Paper Money - Vol. XXXIV, No. 2 - Whole No. 176 - March - April 1995

MAR/APR 1995 111111111111 11 1 VoL. XXXIV No. 2 WHOLE No. 176 RUTH W. HILL seartd,rd caning of WORLD P. gt.noral Imes 700 E. State Street • Iola, WI 54990-0001 STANDARD CATALOG OF WORLD PAPER MONEY 7th Edition Volume II, General Issues By Albert Pick Edited by Colin Bruce II and Neil Shafer 8-1/2" x 11", hardcover 10,000 photos, approx. 1,200 pages, $55.00 This revised and thoroughly expanded catalog enhances its reputation as "the" reference book for nationally-circulated legal tender over the last 300 years. More than 22,000 notes are list- ed, including over 150 new notes from emerg- ing nations like Estonia, Latvia, Lithuania, Bosnia-Herzegovina and Macedonia. You'll also find over 10,000 illustrations to help you identify issues quickly and easily. 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 6" x 9", softcover, approx. 250 photos, 300 pages, $24.95 More than 250 large, clear photos are the focal point of this all new reference. Positive identifi- cation is easier on the eye. Listings include more than 14,000 serial number blocks and groups, and accurate, up-to-date valuations for thousands of issues from 1928 to the present. Updated printing figures and a concise, but comprehensive history of modern U.S. paper money, make this the most complete treatment of small-sized U.S. paper money available! WISCONSIN OBSOLETE BANK NOTES AND SCRIP By Chester L. Krause 8-1/2" x 11", hardcover, approx. 1,000 photos, 500 pages, $39.95 Respected collector and author, Chester L. Krause, presents the most thorough treatment of obsolete Wisconsin bank notes and scrip from 1836-1865. More than 1,000 of these rare and beautiful treasures are illustrated with large, sharp photos that aid in identification. Prices are also listed in this landmark edition — in up to three grades of preservation. Please print clearly ( ) Check or money order enclosed lee Your Name (payable to Krause Publications) ( ) MasterCard ( ) VISA Address Account No. City/State/Zip AQ2 Expiration Date: Mo. Yr. Phone Signature BOOKS Qty. Item Code Item Title Price Sub Total PM7 Standard Catalog of World Paper Money, 8th Edition $55.00 HP3 Standard Guide to Small-Sized U.S. Paper Money 24.95 OW Wisconsin Obsolete Bank Notes And Scrip 39.95 Shipping and Handling* Subtotal WI residents add 5.5% sales tax Total Enclosed *Please add $2.50 for postage for the first book and $1.50 for each additional book. Addresses outside the U.S. add $5.00 per title ordered for postage and handling. MasterCard & VISA Cardholders save time by calling toll-free 800-258-0929 Dept AQ2 Mon. - Fri. 6:30 a.m. to 8:00 p.m. • Sat. 8:00 a.m. to 2:00 p.m., CST. General business phone 715-445-2214 Mon.-Fri. 8:00 a.m. to 5:00 p.m. AN INDEX TO PAPER MONEY VOLUME 33, 11194 Nos. 169-174 No. Page Bennett, Frank Series of 1902 date back $50 and $100 Rhode Island national bank notes, illus 170 45 Boasberg, Leonard W. The art of the deal:10 g's for a fiver 171 81 Bolduc, Bob How I got started 171 82 Bolin, Benny A curious South Carolina note imprint, illus. . 171 91 Bonneau, Pierre Scripophily: an exciting new field!, illus. 173 160 Butts, Erling The battleship on the battleship, illus. 172 117 Cochran, Bob Bank happenings 169 31 Big Bill Gurney alias "Big Bill, the Queersman" 170 43 "It's a great magazine, but . 172 137 What will be your legacy? 172 118 CONFEDERATE Some outstanding counterfeits of the type 16 Confederate note, illus. Brent Hughes 170 The magnificent Confederate Montgomery notes, illus. Brent Hughes 171 93 COUNTERFEITS Big Bill Gurney alias "Big Bill, the Queersman," illus. Bob Cochran 170 Counterfeit 7.30% interest-bearing treasury notes, illus. Gene Hessler 174 Counterfeiters in St. Louis, Thomas Eagan 174 "Long Bill" Brockway king of the counterfeiters, illus. Brent Hughes 174 Some outstanding counterfeits of the type 16 Confederate note, illus. Brent Hughes 170 The counterfeit notes of Winthrop E. Hilton, illus. Brent Hughes 169 Daniel, Forrest W . Endorsed notes were used in Minnesota, illus. 172 120 Green goods game 173 176 Money tales 173 168 The demand note signers, illus. 173 173 The National Bank of Bismarck North Dakota, illus. 174 200 The unseen notes of the Bank of Chillicothe 169 17 Those color overprints. 171 103 Eagan, Thomas Counterfeiters in St. Louis, 174 203 Ellenbogen, Raphael The den of a syngraphist, illus 170 The United States Treasury specimen books, illus. 171 ENGRAVERS, ENGRAVING & PRINTING Edwin R. Cranz, master engraver, illus. John W. Jackson 169 Fisher, Jack H. President Harry S. Truman and Secretary of the Treasury John W. Snyder, illus 172 No. Page FRACTIONAL CURRENCY Friedberg, Milton R. Catalog of enveloped postage, illus. 169 22 170 54 171 98 172 138 173 170 174 208 Paper money and Mr. Stanton, illus. Brent Hughes 173 161 Gladfelter, David D. Suspect signatures on New Jersey obsolete paper money, illus 172 134 Glover, Patricia Modern Federal Reserve notes 173 169 Goldberg, Stephen M. Sorting the issues of New York City, illus. 173 155 Hatfield, Robert D. A foreign exchange draft from India, illus. 174 206 47 Hessler, Gene Anniversaries in 1994 that relate to paper money artists and engravers, illus. 174 210 Counterfeit 7.30% interest-bearing treasury notes, illus. 174 196 43 The buck starts here: a primer for collectors 169 9 170 52 196 171 90 203 172 131 173 168 191 174 207 Two unique interest-bearing treasury notes, 47 illus. 173 174 Young student creates imaginative note, illus. 170 52 10 Hughes, Brent "Long Bill" Brockway king of the counterfeiters, illus. 174 191 Paper money counterfeiters and Mr. Stanton, illus. 173 161 Some outstanding counterfeits of the type 16 Confederate note, illus. 170 47 The counterfeit notes of Winthrop E. Hilton, illus. 169 10 The magnificent Confederate Montgomery note, illus. 171 93 Huntoon, Peter 58 The paper column: A Peruvian vignette, illus. 169 19 82 Plate lettering on large-size national bank notes and the maintenance and replacement of plates, illus. 171 75 3 Treasury signatures on large-size national bank notes, illus. 172 115 Jackson, John W. 132 Edwin R. Cranz, master engraver, illus 169 3 No. Page No. Page Moon, Robert R. 173 179 Why I collect New York state national bank 174 214 notes, illus. 169 27 Notes from all over 169 31 Murphy, Judith (see Notes from all over) 170 61 NEW LITERATURE 171 104 Arizona mines and mining companies. James 172 142 Garbani 172 144 173 177 Interesting notes about territories. Roger 174 212 Durand 172 142 Statement of financial operations 174 213 Sutler paper money. Kenneth Keller 172 144 STOCK CERTIFICATES & BONDS U.S. department of agriculture food stamp and Scripophily: an exciting new field!, illus. Pierre food coupon program. R. Rockholt & T. Bonneau 173 160 Conklin 169 31 Sullivan, Jeff Wisconsin obsolete bank notes and scrip. C.L. Krause 174 214 The Bank of Whitehall and Tracey Cowen, illus. 174 201 OBSOLETE NOTES & SCRIP The paper column (see Peter Huntoon) Sorting the issues of New York City, illus. U.S. LARGE-SIZE NOTES Stephen M. Goldberg 173 155 The battleship on the battleship, illus. Erling Suspect signatures on New Jersey obsolete paper money, illus. David G. Gladfelter 172 134 Butts 172 The demand note signers, illus. Forrest W. 117 Sweet potato dinner: only a legend, illus. Brent Hughes 172 125 Daniel 173 173 The Bank of Whitehall and Tracey Cowen, illus. 174 201 Two unique interest-bearing treasury notes, illus. Gene Hessler 173 174 The unseen notes of the Bank of Chillicothe, U.S. NATIONAL BANK NOTES illus. Forrest W. Daniel 169 17 Series of 1902 date back $50 and $100 Rhode Prawat, Carolyn M. Island national bank notes, illus. Frank Haiti's "gourd money" illus 174 199 Bennett 170 45 SOCIETY OF PAPER MONEY COLLECTORS ANA literary and exhibit awards 174 212 The National Bank of Bismarck North Dakota, illus. Forrest W. Daniel 174 200 Award winners at Memphis 173 179 Why I collect New York State national bank Candidates for SPMC board of governors 170 63 notes, illus. Robert R. Moon 169 27 Contributors to SPMC publications fund 173 177 Walcutt, Doug Editor's corner 170 63 Treasury signatures on large-size national bank 172 143 notes, illus 172 115 Election results 172 142 WORLD PAPER MONEY Minutes from SPMC St. Louis meeting 170 62 A foreign exchange draft from India, illus. Minutes from SPMC Memphis meeting 173 178 Robert D. Hatfield 174 206 New members 169 32 Haiti's "gourd money" illus. Carolyn M. Prawat 174 199 170 64 Write, Edgar A. 172 145 Amazing $2 Hawaii notes 170 59 NOW AVAILABLE!!! SPMC members Bob Cochran and Ron Horstman have generated a listing of all known counterfeit national bank notes re- ported between 1863 and 1935. Included are First, Second and Third Charter Notes, and, for the first time, a listing of reported 1929 Series counterfeits. The listing is organized by denomination, and alphabetically by state within each denomination. Each note listed is described as it was in the original publication. The listing is bound securely, so you can easily take it with you to shows and meetings. If you've ever been "stuck" with a note you thought was genuine, this booklet could easily pay for itself in just one transaction. The price of each booklet is $9.65, which includes first-class postage. All proceeds from the sale of these booklets go to the Society of Paper Money Collectors. Make checks payable to SPMC, and mail to: Bob Cochran, P.O. Box 1085, Florissant, MO 63031. SOLI LYN ( IF PA PER MONEY C01.1,1-ICTORS INC. Paper Money Whole No. 176 Page 41 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., 1995. 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. XXXIV No. 2 Whole No. 176 MAR/APR 1995 ISSN 0031-1162 GENE HESSLER, Editor, P.O. Box 8147, St. Louis, MO 63156 Manuscripts (mss), not under consideration elsewhere, and publications for review should be sent to the Editor. Accepted mss will be published as soon as possible; however, publication in a specific issue cannot be guaranteed. Opinions expressed by authors do not necessarily reflect those of the SPMC. Mss are to be typed on one side only, double-spaced with at least one-inch margins. A copy should be retained by the author. The author's name, ad- dress and telephone number should appear on the first page. In addition, you may also submit a copy on a 31/2 or 5 1/4 inch MS DOS disk, identified with the name and version of software used: Microsoft Word, Word Perfect or text (ASCII) are preferred. Avoid unnecessary carriage returns, spaces, tabs and formatting. Avoid tabs or extra lines to begin paragraphs, and in tables use only one tab per column. If disk is submitted, double-spaced printout must accompany disk. IN THIS ISSUE THE WORK OF KENNETH GUY Mark D. Tomasko 43 MONEY TALES Forrest W. Daniel 52 THE SECOND WARD SAVINGS BANK, MILWAUKEE'S BREWERY BANK John and Nancy Wilson 53 A STUDY OF $2 LEGAL TENDER CHANGEOVER PAIRS Brian E. Cohen 56 "PROCESSED NOTES" A WORD TO THE WISE Bob Cochran 63 "HONEST JOHN BURKE" AND THE NUMBER ONE SHEET OF THE 1899 $2 SILVER CERTIFICATES Jack H. Fisher 65 THE BUCK STARTS HERE Gene Hessler 68 DID YOU KNOW? Bob Cochran 68 SOCIETY FEATURES NOTES FROM ALL OVER 69 IN MEMORIAM: RUTH W. HILL 69 NEW LITERATURE 70 MEET YOUR CHARTER MEMBERS 70 NEW MEMBERS 71 MONEY MART 71 ON THE COVER. See page 69 for the tribute to Ruth Hill. Inquires concerning non-delivery of PAPER MONEY and for additional copies of this issue contact the Secretary; the address is on the next page. For earlier issues contact Classic Coins, P.O. Box 95, Allen, MI 49227. 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 ROGER H. DURAND, P.O. Box 186, Rehoboth, MA 02769 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 CRABS, Jr., P.O. Box 17871, Memphis, TN 38187-0871 C. JOHN FERRERI, P.O. Box 33, Storrs, CT 06268 MILTON R. FRIEDBERG, 8803 Brecksville Rd., Unit 7, #203, Brecksville, OH 44141 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 organization under the laws of the District of Columbia. It is affiliated with the American Numismatic Association. The annual meeting is held at the Memphis IPMS in June. MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. JUN- IOR. Applicants must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or guardian. They will be preceded by the letter "j". This letter will be removed upon notification to the secre- tary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. Members of the ANA or other recognized numismatic so- defies are eligible for membership. Other applicants should be sponsored by an SMPC member or provide suitable references. DUES—Annual dues are $20. Members in Canada and Mex- ico should add $5 to cover additional postage; members throughout the rest of the world add $10. Life membership, payable in installments within one year, is $300. Members who join the Society prior to Oct. 1st receive the magazines already issued in the year in which they join. Members who join after Oct. 1st will have their dues paid through Decem- ber of the following year. They will also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. PHILLIP B. LAMB, LTD. CONFEDERATE STATES OF AMERICA, HISTORICAL CONNOISSEUR Avidly Buying and Selling: CONFEDERATE AUTOGRAPHS, PHOTOGRAPHS, DOCUMENTS, TREASURY NOTES AND BONDS, SLAVE PAPERS, U.C.V., OBSOLETE BANK NOTES, AND GENERAL MEMORABILIA. Superb, Friendly Service. Displaying at many major trade PHILLIP B. LAMB P.O. BOX 15850 NEW ORLEANS, LA 70175-5850 504-899-4710 QUARTERLY PRICE LISTS: $8 ANNUALLY WANT LISTS INVITED APPRAISALS BY FEE. Page 42 Paper Money Whole No. 176 The Work of Kenneth Guy by MARK D. TOMASKO @ Ken Guy at his desk working on the vignette for a U.S. West stock certificate, one of the Bell System companies. Paper Money Whole No. 176 Page 43 K EN guy did not grow up with the ambition to be an outstanding bank note engraver. In fact, up to his middle high school years he wanted to be a veterin- arian and was concentrating on biology courses. Fortunately for the engraving world, he switched in his junior year of high school from biology to art. His uncle, Fred Graham, was an ac- countant at American Bank Note's Bronx plant and arranged for an introduction in 1943. American Bank Note Co. (ABNCo) had suffered some major losses in its picture engraving depart- ment between 1940 and 1943. Edwin Gunn, the head of the Department, had died in October 1940, Wesley Jerndal in January 1942, Sidney Smith in August of 1942, and Louis Del- noce in April of 1943 while at work in the plant. None of these men were retired at the time of their deaths. The remaining ex- perienced picture engraving men included Bill Ford, who be- came Department head, Harold Osborn, Elie Loizeaux, Cliff Dawson, Bill Jung, Joe Keller, Arthur Vogel, Leo Kauffman and Warrell Hauck. Robert Savage was in ill health and died in July 1943. Ken Guy originally spoke with Arnold Reece, the Manager of the Engraving Department at the Hunt's Point plant, as well as Henry Treadwell, the ABNCo Vice President in charge of the plant. Since a picture engraver's apprenticeship took about ten years, the Company made a major investment in the in- dividuals chosen for these positions. For Ken, the combination of good artistic ability combined with an introduction by a relative, in addition to the crucial coincidence of appearing when American's picture department was in need of additional engravers, resulted in Ken Guy being hired as an apprentice en- graver on September 13, 1943. There was a problem right at the outset, however. Ken Guy was left-handed. And there were no left-handed engravers. He was fortunate, however, in having Bill Ford as his superior. Ford, the head of the Department after Gunn died in 1940, was himself a "leftie," but had been forced to engrave with his right hand. He decided to let Ken Guy learn to engrave with his left hand, and Ken believes he became the first left-handed picture engraver. In reviewing his work it becomes obvious that being left-handed is no handicap. Ken had only completed one year and one month of his ap- prenticeship when he was inducted into the Army on October 20, 1944. He served in the tank corps in Europe. In January of 1946 he returned to the Bronx to continue his apprenticeship. Fig. 1. PACIFIC NORTHWEST BELL TELEPHONE COMPANY THIRTY- SEVEN YEAR 41/2% DEBENTURE, DUE DECEMBER 1, 2000 PACIFIC NORTHWEST BELL TELEPHONE COMPANY, a corporation duly organized and existing under the laws of the State of Washington (herein referred to as the "Company"), for value received, hereby promises to pay to Fig. 3. Page 44 Paper Money Whole No. 176 During those apprentice years, the engraver learns the various cutting and etching techniques, starting with scroll work and gradually working up to doing reductions of larger vignettes, fre- quently for bond coupons. Ken was trained to be both a cutter and an etcher, unlike in earlier years when there was more of a tendency to be one or the other. For example, the man he was hired to replace, Louis Delnoce, was a very good etcher. In 1949 Ken did a reduction of a large ABNCo vignette of a female justice figure seated between two globes (Fig. 1). The die proof carries the interesting notation "I congratulate Kenneth A.L.S. 11/4/49!' A.L.S. are the initials of Albert L. Schomp, then president of ABNCo, and the comment demonstrates both the attention paid by the president of the company to the develop- ment of picture engravers, and the degree to which Ken had progressed. Although a "practice" job, it was good enough to be put into stock as V-92309. Ironically, however, Schomp's con- gratulatory message was never shown to the young apprentice. Perhaps they were afraid it would go to his head, or worse yet, that he might ask for more money. Ken Guy did not see the no- tation until 44 years later. b .x.F.As SAM< AMC COMPA, 111.11../Lii-AL.11-1111-46.11.3./L4L-ilui Fig. 2. There is a stamp Ken did before his apprenticeship ended, in 1953, which is worthy of mention. It is the 25-cent Haiti Special Delivery stamp issued on May 4, 1953 (Fig. 2, enlarged 150%). Particularly noteworthy are the tiny motorcyclists on the right in front of the building. Fig. 3 illustrates the vignette that marked the end of Ken Guy's apprenticeship in 1954. He did the familiar black phone for the Bell System. This bond, a Pacific Northwest Bell Tele- phone Company registered debenture, has all the engraving in blue, including the vignette, with the title and text done by lithography. In 1958 Ken had his first chance at a large bank note vignette. At this time bank note work was in less demand as more and more countries bought their own Giori presses and started their own currency manufacturing operations. Stock and bond vig- nettes were by far the most common work for the post war pic- ture engravers at ABNCo. Fig. 4 illustrates the 1958 200 dong note from the National Bank of Vietnam. Ken Guy's engraving of the bank's building, a large piece of etching, is excellent. Paper Money Whole No. 176 Page 45 Fig. 4. Very soon after the Vietnam bank note vignette was com- pleted Ken did another fine piece, which is primarily etched. It is a vignette that is well known and liked by stock and bond collectors: the Horseshoe Bend at Altoona special vignette for the Pennsylvania Railroad Company's new stock certificate (Fig. 5). He engraved the entire vignette, except for the winged mercury figure. The 1950s were a difficult period for ABNCo in terms of artwork for their stock (i.e., not special for a particular cus- tomer) vignettes. Alonzo E. Foringer had died in 1948, and they experimented with other artists. One was a man named Jean Van Noten, an artist noted for his Belgian stamp designs. Fig. 6 shows the Van Noten drawing, which Ken Guy engraved (Fig. OIWORATED =ER THE /ATVS OF TIM' CO JL1f%V if PALM OP PEn. Fig. 6. Fig. Ga. THIS CERTIFICATE HAY BE PRESENTED FOR TRANSFER IN PHILADELPHIA.NEWVOIRH,HOSTON,CHICAGO (SEE REVERSE SIDE FOR DEFINITION OF CERTAIN ABBREVIATIONS IF USED IN THE INSCRIPTION BELOW Fig. 5. -1, COMMON STOCK - 11 #Meirikel*; COMMON STOCK 'I& Perkin-Elmer egi/bolate:ak-- INCORPORATE° UNOEN rt. .WG Or THE STATE OF NEWYORK Fig. 7. wwwww nor-w-w-Irr”,■-•1.11 Fig. 8. Page 46 Paper Money Whole No. 176 6a shows the engraving). Ken improved on the original artwork by altering the harsh features of the man's face, the hill in the background, and the woman's appearance, but it is still an awk- ward piece of art, proving that even an outstanding engraver can only do so much with a poor subject. I have never seen this vignette used. Another artist of the 1950s was Ohrvel Carlson, who did four "space age" paintings for ABNCo in the latter part of the decade. Ken Guy engraved one of them. Fig. 7 shows the vignette on the Perkin Elmer stock certificate. It is a good engraving, but the artwork looks quite dated now. By the early 1960s ABNCo finally achieved success with a vig- nette artist named Robert Lavin. Lavin, about whom I intend to do a separate article, became one of the company's most suc- cessful vignette artists. The vignettes were generally attractive, relatively current, yet reasonably timeless, and had good "color" (tone) range. ABNCo picture engravers finally had some good material. Ken Guy engraved a number of the Lavin paintings. Lavin No. 6, as used on the Cyclops stock certificate (Fig. 9), was his first Lavin vignette, and dates from the mid-1960s. With the gear turned into a railroad wheel it becomes the vignette for the Union Pacific. A sampling of his other Lavin vignettes Postage stamps were an infrequent but welcome job for ABNCo picture engravers. Besides the Haiti Special Delivery stamp mentioned earlier, Ken Guy did some others in the earlier years. Most notably, he engraved seven stamps of the Cathedral set for Panama in 1964, specifically, the cathedrals in Rome (St. Peters), Peru, Portugal, Mexico, Holland, Russia, and Hungary (Fig. 8). Stamp assignments were a welcome break for picture engravers because they could be done much more quickly than stock certificate or bank note vignette. Each vignette for the Panama cathedral took roughly five to seven days to complete. includes Lavin No. 25, as shown in its original form in Fig. 10, the Wyly Corporation stock certificate. This vignette has been customized on occasion by placing other objects between the hands of the female figure, ranging from a globe, to a city, to a ship container. The facial portrait on this figure is particularly good; the larger size of the figure in this vignette gave Ken more to work on. Lavin No. 29 is another Ken Guy engraving, and Fig. 11 illustrates its use on a Great Lakes International stock certificate. One of the most heavily used of the Guy-Lavin vig- nettes is Lavin No. 48, shown here on Computervision's stock (Enlarged 150%) INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA THIS CERTIFICATE IS TRANSFERABLE IN THE CITY OF NEW YORK OR PITTSBURGH CORPORATION PAR VALUE $1.00 is the owner of Fig. 9. 4101",ftew- FOREIGN SHARE CERTIFICATE INCORPORATED UNDER THE LAWS FOREIGN SHARE CERTIFICATE OF THE STATE OF DELAWARE Paper Money Whole No. 176 Page 47 COMMON STOCK PAR VALUE $1.00 This Certifies that certificate (Fig. 12). Its heavy use on certificates of a number of companies is probably due to the conceptual diversity it illustrates—country/city, white collar/blue collar, male/female, and white/black. The figures in Ken's vignette have also been modified and rearranged for a variety of special versions of this vignette. It is a well-engraved, very effective vignette, and one of the few Lavin vignettes to show four good-sized figures. While bank note work was less common for the postwar generation of picture engravers than it had been for the prewar generation, Ken still did some fine portraits for bank notes. One of his best was done in the 1960s for Brazil, the portrait of Santos-Dumont on the Banco Central 10,000 cruzeiros note overprinted to equal 10 new cruzeiros, Pick 189b (Fig. 13). It is a portrait in the traditional, high-quality style of ABNCo pic- ture engravers. In the early 1970s Ken did the portrait of Rodrigo Facio Brenes on the Costa Rican 10 colones note (Fig. 14). Probably one of the larger human portraits that Ken en- graved, its very subtle "interdot" engraving gives a very light and fine tone to the face. Ken also did another fine, large portrait for the 50 colones note in the same series for Costa Rica. The last bank note piece to be mentioned is Ken Guy's portrait of "Baby Doc" (Jean Claude Duvalier) on the Haiti 10 gourde note of 1984 (Fig. 15). This is a smaller, very good portrait, but worthy of mention primarily because of the numerous changes re- quested by the client, particularly to make him appear younger and less heavy. The final portrait was very complimentary to "Baby Doe ibitINTEWISTANITINALlif lam THIS CERTIFICATE IS TRANSFERABLE IN NEW YORK OR IN CHICAGO Fig. 11. Fig. 12. EIPUBLICA 111116 ESTADOS MMUS MI 1111,115IL it rg."(r '',. 0 A , f 4 -,s5 g IMEZ MU CRILIZEIRIBIS yERlF •111,10006 DANCO CENTRAL IN VIIERROA rItIVAN 1,1.8 Fig. 13. SAN JOSE ,COSTA RICA de 1986 AcAnpq DE LA JUNTA IRECTIVA14° NREFilE „NMOittLI I Fig. 14. Page 48 Paper Money Whole No. 176 COMMON STOCK COMMON STOCK CUSIP 205578 10 7 COMPUTERVISION CORPORATION INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE Paper Money Whole No. 176 Page 49 41111+ BMW= BE ILIA REPUBMIUME 11 9 ..... .... .............. • ...**41,7* /SRI SIJVAI.IIRIRERIANT VIE ULM IMIIILIMILIIIEM 61111LISEINISCWIFORMINEM'A LAIENSMUT1011 r" giiiF BELA REPUBLIQUE DWAIMPAYASLEALIMATIN MONNE OLE IESETESMISDIMERIQUEMIXOEC9111601INIE PIM UN 0011143 1 comecTLIR 1/1'11 — 1112 CCI3 , SHARES ONEIDA LTD. ,701,CIP.Ori tho Lawof the State of New York ii 3 E1 1:111SHARES Fig. 16. Fig. 15. COMMON STOCK nc THE CHASE MANHATTAN BANK THIS CERTIFIES THAT IS THE OWNER OF ex WAS.AtASSPCRTSIWA ReoscpAx, ONE HUNDRED FULLY RAIO AN 0 NON -ASSESSABLE SHARES OF THE COMMON STOCK OF , k,/ 7,43/ 4/,;,,,, ,..2.1.1A,44,././...w./44,44..,-,a,k, ,,.;, , 6 d,,,,,w4i,,4.......r..467 ,,,y4yem,..e.iiew .70;.. >4;r.r,iii4.), / 44 -,7,/, . 9 ////i „er,,,...sterier,rmiLnne), X ;447-4:,-/ketni".4,1%er:orin, , ,,,,i . , W /X''''"'":71"*;wi"'"'ell''" "".'4'ii; e /10%,%.1/4,9,-4074;eod'A 144,444 A 4 ,1,4 .44, k ,,,,/, '''°'";*'''''''''''''''''/46(f5;'''''';'/'"17")/ rr /7 :,',-1; t „14L4, .,?1/ /Ai .`i4„-.,, A ire.,/,,,,117Zk1,/ yhii.v..ha:n.,,,,,64,1yerfrimreAsiere >Cu iii/44;71(i., 'TA., re' . .;" ,,,,,z,,,,/,.h 44 ,,, ,, ,,/, ,;..„,., %him lefe,64,fira4:,,,A/Lie a/W.5r, nAref/efrfro,n, ‘,..7, CD■■••■7(01$IGFLO FIRST NATIONAL CITY BANK, Special vignettes for the stock certificates of specific cus- tomers were one type of work which kept picture engravers oc- cupied at ABNCo. Ken Guy engraved the vignette for the Oneida Ltd. stock certificate (Fig. 16). The portrait is John Humphrey Noyes (1811-1886), the controversial founder of the Oneida Community, one of the early utopian groups. The challenging part of this engraving was the fact that the artwork was a picture of a bronze bust superimposed on a photo of the building. The certificate, by the way, was done in the 1960s and is an interesting example of an early modern certificate design, breaking out of the standard "picture frame" border for stock certificates. Another special vignette is one of Ken Guy's favorites, the sailing captain at the helm done in 1983 for the Fleet Financial Group, Inc. The portrait is very good, and while the "boom" looks perilously close to the captain's head (not Ken's doing), the treatment of the sky, water and ships is very pleasing. The result is a fine engraving of an attractive piece of artwork (Fig. 17). Some engravings presented more of a challenge than others, and the special vignette for the Bell System of the woman standing by the pay phone, (Fig. 18), was one of them. The challenge was how best to do a polka dot dress in a line and dot (engraving) technique. The answer was not circles, but spaces created by lines—an artful solution resulting in a masterful vig- nette. The engraving shown is for a registered debenture of the Southwestern Bell Telephone Company, but it also appears on other former Bell System subsidiary bonds. Ken Guy worked on a wide variety of engravings during his career at ABNCo, from tiny stamps to large stock certificate vig- nettes. Three large special jobs, however, should probably be remembered as among his best and most distinctive, and I would like to use them to conclude this very brief review of Ken Guy's work. The first is a large oval portrait of a woman seated in a wicker chair. The woman is Mrs. Roland Sahlm, the wife of the Chairman of Elixir Corporation, the company for whose certi- ficate the portrait was engraved (Fig. 19) in 1972. Fig. 19a shows the original photograph, an intermediate progressive state, and the finished engraving. The technique on the wicker is note- Fig. 18. worthy, and Ken's efforts at correcting a photograph that is too ELIXIR 11\T raTS 'It FLI S , 4Y9Ptet-2;:51.1;i9,/,..; COMMON STOCK PAR VALUE $1.00 S P EC I M EN SIP 286599 113 5j fi„1`;/hymumthre'll,:ilf;rir.i ey'W;:,4 tvreWe eild 7//;e9eyriviVi4reinmverA',4 1 ' 1,4'7; ; 7,/14.147A). hr1.4;r../.4..7.(/;.-.4;e4e.MZ;v4e.yz.4iO4-.44:44.4°.e,Aoririp e.4.-4.4:,,,e414;^yr:Yre7/7./ 4.)‘,,,O)niAdltrip0;4764.A. /94.44.1;1144/64 -47i r-0-AA-a. Ki.mi,":;/47trpkurpfiwk*.ma/44:,?4-4,J;3;44,-);2;;Avi iyaria97,7.X.iii9axir / a add de; Aritiiakure/e./0; ( 4, ,x/ortkytomai4r;veii,A;1;rfirknv,alit/iiyfre vfar.0 O TERSI . CS A 0 THE SOO,. CUNGN Chemical Bank (NEW YORK) NO/611 NOES, AuTNONizEIS SIGNATURE AUTRIGINIZO SIGNATURE Fig. 19. REGISTENEZ Chemical Bank (NEW YORK) NISOISTRAS. BY REERVTART Page 50 Paper Money Whole No. 176 Paper Money Whole No. 176 Page 51 IS THE OWNER OF TEN CENTS PAR VALUE MARY KAY COSMETICS, INC. ICUSIP 573890 10 01 THIS CERTIFIES THAT FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK OF MCA%//...4 Pg;11/t/Y.;/, ;AC ha,m/r4/774 ,1/11iel44:MidCY.414e/m4Y64.14;.4;4'YA;%e,97 iteprot 04/.04,,AVI/1e;),:vdie,(4 ,mmy/0.0,...Y.itee.m/ei1/4/;:i.44;:n/e/St0 4,eraeo.,/. 444) elm45/67.E.inwdA *eirmeirf/....iken'4/4'.46/w. !lahy) 4/1.0:44:,ea.zin-///544).1.,/,%;.*IL.4i.ii1/.2hkiy,a/i;yed 03;et.; 4 bifred:reF,VA, 4), ,,,,e 1;* ired. Dated : t S E rexFs Fig. 20. ,,,,,,,,,, , , Fig. 19 a. Page 52 Paper Money Whole No. 176 dark and too light in key places is outstanding. It is one of his best pieces. The second engraving is similarly a masterpiece. It is the por- trait of Mary Kay, which appears on the Mary Kay Cosmetics, Inc. stock certificate (Fig. 20). Ken did a beautiful job capturing the essence of Mary Kay. While the darkness of the fur presented a challenge for the intaglio medium, the texture of the face makes this perhaps Ken Guy's finest portrait, the hair is outstanding too. Mary Kay herself was reportedly very pleased with the portrait. Fig. 20a. The third piece is the Spirit of '76 done in 1974, in anticipa- tion of the American Bicentennial. It was done from a Lavin painting, Lot No. 1 in the American Bank Note Company Ar- chives sale at Christie's on November 28, 1990 (mistakenly un- attributed and just listed as "American School"). It is a fine modern interpretation by Bob Lavin of what is close to an American icon image. Ken Guy's rendering in steel enhances Lavin's artwork and captures the revolutionary spirit. The en- graving took six months to complete. It appeared in the 1974 Company Annual Report, a United States Postal Service Com- memorative stamp panel, and elsewhere (Fig. 21). All of the work described in this article was done while Ken worked for ABNCo. What has been discussed here represents only a tiny portion of his over forty years' work at ABNCo, but it is representative of his work over the span of his career there. At some point I hope to refine and eventually publish a reasonably comprehensive list of Ken Guy's work for ABNCo, but that is a task for another time. In 1986 Ken retired from ABNCo, having watched the com- pany go from being the premier firm of its kind in the world to a struggling company which had liquidated a significant part of its assets. After Ken's retirement, ABNCo had only one pic- Fig. 21. ture engraver in its employ. Four years later the firm was pur- chased by its major competitor in the stock certificate business, United States Banknote Corporation. Today Ken Guy is still active, doing free lance work for Northern Bank Note Company. When U.S. Banknote acquired ABNCo, Northern Bank Note Company re-entered the busi- ness of doing fully engraved stock certificates for companies listed on the New York Stock Exchange. Ken Guy, along with his old apprentice-days colleague John Wallace (about whom I intend to do an article also), is building the vignette library of Northern Bank Note. Ken Guy is one of the few surviving engravers of the postwar generation who trained under the master, Bill Ford, at ABNCo (John Wallace is another). That training process was the old ap- prentice system. It was a system that took young high school graduates and turned them into very good picture engravers. In Ken Guy's case, the system produced a great engraver. ■ A LUCKY PURCHASE A man in N.Y. recently bought a clock at auction for fifty cents. About a week ago he sold the clock to another man, who, after taking it home, discovered that a looking glass in the back of the clock was broken. He took out the glass to have it replaced by a new one, when he discovered notes of the Bank of England to the amount of ten thousand dollars. It is reported that the heirs of the estate to which the clock belonged are going to commence an action for recovery of the money.—Hastings (Minn.) Independent, Nov. 10, 1859. %Wart) 1:1=`:wifk 11 ■ (Nil ItELVT 7.11177041 ;;X:X0v,fromf ,r2 t" ge;bw, 4,411,44! Paper Money Whole No. 176 Page 53 THE SECOND WARD SAVINGS BANK Milwaukee's Brewery Bank by JOHN & NANCY WILSON The Second Ward Savings Bank as it looked in the 1860s. 0 N November 1, 1855 the old firm of A.C. Wilmans, W.H. Jacobs, & John Bertschy formed the Second Ward Bank with a capital of $25,000. This was 16 years after Milwaukee became an incorported city. A few years after opening, the bank moved to the pie-shaped corner located at an intersection bounded by Third Street, Water Street (now Plankinton Avenue) and Cedar Street (now Kilbourn Avenue). The bank failed in 1861 or 1862 and had only $124 in notes extant. After failing, the notes were redeemed in gold at the comptroller's office. The bank was reorganized and reopened in 1863 or 1864, but subsequently closed again in 1864 or 1865. Only $105 in notes was extant in late 1866. In the 1850s the Second Ward Bank issued denominations of $1, $2, and $5, with a capital of $25,000. They were printed by Wellstood, Hay & Whiting (WH&W), New York & Chicago, in sheets of $1, $1, $2 and $5, with and without denominated overprints (tints) on each note. Notes were also issued by American Bank Note Co. (ABNCo) New York, in the same denominations, with a denominated overprint (tint) and sheet layout that are dated January 1, 1864. These were issued with a capital of $50,000. Only two sheets are known to exist. One sheet from ABNCo resides in the Wisconsin State Historical Society collection and the other one in a private collection from WH&W with overprinted denomination (tint). These proofs on India paper were printed by WH&W. A few scrip examples of the Second Ward Bank are also known in the .10, .25 and .50 denominations. They were printed by H. Seifert, Litho. At least one signed note dated January 1, 1864 is also known and is on display at the Milwaukee County Historical Society. Officers of the bank were A.C. Williams, President and W.H. Jacobs, Cashier. NeAtokee • • • • micafittoutalthAvutaiT4Isiam, ": • fklitotattltre• Page 54 Paper Money Whole No. 176 Since counterfeiting of bank notes during this era was very common, a few $1 notes are known to have been raised to $10 and $20. All Second Ward Savings Bank notes are extremely rare and desirable. Besides the one signed note, only remainder and proof notes are in existence. Though the bank failed twice, almost all the outstanding notes were redeemed at the comptroller's office. Excluding the sheets of which only one is in a private collection, and the signed note at the Historical Society, I can trace only four other individual bank notes that are out in private hands. I can also trace only one of each of the three different scrip notes. All of these are in private collections. Reorganization of the bank took place in 1866 and the Schlitz, Blatz and Best brewing interests became very involved in its operations. Valentin Blatz and later August Uihlein served as presidents. It became incorporated as a state bank on January 26, 1866. It is said that this bank was reorganized in 1866 by Milwaukee brewery owners to make sure there was no shortage of money to expand the beer trade. It was also at this time that many brewery owners were buying downtown prop- erty at a rapid rate and the bank was needed to help finance the loans. In the late 1860s the name was changed to the Second Ward Savings Bank. The Second Ward name was much more significant in those days as the Second Ward encompassed all of Milwaukee west of the river. When the brewers ran the bank they were great customers for the meals served at the Republican House right across the street. It was Ma Kletzch's cooking that brought them there. Charles F. Kletzch and his wife Ma Kletzch owned the Repub- lican House which was located on the corner of Third and Cedar Streets. It was a major gathering place for many promi- nent business men in Milwaukee. One of their eight children, Alvin, became the University of Wisconsin's first football coach in 1877. In 1889, Ban Johnson, Charles Comiskey and other baseball men gathered in Room 185 of the Republican House and organized the American League. In 1873 and 1874 two more branches of the bank were opened, the North Side Branch, located at Third and North and the Ninth Ward Branch, located at Twelfth and Vliet. With the opening of the branches, it brought the facilities of the down- town bank into the neighborhoods they served. At this time Milwaukee was growing rapidly and these new branches were weicome additions to the neighborhoods they were placed in. The Second Ward Savings Bank had excellent managers from almost its inception. With the exception of failing twice and later reorganizing, the Second Ward Savings Bank grew to become at one time the state's largest bank. Serving the community and its people Established 1855 Capital and Surplus $3,000,000 Wisconsin's Largest State Bank OFFICERS JOSEPH E. UIHLEIN, President ALBERT C. ELSER, Vice-President J. U. LADEMAN, Vice-President ROBERT A. UIHLEIN, Vice-President R. S. PEOTTER, Vice-President W. G. WHYTE, Vice-President M. E. BAUMBERGER, Cashier KURT MEYER, Assistant Cashier A. H. HORNEFFER, Assistant Cashier RUSSELL F. T. NICOLAI, Assistant Cashier JOHN R. STEWART, Assistant Cashier R. R. ROEHM, Assistant Cashier JAMES J. BROOKS, Assistant Cashier A. C. STARK WEATHER, Mgr. Safe De- posit Dept. G. P. THIEDT, Mgr. Ninth Ward Branch W. J. KLUMB, Mgr. North Side Branch JACKSON, Counsel An advertisement Joe the Second Ward Savings Bank. _ 191 NINTH WARD BRANCH MILWAUKEE, to the order of Dolln_rs A postcard shows the bank about 1913. SECOND WARD SAVINGS BANK 12-6 No. B MANAGER NINTH WANG BRANCH MANAGERS CHECK0 Paper Money Whole No. 176 Page 55 An unused "Managers Check." faithfully and almost continuously, it earned the reputation of being 'The Bank of Personal Service in Milwaukee:' A 1912 18th Annual Report of the Commissioner of Banking in Wisconsin shows that the Second Ward Savings Bank had total resources and lia- bilities of $14,497,529.10. In reports the figures always balance out the same. This 1912 report also lists Brewery Baron's Jos. E. Uihlein as president of the bank and Val Blatz, Emil Blatz, Jos. E. Uihlein, Wm. B. Uihlein, and the estate of August Uihlein as stockholders. This shows that one third of the stockholders were involved in Milwaukee brewery operations. Also out of the one million in stock that was issued, the estate of August Uihlein held more than half at $532,500. On December 15, 1928 the Second Ward Savings Bank was taken over by the First Wisconsin National Bank of Milwaukee. The First Wisconsin was the state's largest bank and had resources totaling $118 million. In 1965 the First Wisconsin Na- tional Bank donated the bank building to Milwaukee County. Milwaukee County later turned it into the Milwaukee County Historical Society. The Society is located just one block from the downtown MECCA convention center, at 910 North Old World Third Street. Housed inside this beautiful triangular museum are two floors containing many beautiful exhibits and artifacts of early Milwaukee. Also on display is an old teller cage and a signed Second Ward bank note. If you're ever in Milwaukee, Wisconsin you should visit this beautiful Milwaukee landmark. Admis- sion is free, although donations are accepted. The hours are: Monday through Friday, 9:00 a.m. to 5:00 p.m.; Saturday 10:00 a.m. to 5:00 p.m. and Sunday 1:00 p.m. to 5:00 p.m. We want to thank Mr. Chester I.. Krause, for granting us permission to use the Second Ward Bank 25-cent note that is reproduced in this ar- ticle from his landmark 1994 book, Wisconsin Obsoslete Bank Notes and Scrip published by Krause Publications. We also want to thank Robert W. Wells, author of This is Kilbourntown, published in 1971 by Time Holdings, Inc. hlis book provided some information for this article and a photograph of the original Second Ward Savings Bank building. Thanks also to Milwaukee collector Tom Casper for providing the early 1900s postcard, with a front view of the Second Ward Savings Bank. Fi- nally, thanks to the auction firm of R.M. Smythe & Co., Inc., in New York. They let us reproduce the $1, $2 and $5, Second Ward Bank notes, that were sold in their St. Louis, MO Sale, held on November 4-5, 1994. These rare proof notes, reproduced in this article, were formally in the Ralph Goldstone collection. Page 56 Paper Money Whole No. 176 A STUDY OF $2 LEGAL TENDER CHANGEOVER PAIRS How It All Started by BRIAN E. COHEN A BOUT three years ago, while sorting through a pile of my wife's old envelopes, I found numerous small-size notes of differing denomination and dates. She gave a single note to me, a $2 1928G United States note, which quite frankly, was a rag. I had become frustrated with "collecting" coins. Inflated prices and grades seemed to be the order of the day. So, rather than leave collecting, I became a neophyte collector of the ubiquitous small—size $2 note. As my collection grew, it was evident that some "twos" were not as numerous as once thought, but hopefully, that is another article. Phone conversations with Mr. Graeme Ton, Jr. indicated the need for O'Donnell's 7th edition of the Standard Handbook of Modern United States Paper Money. Late one evening, while reading the new "bible' I came across a section devoted to changeover pairs. Shortly thereafter, a local dealer convinced me to purchase a large-size $1 changeover pair. After numerous visits to his table, Mr. Krantz suggested that I meet Mr. Logan Talks, another collector and author in the Toledo, OH area. So, on a sunny afternoon, Mr. Talks and I shared our information, ideas, and a few notes of our collections. By the end of our first meeting. Logan had convinced me that I, too, should have my data published. CHANGEOVER PAIRS (Forward and Reverse) DEFINED O'Donnell defined forward changeover pairs as "the highest serial number of one series and the lowest serial number of the following series of the same denomination and class of note."' O'Donnell continued by defining back changeover pairs as "pairs of notes where the serial number is higher on the earlier series!'2 PRINTING PROCEDURE EXPLAINED Numerous sources indicate that the Bureau of Engraving and Printing would print a single note as part of a 12-subject sheet in the following order: first, the back was printed and dried; second, the face was printed and dried; and finally, the serial numbers and red seal were added. However, as data was gathered on changeover pairs, a problem in the aforementioned printing was noticed. So, addi- tional research on the printing procedure was needed to eluci- date how the Bureau of Engraving and Printing prepared the "12-subject" sheets. For the neophyte, the path was difficult and often error- prone. After phone calls to the Bureau, museums, and other "sources" of information, I called Peter Huntoon out of desper- ation. The information was found in the Bureau of Engraving and Printing, 1862 to 1962, the first 100 years. The steam press introduced in 1878 and the flatbed power press of 1898 incorporated the same principles as the handpress, but per- formed the printing, inking, and wiping simultaneously through the continuous motorized movement of four platebeds around a square frame. The printer made the final polish by hand and an as- sistant placed the sheet on the moving plate which was engraved with register markings for proper positioning of the paper. After the impression was printed by movement of the plate between a set of pressure rollers, a second assistant removed the sheet and the plate continued another cycle. 3 This is the methodology for the back printing. Since the backplate design never really changed, with the exception of color and back plate number sizes, they have no impact on the creation of changeover pairs. However, the back plate numbers are very useful in dating the changeover pair. The back printed stack was then inverted and used as the feedstock for the face printing, which also used the procedure described above. However, the Bureau's practice of using obso- lete face plates, those having signatures of departed govern- ment officials, to save taxpayers' dollars (fancy that) created the side-by-side situation required for changeover pairs. When an obsolete plate was placed next to a current plate on the flatbed press changeover pairs were created. The maximum number of changeover pairs would have been produced when the flatbed configuration of obsolete, current, obsolete, current existed. It should be noted that the flatbed press could be oper- ated with one, two, three or four plate(s) in a given printing run. The printed sheets were placed into a single stack, and those sheets represented the sequence in which they were printed.' The sheets (still 12 subjects) were then cut along the vertical direction, thereby forming two 6 note half sheets. The half sheets were then placed into two stacks, A to F and G to L. The serial numbering process involved feeding the half sheets through the serial number press where six consecutive serial numbers were placed on the A to F half sheet. This means that the serial number corresponded to the plate position of the half sheet. The overprinting process was repeated until the A to F half sheets were exhausted. Then the printman placed the second stack of G to L half sheets into the overprinting press, the process was repeated until these notes were also exhausted. Finally, the 6 note sheets were cut apart and collected in serial sequence and banded for distribution. This means that forward and reverse changeover pairs should be seen for consecutively numbered notes having plate positions of F to A, F to G, and L to G. Known changeover pairs confirm these findings. However, the elusive F to G changeover configuration is not known to exist today, and would be the prize of any collection. Paper Money Whole No. 176 Page 57 Table 1 Changeover pairs — the Macro view The early years 1st Period Series 1928 1928A 2nd Period Series 1928A 1928B The transition period 1928B 1928C The later years 3rd Period Series 1928C 1928D 1928D (non mule) 1928D (mule) 4th Period Series 1928D 1928E 5th Period Series 1928E 1928F 6th Period Series 1928F 1928G Serial number range A55 889 424A B08 878 777A Serial number range B05 689 639A B08 878 777A B05 689 638A B09 004 381A B09 004 381A CO5 594 680A Serial number range CO5 594 680A C55 064 693A C42 513 402A D35 443 700A C42 513 403A C55 064 693A Serial number range D30 060 583A D33 599 863A D35 443 700A D30 060 582A D33 599 958A D39 591 186A A00 000 001A A51 112 758A A51 112 758A A88 538 455A A88 538 455A B09 008 001A B09 008 001A B88 695 447A B98 122 371A B88 695 447A B88 695 447A D29 712 001A Serial number range D29 712 001A D39 588 042A D39 591 186A D36 192 OO1A D39 588 043A D39 591 187A D81 308 493A Serial number range D36 192 OO1A D80 445 084A D81 308 493A D78 552 001A D80 445 085A E30 760 000A CREATION PERIODS The serial number information provided in O'Donnell for each series of the $2 USN has been summarized in Table 1—the Macro view—and is the basis for the creation period concept. The data in Table 1 has been separated into two categories: the early years and the later years. The Early Years The early years, series 1928 to 1928B, should have two pos- sible changeover printing periods. 1st Possible Changeover period The first changeover period is bounded by the serial range of 1928A, A51 112 758A to 1928, A55 889 424A. This changeover period is a direct result of 1928A face plates being used concur- rently with the 1928. Although possible, there are no known forward or reverse changeover pairs for this period. 2nd Changeover period The second changeover period is bounded by the serial number range of 1928B, A88 538 455A to 1928A, B08 878 777A. Bureau of Engraving and Printing records, now housed at the National Archives, indicate a concurrent printing of 20 million 1928A and 1928B notes. Of these 20 million notes, only one known surviving reverse changeover pair from this period, 1928B, B05 689 638A to 1928A, B05 689 639A, exists today. (Reference Figure 1.) I had wanted to present the Micro view for each changeover pair known, but incomplete Bureau records makes that impos- sible. With the assistance of Mr. William Sherman of the Na- tional Archives, I was fortunate enough to obtain the information for this changeover pair. (Reference Table 2.) Using Table 3, which summarizes all known changeover pairs, face and back plate numbers can be assigned to their respective notes. Remember that the back of the notes was printed first. Both notes had identical flatbed press times of 11 April 1933 to 23 May 1933; and then again from 23 June 1933 to 11 July 1933. Which exact period may never be known. How- ever, logically it should be the earlier period. Face plate 55, the 1928A note, had a single long flatbed press period of 23 March 1933 to 14 July 1933. Face plate 26 had two printing periods of significance: 1 May 1933 to 6 June 1933; and then again, 13 June 1933 to 13 July 1933. What amazed me about this whole exercise was that the only known changeover pair resulted from approximately 46 days of presstime. Paper Money Whole No. 176Page 58 11111111 714,: le ,,;:,4771. ""■„......,P1 41100,1411•3 14 2 411011t4•1 StfittS 0,1828 111 111U111114111111W1111111/111/11U1111111112111UMMUISUI 11.01tolim" too' ta" IIP1(410"114P1Ors StRICS OF 1920 A 80568963,9 A 2nd Period Series 1928B face plate #26 entered to press May 01, 1933 June 13, 1933 taken from press June 06, 1933 July 13, 1933* taken from press 1928A face plate #55 entered to press back plate #119 entered to press taken from press April 1 1, 1933 May 23, 1933 June 23, 1933 July 11, 1933* May 03, 1934 June 27, 1934 Jan 22, 1935 Feb 01, 1935 Mar 28, 1935 Apr 23, FP #26 1935 back plate #133 entered to press taken from press April 1 1, 1933 May 23, 1933 June 23, 1933 July 11, 1933* May 18, 1934 July 25, 1934 Jan 22, 1935 Feb 01, 1935 Mar 28, 1935 July 10, 1935 FP #26 FP #55 23 March 11 April 1 May 23 May 5 June BP #119 BP #133 The Transition Period 13 June 23 June 11 July 13 July 14 July BP #119 BP #133 The Later Years June 23, 1932 July 13, 1932 Feb 23, 1933 Mar 06, 1933 Mar 23, 1933 July 14, 1933* Figure 1: 1928B to 1928A reverse changeover. Table 2 Changeover pairs - the Micro View The transition period is bounded by the serial number range of 1928B, B09 004 381A to 1928C, B09 008 001A. Neither form of changeover pair could have been prepared, and therefore, a delineation of the early to later period is drawn. 3rd Changeover period The third changeover period is bounded by the serial range of 1928D (mule) D88 695 447A to 1928C, CO5 594 680A. Al- though this represents nearly 12 million notes, not a single changeover pair is known to exist today. Paper Money Whole No. 176 Page 59 mull C24513402 A 36.16/10111§0 Corn. I 4r1 41^1 4,41e1Pleritig SERIES OF 1928 0 C24513403 A Figure 2: 1928D regular to 1928D mule changeover. pli[iIrli■rmu, 1 114 illimOttauttlIAULULUAIMUMIUWIWIALWIIILLUILLWILWIILIAI TWO IDOMULItairy!'i, :Ceotvl.,94.,l'e f;',/ qPI 411 010'10 SERIES OF IS28 0 032342382 L 390 C2474,t1" 19! ' Figure 3: 1928D to 1928E forward changeover. The changeover period does contain mules and non-mules. This topic was well researched and written by Peter Huntoon. 5 Figure 2 presents a non-mule to mule "changeover" pair, 1928 D (non-mule) C42 513 402A to (mule) C42 513 403A. It is ru- mored that another mule to non-mule transition exists. How- ever, confirmed information could not be established. 4th Changeover period The fourth changeover period is bounded by the serial range of 1928E, D29 712 001A to 1928 D (non-mule) of D35 443 700A. This begins the active forward and reverse changeover period. An example of a forward changeover pair can be found in Figure 3. To assist in the conceptual understanding of this period, Table 3 has been separated into two categories, forward D to E, and reverse E to D. At first glance, Table 3 would suggest that there are fewer 1928 E to D reverse pairs. However, a close inspection of the serial number range would suggest that there should be a equal number of forward and reverse changeover pairs. As a stark contrast to earlier changeover periods, there are at least 38 known changeover pairs within this 3 million note range. Figure 4 shows the highest reverse changeover pair known with "bookends" A bookend is a pair of notes, one note higher and lower than the changeover pair. Microvieiv of the 4th Changeover Period Verified information pertaining to the 4th changeover period was placed into a spreadsheet and sorted by serial number. Examination of short serial number ranges produced the face plate information found in Table 4. Page 60 Paper Money Whole No. 176 Table 3 Summary of forward and reverse changeover pairs 1928B to 1928A — Reverse Changeover Pair Face Back Plate Face Back Plate Year Plate # Plate # Position Serial # to Year Plate # Plate # Position Serial # 1928B 26 133 F B05 689 638A 1928A 55 119 A B05 689 639A 1928D Regular to 1928D Mule Changeover Pair Face Back Plate Face Back Plate Year Plate # Plate # Position Serial # to Year Plate # Plate # Position Serial # 1928D 221 291 L C24513 402A 1928D 224 271 G C24 513 403A Regular Mule 1928D to 1928E Forward Changeover Pairs Face Back Plate Face Back Plate Year Plate # Plate # Position Serial # to Year Plate # Plate # Position Serial # 1928D D30 112 536A 1928E D30 112 537A 1928D D30 112 896A 1928E D30 112 897A 1928D 390 315 L D31420 368A 1928E 403 315 G D31420 369A 1928D D31 420 986A 1928E D31 420 987A 1928D D32 341 014A 1928E D32 341 015A* 1928D 390 L D32 341062A 1928E D32 341 063A 1928D D32 341 132A 1928E D32 341 133A 1928D 390 311 L D32342 382A 1928E 403 315 G D32 342 383A 1928D 390 D32 342 574A 1928E D32 342 575A 1928D 390 L D32 342 610A 1928E D32 342 611A 1928D 390 L D32 342 712A 1928E D32 342 713A 1928D 390 L D32 342 730A 1928E D32 342 731A 1928D 390 309 D32 342 832A 1928E 403 309 D32 342 833A 1928D 390 L D32 343 096A 1928E D32 343 097A 1928D D32 343 132A 1928E D32 343 133A 1928D D32 343 168A 1928E D32 343 169A 1928D 390 L D32 343 192A 1928E D32 343 193A 1928D 390 L D32 343 354A 1928E D32 343 355A 1928D 390 313 D32 343 366A 1928E 403 313 D32 343367A 1928D D32 343 378A 1928E D32 343 379A 1928D D32 343 468A 1928E D32 343 469A 1928D 390 L D32343 480A 1928E D32 343 481A 1928D D32 885 508A 1928E D32 885 509A 1928D D33 598 896A 1928E D33 598 897A 1928E to 1928D Reverse Changeover Pairs Face Back Plate Face Back Plate Year Plate # Plate # Position Serial # to Year Plate # Plate # Position Serial # 1928E D30 060 582A 1928D D30 060 583A 1928E 403 L D30 112 260A 1928D D30 112 261A 1928E 403 1. D30 112 464A 1928D D30 112 465A 1928E D30 112 548A 1928D D30 112 549A 1928E D32 341 020A 1928D D32 341 021A* 1928E 403 L D32 342 778A 1928D 390 G D32 342 779A 1928E D32343 114A 1928D D32 343 115A 1928E 403 317 L D32 343 150A 1928D 390 317 G D32 343 151A 1928E 403 L D32 343 162A 1928D D32 343 163A 1928E 403 L D32 343 198A 1928D D32 343 199A 1928E 403 314 L D32 343294A 1928D 390 317 G D32 343 295A 1928E 403 317 D32 343 510A 1928D 390 317 D32 343 511A 1928E D33 599 862A 1928D D33 599 863A 1928E 403 317 E D33 599957A 1928E 403 317 F D33 599 958A 1928D 401 314 A D33 599 959A 1928D 401 314 B D33 599 960A 1928E to 1928F Forward Changeover Pairs Face Back Plate Face Back Plate Year Plate # Plate # Position Serial # to Year Plate # Plate # Position Serial # 1928E 404 317 F D39588 042A 1928F 450 229 A D39588 043A 1928E 403 317 F D39 591 132A 1928F 443 309 A D39 591 133A 1928E 411 313 L D39 591 186A 1928F 442 307 G D39 591 187A 1928F to 1928G Forward Changeover Pair Face Back Plate Face Back Plate Year Plate # Plate # Position Serial # to Year Plate # Plate # Position Serial # 1928F 462 321 L D80 445084A 1928G 487 349 G D80 445 085A M i MITfY 1171 ITT1rr G to L G to L 1928E #403 1928D #390 1928D #390 1928E #??? ??? #??? G to L 1928D #390 1928E #403 1928D #390 G to L 1928E #403 Page 61 Paper Money Whole No. 176 SERIES OF 1928 D33599957 II 0 p \t SHINGTOND.C• rffr,,y,,,vwh‘ ;41441 SERIES OF 1928 E l. 4os I :4 till111111.1111111.1111411.1l !MI TTIL1 11(11 " ‘7'" ot.'t f` ss 40` VP Le' 4,1 SERIES OF 1928 D • _ SERIES OF 1928 0 D335c9959 A033599960 A A. 401 SHINOTON .C. 4,4 ,aretwyelVe imam ierltdelLo1C4.1C-AilL.itt SHINGTON. P. C. Table 4 Figure 4: 1928E to 1928D reverse changeover. 5th Changeover Period The fifth period is bounded by the serial range of 1928F, D36 192 001A to 1928E, D39 591 186AA. This represents a concur- Sheet Position Face Plate rent printing of nearly 3.4 million 1928 E and F notes. Of most interest personally is the D39 591 186A note. This 1928E note represents the highest known serial number for the 1928E series as well as the highest serial numbered changeover pair for the fifth period. (Reference Figure 5.) Although not verified, the elusive F to G changeover configu- ration could exist within this period. The first two pairs are con- figured as an F to A sheet transition. The final pair has an L to G sheet configuration. Therefore, it is believed that the pressman had to reload the serial number press when the A to F half sheets ran dry, thereby creating the G to L changeover pair. This reloading of the serial number press could provide Number of Serial Range Face Plates D32 343 162A to 2 D32 343 204A D32 342 712A to 3 D32 342 736A D32 343 354A to 2 D32 343 384A believed D32 343 096A to 2 D32 343 174A Page 62 I sr +*1 40, •••• SEMIS OF Mae E D38676186k .• L ou SHINGTON, D. C. Serretrery WA, &way t 01101 OP' 1st, 4 ,Tk - e 0 • muninnommmnnumnairitimmmumimmummmanmintrtrannormnminm armtntrmi Paper Money Whole No. 176 4 ,, '0%0" Or MViritalt 011.011.4"' VP` 111 1311INGTON.D. C SERIES OF 1920 F SERIES OF 1528 0 080445084 A 080445085A Figure 5: 1928E to 19286 forward changeover. Figure 6: 1928F to 1928G forward changeover. the collector with the unique F to G and hitherto unknown changeover pair configuration. 6th Changeover Period Period six is bounded by the serial number range of 1928G, D78 552 001A to 1928F, D81 308 493A, a concurrent printing of nearly 2.75 million 1928 F and G notes. Ironically, there is one known forward changeover pair. (Reference Figure 6.) Quite strange considering the numerous pairs seen in the fifth period. Summary I hope that the beginner, as well as the advanced collector, has found some of the information within this research useful. Changeover pairs, no matter what period, offer us a unique method to examine the Bureau's history in creating notes for circulation. Regardless of grade or period, these changeover pairs are truly novel items. They provide the collector with a unique understanding of the printing process, as well as a (Continued on page 64) Paper Money Whole No. 176 Page 63 "PROCESSED NOTES" by BOB COCHRAN A BOUT a year ago, I consigned about two dozen high-grade large-size "type" notes to a friend who is a part-time currency dealer. I had assembled this small group in the early 1980s. About half of my notes were truly "uncirculated," but none of them qualified for the "gem" category—as he and I define the grade. We agreed that the rest were all in the "almost uncirculated (AU)" to "choice almost uncirculated" condition. My friend told me shortly thereafter that almost all of my notes had been "snapped up" by dealers, and at aggressive prices. The main reason for this, he told me, was that my notes were "original'=they displayed the "paper wave" present i n high- grade notes that had not been "tampered with!' I was pleased. Even though I had purchased many of my notes when prices were at a peak because currency was being touted as an excellent investment for IRAs and Keough plans, we both made a tidy profit. A while back I received a public sale/mail bid catalog from a large East Coast numismatic company. I found a note in the catalog that I thought would be a nice addition to my col- lection. I wanted to bid on the note, but I knew that I would not be able to attend the sale in person. I called a dealer-friend to see if he was going to attend the sale. He said that he was, so I asked him to take a look at the note for me. We agreed that if the note was as nice as it appeared in the photograph in the sale catalog, he would enter my bid from the floor. The day before the sale took place, my friend called and told me that he had examined the note. He said that the photo- graph did not truly represent the quality of the note. In his words, the note was very "mottled;' and appeared to have many stains throughout the body. He told me that I would be very disappointed with the note, and said that although the grade applied by the cataloger was reasonable, in his opinion the note's overall quality was not worth what I had planned to bid. I thanked him and told him not to bid on the note for me. The note was sold, but to whom? Several months later, I saw a photograph of the same note in another major auction company's sale catalog; I planned on attending the show where this sale would take place, so I decided to have a look at it myself. When I looked at the note under a strong light, the charter number and seal [this was a national currency note] appeared to be slightly "washed out," but other than this it appeared to be in much nicer condition than my friend had described. He was also attending the show, and I stopped by his table after I left the auction lot viewing area. I asked him if he had seen the note at this show, and he said, "Yes:' I asked him if it was truly the same note that had been in the other sale, and he replied, "Yes, it's the exact same note!' When I asked him how this could be, he said, "Well, it's been processed!' I said that the note sure looked good to me, and he agreed. He told me that there have been quite a number of "processed" notes quietly sold over the past several years, and that the quality of the "work" was very good. I reminded him that the description of the lot did not indi- cate that the note had been "processed," and he said "Of course not! I've seen dozens of notes that I've owned and sold in the past that have since been 'enhanced; and NONE of them were described as such!' "How prevalent is this?" I asked. He looked me straight in the eye and said, "They're everywhere:"Well, how can you tell if a note's been processed?" I responded. He said, "Quite often, you can't; I've recognized lots of notes that I'd seen or handled that later turned up one, two or even three grades higher than they were when I first looked at them:' He continued, "It's very difficult to upgrade a note that has a lot of wear, serious folds, or 'problems: But there are a lot of formerly 'XF' and 'AU' notes that are now being sold as 'UNCIRCULATED: As a matter of fact, there are probably hundreds of these latter notes that have been sold as 'CHOICE' and even 'GEM'!" I later confirmed my friend's comments with some other ex- perienced dealers. They were also aware of this practice. Some told me that they simply "passed" when offered notes they sus- pected had been "enhanced" Others said that grading is a sub- jective art, and that differences of opinion were always present between buyer and seller. If a customer wants to purchase a note, he will do so whether or not he agrees with a dealer's (or anyone else's) opinion. But all the dealers that I discussed this subject with stated that they would not knowingly sell a note that had been repaired without indicating that fact to a prospective customer. "Doctored," and "repaired" notes have been with us for many years. But in years past most of these notes were easily detected. Peter Huntoon has warned the collecting fraternity about such notes for years; he and others have offered advice about the products of "Note Doctors:' for the beginning collector, and ES- PECIALLY the "investor" who desires to "own the best" without really knowing how to grade currency. But technology and technique have obviously advanced past simple laundering and pressing, to the stage where, according to some of the dealers that I spoke with, detection of high- grade notes (such as those with a slight bend or other minor impairment that takes it out of the "Choice" or "Gem" category) is virtually impossible. One dealer whose list l recently received mentioned "processing" several times. Referring to a group of "type" notes, he stated: "Although none are uncirculated many have the potential to become 'Gem New:" Describing one particular note [which he graded XF-AUj, he said, "A few light vertical folds and processable to a commercial 'gem new:" On another, which he graded VF-XF, "virtually soil free, mostly light bends and easily processable to a commercial AU:' And finally, on a note he graded XF-AU, he said, .. exceptionally pristine, two wsttintomans snamtssarttri , rtiET.FAMVAYENDMItintiGi2:7 m TWO AV.,51.LITON. IC. B05689638 A 141NEME074 DVIME. /WA IMAM" 11:1111MULKAIIIIIN — Page 64 Paper Money Whole No. 176 very light vertical bends, a note which would easily process to a commercial 'Gem New:" This last note could, in his opinion, advance THREE GRADES in the hands of a professional "note doctor'=XF-AU to (1) Uncirculated; (2) Choice Uncirculated; to (3) Gem New. Assuming the price would increase accordingly, the selling price for such a note could also easily triple, from $300 to $1000! There are many large-size U.S. type notes which are readily available in "XF-AU," but are incredibly rare in "Gem New'=the asking price could certainly increase more than three times for such a note! Unfortunately, the collector demand for "Gem" notes, and the profit motive have created this new class of material. There's no reason to assume that it will not continue. Many new SPMC members list "Uncirculated Large-Size U.S. Type Notes" or "Choice U.S. notes" as their collecting interests. There are some U.S. notes so rare that they are prized in ANY condition. But many large-size U.S. notes are readily available in "Uncirculated" condition. A "Choice" or "Gem" note should demand a fair premium, if it's TRULY a "Choice" or "Gem:' POINTS TO LOOK FOR One point often overlooked on notes bearing these grades are the margins. The following advice is taken from a recent list of a major currency dealer: "In today's market of numerous processed notes, the most important item with respect to his definition of centering] is the phrase 'full original margins!" This comment refers to the fact that many large-size notes have ample margins outside the design frame. A note that has a minor edge impairment (but one that can take it out of the "Gem" class) can be trimmed, if the margins are wide enough. Another "giveaway" not mentioned often are the seals and serial numbers. Remember that the U.S. Treasury seal and serial numbers (and, in the case of Federal Reserve notes the District Seal) were added to the notes after they had been printed. On an original, "unprocessed" note, the impression of the seal(s) and serial numbers can very often be felt and even seen on the back of the note. If you're a beginning collector, and you've decided to collect high-grade U.S. notes, a word to the wise: Develop your own grading standards. There are NO "carved in stone" grading standards for paper money. Every experienced dealer and col- lector has his or her own grading standards; you may or may not agree with those of a particular dealer, or ANYONE ELSE, for that matter. But only YOU are the ultimate judge of what satisfies your collecting goals. If you're not truly COMPLETELY pleased with ANY note, then you shouldn't buy it! You can seek advice and opinions from as many people as you wish, but only YOU can decide whether or not you'll be happy five years from now with a note that you buy today. Most dealers offer a "no-questions asked" return policy for items purchased through the mail. My personal experience is that EVERY reputable dealer truly wants satisfied customers. After all, dealers need customers in order to stay in business! But I also strongly suspect that most reputable dealers are disgusted with the spate of these "processed" notes. These notes LOOK nice, but at some point, these notes will be offered back to other collectors—or the dealers, either directly or through auction sales. And when that happens, there will almost cer- tainly be some surprised and unhappy people. Imagine your- self at a reputable dealer's table at some point in the future when you offer your "Gem" large-size U.S. type notes for sale, and the dealer offers you about one-third what you paid for them! NOW, before you spend a lot of money, you might consider learning how to grade notes to your own standards. You might also start taking a second and even third look at a note that's "too good to be true't-it may not be! And as always, find a dealer or dealers that you can TRUST! If you're willing to learn what to look for, do some serious digging, work with reputable dealers, and be willing to pay the (fair) price, then your collection of high-grade, "unprocessed" notes will be a very valuable commodity at the point in the fu- ture when you decide to dispose of it. If the "processing" rage is as rampant as many think it is, then "original" condition notes are ALREADY becoming rare items! ■ CHANGEOVER (Continued from page 62) better chronological time frame for serial numbering of $2 United States notes. As with life, collecting and research is an iterative process. Therefore, I once again would like to solicit your assistance in obtaining verified changeover information so I can ameliorate this research. All attempts to keep the owner's anonymity -gill be made. Please send the information to me at: PO Box 5222, Toledo, OH 43611. My thanks to: Mr William Sherman of The National Archives and the Bureau of Engraving and Printing for microfilms of face and back plate records; David Klein for his knowledge and information on changeover pairs; Peter Huntoon for his pho- tocopy of the flatbed printing process; and finally, Graeme Ton, Jr. for his information and encouragement on the overall program. Endnotes 1. Chuck O'Donnell, Standard Handbook of MODERN UNITED STATES PAPER MONEY, 7th Edition, K, page 330. 2. Chuck O'Donnell, page 330. 3. Bureau of Engraving and Printing, The First Hundred Years, 1862-1962, Durst reprint, 1978, copy #278, pages 159 to 162. 4. Peter Huntoon, Mules and Changeover Pairs, The Paper Column, PAPER MONEY Whole No. 82, page 198. 5. Peter Huntoon, Small Note Mules, A Fifty Year Retrospective, The Paper Column, PAPER MONEY Whole No. 133, pages 5 to 14. Paper Money Whole No. 176 Page 65 "HONEST JOHN BURKE" and The Number One Sheet of The 1899 $2 Silver Certificates by JACK H. FISHER, © NLG T HE $2 United States silver certificates are fascinating collectibles. All series and denominations of United States notes have their own personality, history and mystery, and $2 silver certificates are no exception. Many col- lectors develop specific attachment and affection for the $2 denomination notes for varied reasons even though these $2 notes are not commonly used or accepted by the general public in the United States for daily use in commercial transactions. Large-size silver certificate $2 notes were issued with dates of 1886, 1891, 1896 and 1899. All of these $2 silver certificates in- trigue me, but the variety of 1899 issues were of special intrigue when I first commenced collecting United States paper money. The 1899 $2 silver certificates have the portrait of President George Washington on the face of the note, which immediately caught my attention because I was familiar with seeing the por- trait of President George Washington only on $1 United States paper money. I soon learned that there were ten different signature combi- nations of the Registers of the Treasury and the Treasurers of the United States on these 1899 $2 silver certificates. This meant that I had to obtain ten different 1899 $2 silver certi- ficates to have a complete collection. In addition to the ten necessary notes I sought and acquired special serial numbers to add interest and spice in this specialized collection. One special acquisition was the number one sheet of 1899 $2 silver certificates with serial numbers N1, N2, N3 and N4 with the signature combination of Register of the Treasury Houston B. Teehee and United States Treasurer John Burke. I wanted to learn the history of this cut sheet from the time it was printed to the time that I purchased it. I originally assumed that this number one sheet might have been a presentation sheet to Treasurer Burke. The more I learned about John Burke, the more I respected him. I would have been honored to have him as my friend. He was a truly gifted and honorable man. John Burke was born in Sigourney (later Harper), Iowa, on February 23, 1859. His parents were Irish Catholic immigrants who were respected farmers. They taught him religious values along with respect for people of all backgrounds and beliefs. They also taught him the work ethic and to strive for advanced education to better serve out his life as a productive and honorable person. He was often compared to President Abraham Lincoln be- cause of his high ethical standards, as well as his lanky and rugged physical appearance. Burke obtained his law degree and practiced law in Iowa for a short time before settling in North Dakota. Portrait of U.S. Treasurer John Burke with his personal autograph. (Courtesy North Dakota History Society) Burke served in all branches of North Dakota government: County Judge, States Attorney, State Representative, State Sen- ator and then as Governor from 1907 to 1913. His service was reported to have been without blemish. The Democratic Party seriously considered him as their can- didate for President of the United States in 1912. He had be- come Governor for three terms as a Democrat in a Republican state, which greatly impressed Democrats from all over the country. He withdrew his candidacy in favor of Woodrow Wilson. Burke refused the offer to be the vice-presidential can- didate. He did agree to accept the offer of Wilson to be Treas- urer of the United States, and he ably served in that capacity for eight years. The fact that he was a U.S. Treasurer for eight years brought me to the conclusion that he had probably assembled a superb collection of United States paper money bearing his signature as U.S. Treasurer. Paper Money Whole No. 176Page 66 , 7E4 sft ,SSP, • ' loarirmie: ,0.„,,SALTAMETREAW, Of:7)4E oadidia faZ 1/LeWit." Wit INC - nsocriTne rfm.v€ 111 fii:cg 74. ,4;,17-44 4.1+ ,0 ai taitiais Number one cut sheet of $2 1899 silver certificates with the signature combination of Register of the Treasury Houston B. Teehee and U.S. Treasurer John Burke and serial numbers N1, N2, N3 and N4. 2k THE PIKESVILLE E000011A ki11011AL I„ PIKESVILLE to _ MARYLAND E000011A Nm—rs, TWENTY nor, BUYING & SELLING U.S. & WORLD CURRENCY NATIONAL BANKNOTES a specialty I am actively buying/selling • Maryland • Pennsylvania • East Coast States WANT LISTS SERVICED -10 Please send your Want List of National Banknotes TYPE NOTES • CONFEDERATE FOREIGN BANKNOTES • FRACTIONALS MARK HOTZ P.O. Box 771 Brooklandville, MD 21022 (410) 484-7395 Actively seeking Rhyolite, Nevada currency. ANA—LM 3631 SPMC 8166 Paper Money Whole No. 176 Page 67 I learned that he had suffered a severe financial disaster about one year after leaving the office of U.S. Treasurer. He had intended to return to North Dakota to practice law, but instead accepted the offer to join a brokerage firm in New York. He in- vested his life savings in this brokerage firm. About a year later the brokerage firm declared bankruptcy with liabilities reported about $1,500,000 and assets of only about $150,000. He was not at fault in any manner, except that he had entered into a field that was not within his area of expertise and he trusted some untrustworthy individuals who were the prin- cipals in this brokerage firm. Burke informed the bankruptcy court that even though the court had declared him to be without guilt, fault or having any personal liability for the obligations of the bankrupt brokerage firm, he was determined to help the creditors. He insisted on contributing his remaining assets, which included his paid-up life insurance. It was reported that this financial gesture reduced his finances to the point where he had only 80 cents. He was a proud man, but friends prevailed upon him to accept some temporary loans to enable him to return to North Dakota to practice law. This personal history convinced me that had John Burke ob- tained any special U.S. notes or sheets with his signature as U.S. Treasurer, he would not have retained him. My assumption then has to be that this number one sheet of $2 silver certi- ficates did not come down from the John Burke family to ulti- __ Zlr mately enter the numismatic-syngraphic community. I would very much like to know the history and pedigree of this sheet. I only know that the owner before me is now deceased. My research made me curious as to what ultimately hap- pened to John Burke. I already knew that he had married Mary Kane in 1891, and that they had three children. The financial disaster was in the period of 1922-23, at which time he was sixty three years of age. The courage and "right stuff' was there in John Burke to start over in the practice of law in North Dakota to support his fa- mily plus to repay his loans. He was so respected for his ability and integrity that the North Dakota Bar and general public made it known that he was wanted and needed on the North Dakota Supreme Court. Burke was elected with a substantial majority, and he served on the North Dakota Supreme Court until his death in 1937. He was Chief Justice when he died. He was known throughout his life as "Honest John Burke" He was truly remarkable in both his many professional and personal accomplishments from his early childhood right up to and including the year of his death. His statue is on the grounds of the North Dakota Capitol. It was said about him at the unveiling of the statue that he was "an able lawyer, a wise judge, a fearless governor, a good citizen, a model husband and father" and "his life in the history of our State is unsurpassed!' It is requested that anyone with information about this number one sheet of 1899 $2 silver certificates contact me at 3123 Bronson Boulevard, Kalamazoo, Michigan 49008. All such information will be shared with the numismatic- syngraphic community. • III■ IMMO Statue of "Honest John Burke" on the grounds of the North Dakota State Cap- itol with the statement on the base of the statue=THE HONORABLE JOHN BURKE OF NORTH DAKOTA—LEGISLATOR—GOVERNOR—SUPREME COURT JUSTICE—TREASURER OF THE UNITED STATES OF AMER- ICA:' (Courtesy North Dakota Historical Society) .1.11Utt . KOTA CR "fit ERh OA os .p i m10112064. _ sTAT,Scl , Paper Money Whole No. 176 The Starts Here A Primer for Collectors by GENE HESSLER A T least once each year, during the past few years, thesubject of a $1 coin as a replacement for the $1 note isdiscussed in the numismatic and general print media. Since a piece of metal will outlast a piece of paper, a number of countries, Austria, Australia, Canada, Germany and Great Britain among them, have done away with their lowest denomination note in favor of a coin. The inevitable is being delayed by American business interests in machines that make change for a $1 note, and those who have an unrelenting love affair with the $1 "greenback" Before the year 2000, in my opinion, not only will all U.S. paper money denominations be altered, the $1 note will be history. In mid-1993 the world heard of counterfeit U.S. $100 notes that probably originated in the Middle East. An unfriendly government with the proper bank note printing equipment can and seems to have done the unthinkable: they created counterfeit money of another country. These counterfeit $100 notes, at least $200 million, are so deceptive, banks in Aus- tralia, to name one country, will not accept any U.S. $100 notes. Plates for these counterfeits probably began with a hi-tech computer scanner. The ink for the notes apparently has been analyzed as well as the miniscule metal particles the ink in- cludes. The currency paper has also been successfully imitated. I feel confident the designers and the research-development people at the Bureau of Engraving and Printing are working overtime these days. And, the elimination of the $100 note from our currency system has been discussed; this denomina- tion is most often associated with the drug trade. U.S. paper money, especially the $1 denomination, is the most recognizable currency throughout the world. It is, along with Coca Cola, an international icon. As a musician I have been fortunate to have traveled the world. In the smallest villages with no paved streets, e.g. those in Asia and Africa, the U.S. $1 note was accepted without hesi- tation, and there was always at least one Coca Cola sign. The language on the sign could be Arabic, Chinese or Thai-Lao; nevertheless, the shape and color of the international icon were unmistakable. About 25 years ago Coca Cola considered changing the shape of their bottle. After a considerable amount of money was spent on research it was decided to maintain the unim- provable icon as it was. A similar philosophy rejected any dis- cussion of change in the design of all U.S. notes, especially the $1 note; any change would cause confusion. During the past two decades, while other countries have adopted latent images, face to back registration, optical vari- able devices and fluorescent printing, we have relied only on well-engraved images. Now that the most recognizable cur- rency in the world has become one of the easiest to counterfeit, change is necessary. It will probably take time. However, people around the world will find it necessary to erase the mental image of the current U.S. greenback and adjust to whatever replaces it. The replacement for the $1 note could be the Series 1976 $2 note. There are over 400 million of them gathering dust in bank vaults because most Americans refuse to accept these notes. In the near future we might find the unavoidable deuce to be the lowest denomination note in circulation. Icons come and go. However, when it comes to the U.S. $1 note and Coca Cola, I'll bet $2 on the latter. (Copyright story reprinted by permission from Coin World, January 24, 1994.) DID YOU KNOW? That your SPMC membership card is unique in numismatics, and may be the only one of its kind in the ENTIRE WORLD? Our handsome membership cards were printed specifically for the SPMC by American Bank Note Company, and feature a device known as a "latent image!' This technique was in- troduced in the 19th century as one attempt to thwart counter- feiters. In the engraved guilloche at the upper left of your member- ship card is a surprise. To see it, hold the card flat at eye level, facing the light about 12 inches from the end of your nose. Tilt the card slightly and you will see the year that the Society of Paper Money Collectors came into being. The SPMC became "official" the following year, and a non-profit corporation under the laws of the District of Columbia three years later. The official SPMC logo at the upper right was suggested by charter member Forrest Daniel and designed by charter member Brent Hughes. It was adopted in 1972, and has been used ever since. When we celebrated our 25th Anniversary in 1986, the SPMC presented its surviving charter members with a beautiful col- ored enameled cloisonne lapel pin bearing this emblem and the words "Charter Member!' You may see some of these pins worn proudly at shows. Introduce yourself to your charter members, and THANK them for making certain the SPMC is around today for YOU to enjoy. Pins without "Charter Member" were available in a limited quantity for "regular" members at $5 each, and they sold out quickly. Some of you reading this would probably like one of these pins. Contact the Secretary, and if there is enough interest we can produce some more. Bob Cochran SUPPORT YOUR SPMC DEALERS Look for their membership cards in their cases at coin and paper money shows. Page 68 Notes From All Over JudithMurphy Paper Money Whole No. 176 Page 69 From the very first of the year, from Orlando, to Atlanta, and then most lately, to the Scripophily Event in Strasburg, Penn- sylvania, interest in paper money remains strong. Most dealers report strong sales but complain of an absolute dearth of fresh material. Could this be a "seller's market"? This column is being written on the heels of the show in Strasburg. Claud and I have attended each of the eight annual events and the participation from dealers and collectors has grown each year. Paper money people, e.g., Christian Blom, John Heleva, Larry Marsh, Grover Criswell, Burnett Anderson from Krause Publications, are a few names you'd recognize, and it was nice to see a number of SPMC members as well as Board Member John Jackson, and his lovely wife. Offerings from dealers around the bourse included the expected stocks and bonds, a generous amount of paper money, checks and related fiscal documents, as well as autographs and ephemera. We attended the auction on Friday evening, thinking that we would like to own the Georgia document signed by James E. Oglethorpe and dated at Frederica, possibly the earliest Georgia piece; we abandoned that idea when it advanced far past our estimate, to bring finally $5200. You will by now have also read about the Bank of North America share which brought a hammer price of $33,000. I understand the Saturday session was also quite lively. The Friends of Financial History had a display from their museum that included an Alexander Hamilton document promoting the sale of U.S. treasury bonds and a George Washington letter related to some stock invest- ment. I am told that the museum has a wonderful collection relating to Confederate finance that is currently on loan to the Confederate Museum in Richmond. Also, there is a slide pro- gram available to schools. If you wish to know more about ei- ther the Friends of Financial History or the museum and what is available through them you could contact R.M. Smythe in New York, and I am sure they would be happy to forward perti- nent brochures. (See their ad.) The Nominations Committee tells me they were somewhat disappointed with the response to a call for nominations that was published recently in PAPER MONEY. Why not explore with any current board member just what is involved and see if you too can make a contribution? Another item in the news is the ANA election. While our board has not yet met and made a decision to formally nomi- nate any candidate, I would recommend two people to you, both newcomers. One is John Wilson, who is probably known to most of you. The other is J.T. Stanton, from Savannah, who is campaigning on a platform of fiscal conservatism and a promise to be responsive to members. I personally endorse both of them. I shall be looking forward to seeing many of you at the Paper Money Show in Chicago and at the ANA convention in March in Atlanta. See you all soon. Judith IN MEMORIAM Ruth Waldron Hill The paper money collecting-fraternity has lost one of its most dedicated proponents—Ruth Hill, who died on January 14 at age 96. A member of the Society of Paper Money Collectors, she contributed immensely to the hobby, but did it quietly without fanfare. Newcomers to the hobby, who have not investigated the recent history of our fraternity, might not recognize her name. Those who did not know her were denied a privilege for which those who did are grateful. During two periods of finan- cial difficulty, in the early days of the Interntional Bank Note Society (IBNS), she quietly rescued the society with her own money. Mrs. Hill held IBNS offices of secretary, second vice-president, and from 1979-1981, president. She has been an IBNS honorary director for life since she was president. In 1979 Mrs. Hill was named a Numismatic News Numismatic Ambassador. She was also an elected Fellow of the American Numismatic Society. Ruth Hill was a native of Texas. She also lived in Georgia and Florida before settling to St. Louis. Ruth, who was one of my dearest friends, became interested in collecting bank notes in the 1950s, about the time of her husband's death. Her husband, Adolph, was a represen- tative for a company that sold ink made to specification. It was through his dealings with the Banco de Mexico that she caught the bank note collecting virus. When she attended her first coin show, she often said, she felt out of place as one of few women there. She also said it was necessary to ask for bank notes, since most dealers did not bother displaying the few pieces they might have. With few exceptions Ruth Hill collected bank notes from every country. The list of numismatic organizations to which she be- longed is a lengthy one. However, the IBNS received most of her attention and generosity. Her generosity ex- tended to young collectors. For students at the school where I introduce collecting to grades five and above, Ruth donated notes to give away as awards. After moving to St. Louis in 1986 I saw Ruth at least once each week. Occasionally she would call and suggest that I join her for a glass of wine. These were always happy occasions; we would discuss numismatics, history and politics. Upon arrival it was not uncommon to find her sitting on the floor surrounded by bank notes that she was preparing to catalog. Just one week before her death, while she was recuperating from a heart attack, Ruth spoke of purchasing a new computer—her system, she said, was too slow and had become outdated. I'll miss my frequent chats with this charming, southern, gentle lady, but the loss extends beyond a per- sonal one. The paper money fraternity has lost a devoted collector and friend. A humanitarian, she touched and helped many people within and outside our fraternity. Family and friends should know that Ruth Hill will not be forgotten. Memorial donations in Mrs. Hill's name may be sent to the Dr. Robert Paine Teaching Fund, St. Luke's Hospital, 222 South Woods Mill Rd., Chesterfield, MO 63017-3425. Gene Hessler Page 70 Paper Money Whole No. 176 NEW LITERATURE Interesting Notes About Allegorical Representations. Roger H. Durand. 106 pp., softcover, illustrated. Roger H. Durand & Co., Ltd., P.O. Box 186, Rehoboth, MA 02769. $22.95 postpaid. My birthday was last month, and Christmas will be here soon, so the appearance of a package from Roger in the mail today was a nice "in-between" present. This is the SIXTH in a series of reference publications that are an extension of Roger's long time (and sorely missed) column in PAPER MONEY, Interesting Notes about Interesting Notes. Like the previous five, this book is well-researched and written, and is profusely illustrated. The book is divided into two sections—Classical Mythology and Allegorical Representations. The section about Classical Mythology introduces us to the depictions of the Greek and Roman gods and goddesses as they appear on obsolete notes. A full description of the topic is included below the illustra- tion. Many long-time collectors will now know the correct title of the vignettes which grace the notes in their collections- Cincinnatus, Cybele, Hebe, Hippocampus, and the ever-popular Laocoon! The section about Allegorical Representations introduces us to the fascination our 18th- and 19th-century forebears had with history. It's easy to see the spirit of freedom and creativity the citizens of our NEW country had at the time, illustrated by the symbolic vignettes they placed on their bank notes, scrip and checks. Perhaps they're "corny" topics today, but to our ancestors such things as Liberty, Freedom, Providence and Prudence were important. The artists and engravers of that time were trained in the classics, and their beautiful efforts to present these sub- jects to the populace are shown in the notes illustrated in this book. No doubt the vignettes representing Security and Thrift were chosen carefully by bankers desiring to remind their cus- tomers that the notes and the banks themselves were worthy of their trust. Since this book discusses the topics depicted on notes and not specific notes, there are no "rarity' or "value" scales. But Roger does indicate several vignettes which are scarce, based upon his years of experience with obsolete notes. The astute reader may benefit financially at some point with this knowledge. Allegorical Representations, as well as the whole set, belongs on the shelves of every serious collector of paper money. Only 300 copies of each book have been printed, and the first, In- teresting Notes About Denominations, is sold out. If you don't have a complete set and want one now, you'll have to find Denominations on the open market—I suggest you scanthe auc- tion catalogs of the various numismatic book dealers. Be pre- pared to bid much higher than the original selling price if you want to be successful! In the meantime, I suggest you seriously consider purchasing a copy of this book and the other four that are still available from the publisher. I'm glad I did! Bob Cochran Meet Your Charter Members Bill Mason I was in the U.S. Navy in 1924 at Norfolk, VA, Key West, FL, Newport, RI, Bath, ME and Havana, Cuba. In the 1930s I started col- lecting paper money. Allow me to say "Hello" to some of the old timers like Robert Payne, Andy Sparks, John Hickman and Curtis Iverson. I will be 92 on June 21, 1994. Best wishes to all, Bill Mason. Book Award Lance Campbell, IBNS president presents the IBNS Book of the Year Award, sponsored by the BNR Press, to Martha and Herb Schingoethe for College Currency: Money for Business Training. Neil Shafer, the editor of the 464-page book, looks on during the presentation at the 1994 Memphis International Paper Money Show. MEMPHIS EXHIBIT INVITATION SPMC members interested in exhibiting at the IPMS in Memphis in June should contact Mart Delgar, 9677 Paw Paw Lake Dr., Mat- tawan, MI 49071. In addition to the five awards presented by four different organizations, each exhibitor will receive a plaque. Ap- plications must be received by 15 May 1994. Photo Credit The illustration on page 25 of PAPER MONEY No. 175 should have been credited to the late Abe Kosoff and Bartloff Kosrofian. SPMC AT TNA There will be a regional meeting of the Society of Paper Money Collectors at the Texas Numismatic Association Convention in Fort Worth at the Tarrant County Convention Center on Friday March 31, 1995 at 3:00 p.m. Frank Clark will present the American Numismatic Association video on "Collecting U.S. Paper Money" hosted by David Lisot. - mart yNEW MEMBERSHIP COORDINATORNEWMEMBERSRonald HorstmanBox 2999Leslie, MO 63056 Paper Money Whole No. 176 Page 71 8780 David Lavandoski, 2900 Maxine NE, Albuquerque, NM 87112; C, U.S. & C.S.A. 8781 Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515; C, Obsolete notes with Spanish coins. 8782 Rich Brinton, P.O. Box 922, Union, NJ 07083; C&D, Souvenir cards. 8783 Remy Bourne, 509-40th Ave. NE, Minneapolis, MN 55421-3834; C&D, Numismatic literature. 8784 Sackett B. Miles, 552 Clubside Circle, Venice, FL 34293-4359; C, Obsolete notes. 8785 William A. Bradley, 2814 Orange St., Los Alamos, NM 87544; C, U.S. federal & obsolete notes. 8786 Paul D. Omans, 105 Springbriar Dr., Chesterfield, MO 63017; C, World & St. Louis $1 notes. 8787 Richard B. Laney, P.O. Box 985, Uniontown, OH 44685; C, Colonial currency. 8788 Judith Kagin, 2153 S. Dayton St., Denver, CO; D, Large-size type notes. 8789 Jim Jannard, Box 1389, Eastsound, WA 98245; C&D. 8790 Mike Bianco, P.O. Box 646, Solana Beach, CA 92075; D. 8791 Eugene Rowe, P.O. Box 45, Haysville, KS 67060; C, U.S. type notes. 8792 S.L. Peterson, 340 Quail Run, Aptos, CA 95003; C, lg. size nat. & type notes. 8793 Juston Pearson, Jr., 604-A W. Randol Mill Rd., Arlington, TX 76011; D. 8794 John Collier, 217 S. Castle, Salem, IL 62881; C, MPC & U.S. J8795 Ian Orzechowski, 13 Golfview Ln., Barrington, IL 60010; C, World currency. 8796 Barry Bostic, 628 N. Huntley Dr. #4, Los Angeles, CA 90069-5031; C, U.S. & British Commonwealth. 8797 Joseph Berberian, 60 Locust Ave., New Rochelle, NY 10801; C. 8798 Bruce C. Call, 4 Yarrow Court, Perkasie, PA 18944; C, C.S.A., U.S., col. & cont. 8799 Matt Matheson, P.O. Box 5456, Jacksonville, NC 28540; C, U.S. & C.S.A. 8800 Lee Heng Chuan, Bik 3 Rochor Rd., #09-616, Singapore 0718; C&D, Asia notes. 8801 Sterling Crum, 6560 125th Ave. NW, Kirkland, WA 98033; C, Small-size U.S. 8802 William M. Dwyer, 987 E. Rising Sun Dr., Tucson, AZ 85737; C, U.S. fed. & obsolete notes. 8803 Angel Santa, P.O. Box 805, Bronx, NY 10468-0607; C&D, C.S.A. 8804 Thomas E. Hatch, 174 Willow Lane, Naples, FL 33961; C, U.S. notes. 8805 Richard Rader, 1861 Kingston Way, Lawrenceville, GA 30244; C, C.S.A. & GA. 8806 Mark D. Frye, P.O. Box 128, Cuy Falls, OH 44221; C, U.S. notes. 8807 David J. Marcinek, 377 Willowbrook Rd., Staten Island, NY 10314; C, Continental & fractional notes. 8808 Keith Jackson, 305 Vandenberg St., Goldsboro, NC 27534-5461; C, U.S. lg. size & Neb. 8809 Gregory F Dellapia, P.O. Box 128, Audubon, NJ 08106; C, U.S. notes. LM174 Lui Hau Tat, House 23, 11th St. Section N, Rivernorth, Fairview Park, Luni Long N T, Hong Kong; C, Oriental bank notes. 2497 Anthony Nicolazzo, 502 South Pittsburgh Street, Connells- ville, PA 15425; reinstatement. Paper Money will accept classified advertising from members only on a basis of 154 per word, with a minimum charge of $3.75. The primary purpose of the ads is to assist members in exchanging, buying, selling, or locating specialized mate- rial and disposing of duplicates. Copy must be non-commercial in nature. Copy must be legibly printed or typed, accompanied by prepayment made payable to the Society of Paper Money Collectors, and reach the Editor, Gene Hessler, P.O. Box 8147, St. Louis, MO 83156 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) WHITEHALL, NEW YORK MATERIAL WANTED FOR PERSONAL COLLECTION. Looking for any material pertaining to Whitehall, New York including nationals, obsoletes, city scrip, private scrip, advertising notes, bank histories, etc. Jeff Sullivan, P.O.B. 895, Manchester, MO 63011. 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. (185) NEW JERSEY—MONMOUTH COUNTY obsolete bank notes and script wanted by serious collector for research and exhibition. 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 memorabilia. N.B. Buckman, P.O. Box 608, Ocean Grove, NJ 07756. 1-800-533-6163. (185) NEW ADDRESS FOR PERIODIC PRICE LISTS: U.S., CSA, OBSO- LETES, STOCKS, FRN, MPC, JIM, WWII, GUERRILLA, WORLD, NOT- GELD, STAMPS, FDC, COINS, CHITS. 52e SASE APPRECIATED. 702-753-2435. HOFFMAN, BOX 6039-S, ELKO, NEVADA 89802-6039. (180) WANTED: TEXAS NATIONALS, especially Hickman-Oakes R4-6, large or small, all grades. Please send list with prices to Roger Moulton, 3707 Waltham Ct., Yardley, PA 19067. (178) WANTED: EDINBORO, Penna the FNB of Edinboro Ch. #7312. Hal Blount, 535 Autumn Oak Dr., Baton Rouge, LA 70810 or 504-756-5583 at .9. Rm or leave message.. .............................. ( ....) OREGON STATE (LINCOLN COUNTY) BONDS RESCUED FROM THE INCINERATOR. $1000 1919; $1000 1921; $500 1924; $500 1933; and $400 gold 1933. (Different colors, rates, and purposes). Sell at $13 each or a set for $55. Only four of the five sets found are for sale. Cohen, 3170 NE Loop Drive, Otis, OR 97368. WANTED: OHIO NATIONALS AND OBSOLETES, especially Lake- wood, Rocky River, Berea. Send list with prices. L. Klubert, P.O. Box 771445, Lakewood, OH 44107. WANTED: NEW YORK FOR PERSONAL COLLECTION. TARRY- TOWN 364 & 2626, MOUNT VERNON 8516 & 5271, MAMARONECK 5411 & 13592, Rye, Mt. Kisco, Hastings, Croton on Hudson, Sommers, Harrison, Sing Sing, Ossining, White Plains, Irvington, Bronxville, Ardsley, Crestwood, New Rochelle, Elmsford, Scarsdale, Larchmont, Portchester, Tuckahoe, Mt. Vernon, Peekskill, Pelham, Hartsdale, Chappaqua. Send photocopy, price: Frank Levitan, 4 Crest Ave., Larch- mont, N.Y. 10538-1311 914-834-6249. (187) Rare Kirtland, Ohio $100 Important Historical Mormon Issue KIR7'1.4.111,ZIPIrTY,vorhyrr RAY Zer-trirearafe A17) 533 Kirtland, Ohio, The Kirtland Safety So- ciety Bank, OH-245. $100. Haxby. G-18. EF. Dated July 4, 1837. Serial: 113. Made payable to Joseph Smith. Signed by War- ren Parrish as cashier and Frederick G. Williams as President. The central vi- gnette features the signing of the Decla- ration of Independence. The writer Alvin E. Rust described the issues of this bank as "the first Mormon currency endeav- our." Very rare denomination. - ‘`!` ItIt011:11.104; .th4=.1.4 juual4tri CO!MICI,t. '4017471-TA ttillf 11.,4'numm. atix 111.11 IttNIC 1/A01 114,N • rws pi) it, 7 - Page 72 Paper Money Whole No. 176 BOWERS AND MERENA for the Best Prices on your Paper Money! Actual currency lot from a recent Bowers and Merena auction sale. Paper money has always been a .specialty at Bowers and Merena. We offer: • Unsurpassed descriptions • Profuse illustrations •Extensive publicly • Wide-ranging expertise We would be delighted to offer single important notes and entire collections. Please call Dr. Richard A. Bagg, our Director of Auctions, at the toll free number below. There is no obligation just the opportunity to sell your paper money for the very best market price. Auctions by Bowers and Merena, Inc. BOX 1224 • WOLFEBORO, NH 03894 • TOLL-FREE 1-800-458-4646 • IN NH 569-5095 • FAX 603-569-5319 4sZ.4.11.1./J a a 111.1./ ai,S)Tr??C332e"S'CILS: ."" /'"' /,,,, '//" ''4 '/"' M1359856 t'77(tir • it (i'at . /7%. ..13E1,111,1[F11 1177 Firs t Na tional Bank° '4,.qt*t*ItrA0*~",,,e."MatelfektUefer Paper Money Whole No. 176 Page 73 SUPERB UNITED STATES CURRENCY FOR SALE BOOKS FOR SALE PAPER MONEY OF THE U.S. by Friedberg. 13th Edition. Hard Bound. $17.50 plus $2.50 postage. Total Price. $20.00 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 Page 74 Paper Money Whole No. 176 Pay over "bid" for many Pay over "ask" for some Pay over Hickman-Oakes for many nationals Pay cash - no deal too large. All grades wanted, Good to Unc. At 74, I can't wait. Currency dealer over 50 years. A.N.A. Life #103 (56 years) P. .G. President 1963-1964 .M. KAGIN 910 Insurance Exchange Bldg. Des Moines, IA 50309 (515) 243-7363 Buy: Uncut Sheets — Errors — Star Notes — Checks Confederate — Obsolete — Hawaiiana — Alaskiana Early Western — Stocks — Bonds, Etc. 411110M11111111111M■1111111111 - ' IMINIIIIIPMPAIIIIIIMIIIIIMMIIIIIIII 1 U.S Currency Bought & Sold — • TNITED ' ALM E Olt A Call Or Send For Free Catalog... ank Martinelli & Co., Inc. P.O. Box 19524, Johnston, RI 02919 Large Size Notes Small Size Notes Star Notes Fractionals Obsoletes Colonials Literature And More... Paper Money Whole No. 176 Page 75 ofA,„ EARLY AMERICAN NUMISMATICS rte. -- *619-273-3566 COLONIAL & CONTINENTAL CURRENCY We maintain the LARGEST ACTIVE INVENTORY IN THE WORLD! SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. SPECIALIZING IN: SERVICES: q Colonial Coins q Portfolio q q Colonial Currency Rare & Choice Type q Development Major Show EARLY AMERICAN NUMISMATICS Coins Coverage c/o Dana Linea q Pre-1800 Fiscal Paper q Auction q Encased Postage Stamps Attendance q P.O. Box 2442 q LaJolla, CA 92038 q 619-273-3566 Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS COLLECTOR OFFERING FOR SALE OHIO NATIONAL BANK NOTES In Small-Size Crisp Unc. #1 Notes: 6059 OXFORD $5 A000001A 443 BUCYRUS $10 Ty2 A000001 858 NEWARK $50 C000001A In Small-Size, AS A SET: All 29 notes complete for the 13000 Charter range. Unless I hear otherwise, to my knowledge, this 29 note set is the Only Known Complete Set in existence. The 13905 Cambridge may be the only note known. In Small-Size, AS A SET: All 8 notes complete for the 14000 Charter range. Only two notes have surfaced for 14261 Bethesda. This 8 note set is one of Only Two Sets Possible To Make. In Large-Size, AS A SET: An 8 note Large Size Type Set from better banks and smaller towns. EVERY NOTE HAND SIGNED WITH PEN AND INK. For further information send large SASE to: KEN McDANNEL SPMC 1836 1405 WEAVER ST. S.W. CANTON, OH 44706-4543 Page 76 Paper Money Whole No. 176 VIUR 01MNIV:IWV*A10*. #7431 67411 (1, et• hl.,:ratn..e...h•r. NI 171110, • -: ... • „..... ;,..g 141,1U 311:1nICK1.1 , 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 5233P WALNUT CREEK, CA 94596-5233 LIFE MEMBER A .N.A. #1995 C.N.A. #143 C.P.M.S. #11 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 S PM C #2907 ANA LM #1503 MYLAR D CURRENCY HOLDERS PRICED AS FOLLOWS BANKNOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 43/4 x 2 3 /4 $16.50 $30.00 $137.00 $238.00 Colonial 5 1 /2 x 3 1 /16 17.50 32.50 148.00 275.00 Small Currency 65 /8 x 27 /8 17.75 34.00 152.00 285.00 Large Currency 7 7/8x3 1 /2 21.50 39.50 182.00 340.00 Auction 9 x 33/4 25.00 46.50 227.00 410.00 Foreign Currency 8 x 5 28.00 52.00 239.00 430.00 Checks 95/8 x 4 1 /4 26.50 49.00 224.00 415.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 83/4 x 14 1 /2 $13.00 $60.00 $100.00 $230.00 National Sheet Side Open 81/2x 17 1 /2 25.00 100.00 180.00 425.00 Stock Certificate End Open 91/2x121/2 12.50 57.50 95.00 212.50 Map and Bond Size End Open 18 x 24 48.00 225.00 370.00 850.00 You may assort noteholders for best price (min. 50 pcs. one size). You may assort sheetholders for best price (min. 5 pcs. one size) (min. 10 pcs. total). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar is a Registered Trademark of the Dupont Corporation. This also applies to un- coated archival quality Mylar° Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp. Melinex Type 516. DENLY'S OF BOSTON P.O. Box 1010 617-482-8477 Boston, MA 02205 ORDERS ONLY: 800-HI-DENLY FAX 617-357-8163 Million Dollar Buying Spree Currency: Nationals MPC Lg. & Sm. Type Obsolete Stocks • Bonds • Checks • Coins Stamps • Gold • Silver Platinum • Antique Watches Political Items • Postcards Baseball Cards • Masonic Items Hummels • Doultons Nearly Everything Collectible Fractional Foreign 399 S. State Street - Westerville, OH 43081 1-614-882.3937 P) 1-800-848-3966 outside Ohio Life Member SEND FOR OUR COMPLETE PRICE LIST FREE COIN SHOP EST 1960 INC "14‘1491waddrs" Paper Money Whole No. 176 Page 77 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 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 '7 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 ..ØIIITEDSTATESOFAMERICke , We Have the Protection Your Collection Deserves Oregon Pioneer SafeKeepers The Archival Albums that Fit in a Sate Deposit Box! FOR SMALL US CURRENCY $73.95 ppd FOR US FRACTIONALS $73.95 ppd FOR LARGE US NOT ES $74.95 ppd FOR WORLD PAPER MONEY $79.95 ppd With 50 Archival MYLARTM Holders OREGON PAPER MONEY EXCHANGE 6802 SW 33rd Place Portland. OR 97219 Into: (503) 245-3659 fax (503) 244-2977 ORDER NOW! Page 78 Paper Money Whole No. 176 Milwaukee Calling 56th Anniversary CENTRAL STATES CONVENTION April 27th-30th, 1995 PNG Day April 27th MECCA Convention Center WISCONSIN'S LARGEST CONVENTION CENTER 4th and Kilbourn Milwaukee, Wisconsin Bob Korosec, Chairman 414/541-8650 Russ Konig, Bourse 414/781-4200 Fax 414/781-2883 4040 N. Calhoun Rd., Brookfield, WI 53005 Hosted By Milwaukee Numismatic Society South Shore Coin Club Numismatists of Wisconsin U.S. CURRENCY Free Periodic Price Lists S & S CURRENCY, LTD. P.O. Box 1313 LaVergne, Tn. 37086 (615) 896-6137 PAPER MONEY UNITED STATES Large Size Currency • Small Size Currency Fractional Currency • Souvenir Cards Write For List Theodore Kemm 915 West End Avenue 0 New York, NY 10025 Paper Money Whole No. 176 Page 79 r 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 PO. Box 761, Camden, SC 29020 / (803) 432-8500 FAX 803-432-9958 SPMC-LM BRNA FUN BOOKS ON PAPER MONEY Arkansas Obsolete Notes & Script, Rothert $22 Territorials—US Territorial National Bank Notes, Huntoon $20 Florida, Cassidy (Intl natls & 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, I loober $35 World Paper Money 6th ed., specialized issues $55 North Carolina Obsolete Notes, Pennell rent. $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 • INC . P.O. BOX 84 • NANUET, N.Y 10954 Life Member ANA 639 Buying & Selling National Bank Notes, Uncut Sheets, Proofs, No. 1 Notes, Gold Certificates, Large-Size Type Error Notes, Star Notes. Commercial Coin Co. P.O. Box 607 Camp Hill, PA 17001 Phone 717-737-8981 BUYING / SELLING- OBSOLETE CURRENCY, NATIONALS• UNCUT SHEETS, PROOFS, SCRIP BARRY WEXLER, Pres. Member: SPMC, PCDA, ANA, FUN, GENA, ASCC (914) 352.9077 More Cash for your Cash WISCONSIN NATIONAL BANK NOTES WANTED C. Keith Edison PO. Box 26 Mondovi, Wisconsin 54755-0026 (715) 926-5001 FAX (715) 926-5043 WANTED Obsolete • Confederate Continental • Colonial 19th Century Stocks • Bonds Small Accumulation • Lg. Collections Highest Prices Paid Send List or Ship Richard T. Hoober, Jr. P.O. Box 3116, Key Largo, FL 33037 Phone (305) 853-0105 SPIVIC 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 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 NATIONAL (I .1.6,04119511 , f raqiciptom7640 THE CAMP RILL NATIONAL RANK CAMP HILL 10, /Fr 00./.-/*/ WRVS: PENNSYLVANIA FIVE 1101.121.11S F000126A Page 80 Paper Money Whole No. 176 WE ARE ALWAYS BUYING ■ FRACTIONAL CURRENCY ■ ENCASED POSTAGE ■ LARGE SIZE CURRENCY ■ COLONIAL CURRENCY WRITE, CALL OR SHIP: 110-47-411111.-4104 I I ^T°) itat'TI OHLL, LEN and JEAN GLAZER (718) 268.3221 POST OFFICE BOX 111 FOREST HILLS, N.Y. 11375 ,:„... '4',, SOC I ET) ' t \ }1,1, )■: TONE)• ":,( . )1.1.FCTI IRS / INC 511 I . a r A QZ 7 \ ■ Charter Member 700 E. State Street • Iola, WI 54990-0001 Wisconsin Obsolete Bank Notes and Scrip STANDARD CATALOG OF WORLD PAPER MONEY 7th Edition Volume II, General Issues By Albert Pick Edited by Colin Bruce II and Neil Shafer 8-1/2" x 11", hardcover 10,000 photos, approx. 1,200 pages, $55.00 This revised and thoroughly expanded catalog enhances its reputation as "the" reference book for nationally-circulated legal tender over the last 300 years. More than 22,000 notes are list- ed, including over 150 new notes from emerg- ing nations like Estonia, Latvia, Lithuania, Bosnia-Herzegovina and Macedonia. You'll also find over 10,000 illustrations to help you identify issues quickly and easily. 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 6" x 9", softcover, approx. 250 photos, 300 pages, $24.95 More than 250 large, clear photos are the focal point of this all new reference. Positive identifi- cation is easier on the eye. Listings include more than 14,000 serial number blocks and groups, and accurate, up-to-date valuations for thousands of issues from 1928 to the present. Updated printing figures and a concise, but comprehensive history of modern U.S. paper money, make this the most complete treatment of small-sized U.S. paper money available! WISCONSIN OBSOLETE BANK NOTES AND SCRIP By Chester L. Krause 8-1/2" x 11", hardcover, approx. 1,000 photos, 500 pages, $39.95 Respected collector and author, Chester L. Krause, presents the most thorough treatment of obsolete Wisconsin bank notes and scrip from 1836-1865. More than 1,000 of these rare and beautiful treasures are illustrated with large, sharp photos that aid in identification. Prices are also listed in this landmark edition — in up to three grades of preservation. Please print clearly ( ) Check or money order enclosed IN Your Name (payable to Krause Publications) ( ) MasterCard ( ) VISA Address Account No. City/State/Zip Expiration Date: Mo. Yr. AQ2 Phone Signature BOOKS Qty. Item Code Item Title Price Sub Total PM7 Standard Catalog of World Paper Money, 8th Edition $55.00 HP3 Standard Guide to Small-Sized U.S. Paper Money 24.95 OW Wisconsin Obsolete Bank Notes And Scrip 39.95 Shipping and Handling* Subtotal WI residents add 5.5% sales tax Total Enclosed *Please add $2.50 for postage for the first book and $1.50 for each additional book. Addresses outside the U.S. add $5.00 per title orde ed for postage and handling. MasterCard & VISA Cardholders save time by calling toll-free 800-258-0929 Dept. AQ2 Mon. - Fri. 6:30 a.m. to 8:00 p.m. • Sat. 8:00 a.m. to 2:00 p.m., CST. General business phone 715-445-2214 Mon.-Fri. 8:00 a.m. to 5:00 p.m.