collecting coins. Paper money dealers seem to be a different group of people. I've met dealers from all over the country and most of them seem to have an honest interest in helping me continue my collecting goals. Some of these dealers have sent me bank notes on approval out of the blue—that's correct, I had no idea they were coming in the mail. This tells me the dealer is an honest and sincere person looking out for my interest. I would rank my current collection of Washington DC national bank notes as in the top five. I was not in the collecting world when the Liedman collection went on the auction block in the mid '80s, but do use the catalog as a comparison. Today I even own a few of the notes from the Liedman collection. I have had to do some fancy financing in some cases to afford that special DC national, but I feel that is part of the fun. I will have to say that in some instances dealers were willing to work out a payment plan. One of the pieces of which I am proud is a Riggs National Bank (5046) $5 Value Back. At the time it was only the second one known, with the other note being in the Riggs collection. Since then another one has surfaced, so it is not as special as it used to be. I also own a German American National Bank (2358) $1 First Charter. This is only the second note known from this bank, with the other note in the collection of Riggs National Bank. The Hickman auction in Memphis a number of years ago included the discovery note for the National City Bank (7936)—yes, I am the proud owner of this note also. My collection includes many Red Seals and Brown Backs. I expected these notes to be much tougher to get considering the ease of redeeming notes in the Washington, DC area. What I have discovered is that collecting paper currency requires plenty of patience. Other people still get the same joy out of collecting that I currently do and want the thrill of owning a rare note just as much as I do. As John Hickman told me—you're young, be patient, the notes will appear in time. Because my ability to obtain new material for my collection seems to be dwindling I've started doing something new. I am currently trying to record all the information about existing Washington DC national bank notes. This includes the following information: 1) Bank name—banks changed their name but kept the same charter number 2) Charter Number 3) Denomination 4) Serial Numbers 5) Block Letter 6) Signature combinations (President & Cashier) if readable 7) Condition Please send information or a copy of your note to: Bob Bolduc 9350F Snowden River Pkwy Suite 238 Columbia, MD 21045 THE UNITED STATES TREASURY j • Ooka& by RAPHAEL ELLEN BOGEN I N the last half of the nineteenth century, the TreasuryDepartment prepared a very limited selection of spe-cimen books for distribution to dignitaries and politi- cal figures. There were two categories: Specimens of Fractional Currency and Bureau of Engraving and Printing Portraits and Vi- gnettes. They were elegantly bound and superb presentation items. Martin Gengerke, in his article "History of the Fractional Currency Presentation Books' describes its history and indi- cates that only 14 copies of the fractional currency books are presently known. The number of copies of Treasury specimen books that have survived is currently unknown. When one is found and added to the syngraphists collection, it becomes a rare and veritable treasure. Paper Money Whole No. 171 Page 83 In addition to its great historical significance, the book pro- vides several intriguing corollary assets: a. Each book is a "one-of-a-kind" item with different vig- nettes and portraits. Some volumes open widthwise and some lengthwise. b. A significant number of large-size federal currency is high denomination and either exceedingly rare or virtually un- obtainable. Printed photographs of these bills do not do justice to the remarkable and exquisite engravings, but the specimens in the book are examples of proof perfec- tion in the intaglio printing technique. c. Each volume has a significant representation of the skill and artistry of many extraordinary engravers of the period. d. Most of the engravings are either titled, captioned or dated, providing specific information regarding the ar- tist's interpretation and wishes. e. Often the original engravings are cropped or trimmed to fit the currency design. The specimens in the book are the full and untouched original work as envisioned by the artist. ENGRAVER PRODUCTION ItemsEngraver No. Charles Burt 21 Alfred Sealey 6 Charles Schlecht 6 Alfred Jones 3 Joseph P. Ourdan 3 James Smillie 3 G.F.C. Smillie 2 Charles Skinner 2 William Chorlton 2 Marcus Baldwin 2 George D. Baldwin 2 Luigi Delnoce 2 Henry Gugler 2 W.W. Rice 2 Owen G. Hanks 1 Lorenzo Hatch 1 Charles Smith 1 S.A. Schoff 1 TOTAL ITEMS 62 TOTAL ENGRAVERS: 18 The volume of specimens described in detail in this article is full leather bound and hand-tooled. There are four raised bands with gilt devices and flourishes on the spine and covers. There are gilt designs on the inner edges of the covers. The page edges are heavily gilted on all sides. There are five panels on the spines with gilt decorations. The second panel has the fol- lowing gold inscription: 'Vignettes/and/Portraits!' All pages are card stock and are interleaved with white bond paper. The volume I have measures 9 1/4" x73/4" x21/2" and was assembled circa 1875. It was lot number 2634 in the Memphis Interna- tional Sale (June 23 -24, 1989) conducted by R.M. Smythe & Co., Inc. The estimate was $750 and up; it sold for $1,705. PAGINATION SEQUENCE Item Leaves Cover-Front 1 Blank 2 Frontispiece 1 Title Page 1 Embossed Rendition 1 Portraits 68 Vignettes 59 (Bond Interleaves 130) Blank 4 Cover-Back 1 Total Leaves: 268 PORTRAIT OR VIGNETTE IN VOLUME AND FINANCIAL INSTRUMENT FR. & H. DENOM- ENGRAVER/ NAMES - TITLES - DATES NUMBERS INATION YEAR PAINTER Or DESIGNER PORTRAITS • Washington/Early Profile as Roman --- --- --- Charles Burt/ Laureate Charles Burt • U.S. Grant/(Ulysses S.)(Early) --- --- 1871 ---/Charles Burt (Pres. 1869-1877) • Washington (George) (Pres. 1789-1797) FR. 18 $1 1869 • J.Q. Adams (John Quincey) (Pres. 1825- FR. 184 $500 1869 Alfred Sealey 1829) Charles Burt • John Adams (Pres. 1797-1801) --- --- --- • Van Buren( Martin) (Pres. 1837-1841) --- --- --- --- • Madison (James) (Pres. 1809-1817) FR. 188 $5,000 1878 --- • Harrison (Benjamin) (Pres. 1889-1893) FR. 587 $5 1902 Alfred Sealey • Zachary Taylor (Pres. 1849-1850) H. X-164 $20,000 1871 G.F.C. Smillie • Andrew Jackson (Pres. 1829-1837) FR. 64 $5 1869 --- Alfred Sealey • Pierce (Franklin) (Pres. 1853-1857) --- --- --- /Thomas Sully • Lincoln (Abraham) (Pres. 1861-1865) FR. 168 $100 1869 --- Charles Burt/ • Lincoln (in oval) with Agriculture & --- --- --- Anthony Berger Commerce --- • Washington (3/4 length--hand on book) FR. 193 $100 1863 Owen G. Hanks/ • John Marshall/Chief Justice/1804 FR. 372 $20 1890 Lansdowne Charles Schlecht/ • Albert Gallatin/Secretary-Treas. 1802- FR. 183 $500 1862 Henry Inman 1814 Alfred Jones • William H. Crawford/Secretary-Treas. FR. 1380 $ .50 1869 1817-1825 Charles Burt/John • James Guthrie/Secretary-Treas. 1853 --- --- --- W. Jarvis • S.P. Chase (Salmon)/Secretary-Treas. FR. 16 $1 1862 --- 1864 Joseph P. Ourdan • Levi Woodbury/Secretary.Treas. 1834 --- --- --- • William M. Meredith (Secretary-Treas. FR. 1264 $ .10 1874 --- 1849-1850) Charles Burt • Hon. Hugh McCulloch (Secretary-Treas. FR. 639 $20 1902 1884-1885) Alfred Sealey/ • Hamilton (Alexander) (Secretary-Treas. FR. 1 $5 1861 0. Smith 1789-1795) Joseph P. Ourdan • Frederick A. Sawyer • W.P. Fesseden (William) (Secretary- --- FR. 1291 --- $ .25 --- 1869 --- Charles Skinner Treas. 1864) • William A. Richardson/Secretary-Treas. --- --- --- --- 1873) • George S. Boutwell/Secretary-Treas. 1869 --- --- --- --- • Prof. Morse (Samuel F.B.) (Inventor) FR. 247 $2 1896 Charles Schlecht • John A. Rawlins/Secretary-War 1869 --- --- --- --- • Rufus King (U.S. Senator 1789-96, 1813- H. NE-14 $5 1873 Charles Burt 1825) • DeWitt Clinton (Gov. N.Y., Mayor N.Y., Senator) FR. 186 $1,000 1869 Charles Burt/ C.O. Ingham • Franklin (Benjamin) (Statesman - B.1706, D. 1790) FR. 152 $50 1874 Charles Burt/ James B. Longacre • Fulton (Robert) (Inventor) FR. 247 $2 1896 Charles Burt/ Benjamin West • Henry Clay (Secretary-State 1825-1829) FR. 151 $50 1869 Alfred Sealey • Decatur (Stephen) (Captain-Navy, War of FR. 305 $20 1878 Charles Schlecht 1812) • R.J. Walker (Robert) (Secretary-Treas, FR. 1308 $ .25 1874 Charles Burt 1845-1849) • Samuel Dexter (Secretary-War & Treas., 1800-1801) FR. 1379 $ .50 1869 Charles Burt/George Casilear • Silas Wright (U.S. Senator 1845-1847) FR. 1188 $50 1882 Charles Burt/Alonzo Chappell • Maj. General Mansfield (Joseph K.) FR. 185 $500 1874 Charles Burt (Battle of 1862) • Thomas H. Benton (Senator & Represen- tative) FR. 1166 $100 1863 Charles Burt • (No Name) General Winfield Scott (Head of Army 1841-1848, 1855-1861) FR. 212 $100 1865 George D. Baldwin • Thomas Ewing/Roman Profile --- --- --- --- • Amos Kendall --- --- --- --- • Edward Everett/Secretary-State 1852 FR. 323 $50 1878 Charles Schlecht • Douglas (Stephen) H. X-169 $1000 1870 Charles Burt • Burlingame --- --- --- --- • John J. Cisco --- --- --- --- • Hamilton Fish/Secretary-State 1869 --- --- --- --- • Andrew (John A.) H. X-159 $10,000 1871 --- • William H. Seward (Secretary-State 1860- FR. 376 $50 1891 Charles Schlecht 1869) • Admiral D.G. Farragut (David) (First FR.377 $100 1890 Charles Schlecht Admiral of Navy) • Stanton (Edwin M.) (Secretary-War 186240 FR. 347 $1 1890 Charles Burt • Oliver Wolcott • A.E. Borie • George M. Robison/Secretary-Navy 1869 • J.K. Barnes/Surgeon General U.S. Army H. X-164 --- --- --- $50 --- --- --- 1871 --- --- --- --- --- --- --- • Belknap --- --- --- --- • E.D. Baker H. X-171 $5,000 1872 Charles Burt • General Thomas (George H.) (Union Army FR. 359 $5 1890 Lorenzo HatchHero) • George H. Williams/Attorney General 1872 --- --- --- --- • Charles Lub . . .? (Written signature) --- --- --- --- • Dix --- --- --- --- • Thad Stevens H. X-166 $10,000 1878 --- • E.B. Washburne --- --- --- --- • (No name) Unknown --- --- --- --- • John A. J. Creswell/Postmaster General --- --- --- --- 1869 • Danl Webster (Daniel) (Secretary-State FR. 96 $10 1869 Alfred Sealey 1841, 1850-52) • C. Delano/Secretary-Interior 1870 --- --- --- --- VIGNETTES • Woman (Unknown) --- --- --- --- • America FR. 152 $50 1874 Charles Burt • (Eagle/on shield/Capitol) FR. 188 $5,000 1878 William Chorlton • (Eagle/Flags/Shield) FR. 1166 $100 1863 Charles Skinner • Capitol FR. 644 $20 1902 Marcus W. Baldwin • (The U.S. Capitol Back) --- --- --- --- • U.S. Treasury H. X-150 $50 1875 --- • The Patent Office --- --- --- --- • The White House --- --- --- ---. • Smithsonian Institute --- --- --- --- • (Building - Unknown) --- --- --- --- • Eagle of the Capitol FR. 190 $10 1863 G.F.C. Smillie • Eagles Nest H. 1341 $500 1863 James D. Smillie & Louis Delnoce/ Gilbert Stuart • Columbus (in study) FR. 186 $1,000 1869 Henry Gugler • Columbus (Discovery of Land) FR. 19 $1 1874 Joseph P. Ourdan/ Charles Schussele • (Discovery of Mississippi by DeSoto) H. X-138 $1,000 1863 --- • Pochahontas at Court FR. 96 $10 1869 W.W. Rice/T.A. Liebler • American Indian H. X-132 $50 1862 --- • The Eagle • Eagle (Flag and Staff) FR. 188 FR. 1215 $5,000 $500 1878 1882 William Chorlton --- • Harvesting --- --- --- --- • (Soldiers on Horse in Battle) --- --- --- --- • Seaman (with Anchor) H. X-150 $1,000 1865 --- • Liberty and Union H. X-138 $500 1863 Charles Burt • Eagle (Ocean Telegraph) FR. 1178 $20 1882 George D. Baldwin • Return of Peace FR. 151 $50 1869 Charles Smith • (Maiden Gathers Wheat) FR. 190 $10 1864 --- • Columbia (Holding Shield) FR. 127 $20 1869 Alfred Jones/ John W. Casilear • Liberty H. X-177 $1,000 1862 --- • The Pioneer FR. 64 $5 1869 Henry Gugler • Altar of Liberty H. 1435 --- 1861 --- • Valley Forge --- --- --- --- • The Guardian FR. 199 $100 1863 Charles Burt • Seeding and Ginning --- --- --- --- • Victory FR. 191 $20 1864 James Smillie • Sewing --- --- --- --- • In the Turret FR. 204 $100 1864 --- • Justice (Shield) FR. 203 $50 1863 Charles Burt • Loyalty FR. 203 $50 1863 W.W. Rice/ Alfred Jones • Reconstruction FR. 168 $100 1869 Louis Delnoce • Victory FR. 185 $500 1874 Charles Burt • Law and Peace H. X-132 $50 1862 --- • The Smokers --- --- --- --- • Caduceus FR. 203 $50 1863 Alfred Jones/John W. Casilear • Justice FR. 184 $500 1869 S.A. Schoff • Justice (Scales & Sword) FR. 211 $5,000 1861 --- • The Standard Bearer H. X - 40 $500 1863 George D. Baldwin • Soldier (Rests on Gun by Cannon) H. X-149 $1,000 1865 --- • Agriculture and Mechanics FR. 204 $100 1864 --- • Mercury (Child Seated) --- --- --- --- • Mortar Firing FR. 191 $20 1864 James Smillie • Eagle (Lightening-Ships) --- --- --- --- • Launching through the Surf --- --- --- --- • Iroquois (Battleship) --- --- --- --- • The Naval Engagement H. X-142 $1,000 1863 --- • (Mississippi Paddleboat) --- --- --- --- • (Ships in the Harbor) --- --- --- --- • New Ironsides H. X-140 $500 1863 James Smillie • (Paddleboat Steamer) --- --- --- --- Page 88 Paper Money Whole No. 171 The first section of pages are as follows: 1. Frontispiece: Large vignette of a weeping Indian Brave seated on a log overlooking a windmill and horse, with many fac- tories in the background billowing smoke and fumes from the numerous smokestacks. 2. Title Page: Fully engraved with the followinginscription: U.S. TREASURY DEPARTMENT Treasury Seal SPECIMENS. BUREAU OF ENGRAVING AND PRINTING WASHINGTON George B. McCartee' George W. Casilear Chief of Bureau Superintendent of Eng's vc. 3. Portrait: B.H. Bristow, Secretary of the Treasury 4. Stylized portrait in Roman profile, of man facing left, in multiple geometric frames. Printed in red. 5. The collection of portraits and vignettes as described below follow the order of the book's page sequence. Although I personally prefer Gene Hessler's outstanding work, The Comprehensive Catalogue of U.S. Paper Money, the FR. numbers listed refer to Robert Friedberg's Paper Money of the United States. Virtually all dealers and collectors use that num- bering system. There are, however, many notes which could only be found in Gene Hessler's trilogy and they are identified as: H-X: An Illustrated History of U.S. Loans H-NE: U.S. Essay, Proof and Specimen Notes The Comprehensive Catalogue of U.S. Paper Money Sometimes there are many notes that bear the same vignette. Only one has been selected for the example. Following the en- graver's name there are occasionally noted either the artist, designer or photographer of the illustration, where known. The following are "thumbnail biographies" of the talented and often prolific engravers represented in the book: Charles Kennedy Burt Born in Scotland in 1823. Came to New York in 1836. Was em- ployed for a time by A.L. Dick of New York where he etched a number of portraits and book illustrations. Later work was bank note engraving. For some years was the chief engraver for the Treasury Department in Washington, D.C. Several of his larger plates were made for the American Art Union in 1851 and 1852. He died in Brooklyn, New York in 1892. Alfred Sealey Born in New York in 1815. Was a fine line engraver who devoted himself to bank note work in later life. Active in New York City Paper Money Whole No. 171 Page 89 from 1838 to 1868. Was with own firm, Sealey and Smith, 1858-60. Worked for American Bank Note Co. after 1860. Did some good fine line illustrations for Cooper's novels. Also some sculpture signed "Sealey & Smith!' Charles Schlecht Born in Stuttgart, Germany in 1843. Brought to the U.S. by parents in 1852. Was apprenticed to American Bank Note Co. in 1859. Received instruction in his profession from Charles Burt and Alfred Jones. Bank note engraving was principal occu- pation. Worked in New York City and Bureau of Engraving and Printing in Washington. Also did some admirable portrait and subject plates for publishers. Joseph Prosper Ourdan Born in New York on February 16, 1828. Was apprenticed as en- graver to W.L. Ormsby of New York. Did some work for book publishers. Started the firm of Packard and Ourdan producing portraits in mezzotint. Became interested in bank note en- graving and was in the employ of the Continental and Na- tional Bank Note companies of New York and American Bank Note Co. of Philadelphia. Died in Washington, D.C. May 10, 1881. James D. Smillie Born in Edinburgh, Scotland on November 23, 1807. Worked in his father's and brother's jewelry business as the engraver. Went to London in 1827 to study engraving. Moved to New York in 1829 where he engraved a series of plates for the New York Mirror from 1832 to 1836. From 1861 until his death on December 4, 1885 he devoted himself solely to bank note en- graving. George Frederick C. Smillie Born November 23, 1854. Was the principal engraver at the Bu- reau of Engraving and Printing from 1894 to 1922. A pupil of the National Academy of Design and his uncle James Smillie at the American Bank Note Co. Charles Skinner An excellent bank note engraver in the employ of American Bank Note Co. and was working in New York at least as early as 1867. He also did several portraits for book publishers. Lorenzo Hatch Was employed as a bank note engraver by the Treasury Depart- ment in Washington, D.C. about 1875. George D. Baldwin A native of Connecticut, he was born about 1818. Studied por- traiture in Norwich. Painted many portraits of prominent men from his state. W.W. Rice Engraver of portraits and subject plates as a member of the firm of Rawdon, Wright, Hatch & Co. of New York in 1846. He was an engraver over his own name as late as 1860. Charles H. Smith During the years of 1855 to 1860, a capital line engraver of por- traits and book illustrations, working in Philadelphia and New York. Owen G. Hanks Born at Troy, New York in 1838. Studied engraving and worked at Rawdon, Wright and Hatch in New York. Employed primari- ly by that bank note company. He died circa 1865. Stephen Alonzo Schoff Born January 16, 1818 in Danville, Vermont. At age 8 his parents moved to Bradford and later Newburyport, Mas- sachusetts. He was one of six children and when 16 was sent to Boston, indentured for five years to Oliver Pelton, an engraver in that city. Dissatisfied with his progress, with Pelton's ap- proval, he became a pupil of Joseph Andrews, a line engraver. He went with Andrews to Paris in 1840 and both worked in the studio of Paul Delaroche drawing from nudes. He returned to the United States in 1842 and was sought out by a bank note engraving company in New York. He died on May 6, 1904 in Norfolk, Connecticut. Marcus W. Baldwin Born March 31, 1853 in Livingston, New Jersey. Was an appren- tice under Louis Delnoce and Alfred Jones at the American and National Bank Note companies. He formed his own company, "Baldwin, Gleason & Co.," and did private engraving until 1891. He then joined the Bureau of Engraving and Printing in Wash- ington. He died in New York City on July 15, 1925. William Chorlton Born at Manchester, England on March 20, 1847. He came to the United States about 1852. At age 16 he was engraving for the National Bank Note Co. under the supervision of Alfred and James Smillie. He joined the Bureau of Engraving and Printing about 1872. He died in 1874. Luigi (Louis) Delnoce Born in Italy in 1822. Studied engraving with John W. Casilear. Worked as a book illustrator from 1855 to 1860. He engraved for many bank note companies and the Bureau of Engraving and Printing. Died in Bronx, New York in 1880. Alfred Jones Born at Liverpool, England on April 7, 1819. He served as an ap- prentice with Rawdon, Wright, Hatch and Edson in Albany, New York, starting ca. 1834. Studied at the National Academy of Design in New York City and in Europe. Worked as engraver for several bank note companies. In 1866 he became the presi- dent of the United States Bank Note Co. He also served as su- perintendent of the Picture Department at American Bank Note Co. Continued on page 98 The Starts Here A Primer for Collectors by GENE HESSLER f I I Till: I AlTri)sTxri;sorAARE„, ( A T HE NATIONAL IRAOESMENS RANA ANO TRUST COMPANY OF C4 NEW HAVEN 0 CONNECTICUT 1,0, PAY E .1.A0,0 01,1AND FIV IHILLAlitS A001'891 (Walrall• : • «_*1111(eir-4.1_. 7214040M 7,T.JA"' Gaie d'UliMainagUlaraNIITIKWr :=2":(1 111104tilirfelliAlliriti 0361969D — tilfit14 1111 , irie,11 tIL• - 11. 44414.44041.50-04,Lur, Is Mt I Itykuaw.guma, ■441 441 41014ArafistioUta vv^' -frjj 14%/ittl'/V/ A V mp wiriazimmit135astrowco4a.. 2370 Paper Money Whole No. 171Page 90 these national bank notes were backed by federal government bonds they were accepted anywhere as they circulated along- This small-size $5 note was issued by the National Tradesmens Bank and Trust Company of New Haven. The portrait of Abraham Lincoln was en- graved by Charles Burt. This third charter, third issue large-size $5 note was issued by the Chase National Bank in New York City. The portrait of Benjamin Harrison was engraved by G.F.C. Smillie. N ATIONAL bank notes, each with a story to tell, are un- doubtedly the most popular collectible pieces of U.S. paper money. Each issue is unique due to the imprint of the name of the issuing national bank. These colorful pieces of American history were issued as both large- and small-size notes. And, in denominations of $5, $10 and $20, the most common examples are available for $50 or less. Some $5 notes are priced around $25. In 1863 the National Bank Act authorized participating char- tered banks to issue uniform currency up to 90 percent of the value of United States bonds which the bank had deposited with the United States Treasury. A subsequent act in 1865 placed a 10 percent tax on all state bank notes in circulation. This tax gave state banks the choice of paying the tax or joining the National Banking system. By 1866 there were no state-issuing banks. How- ever, the notes they had issued are referred to as obsolete bank notes and are also popular collectible items. Participating national banks were chartered for periods of 20 years, and there were three charter periods. The notes of each charter period are recognizable by the different or modified de- signs. The third charter period included three separate issues, the least expensive types to collect. These are distinguished by the color of the seal: first issue red, second and third issue blue, and only the second issue has "1902-1908" on the back. Since side the United States (legal tender) notes, silver and gold certi- ficates, treasury (coin) notes and Federal Reserve notes. There must have been a considerable amount of pride and a feeling of security to see the name of your bank on the currency that circulated in your community. However, since paper money travels, one also received national bank notes from banks in neighboring communities as well as banks that were thousands of miles away. Each of the 50 states issued national bank notes as a state or territory; some were issued by both. In addition, Puerto Rico also issued national bank notes. As you might imagine, large- size notes, and in some instances small-size notes, issued in sparsely populated locations like Alaska, Idaho, Hawaii, New Mexico, Oklahoma, Vermont and Wyoming are scarce or rare. A bank in a large city might have been in existence for only a short time. Consequently, the note-issue could have been small. A bank in a small community, for whatever reason, might have issued a large number of notes. However, national bank notes from approximately 20-25 states are affordable. By perusing a dealer's advertisements or looking through his or her stock of notes, you should find a large-size or small-size note, maybe both, from your state, your hometown, and, if you Continued on page 102 Paper Money Whole No. 171 Page 91 A Curious South Carolina Note Imprint by BENNY BOLIN During the 1993 Memphis International Paper Money Show, I was able to add some intriguing new South Carolina obsolete bank notes to my col- lection. They were issued by the Bank of the State of South Carolina, and each had a curious stamp (fig. 1) on the back. As I researched the stamp, I found a story spanning two continents, lasting for over 35 years and involving appeals all the way to the United States Supreme Court. T HE story begins with a major fire that struck the city of Charleston on the evening of Saturday, April 27, 1838. It destroyed much of the business district and over 1,000 homes, leaving 5,000-7,000 people without shelter. Damage was estimated to be around $3 million, with less than half being insured. The governor called a special session of the legislature that passed the Act for Rebuilding the City of Charleston or Fire Loan Act on June 1, 1838. The Act directed the Bank of the State of South Carolina to issue up to $2 mil- lion in bonds or other contracts, to secure a loan on the credit of the state to aid in rebuilding the city. Once borrowed, this money would be deposited in the bank and loaned to people of Charleston to rebuild. To get a loan to rebuild, potential borrowers had to submit, among other things, an affidavit that they would rebuild only in brick or stone and would use no combustible materials in their roofs. The bank decided to issue bonds one-half payable in twenty years and the rest payable in thirty years with an interest rate not to exceed six percent. The president of the bank, Charles Colcock appointed former South Carolina Governor George McDuffie as agent of the bank in charge of selling the bonds. Because he was unable to sell them above par in New York, he went to England to try the European market. He sold £232,500 sterling (stg) at five percent interest. The amount of £214,000 stg was sold to Baring Brothers and Company and the other £15,500 stg to private in- dividuals. The unsold bonds were cancelled and a six percent State Stock was substituted and sold primarily to people in South Carolina. The Bank of the State of South Carolina had been operating since its charter on August 9, 1813 and was said by many to have been one of the most profitable and stable financial insti- tutions in the south before the Civil War. However, like all but one of the banks in South Carolina, it failed after the war. On December 21, 1865 the South Carolina legislature passed the Act to Raise Supplies for the Year, which included a clause that closed all the banks' branches and required the main branch at Charleston to stop issuing notes, and only operate as a bank of deposit. The bank was closed for good on September 15, 1868. Section eleven of the Act of 1865 stated that the assets Figure 1 of the bank were to be used first, to pay the principal and in- terest due on the Fire Loan Bonds payable in Europe, second, to redeem the Fire Loan Stocks payable in the United States and third for redemption of outstanding notes and other debts of the bank. On October 30, 1867, before the fire loan stocks and thirty- year bonds could be redeemed (£109,000 stg were still held by Baring Bros. and were not due until 1868), Dabney, Morgan and Company, through their attorneys, Messrs. Magrath and Lowndes, filed suit in the Chancery Court of the First Instance of the State for the Charleston District against the president and directors of the bank. They contended that since the bank was insolvent, all its assets should be used to pay the bill- holders before the other creditors, or to at least treat them the same as the other creditors. They further contended that the Fire Loan Stock and Bond holders were not creditors of the bank, but of the state. Finally, they argued that section eleven of the Act of 1865 was unconstitutional and void because it im- paired the obligations of the billholders with the bank and vio- lated the Bankruptcy Act of 1867. The president and directors of the bank, represented by Hayne and Son, in their answer filed on February 3, 1868, con- tended that the billholders were not preferred creditors. They felt that Dabney, Morgan and Co. had bought the notes in their possession at a discount purely on speculation of redeeming them at full face value when they were fully aware that the bank was insolvent. Baring Brothers and Co., in their answer filed at the U.S. Consul in London on May 7, 1868, stated that they had sold many bonds "under the direction and for the benefit of the Bank of the State of South Carolina" and that they were, even to that day, acting as "agents in London of the Bank in South Carolina!' They stated that they had continued to pay the in- Page 92 Paper Money Whole No. 171 terest due on the bonds with the last payment being in January 1868, continuing to do so even during the war and "the blockade of the southern ports!' Baring Brothers held £26,000 stg bonds of the Louisville, Cincinnati and Charleston Railroad Company that, with the £5,200 stg interest due added, and when redeemed at the market rate of 42 percent, was not nearly sufficient to satisfy the £109,000 stg debt. They felt that since these were the only funds of the state or the bank within their control and since they had always acted in good faith, they had, "under the circumstances, a special claim as creditors of the Bank as a corporation and upon the assets of the same, as well as on the state itself." On March 3, 1868 the Court of Equity issued four orders: 1. making the South Carolina Attorney General a party defendant for sustaining the validity of the Act of 1865; 2. making Baring Brothers and Company defendants on behalf of the fire loan sterling bondholders; 3. making A.V. Dawson, et al. defendants on behalf of the fire loan stockholders; and 4. requiring the ref- eree of the court, James W. Gray, Esq., to call in by June 1, 1868, through newspaper advertisements (figure 2) in the cities of Charleston, Cincinnati, New Orleans, New York and Augusta, all people claiming to be creditors of the bank because of holding bills or notes of the bank or holding fire loan stocks or bonds. These were then stamped as shown in figure 1, proving that they were legitimate debts of the bank. THE STATE OF SOUTH CAROLINA-- CHARLESTON DISTRICT--DABNEY MORGAN & CO., vs.THE PRESIDENT AND DIRECTORS OF THE BANK OF THE STATE OF SOUTH CAROLINA-- IN EQUITY.--Upon hearing the Bill and Answer in this case, it is ordered: That said Master call in any person or persons claiming to be creditors holding Bills or Notes of the Corporation to make proof of their claims on or before the first day of June next ensuing Figure 2 On April 22, 1869 all the banks' assets were transferred to a receiver, William C. Courtney. The bank officers objected be- cause they felt that they could liquidate the affairs of the bank in a more efficient and cheaper manner, and they were prob- ably correct. Receiver Courtney was removed for an unknown reason and replaced by W.J. Gayer, who was replaced by C.C. Puffer, who was then replaced by C.H. Simonton. Shortly after Mr. Simonton was appointed, an audit showed that the other receivers had amassed fees of $135,790.81, proof that the affairs of the defunct bank were drawn into the corruption of the reconstruction regime. The case was first heard in late May 1870 in Charleston by Judge J. Carpenter. He ruled that billholders lacked legal claim to being preferred creditors. He also ruled that the Act of 1838, pledging funds to the redemption of the Fire Loan bonds and stock, was valid and that their holders held preference over other creditors, including billholders. He also ruled that since the act did not specify how the funds were to be raised, only the amount to be raised, that the stock and bond holders should be treated without preference over each other. Dabney, Morgan and Company appealed the decision to the South Carolina Supreme Court on the grounds that the Act of 1865 was unconstitutional and therefore void. Baring Brothers and Company also appealed because they felt that the Fire Loan Bondholders should be given preference over the Fire Loan Stockholders. The South Carolina Supreme Court heard the case during its 1871 term. Justice C.J. Moses wrote and delivered the opinion of the court on December 2, 1871, with Justices A.J. Willard and A.J. Wright concurring. They ruled that the Act of 1838 required a separate account be set up for the profits from the sale of the Fire Loan stocks and bonds and this money be used for their redemption. But, as Cashier Thomas Waring testified, this was not done, so no record was ever made specifying these profits. They also ruled that since the bank was insolvent, meaning that it could not meet its obligations, there were no profits to give. The court also ruled that since the state guaranteed the stocks and bonds and since they were payable at the state treasury, their holders contract was with the state and not with the bank. They did rule that after all other creditors were paid, any excess assets could be applied to the redemption of the stocks and bonds. Finally, they ruled that the billholders were entitled to the full value of their notes, despite their purchase date or price. The court ordered that the portion of the circuit decree that gave preference to the Fire Loan bond and stockholders, be set aside. It also ordered the assets of the bank held for distribu- tion among all creditors, in ratable proportion to the amount of their debts. Baring Brothers and Company again appealed, this time to the United States Supreme Court. Barings vs. Dabney was heard by the court in its October 1873 term. I.W. Hayne and W.W. Bryce represented Baring Brothers and D.H. Chamberlain represented Dabney, Morgan and Company. Justice Joseph P. Bradley wrote and delivered the opinion that was concurred with by Justices Samuel F. Miller, David Davis and William Strong. They found that the Fire Loan Stocks were clearly not a debt of the bank, but of the state. They also found that since the Fire Loan Bonds were not due for three years after the bank be- came insolvent and since no interest was in arrears, the bank could not be held liable for this debt. They ruled that it was the duty of the state, not the bank, to prevent this "future" liability. Therefore, they AFFIRMED the decree of the South Carolina Supreme Court. About the bonds themselves, the research done makes mul- tiple references to the twenty year bonds being £500 stg and the thirty year being £1000 stg. But, on examination of the bonds themselves, and after checking multiple resources on Southern states bonds, it appears that the twenty-year bonds actually is- sued were £250 stg and the thirty-year bonds £500 stg. No reference or example of a £1,000 stg bond was found. Anyone with any further information on this topic is urged to contact the author at Route One, Box 331B, Allen, Texas 75002. CORRECTIONS TO NO. 170 The previous issue of PAPER MONEY should have had a cap- tion that described the illustration on the lower right of page 44 as a counterfeit. The SPMC Awards on page 60 will take place in Memphis in 1994. Paper Money Whole No. 171 Page 93 I he Magnificent CONFEDERATE MONTGOMERY NOTES by BRENT HUGHES M OST paper money collectors conduct a never-ending search for choice notes to add to their albums but few ever hit the "mother lode" as I did in 1952 in Washington, DC. It came about when a newspaper reporter and photographer attended a meeting of the Washington Numismatic Society, which at that time met in the Smithsonian Museum of Natural History. A photograph of me with my exhibit of Confederate money appeared in the Sunday edition, along with an article about local collectors. An elderly reader saw the article and called the president of the Society asking him to help her dispose of a "large hoard" of Confederate notes. She was scheduled for surgery, she said, and wanted to pay her own way. The president asked me to go with him because I was sup- posed to be an expert on rebel paper money. When we arrived at the woman's home we were admitted by her daughter who told us that her mother was already in the attic where the col- lection was stored in two large suitcases. We walked up the stairs where we were greeted by a gracious seventy-five year old woman standing next to two open suitcases, each filled with row upon row of thick, white envelopes. The lady explained how the material came to be in her attic. Her father had gone to work at the U.S. Treasury Building in 1875, she said, where he had become fascinated with the Department's collection of Confederate financial papers. At that time, rebel paper money had little or no value and Treasury employees who expressed interest were often told to take a few notes home if they wished. In my ignorance I knew nothing of the history of the "Rebel Archives Bureau" within the Union War Department under Secretary Edwin Stanton. In fact, it was not until 1972 that I read Dr. Douglas Ball's 17-page foreword to the Quarterman Publications' reprint of the Register of the Confederate Debt and learned the full story of this bit of history. Secretary Stanton believed that Jefferson Davis had been in- volved in the assassination of President Lincoln and, in the search for proof, had ordered Union officers to ship four hun- dred and ninety boxes and barrels of captured Confederate documents from Richmond to Washington. When nothing was found to incriminate Davis, Stanton lost interest and the government found itself more or less stuck with the mountain of paper that included a half million Confederate notes and bonds. Around the 1870s the U.S. Treasury Department began receiving claims from Southern unionists who alleged that they had suffered financial losses during the Civil War which they now expected the U.S. government to repay. The Treasury officials would have no part of this and wanted to search the rebel archives for proof that the claimants had voluntarily pur- chased rebel bonds. If such proof could be found, the govern- ment could suggest that such claimants might be indicted for treason. Under these circumstances the claimants might lose their enthusiasm to press their claims and quietly disappear. At the Treasury's request, the archives were transferred from the War Department in 1881 and were not returned until 1888. In the intervening years the Adjutant General's chief clerk, Raphael Thian, had made a detailed study of the Confederate material. He hoped to publish several books on the subject but managed to print only one, his Register of the Confederate Debt. Those collectors who wish a full account of Thian's activities are advised to read Dr. Ball's foreword. Getting back to my attic adventure, I should explain that in 1952 a person could buy an 1864 Confederate $10 or $20 bill for fifty cents. Dealers had boxes of them and could easily replenish their stock for ten to twenty cents each. As a result, collectors generally ignored the common issues and concen- trated on the scarce and rare 1861 issues. I should add that this was about the extent of my knowledge of Confederate notes at that time. Now I wonder if the woman's father ever met Raphael Thian and what their conversations might have been. In any event, the Treasury Department must have retained at least part of the financial documents received from the War Department. According to the woman's statements, her father was called into his supervisor's office around 1894 and was told that the Treasury Department was cleaning house to gain office space and file cabinets, so the "rebel junk" had to go. "My father was told that if he wanted the notes, he could have them, but he had to get them out that day or they would be burned. Daddy went to a nearby livery stable and rented a horse and buggy, backed it up to a door on Fifteenth Street and loaded these suitcases and several small boxes into it. He then drove the buggy home, put the items in his study and returned the rig to the stable. I inherited all his possessions when he died in 1932" I assumed that most of the notes in the suitcases were the 1864 issue. I was able to examine the contents of only a few envelopes and noted the written inscriptions on perhaps fifty. All listed the dates "1863" and "1864" My friend and I closed the suitcases and gently inquired what she was asking for the hoard. "Last year I saw notes like these in the window of a Georgetown shop for seventy-five cents each, so I want fifty cents each" "Do you know how many notes there are?" I asked. "Yes, I counted them once. There are at least 15,000 of them, perhaps a few more" My friend and I looked at each other. I knew that $7,500 was far beyond both our budgets, so buying the hoard was out of Page 94 Paper Money Whole No. 171 the question. (In 1955 my wife and I bought a nice home in a Washington suburb for $15,750.) As we were about to leave, I asked the woman if she had any- thing else in Confederate money. "Yes," she replied, "I have this album which Daddy said contains a complete set:' She opened a drawer in a small table nearby and pulled out what I later learned was a Raphael Thian album. According to Dr. Ball, one of Thian's duties was to assemble scrapbooks and albums of Confederate notes to be presented to retiring Civil War generals and other officials. I opened the cover and saw the inscription, "Presented to General upon his retirement from the United States Army, May 31, 1884!' Something must have happened to cancel the presentation ceremony because the album was still at Treasury ten years later. A full account of the Montgomery notes is found in Douglas Ball's book, Financial Failure and Confederate Defeat (University of Illinois Press, 1954). The following is a brief account. The Confederate Congress authorized the issue of $1 million of the 3.65% interest-bearing notes on March 9, 1861. Since New York City was the center of bank note engraving and printing at that time, it was logical that Treasury Secretary Christopher Memminger would contact someone there to place his order. That person was fellow-banker Gazaway Bugg Lamar, vice president of the Bank of the Republic in New York City. (Just two months later, in May 1861, Lamar would return to the South to become president of the Bank of Commerce in Savannah, Georgia.) It appears that in the confusion of setting up his new depart- ment, Memminger failed to specify the denominations of the "Montgomery note," $1000, John C. Calhoun, left; Andrew Jackson, right. Black and green. Serial number 95 of a total issue of 607 notes. Written date: May 28, 1861. Slabaugh Type 4; Bradbeer-Criswell Type 3; Chase Type 104. I turned the page and saw the first Montgomery note I had ever seen: the $1000 note. It was at least extremely fine and even in the low light of the attic the green ink seemed to glow. Like the rest of the bills, it was held in place on the album page by two loops of sewing thread which just missed the top and bottom edges of the note. "I think I'll keep the album," the woman said, "at least for now!' "Then perhaps I might come back some time when it's con- venient and examine it more closely," I said. "These notes are rare and I doubt if I will ever see any others:' She smiled and told me she would let me know. I left my name and telephone number and we departed. The president of our Society arranged for a New York dealer to fly down and purchase the hoard but the woman did keep her album. In later years I often wondered what became of it. In 1978 I was startled to receive a telephone call from the woman's daughter. Her mother had passed away years before and she and her husband had inherited the album. Now they hoped to sell it to finance a trip to China which had just opened its borders to tourists. It had taken me twenty-six years but I finally was able to buy the treasure I had dreamed of owning. I never tired of looking at the Montgomery notes. Beautifully engraved and printed on fine paper, the notes are simply su- perb examples of bank note art. Never intended for circulation, they bore interest and ordinarily would have been held in vaults until redeemed. In the chaos of the Civil War, however, they did circulate until some were almost worn out. notes. The enabling act stated only that none of the notes could be of less than $50, so Lamar apparently selected the other denominations—$100, $500 and $1,000. He placed the order with the National Bank Note Company in New York, which en- graved a plate to print a four-note sheet of one of each denomi- nation. The 607 sheets were delivered to Montgomery on April 2, 1861, just ten days before the Civil War began. Memminger immediately realized that the demand would be for the smaller denominations so he contacted Lamar again, asking him to have the bank note company furnish an addi- tional one thousand each of the $50 and $100 notes. The com- pany split their plate and ran off 999 half-sheets to fill the order, but the beginning of hostilities made delivery difficult. Complicating the problem was a disgruntled businessman named Waterman Lily Ormsby, head of the New York Bank Note Company. In the recent reorganization of the bank note industry, Ormsby had been shut out of both the National Bank Note Company and the American Bank Note Company. In retaliation, Ormsby tipped off the Union government that Na- tional was printing Confederate currency. The story as narrated by Dr. Ball is that a group of U.S. Mar- shals showed up at the National Bank Note Company with orders to confiscate the Rebel plates. When they learned that the 999 half-sheets had been loaded on a ship in New York harbor, they raced to the dock. Fortunately for the South, the ship had just cast off and the captain ignored shouted orders to return. Unable to contact the forts in the outer harbor by tele- graph at that time, the marshals could only watch in frustration as the ship headed for international waters. The cargo eventu- Paper Money Whole No. 171 Page 95 7%, v// p/..////h,s. , ,r/if'' •■14:4. 11. ,4 - , • Wie •p 7.6 " 01, iignf4 ,j1t ,‘ 61411 Yitgav ..Dfiiii.(i1040-00(01) 10:stoir Jai -C7-7 - kI 014 tWitf fili 910 toviiionsm.sinosm-to illILK1.4 vinyialwomikuticalic=4:;.;c7:, 'Montgomery note," $50, Three Slaves in Cotton Field. Black and green. Serial number 968 of a total issue of 1,606 notes. Written date: May 16, 1861. Slabaugh Type 1; Bradbeer-Criswell Type 4; Chase Type 101. 'Mot tgomery note," $100, Railroad Train at Station, Columbia left. Black and green. Serial number 890 of a total issue of 1,606 notes. Written date: May 14, 1861. Slabaugh Type 2; Bradbeer-Criswell Type 3; Chase Type 102. 9;iip2rj?ri-1#111-rt. Crillq111111TrAVV:111, CTrai)43:01 I1:3; ....., - /411;:,,ii, .3, . , •:.Iiiiiii ' ( ' /7%(%1';'N.RVveilitillithiredWil/lifil:/149.? 10'1114etilte). .bq'tit:t.r51 ti iA1 '1, ,-;&-,, - wl UN PAY - ^7 -7' -1' •47:?.g. .:.=&•.,=,--., t,,,I,.t,r ::: ' -1 .- ,- ; -:_51...0q• . MINA .% Z311,5 FIFIZW-VAS.WLHALilitl.W*aa' VillS, 411E401 It14-111V .14:il, 4, --••PPi ia .1- gi "Montgomery note," $500, Cattle in Brook as Train Crosses Bridge, Ceres left. Black and green. Serial number 343 of a total issue of 607 notes. Written date: June 24, 1861. Slabaugh Type 3; Bradbeer-Criswell Type 4; Chase Type 103. The Charles T Jones signature on the $500 Montgomery note number 604. The insertion of the date over the word "Register" is an unusual feature. Page 96 Paper Money Whole No. 171 CONFEDERATE "MONTGOMERY NOTES" WRITTEN DATES FOR INTEREST PURPOSES Date: $50 Slabaugh Type 1 Bradbeer-Criswell Type 4 $100 Slabaugh Type 2 Bradbeer-Criswell Type 3 $500 Slabaugh Type 3 Bradbeer-Criswell Type 2 $1,000 Slabaugh Type 4 Bradbeer-Criswell Type 1 Serial Numbers Serial Numbers Serial Numbers Serial Numbers From To From To From To From To April 5, 1861 . . . . . 1 . . . . 5 . . . . 1 . . . . 19 April 8, 1861 . . . . . 6 . . . . 101 . . . 20 . . . 101 . . . 1 . . . . 14 April 9, 1861 . . . . 102 . . 161 . . 102 . . 156 . . . . 15 . . .19 April 25, 1861 . . . . 162 . . 261 . . 157 . . 261 . . . . 20 . . .54 . . . . 1 . . . . 17 May 1, 1861 . . . . . 55 . . 86 . . . . 18 . . . 29 May 2, 1861 . . . . 262 . . 265 May 3, 1861 . . . . 266 . . 465 . . . 262 . . . 561 May 4, 1861 . . . . 466 . . 809 . . . 562 . . . 809 . . . . 87 . . 122 May 14, 1861 . . . • 810 . . 959 . . . 810 . . . 984 May 16, 1861 . . . . 960 . . 1253 . . 985 . . 1237 . . . 123 . . . 131 May 20, 1861 . . . . 1254 . . 1256 May 21, 1861 . . . . 1257 . . 1259 . . 1238 May 22, 1861 . . . . 1260 . . 1436 . . 1239 . 1450 . . . 132 . . 171 . . 30 . . . . 39 May 23, 1861 .. . . 1437 . . 1586 . . 1451 . . 1545 . . . 172 . . 211 . . 40 . . . . 69 May 25, 1861 . . . . 1548 . . 1560 May 28, 1861 . . . . . 70 . . . 369 June 11, 1861 . . . . . 1561 . 1570 June 17, 1861 . . . . . 212 . . . . 231 . . 370 . . . 403 June 18, 1861 . . . . . 232 . . . .290 . . . 404 . . . 462 June 19, 1861 . . . . . 1587 . . 1590 . . . 1571 . 1573 . . 291 . . . .305 . . . 463 . . . 477 June 20, 1861 . . . . . 1591 . . 1592 June 21, 1861. . . 1593 . . 1606 . . 1574 . . 1606 . . . 306 . . 331 June 22, 1861 . . . . . . 332 . . 333 June 24, 1861 . . . . . . 334 . . 473 . . . 478 . . . 607 June 28, 1861. . . . . . 474 . . 537 July 8, 1861 . . . . . . 538 . . 540 July 18, 1861 . . . . . . 541 . . 576 *July 23, 1861 . . . . . . 577 . . 607 * Some notes in this group were signed by C. T. Jones as Acting Register with another date after his signature which was probably the date of issue for interest purposes. Paper Money Whole No. 171 Page 97 - CONFEDERATE MONTGOMERY NOTES - Serial Numbers of Notes Believed to Exist in 1993 $50 - Three Workers in Cotton Field, black and green, total issue: 1,606. Slabaugh Type 1, Bradbeer-Criswell Type 4, Chase Type 101 7, 63, 88, 93, 113, 121, 148, 163, 177, 179, 188, 202, 213, 228, 242, 243, 247, 248, 251, 271, 276, 287, 288, 310, 311, 315, 327, 330, 342, 358, 373, 388, 393, 394, 407, 411, 424, 431, 434, 447, 448, 676, 678, 685, 696, 730, 818, 819, 820, 826, 834, 840, 842, 845, 846, 847, 862, 868, 870, 873, 876, 881, 882, 888, 890, 894, 895, 901, 916, 920, 921, 922, 923, 924, 925, 929, 943, 945, 955, 965, 967, 968, 983, 993, 995, 997, 1005, 1026, 1039, 1067, 1079, 1084, 1085, 1094, 1095, 1126, 1128, 1130, 1136, 1139, 1142, 1147, 1173, 1191, 1207, 1208, 1209, 1211, 1234, 1241, 1266, 1273, 1283, 1304, 1309, 1311, 1315, 1321, 1333, 1334, 1335, 1350, 1365, 1367, 1372, 1397, 1399, 1432, 1439, 1441, 1465, 1473, 1481, 1546, 1561, 1574, 1576. Total: 137. $100 - Railroad Train at Station, Columbia at left, black and green, total issue: 1,606. Slabaugh Type 2, Bradbeer-Criswell Type 3, Chase Type 102 6, 12, 44, 49, 110, 124, 215, 242, 264, 269, 284, 297, 314, 319, 386, 397, 400, 408, 491, 508, 530, 532, 536, 553, 567, 602, 662, 708, 716, 729, 776, 779, 813, 814, 815, 822, 830, 831, 834, 838, 851, 858, 859, 861, 862, 863, 864, 886, 887, 888, 889, 890, 913, 916, 917, 918, 943, 948, 985, 987, 1001, 1006, 1010, 1014, 1015, 1016, 1019, 1023, 1025, 1026, 1049, 1066, 1067, 1076, 1081, 1088, 1091, 1095, 1098, 1102, 1117, 1139, 1140, 1141, 1142, 1143, 1144, 1147, 1149, 1150, 1168, 1189, 1201, 1202, 1203, 1216, 1228, 1229, 1235, 1236, 1237, 1240, 1249, 1264, 1266, 1278, 1279, 1285, 1286, 1287, 1337, 1338, 1342, 1343, 1344, 1346, 1367, 1376, 1378, 1379, 1380, 1381, 1382, 1397, 1402, 1429, 1441, 1452, 1461, 1474, 1478, 1488, 1492, 1508, 1537, 1547, 1550, 1602. Total: 138. $500 - Cattle in Brook Under Railroad Bridge, black and green, total issue: 607. Slabaugh Type 3, Bradbeer-Criswell Type 2, Chase Type 103 4, 7, 20, 22, 25, 41, 57, 59, 66, 68, 71, 72, 73, 77, 85, 107, 120, 123, 128, 129, 139, 141, 143, 144, 146, 147, 149, 150, 166, 167, 169, 176, 185, 195, 198, 201, 209, 210, 229, 233, 253, 258, 267, 269, 278, 283, 286, 288, 289, 290, 293, 310, 322, 332, 335, 341, 343, 345, 354, 380, 388, 402, 406, 410, 417, 418, 419, 422, 424, 425, 427, 431, 433, 434, 435, 449, 456, 497, 498, 509, 514, 517, 520, 536, 543, 545, 567, 568, 569, 576, 583, 593, 597, 603, 604. Total: 95. $1,000 - J. C. Calhoun, left; Andrew Jackson, right; black and green, total issue: 607. Slabaugh Type 4, Bradbeer-Criswell Type 1, Chase Type 104 12, 15, 29, 33, 34, 38, 42, 44, 45, 46, 48, 52, 53, 54, 55, 56, 57, 58, 59, 61, 65, 66, 82, 84, 85, 86, 87, 88, 89, 95, 99, 100, 102, 104, 145, 152, 166, 175, 176, 212, 219, 225, 229, 231, 242, 244, 258, 261, 266, 267, 276, 278, 279, 292, 296, 297, 302, 304, 306, 312, 314, 315, 316, 319, 320, 321, 322, 323, 324, 326, 327, 331, 332, 335, 338, 344, 365, 368, 371, 372, 392, 410, 416, 420, 428, 441, 449, 451, 453, 467, 473, 490, 494, 504, 511, 515, 521, 538, 555, 556, 558, 563, 564, 580, 593, 594, 595. Total: 107. Page 98 Paper Money Whole No. 171 ally reached a Southern port and the half-sheets were delivered to the Confederate Treasury Department. Thus, in aggregate, there were 1,606 each of the $50 and $100 Montgomery notes and 607 each of the $500 and $1,000, repre- senting a total value of $1,151,000. During the first week of May 1861, Memminger announced that Union authorities had seized the plates. The loss of the New York printing facilities was a crushing blow to the Secre- tary, who now had to seek currency contractors within the Con- federacy itself, a search that would prove to be extremely difficult. Today's collectors are fortunate that Raphael Thian pub- lished in his register a chart showing the date that was written on each of the 4,426 Montgomery notes. I had previously as- sumed that all of the notes were personally signed by Alex- ander B. Clitherall, Register, and Edward C. Elmore, Treasurer, but Dr. Ball, Hugh Shull and Arnold Cowan pointed out that the Register's Chief Clerk, Charles T. Jones, signed a few Mont- gomery notes after Clitherall resigned on July 24, 1861. Mr. Cowan supplied a photocopy of a $500 note, serial number 604, bearing the Jones signature. The note is dated July 23, 1861, a Tuesday, but Jones wrote in "July 27," the following Saturday, after his signature. The latter date presumably be- came the date of issue for interest purposes. Charles T. Jones was one of several men who held respon- sible jobs in the U.S. Treasury Department prior to the Civil War. Jones was the Assistant Register of the U.S. Treasury Department from 1857 to 1861 under Howell Cobb. Jones and others resigned and volunteered to serve in the Confederate Treasury Department where they performed well. When Jones came South, he had the foresight to bring with him "copies of all the forms in use in all of the several bureaus" of the U.S. Treasury Department. In his book Confederate Fi- nance, Dr. Richard Cecil Todd quotes Memminger's Chief Clerk, Henry Capers, as saying that the Confederate Treasury was more "indebted to the willing spirit and indefatigable labors of Mr. Jones than to any other single individual for the rapid and perfect organization of the department in all of its details!' Therefore it seems appropriate that Charles T. Jones was allowed to sign a few notes as substitute for Clitherall. The notes are all the $500 denomination and fall in the serial number range from 584 through 607. I have always been curious about how many Montgomery notes survived the war and may still be around today. Dr. Ball also had this interest and published his listing in 1978. At that time I combined his list of serial numbers with mine and have since searched out records which have appeared in books and catalogs going back to about 1916. I recently updated my list with serial numbers supplied by Hugh Shull, Arnold Cowan, Grover Criswell and Dennis Forgue. The combined list, which appears with this article, should be a reasonable guess as to the number of surviving Montgomery notes. Obviously it is difficult to compile such a list because notes are continually being destroyed by fire, flood and other hazards. We all know that in today's society it is not prudent to publicize the fact that one owns anything of value because thousands of criminals are eager to steal it. Many notes are stolen and never surface again. I disposed of my album for that very reason. Many collectors retain their Montgomery notes without telling anyone, so the serial numbers of such notes may or may not be in our list. It all depends on where, when and how the owner acquired his notes. I have reason to believe that there are several sets of Mont- gomery notes in undiscovered albums. Some families retain such items from one generation to the next, remembering only that their ancestors received them for some achievement or service to the government. On a bookshelf, these albums resemble ordinary books and can easily escape notice, espe- cially in old homes where personal libraries may not be dis- turbed for many years. As far as our list of serial numbers is concerned, I can only state that I believe the notes survived the war and have since been photographed, examined or recorded by reputable authors, collectors and dealers. If readers know of a Mont- gomery note with a serial number not listed, they are asked to advise the editor. Only the number will be recorded and pub- lished later. I am still searching for Confederate notes. Who knows where the next Thian album might turn up? But I don't really expect to see another hoard like the one I saw in 1952. A lot of col- lectors have entered the field since that time, several collections have been donated to museums or historical societies and the supply of notes is constantly shrinking. Nevertheless, it is a lot of fun to keep looking. SPECIMEN BOOKS Continued from page 82 Henry Gugler Born in Germany in 1816. Came to the United States in 1853 and started to engrave for bank note companies. He became one of the first engravers at the Bureau of Engraving and Printing on January 15, 1863. He died in 1880. Mr. McCartee was the second chief of the Bureau from March 1869 to February 1876. Bibliography Fielding, M. Dictionary of American painters, sculptors and engravers. Friedberg, R. Paper money of the United States. Hessler, G. The comprehensive catalogue of U.S. paper money. . U.S. essay, proof and specimen notes. . An illustrated history of U.S. loans, 1775-1898. Limpert, N. United States paper money, old series. U.S. Treasury Dept.: History of the Bureau of Engraving and Printing, 1862-1962. WORLD PAPER MONEY * BUY, SELL, TRADE * * FREE PRICE LIST * specialized in Poland, Russia and East Europe Tom Sluszkiewicz P.O. Box 54521, 7398 Edmonds St. BURNABY, B.C., CANADA, V3N 1A8 Paper Money Whole No. 171 Page 99 Catalog of Enveloped Postage by MILTON R. FRIEDBERG (Continued from No. 170, page 54) Catalog Number Paper Ink Commentary Advertising Message 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 Advertising Message 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 Advertising Message 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 77 WHITE BLUE EAGLE ON FRONT U.S. POSTAGE STAMPS I. LEACH 86 NASSAU ST N.Y. (NY) 50 CENTS. 50 CENTS. YES J. LEACH, 86 Nassau St. N.Y. WRITING PAPER, ENVELOPES AND BLANK BOOKS, CHEAP MRF, KF, MTG 78 WHITE DARK BLUE EAGLE ON FRONT U.S. POSTAGE STAMPS 1. LEACH 86 NASSAU ST N.Y. (NY) 50 CENTS. 50 CENTS. YES J. LEACH, 86 Nassau St. N.Y. WRITING PAPER, ENVELOPES AND BLANK BOOKS, CHEAP MRF, DKH 79 WHITE RED EAGLE ON FRONT U.S. POSTAGE STAMPS I. LEACH 86 NASSAU ST N.Y. (NY) 50 CENTS. 50 CENTS. YES J. LEACH, 86 Nassau St. N.Y. WRITING PAPER, ENVELOPES AND BLANK BOOKS, CHEAP MRF 79A WHITE LT. BLUE Commentary Advertising Message 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 Numerical 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 FLAG & SHIELD ON FRONT U.S. POSTAGE STAMPS BELIEVED TO BE H. SMITH 137 WILLIAM ST. N.Y. (NY) 50 NONE 50 YES LEACH Writing Paper, Envelopes and/Blank Books/ 86 NASSAU STREET/NEW YORK MRF 80 CREAM (LIGHT TAN) 75x45mm BLACK U.S. POSTAGE/75 CTS./STAMPS WAVY LINE BORDER D.W. LEE Stationer 82 Nassau St.,N.Y. N.Y. (NY) 75 75 CTS. MISSING FLAP AND BACK KK X-MOREAU 81 WHITE BLACK PILL ENVELOPE USED FOR CHANGE? HENRY W. LINCOLN APOTHECARY CHESTNUT AND CHARLES BOSTON (MASS) 30 (Mss) CENTS (Mss) 30 CENTS (All Mss) NO MRF MACOY & HERWIG, STATIONERS AND PRINTERS, 112 & 114 Broadway. 25 Cts. EXASSASerr HOWSE. SPRINGFIELD, MASS. M. & E. S. CHAPIN, - - Proprietors. Page 100 Paper Money Whole No. 171 Catalog Number Paper Ink Commentary Used By Advertising Message Address City State Numerical Value Word Value Value Message Flap Printed Pedigree 82 Word Value Cents. CREAM (WHITE 71.36mm) Value Message 25 Cents. BLACK Flap Printed YES NONE Flap Message T.R. DAWLEY, Reade and Centre Sts., N.Y. MACOY & HERWIG, Flap Advertisement Manufact'r, STATIONERS AND PRINTERS, Pedigree RW X-SEEMAN LOT 1353, MOREAU 112 & 114 Broadway. (NYC) Catalog Number 85 (NY) Paper PINK 25 Ink BLACK Cts. Commentary U.S. Postage Stamps. 25 Cts. Used By HY. MAILLARD'S MISSING Advertising Message CONFECTIONERY AND SALOON, RW X-MOREAU (BACK AND FLAP Address 621 BROADWAY MISSING) City (NYC) OZ .; 1,1S P.v .1-1^.(1 11 'J. HY. MAILLARD'S C01s11746TIONIEllY AND BA.L0011Y, 21 BROADWAY. tztc• U. S. Postage Stamps. Catalog Number 83 Paper PINK (LT. PURPLE) 67x34mm, 54mm incl. flap Ink BLACK Commentary U.S. Postage Stamps. Used By HY. MAILLARD'S Advertising Message CONFECTIONERY AND SALOON, Address 621 BROADWAY City (NYC) State (NY) Printer T.R. DAWLEY, Printer's Address Reade and Centre Sts. Printer's City N.Y. Printer's State (NY) Numerical Value 20 Word Value Cents. Value Message 20 Cents. Flap Printed YES Flap Message T.R. DAWLEY, Reade and Centre Sts., N.Y. Flap Advertisement Manufact'r, Pedigree RW X-MOREAU Catalog Number 84 Paper PINK 67x34mm, 54mm incl. flap State (NY) Printer T.R. DAWLEY, Printer's Address Reade and Centre Sts. Printer's City N.Y. Printer's State (NY) Numerical Value 50 Word Value Cents. Value Message 50 Cents. Flap Printed (POSTULATED—SEE 25c ABOVE) YES? Flap Message T.R. DAWLEY, Reade and Centre Sts., N.Y. Flap Advertisement Manufact'r, Pedigree RW X-SEEMAN LOT 1353 (FLAP MISSING) Catalog Number 86 Paper WHITE Ink BLACK Commentary U.S. STAMPS + VALUE IN BLACK SHIELD Used By MASSASOIT HOUSE Advertising Message M. & E.S. CHAPIN,—PROPRIETORS City SPRINGFIELD, State MASS. Numerical Value 10 Value Message U.S.STAMPS 10 CENTS in shield Flap Printed NO Pedigree DF Ink BLACK Catalog Number 87 Commentary U.S. Postage Stamps. Paper WHITE Used By HY. MAILLARD'S Ink BLACK Advertising Message CONFECTIONERY AND SALOON, Commentary U.S. STAMPS + VALUE IN BLACK SHIELD Address 621 BROADWAY Used By MASSASOIT HOUSE City (NYC) Advertising Message M. & E.S. CHAPIN,—PROPRIETORS State (NY) City SPRINGFIELD, Printer T.R. DAWLEY, State MASS. Printer's Address Reade and Centre Sts. Numerical Value 25 Printer's City N.Y. Value Message U.S.STAMPS 25 CENTS in shield Printer's State (NY) Flap Printed NO Numerical Value 25 Pedigree DF Paper Money Whole No. 171 Page 101 Catalog Number 88 Catalog Number 92 Paper WHITE Paper WHITE 67.35mm Ink BLACK + RED Ink BLUE Commentary U.S. STAMPS + VALUE IN RED SHIELD Commentary U.S. POSTAGE STAMPS. Used By MASSASOIT HOUSE Used By MILLER & GRANT, Advertising Message M. & E.S. CHAPIN,—PROPRIETORS Advertising Message Importers of/Rich Laces, Embroideries, &c. City SPRINGFIELD, Address 703 BROADWAY, State MASS. City NEW YORK Numerical Value 50 State (NY) Word Value CENTS. Numerical Value 25 Value Message U.S.STAMPS 50 CENTS in red Word Value NONE Flap Printed NO Value Message 25 Pedigree DF Flap Printed MISSING Pedigree RW X-MOREALI (BACK AND FLAP Catalog Number 89 MISSING) Paper CREAM 63.37mm Ink BLACK Commentary P.O./STAMPS. Catalog Number 93 Used By FRANK McELROY Paper YELLOW Advertising Message NONE Ink EMBOSSED Address No. 113 Nassau-St Commentary NOT PRINTED City (NYC) Used By MORRIS BROTHERS State (NY) Advertising Message MINSTRELS OPEN EVERY EVENINGA Numerical Value 25 ddress TROWBRIDGE Word Value CTS. City BOSTON Value Message 25 CTS State (MASS) Flap Printed MISSING Value Message NONE Pedigree RW X-MOREAU (BACK AND FLAP Flap Printed NO MISSING) Pedigree MRF 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 City State Numerical Value Word Value Value Message Flap Printed Pedigree 90 Catalog Number 94 CREAM 63.33mm Paper BEIGE BLACK Ink BLACK U.S. Stamps Commentary NONE R. LETSON, Proprietor. Used By SOLD BY/ANDREW A. MOSER , MERCANTILE DINING ROOM, Breakfast, Advertising Message STATIONER, Dinner & Supper. Address 22 WILLIAM ST. 256 Broadway, Opposite City Hall, City (NYC) NEW YORK State (NY) (NY) Numerical Value 25 BLANK Word Value CENTS. Cts. Value Message 25 CENTS. Cts. Flap Printed NO MISSING Pedigree RW X-SEEMAN LOT 1353 RW X-MOREAU (BACK AND FLAP MISSING) Catalog Number 95 Paper WHITE 2 1/4 Sq 91 Ink BLACK BROWN (MANILLA) Commentary U.S.POSTAGE STAMPS ENCLOSED IN BLACK LIGHT ORNATE BORDER U.S. POSTAGE STAMPS. Printer Wm. MURPHY METROPOLITAN HOTEL Printer's Address 438 CANAL ST. (NYC) Printer's City New York(NY) Printer's State (NY) 10 Numerical Value 25 CTS. Word Value Cts. S. 10 CTS. Value Message 25 Cts. NO Flap Printed YES KF, COLE (LOT 4130) Flap Message MADE BY Wm. MURPHY, 438 CANAL ST., New York. MILLER Sc, GRANT, Pedigree MTG Importers of Rich Laces, Embroideries, ch. 703 BROADWAY, NEW YCIDE. II. S. POSTAGE STAMPS. 25 Catalog Number 96 Paper CREAM (CREAM) 67.33mm Ink RED Commentary UNITED STATES/POSTAGE STAMPS/50 cts. 50cts(+DESIGN) Used By W.H. MURPHY Page 102 Paper Money Whole No. 171 Advertising Message Stationer Catalog Number 101 Address 372 Pearl-st. Paper WHITE City (NYC) Ink BLACK State (NY) Commentary U.S. POSTAGE STAMPS. Printer D.Murphy's Son, Printer Used By N.Y. CENTRAL R.R. CO. Printer's Address 65 Fulton Street Numerical Value 25 Printer's City N.Y. Value Message 25 Cts. Printer's State (NY) Flap Printed NO Numerical Value 50 Pedigree DF Value Message 50 cts. Flap Printed MISSING FLAP AND BACK Catalog Number 102 Pedigree KK X-MOREAU Paper WHITE Ink BLACK Catalog Number 97 Commentary U.S. POSTAGE STAMPS. Paper Used By N.Y. CENTRAL R.R. CO. Ink Numerical Value 50 Commentary U.S. POSTAGE STAMPS Value Message 50 Cts. Used By NATIONAL EXPRESS COMPANY Flap Printed NO Pedigree DF Advertising Message TROY, ALBANY, NORTHERN NY, VERMONT,+ Address 74 BROADWAY Catalog Number 103 City NEW YORK Paper CREAM 69.43mm State (NY) Ink BLACK Numerical Value 25 Commentary U.S. STAMPS Word Value CTS. Used By NEW BOWERY THEATRE, Sole Proprietor, Value Message 25 CTS. LINGARD. Flap Printed Numerical Value 25 Pedigree DROWNE Word Value CENTS. Value Message 25 CENTS. Flap Printed MISSING Catalog Number 98 Pedigree RW X-MOREAU (BACK AND FLAP Paper WHITE (YELLOW-ORANGE) 74.37mm MISSING) Ink BLACK Commentary U.S. POSTAGE STAMPS. Used By N.Y. Consolidated Stage Co City (NYC) State (NY) Numerical Value 50 Word Value Cents. Value Message 50 Cents. Flap Printed NO BUCK Continued from page 90 Pedigree MRF, RW X-MOREAU (BACK AND FLAP MISSING) are determined, a bank that once operated or continues to function where you now live. You will also see some interesting Catalog Number 99 national bank titles from the First National Banks of: Walla Paper TURQUOISE Walla, Washington; Sleepy Eye, Minnesota; Weeping Water, Ink BLACK Nebraska; Cherry Tree, Pennsylvania; and, among others, the Commentary U.S. POSTAGE STAMPS Indian Head National Bank in Nashua, New Hampshire. These Used By N.Y.C.R.R. colorful titles are in demand and often command big prices. Numerical Value 20 Most non-collectors, and many who are collectors, are not Value Message 20 CTS. aware of the fascinating national bank note period in the Flap Printed SLOT FOR STAMP United States from 1863 to 1933. These notes were individually Pedigree KRAUSE 93 -20, COLE (LOT 4131) signed by the president and cashier of the bank. By examining the signatures you might find that a relative or relative of a Catalog Number 100 friend signed the note you have. Paper WHITE You might discover that one or two national bank notes do Ink BLACK not satisfy you—great collections are started with that first pur- Commentary U.S. POSTAGE STAMPS. chase. However, if you only want one or two examples, $25 or Used By N.Y. CENTRAL R.R. CO. $50 dollars is not much to pay for a tangible piece of banking Numerical Value 10 history, especially if it relates to you personally.Value Message 10 Cts. Flap Printed NO (Copyright story reprinted by permission from Coin World, June 28, Pedigree DF 1993) Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals Naintimarocuri~ HIREDSTARSOVAMERICA .10-t-LkAt p ,p10•16.146- 11 na, 6579to KN.* t14,14.5410,1t, 11184 42,27.1=CIDW Peter Huntoon P.O. Box 3681 Laramie, WY 82071 (307) 742-2217 Paper Money Whole No. 171 Page 103 Those Color Overprints by FORREST W. DANIEL T HE color overprints of value, called protectors, which appeared on both sides of many state bank notes in the 1850s were intended to prevent alteration to raise the value of the bills. The distinctive quality of the overprint is the perfect register of the mirror image of those letters on the back of the bill which, usually, was otherwise blank. Bank note printers were aware that counterfeiting could not be prevented, but the addition of color on both sides provided another chal- lenge to the forger's art. Little consideration has been given the backwards printing on the back of the notes, but it was essen- tial to the success of the process. Augustus Applegarth (or Applegath), a printer, and Edward Cowper, both inventors, developed the process of printing both sides of a sheet in perfect register while trying to design a counterfeit-proof bank note for the Bank of England. Late in 1817, Applegarth suggested that color stereotypes of relief en- gravings by "a first rate artist," since they were white on black, would be difficult to reproduce by a copperplate engraver. Applegarth and Cowper were engaged to develop the process. In February 1819 color specimens of their work were sub- mitted to the Royal Commission for Prevention of Forgery, which had been established to select the best method to pre- vent the forgery of bank notes; the samples were favorably received. In October the Applegarth and Cowper method was chosen from more than a hundred proposals, including those from Sir William Congreve, a member of the commission, and American Jacob Perkins. Granted generous funds for ma- chinery, they moved into bank premises and began their work, insisting on strictest secrecy. The main design of their note was black with interspersed patterns in one or more colors. The back was an exact duplicate of the face in reversed image, and in perfect register with the face design. Nothing like the note had been seen before and there was much speculation about how the effect was achieved. Applegarth and Cowper produced and improved their notes for more than two years while the bank's chief engraver, Wil- liam Bawtree, played counterfeiter and imitated them by hand engraving. The printers added colors to the design as their notes were successively duplicated—up to five colors. In May 1821, an issue of £1 and £2 notes was discontinued when gold became available for cash payments; and on September 13 Applegarth and Cowper were notified that Mr. Bawtree's suc- cessful imitation of their latest effort brought the enterprise to an end. The experiment had cost the Bank of England £40,000, and left them with four million useless notes. Applegarth and Cowper used stereotype plates produced by Applegarth's inventive method. The notes were surface-printed on an ordinary rotary printing press—it was the registration of the design on the back which was unique. The secret of the process was merely that a sheet of paper was fed into the press only on every other revolution of the cylinder. The plate was first printed on the leather impression roller and when the sheet came through to be printed it picked up, on the back in off-set, the wet ink from the backing roller. Since both sides of the note were printed by the same impression, they were in per- fect register. When colors were used, the sheet was carried by microscopically adjustable tapes to another set of printing rollers where the process was repeated in the desired color. Face, back and colors were printed in a single pass through the multiple-unit press. The use of color overprints on American bank notes did not require the use of an accurately-tuned press to produce the effect; any single-color press could reproduce the effect on a sheet of bank notes. The spot printing could be done by either lithograph or surface printing methods; the colors were not in- tegrated into the bank note designs as they were in the English process. When over-all color designs were added to the backs of bills in the late 1850s and 1860s, the practice of spot overprinting was discontinued, although there are cases where offset color impressions appear over regular back designs. SOURCES: Harris, E.M. (1967). Sir William Congreve and his compound-plate printing. Contributions from the Museum of History and Tech- nology, Paper 71. Washington: Smithsonian Institution Press. Kubler, G.A. (1927). A short history of stereotyping. New York: Certified Dry Mat Corporation. Mackenzie, A.D. (1953). The Bank of England note: a history of its printing. Cambridge: The University Press. Notes From All Over JudithMurphy Page 104 Paper Money Whole No. 171 An Open Letter to Kenneth E. Bressett, Assistant Treasurer, ANA and Author in The Numismatist: In reference to your "Consumer Alert" #365, pp. 259-60, February Numismatist: 1 did my own double-take, to borrow your phrase, when I read your description of an article published in the Sep- tember/October issue of PAPER MONEY (in your words "a neat journal published by the Society of Paper Money Collectors ... written for and by collectors . . . highly respected in the hobby") I reviewed the article which you described as stating "how to con people into thinking you have an outstanding collection of United States currency ... buy sou- venir cards issued by the BEP ... cut notes out ... mount fake bills in a frame ... where people will think they are real ... Perhaps someone will even buy framed fakes someday thinking they are genuine;' knowing that such an idea would be in direct opposition to the ethics and ideals held by the SPMC. You go on to say "At least that is the way I read it" You read WRONG. You have totally misconstrued the article, which reads "the inherent pride of the syngraphist in his or her collec- tion ... demands a permanent display ... not practical or advisable because of security reasons, eventual discoloration, and deterioration of valuable notes" The writer goes on to suggest securing duplicate sou- venir cards from the BEP and cutting and framing your favorite notes where they will "draw many comments from your delighted friends as your 'collection' adorns the walls of your syngraphic den" A harmless interesting article, well-written and well-meant. Any paper money collector could immediately tell you why they would not mistake these for genuine notes, but perhaps you should take the Bureau of Engraving and Printing to task as well, considering your premise? I am at a loss to understand your attitude. I feel that the hobby is poorly served indeed when an ANA official snipes at a respect- able and viable collector organization, without checking the in- tent/content of the article with someone who has at least a working knowledge of syngraphics. Judith Murphy President Society of Paper Money Collectors, Inc. The preceding letter was sent by FAX to ANA headquarters on 2/17/94; to this date (3/28/94) no one has acknowledged receipt of same. I be- lieve that an insult has been offered to the author of the article (R. Ellenbogen), the editor of PAPER MONEY, and to the Society of Paper Money Collectors. After all, those no better informed about paper money collecting than Ken Bressett seems to be, will only remember the inference made. Please read the article in question. Let us and them know if you agree that it may be time for the Colorado Springs contin- gent to examine their statement of purpose, their raison d'etre. We in the SPMC care passionately about the future of numismatics; we want to see the ANA show that they parallel our concerns. Write letters! Be involved. You gain when you show you care. Looking forward to seeing you all in Memphis. Watch for schedule of events in the numismatic press. Judith \mon?oP mart Paper Money will accept classified advertising from members only on a basis of 15¢ per word, with a minimum charge of $3.75. The primary purpose of the ads is to assist members in exchanging, buying, selling, or locating specialized mate- rial and disposing of duplicates. Copy must be non-commercial in nature. Copy must be legibly printed or typed, accompanied by prepayment made payable to the Society of Paper Money Collectors, and reach the Editor, Gene Hessler, P.O. Box 8147, St. Louis, MO 63156 by the first of the month preceding the month of issue (i.e. Dec. 1 for Jan./Feb. issue). Word count: Name and address will count as five words. All other words and abbreviations, figure combinations and initials count as separate. No check copies. 10% discount for four or more insertions of the same copy. Sample ad and word count. WANTED: CONFEDERATE FACSIMILES by Upham for cash or trade for FRN block letters, $1 SC, U.S. obsolete. John W. Member, 000 Last St., New York, N.Y. 10015. (22 words: $2: SC: U.S.: FRN counted as one word each) OLD STOCK CERTIFICATES! Catalog plus 3 beautiful certificates $4.95. Also buy! Ken Prag, Box 531PM, Burlingame, Calif. 94011. Phone (415) 566-6400. (182) STOCK CERTIFICATE LIST SASE. Specials: 100 different $31; five lots $130. 20 different railroad stocks, mostly picturing trains, $30; five lots $125. Satisfaction guaranteed. Always buying. Clinton Hollins, Box 112P, Springfield, VA 22150. (172) WANTED: ADVERTISING BANKNOTES for dentists, veterinary, chiropractors, patent medicines (not Morse's Pills). Facsimile or over- printed notes. Interested in drugstore script. Ben Z. Swanson, Jr., 616 South Hanover Street, Baltimore, Maryland, 21230-3821. (173) POLAND, RUSSIA, POW, BALTIC STATES, Germany, POW, Europe, world banknotes. Buy, sell, trade. Free price list. Tom Sluszkiewicz, P.O. Box 54521, 7398 Edmonds, Burnaby B.C., Canada V3N 1A8. (171) OHIO NATIONALS WANTED. Send list of any you have. Also want Lowell, Tyler, Ryan, Jordan, O'Neill. Lowell Yoder, P.O.B. 444, Holland, OH 43528, 419-865-5115. (170) STATE NOTES WANTED: New Jersey-Monmouth County obsolete bank notes and scrip wanted by serious collector for research and exhi- bition. Seeking issues from Freehold, Monmouth Bank, Middletown Point, Howell Works, Keyport, Long Branch, and S. W. & W. A. Torrey- Manchester. Also Ocean Grove National Bank and Jersey Shore memo- rabilia. N.B. Buckman, P.O. Box 608, Ocean Grove, N.J. 07756. 1-800-533-6163. (171) JACK FISHER BUYING AND PAYING COLLECTOR PRICES for Michigan First Charter Nationals, all Kalamazoo, Michigan notes, Second and Third Charter $100 all States, 1935 Canada $500 and $1,000. Jack Fisher 3123 Bronson Boulevard, Kalamazoo, MI 49008. (172) WANTED: NEW JERSEY NATIONAL BANK NOTES, LARGE & SMALL, Blackwood, Cape May Court House, Cletnenton, Lakehurst, Laurel Springs, Mays Landing, New Egypt, North Merchantville, Pedricktown, Penn's Grove, Port Norris, Seabright, Somers Point, Tuck- ahoe, Vineland, Westville, Williamstown, other towns needed, doing research. Send photocopy; price. Robert Kotcher, Box 110, East Orange, NJ 07019. (173) WANTED: PAPER MONEY FROM LEBANON, private collector is looking to buy Lebanese paper money in any condition issued prior to 1960s. Please contact: M.H. Hussein, 6295 River Run Place, Orlando, Florida 32807, FAX: (407) 859-8121. (173) WANTED: Bank/Banking Histories, Bankers' Directories for personal library. Will send my "want" list, or offer what you have. Bob Cochran, Box 1085, Florissant, MO 63031. (173) WANTED: Huntsville, Alabama—Nationals, Obsoletes, scrip, checks, postcards, etc. Bob Cochran, Box 1085, Florissant, MO 63031. (173) HELP! To finish a set: I need a 1929-1 $5 from #4178, Mercantile- Commerce National Bank of St. Louis, Missouri. Bob Cochran, P.O. Box 1085, Florissant, MO 63031. (173) HELP! To finish a set: I need a 1929-1 $20 from #8765, Henderson Na- tional Bank of Huntsville, Alabama. Bob Cochran, P.O. Box 1085, Florissant, MO 63031. (173) COLLECTOR BUYING NATIONALS from Southwestern PA: Counties of Allegheny, Fayette, Somerset, Washington and Westmoreland. Charles Trenk, P.O. Box 241, Belle Vernon, PA 15012. •A small sampling of the many important pieces we have offered Over the years. 4!:'1 swrcouilvloniAtiftts 1:3217523446 .:61,9 gala. a rAtI.,...tar.7,1 kigrvIrTivitat, ••• :vex:n:ill! (invert: .11 D'13'!' Jr Realize the best prices for your paper money. o with the world's hinking of selling your most successful collection or desirable auction company— individual notes? Auctions by Bowers and Merena, Right now we arc accepting con- Inc. When vou consign your signments for our next several New collection or individual important York City and Los Angeles sales, or items, you go with a firm with an our annual Florida United Numisma- unequaled record of success! tists sale. Your call to Dr. Richard Bagg, Director of Auctions, at ver the years we information concerning how you 1-800-458-4646 will bring complete have handled some can realize the best price for your of the most important currency, in a transaction which paper money collections you, like thousands of others, will ever to be sold. find to be profitable and enjoyable. hat we have done for others, we can do for you. Telephone Dr. Richard Bagg today, or use the coupon pro- vided. Either way, it may be the most profitable move you have ever made! Dear Rick Bagg: PM 5/6-94 Please tell me how I can include my paper money in an upcoming auction. I understand that all information will he kept confidential. NAME ADDRESS CI TA STATE ZIP I'm considering selling. Please contact me. BRIEF I)IISCRIPTR)N OF HOLDINGS DAYTINIE TELIIIII IONE NUNIIIIIR Auctions by Bowers and Merena, Inc. Box 1224 • Wolfeboro, NH 03894 Toll-free: 1-800-458-4646/ In NH: 1-603-569-5095 Fax: 1-603-569-5319 Along the way our auctions have garnered numerous price records for our consignors. Indeed, many of our sales establish new price records on an ongoing basis. Paper Money Whole No. 171 Page 105 SUPERB UNITED STATES CURRENCY FOR SALE CO CO Tr if.1% 74, D70990 SEND FOR FREE PRICE LIST MisilitpOrtitO i,/77/ 7, //Yr //,,,,,/,/ BOOKS FOR SALE UEMPlil*LII I SLIM 9. D70990:, PAPER MONEY OF THE U.S. by Friedberg. 13th Edition. Hard Bound. $17.50 plus $2.50 postage. Total Price. $20.00 lifWil< ./4%, het,, N929443& lrannVajilrk;4tlt6,) ONolagommalawr+, COLLECTING PAPER MONEY FOR PLEASURE AND PROFIT by Barry Krause. Includes a complete history of paper money. Much information on U.S. and foreign paper money. Soft Cover. 255 pages. $14.50 plus $2.50 postage. Total Price. $17.00. COMPREHENSIVE CATALOG OF U.S. PAPER MONEY by Gene Hessler. 5th Edition. Hard Cover. $29.50 plus $2.50 postage. Total Price. $32.00. CONFEDERATE AND SOUTHERN STATES CURRENCY by Grover Criswell Jr. 4th Edition. Hard Cover. 415 Pages. $29.50 plus $2.50 postage. Total Price. $32.00 NATIONAL BANK NOTES by Kelly. 2nd Edition. Hard Cover. Lists all national bank notes by state and charter number. Gives amounts issued and what is still outstanding. 435 pages. $31.50 plus $2.50 postage. Total Price. $34.00. Stanley Morycz P.O. BOX 355, DEPT. M ENGLEWOOD, OH 45322 513-898-0114 Paper Money Whole No. 171 Page 107 WANTED TO BUY Collections, lots, accumulations, singles, U.S., obsoletes, stock certificates, checks, counterfeit detectors, historical documents, foreign currency. U.S. coins, medals, tokens. I buy it all—not just the "cream." The various guides are just that—guides. I will pay over "catalog" for what I want and "market" for the balance. The "Proof"—the availability of the many rarities I have for sale—came from knowledgeable collec- tors and dealers who sold them to me for "top prices." Quick confidential transactions with immediate payment—no deal too large. KAGIN PAYS OVER "GREEN SHEET" BID FOR THE FOLLOWING DEMAND NOTES S5: 1861 VG S10: 1861 VG LEGALS S1: 1862 Unc. 1869 Unc. 1874 Um., XF 1875 Unc. 1878 Unc. 1880 Brown Seal. Unc. 1880 Small Red Seal. Unc. 1917 Unc. 1923 Unc. $2: 1862 Unc. 1869 Unc. 1874 Unc. 1875 Unc. 1878 Unc. 1880 Brown Seal, Unc. 1880 Small Red Seal. Unc. 1917 Unc. $5: 1862-63 Uric. 1869 Unc. 1875 Unc. 1878 Unc. 1880 Brown Seal. Unc. 1880 Small Red Seal, Unc. 1907 Unc. $10. 1863-63 Unc. 1869 Unc. 1875 Unc. 1878 Unc. 1880 Brown Seal, Unc. 1880 Large Red Seal, Unc. 1880 Small Red Seal, Unc. 1901 Unc. 1923 Unc. S20: 1862-63 Unc. 1869 Unc. 1875 Unc. 1878 Unc. 1880 Brown Seal. Unc. 1880 Small Red Seal, Unc. $50: 1874 Unc., XF 1880 Brown Seal. Unc.. XF. Fine 1880 Small Red Seal, Unc., Fine $100: 1869 Unc., XF. Fine 1875 Unc.. XF, Fine 1878 XF. Fine 1880 Unc. $500. S1000 Notes - Name your price." All U.S. notes wanted at "top prices" in all conditions although I cannot pay over "green sheet" for everything. COMPOUND INTEREST TREASURY NOTES $10: 1863-64 XF. Fine $20: 1864 XF REFUNDING CERTIFICATE $10. 1879 XF SILVER CERTIFICATES $1 1886 Unc. 1891 Unc. 1896 Unc. 1899 Unc. 1923 Unc. $2: 1886 Unc 1891 Unc.. XF 1896 Unc. 1899 Unc. $5: 1886 Unc.. XF 1891 Una 1896 Unc. 1899 Unc. 1923 Unc. $10: 1880 Unc. 1886 Unc. 1891 Unc. 1908 Unc. $20: 1880 Unc. 1886 Unc, XF. F 1891 Unc. $100: 1880 Unc.. XF, F 1891 Unc., XF TREASURY OR COIN NOTES $1: 1890 Unc. 1891 Unc. $2: 1890 Unc. 1891 Unc., XF $5: 1890 Um. Fine 1891 Unc. $10: 1890 Unc. 1891 Unc. $20: 1890 Unc. 1891 Unc. NATIONAL BANK NOTES $1 1865-75 Unc XF $2 1865-75 Unc XF $5 1865-75 Unc. $10 1865-75 Unc. $20 1865-75 Unc. $50 1865-75 Unc. $100 1865-75 Unc. $5 1882 Brown Back, Unc. $10 1882 Brown Back, Unc. $20 1882 Brown Back, Unc. $50 1882 Brown Back, Una $100 1882 Brown Back Unc. $5 1882-1908 Unc. $10 1882-1908 Unc. $50 1882-1908 Unc. $100 1882-1908 Unc. $5 1882 Value Back. Unc., XF $10 1882 Value Back, Unc., XF. VF $20 1882 Value Back, Unc., XF. VF $50 1882 Value Back. Fine $100 1882 Value Back, Fine $5 1902 Red Seal. Unc., XF. VF $10 1902 Red Seal. Unc., XF. VF $20 1902 Red Seal, Unc., XF $50 1902 Red Seal. Unc., XF. VF $100 1902 Red Seal, Unc., XF. VF $5 1902-1908 Unc. $10 1902-1908 Unc. $20 1902-1908 Unc. $5 1902 Unc. $10 1902 Unc. $20 1902 Unc. FEDERAL RESERVE BANK NOTES $1 1918 Unc. $2 1918 Unc. $5 1915/1918 Unc. $10 1915/1918 Unc. $20 1915/1918 Unc. $50 1918 Unc.. XF FEDERAL RESERVE NOTES $5 1914 Red Seal, Unc $5 1914 Blue Seal. Unc $10 1914 Red Seal, Unc $10 1914 Blue Seal, Unc $20 1914 Red Seal, Unc $20 1914 Blue Seal, Unc $50 1914 Red Seal. Unc $50 1914 Blue Seal. Unc $100 1914 Red Seal. Unc . $100 1914 Blue Seal, Unc $500 1918 Blue Seal, Unc $10001918 Blue Seat Unc NATIONAL GOLD BANK NOTES $5 Fine $10 XF $20 XF $50 Fine, VG $100 Fine, VG GOLD CERTIFICATES $10 1907 Unc., XF $10 1922 Unc. $20 1882 Unc. $20 1905 Unc. $20 1906 Unc. $20 1922 Unc. $50 1882 Unc. $50 1913 Unc. $50 1922 Unc. $100 1882 Unc. $100 1922 Unc, XF $500 1922 Unc. $1000 1922 Unc. More paid for scarcer signa- tures. All U.S. notes wanted at "top prices" in all conditions al- though I cannot pay over "GREEN SHEET" for everything. ALL FRACTIONAL PROOF AND SPECIMEN NOTES WANTED IN CU. MOST AT OVER "GREEN SHEET" BID. ALL SMALL-SIZE LEGAL AND SILVER WANTED CU ALL SMALL-SIZE GOLD CERTIFICATES WANTED IN ALL CONDITIONS. ALL LARGE AND SMALL NA- TIONALS WANTED IN ALL CONDITIONS. ALL SHEETS WANTED, LARGE AND SMALL NATIONALS, LEGAL, SILVER, FEDERAL ALL ERRORS WANTED, LARGE AND SMALL ALL ENCASED POSTAGE WANTED Collector Since 1928; Professional Since 1933 PNG, A Founding Charter Member; Past President 1964-65 ANA Life Member 103; Governor 1983-87 50 Year Gold Recipient 1988 A.M. KAGIN 910 Insurance Exchange Bldg., Des Moines, Iowa 50309 (515) 243-7363 (617) 695-1652 Russell R. SmithJames E. Skalbe We maintain the LARGEST EARLY AMERICAN NUMISMATICS *619-273-3566 ACTIVE INVENTORY IN THE WORLD! COLONIAL & CONTINENTAL CURRENCY SERVICES: q Portfolio Development q Major Show Coverage q Auction Attendance SPECIALIZING IN: q Colonial Coins q Colonial Currency q Rare & Choice Type Coins q Pre-1800 Fiscal Paper q Encased Postage Stamps EARLY AMERICAN NUMISMATICS c/o Dana Linett q P.O. Box 2442 q LaJolla, CA 92038 q 619-273-3566 Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS I-1 I E PFtICES PA I FD FOR ALL COLONIAL P RE 1 BO 0 .44. I CA IFZ F2 la .110" SCRIP,, C) QS 4SE LOTTERY Ft. '110" -I- I ©CLONBA_= TRAnome oci,omo. 101 TREMONT ST.,SUITE 501o BOSTON, MA 02108 MEMBER: ANS,ANA,SPMC,CNA, SCPMC,EAC,NENA,CWTS,ASCC, SAN,APS,MAS,APIC,FUN,ETC SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. Page 108 Paper Money Whole No. 171 The BLUE RIDGE NUMISMATIC ASSOCIATION, in preparing for its 35th annual Fall convention, has borrowed an idea from a Wisconsin club: $99 tables .. corner $149 Ed Fritz, President, says "We want to fill the convention area and restore the Blue Ridge excitement of a coin convention. Many will remember that BRNA put on the SECOND LARGEST SHOW in the U.S. during the 60's. Guess what? We are headed back that way!' Reason? We are both dealer and collector oriented. We keep the dealer's cost down so the price saving can be passed to the collector. We charge a nominal ($2) admission charge, per family per weekend, BRNA members and those under 16 free. The admission helps offset the cost of advertising, not only in the numismatic trades but locally and nationally. There are acres of free parking. Admission also includes eligibility for a door prize drawing. COME JOIN US AUGUST 19, 20, 21st at Dalton, Ga. Dalton, GA is immediately off 1-75, 20 minutes south of Chattanooga, TN and 90 miles north of Atlanta, two well- established collecting areas. The North Georgia Trade & Convention Center is wonderful, clean and brightly modern. A top notch staff goes out of their way to be hepful. Unloading is easy—for setup, drive in, unload and drive out. Family members would enjoy the many historic places of interest in the area, the Chattanooga Aquarium is rated the second best in the country, outlet shopping and antiques abound. Modest and upward choices of hotels and restaurants. There are rumors of a midnight riverboat ride. There will be many exhibits as well as regional meetings of national associa- tions such as the SPMC, EAC, and SCCS. Frank Duvall of the Commemorative Society will present a talk: "What Ever Hap- pened to the Six Million Columbian Halfs?" with a slide presentation. All this and more. NOTE: Dealers flying into Chattanooga International Airport may receive armed escort service, free of charge, to the conven- tion site (must be scheduled in advance with bourse chairman). Bourse: Halbert Carmichael, Box 5265, Raleigh, NC 27650 919-832-4128 Dealers: for infto-ination Call .. . Ed (407) 995-7984 FAX #995-7983 SUBURBAN WASHINGTON/BALTIMORE COIN SHOW, BALTIMORE, MARYLAND NOV. 17-20, 1994 MAR 23-26, 1995 THE "COLLECTORAMA SIIOW" LAKELAND, FLORIDA FEATURES: • United States Paper Money •Confederate Currency • National Currency •Obsolete Currency • Eractional Currency And all Related Paper Americana OCT. 13-16, 1994 MAR. 9-12, 1995 THE FLORIDA KEYS COIN AND CURRENCY SHOW KEY LARGO, FL. JUL. 7-10, 1994 JAN. 12-15, 1995 WANTED ALL STATES ESPECIALLY THE FOLLOWING: TENN-DOYLE & TRACY CITY: AL, AR, CT, GA, SC, NC, MS, MN. LARGE & SMALL TYPE ALSO OBSOLETE AND CONFEDERATE WRITE WITH GRADE & PRICE SEND FOR LARGE PRICE LIST OF NATIONALS SPECIFY STATE SEND WANT LIST DECKER'S COINS & CURRENCY PO. BOX 69 SEYMOUR, TN 37865 (615) 428-3309 LM-120 ANA 640 FUN LM90 Paper Money Whole No. 171 Page 109 Million Dollar Buying Spree Currency: Nationals MPC Lg. & Sm. Type Fractional Obsolete Foreign Stocks • Bonds • Checks • Coins Stamps • Gold • Silver Platinum • Antique Watches Political Items • Postcards Baseball Cards • Masonic Items Hummels • Doultons Nearly Everything Collectible SEND FOR OUR COMPLETE PRICE LIST FREE W-116 -) SHOP COIN EST 1960 INC " 7 • ) • 41 • • t " 399 S. State Street - Westerville, OH 43081 1-614-882-3937 1-800-848.3966 outside Ohio Llfe Member X11, Tat BUYING and SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Cer- tificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. Foreign Notes from over 250 Countries Paper Money Books and Supplies Send us your Want List ... or ... Ship your material for a fair offer LOWELL C. HORWEDEL P.O. BOX 2395 WEST LAFAYETTE, IN 47906 SPMC #2907 ANA LM #1503 Page 110 Paper Money Whole No. 171 - - ----f EBANKOFREDWINC r fj TO ,...4), / G. ,2 ( '/I/, i .161 D L, -7-.:- . . 4-301A. , A r:th,, ,...- ±, ,,,,;; '. 1/ , .4167 kw/4 ...•. I COLLECT MINNESOTA OBSOLETE CURRENCY and NATIONAL BANK NOTES Please offer what you have for sale. Charles C. Parrish P.O. Box 481 Rosemount, Minnesota 55068 (612) 423-1039 SPMC LM114 - PCDA - LM ANA Since 1976 MYLAR D CURRENCY HOLDERS 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 43/4 x 2 3/4 $15.00 $28.00 $127.00 $218.00 Colonial 51/2 x 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 95/8 x 4 1 /4 25.00 46.00 209.00 385.00 Baseball Card Std 2 3/4 x 33 /4 14.50 26.00 1 1 9.00 219.00 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 1 /2 x 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 ) 111. WW5194NRANYVOMDS 6 '4 31 CANADIAN BOUGHT AND SOLD • CHARTERED BANKNOTES. • DOMINION OF CANADA. • BANK OF CANADA. • CHEQUES, SCRIP, BONDS & BOOKS. FREE PRICE LIST CHARLES D. MOORE P.O. BOX 1296P LEWISTON, NY 14092-1296 (416) 468-2312 LIFE MEMBER A.N.A. #1995 C.N.A. #143 C.P.M.S. #11 HARRY IS BUYING NATIONALS - LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES PO Box 30369 Cleveland, Ohio 44130 216.884-0701 Paper Money Whole No. 171 Page 111 BOOKS ON PAPER MONEY Arkansas Obsolete Notes & Script, Rothert $22 Territorials—US Territorial National Bank Notes, Huntoon $20 Florida, Cassidy (loci nails & obsolete) $29 Vermont Obsolete Notes & Scrip, Coulter $20 Indiana Obsolete Notes & Scrip, Wolka $22 National Bank Notes, Hickman & Oakes 2nd ed $95 Indian Territory/Oklahoma/Kansas Obsolete Notes & Scrip, Burgett and Whitfield $20 US Obsolete Bank Notes 1782-1866, Haxby 4 vol Early Paper Money of America, 3rd ed., Newman $195 $49 Iowa Obsolete Notes & Scrip, Oakes $20 Depression Scrip of the US 1930s $27 Minnesota Obsolete Notes & Scrip, Rockholt $20 World Paper Money 6th ed., general issues $49 Pennsylvania Obsolete Notes & Scrip, 1-loober $35 World Paper Money 6th ed., specialized issues $55 North Carolina Obsolete Notes, Pennell rpnt. $10 Confederate & Southern States Bonds, Criswell $25 Rhode Island & The Providence Plantations Obsolete Confederate States Paper Money, Slabaugh $9 Notes & Scrip, Durand $25 Civil War Sutler Tokens & Cardboard Scrip, Schenkman $27 10% off on five or more books • Non-SPMC members add $3 for one book, $5 for two books, $7 for three or more books CLASSIC COINS - P.O. Box 95—Allen, MI 49227 BUYING and SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items Extensive Catalog for $3.00, Refundable With Order ANA-LM SCNA PCDA HUGH SHULL P.O. Box 712, Leesville, SC 29070 / (803) 532-6747 FAX 803-532-1182 SPMC-LM BRNA FUN Buying & Selling Foreign Banknotes Send for Free List William H. Pheatt 9517 N. Cedar Hill Cir. Sun City, AZ 85351 Phone 602-933-6493 Fax 602-972-3995 WANTED ORIGINAL SIGNATURES OF FAMOUS HISTORICAL PEOPLE ON CURRENCY • LETTERS DOCUMENTS • CHECKS RAY ANTHONY 241 North Beverly Drive Beverly Hills, CA 90210 (800) 626-3393 • FAX (310) 859-7938 ANA LIFE MEMBER • MEMBER MANUSCRIPT SOCIETY PAPER MONEY UNITED STATES Large Size Currency • Small Size Currency Fractional Currency • Souvenir Cards Write For List Theodore Kemm 915 West End Avenue q New York, NY 10025 INTERNATIONAL BANK NOTE SOCIETY MEMBERSHIP DUES & FEES The current annual dues, in U. S. Dollars and U. K. pounds, are: Regular membership $ 17.50 £10.00 Family Membership 22.50 12.50 Junior Membership 9.00 5.00 Life Membership 300.00 165.00 Euro Cheques, add .50 For applications for all categories of membership contact: Milan Alusic P.O.Box 1642, Racine,Wisconsin 53401 U.S.A. (414) 554-6255 More Cash for your Cash WISCONSIN NATIONAL BANK NOTES WANTED C. Keith Edison P.O. Box 26 Mondovi, Wisconsin 54755-0026 (715) 926-5001 FAX (715) 926-5043 Collector selling to collectors. Large Stock, high grade paper, all types U.S., few duplicates, fair prices. I do not grade. Send me Lg. SASE for 12 copies of notes periodically released for sale. J.F. COINS ANA, S PM C P.O. Box 5711, Normandy MO 63121 Page 112 Paper Money Whole No. 171 1 1,I 11 :J!dr , q, 1 11 ,11 0.Olki• WE ARE ALWAYS BUYING N • ■ FRACTIONAL CURRENCY ■ ENCASED POSTAGE ■ LARGE SIZE CURRENCY ■ COLONIAL CURRENCY WRITE, CALL OR SHIP: 1-41.-41111P--40—.11 vi&4P4/1243)16 CURREN Inc. LEN and JEAN GLAZER (718) 268-3221 POST OFFICE BOX 111 FOREST HILLS, N.Y. 11375 ' SC )(11- 'I') ---'. 1..P.....,', ,E' '''.0 ' 11' \ 1'1- R \ I( ) \ I- 1 $ ( ( )1.1.1 ( 'I (AU, r'i 1 \( Charter Member Book cover may be subject to revision. release send me copy(ies) of the 'NDARD GUIDE TO S ‘11-SIZED U.S. PAPER MONEY at $24.95 plus $2.50 shipping for my first copy: $1.50 for each additional copy. Wisconsin residents, please add 5.5% sales tax to book and shipping total. Foreign addresses, please add $5.00 per book for shipping, payable in U.S. funds or by check drawn on a U.S., Canadian or Mexican bank, or by credit card. ( ) Check or money order enclosed (payable in U.S. funds) ( ) Charge to my ( ) VISA ( ) MasterCard Total for books $ Shipping $ WI residents add 5.5% tax $ Grand Total $ Card No . Name Address City State / Zip MasterCard & VISA Cardholders call toll-free 800-258-0929 Dept. AL8 Mon. - Fri. 6:30 a.m. to 8:00 p.m. Sat. 8:00 a.m. to 2:00 p.m., CST. Expiration Date: Mo. Signature L Yr. Send name, address and payment to: Available from your favorite hobby dealer or direct from the publisher THE STANDARD GUIDE TO SMALL-SIZED U.S. PAPER MONEY by Dean Oakes, with special contributions from Michael Crabb, John Schwartz, Peter Huntoon, and Bernard Schaff, 300 pages, 6" x 9", softbound Thousands of notes with hundreds of large, clear photos make the new STANDARD GUIDE TO SMALL-SIZED U.S. PAPER MONEY the most comprehensive treatment of small-sized U.S. paper money ever! This all new reference includes: 1. Over 250 original, near-full-sized photos to promote positive note identification without eyestrain. 2. Listings presented logically by date in each denomination, which makes it easy to look up the issues that appeal to you. 3. Updated printing figures on many issues. This information helps you know what you are buying or selling, giving you the advantage in a competitive marketplace. 4. Complete descriptions of all "mules," experimental notes, and every known block for all denominations. 5. An informative introduction that covers the history of "modern" U.S. paper money issues. 6. A convenient 6"x 9" compact size with a reader- friendly format. Take it along with you to shops and shows. 7. Accurate, up-to-date market valuations to help you when you buy or sell. Aleut Relecae, 4eadallie, Awl 1994 $2LL 95 r— plus shipping