Paper Money - Vol. XXXIX, No. 3 - Whole No. 207 - May - June 2000

F .sc..?; r -14 14i ' ‘1‘4"1111':.-'-'1"1-gi° -, ..5,, r. i >.-,--, 7T136314 . TI mkt J1/' DEPOSITED IN TADS BANE tirriiars eve,zer/e. eve e dezreAM:WoWee'ehr eve/kneed. NOT SURJECT TO CHECK . YE NIVjES,S E !NV ) BAN Ko' C HATIAN 00 GA / 4 (7.7e CHATTANOOGA, A***4.41 OF TFIE CITY OF NEIN YORK 11412 ' . - MAY/JUNE 2000VOL. XXXIX, No. 3 WHOLE No. 207 WWW.SPMC.ORG L am= Official Journal of the Society of Paper Money Collectors p it in imoi INSIDE THIS ISSUE: Bank of Chattanooga Type Set What's The Best Way To Sell Your Paper Money Collection? r ; //J. ,/r./, T-HE STATE OF FLORIDA DOLLARS. lEk t //;, /;,/• . licit:. ;. `Orty- • ING01.100 COIN CI_ The best way to sell your collection is to consign it to 2000 Auction Schedule someone you trust. Your currency collection probably took years to acquire. Each purchase was thoughtfully considered, each note • February 18-20, 2000 Chicago Paper Money Exposition carefully stored, and handled with respect. The sale of your collet- Auction, Chicago, IL. tion should be accomplished in the same manner. Carefully, and thoughtfully. • May 2000 Coins and Autographs, New York, NY. At Smythe, we care about our consignors, our bidders, and our staff members. We don't misgrade your lots, or sell them long after midnight, or during convention hours. We strongly support the show organizers and local clubs that work hard to make paper money shows successful, and we are proud that we have consistently been selected as one of the Official Auctioneers of the Memphis International Paper Money Show. We illustrate every major note, using boxes or color where appropriate. Each note is carefully graded and researched by our nationally-recognized, full-time paper money experts. Our rates are flexible and highly competitive. There are no lot charges, photo charges or minimum charges on Federal Currency. If you are thinking of selling, take advantage of the strongest currency market we have seen in years, and take this opportunity o showcase your better single items, or your entire collection, in the next R. M. Smythe auction. To Consign, please call Stephen Goldsmith at 800-622-1880. To Subscribe: Only subscribers can be fully assured of receiving our fully-illustrated thoroughly-researched catalogues. Do you need to check on the status of your subscription? Call Marie Alberti at 800-622-1880 or 212-943-1880. A one year subscription to all RMS catalogues is $87.50 ($125 overseas). Other subscription plans are available. Call today for further information. See Us At Close To 40 Shows This Year! We will be planning to attend almost every major numismatic show, represented by Stephen Goldsmith, Douglas Ball, Kevin Foley, or Martin Gengerke. If necessary, we will travel to see your collection. Call 800-622-1880 for further information. Stepnen ciokismun 4:010.40.MEMBER 26 Broadway, Suite 271, New York, NY 10004 • www.rm-smythe.com • June 15-18, 2000 International Paper Money Show Auction, Memphis, TN. • September 13-17, 2000 5th Annual Strasburg Paper Money Collectors Show & Auction, Strasburg, PA. •November 2000 Coins and Autographs, New York, NY. PAPER MONEY is published every other month beginning in January by the Society of Paper Money Collectors (SPMC). Second-class postage is paid at Dover, DE 19901. Postmaster send address changes to Secretary Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941. Society of Paper Money Collectors, Inc., 2000. All rights reserved. Reproduction of any article, in whole or in part, without express written permis- sion, is prohibited. Individual copies of this issue of PAPER MONEY are available from the Secretary for $4 postpaid. Send changes of address, inquiries concerning non-delivery, and requests for additional copies of this issue to the Secretary. MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the Editor. Accepted manuscripts will be published as soon as possible; however, publication in a specif- ic issue cannot be guaranteed. Include an SASE for acknowledgment, if desired. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be typed (one side of paper only), double-spaced with at least 1-inch margins. The author's name, address and telephone num- ber should appear on the first page. Authors should retain a copy for their records. Authors are encouraged to submit a copy on a 3 1/2-inch MAC disk, identified with the name and version of software used. A double-spaced printout must accompany the disk. Authors may also transmit articles via e-mail to the Editor at the SPMC web site (tred@spinc.org). Original illustrations are preferred. Scans should be grayscale at 300 dpi. Jpegs are preferred. Inquire about other formats. ADVERTISING All advertising copy and correspondence should be sent to the Editor. To keep rates at a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where spe- cial artwork or additional production is required, the advertiser will be notified and billed accord- ingly. Rates are not commissionable; proofs are not supplied. Advertising Deadline: Copy must be received by the Editor no later than the first day of the month preceding the cover date of the issue (for example, Feb. 1 for the March/April issue). With advance notice, camera-ready copy, or electronic ads in Quark Express on a MAC zip disk with fonts sup- plied, may be accepted up to 10 days later. ADVERTISING RATES Space 1 time 3 times 6 times Outside back cover $152 $420 $825 Inside cover 145 405 798 Full page 140 395 775 Halt page 75 200 390 Quarter page 38 105 198 Eighth page 20 55 105 Requirements: Full page, 42 x 57 picas; half-page may be either vertical or horizontal in format. Single-column width, 20 picas. Except covers, page position may he requested, but not guaran- teed. All screens should be 150 line or 300 dpi. Advertising copy shall be restricted to paper cur- rency, allied numismatic material, publications, and related accessories. The SPMC does not guar- antee advertisements, but accepts copy in good faith, reserving the right to reject objectionable material or edit copy. SPMC assumes no financial responsibility for typographical errors in ads, but agrees to reprint that portion of an ad in which a typographical error occurs upon prompt notification. PAPER MONEY • May/June 2000 • Whole No. 207 65 Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXXIX, No. 3 Whole No. 207 MAY/JUNE 2000 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379 Visit the SPMC web site: www.spmc.org IN THIS ISSUE FEATURES A Primer to Bank of Chattanooga Notes 67 By Dennis Schafluetzel Why You Find Hide and Leather Boston Nationals 80 Submitted by Bob Cochran Engravers Guild Honors Deborah Alexander 82 Two Circulated Errors from the Same Sheet 83 By Peter Huntoon Bank Note Artists Model Kin 92 By Gene Hessler CNA Card Depicts Fountain 93 SOCIETY NEWS Attention: If you have not paid your annual dues for 2000, this is the LAST issue of Paper Money you will receive. Don't let your subscription expire. Contact SPMC Secretary NOW! Information & Officers 66 President's Column 82 By Frank Clark Index to Paper Money, Volume 38, 1999 84 Compiled by George B. Tremmel Meet the Candidates for SPMC Board of Governors 88 News for Members 90 Research Exchange 90 Money Mart 91 New Members 94 Editor's Notebook 94 Advertisers Index 95 IN THIS ISSUE What are the chances of finding a pair of error notes in circulation from the same sheet? Mighty long, but see how they fell. (Page 83) 66 May/June 2000 • Whole No. 207 • PAPER MONEY Society of Paper Money Collectors The Society of Paper Money Collectors (SPMC) was orga- nized 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 SPMC meeting is held in June at the Memphis IPMS (International Paper Money Show). Up-to-date infor- mation about the SPMC and its activities can be found on its Internet web site www.spmc.org . MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic soci- eties are eligible for membership; other applicants should be sponsored by an SPMC member or provide suitable ref- erences. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or guardian. Junior membership numbers will be preceded by the letter "j," which will be removed upon notification to the Secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES—Annual dues are $24. Members in Canada and Mexico should add $5 to cover postage; members through- out the rest of the world add $10. Life membership payable in installments within one year is $500, $600 for Canada and Mexico, and $700 elsewhere. Members who join the Society prior to October 1 receive the magazines already issued in the year in which they join. Members who join after October 1 will have their dues paid through December of the following year; they also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. Dues renewals appear in the Nov/Dec Paper Money. Checks should be sent to the Society Secretary. OFFICERS ELECTED OFFICERS: PRESIDENT Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 VICE-PRESIDENT Wendell A. Wolka, P.O. Box 569, Dublin, OH 43017 SECRETARY Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941 TREASURER Mark Anderson, 335 Court St., Suite 149, Brooklyn, NY 11231 BOARD OF GOVERNORS: C. John Ferrell, P.O. Box 33, Storrs, CT 06268 Ronald L. Horstman, 5010 Timber Ln., Gerald, MO 63037 Arri "AJ" Jacob, P.O. Box 361, Los Alamitos, CA 90720-0361 Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 Robert Schreiner, 103 Windsor Cir., Chapel Hill, NC 27516-1208 Stephen Taylor, 70 West View Ave., Dover, DE 19901 APPOINTEES: EDITOR Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941 CONTRIBUTING EDITOR Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231 ADVERTISING MANAGER Bob Cochran, P.O. Box 1085, Florissant, MO 63031 LEGAL COUNSEL Robert J. Galiette, 3 Teal Ln., Essex, CT 06426 LIBRARIAN Richard J. Balbaton, P.O. Box 911, North Attleboro, MA 02761 MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 PAST PRESIDENT Bob Cochran, P.O. Box 1085, Florissant, MO 63031 1929 NATIONALS PROJECT COORDINATOR David B. Hollander, 406 Viduta PI, Huntsville, AL 35801-1059 WISMER BOOK PROJECT COORDINATOR Steven K. Whitfield, 14092 W. 115th St., Olathe, KS 66062 BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items 60-Page Catalog for $5.00 Refundable with Order ANA-LM SCNA PCDA CHARTER MBR HUGH SHULL P.O. Box 761, Camden, SC 29020 (803) 432-8500 FAX (803) 432-9958 SPMC LM 6 BRNA FUN Garland Rarities as Est. Specimens R-1 100+ R-2 91-100 R-3 81-90 R-4 71-80 R-5 61-70 R-6 51-60 R-7 41-50 R-8 31-40 R-9 26-30 R-10 21-25 R-11 16-20 R-12 11-15 R-13 5-10 R- I 4 2-4 R-15 Unique PAPER MONEY • May/June 2000 • Whole No. 207 67 Author Conducting Note Census A Primer to Notes of the Bank of Chattanooga BY DENNIS SCHAFLUETZEL B ANK OF CHATTANOOGA, TENNESSEE, OBSOLETE BANKnotes from its short nine year history (1854-1863) provide a fascinat- ing study of this major southern rail center prior to and during the Civil War era. The Bank of Chattanooga was chartered by the State of Tennessee in 1854 with a capitalization of $500,000. This was reduced to $212,000 in 1856. The bank was located on Market Street near Third and was owned by the same owners as the Bank of Memphis. Paul E. Garland lists 77 Bank of Chattanooga obsolete notes in his stan- dard reference book, The History of Early Tennessee Banks And Their Issues. These notes can be organized into seven issue periods with 27 major design types. This article depicts the 25 types I have accumulated over the past three years. All these notes are scarce. Even the most common notes have fewer than a few hundred known specimens extant. At major currency shows, fewer than a dozen such notes generally appear in dealers' inventories. However, most of these notes are not expensive: generally $10-$35 for common low grade notes to $100-$500 for higher grade and scarce notes, if you can find them. Bank of Chattanooga Initial Types (1854) Prior to the War Between the States, the Federal government issued copper and silver coinage up to $1 as well as gold coins up to $20. Private or state chartered banks provided paper currency. The first Bank of Chattanooga currency types consisted of $1, $2, $3, $5, $10, $20, $50 and $100 dollar denominations, dated 1854 to 1861. Danforth, Wright & Co. of Philadelphia and New York printed these notes. The $1, $2, and $3 notes must have been issued in very limited numbers or recalled because only one note of the three types was known to Garland to have survived. Since his book was published, a second surviving note has been found, and luckily it was offered to me. It is Figure 1: Bank of Chattanooga $3 (G-76, R-14) Steamboat with road scene at right, and train under arched bridge at left. TENNESSEE,BAN WCHATTANOOGA •%'" ale//////V(/. 4 /4,2G a , /////> y Cash: Pres' STATE OF TENNESSEE. TTANDOCA ' 110 LLARS- C HATTAND 0 GA '4'40404 km. ,„,is 4. • WI .s .ssa :EA: ,;;;„, , 68 May/June 2000 • Whole No. 207 • PAPER MONEY Figure 2: Bank of Chattanooga $5 (G-91, R-1) Allegorical figure reaching up to an angel. Figure 3: Bank of Chattanooga $10 (G-96, R-8) Allegorical females at left. Figure 4: Bank of Chattanooga $20 (G-105, R-8) Sailor & Mechanic standing over Industry & Education. Figure 5: Bank of Chattanooga $50 (G-110, R-11) Portrait of young lady with dove. • /../ cliwn-Annilcat, U///J 5- 1/iL19(.._ /7g-../.,-/Attotaittio,) tit 13-1434 v. ./ ' CifAMCAN G16 PAPER MONEY • May/June 2000 • Whole No. 207 69 Figure 6: Bank of Chattanooga $100 (G-115, R-11) Liberty seated with shield & eagle. shown on the front cover of this issue of Paper Money and in Figure 1. The surviving $3 note's main vignette is a Steamboat, with a road scene at right, and a train moving under an arched bridge at left. This is listed as G-76 (R- 14). Garland also lists a $2 as G-75 (R-14), raised to a $20, with an Allegorical figure on each side of Calhoun, the State Seal at right, and Arms in an oval at left, however he indicates its existence as unlikely. Garland further lists the $1 as G-61 (R-14). This note bore a Train vignette with Justice at right and a cotton plant at left. Two proof sheets with two $1s, a $2 and a $3 survive. One was sold from the American Bank Note Company archives in recent years. William D. Fulton, who served as cashier for the bank's whole existence, signed the notes. The president, William Williams, one of the early mayors of Chattanooga, or John Overton, who succeeded him in 1858, also signed these notes. The $5, $10, $20, $50 and $100 notes are shown in Figures 2-6. Varieties of these types consist of notes stamped with REDEEMABLE AT THE BANK OF MEMPHIS and notes with the denomination overprint- Figure 7: Bank of Chattanooga $10 (G-97, R-9) Train. Figure 8: Bank of Chattanooga $20 (G-108, R-7) Large Steamboat, young lady right. z.) 1/..41.%f CliattanOCig&fefin. /(f. Vfx/.)//d/ ) " • .ras1 t I ' 1.■ .s ! 70 May/June 2000 • Whole No. 207 • PAPER MONEY Figure 9: Bank of Chattanooga $50 (G-111, R-10) Oxen pulling wagon of cotton. Figure 10: Bank of Chattanooga $100 (G-117, R-9) Battle of New Orleans. Figure 11: Bank of Chattanooga $1 (G-49, R-2) One Dollar on gray bar, title arched above. ed in red. The $10, $20 and $100 notes illustrate the overstamp. The $5, $10 and $20 bills show the red overprint. The $50 or $100 notes are scarce (R-11) with only an estimated 16 to 20 known. Types Redeemable at the Bank of Memphis (1859) The Tennessee State General Assembly of 1859-1860, enacted a bill at the request of the bank owners to withdraw the Bank of Memphis' charter and establish in lieu thereof a branch of the Bank of Chattanooga in Memphis. The parent bank in Chattanooga and the branch bank in Memphis issued common notes starting in 1859 in denominations of $10, $20, $50 and $100. All the notes of this period (Figures 7-10) have a red die with REDEEMABLE AT THE BANK OF MEMPHIS printed on it. The American Bank Note Company printed these notes. W. D. Fulton, cashier, and John Overton, presi- dent signed all notes of this type. Varieties of this type include $10 notes with various railroad names on the boxcar and different dates of issue. Four $10 notes were printed on a sin- Alltattn;t''6;t rem, PAPER MONEY • May/June 2000 • Whole No. 207 71 Figure 12: Bank of Chattanooga $2 (G-65, R-7) Commerce seated by cornucopia with ships above in the distance. Figure 13: Bank of Chattanooga $3 (G-78, R-8) Commerce by shield bearing cotton plant. gle sheet. Witness the position letter "A" printed near the top right of the Memphis & Charleston note in Figure 7. Other notes have the position letters "B," "C," and "D" which correspond to the railroad names on the boxcar as listed below: Position Letter Railroad Name on Box Car A Memphis and Charleston B Memphis and Ohio C Memphis and Little Rock D Mississippi and Tennessee Initial Civil War Issue (1861 - 1862) Shortly after the war broke out, silver and gold coins were hoarded because the metal content was more valuable than the face value of the coins. Starting in 1861 the Confederate States of America issued notes in denomina- tions of $5 and up to $1,000. Because $5 was the smallest CSA issue, coupled with the shortage of silver and gold coins, a great need existed for notes under $5. To meet this crying need in the marketplace, the first notes printed by the Bank of Chattanooga during the war were $1, $2 and $3 notes (Figures 11-13). Jules Manouvrier in New Orleans printed these low quality lithographed notes. This is the same printer who was contracted to print $5 (Type 12) and $10 CSA notes in 1861. When he shipped the initial supply of the $10 CSA notes, the packaging came apart in transit and some of these notes were stolen. Because of this, the $10 notes were not issued and are not known today. This caused J. Manouvrier to loose his printing contract with the CSA. Varieties of this type include notes with and without the value overprint- ed in red, and blue-green. The $2 and $3 notes displayed have the value over- printed. DIALA e. ONE •DOLL Figure 14: Bank of Chattanooga $1 Train (G-53, R-3) printed over Bank of East Tennessee $3 and $5. Figure 15 (near right): Bank of East Tennessee $3 Reverse (G- 120, R-4). Figure 16 (far right): Bank of East Tennessee $5 Reverse (G-123, R-1). May/June 2000 • Whole No. 207 • PAPER MONEY I ONE DoLLAR. ONT D01.1 Al ONE Doll 1/t. t, I: ItV LI,AI ONE DOLLAR. 0 l 0 I., It. 72 Figure 17: Bank of Chattanooga $3 Train (G-80, R-3) printed over Bank of East Tennessee $3 and $5. F - D 0 IsLik , r- I glisteert ela?6 7 ed &MI X ClAtfiliooga Lrnn 'August 1802. •: giWRY Three Dollar," Three Dollen" Tpree Duller• Ti4ree UuI urs . Thrre Ilollere V■ifii*F4 PAPER MONEY • May/June 2000 • Whole No. 207 73 Figure 18: Bank of Chattanooga $2 Train (G-66, R-3) printed over Bank of East Tennessee $10 and $20. Figure 19 (far left) : Bank of East Tennessee $10 Reverse (G-125, R- 5). Figure 20: (near left) Bank of East Tennessee $20 Reverse (G- 127, R-7). Notes Overprinted over Bank of East Tennessee (1862) The $1, $2 and $3 notes of August of 1862 were reduced in size and printed over unissued Bank of East Tennessee sheets of notes because of the shortage of good bank note paper. Bank note paper had been imported from Great Britain until the Union blockade severely limited its supply. There were two types of $3 notes, one with a ship vignette and one with a train as on the $1 and $2 notes. These notes were the first ones from the Bank of Chattanooga to indicate they would be redeemed in Confederate Treasury Q. j 00 g OF (CHATT 2 bi _ REE DOLLARS ‘;',cc 1 etattannop, gout., 31ujust, 1862. 049V,): 1 Three Dollars. Three Dollars. Three Dollars. Three Dollars. Three Dollars. I 1,7 ...WM Op cyficen .2914;1d, 4IVI,,f 25 BANK OF CHATTANOtraA, 4", /"TWENTY-FP7E CENTS ,..9.74,1%, it( ....Mr1r4, ultra ir 1 etwIl 1 1l,, 4,tinJ ,97(4‘, 11/1.1,1414SN. Clmitannnu,, BANK OF 1.),HATTANfitP6A, twx8 -. •/'-.•'''' eeetouteik ,FA r, • ,` &411.am, tThattome.s., Iget 74 May/June 2000 • Whole No. 207 • PAPER MONEY Figure 21: Bank of Chattanooga $3 Ship (G-79, R-3) printed over Bank of East Tennessee $10 and $20. notes. The reverse of the Bank of East Tennessee notes that were printed in red can be seen, oriented 90 degrees, on the obverse of the $1, $2 and the two $3 notes shown in Figures 14, 17, 18, 21. The left side of the $1 note shows the HREE of the red THREE; the right side of the $1 note shows 5 on a red die. The $3 (Train) shows the left side of the Bank of East Tennessee $3 and $5 reverse designs. The $2 and $3 (Ship) notes show the middle and left side of the $5 and $10 red reverse designs from the Bank of East Tennessee. Compare these notes to the issued $3, $5, $10 and $20 Bank of East Tennessee notes in Figures 15, 16, 19, 20. Varieties of this type include notes with the word GOOD, the written denomination and the Arabic denomination printed in black or red. Figure 22 (above left): Bank of Chattanooga $.25 (G-41, R-5) Harp and Book. Figure 23 (above right): Bank of Chattanooga $.50 (G-44, R-5) Harp and Book. Fractional Currency (1862) As the war continued copper coins as well as silver coins were hoarded because they were worth more than the rapidly inflating paper currency. By the time these fractional notes were issued in September, 1862, it took 25 Confederate dollars to buy one $10 U.S. gold coin. Starting in 1862 fractional currency was printed in quarter and half-dollar denominations to fill this need for small change. These notes shown in Figures 22-23 have a harp and book vignette in the top center. Varieties of these types were printed on unissued Bank of Chattanooga notes. High Quality $1, $2 and $3 Notes (1863) These $1, $2 and $3 notes were printed on high quality paper by Keatinge & Ball, Columbia, S.C. That printer, founded in 1861, did the engraving and design work for almost all of the Confederate States of America notes commencing with the December 2, 1862, issue. The $1 Train & Mechanic, the $2 and $3 notes are shown in Figures 24-26. Varieties of these types exist with printed as compared to signed cashiers' or presidents' signatures, and with and without the state printed. Pilt CANA fit CA _triAAF' 6'/ /A " D70990Ira( till-1140 070990? ,me*AintlEn, SE1i1,j' I TitratiY,Cay; ' CS jaCtEMEITIZEilikt y=alEvRc=faa4e.. /,4i /1./ 44;4/ fv929443 TiTi m 41, or N929 1A3 SUPERB UNITED STATES CURRENCY FOR SALE COMPREHENSIVE CATALOG OF U.S. PAPER MONEY by Gene Hessler. 6th Edition. Hard cover. 579 pages. The new Edition. $32.00 plus $3.00 postage. Total price $35.00. THE ENGRAVERS LINE by Gene Hessler. Hard cover. A complete history of the artists and engravers who designed U.S. Paper Money. $75.50 plus $3.50 postage. Total price $79.00. NATIONAL BANK NOTES by Don Kelly. The new 3rd Edition. Hard cover. Over 600 pages. The new expanded edition. Gives amounts issued and what is still outstanding. Retail price is $100.00. Special price is $65.00 plus $4.00 postage. Total price $69.00. U.S. ESSAY, PROOF AND SPECIMEN NOTES by Gene Hessler. Hard cover. Unissued designs and pictures of original drawings. $14.00 plus $2.00 postage. Total price $16.00. Stanley Moryez P.O. BOX 355, DEPT. M • ENGLEWOOD, 011 45322 937-898-0114 SEND FOR FREE PRICE LIST BOOKS FOR SALE ((MIRO-4MM ( .4•„, _ ie it ////y0r4iir//' gleitiors • ,//,/,/,/7/1 .// / e/i/ .1(/1/4) I 1'1 1' 1...; /7/ /IV/ 74.5,41:' -4-0-ENT 1600 "...AETAICO (47/,/ 4 ONE D OLLAR /://(////d/i/4 ;7/1/ 3.1 // //A/ //, 1 /2/ .1' :711/7//:/Y % 1/1 /////////1 a MT:WM a • 4/ tb k „ , :-jit--.24tri#WCf) ligereighirtese )3199' / ( ) 7/./ ////4//// • : 4/ ,./. ,/"/%7/ /7"///// 17;1 f /////471. e' / /Al”( atial#9146 // / 14: ).) Sr;irCOr ITNNESSLVC' mogiktimmai auk of thattanowls - Twenty.Fire (bulk to- --JiceNtri,, , taw! freaerdeel s;. S 76 May/June 2000 • Whole No. 207 • PAPER MONEY Figure 24: Bank of Chattanooga $1 (G-58, R-2) Train and Mechanic with hammer and anvil. Figure 25: Bank of Chattanooga $2 (G-74, R-11) Ceres seated by shield, bale of cotton and sacks of money. Figure 26: Bank of Chattanooga $3 (G-87, R-2) Picking Cotton. Fractional Currency (1863) Figure 27 (below): Bank of Chattanooga $.25 (G-43, R-4). The last notes issued by the Bank of Chattanooga are the fractional cur- rency issued in April, 1863. These notes were $.25 (Figure 27), $.50 (Figure 28), and $.75 (Figure 29) with the denomination spelled out in Arabic numer- als printed in red. The 50-cent note has two varieties: one with a long top bar on the 5 and one with a short bar. The $.75 is a scarce R-13 (5-10 known) note. Paul Garland said he once had four of these notes. Fall of Chattanooga Dooms Bank Major General William Rosecrans, commanding the Union Army of the Cumberland, pursued the Confederate Army of Tennessee, commanded by General Braxton Bragg, to the impor- tant railroad center in Chattanooga in the summer of 1863. Rosecrans divided his army into five units to encircle Bragg in Chattanooga. Sensing this trap, Bragg withdrew to a strong posi- tion in northern Georgia, from where he planned to finish off one of ltitattaitiogit, ,XV EN T V.F1 VP', U E NTS4 00fogld, 0, 74000 al. Table 1 Summary of President Signatures & Date on Bank of Chattanooga Notes William Williams 1/5/55 7/1/58 John Overton 6/24/58 7/1/58 John Overton 9/1/59 9/1/60 John Overton 10/1/60 8/28/61 J. C. Warner for Pres. 8/28/61 1/4/62 J. C. Warner 8/62 J. H. Holt for Pres. 1/4/62 W. E. McClure 9/1/62 1/4/63 W. E. McClure 4/2/63 4/23/63 A. Wbisehim 8/62 I. R. Schulland 8/62 PAPER MONEY • May/June 2000 • Whole No. 207 77 Uaitit of Tlytttattooga, riartn! CENTS m eri ...4;;•■■ /1, unit of the divided Union army at a time. The two sides met September 19, 1863, at Chickamauga Creek. The Confederate forces won the battle and Rosecrans withdrew back to Chattanooga. Bragg was unaware of the retreat because Thomas ("The Rock of Chickamauga") protected the rear of the Union army. As a result Bragg missed his opportunity to follow up and eliminate the Union Army of the Cumberland. The Union army attacked Lookout Mountain November 24th and Missionary Ridge the next day, winning both battles despite the superior positions held by the Confederate army. The Bank of Chattanooga was probably closed when Chattanooga fell to the Union forces. It may have been moved with the Confederate army, but there is no record of the bank's existence after the fall of Chattanooga. Further research is necessary to clarify exactly how the bank passed out of existence. Signatures William D. Fulton signed as Cashier for the entire life of the bank. Table 1 lists the people who signed as the President or "for the" President of the Bank of Chattanooga. William Williams was the first President. He was succeeded by John Overton in 1858. Paul Garland's book indicates John Overton was the President until 1866 when the bank closed. However, a pamphlet issued by the Hamilton National Bank in 1925 titled A His-tog of Banking in Chattanooga indi- cates J. Holt, W.E. McClure and J. C. Warner were subsequent Presidents. The notes with Warner's signature in August, 1861, and Holt's signature in January, 1862, are clearly signed "for" the President. I have one note signed by Warner in August, 1862, that is not fol- lowed by "for" the President, indicating he may have been President then or he left off the "for" inadvertently. W.E. McClure signed numerous bills as the President from September, 1862, to April, 1863. I also have a few bills signed by what appears to be A. Wbisehim (Figure 17), and I. R. Schulland (Figure 21) from notes issued in August, 1862. Please note, the spelling of these names may be incor- rect. Table 2 shows the relative rarity of each of the Bank of Chattanooga type notes. The rarity scale (R-1 100+ to R-15 unique) is the same scale Paul Garland uses in his book, as shown on Page 67. The rarity of each type was calculated by adding up the number known (based on Garland's rarity estimates) for all varieties of the type. The $1 Train / Justice, $2 with Calhoun on each side and the $3 Steamboat are listed as R-14, rare. The $1 and $2 are unknown. There are two $3 notes that exist since my recent find so they should be listed as R-14. The 75 cent note listed as R-13 is scarce. Figure 28 (above left): Bank of Chattanooga $.50 (G-46, R-4) FIFTY CENTS in red. Figure 29 (above right): Bank of Chattanooga $.75 (G-48, R- 13) SEVENTY-FIVE CENTS in red. Table 2 Rarity of Bank of Chattanooga Type Notes Denom. Before the War During the War Chatt. Memphis 1861 1862 1863 $.25 R-2 R-4 $.50 R-4 R-1 $.75 R-13 $1 R-14 R-1 R-1 R-1 $2 R-14 R-1 R-1 R-1 $3 R-14 R-5 R-1 R-1 $3 R-3 $5 R-1 $10 R-2 R-1 $20 R-4 R-3 $50 R-8 R-7 $100 R-8 R-6 May/June 2000 • Whole No. 207 • PAPER MONEY78 Note Census Underway I am developing a census of the outstanding notes from the Bank of Chattanooga. I have posted a request for reports on the Tennessee State Numismatic Society web site, and I would also like your assistance. Please send a copy or a list of the note type, variety, grade, serial and plate numbers. (Note: the overprinted and the fractional notes do not have serial numbers.) I am also collecting information on which Bank of Chattanooga vari- eties were printed over which Bank of East Tennessee notes for a future article. Please send your information regarding any notes in this series to Dennis Schafluetzel, 1900 Red Fox Lane, Hixson, TN 37343 or e-mail me at: ray-mond@mindspring.com. Color scans of the notes shown in this article are posted on the Tennessee State Numismatic Society web site: http://perkasa.net/tsns/index.htm REFERENCES A History of Banking in Chattanooga. Chattanooga. TN: The Hamilton National Bank of Chattanooga, TN (1925), pp. 7-8. Angle, Paul M. A Pictorial History of the Civil War Years. Garden City, NY: Nelson Doubleday, Inc., (1967). Criswell, Grover C. Comprehensive Catalog of Confederate Paper Money. Port Clinton, OH: BNR Press (1996). Garland, Paul E. The History of Early Tennessee Banks and Their Issues. Hampton, VA: Multi-Print Inc. (1983), pp. 10-18. Table 3 Bank of Chattanooga Types as Garland Numbers Bank of Chattanooga initial types 1854 $1 0-61 $2 G-75 Listed as altered to $20 $3 G-76 $5 G-89-92 $10 G-93-96 $20 G-101-106 $50 G-109-110 $100 G-114-115 Overprints on Bank of East Tennessee 1862 $1 G-52-57 $2 G-66-71 $3 G-79 $3 G-80-85 Fractional Notes of 1862 $.25 G-41-42 $.50 G-44-45 High Quality Notes of 1863 Redeemable at Bank of Memphis 1859- $1 G -58 -60 $10 G-97-100 $2 G-72-74 $20 G-107-108 $3 G-86-88 $50 G-111-113 Fractional Notes of 1863 $100 G-116-117 $.25 G-43 Initial Civil War Types of 1861-1862 $.50 G-46-47 $1 G-49-51 $.75 G-48 $2 G-62-65 $3 G-77-78 PAPER MONEY • May/June 2000 • Whole No. 207 79 CHECK THE "GREENSHEET" GET 10 OFFERS THEN CALL ME FOR WRITE) FOR MY TOP BUYING PRICES The Kagin name appears more often than any other in the pedigrees of the rarest and scarcest notes (U.S. Paper Money Records by Gengerke) BUY ALL U.S. CURRENCY Good to Gem Unc. I know rarity (have handled over 95% of U.S. in Friedberg) and condition (pay over "ask" for some) and am prepared to "reach" for it. Premium Prices Paid For Nationals (Pay 2-3 times "book" prices for some) BUY EVERYTHING: Uncut Sheets, Errors, Stars, Special Numbers, etc. I can't sell what I don't have Pay Cash (no waiting) - No Deal Too Large A.M. ("Art") KAGIN 505 Fifth Avenue, Suite 910 Des Moines, Iowa 50309-2316 (515) 243-7363 Fax: (515) 288-8681 At 80 Now is The Time - Currency & Coin Dealer Over 50 Years I attend about 25 Currency-Coin Shows per year Visit Most States (Call, Fax or Write for Appointment) Collector Since 1928 Professional Since 1933 Founding Member PNG, President 1963-64 ANA Life Member 103, Governor 1983-87 0. - - - --,,,,,v4 .01,,ilerf .v. * To„ irrao,„.._„,..,........,= 7)-. ..,,,,z..„., , - - - .amaticasm 7,./<,,,,,_,,, 0 460 P , ' of " 11014041 cwkwpW1.1141NelMVOUVVANO.Va, AlcAlgft 80 May/June 2000 • Whole No. 207 • PAPER MONEY Bank Happenings A 19th Century Expositor Explains Why You Find Hide and Leather and Shoe and Leather Boston Nationals Above, $5 note on the National Hide and Leather Bank of Boston, Charles E. Finney, Cashier, and George Ripley, President. \g‘ A not even London, that sells so many boots and shoes, and so much A SHOE AND LEATHER MARKETPLACE, BOSTON IS \ pal-amount in America. More than this there is no city in the world, leather as the Massachusetts capital. The city's position as distribu- tion center of the state's great industries has not been achieved by accident, but is the fruit of energy grafted upon primary conditions. "In colonial times the manufacture of boots and shoes was a well-established industry in New England, and with it naturally also the tanning of leather. This trade of the city in the early days of the 18th century had devel- oped relative impor- tance. Shoes were shipped by packets to New York and the southern markets, and hides were brought in to supple- ment the native sup- Submitted by Bob Cochran "The shoe and leather trade cen- tered naturally in the city's North End. There one can still see on John Street an almost obliterated sign, Shoe and Leather Street, which was at the center of that busi- ness. During the 1860s this trade outgrew the facilities afforded in this location, and there was a general emigration south. "Pearl Street became the seat of the boot and shoe business, while Congress, Purchase and High Streets became the leather mart. This section remains the location of the business, though Pearl Street has been virtually abandoned by the shoe trade, which is now centered around Summer and Lincoln Streets, and the leather trade has overflowed into South Street. "The boot and shoe business was never more firmly entrenched here than it is today. It seems singular at first thought that an industry requiring such a relatively small expenditure for permanent plant as does a leather shoe factory, in comparison with, say a cotton or rolling-mill, should not only hold its ground in this corner of our great country, but increase with the growth of the country. "Such, however, is the fact, and nowhere in the United States can boots and shoes he manufactured so cheaply as in New England. No better goods are made either, than are turned out by factories in Lynn and other towns in this vicinity. "The main product of this New England industry handled in Boston is the solid and substantial type (of shoe) which is worn by the great majority of the American peo- ple. It is for the purchase of these goods that dealers from all the states of the Union flock to Boston. "The amount of boots and shoes sold in this city annually is a matter of conjec- ture. We know that there shipped from this city last year (ca. 1899) to points outside of New England, 3,940,179 cases of boots and shoes, but to this must be added a large itrt 1,07.0 ..11n.r...5 YAW/ UNITED STATES ,NatiVur VW.:Vvvtuvvou'Uumtvokit' VMS WOLIAlitit'Re./.11;s: irricw60, ;4aw v " " s PAPER MONEY • May/June 2000 • Whole No. 207 81 unknown number of cases shipped West and South from the factories, in other ways than through Boston, besides the quantity consumed by the five million inhabitants of New England. "Even were the number of cases known, it would give no key to the number of pairs of boots and shoes represented, as the cases contain anywhere from one dozen to sixty pairs each. We may, however, reach an approximation of the value of the trade, by assuming that all the factory product of New England is sold in Boston. This is within measure, also, from the fact that the product of factories of States outside of New England, New York, Pennsylvania, Virginia, etc., are sold here. Now, by the Census of the United States in 1890, the value of the New England factory product is given for the year as $140,932,656. It is a fair presumption that the trade of the city in these items amounts to not less than $150 million at the present time. "We have, in these figures, not considered the rubber boot and shoe business, which in 1890 was credited with a product of $19,632,060, the bulk of which was mar- keted from Boston. "Turning now to the leather trade, we are confronted by an absolute absence of statistics, but it is fair to assume that the value of leather sold in this city approximates a hundred mil- lion dollars annually. In the last fifteen years the importance of Boston as a leather market has been greatly enhanced. Before that time, New York was looked to by our shoe manufactur- ers to supply considerable sole and imported leather. "One by one, however, the houses there found that their interests required them to open stores in Boston, which in many cases soon dwarfed the parent establishments in both size and importance. The morocco manufacturers of Philadelphia and of Wilmington, Del., found their interest in the same direction; so, too, with great tanners of Chicago and Milwaukee. "Indeed, leather tanned in California is sent to Boston to be sold. New York and Pennsylvania are full of sole and upper leather tanneries, whose whole product is mar- keted in this city. In Michigan, West Virginia, North Carolina and other states, are tanneries either operated by Boston houses, or whose product is sent here to be sold. "What we may call the local production of leather is not receding either. Our home tanners are changing their product somewhat; they are making more of the lighter, finer grades, but it may be doubted if Salem, Peabody, Winchester and Woburn ever made more leather than they do today. "Besides its domestic trade, Boston has an important foreign business in leather. In fact, some of the large English dealers keep representatives here; others make regu- lar pilgrimages to the Puritan City, besides maintaining constant communication with our houses. The exports of leather from Boston last year reached $8,183,343. "As a hide market Boston is of the first importance, but as an entrepot distinctive- ly, we are ranked by New York and Chicago. Yet a large amount of hides held in those cities are sold through Boston brokers, while a vast majority of the hides collected at the numerous western and southern centers, such as St. Louis, Kansas City, Quincy, Ill., Nashville, Cleveland, Indianapolis, Richmond, Va., etc., are sold in the same man- ner. Most of these hides are never seen in Boston until they reach our warehouses in the form of leather. "This city has always been important as an importer of hides, but of late the receipts of African hides have declined, owing to the disturbances in Madagascar and from other causes, but the imports from the River Platte are maintained, as vessels tak- ing lumber hence load hides on their return. In calf and sheepskins the city has a large trade, and in goatskins the expansion of our local morocco manufacture has given a considerable impetus to this branch of business." AS REPORTED BY Davis, W.T. (ed.). The New England States. Boston: D.H. Hurd & Co, (ca. 1900). James E. Patch, Cashier, and James C. Elms, President, signed this $5 note on the Shoe and Leather National Bank of Boston. May/June 2000 • Whole No. 207 • PAPER MONEY82 TF YOU WOULD LIKE TO ADVERTISE IN PAPER 1_Money you can contact SPMC's advertising manager, Bob Cochran. He can set you up and give you all of the details. With our publication being on a regular schedule again, Paper Money would be a great place to advertise. Also, the ads are now distributed throughout the magazine. Bob's address is listed in the appointed officers' section at the front of this magazine. Rates are very reasonable. Also, if just a classified ad may be sufficient for you, try our Money Mart section. I remember a few years ago I was going to Austin for a coin show and had the latest issue of Paper Money with me. Bob Cochran had an ad in Money Mart for a $20 National on a St. Louis bank. I read his ad that night and on the next day at the coin show I found that exact note for him! So, these bargain ads may work for you, too! If you are attending a regional or a national coin show in the future that has an SPMC regional meeting please try to attend. Usually the meeting will have an interesting speaker and you will probably learn something that can help you in your syngraphic pursuits. Also, you can stage a regional meet- ing of SPMC. Usually, the first step is to contact the bourse chairman and get his permission, plus the use of a room and an allotment for a meeting time. Then you need to plan for the meeting with a guest speaker, or maybe a roundtable of collec- tors and/or dealers, or conduct the meeting yourself. I have several paper money slide shows that I give. The ANA has many such slide shows you can borrow if you are a member, or you could present a paper money slide show from the SPMC library about the history of paper money. You could then send the details to our editor, Fred Reed, for inclu- sion in Paper Money. You should also notify our program coordinator, Judith Murphy. Try it, you just might like it. Memphis is just around the corner and I can hardly wait! SPMC will have our annual breakfast along with the Torn Bain Raffle. A board meeting and a general meeting of the membership are also on tap. Allen Mincho of Currency Auctions of America is our guest speaker, discussing today's currency market. Memphis is always exciting with a friendly atmosphere and remember, "All roads lead to Memphis". So, make your plans if you haven't and I hope to see you there! Mike Crabb puts on a wonderful show for the Memphis Coin Club. You can bid and buy via the mail, or surf the Internet for numismatic auctions, but my preference is the old-fashioned numismatic bourse with all of the face-to-face contact. That is what I truly like and this year's show should be special with a sold out bourse and two very nice auctions conducted by Lyn Knight and R.M. Smythe during the show. Also, I will get to see many people who I only see once a year and that is at Memphis. So, if at all possible, please put Memphis down for your plans, June 15th through June 18th, 2000. You will not be dis- appointed. If you collect paper, you owe it to yourself to attend. George Tremmel is working on an updated index to Paper Money. If you have a correction or addition to the previ- ous index compilation, or a correction or addition to one of Paper Money's yearly indices (the 1999 Index is on pages 84 and 86) you can notify me of it and I can pass it on to George. Recruiting new members is the lifeblood of any organiza- tion. Every year at Memphis we announce who has signed up the most new members since the previous Memphis show. Here are the top four recruiters for SPMC going into the homestretch for this year's show: Recruiter # Recruited Tom Denly 50 www.spmc.org 43 Frank Viskup 30 Arri Jacob 8.5 You get half credit if you and another person recruit a new member and the new member puts you both down as his/her sponsor. I've got plenty of applications, so please don't be afraid to ask for them. So long for now. Frank BEG Souvenir Card Honors Deborah Alexander I TONORING THE MEMORY OF_L Deborah Alexander, deceased letter and script engraver, the Banknote Engravers Guild has re-issued an engraving by G.F.C. Smillie. Ms Alexander died in August, 1999 after battling cancer. Deborah Alexander was born in 1952 and attended the School of Visual Arts, The Parson's School of Design and the Philadelphia College of Art. Following her graduation from St. Lawrence University, she joined American Bank Note Company in 1975. Deborah also engraved for U.S. Banknote Co. before moving to the Bureau of Engraving and Printing. In addition to numerous postage stamps, she engraved let- tering on both the new $20 and $50 notes. The Smillie engraving is titled Motherhood. It was engraved in 1897 by Smillie and used shortly thereafter on the 1898 registered Spanish-American War Bond. The proceeds from the sale of this card will go toward an education fund for Ms Alexander's two sons. To order the card send $12, including postage, to Banknote Engravers Guild, PO Box 1146, Olney, MD 20830. PAPER MONEY • May/June 2000 • Whole No. 207 83 tt--;*$ THE PAPER COLUMN !' by Peter Huntoon Two Circulated Errors from the Same Sheet - the Improbability of It All! TAM ONE WHO MARVELS WHEN LONG ODDSagainst an occurrence are overcome. The pair of errors shown here, each with a first generation offset impression of the black overprint on the back, are a case at point. Notice that both of these $5 Series of 1981 Federal Reserve Notes are circulated. Here are their particulars: • J64218999A face plate 322, back plate 179, position Fl; • J64378999A face plate 322, back plate 179, position B2. They are from the same sheet. The difference in the ser- ial numbers is exactly 160,000. The Fl and B2 positions are four positions apart on the sheet and the press run was 40,000 sheets yielding a ser- ial number differ- ence of four times 40,000. The remarkable thing here is that the notes were issued separately, undoubt- edly from different banks. Each was dis- covered in circula- tion, and ultimately each was delivered up to the same col- lector. The probability of pulling this off is astronomi- cal. Here is how I stumbled upon these notes. The Las Vegas Numismatic Society sponsored a show at the Plaza Casino March 3-5, 2000. It was a modest event with dealers mostly from the west. One coin dealer from Oklahoma City was present with what can only be called a siz- able hoard of late issue small notes — mostly consisting of hun- dreds of $1 Silver Certificates and similar later series small size type notes, plus the residuals from a collection of small size errors notes that he said he had purchased from the estate of an Oklahoma collector. He advised that most of the error collection already had been sold. All but a couple of the remaining errors on display were unremarkable, but they offered contrast and relief from the other material, and were highlighted near the center of the display case. I noticed a first generation offset of the black overprint on the back of a $5 as I was rather absently looking over the display. Although I thoroughly enjoy seeing them, I no longer collect misprints. However, because the offset on this one was so vivid, I went to the bother to ask to see it. Directly under it was a second similar offset which through serendipity had not been scattered elsewhere in the case or been sold previously. I was astonished to see that they were from the same sheet. I am certain that the collector who assembled the pair knew what he had when he bought the second note. He went to the bother to put a scrap of paper in one of the holders reading "13 Nov 83 - Brannons - CADX." I suppose the date was his date of purchase; Brannon was the seller; and, CADX was his cost code. Here is how this pair was made: Press runs at the time were 40,000 sheets, and because the sheets contain 32 subjects, 1,280,000 notes were produced each press run. The 51st press run in block JA contained seri- als J64000001A through J65280000A. After the backs and fronts of the sheets were printed, they were cut down the mid- dle so the number 1 and 2 quadrants were left connected, as were the 3 and 4 quadrants. The half sheets were fed into the COPE presses where they received the district overprints and serial numbers, and were cut apart. Those presses number backward from the largest to smallest serial number. This allows the lowest serials to end up on top of the stacks. Serial numbering started at 64240000 and ended with 64200001 in the Fl posi- tion, and at 64400000 and 64360001 in the B2 position. The 21,000th half sheet of 16 notes did not feed correctly and missed the black overprinting. The ink intended for it was transferred to a pressure roller, and offset onto the backs of the 21,001st and a couple subsequent sheets. The entire half sheet containing these two notes carried unusually crisp, dark offsets. The errors in at least the Fl and B2 positions were not spotted — proba- bly the others weren't either — and the stacks of cut notes progressed on their separate paths through the Bureau of Engraving and Printing final inspection and pack- aging process, then through the Federal Reserve distribution system, and on through commercial banks to circulation. They were independently spotted after entering circula- tion, and somehow converged on the same collector. Think of the odds of that collector finding two circulated notes from that same half sheet! A second great obstacle had to be over- come allowing the two notes to stay together once the fellow's collection began to be disbursed! They were not sold to me as a pair, rather each was priced separately and housed indiffer- ently in separate holders by the dealer. • \ J 64213999 A " ss"'"T"''''''' 10 84 May/June 2000 • Whole No. 207 • PAPER MONEY An Index to Paper Money Volume 38, 1999 Numbers 199-204 Compiled by George B. Tremmel No. Page No. Page Ashmore, Marvin D. Hard to Counterfeit, Forrest W. Daniel 200 56 Portrait of John Stark, illus. 203 131 Immense Counterfeiting Operations, BANKS AND BANKERS Forrest W. Daniel 204 178 Kate Gleason, National Bank President, The Importance of the Counterfeit illus. Karl S. Kabelac 201 67 Detector, Bob Cochran 199 16 Benice, Ronald J. Daniel, Forrest W. Florida Currency during Reconstruction, A Pedigreed Dog, illus. 204 182 illus. 199 3 The Green Goods Game Bolduc, Bob A Monstrous Forgery by a Woman- Vacation and the Higgins Museum, illus. 200 43 Strange Development 201 83 CHECKS Counterfeiters Arrested 204 178 Will You take a Check?" Bob Cochran 202 107 Hard to Counterfeit 199 18 Clark, Frank Hard to Counterfeit 200 56 About Texas Mostly Immense Counterfeiting Operations 204 178 Assistant Cashier Signatures on National New Flim Elam Scheme 203 151 Bank Notes 201 78 New to the Grocer 202 118 National Bank Notes from Garland, Dean, Charles A. Texas, illus. 200 48 The Ethnic National Banks, illus. 201 74 National Banks in Denton, Texas, and ENGRAVERS & ENGRAVING Their Notes 202 116 Design Changes, Bob Cochran 200 57 Robert L. Thorton, Banker, illus. 199 14 Fisher, Kim Texas County and Cabool, Missouri, My Lazy Deuce Coup, illus. 204 168 illus. 203 148 Grant, Dave William A. Philpott, Jr. Collector A Curious Pair of Wichita Nationals, Extraordinaire, illus. 204 159 illus. 202 99 Cochran, Bob Hessler, Gene Bank Happenings Some Women Who Made a Difference, A "Changeover" Pair?, illus. 201 80 illus. 200 38 Design Changes 200 57 Some Women Who Made a Difference, Exchanging Currency in Hawaii, illus. 204 166 illus. 201 71 The Gold Standard Act of 1900 203 137 Some Women Who Made a Difference, The Importance of the Counterfeit illus. 202 108 Detector 199 16 Some Women Who Made a Difference, "Will You take a Check?" 202 107 illus. 203 138 CONFEDERATE The Buck Starts Here, illus. 199 17 The Search for Chalk Bluff, Mo., illus. 200 50 Ron Horstman 204 164 201 82 COUNTERFEITS 202 115 A Darker Reason for Smaller Currency, 203 147 illus. Edward C. Rochette 199 12 Horstman, Ronald L. A Monstrous Forgery by a Woman— The Search for Chalk Bluff, Mo., illus. 204 164 Strange Development, Forrest Daniel 201 83 The White Bear, illus. 200 35 Counterfeiters Arrested, Huntoon, Peter Forrest W. Daniel 204 178 The Paper Column, illus. Hard to Counterfeit, Forrest W. Daniel 199 18 $10 Silver Certificate 1934A Mules 199 19 MEN R, E R HARRY IS BUYING NATIONALS — LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY ES JONES PO Box 30369 Cleveland, Ohio 44130 1-440-234-3330 PAPER MONEY • May/June 2000 • Whole No. 207 85 WANTED: NATIONAL BANK NOTES Buying and Selling Nationals from all states. Price lists are not available. Please send your want list. Paying collector prices for better California notes! WILLIAM LITT P.O. BOX 1161 Fremont, California 94538 (510) 490-1751 Fax: 9510) 490-1753 E-mail: BillLitt@aol.com Member SPMC, PCDA, ANA Always Wanted Monmouth County, New Jersey Obsoletes — Nationals — Scrip Histories and Memorabilia Alknburst — Allentown — Asbury Park — Atlantic Highlands — Beim(' '- Bradley Beach — Eatontown — Englishtown — Freehold — Howell Keansburg — Keyport — Long Branch — Manasquan — Matawan Middletown — Ocean Grove — Red Bank — Sea Bright — Spring Lake N.B. Buckman P.O. Box 608, Ocean Grove, NJ 07756 800-533-6163 Fax: 732-282-2525 •• • 11 • •411, 1144 Pcd United States Currency P.O. Box 524 New York, N.Y. 10116-0524 Phone 212 989-9108 PCDA, SPMC F 0461 9594 Buying Carl Bombara Selling VISIT MY WEB PAGE AT WWW.KYZIVATCURRENCY.COM FOR A GOOD SELECTION OF NOTES CONSERVATIVELY GRADED AND REASONABLY PRICED FOR THE COLLECTOR NATIONAL BANK NOTES LARGE SIZE TYPE SMALL SIZE TYPE STAR NOTES WEBS MISCELLANEOUS?? TIM KYZIVAT (708) 784-0974 86 PAPER MONEY No. PageNo. Page May/June 2000 • Whole No. 207 • The Binion $10,000 Notes of Las Vegas, New Members 199 25 Nevada 201 85 200 58 Kabelac, Karl S. 201 93 Kate Gleason, National Bank President, illus 201 67 202 203 120 152 NEW LITERATURE 204 173 Gregor MacGregor, Cazique of Poyais, 1786-1845 by Richard T. Gregg 204 181 News of Our Members President's Column 204 199 170 21 The Monetary Histovy of the Baltic States 200 52 with a Detailed Catalog of Currency Notes 201 88 by V. Marcilger 204 181 202 119 U.S. Paper Money Guide and Handbook 203 151 by Carlson Chambliss 204 181 Recent Additions to SPMC Library, OBSOLETE NOTES & SCRIP illus. Frank Clark 204 181 Florida Currency during Reconstruction, illus. Ronald J. Benice 199 3 SPMC Annual Awards SPMC News 203 199 170 2 Portrait ofJohn Stark, illus. Marvin D. 200 53 Ashmore 203 131 201 89 The White Bear, illus. Ronald L. The State of the Society — Horstman 200 35 A Message from the President 204 171 U.S. Obsolete Notes Show Spanish U.S. LARGE-SIZE NOTES Coins, illus. Bob Schreiner 199 10 A Pedigreed Dog, illus. Forrest Daniel. 204 182 Rochette, Edward C. U.S. NATIONAL BANK NOTES A Darker Reason for Smaller Currency, illus. 199 12 A Curious Pair of Wichita Nationals, illus. Dave Grant 202 99 Schreiner, Bob Assistant Cashier Signatures on National U.S. Obsolete Notes Show Spanish Bank Notes, illus. Frank Clark 201 78 Coins, illus. 199 10 Kate Gleason, National Bank President, Smedley, Glenn B. illus. Karl S. Kabelac 201 67 Walter Shirlaw: Paper Money Designer, illus. 200 45 My Lazy Deuce Coup, illus. Kim Fisher 204 National Bank Notes from Garland, 168 SOCIETY OF PAPER MONEY COLLECTORS Texas, illus. Frank Clark 200 48 1999 Memphis Annual Board Meeting National Banks in Denton, Texas, and Minutes 204 175 Their Notes, illus. Frank Clark 202 116 1999 Memphis Annual General Meeting 204 176 Texas County and Cabool, Missouri, 1999 St. Louis Board Meeting Minutes 204 176 illus. Frank Clark 203 148 1999 St. Louis Regional Meeting 204 178 The Ethnic National Banks, illus. Charles Call for Nominations 203 137 A. Dean 201 74 204 172 Vacation and the Higgins Museum, Editorial Notes 204 172 illus. Bob Bolduc 200 43 In memoriam: U.S. SMALL SIZE NOTES Grover C. Criswell 201 91 A Darker Reason for Smaller Currency, Raphael Ellenbogen 200 53 illus. Edward C. Rochette 199 12 L. Chandler Leggett 201 90 Exchanging Currency in Hawaii, illus. Membership Application 199 21 Bob Cochran. 204 166 200 52 New Paper Money Index Available Soon Veteran SPMC indexer George B. Tremmel is hard at work on a revised, comprehensive Paper Money Index. George promises a thorough updating of his most recent volume, published by SPMC in 1994. Stay tuned to these pages for ordering information. ALWAYS BUYING • National Bank Notes • Large & Small Size • Type Notes • Large & Small Size • C.S.A. • • Obsoletes • Sample Buy Prices Fr # F VF XF CU Gem CU 240-244 500 825 1000 1800 353-355 500 1150 2275 3600 9000 747-780 225 325 650 1150 259-265 450 1075 1750 2375 4850 952-963 135 275 425 675 2100 1605 150 275 375 650 1400 1954-F 200 400 600 1500 2500 GLENN G. WRIGHT P.O. BOX 311 Campbellsport, WI 53010 920-533-8248 .4.11211M117411•1111101MIORNMP..*MMI. I 1111N.N. 1111 aligaltaladkay2316661:- 0 tqa-TitfraAsf am–gtsvivggsge 2943 ous Misztall* - 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 (651) 423-1039 SPMC LM 114—PCDA—LM ANA Since 1976 PAPER MONEY • May/June 2000 • Whole No. 207 87 EARLY AMERICAN NUMISMATICS • 619-273-3566 We maintain the LARGEST ACTIVE INVENTORY IN THE WORLD! COLONIAL & CONTINENTAL CURRENCY SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. SERVICES: q Colonial Coins q Colonial Currency q Rare & Choice Type Currency 1:1 Pre-1800 Fiscal Paper q Encased Postage Stamps SERVICES: J Portfolio Development q Major Show Coverage q Auction Attendance EARLY AMERICAN NUMISMATICS do Dana Linett P.O. Box 2442 • LaJolla, CA 92038 619-273-3566 Members: Life ANA, CSNA, EAC, SPMC, FUN ANACS 88 May/June 2000 • Whole No. 207 • PAPER MONEY Meet the Candidates for the SPMC Board of Governors AS PROVIDED FOR IN THE SOCIETY BYLAWS, A"Call for Nominations" for SPMC Board of Governors candi- dates was published in the SEPT/OCT 1999 issue of Paper Monty, page 137, and in the JAN/FEB 2000 issue, page 172. Four candi- dates qualified. They will be elected to the four vacant board seats at the coming annual meeting in Memphis this June. Mark B. Anderson Current SPMC Treasurer, Mark Anderson has been a paper money collector since the age of 11. While he would admit to other acquisitive tendencies, such as some coins and stamps, paper money has always been his principal focus. He began collecting when he received, to him, an unusual bill in change on a bus in 1967. Curiosity about the note begat accu- mulation of others like it, and with time, collections of Spanish, Swedish, and United States paper money. He today collects each country by type and also has several specialized collec- tions, including Swedish private bank notes, Spanish Civil War currency, and Wisconsin National Bank Notes. Within the first year of his col- lecting, Mark's father, Burnett, became interested in coins. This led to the elder Anderson's long second career with Krause Publications. Until Burnett's death in 1998, father and son often traveled to shows and auctions together. Starting at European American Bank in January, 1979, Mark was a corporate lender for 17 years before being asked to head the bank's marketing and product development efforts in April, 1996. He finds that the lessons of history, particularly economic, politi- cal and social, can be learned and illustrated with the stories that paper money tells. "As the world of banking evolves at an acceler- ated pace, the issues and needs remain constants; only the tools are changing," the veteran banker opines. Mark has a BA in Economics received from the University of Rochester in 1977, and an MBA in Finance and Accounting awarded by the same school in 1978. He succeeded Tim Kyzivat as SPMC Treasurer three years ago, and is standing for reelection for another term. Mark is a longtime member of the SPMC (member #7300) and the IBNS. Benny Bolin A Registered Nurse, Benny serves as Trauma Program Manager at Baylor University Medical Center in Dallas, TX. He holds a BS in Biology from Baylor University; AD in Nursing from El Centro College; and an MS in Management from University Texas at Dallas. Married to Kim for 18 years, the couple has a son Brandon, 7 years old, who "has been to Memphis every year since birth," Bolin notes. Benny began collecting coins (mainly large coppers) at age 8, 35 years ago. He sold his entire coin collection in 1982 and began collecting Fractional Currency and South Carolina obsolete notes, fiscal paper and stocks/bonds. SPMC #6795, Bolin is also a member of the Dallas Coin Club, TNA, FCCB, and ASCC. He edits both the TNA News and FCCB Newsletter. Bolin has exhibited at Memphis since 1985 with multiple awards including the "Julian Blanchard Award" in 1998 for South Carolina proofs. He won the "People's Choice Award" at ANA mid-winter in Dallas in 1992, and "Best of Show" at TNA three times. Bolin has served as TNA exhibit chairman. He is an author of many articles on fractional and SC obsoletes in Paper Money and TNA News. He won the TNA Tidwell literary award three times, and also received the TNA Presidents' award in 1995. His major research projects include Spencer Morton Clark and CSA watermarked paper. Benny's goals: "I currently feel that SPMC is like all other hobby clubs, suffering from collector apathy and time constraints. I hope to inspire people by leading by example to do more for the hobby and contribute in some way." Ron Horstman Ron Horstman is a current member of the SPMC Board. A native of St. Louis, Horstman collects obsolete and National Bank Notes from that area. SPMC life member #12, he first joined the organization in 1964. Ron has written for Paper Money and other publications. His most recent contribution to this mag- azine detailed his search for the loca- tion of a rare Missouri scrip note. Horstman is also a life member of the Missouri Numismatic Society, and Honorary Life Member #1 of the PCDA. He has served as General Chairman of PCDA's St. Louis show since 1986. Ron was instrumental in securing SPMC co-sponsorship of that annual event, at which he has presented education forums in recent years. Judith Murphy Past President and current Board Member, Judith Murphy is Life Member #262 of SPMC. She was the first woman Vice- President and President of the Society. In recent years, Judith has been responsible for conducting highly successful SPMC regional meetings around the country. She has also held high offices in several regional and state numismatic organi- zations, including the Blue Ridge Numismatic Association. Judith was named a "Numismatic Ambassador" by Krause Publications, and has received the "Glenn Smedley Award" from the American Numismatic Association. She and her husband Claude are frequent attendees at con- vention bourses. They live in Winston-Salem, NC. 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 ImiotoTAMOWA THE CAMP HILL NATICIAL BAIA CAMP 11111 PtM45iLSAMIA VIVI! i)Of ‘1??..i Life Member ANA 639 WORLD PAPER MONEY specializing in Poland, Russia & E. Europe visit us: http://www.atsnotes.com ats@atsnotes.com Buy & Sell Free Price List Tom Sluszkiewicz P.O. Box 54521, Middlegate Postal BURNABY, B.C., CANADA, V5E 4J6 IBSS PCDA STOCKS & BONDS MONTHLY MAIL SPMC BID SALES ASCC I I I I I RR's, Mining, Banking, etc. etc. Something For Everyone FREE LISTING RICHARD T. HOOBER, JR. P.O. Box 3116, Key Largo, FL 33037 Phone or Fax (305) 853-0105 PAPER MONEY • May/June 2000 • Whole No. 207 89 :441taii,r( vta=m6. willikNalle! -JO =4%1144=41z IttM, 1.**: Your Hometown Currency Headquarters Top prices paid for National Currency Collections, Large-Size Type Notes, All Florida Currency and Scrip Largest Inventory of National Currency & Large-Size Type Notes! E-mail: wymoney@aol.com Call 1-800-327-5010 for a Free Catalog or write See our website at williamyoungerman.com for over 1,000 Nationals in stock William Youngerman, Inc. Rare Coins & Currency "Since 1967" P.O. Box 177, Boca Raton, FL 33429-0177 Member: PNG, PCDA, ANA, SPMC and others r "1 R31t1,3!=k' ftlt.E.S1LIFIALIUS REGzslanutuitosnle May/June 2000 • Whole No. 207 • PAPER MONEY90 News for Members Mincho to Speak at Memphis Veteran currency dealer and Bank Note Reporter columnist Allen Mincho will speak at the SPMC Annual Membership Meeting at the Mephis International Paper Money Show in June. The bull market for currency continues, and Mincho is expected to survey hot spots in the current marketplace as wit- nessed in recent auction action. Traditionally this meeting is scheduled for Saturday morning. Check the show schedule. Clark Presents Slides at TINA Society President Frank Clark will present a slide pro- gram titled "Selections from the Currency Collection of the San Francisco Federal Reserve" at an SPMC regional meeting to be held at 2 p.m. on Saturday, May 13 at the Texas Numismatic Association Convention. Show site is the J.W. Marriott Hotel, 5150 Westheimer Rd., Houston, Texas. Delger Wants Your Exhibit Longtime Memphis International Paper Money Show Exhibit Chairman Martin Delger advises that he will accept applications for Memphis exhibit space until May 15. Although all exhibits are non-competitive, SPMC annually presents a "Best of Show" award, and additional honors are sponsored by other participating groups as well. All exhibitors are awarded fine participation plaques for their efforts, and security is provided for the duration of the show. For two decades, paper money exhibits at Memphis have set the standard for this field and given rise to numerous pub- lished articles as well. "Many of our old faithful exhibitors at Memphis have passed away in the last few years," the Exhibit Chairman notes. "And we need to replace them with new blood. With all the great material being sold at auctions, there is a potential for a lot of new exhibits," Delger adds. Applications for standard exhibit cases, and copies of the rules for exhibiting are available from Martin Delger at 9677 Paw Paw Lake Drive, Mattawan, MI 49071. ONE OF THE MISSIONS OF PAPER MONEY IS TOentertain; another is to educate by assisting members in sharing information with one another. Publishing is one way we accomplish those missions. But, there are others, too. Last issue we announced a new department designed to aid researchers. To prime the pump your Editor ran the notice below, which caught the eye of fellow SPMCers Mark Tomasko, Dr. David Brase, Ron Horstman, Morris Lawing, Art Leister and others. The • Abraham Lincoln. Researcher needs illustrations & info of rare Federal and non-Federal currency, scrip, checks, stocks, etc. with vignettes of Abraham Lincoln. Contact fred@spmc.org or write to Fred Reed, P.O. Box 118162, Carrollton, TX 75011-8162. Lincoln items above are among those brought to my attention. That notice also piqued the interest of fellow researchers Wendell Wolka, Bruce Spence, and Paul Homer. If you can aid any of us, your help will be appreciated. If you are working on your own topics, send in a brief notice. PM will try to link you up with others sharing your interests, too. There's a lot of informa- tion walking around in our members' heads. Let's get it down on paper to benefit our entire syngraphic community! Research Exchange can help. Let's hear from you, too. + • $100 FRBN. Doing research on U.S. Treasury plans for a large- sized $100 Federal Reserve Bank Note, Series 1918. Would appreciate contact from persons with information on this possible issue. Contact bruce_spence@agilent.com or Bruce Spence, P.O. Box 185, Masonville, CO 80541-0185. • Ohio Obsolete Bank Notes and Scrip (1793-1880). SPMC State catalog researcher needs information on any such notes in your collection. Photocopies of rarer notes would be appreciat- ed, but lists of descriptions (they can be brief), serial numbers, and plate letters are also useful. I am interested in even the most common notes which you may have, as I am trying to maintain a reasonably accurate population report for the state to assist in determining rarity levels. All information will be held in strictest confidence; all contributors will be acknowledged in the book (2002 is the book's target date for publication). Please contact PURDUENUT@aol.com or Wendell Wolka, PO Box 569, Dublin, OH 43017. • North Carolina. Part time researcher and collector attempting to document historical aspects and issues of all NC obsolete banks, and issuers of paper scrip from Revolution through Great Depression. Information and illustrations of banknotes, scrip, bonds, checks, etc. needed. Contact Daedalus.1@juno.com or Paul Horner, P.O. Box 1871 Clemmons, NC 27012. PAPER MONEY • May/June 2000 • Whole No. 207 91 PAPER MONEY will accept classified advertising—from members only—on a basis of 15e 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 special- ized material and disposing of duplicates. Copy must be non-commercial in nature. Copy must be legibly printed or typed, accompanied by prepayment made payable to "Society of Paper Money Collectors," and reach Editor Fred Reed, P.O. Box 793941, Dallas, TX 75379, by the first of the month preceding the month of issue (i.e., Dec. 1 for Jan./Feb. issue). Word count: Name and address count as five words. All other words and abbreviations, figure combinations and initials count as separate words. No check copies. 10% discount for four or more insertions of the same copy. WORLD BANKNOTES. Old and Modern. Also coins, checques, bonds. Free wholesale and retail list. Igor Zhuravliov, P.O. Box 1488, Vilnius 2040, Lithuania. (207) STOCK CERTIFICATES, BONDS, 40-page list for two 320 stamps. 50 different $25; three lots $60. 15 different railroads, most picturing trains $26, three lots $63. Clinton Hollins, Box 112, Dept. P, Springfield, VA 22150-0112. (208) FREE U.S. CURRENCY CATALOG. 16 pages of all kinds. Leave your name and address at (617) 523-0003 or mail it to: Kenneth W. Mullane, P.O. Box 130105, Boston, MA 02113. (207) WANTED OHIO NBNs. Please send list. Also, want LOWELL, TYLER, RYAN, WHITNEY, JORDAN, O'NIELL. Thanks for your help. 419-865-5115. Lowell Yoder, POB 444, Holland, OH 43528. (207) HUNTSVILLE ALABAMA paper wanted: Nationals, obsoletes, merchant scrip, checks, postcards, etc. Bob Cochran, P.O. Box 1085, Florissant, MO 63031. Life Member SPMC. (212) WANTED SMALL SIZE NATIONALS on these Dallas banks: National Bank of Commerce #3985, Dallas National Bank #11749 and North Texas National Bank #12736. Frank Clark, P.O. Box 117060, Carrollton, TX 75011. (210) NYC WANTED: Issued NYC, Brooklyn, Williamsburgh obsoletes, any obsoletes from locations within present-day Manhattan, Brooklyn, Bronx, Queens, Staten Island. Steve Goldberg, Box 402, Laurel, MD 20725-0402. (212) PAPER MONEY BACK ISSUES WANTED: Vol 4 #1, issue 13 (Winter 1965); Vol. 8 #1, issue 29 (First Quarter 1969); Vol. 27 #6, issue 138 (Nov/Dec 1988); Vol. 33 #1, issue 169 Gan/Feb 1994). Bob Cochran, Box 1085, Florissant, MO 63031. (212) FOR SALE. ALL STATES. Miscellaneous paper items available for sale: Scrip, railroad and transit, business cards, coupons, etc. Write or call with your specific wants. Dan Benice, Box 5708, Cary, NC 27512. (919) 468-5510 (207) SHORT articles wanted now! Contact the Editor: fredespmc.org r 1 Buying & Selling All Choice to Gem CU Fractional Currency Paying Over Bid Please Call: 916-687-7219 ROB'S COINS & CURRENCY P.O. Box 303 Wilton, CA 95693 A Primer for Collectors BY GENE HESSLER Jaroslava Mucha, daughter of designer Alfons Mucha, appears in bookend por- traits on the back of the Czech 10 Korun, Pick 8. May/June 2000 • Whole No. 207 • PAPER MONEY92 N Bank Note Artists Model Kin REVIOUS COLUMN WAS DEVOTED TO AN American female who was the model for a Czech bank note. The designer of that note, Czech artist Alfons Mucha (1860-1939), used one of his daughters as the model for two other Czech notes: the 10 K(orun), Pick-8 and 50 K(orun), Pick-22. Jaroslava Mucha appears as a child on the 10 K note and as a mature young lady on the 50 K. The Czech 10 K note has two images of Jaroslava, like twin bookends, on its back. This note, dated 15 April 1919, was part of the first issue for the new Republic of Czechoslovakia which was established in 1918. The 50 K note, dated 1 October 1929, shows an attractive profile of Jaroslava on the face of the note. The treatment of Jaroslava's profile resembles the Zodiac, which Mucha created for a calendar. Both the 10 K and 50 K notes are available with the "SPECIMEN" perforation, as described in an earlier col- umn, for about $15 or less. Mucha was not the only artist to have a family member act as a model for a bank note design. Through the years there have been many on both U.S. and worldwide security engrav- ings. Another artist and engraver, Luigi Delnoce (1822-1890) was able to have the faces of his daughters included in his engraving of Prayer for Vim° , on the first and second charter $50 National Bank Notes and the $50 National Gold Bank Notes. It will be necessary for most readers to admire these notes in other collections since they are all very expensive. Nathaniel Jocelyn (1796-1881) was the eldest of four Jocelins (sic) associated with security art and engraving. (The spelling of the name was changed from Jocelin to Jocelyn ca. 1818.) In 1815 he was employed by Fairman, Draper, Underwood & Co. During the next 50 years Nathaniel Jocelyn was employed by or operated bank note companies, at times with his brother or nephews. Nathaniel and his brother Simeon Smith Jocelyn (1799-1879) were among the founders of American Bank Note Company in 1858. It was during his time with Draper, Welsh & Company in Philadelphia that a $5 note was prepared for the Pittsfield Bank in Illinois. The female portrait on this note, and others, including The Farmers & Merchants Bank, Washington, DC, $1.75 note, is based on Jocelyn's daughter, Cornelia. In Volume 50, the final issue of The Essay -Proof Journal in 1993, Mark Tomasko identified Louise, the daughter of cele- brated engraver Charles Burt (1823-1892) on bank notes and checks. One of two portraits of his daughter, engraved by Burt, appeared on the $1 note from The Oil City Bank in Oil City, PA. The same portrait was used on lithographed checks for The Citizens Bank of Petersburg, VA. Charles Burt is one of a handful of early engravers who came to the U. S. from Europe. He spent 16 years with American Bank Note Company, and, although not employed there, for 20 years he also executed engravings for the Bureau of Engraving and Printing. On the back of the $5 Silver Certificate dated 1896, between the portraits of U.S. Grant and Phil Sheridan, there is a small female winged head in the upper center. No one has ever confirmed this, nevertheless, the female portrait greatly resembles the wife of the designer, Thomas F. Morris. Kenyon Cox (1856-1919), artist and muralist, created a back design that was intended for U.S. small-size notes first issued in 1929. The five figures on the back represent Labor, Plenty, America, Peace and Commerce. Allyn Cox (1896 - 1982), son of the artist, told me that his face was the model for that of Commerce. This design was used on the back of the 1914 $100 Federal Reserve Note. I would like to reserve the story of how this design came to be and how it was adapted for the $100 note for another time. Another relative-model involves two engravers. However, the image was used on a postage stamp, not a bank note. Frederick Pauling (1874-1939) became an engraver of bank notes and postage stamps. As a young boy he served as the model for the messenger on the first U.S. special delivery stamp. Pauling's famous uncle, Charles Skinner (1841-1932) engraved this 10-cent stamp. Charles Skinner was a prolific engraver. It takes more than five pages to list his work in my compendium, The Engraver's Line. (Copyright story reprinted by permission from Coin World, April 22, 1996.) PAPER MONEY • May/June 2000 • Whole No. 207 93 Cincinnati Numismatic Assoc. Card Depicts Fountain ON THE OCCASION OF THE RESTORATIONof the Tyler Davidson Fountain in Cincinnati, the Cincinnati Numismatic Association, which has this image as its logo, has engaged American Bank Note Company (ABNCo) to print images from an ABNCo archival plate engraved in 1872. Henry Probasco gave the fountain to Cincinnati and named it after his deceased brother-in- law Tyler Davidson. Based on the draw- ing of August von Kreling, the fountain was cast in Bavaria by Ferdinand von Muller, director of the Royal Bronze Foundry. The fountain was dedicated on October 6, 1871. Time and pollution had damaged this famed Cincinnati landmark, but after a year of repairs the Bank History Books • Published Bank Histories, over 200 Different, from Almost all States and Canada, 1882 to Present. • State and Regional Banking Histories, over 40 Different, mid-1800s to 1920s • Bank Directories & RR Manuals, Occasionally • Research Materials, Collateral Items for your Paper Money or Check Collection • Inquire by Author, Bank Name, or State of Interest OREGON PAPER MONEY EXCHANGE 6802 SW 33rd Place Portland, OR 97219 (503) 245-3659 Fax (503) 244-2977 restored fountain was unveiled recently on April 3. In 1872 Luigi Delnoce and James Smillie, two of America's legendary engravers, engraved an image of the Tyler Davidson Fountain for ABNCo. The only recorded use of this engraved image was on a draft for the Fourth National Bank in 1885. Additionally, a lith- ographic version appeared on the City of Cincinnati 3 percent Urban Redevelopment Bond dated June 1, 1958. A total of 1,000 prints of this engraving were made for the CNA; this includes 250 serially numbered impressions. However, only a portion of the total number will be made avail- able to the public. The two-inch engraving is printed on a 5"x7" card. The cost is $8 for a numbered card, $4 for an unnumbered one, or $10 for both. All amounts include postage. Specific numbered cards may be requested but cannot be guaran- teed. Send remittance to: Cincinnati Numismatic Association, PO Box 135, Harrison, OH 45030. Please allow four to six weeks for delivery. Order Now The Second Edition of A History of Bermuda & Its Paper Money brings the history and the notes (in full color) up to the year 2000 • Completely Revised • • Hardbound • • 224 Pages • • Underpriced at $69 Plus $3 S/H • It still remains the definitive work on Bermuda notes, with added chapters on Specimen Notes, Average Values, the Crown Agents & much more. Wholesale lots of 10 or more available at $50 each, plus postage. Where else could you find a complete set of Bermuda notes? ? ? Contact Nelson Page Aspen, M.D. . . . Now 420 Owen Road, West Chester, PA U.S.A. 19380-4321 The Editor's Notebook May/June 2000 • Whole No. 207 • PAPER MONEY94 NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 117060 Carrollton, TX As of March 22, 2000 9953 Douglas R. Baker, 5271 Kruckeberg Rd, Greenville, OH 45331 (C, Nationals) 9954 Ronald Dykman, 5182 Lake Harbor Rd, Muskegon, MI 49441 (C, Silver Certificates) 9955 Rolf E. Hansen, 5101 Hwy AlA #109, Vero Beach, FL 32963- 1172 (C, Silver Certificates) 9956 Arthur D. Potts, Jr., 703 W. Utica St, Sellersburg, IN 47172 (C, Silver Certificates & Large Size) 9957 Joshua David Smith, 8583 N. 800 W, Carthage, IN 46115 (C & D, U.S. Small Size) 9958 William F. Gassiott, 10900 N.W. Freeway Suite 201, Houston, TX 77092-7324 (C) 9959 Tony D. Setliff (C) 9960 Scott Painter, P.O. Box 11, St. Petersburg, PA 16054-0011 (C) 9961 Edward F. Decker, Jr., P.O. Box 1985, Elizabeth City, NC 27906-1985 (C) 9962 Fred Schmid, 1791 Thomas Ave, St. Paul, MN 55104-1728 (C, Large Size Type) 9963 Ronald D. Spanbauer, 3225 Channel Dr, Stevens Point, WI 54481-5406 (C) 9964 James J. Reeves, P.O. Box 219, Huntingdon. PA 16652 (D) 9965 Ronald Shultz, PMB 217 180 Golf Club Rd, Pleasant Hill, CA 94523 (C, U.S.) 9966 John Naylor, 5243 Braywood Dr, Centreville, VA 20120 (C) 9967 Robin Olson, 913 19th St, Sioux City, IA, 51105 (C) 9968 J. Phillip Elam, 16 Central Ave, Winchester, KY 40391 (C, Kentucky Nationals & Obsoletes, Large Size Type) 9969 Dr. Fred L. Nevius, D.O., 1615 E. Kleindale Rd, Tucson, AZ 85719 (C, Nationals) 9970 W. William Woytowich, 816 E. Langsford #303, Lee's Summit, MO 64063 (C, Fractional, CSA, Indonesia) 9971 Noal Kern Wines (C) 9972 Jim Duplex (C) 9973 Julius F. Berg, 38 Illinois Ave, Youngstown, 0I-1 44505-2815 (C, Foreign, U.S., Obsoletes, Nationals) 9974 Brian Zapatka, 1408 Valleybrook Ct, Grovetown, GA 30813 (C) 9975 Lynn H. Bissell, 4 Madison Ave, Oneonta, NY 13820-1115 (C) 9976 Nick Manno (C) 9977 Haqqi A. Karim, P.O. Box 7503, PC 12216, Haifa Post Office, Baghdad, Iraq (C & D, World Bank Notes) 9978 Edward S. Jamnicky, 1241 Sycamore Springs Rd, Mountain Home, AR 72653 (C, U.S. Small & Large) 9979 George A. Anderson, Jr., 1015 Summit Dr, Albany, GA 31707 (C) 9980 Tim Unger, 681 Polley Rd, Winchester, OH 45697 (C) 9981 Roy E. Harkleroad, 203 N. Peterson Ave, Douglas, GA 31534 (C, Georgia, CSA & Nationals) 9982 Wee N. Gu, 43 - 70 149 St, Flushing, NY 11355 (C & D, Small Size U.S.) 9983 Kenneth Gyure, 51 Sugar Camp Ln, Scenery Hill, NY 15360 (C, U.S. Large & Small) 9984 Bruce E. Keener, 3435 E. Prospect Rd, York, PA 17402-8685 (C) 9985 Robert Jochens, 7947 S. Pontiac Way, Englewood, CO 80112 (C) 9986 Ed Heatherington, P.O. Box 4104, Bayonne, NJ 07002-8104 (C, Obsoletes, Southern, Large Size) 9987 Lannie A. Pollans, 19 S. LaSalle St, Suite 700, Chicago, IL 60603 (C) 9988 Gil Sackheim, 3470 22nd St, Boulder, CO 80304 (C) 9989 Ken Kugler, 42 Pershing Ave, Valley Stream, NY 11581 (C, Fractional, Concentration Camp Notes) 9990 Peter Bloomquist, P.O. Box 19083, Las Vegas, NV 89132 (C) 9991 Robert C. Leist, 2610 Devonshire Rd, Steubenville, OH 43952-1110 (C, Obsoletes & Large Size) 9992 Karl Sorton, 8440 Waterford Ct, Colorado Springs, CO 80920 (C, Large & CO & PA Nationals) 9993 Thomas L. Wooten Sr., 2007 Queens Meadow Ln, Grove City, OH 43123 (C & D, Star Notes) 9994 Mark Ogle, 230 Braxton Ct, Grayslake, IL 60030 (C, Indiana Obsoletes & Nationals VVE GET LETTERS. . . .WE GET LETTERS. . . .We get lots and lots of letters. Whew, our mailbag has been rather full in recent weeks since we also answer the Society Secretary's mail. Hundreds of renewal envelopes pour into the mailbox almost daily. Included with dues renewals, several have written appreciatively of our efforts to return, this publication to its anticipated schedule. While we appreciate these kind words, we will not dwell upon them. Deadlines are unremitting and unforgiving. Rather, we turn attention to inquiries addressed to the Society Secretary. Hopefully our answers will also enlighten other members, too. By far the most prevalent topic this time of year is along these lines: • "Could you please send me a membership card?" (RH) • "I didn't receive a new membership card when I renewed last year. Don't forget this time." (145) • "If we need another buck or two to receive a membership card, charge us. This is the only organization I belong to that doesn't issue a card each year." (AR) There were many other variations on this theme, too. The simple explanation is this. All members receive an engraved membership card when they join the Society. These very attractive cards were produced in quantity years ago by the American Bank Note Company as a service to SPMC. Several years ago as the supply on hand dwindled, Society officers felt it prudent to discontinue annual cards since it was felt they served no important purpose on an annual basis. As you may have noted the SPMC Board dis- cussed providing members durable plastic cards on a one- time basis as lifetime ID cards at a recent board meeting. That also poses problems. No action has been taken as yet. Another common question: • "Does SPMC have a lending library? If so, please send me information." (HT) SPMC maintains a fine library for its members' use. Books, slide sets and other references are available on loan. Members pay only the costs of shipping these materials. Contact Society Librarian Dick Balbaton. His address is listed on the second page of each issue of Paper Money. He'll be happy to help you with your needs. In a similar vein, we'll close with the comments of a longtime SPMC member, who reluctantly chose to discon- tinue membership after many years in the hobby. He wrote: "I have donated over 20 years of SPMC magazines to a col- lege. Maybe this will spark interest in our hobby." We thank this longtime member for his foresight, and trust his back issues will continue to inform and entertain new gener- ations of paper money hobbyists in coining years Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals Peter Huntoon P.O. Box 19464 Las Vegas, NV 89132 702-270-4788 MYLAR D CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 43/4 x 3 3/4 $17.75 $32.50 $147.00 $255.00 Colonial 51/2 x 3 1 /18 18.75 35.00 159.00 295.00 Small Currency 6 5/8 x 2 7/8 19.00 36.50 163.00 305.00 Large Currency 7 1 /8 x 3 1 /2 23.00 42.50 195.00 365.00 Auction 9 x 3 3/4 26.75 50.00 243.00 439.00 Foreign Currency 8 x 5 30.00 56.00 256.00 460.00 Checks 95/s x 4 1 /4 28.25 52.50 240.00 444.00 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 8 22 x 17 1/2 25.00 100.00 180.00 425.00 Stock Certificate End Open 91/2 x 12 1/2 12.50 57.50 95.00 212.50 Map & Bond Size End Open 18 x 24 48.00 225.00 370.00 850.00 You may assort note holders for best price (min. 50 pcs. one size). You may assort sheet holders for best price (min. 5 pcs. one size) (min. 10 pcs. total). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar Do is a Registered Trademark of the Dupont Corporation. This also applies to uncoated archival quality Mylar® Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp. Melinex Type 516. DEN LY'S OF BOSTON P.O. Box 1010, Boston, MA 02205 • 617-482-8477 ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163 AD INDEX ASPEN, NELSON PAGE 93 BOWERS & MERENA GALLERIES IBC BOMBARA, CARL 85 BUCKMAN, N.B 85 COMMERCIAL COIN CO. 89 CURRENCY AUCTION.COM 96 DENLY'S OF BOSTON 95 EARLY AMERICAN NUMISMATICS 87 HOOBER, RICHARD T. 89 HORDWEDEL, LOWELL C. 95 HUNTOON, PETER 95 JONES, HARRY 85 KAGIN, A.M. 79 KRAUSE PUBLICATIONS OBC KYZIVAT, TIM 85 LITT, WILLIAM 85 MORYCZ, STANLEY 75 OREGON PAPER MONEY EXCHANGE 93 PARRISH, CHARLES C. 87 ROB'S COINS & CURRENCY 91 SHULL, HUGH 66 SLUSZKIEWICZ, TOM 89 SMYTHE, R.M. IFC WRIGHT, GLENN G. 87 YOUNGERMAN, WILLIAM, INC. 89 PAPER MONEY • May/June 2000 • Whole No. 207 95 BUYING AND SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Certificates, 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 47996 SPMC #2907 (765) 583-2748 ANA LM #1503 LOT 2088 LOT 2027LOT 2008 %gig tr•MIIPAKIA3.11M4/1 4.AL 12 1744"*.? ‘4.\ ) IMILLMS LOT 2077 LOOM -1.1S., .M'-...).-,EFMLTAMIITIO■ • .171.111.1.6/101910/1101NOMMA..... ,.- LOT 2604 LOT 2606LOT 2588 LOT 2121 LOT 2079LOT 2048 96 May/June 2000 • Whole No. 207 • PAPER MONEY NO BUYER'S FEE! SALES CLOSE THE 15TH & 30TH OF EVERY MONTH Curr ncyAuct ion con' IT'S OFFICIAL! THE PAPER MONEY COMMUNITY IS SOLD ON CURRENCYAUCTION.COM MORE THAN 400 BIDDERS! OUR NEXT SALE IS OPEN! REGISTER NOW @ CURRENCYAUCTION.COM AMERICA'S CONVENTION AUCTIONEER ERITAGE NUMISMATIC AUCTIONS, INC. Heritage Plaza, 100 Highland Park Village, 2nd Floor • Dallas, Texas 75205-2788 1-800-US COINS (1-800-872-6467) • 214-528-3500 • FAX: 214-443-8425 www.CurrencyAuction.com • e-mail: notes@currencyauction.com www.HeritageCoin.com • e-mail: bids@heritagecoin.com (r!V 11356 WEI Steve Ivy Jim Halperin Greg Rohan OUR NEXT DRAWING WILL FEATURE A $500 NOTE. REGISTER NOW TO PARTICIPATE! A $5 Federal Reserve Bank note. F-782* in EF realized $7,150. A $100 One-Year Note, believed to be unique, realized $8,250. MouitcanHolm! liniaL' ealize Top Market Price for Your Paper Money! The currency market is hot! In recent months we have seen a tremendous amount of buying activity and invite you to jump on the bandwagon. Consider selling your important notes and currency items in one of our upcoming auctions to be held in New York City or in conjunction with the Suburban Washington/Baltimore Convention. The same bidders who helped set world record prices in our recent sales will compete for your currency items as well. Call Q. David Bowers, Chairman of the Board, or John Pack, Auction Manager, at 1-800-458-4646 to reserve a space for your material. We can even provide a cash advance if you desire. It may be the most financially rewarding decision you have ever made. A cut sheet of four $10 Legal Tender notes. F-123 in Average New to Choice New realized $17,600. A $10 Silver Certificate. F-1700 in Gem New realized $8,800. An Interest Bearing $5,000 Proof Note realized $11,000. An Uncirculated Lazy Two $2 note from the State of Missouri,Auctions by Bowers and Merena, Inc. Box 1224 • Wolfeboro, NH 03894 • 800-458-4646 • FAX: 603-569-5319 • www.bowersandmerena.com Town of California realized $4,840. If you want the most up-to-date numismatic information, turn to Krause Publications. For more than 45 years Krause Publications has delivered insightful, accurate and timely information to collectors through Numismatic News Coins The Complete Information Source or Coin Collectorsmagazine BANK NOTE REPORTER COMPLETE MONTHLY GUIDE FOR PAPER MONEY COLLECTORS COIN PRICES World Coin News FROM THE PUBLISHERS OF THE STAMM CATALOG ER WORLD COINS and a library of fine numismatic books. In our dedication to helping you get the most satisfaction from your collecting, Krause Publications' numismatic online service www.coincollecting.net provides you with quality information instantly. For Order Information or a Free Catalog Call Toll-Free 800-258-0929 Monday - Friday • 7 am - 8 pm; Saturday • 8 am - 2 pm Or visit & order from our web site: www.coincollecting.net krause publications 700 E State St, Iola, WI 54990-0001