Paper Money - Vol. XXXIX, No. 4 - Whole No. 208 - July - August 2000

JULY/AUGUST 2000VOL. XXXIX, No. 4 WHOLE No. 208 WWW.SPMC.ORG ••* Official Jou al of the Society of Paper Money Collectors I 4111, WIPP INSIDE . THIS ISSUE: Fractional Currency ilUAGLI2 %lee: 4,-** +<>4.;>+<>1-040+44-0.4. ,>+4, +*+++.0.+V.+<>+ e 4 +9.+++4-0.+411,4•+0+.9.+<>+4+ V V ' I --V•Vaiii)..e. e.eeeeeee.e.. -- ' ....41.A..'w*..-..t.,ir:It,..,... 4 • . I - i .7— w• IMk e.,.....-...4 re Arc., 4 • : i , : OW ..... ,.; .8 IS II hi' t- f , • –,4.-4,,,,,,„. • . -:,.: ..• What's The Best Way To Sell Your Paper Money Collection? i,;(4‘14., );. 113. THE STATE OF FLORIDA ''' YInf1C '4. l , 0 N N 0 it, RAN A :17-1:'11114 I:A N IN GOLD COIN The best way to sell your collection is to consign it to someone you trust. Your currency collection probably took years to acquire. Each purchase was thoughtfully considered, each note carefully stored, and handled with respect. The sale of your collec- tion should be accomplished in the same manner. Carefully, and thoughtfully. 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 to showcase your better single items, or your entire collection, in the next R. M. Smythe auction. 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. Stephen botasmith MEMBER 26 Broadway, Suite 271, New York, NY 10004 • www.rm-smythe.com 2000 Auction Schedule • June 15-18, 2000 • September 13-17, 2000 • October 25-29, 2000 • November 2000 • January 18-19, 2001 International Paper Money Show Auction, Memphis, TN. 5th Annual Strasburg Paper Money Collectors Show & Auction, Strasburg, PA. St. Louis Paper Money Show Auction, St. Louis, MO. Coins and Autographs, New York, NY. 14th Annual Strasburg Stock & Bond Show & Auction, Strasburg, PA. 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. 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. 0 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 (fred@spmc.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 5152 S420 $825 Inside cover 145 405 798 Full page 140 395 775 Half 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 be 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 • JULY/AUGUST 2000 • Whole No. 208 97 Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXXIX, No. 4 Whole No. 208 JULY/AUGUST 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 Fractional Currency Inverts 99 By Tom O'Mara Some Women Who Made a Difference, Part V 105 By Gene Hessler Greengoods Game 115 Conducted by Forrest Daniel Betsey Tollefson: National Bank President 116 By Karl Sanford Kabelac SOCIETY NEWS Information & Officers 98 President's Column 115 By Frank Clark Money Mart 117 SPMC Welcomes 10,000th New Member 123 Research Exchange 124 New Members 126 Editor's Notebook 126 Remembering George W. Wait 126 By Gene Hessler Advertisers Index 127 ON THE COVER SPMC breakfast tickets this year at Memphis IPMS resembled large denomination note backs, handsome souvenirs of the festivities. IN THIS ISSUE Resolute "housewife," Betsey Tollefson, helms National Bank dynasty at Mabel, Minnesota, for 27 years. (Page 116) 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 98 JULY/AUGUST 2000 • Whole No. 208 • 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: Benny J. Bolin, 5510 Bolin Rd., Allen, TX 75002 C. John Ferreri, P.O. Box 33, Storrs, CT 06268 Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231 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 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 Fr 1231 ig0,11,17-4f 1:14,47fA .."404141. Fr 1231 / Milt 1R5.1 c (Unique) PAPER MONEY • JULY/AUGUST 2000 • Whole No. 208 99 Fractio . . I G f BY TOM O'MARA M HIS ARTICLE WILL EXAMINE U.S. FRACTIONAL ANDPostage Currency inverts. What are inverts? Well, very simply,1 they are mistakes that occur in the printing process through human error. Hence, inverts are really error notes..., . : In an effort to reduce counterfeiting of fractional notes, the U.S. Government authorized multiple issues of Postage and Fractional Currency (five in total) each with incrementally more difficult designs to produce (increase in printing errors and varieties) and hence to reproduce (decrease in counterfeiting). Editor's note: The author provides an updated, and slightly revised ver- sion of a similar article which appeared several months ago in the FCCB Newsletter, the official publication of the Fractional Currency Collectors Board. O'Mara's article is based on his SPMC "Best of Show" award- winning exhibit at the 1999 Memphis International Paper Money Show. This article reviews all five issues of Postage and Fractional Currency and the ways in which inverts were created and found in each. Additionally, the accompanying charts show every possible invert variety and lists every one known or reported to exist as of this time. There is also one scanned image of a regular issue note accompanied by an invert for each denomination in the first three issues. I am hopeful that this analysis will spur further interest in this subject and that previously unknown notes and varieties will come to light. This arti- cle uses Robert Friedberg #s (Fr #s) in reference to the regular issue note vari- eties, and Milton R. Friedberg #s (Milt #s) when referring to the specific invert varieties. • 1st Issue — 5-cents With No ABNCo Monogram Perforated Fr 1228 Fr 1229 Edge 1 R5.3b 1 R5.2d Reported Unique Straight Fr 1230 Fr 1231 Edge R5.4g 1R5.1c Est 30+ Unique 1st Issue - Postage Currency Inverts The first issue Postage Currency notes had a simple printing process. Both fronts and backs of notes were printed in one step. Therefore, the only error occurring in this issue happened when a sheet was mislaid and the entire reverse was inverted. Since each denomination (5-,10-,25-,50-cent) came in 1st Issue — 50-cents With No ABNCo Monogram Perforated Fr 1310 Fr 1311 Edge 1 R50.3b 1 R50.2c Unique Unique Straight Fr 1312 Fr 1313 Edge 1R50.4c 1R50.1c Est 5 Unique 1st Issue — 10-cents With No ABNCo Monogram Perforated Fr 1240 Fr 1241 Edge No Milt = 1R10.2c Unknown Unique Straight Fr 1242 Fr 1243 Edge 1 R10.4d 1 R10.1e Est 20 Est 4 1st Issue — 25-cents With No ABNCo Monogram Perforated Fr 1279 Fr 1280 Edge No Milt # 1 R25.2d Unknown Est 4 Straight Fr 1281 Fr 1282 Edge 1R25.4e 1R25.1(1 Est 10-12 Est 6-12 Fr 1242 Fr 1242 / Milt 1R10.4d Fr 1281 Fr 1281 / Milt 1R25.4e Fr 1310 Fr 1310 / Milt 1R50.3b 1 .f v.t/l 100 JULY/AUGUST 2000 • Whole No. 208 • PAPER MONEY Fr/Mill Ps 2nd Issue — 5-cents TB!IBE IBS Fr 1232 285.1h 2R5.1e 2R5.1(1 2R5.1 Unique 2-3 known Reported Fr 1233 2R5.2i 2R5.2f 2R5.2e 2R5.2 Unique Est 7-8 Unique Fr 1234 No Milt # No Milt = No Milt # 2R5.3a Unknown Unknown Unknown Fr 1235 No Milt 4" No Milts No Milt P 2R5.5 Unknown Unknown Unknown four varieties (Fr #s), there are 16 potential first issue inverts (see charts). Of these, 14 of the 16 potential first issue invert varieties are known (13) or reported to exist (1), of which 7 varieties are unique. The total population of first issue inverts is estimated to be 90+. • Fr 1233 Fr 1233 / Milt 2R5.21 (Unique) 2nd Issue - Fractional Currency Inverts The Act of March 3, 1863, authorized the issuance of U.S. Fractional Currency. A major feature of the design change was the addition of bronze surcharge overprints in an attempt to deter counterfeiting. A large bronze oval was put on the fronts of the notes, while the denomination plus small lettered corner surcharges were added to their backs. Although the National Currency Bureau, now known as the U.S. Bureau of Engraving and Printing, did the printing of this series in order to reduce theft and cost, it had additional printing steps and thereby increased the num- ber of potential errors and inverts. First, the reverse engraving could be inverted (IBE - Inverted Back Engraving) as was found on the first issue Postage Currency. Second, the reverse surcharges could be inverted (IBS - Inverted Back Surcharge), and finally, both the engraving and surcharges could be inverted (TBI, or Total Back Invert). It is argued that fractional notes with Fr 1244 Fr 1286 / Milt 2R25.3h Fr 1244 / Milt 2R10.1d Fr 1286 / Milt 21125.31 PAPER MONEY • JULY/AUGUST 2000 • Whole No. 208 101 Fr 1318 Fr 1318 / Milt 2R50.4b Fr/Milt 0's 2nd Issue - 10-cents IBE IBS TBI Fr 1244 2R10.1d 2R10.1c 2R10.1b 2R10.1 Unique 2 known Reported Fr 1245 2R10.2i 2R10.2d No Milt = 21110.2 Reported 10 known Unknown Fr 1246 2R10.3d 2R10.3c 2R10.3b 2R10.3 4 known 20+ known Reported Fr 1247 No Milt = 2R10.4b No Milt 0 2R10.4 Unknown 2 known Unknown Fr 1248 No Milt = No Milt = No Milt = 2R10.5 Unknown Unknown Unknown Fr 1249 No Milt = 2R10.7a No Milt = 2R10.7 Unknown 2 known Unknown 2nd Issue - 25-cents Fr/Milt =s IBE IBS TBI Fr 1283 No Milt = 2R25.ld No Milt = 2R25.1 Unknown 5 known Unknown Fr 1284 2R25.2i 2R25.2e No Milt ; 2R25.2 Unique Unique Unknown Fr 1285 No Milt = No Milt = No Milt = 2R25.4 Unknown Unknown Unknown Fr 1286 2R25.3h 2R25.3f No Milt 0 2R25.3 3 known 4 known Unknown Fr 1288 No Milt 0 21125.61) No Milt = 2R25.6 Unknown Reported Unknown Fr 1289 No Milt = 2R25.8c No Milt = 2R25.8 Unknown Reported Unknown Fr 1290 No Milt = 2R25.9c No Milt = 2R25.9 Unknown Unique Unknown Fr/Milt Os 2nd Issue - 50-cents IBE IBS TBI Fr 1316 2R50.2 No Milt = Unknown 2R50.2g Unique 2R50.2c Reported Fr 1317 2R50.3 2R50.3d Unique 2R50.3e Unique No Milt = Unknown Fr 1318 2R50.4 2R50.4d Unique 2R50.4c 3 known 2R50.4b 2 known Fr 1320 2R50.6 No Milt = Unknown No Milt = Unknown No Milt Unknown Fr 1321 2R50.7 No Milt = Unknown No Milt ; Unknown 2R50.7a Reported Fr 1322 2R50.9 No Milt? Unknown 2R50.9a Reported 2R50.9a Reported inverted back engraving (IBE) and inverted back surcharges (IBS) are actually total front inverts (TFI), as the front of the sheet was probably placed into the press upside down once, not the back of the sheet twice. This is sort of a chicken and egg argument. The four denominations (5-, 10-, 25-, 50-cent) come in 23 varieties (Fr #s), which when multiplied by three invert types (IBE, IBS, TBI) per variety, leads to 69 potential second issue inverts (see charts). Of this total, 34 of the 69 potential inverts are known (24) or reported to exist (10), of which 12 are unique. The total population of second issue inverts is estimated to be 90+. 3rd Issue - 3-cents IBE Light Fr 1226 Curtain 3R3.1b 5 known Dark Fr 1227 Curtain 3R3.2d Unique Fr 1226 Fr 1226 / Milt 3R3.1b 3rd Issue - Fractional Currency Inverts (3 - , 5-, 10-, 25-cent denominations) The third issue of Fractional Currency combines printing techniques from both the first and second issues. Additionally, six denominations were produced (3-, 5-, 10-, 15-, 25-, 50-cent), of which two were new (3- and 15- Fr 1239 Zin;q1■hrfe,+:1,14$1,Thlo//,4..0,4§,frAW. • t" JAVswilrlYe tn,?fts MAW,. Me 'Skin , (Mil,. thoal lit;-'Pr#14an, ICrwpi 4.100rnot. Fr 1239 / Milt 3R5.2i Fr 1255 Fr 1255 / Milt 3R106m Fr 1295 Fr 1295 / Milt 3R25.2k 102 JULY/AUGUST 2000 • Whole No. 208 • PAPER MONEY 3rd Issue - 5-cents No Position Position Indicator Indicator "a" Red Fr 1236 Fr 1237 Reverse No Milt g No Milt = Unknown Unknown Green Fr 1238 FR 1239 Reverse 316.2f 3R5.21 6 known 3 known Fr/Milt =s Inverted Back Engraving Inverted Back Surcharge 3nd Issue - 10-cents Inverted Face Surcharge Inverted Back & Face Surcharge IFS and IIIE Total Back Inverted Inverted Face Engraving Fr 1251 Fr 1252 Fr 1253 Fr 1254 Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown Fr 1255 3R10.6 3R10.6m Unique 3R10.6d Reported No Milt g Unknown 3R10.6i 4 known 3R1II.6o Unique 3R10.6e 4 known No Mill g Unknown Fr 1256 3R10.6b No Milt = Unknown No Milt # Unknown 3R10.61 Reported No Milt = Unknown No Milt = Unknown 3R10.61 Unique No Mill Unknown 3rd Issue - 25-cents TBIFr/Milt #s ME IBS Fr 1291 No Mill .7. 3R25.1h No Milt g 3R25.1 Unknown Unique Unknown Fr 1292 No Milt g No Milt g No Milt g 3R25.16 Unknown Unknown Unknown Fr 1294 3R25.2j 3R25.21 3R25.2h 3R25.2 Reported 6-12 known Reported Fr 1295 3R25.2k 3R25.2v 3R25.2o 3R25.2b Unique Unique Unique Fr 1296 No Milt = No Milt = No Milt g 3R25.2d Unknown Unknown Unknown Fr 1297 No Milt g 3R25.4f No Milt g 3R25.4 Unknown Unique Unknown Fr 1298 3R25.46 3R25.4e No Milt 3R25.4a 2-3 known Unique Unknown Fr 1299 No Milt g No Milt g No Milt g 3R25.3 Unknown Unknown Unknown Fr 1300 No Milt g No Milt g No Milt g 3R25.3a Unknown Unknown Unknown cent). The 15-cent Grant and Sherman was never issued, but can be found in specimen and proof form, and the 50-cent had two different face designs, Spinner and Justice. The 3- and 5-cent notes had NO bronzing, so their invert varieties were limited to inverted reverse engraving only as found on the First Issue. The 10-, 25-, and 50-cent notes had the anti-counterfeiting bronzing applied, like the second issue, and therefore had a correspondingly large number of potential invert errors. The 10-cent note, with its additional numeric bronze surcharge on the front, had the potential for seven invert vari- ations (see chart)! All denominations, except for the 3-cent, were printed with both red and green backs. The red backs were first. Of all the potential 3rd issue inverts, surprisingly only two varieties in any denomination are known in red: the 25-cent Fessenden (Fr 1291, Milt #3R25.1h) and the 50-cent Justice (Fr 1357, Milt #3R50.6a). These four denominations (3-, 5-, 10-, 25-cents) came in 21 varieties leading to 69 potential third issue inverts (see charts). Of that total, 22 of the 69 potential inverts are known (18) or reported to exist (4), of which 11 are unique. The total population of third issue inverts is estimat- ed to be 52+. PAPER MONEY • JULY/AUGUST 2000 • Whole No. 208 Fr 1242 / Milt 3R50.21k Fr 1242 103 3rd Issue - Fractional Currency Inverts (50-cent denomination, Spinner & Justice notes) The third issue Spinner and Justice 50-cent notes were printed in both red and green. Additionally, they were printed with many different bronze reverse surcharge combinations and on different types of paper. The total number of Friedberg #s assigned to these 50-cent notes is 19 Spinners and Of the Spinners, 7 are red backs and 12 are green backs; and, of the Justices, 15 are red backs and 17 are green backs. There are NO reported or known Spinner red back inverts and ONLY one Justice red back invert vari- ety (Fr #1357, Milt #3R50.6a). Interestingly enough, there are estimat- ed to be 10 known of this red back Justice variety, making it the most com- mon of all 3rd issue 50-cent inverts. The accompanying charts and the exhibited notes are therefore only of the Spinner and Justice green back vari- eties. The 50-cent denomination came in 51 varieties of which 29 are green backs. The 29 varieties could create 87 potential third issue 50-cent green back inverts (see charts). From that total, 45 of the 87 potential green invert varieties are known (24) or reported to exist (21), of which 8 are unique. The total popu- 32 Justices. 3rd Issue - 50-cent Justices Fr/Milt 5s IBE IBS TBI Fr 1358 No Milt s No Milt 5 No Milt = 3R50.13 Unknown Unknown Unknown No back surch Fr 1359 No Milt 5 No Milt 5 No Mills 3R50.13a Unknown Unknown Unknown Fr 1360 No Milt 5 3R50.13d No Milt Is 3R50.13b Unknown Reported Unknown "1" Fr 1361 No Milt 5 No Milt 4 No Milt 5 3R50.13c Unknown Unknown Unknown "a" Fr 1362 3R50.10h 3R50.10d No Mills 3R50.10 Reported 2 known Unknown "A265" tight Fr 1363 No Milt 5' 3R50.10e No Milt 5 3R50.10a Unknown Reported Unknown "1" & "a" Fr 1364 No Milt 5 3R50.1 Of No Milt 5 3R50.10b Unknown 3-4 known Unknown "1" Fr 1365 No Milt 5 3R50.10g 3R50.10i 3R50.10c Unknown 3 known Reported Fr 1366 No Milt s 3R50.11d No Milt = 3R50.11 Unknown 2-3 known Unknown "A-2-6-5" Fr 1367 No Milt 5 3R50.11e No Milt s 3R50.11a Unknown Reported Unknown "1" & "a" Fr 1368 No Milt 5 3R50.11f No Milt S. 3R50.11b Unknown Reported Unknown "1" Fr 1369 No Milt 5 3R50.11g No Milt 5 3R50.11c Unknown Reported Unknown "a" Fr 1370 3R50.12h 3R50.12d 3R50.121 3R50.12 2-3 known Unique Unique Fibre paper Fr 1371 3R50.12i 3R50.12e No Milt 5 3R50.12a Reported Reported Unknown "1" & "a" Fr 1372 3R50.12j 3R50.12f No Milt 5 3R50.12b Reported Reported Unknown "1" Fr 1373 3R50.12k 3R50.12g No Milt 3R50.12c 2 known 2 known Unknown "a" Fr 1373a No Milt # No Milt 5 No Milt s 3R50.9 Unknown Unknown Unknown "S264" green 3rd Issue - 50-cent Spinners Fr/Milt #s IBE IBS TBI Fr 1331 3R50.19p 3R50.191 3R50.19h 3R50.19 Reported Unique Reported No back surch Fr 1332 3R50.19q 3R50.19m 3R50.191 3R50.19a Unique 3 known Reported "1" & "a" Fr 1333 3R50.19r 3R50.19n 3R50.19j 3R50.19b Reported Reported Reported Fr 1334 3R50.19s 3R50.190 3R50.19k 3R50.19c Reported Reported Unique "a" Fr 1335 3R50.20h 3R50.20d No Milt s 3R50.20 Reported 4 known Unknown "A-2-6-5" Fr 1336 3R50.20i 3R50.20e No Milt s 3R50.20a Reported Reported Unknown "1" & "a" Fr 1337 3R50.20j 3R50.20f No Milt = 3R50.20b Reported Unique Unknown "1" Fr 1338 3R50.20k 3R50.20g No Milt= 3R50.20c Reported 2 known Unknown "a" Fr 1339 No Milt # 3R50.21h 3R50.21I 3R50.21d Unknown 2 known Unique Type II rev Fr 1340 No Milt s 3R50.21 i No Milt s. 3R50.21e Unknown Unique Unknown "1" & "a" Fr 1341 No Milt 5 3R50.21 j No Milt 5 3R50.21f Unknown 2 known Unknown "1" Fr 1342 No Milt 5 3R50.21 k No Milt s 3R50.21g Unknown Unique Unknown "a" Fr 1373 Fr 1373 Milt 3R50.12g Z;. ,AEttitlowzmotT6oirm, 404EntrniTt-nti,/.7.r...=Ctr 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 inns ?.?rur 1.177 F 0461 9591.1 s't"':rrti", Buying Carl Bombara Selling 1 ''''s United States Currency ) ,-.... P.O. Box 524 ,:i...1 , New York, N.Y. 10116-0524 irert•A•- Phone 212 989-9108 Always Wanted Monmouth County, New Jersey Obsoletes — Nationals — Scrip Histories and Memorabilia Allenburst — Allentown — Asbury Park — Atlantic Highlands — Belmar Bradley Beach — Eatontown - Englishtown — Freehold — Howell Keansburg — Keyport — Long Branch — Manasquan — illatawan 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 PAPER MONEY • JULY/AUGUST 2000 • Whole No. 208 117 PAPER MONEY will accept classified advertising—from members only—on a basis of 15c per word, with a minimum charge of 53.75. 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 lie 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. STOCK CERTIFICATES, BONDS, 40-page list for two 32c stamps. 50 different $25; three lots S60. 15 different railroads, most picturing trains $26, three lots $63. Clinton Hollins, Box 112, Dept. P, Springfield, VA 22150-0112. (208) 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: Your SPMC Memories! Contact the Editor: freckespmc.org 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 (Jan/Feb 1994). Bob Cochran, Box 1085, Florissant, MO 63031. (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 DO YOU COLLECT FISCAL PAPER? The American Society of Check Collectors publishes a quarterly journal for members. Visit our website at http://members.aol.com/asccinfo or write to Coleman Leifer, POB 577, Garrett Park, MD 20896. Dues are $10 per year for US residents, $12 for Canadian and Mexican residents, and $18 for those in foreign locations. NatimaralCurren(y.., MINN 8.111SFOSTAIESIMIIDIIIIIIIMIIRSECURITICS • •■• UNITED STATES OFAMERICA -‹•,>. • -t-r• TAft 41mmiu-k.0.) 42 Record of ,7 • of the Board of Directors o `;'0`2" 7a7 .u-al Meeting held itts Banking House at at j '- o'clock M N tional Boot._. „ thetr-1__ day of_. 91/ / 1,7 9-Q6{/-Lt rc? • — )-r-Af.& --4.ce- zp,...-61 ^vdY eta to 4.-ekrzi /6 .A.a4 cod „4,,, ed 03.—A, 4 - 14,6, " e . • 1-4°44r -44 1--&-a ,„/ cer:i. 24_ p3„„45_ ( .gy k) 0 newspaper headlined the story as "Mabel Visits Mabel.") the community has been a trade center for the surrounding NEll II I 1111MID NT.11 'S 4110311116 01110711111:111 ti 1217 E11Tf1,. Allk 1.1: MA 118 JULY/AUGUST 2000 • Whole No. 208 • PAPER MONEY grain, and live stock dealer, real estate holder, creamery affairs." Above: Series 1902 First National Bank of Mabel National Bank Note with signatures of Betsey's son A. L Tollefson as Cashier, and daughter A.T. White as Vice President. Right: Minutes of the Directors' meeting of the First National Bank of Mabel at which Betsey Tollefson was elected President, 1911. Below: Series 1902 $20 with sig- nature of Betsey's son A. L Tollefson as Vice President and grandson C.M. White as Cashier. (Courtesy Gilmore J. Sem) Since its founding, agricultural area. Betsey Tol- lefson's husband, Ellef, was also a native of Norway, where he had been born in 1837. He too had come to the United States with his family as a youngster, set- tling first in Wisconsin and soon thereafter in Minnesota. The 1912 Fillmore County history begins his long biographical sketch by noting he had been a "merchant, banker, produce, pioneer, and man of 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 litakassokokav231666:- 86__1 _11067FAILI, '11 N,z iltmite 2913 Oatiar.11120Litt 0 di 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 • JULY/AUGUST 2000 • Whole No. 208 119 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 q Pre-1800 Fiscal Paper q Encased Postage Stamps SERVICES: q 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 7,(o. 9031. First National Bank of Mabel, Minnesota. Condensed Statement December 5lb, 1911. RESOURCES Loans and Discounts Overdrafts U. S. Bonds Other Bonds Banking House and Fixtures Cash and Due from Banks Redemption Fund LIABILITIES Capital Stock Surplus Undivided Profits Circulation Deposits 191,225.46 3,050.86 25,000.00 7,577.30 7,023.75 128,219.00 1,250.00 363,346.43 25,000.00 1,850.00 1,720.00 20,100.00 :114.676.43 363,346.43 Established 1893. Incorporated 1908. .160656,00 , e, K527846E tetlyilittA STALIMEDIMILVITED STALTESBOSIPS 011t0TUE SEIZIMITIIIS wag* otioggior 4 Aim.xiiimici 4.1.01a411t3.444114JJ ;AI 'sit t t %119012191 .! VIAVX ,. . r January/February 1999 • Whole No. 199 • PAPER MONEY120 In 1893 Ellef established the Bank of Mabel, which in 1908 became a National Bank as the First National Bank of Mabel (Charter #9031). The bank was a family affair. He became the President of the new National Bank; his wife, vice presi- dent; and their son Adolph (1874-1949), cashier. Also at vari- ous times during the note issuing period, their daughter, Amy T. White and her son, Clifton M. White, r held offices in the bank and also signed National Currency of the bank. Ellef L. Tollef- son died in 1911 at the age of 73. Betsey succeed him as bank President, serving until her death at the age of 90 on June 3, 1938. Her obituary in the Mabel Record spoke of her interest in her fami- ly and her church, stating that her bank Presidency was performed with dis- tinction, and noting "industry and frugality was necessary in the pioneer home and she has held to this through life even though the tendency of the necessary to the economic thoughtAbove left: Condensed statement of the bank near the end of her first year as President. Above right: Originally built as a bank building in 1880, and first occu- pied by the Bank of Mabel in 1897, it remained the bank's home until 1958. This view is from the turn of the century. Above: Series 1902 note signed by Ed J. Johnson as Assistant Cashier and A.T. White as Vice President. (Courtesy Higgins Museum) Right: Interior of the bank in the early 1920s with the two employees, Adolph Tollefson, Cashier, (left), and the Assistant Cashier (right). present generation does not hold this to be now existent." Local lore recounts an exciting bank robbery during her Presidency. Early in the morning of November 6, 1923, robbers entered the bank though a Your Hometownt n 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 S Currency "Since 1967" P.O. Box 177, Boca Raton, FL 33429-0177 Member: PNG, PCDA, ANA, SPMC and others r ,cf.4, ,xjawti.w Itkitookgt -4414`d-u-Kiht-tx Checks, Checks, Checks! Add to your check collection Acquire collateral material for your National collection Revenue Stamps tis Imprints Thousands of Checks ( We also have Stocks, Bonds and MylarT" Albums and Sleeves Write, call or fax for free catalog today. Your Complete Satisfaction Guaranteed OREGON PAPER MONEY EXCHANGE 6802 SW 33RD Pl. Portland, OR 97219 503-245-3659 Fax 503-244-2977 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 1"°-e2 PCDA, SPMC PAPER MONEY • JULY/AUGUST 2000 • Whole No. 208 121 L THE FIRST NATIONAL RAM OF MABEE C000308A 9 MINNESOTA WU,. TO TRC NIEWREROM 11441.0 TEN 111011LUIS C000308A o, 0 JULY/AUGUST 2000 • Whole No. 208 • PAPER MONEY122 window, cut various electric lines and the telephone line, successfully blew open the bank's safe, and absconded with a thousand dollars. Neither the rob- bers nor the money was ever found. The Tollefson and White families remained active in the bank until 1980, when it was sold to a regional banking group. Since then it has had several changes of ownership and today is a part of the Community First Bankshares, a multi-state banking company with headquarters in Fargo, ND. The bank in Mabel continues to serve the community and sur- rounding area from its attractive facility built and first occupied in 1973. ABOUT THE AUTHOR Karl Sanford Kabelac is a retired special collec- tions librarian in Rochester, NY. Salvation Army. atemoer aiumcipai Lreaguc, v...— tier of Commerce. Clubs: California, Los Angeles Athletic. Republican. TOLLEFSON, Adolph L., Mabel, Minn. Banker; b. Nov. 3, 1874; s. of E. L. and Betsey (Engebretson) Tollefson; ed. common school and business college; m. Sept. 1, 1897, Grace Jones; children: Mildred M., Everett H., Donald A. Cashier, Bank of Mabel, 1893-1908, and of First National Bank of Mabel since 1908. Member Local School Board. District churn. Liberty Loan Drives of Fill- more County. TOLLEFSON, Betsy, Mabel, Minnesota. Housewife and banker; b. in Norway, 1849; ed. common school; m. E. L. Tollefson; children: Adolph L. and Amy T. Has been pres. First .Na- tional Bank of Mabel since Feb., 1911. TOLLES, Fremont W., Naugatuck, Conn. Ranker; b. Bethany, Conn., Sept. 5, 1849; s. of Isaac B. and Maria W. (Buckingham) Tolles; ed. common school, one year at Wesleyan Academy, Wilbraham, Mass.; M. Naugatuck, Nov. 23, 1875, . GM; ill TS n1 A rm- Above: Betsey Tollefson and her son Adolph in Who's Who in Finance and Banking (1922). She is one of the few women listed. Right: Series 1929 $10 NBN with Betsey Tollefson as President, and her grandson C. M. White as Cashier. (Courtesy Higgins Museum) Would these Series 1929 notes be the only grandmother / grandson signature combinations on a NBN? (The author does not know if any Series 1902 notes have the Betsey Tollefson / C. M. White signa- ture combination. Do any readers?) Below: This view, c. 1937, shows the bank's four employees: her son Adolph (second from left), and her grandsons (from left), Bert White, Donald Tollefson, and Clifton White. All but Bert would eventually serve as Presidents of the bank. ACKNOWLEDGMENTS Many people have assisted and given encouragement. To them I express my grateful appreciation. I especially want to thank Gilmore J. Sem for shar- ing his knowledge of Minnesota National Bank Notes, and Merry Coleman of the William R. Higgins, Jr. Foundation, Inc. of Okoboji, IA. Also, I am indebted to Betsey Tollefson's grandson, Donald Tollefson, and her great granddaughter and namesake, Betsey Tollefson Nichols, for their help. It is to Betsey T. Nichols that I am especially indebted for many of the illustrations accompanying this article. BIBLIOGRAPHY "Betsey Tollefson," Who's Who in Finance and Banking. Brooklyn: Who's Who in Finance, Inc., (1922), p. 684. "Betsey Tollefson" obituary, Mabel Record, June 10, 1938, p. 1. Curtiss -Wedge, Franklyn. History of Fillmore County, Minnesota. Chicago: H. C. Cooper, Jr., (1912), v. 2, pp. 596- 599. Fillmore County, Minnesota. Dallas, TX: Taylor Publishing Company, (1984). Mabel News Record, May 13, 1993. Mabel Record, May 27, 1938, p. 1; June 10, 1938, p. 1. Winona Sunday News, March 31, 1968. Gregg Amundson PAPER MONEY • JULY/AUGUST 2000 • Whole No. 208 123 SPMC Welcomes 10,000th New Member THIS SOCIETY RECENTLY WELCOMED ITS10,000 member (as can been seen on Page 126) when Gregg Amundson joined SPMC. As has been tra- ditional for X-thousandth members in the past, the Society President invited the "new member with the round number" to report on his collecting interests and other personal data in the pages of Paper Money. Gregg's response follows: "This is a great membership number. I only wish I had a 510,000 note to match it! As newly inducted member #10,000, I feel obligated to acknowledge a few kudos. "Thanks to you Mr. [Membership Director Frank] Clark for the prompt processing of my membership application. Thanks to Mr. Tom Denly of Denly's of Boston for sponsoring my membership. And thanks, too, to Mr. Alex Perakis for 'talking' me into a great hobby. "Like a lot of collectors I started out in stamps, gravitated to coins and finally recognized the beauty and rarity of paper money. My interest right now is large size U.S. notes. I have to admit I'm probably one of the novice collectors guilty of driving the price of quality notes higher and higher. "I'm also interested in a couple of other issues relat- ed to paper money collecting: one being the conserva- tion and restoration of paper money, and the other being a better understanding of grading methods on the parts of dealers and collectors. I look forward to receiv- ing the SPMC publication, Paper Money, and hope to benefit from the experience of SPMC's membership." Welcome aboard, Gregg. We wish you well with all your collecting pursuits. Editor's Note: As the society neared this auspi- cious number, consideration was given at a board meet- ing of auctioning off #10,000. After discussion, the board chose not to do so. The Society did, however, accept, a nice donation from a current member to be reassigned #9999. Congratulations to you, Mike Abramson, a dealer in fancy serial number notes. Other auspicious member numbers from the past: 1000-Dr. Conway A. Bolt (1964); 2000-Dr. Vladimir Clain- Stefanelli (1967); 3000-Elliott E. Thomas (1971); 4000- Sam H. Bettis (1974); 5000-Barry Wexler (1977); 6000- S. D. Klor (1980); 7000-Professional Currency Dealers Association (1985); 8000-Quintin H. Hartt (1990); 9000-Mark Hartford (1995). Although several of those former members are since deceased, Messrs. Bettis, Wexler and Hartford, and the PCDA remain active in the hobby and our Society. r 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 Order Now The Second Edition of A History of Bermuda & Its Paper Money brings the h istory 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 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 January/February 1999 • Whole No. 199 • PAPER MONEY124 All notices are subject to editing for content and style and will be run on a space available basis.--Editor • Bank of Pennsylvania obsolete bank notes, checks, stock cer- tificates and related items. Researcher attempting to document and catalog all items from this bank. I would greatly appreciate photocopies and/or descriptions of any items that you have. I would also appreciate information on officers or stockholders of this bank. All information will be kept in strictest confidence if you desire. Contributors will be sent a copy of my census when I am finished. Write to David Knower, Route 1, Box 218, Ferryville, WI 54628. • Bank of Cape Fear. Author of new book about Bank of Cape Fear, Wilmington, NC, requests information especially photo- copies of the following: (1) fractional currency; (2) $1 and $2 notes, particularly the years of issue, (3) counterfeit and spurious notes, and (4) information about the bank and its leadership from 1820 to 1840. Contact rneale@compuserve.com or Robert S. Neale, P.O. Box. 4232, Wilmington, NC 28406-1232. • New York County and town Civil War bounty bonds information wanted. Also information on railroad and turnpike bonds and financing. Contact donfarr@prodigy.net or Don Farr, 19701 SW 110th Ct #837, Miami, FL 33157. • $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 Homer, P.O. Box 1871 Clemmons, NC 27012. • 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. 1890 $1,000 "Grand Watermelon" Note kj311L5.31..! HUNDRED DOI I IRS $500 1880 Legal Tender INATtog cumng, r101 427 114 : Serial #1 Washington Brownback 1882 $1,000 Gold Certificate PAPER MONEY • JULY/AUGUST 2000 • Whole No. 208 125 Lyn Knight Currency Auctions Deal With The Very Best If you are buying notes... You'll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful "grand format" catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: • Great Commission Rates • Cash Advances •Expert Cataloging •Beautiful Catalogs Call today to consign! 800-243-5211 Mail notes to Lyn Knight Currency Auctions P. 0. Box 7364, Overland Park, KS 66207-0364 We strongly reconunend that you send your material via USPS Registered Mail insured for its frill value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowlege receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. ht Currency Auctions A Collectors Universe Company Nasdaq: CLCT P.O. Box 730-1. Overland Park. KS 06207 • 800-243-5211 • 913-338-3779 • Fax: 913-338-475-1 • E-mail - Kolknight@aol.com • wowlynknight.com JULY/AUGUST 2000 • Whole No. 208 • PAPER MONEY126 NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 11 7060 Carrollton, TX New Members as of May 1, 2000 9995 Lance West, 2546 Nashville HWY, Lewisburg, TN 37091 (C, $500 & $1,000 notes) 9996 Steve Pomex, P.O. Box 2, Ridgefield Park, NJ 07660- 0002 (C) 9997 Donn H. Walker, 106 Sunset Dr, Lexington, NE 68850 (C, U.S. Currency 1870 -1900) 9998 Philip Kistler, 302 S. Sergeant Ave, Joplin, MO 64801 (C, Nationals) 9999 Michael J. Abramson, P.O. Box 16690, Duluth, MN 55816-0690 (D) 10000 Gregg R. Amundson, 4316 E. Jicarilla St, Phoenix, AZ 85044 (C, Large Size U.S.) 10001 Albert C. Williams, 27 Montgomery Ave, Rocky I Till, NJ 08553-1012 (C, U.S. & Continental) 10002 Gerald D. Sharkin, 26 Locust Dr #41, Summit, NJ 07901-4420 (C, Small Size $2 notes) 10003 Javier Blake, 8362 Pines Blvd PMB 194, Pembroke Pines, FL 33024-6620 (C & D, World) 10004 Charles R. Meeker II, 1736 S. Walnut St, Springfield, IL 62704-4046 (C, Colonial & CSA) 10005 George de Urioste (C) 10006 Kenneth Bachner, 1830 Havenwood Dr, Thousand Oaks, CA 91362-1840 (C, U.S.) 10007 Danny Hall, Rt #1 Box 10, Duke, OK 73532 (C & D) 10008 Michael Shirkey, 405 S. 11th Ave, Washington, IA 52353-2626 (C) 10009 Lamont Whaley, 123 N. Penna Ave, Atlantic City, NJ 08401 (C) 10010 Alan Cohen, 17216 Saticoy St, PMB #419, Van Nuys, CA 91406-2103 (C, Nationals) 10011 K.C. Owings, P.O. Box 561, North Dighton, MA 02764 (C & D, CSA & Colonial) 10012 Chuck Armstrong, 1395 Judd Rd, Saline, MI 48176- 9757 (C, Michigan Obsoletes & U.S. Large) 10013 Alexander B. Smith, P.O. Box 8166, Manchester, CT 06040 (C, Fractional & Obsoletes) 10014 Wallace E. Mignault, 117 2nd St NW, Ruskin, FL 33570-3929 (C, Webs, Legal Tenders, Silver Certificates, Large Type) 10015 Frank Herring, P.O. Box 389, Mt. Enterprise, TX 75681 (C, Texas Obsoletes, Scrip, Warrants) 10016 Thomas L. Alley, 1473 Center St NE, Salem, OR 97301-4260 (C, Small Size Nationals) 10017 Kenneth Fulmer, Rt 286, P.O. Box 38, Hillsdale, PA 15746-0038 (C) 10018 George S. Miller, Jr. 4 Overlook Terrace, Goshen, NY 10924-2120 (C, USN, FRN, SC) 10019 Michael Jowett, 48 Dickinson Rd, Basking Ridge, NJ 07920 (C) 10020 Robert A. Wilson, P.O. Box 772, Blue Ridge, VA 24064 (C, U.S. Small & Confederate) 10021 Chia H. Liu (C) 10022 Adrian Crane, 8111 LBJ Freeway Suite 1265, Dallas, TX 75251-1396 (C, U.S. Large) 10023 Paul M. Craig, P.O. Box 445, Northampton, MA 01061-0445 (C) 10024 Scott Claxton, 502 Granite Hills St, Simi Valley, CA 93065 (C, U.S., CSA, Obsoletes, Checks) 10025 Andrew Bernardino, 3350 Jaywood Terrace J123, Boca Raton, FL 33431 (C, All) Reinstatements 2880 Edward Fellows, 13315 31st Ave NE, Seattle, WA 98125-4410 5766 Robert R. Moon, P.O. Box 81, Kinderhook, NY 12106 S PMC IS ABOUT TO TURN THE BIG FOUR-OH, SO I recently wrote more than 200 oldtime members to ask them for their reminiscences and photographs from the early days of the Society. These will be published in a special commemora- tive issue of Paper Money. If you got one of the letters and responded, thanks. Your contributions will help round out our 40th Anniversary celebration. If you got a letter and haven't responded yet, please do so soon. We need your views. Personal recollections and snapshots will record for posterity our many-faceted organization's formative years. If you didn't get a letter and all this is new to you, you can help, too. Every member is invited to contribute a short com- memorative essay or photo on a favored personal SPMC occa- sion or fellow member. Think of all these contributions as a society "Pot Luck Dinner." All kinds of cuisine will contribute to a well rounded feast. So cook up your finest culinary, literary dish and share it with your fellow members in a future issue. In that same vein, a recent mail brought the sad word that one of SPMC's stalwarts, George W. Wait, passed away April 7. George was Charter Member #5, the original SPMC Secretary, our third President (1965-69), and also served as Governor for 14 years. Along the way, he penned the Society's exquisite New Jersey Wismer book in 1976 in conjunction with the Newark Museum and the National Endowment for the Arts, and our Maine book two years later. Mr. Wait also wrote more than a dozen articles for Paper Money, frequently on syngraphic litera- ture. George's many contributions to our hobby garnered him two SPMC Awards of Merit, our Julian Blanchard Award and the Nathan Gold Memorial Award. The Board also presented him SPMC Honorary Life Membership #5 in 1969. Via e-mail, Paper Money Contributing Editor Gene Hessler fondly recalls his fellow syngraphic cataloger: "It was about 1967-8 that I met George Wait. I joined SPMC in 1967 and within the year I met Dr. Glenn E. Jackson and George Wait. Both Dr. Jackson and George were extremely helpful in those early years of my interest in and fascination with paper money. "George came to The Chase Manhattan Bank Money Museum, where I was curator. He was looking for photographs in the collection to illustrate a book or books. It could have been Maine Obsolete Paper Money and Scrip and perhaps the Vermont book. As I remember George was assisting Ms Coulter on it. "George and I became friends immediately. Subsequently we would share some time together at numismatic shows in New York City. A few years later I moved just across the Hudson River to New Jersey. George lived in another commu- nity in New Jersey and on numerous occasions I drove to his home where we talked about our mutual interests. "I saw George for the last time shortly before I left New Jersey in 1985. After that time we exchanged some telephone conversations, but I'm sorry to say that in the past few years we had not been in touch. "George was one of the pioneers in this wonderful hobby we share. He was also a devoted member of the SPMC. It was failing health that kept George from participating in society activites. Younger members should be thankful that collectors like George Wait were around in the early days of the SPMC." Our condolences to George's daughter, Nancy Cantwell, and her family. We, too, will miss you, Mr. Wait. v Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals 4 LA 4,13.11.174144/41/17.1 !sic ;ab.t."1.7/14 Peter Huntoon P.O. Box 60850 Boulder City, NV 89006 702-294-4143 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 1/16 18.75 35.00 159.00 295.00 Small Currency 08 x 2 7/e 19.00 36.50 163.00 305.00 Large Currency 7 28 x 3 1 /3 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 81/2 x 17 1 /2 25.00 100.00 180.00 425.00 Stock Certificate End Open 9'/2x 12 22 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 D® 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. Mel i nex Type 516. DENLY'S OF BOSTON P.O. Box 1010, Boston, MA 02205 • 617-482-8477 ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163 PAPER MONEY • JULY/AUGUST 2000 • Whole No. 208 127 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 AD INDEX AMERICAN SOCIETY/CHECK COLLECTORS 117 ASPEN, NELSON PAGE 124 BOWERS B MERENA GALLERIES IBC BOMBARA, CARL 117 BUCKMAN, N.B. 117 COMMERCIAL COIN CO. 104 CURRENCY AUCTION.COM 128 DENLY'S OF BOSTON 127 EARLY AMERICAN NUMISMATICS 119 HOOBER, RICHARD T. 114 HORDWEDEL, LOWELL C. 127 HUNTOON, PETER 127 JONES, HARRY 117 KAGIN, A.M. 111 KNIGHT, LYN 125 KRAUSE PUBLICATIONS OBC KYZIVAT, TIM 121 LITT, WILLIAM 124 MORYCZ, STANLEY 107 OREGON PAPER MONEY EXCHANGE 121 PARRISH, CHARLES C. 119 ROB'S COINS B CURRENCY 123 SHULL, HUGH 98 SLUSZKIEWICZ, TOM 114 SMYTHE, R.M. IFC WRIGHT, GLENN G. 119 YOUNGERMAN, WILLIAM, INC. 121 LOT 2048 LOT 2077 LOT 2079 LOT 2088 LOT 2121 LOT 2027 LOT 2588 LOT 2604 LOT 2606 `tc ICT4I 128 JULY/AUGUST 2000 • Whole No. 208 • PAPER MONEY NO BUYER'S FEE! SALES CLOSE THE 15TH & 30TH OF EVERY MONTH CurrencyAuct iori.cc)ni 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 AMERICAS 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 Egter'TAAKAild RNA Steve ivy Jim Halperin Greg Rohan OUR NEXT DRAWING WILL FEATURE A $500 NOTE. REGISTER NOW TO PARTICIPATE! "di tlite0 s *NIP; .00.0ABREI) ow. 41' '444'7 vtior An Interest Bearing $5,000 Proof Note realized $11,000. .110111(C1111 N7111011111 Ralik 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 $5 Federal Reserve Bank note. F-782* in EF realized $7,150. A $10 Silver Certificate. F-1700 in Gem New realized $8,800. A $100 One-Year Note, believed to be unique, realized $8,250. An Uncirculated Lazy Two $2 note from the State of Missouri, Town of California realized $4,840.Auctions by Bowers and Merena, Inc. Box 1224 • Wolfeboro, NH 03894 • 800-458-4646 • FAX: 603-569-5319 • vvww.bowersandmereria.com COIN PRICES Vw lo% News FROM THE PUBLISHERS OF THE STANDARD CATALOG OF WORLD COINS Searchin Numisinat 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 TINUIT11SMax News Coins The Complete Information Source fo Coin Collectors magazine BANK NOTE REPORTER COMPLETE MONTHLY GUIDE FOR PAPER MONEY COLLECTORS 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