Paper Money - Vol. XXXIX, No. 5 - Whole No. 209 - September - October 2000

p I r Erk 1P41©)AEY .......„ . . 1 Official Journal of the of Paper Money Collectors 5 WHOLE No. 209 SEPTEMBER/OCTOBER 2000 WWW.SPMC.ORG • Society VOL. XXXIX, No. THE STATE OF FLOORIDA s'iin't// t What's The Best Way To Sell Your Paper Money Collection? 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. ritm. MEMBER L4 7- 11111 Stephen Goldsmith 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. © 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 Er:pressed 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 (fredPspmc.org). Original illustrations are preferred. Scans should be grayscale at 300 dpi. )pegs 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 5825 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 he 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 • SEPTEMBER/OCTOBER 2000 • Whole No. 209 129 Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXXIX, No. 5 Whole No. 209 SEPTEMBER/OCTOBER 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 Canadian Bankers Solve U.S. Specie Nuisance 131 By Fred Reed Some Women Who Made a Difference, Part VI 138 By Gene Hessler About That Federal Check Tax 148 By Forrest Daniel Colorado's Gilpin Drafts 149 By Charles Kemp An Unexpected Find of Series 471 MPC Notes 160 By Harold Don Allen Beware Fake Cutting Errors 162 By Fred Reed Society Members Pen Paper Money Works 164 Reviewed by Frank Clark & Jerry Remick SOCIETY NEWS Information & Officers 130 President's Column 146 By Frank Clark Letter to the Editor 146 Money Mart 153 Research Exchange 160 2000 Annual Board Meeting 165 2000 Annual Membership Meeting 168 New Members 169 SPMC Establishes George W. Wait Memorial Prize 170 Editor's Notebook: SPMC Donors Aid Pubs 170 Advertisers Index 171 On the cover clockwise from top: Frank Clark presents Gene Hessler 1999 ANA Specialty Publications Award for Paper Money at Memphis. Wendell Wolka emcees Tom Bain Raffle. Mark Anderson doctors a soiled note. Frank Clark presents Fred Reed SPMC Award of Merit. (Bank Note Reporter photos) 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 130 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • 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 Steven K. Whitfield, 14092 W 115th St., Olathe, KS 66062 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 PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 131 Canadian Bankers Solve I. S. Specie Nuisance BY FRED REED T HE USE OF UNITED STATES ENCASED STAMPS INMontreal, Canada East, in fall 1862 is one of the extreme odditiesof the U.S. encased stamp series. This is especially true becauseCanada was not suffering from the small change shortage that had given rise to this emergency currency south of the border at that time. In fact, it was quite the opposite in the Canadian provinces. United States silver coinage was so plentiful in Canada at the time that it passed at a discount compared to Canadian paper currency. Excess U.S. silver coinage in Canada became such an intractable problem for the Dominion that the senior member of the private banking and specie brokerage firm of Weir and Larminie, William Weir, enhanced his political career helping to resolve this U.S. specie nuisance. However, it was the junior member of the firm, G. H. Larminie who arranged for the manufacture of the John Gault's New Metallic Currency late in the year 1862. This merchant is one of those on whom we have good sec- ond hand information how their issue came to be. According to numismatist P. Napoleon Breton, who knew both Weir and Larminie personally, the issue was contracted for by "Mr. Larminie, on a visit to New York, [who] had a quantity made for his firm, although such change was not required in Canada." Editor's note: An earlier version of this article appeared as Chapter XIX in Civil War Encased Stamps: The Issuers and Their Times, © 1995 Fred L. Reed III, All Rights Reserved, which was awarded the Nathan Gold Lifetime Achievement Award by SPMC and the Bank Note Reporter. Above: During the U.S. Civil War the Montreal, Canada East, private banking firm of Weir & Larminie circulated thousands of store cards with U.S. stamps encased. The senior member of this firm made his political career out of helping to resolve the issue of redundant U.S. silver north of the border. Ironically, exportation of U.S. silver coins had brought about the inven- tion of the encased stamps as a small change remedy in the first place. Most of the encased stamp store cards the firm circulated were these 10-cent pieces. Check drawn on Weir & Larminie, November 8, 1862, at approxi- mately the time this firm purchased its encased stamps from John Gault. (Warren Baker collection) The Weir & Larminie 1-cent (Reed WL01, EP29) and 3-cent (Reed WL03, EP58) encased stamps are very rare. Fewer than a half dozen of each denomination are believed to exist. 132 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY Newspapers routinely reprinted articles to bring national and world news to their readers. The Detroit Advertiser story, right, is typical of condi- tions in Eastern Canada during the war. U.S. silver coinage was so plentiful as to be a "glut," and thereby discounted. Thus, there was no practical necessity for the Weir and Larminie issue. They must have been thought of as a novelty by their issuers, and thus purchased for their advertising or prestige value. Scientific American, February 21, 1863, p. 118. (Dallas Public Library) If of t- ut ae ;Is r- n. y. li- fe 10 at ve of th be r- at) of Is ae' The Glut of Silver in Canada. It is some gratification in these days of paper cur- rency to know that there is coin still somewhere on the continent. If we have no specie the Canadians are surfeited with it, and are consequently in just about'as bad a fix as we are. The following paragraph tolls the whole story :- u It would do a hard-money man good to go to Canada. , The currency consists almost exclusively of American silver. Silver abounds everywhere. Everybody is loaded with it, and everybody tries to get rid of it, as people do of doubtful funds. The taxes are paid In silver, and the collectors take it by the bushel. The City Treasurer of Toronto has half tun of it. Tho merchants have bags of it in their safes. The banks won't receive it. The Great Western 11.111way has Issued printed notices that only five per cent of silver will be received for fare or freight: Only think of a country where you cannot pay your fare on the cars In silver coin ! At Toronto, London and-elsewhere; business men and firms have united In a general reacilutIon to receive silver only at a dis- ,count of five per cent for Canada bank paper. This of course applies to American. silver, as the Canadian and English,colnage is a legal tender. Think again of a region, within one mile of Detroit, in which the dirty rags ',issued by tlaerbank are worth fiVe cents on the dollar more than the shining coin !"•Detroit Adverti3erl . . f ta•m Rel Yw};•• tss•• Since Weir was president of a local bank located in the same city in which Breton was writing in 1894, it seems safe to accept his explanation. The firm advertises itself as "Specie Brokers." Thus this store card was an extremely attractive and appropriate billboard for the private bankers who were actively engaged in trading in U.S. specie. Much of this silver initially had reached Canada in the purchase of supplies and materiel for the war effort. The situation intensified, however, when the eastern U.S. banks suspended specie payments after December, 1861. Canadian banks then took over move- ment of northwestern produce to markets, which greatly exaggerated the amount of U.S. silver in circulation in Canada. Brokers like Weir & Larminie in Montreal and others in Toronto and elsewhere in Canada quickly discount- ed the redundant U.S. silver at 8-10 percent. It is quite probable the purpose of Larminie's trip to New York City was to sell surplus silver to brokers in New York at the then current premium, approximately 20 percent. Such a transaction would have netted the partners a tidy sum from the difference in market values. It's ironic Larminie chose to invest about $1,000 of those proceeds with John Gault to purchase an estimat- ed 9,000 encased stamp storecards to advertise their banking and brokerage firm. Larminie's purchase was predominantly 10-cent store cards (Reed WL10), although smaller quantities of 1- and 3-cent issues (Reed WL01 and Reed WL03) were also selected. "Face value" of the purchase was about $800. Thus the advertising premium of the purchase was $200 or 25 percent. William Weir and G. H. Larminie operated their private banking and specie brokerage business at 55 St. Francois Xavier in Montreal in 1862. At the time the city was a thriving commercial metropolis of 130,000 population, located on the south side of the island of Montreal in the St. Lawrence River. Weir, the firm's senior member, was born October 28, 1823, in Greenden, Scotland, where his boyhood was passed. Well educated in local parochial schools, he came to Canada in spring 1842. Weir's initial employment was as a L I 'Yk William Weir was an important and powerful man in Canadian 19th century economic history. Above and left are details from the fron- tispiece of his autobiography. Sixty Years in Canada, 1903. (John J. Ford collection) The Weir and Larminie 5-cent (Reed WL05, EP94) encased stamp is one of the great rarities of the series. Only a single, verified specimen is believed to exist for this R-10 issue. On the other hand, the firm's 10-cent issue (Reed WL10, EP133) is the most "common" for this merchant. Nevertheless, at R-5, fewer than 30 specimens are extant. PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 133 tutor, then as a public school teacher. He studied at the college and developed a life-long admiration for the French culture of the province. Following a brief stint in a retail store, 'Weir commenced the brokerage business in Montreal in 1847. Several years later, he took active part in a groundswell within the business community to separate from Great Britain and seek annexation by the United States. Free trade with the large U.S. mar- kets to bring about prosperity was their goal. "It was simply," Weir later con- tended, "a case of men holding loyalty to families above loyalty to their Queen." Unfortunately, in Weir's view, the movement abated without suc- cess. The problems, however, did not simply subside with the dissent. Weir and his family moved to Toronto in 1856, where in addition to his exchange business he established the Canadian Merchant's Magazine. In his dual roles as financier and publisher, Weir took a leadership in the movement to secure restrictive tariff legislation to protect Canadian manufacturers. These measures, which would improve domestic prosperity in Canada, would also increase immigration, Weir contended. "Thousands of enterprising Americans would come to a country equal in every respect to their own with much more elbow room than they have at home," he wrote. Weir also played an active role in assisting Canadian Finance Minister Sir Francis Hincks in issuing its first decimal coinage in 1858. The following year he moved back to Montreal and associated with Larminie in the exchange business. It is perhaps one of the great ironies of history that a Canadian banker should be linked to a group of U.S. merchants and manufacturers caught up in the throes of a specie shortage and share the advertising medium of brass encased U.S. postage stamps. The explanation, of course, is simple: Weir's business interests had been tied to the United States for more than a decade. The influx of redundant U.S. small change into Canada was only its most recent focus. It is no wonder George White couldn't pay out a silver half dime at his hat store in New York City or Bernard Schapker locate a silver quarter for his Evansville, Indiana, dry goods store: U.S. small coins had so inundated Canada that the government eventually hired a banker — none other than 134 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY Weir's economic views became Canadian general government policy in the years following the U.S. Civil War. His autobiography is an interest- ing financial reflection of his times, although regrettably he fails to men- tion his own issuance of encased stamps or banknotes. Interestingly the accumulation of American silver coinage in Canada proved such an intractable difficulty for the remain- der of the decade that the national government hired Weir to export the coinage and relieve the problem. Title page. Sixty Years in Canada, 1903. (John J. Ford collection) SIXTY YEARS IN CANADA BY WILLIAM WEIR Secretary of the Tariff Reform Association of 1858 and Government Agent for the Exportation of American Silver Coin in 1870. " We talk of friends and their fortunes. And of what they did and said; Till the dead alone seem living, And the living alone seem dead." Diontrval : JOHN LOVELL & SON 1903 Weir, himself — to dig Canadian commerce out from under the silver avalanche. This excess of specie eventually reached gigantic proportions since U.S. banks and the U.S. Treasury Department remained suspended in the decade following the end of Civil War hostilities. Soon upon the release of the encased stamps, the banking partnership between Weir and Larminie lapsed. In the years following, Weir expended much of his energy to remedying this U.S. specie nuisance in his adopted land. Weir devotes four chapters of his autobiography to this problem, which persisted throughout the remainder of the 1860s. At first, Weir arranged pri- vately with principal merchants throughout Canada to purchase their specie. He exported from $25,000 to $30,000 per week from cities and towns in Ontario and Quebec. Weir was so successful with this private specie export business, that his political ally, Finance Minister Hincks, appointed him as the government's agent to rid the country of the unwanted American silver coins. Under Weir's stewardship, three and a half million dollars was exported to New York in 1870 and about half that much to England. To meet its domestic needs, Canada substituted 25-cent shinplasters and a lesser quantity of its own silver coinage. These activities on his own and the government's behalf created a great capital reserve for Weir, who invested his profits in land. Within a year, his property tripled in value as a land boom hit. Eventually Weir sold his real estate for six times his initial cost. In 1876, Weir established W. H. Weir & Son, members of the Montreal Stock Exchange. He also became vice president of Banque Jacques Cartier. Six years later, he became president of La Bank Ville-Marie, one of the 65 chartered banks. The bank had been established in 1872, but had been on rocky footing. A decade after its founding, Weir and his sons sought to stabi- A h / PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 135 37gleaderfilife ,.1"'MA.04/213fZErxl:giV These notes are among the remnants of the runaway currency issue that ran William Weir afoul of the law, thus bringing a sad end- ing to his distinguished financial and political career. La Banque Ville- Marie was a chartered bank. As bank president, Weir's autograph signature appears on the bank's very scarce, bilingual notes: $5 (Cinq Piastres, Pick 5944) and $10 (Dix Piastres, Pick S945), issued dated January 2, 1889. A $20 note (Pick nos. S 943 and 5946) was also issued. The following year a $50 was anticipated, but not issued. Although still redeemable, no one would want to redeem these, since they are much scarcer and also more valuable than prices suggested by the Standard Catalog. (Bank of Canada, Canadian National Currency Collection. James Zagon photos.) lize it. A new note issue commenced in 1885 of $5 and $50 notes (Pick S937 and Pick S939) printed by the British American Bank Note Co. Weir also continued his active role in government financial matters of national and inter- national scope. In 1889 the bank commenced a large issue of redesigned $5, $10 and $20 notes printed by both the Canadian Bank Note Co. and the British American Bank Note Co. All denominations featured portraits of Paul de Chomedey de Maisoneuve, who had founded Montreal in 1642, with either red or blue serial numbers. These notes (Pick numbers S941-S946) are all very scarce. In March 1898, the discovery of a $58,000 theft by a teller precipitated a run on La Bank Ville-Marie and suspension of payments. The ensuing investi- gation uncovered a multiplicity of irregularities. Among - them were the circu- lation of more notes than the bank was legally permitted to issue, and also the filing of fraudulent statements of circulation with the government. Bad debts, including $300,000 in promissory notes signed by Weir on behalf of bankrupt firms, were also discovered. The inquiry charged Weir with "gross neglect" and "poor judgement." Given Weir's prominence in national financial affairs, The Crown took a hard line. Warrants were issued for Weir's arrest, along with others implicated. Criminal prosecution fol- lowed, and Weir was sentenced to jail for two years. As might be expected, this episode was trying for the 75-year-old banker. He appealed his conviction, and in 1901 was retried. In the meantime La Banque Ville-Marie was liquidated, and its outstanding circulation redeemed. This accounts for their scarcity. Depositors lost well over a million dollars. Interestingly enough, in his autobiography (published only two years after 136 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY William Weir's son, William Henry Weir was a member of W. H. Weir & Son, a brokerage firm established in 1876, and member of the Montreal Stock Exchange. Photo. Men of Canada, 1901, p. 49. (The Bank of Nova Scotia Archives) these sad events), Weir makes no explicit mention of this eventful episode, just a veiled disclaimer about the government "prosecuting the innocent with the guilty." Alas for collectors of encased stamps or Canadian banknotes, Weir also makes no specific mention of his circulation of either currency media. He took his thoughts on those issues — grave and small — with him to internment in 1905. ACKNOWLEDGMENTS I am indebted to a number of individuals for their assistance over the years in aiding me in preparing this study. They include William H. MacDonald, J. Graham Esler and James Zagon of the Bank of Canada, Louise McNamara of Le Chateau Ramezay, Jane Nokes of the Bank of Nova Scotia, Joanne Lavell of Charlton Publishing Co., Warren Baker, John J. Ford, James F. Ruddy and Q. David Bowers. BIBLIOGRAPHY Andreano, Ralph [ed.]. The Economic Impact of the American Civil War. Cambridge, MA: Schenkman Publishing Co. (1962). Breckenridge, Roeliff Morton and National Monetary Commission. The History of Banking in Canada. Senate Document No. 332. 61st Congress, 2nd Session. Washington: Government Printing Office (1910). Breton, P. Napoleon. Illustrated History of Coins and Tokens Relating to Canada. Montreal: British American Bank Note Co. (1894). "Causes of Bank Failures," journal of the Canadian Bankers' Association, XVII (1909-10), pp. 48-49. Montreal: Gazette Printing Co. (1910). Charlton, J.E. Standard Catalog of Canadian Paper Money. Toronto: Charlton International Publishing Co. (1980). Cooper, John A. Men of Canada. Montreal and Toronto: Canadian Historical Co. (1901- 02). Ferguson, J. Douglas. "Weir & Larminie Encased Stamp," The Coin Collector's Journal, New Series, VII (September 1940), p. 264, and (December 1940), p. 331. "Glut of Silver in Canada [The]," from the Detroit Advertiser, in Scientific American, February 21, 1863, p. 118. Lee, Wm. H., Canada East Consul. Letter to His Excellency the Governor General, October 31, 1862, re. the depreciation and consequences of depreciated U.S. currency in commerce. Published in Annual Report on Foreign Commerce, British Dominions, p. 48. U.S. House Executive Document 63, "Commercial Relations, 1862." 37th Congress, 3rd Session. PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 137 McLachlan, Robert Wallace. A Descriptive Catalogue of Coins, Tokens and Medals Issued in or Relating to the Dominion of Canada and Newfoundland. Montreal: T.R. Marvin & Son (1886). Naylor, R.T. "The Banks and Finance Capital," The History of Canadian Business, 1867-1914, Vol. 1. Toronto: James Lorimer & Co. (1975). Pick, Albert; Shafer, Neil [eel.] and Bruce, Colin [ed.]. Standard Catalog of World Paper Money, 8th ed., Vol. 1 - Specialized Issues. Iola, WI: Krause Publications (1998). Reed, Fred L. III. Civil War Encased Stamps: The Issuers and Their Thnes. Port Clinton, OH: BNR Press (1995), pp. 247-252. Roberts, G. and Tunnell, D. [eds.]. Standard Dictionary of Canadian Biography, Vol. II. [publi- cation data unknown]. "Robbins Buys Dr. Ouellet's Canadian Collection," Coin World, April 23, 1975, p. 52. Sandham, Alfred. Coins, Tokens and Medals of the Dominion of Canada. Montreal: Daniel Rose, Printer (1869). Shortt, Adam. "History of the Canadian Metallic Currency," Transactions of the Canadian Institute. Toronto: University of Toronto Press (1911). "Silver in Canada," Cinicinnati Daily Enquirer, December 24, 1862, p. 3. "Silver in Canada," from Montreal Advertiser, November 22, 1862, in New York Times, November 30, 1862, p. 5. "Trouble in Canada About the American Currency [The]," Cincinnati Daily Enquirer, November 11, 1862, p. 2. "United States Silver in Canada," from Toronto Leader in Cincinnati Daily Enquirer, December 16, 1862, p. 1. "U.S. Silver in Canada," Scientific American, December 13, 1862, p. 379. Waite, P.B. "Maisoneuve," Encyclopedia of World Biography, Vol. 7. New York: McGraw Hill (1973), pp. 105-106. Wallace, W. Stewart. "William Weir," The MacMillan Dictionary of Canadian Biography, Third Ed. London and Toronto: MacMillan (1963), pp. 788-9. Weir, William. Sixty Years in Canada. Montreal: John Lovell & Son (1903). Winks, Robin W. Canada and the United States, the Civil War Years. Baltimore: The Johns Hopkins University Press (1960). 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 Lascarina Bouboulina: Greece 50 drachmae (back), P195. 138 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY Some omen Who Made a Difference BY GENE HESSLER C ontinued from Paper Money No. 208 is a survey of women whoseachievements have been recognized by having their likenesses dis-played on paper money. Part I highlighted artists (Issue No. 200);Part II continued with an actress and a scientist (Issue No. 201); Part III featured musicians (Issue No. 202); Part IV discussed writers (Issue No. 203); and Part V discussed social workers (Issue No. 208). The author concludes his survey with Heroines, Revolutionaries and an Educator. PART VI HEROINES & REVOLUTIONARIES Lascarina Bouboulina THE WOMAN POINTING TOWARD THE HORIZON ON THE back of the Greek 50 drachmae note P195, is Lascarina Bouboulina (1783- 1825). During the Greek Revolution (1821-1828), she was one of few women to be involved. Upon the death of Captain Bouboulina, her husband, Lascarina took command of his small fleet and placed her brothers and her sons in positions of authority. She besieged Monemvasia and Nauplia, then she blocked the coast. When Tripoli fell she helped to liberate it. The Greek and Albanian sol- diers resented Lascarina, her tactics and authority; her life was threatened. This courageous woman appealed to her adversarial comrades not as their "Capitanissa" but as a mother. Lascarina pleaded with them to behave honor- ably and not to molest the women they captured. This determined, but sensi- tive Greek heroine was ultimately assassinated by her enemies. REAtitrim, Tan& ,,,,,,tazifiscaeltatt dr7,,4fithy(.4., D70990 il/ia 7 /t7/i 4 ,(Xe: 4 ./ //4"..?/(/ '%'*,,,,..- 0..e4tmo-", s e.1, 4■:`3•:;;;;.., -r- :14.6:CiaMater,i,44'... - .,,,Te. A2/ -D70990 ,---,' ,. ,,,,,: 44. .4 ' mgwogozawASK:x..ula .zz4r.o.r.L.ta 14,Z.a160Q(1151We /11/iit 41, 6,/,' "7%e \t929,443 412 Ali* tt6, wouilygimonow N929443 ,,.? ie/%/1.1////7 7 , 7X, 4,11r, .;/I "Fir raran.s. SUPERB UNITED STATES CURRENCY FOR SALE SEND FOR FREE PRICE LIST BOOKS 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 • ENGLE -WOOD, 0I1 45322 937-898-0114 140 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY Dona Josefa Ortiz de Dominguez: Mexico 5 pesos, P60; 20 pesos, P54; and 50 pesos, PS393 Polycarpa Salavarrieta: Colombia 2 pesos, P413. PAOARAALPORTADOR 6 1 8_00 7 26 Dotia Josefa Ortiz de Dominguez ONE OF THREE WOMEN TO BE RECOGNIZED ON MEXICAN paper money is Dona Josefa Ortiz de Dominguez (1771-1829). Orphaned as an infant, she was cared for by her sisters. In 1791 Dona Josefa withdrew from her university studies to marry Miguel Dominguez, the mayor of Queretaro. In her position she came into contact with other government officials and was aware of all the movements of the Spanish. She sympathized with the independence movement and informed its leaders of actions planned against them. Unsuccessfully Dona Josefa tried to convince her husband to switch his allegiance and help the Mexicans. Knowing of his wife's political feelings, Mayor Dominguez had her locked in a room while he was away during a critical time. Nevertheless by a prearranged signal, Dona Josefa was able to convey a message through a key- hole alerting her comrades of an attack. She was accused and convicted of helping the enemy. During her incarceration she gave birth. There is a statue of her in Mexico City. Polycarpa Salavarrieta POLYCARPA SALAVARRIETA WAS PROBABLY BORN IN 1795 IN Guaduas. She and her brothers sympathized with the revolutionaries during the Regime of Terror in Colombia. She and her accomplices were captured and imprisoned. All were executed by firing squad on November 14, 1817, in MINK IISYJNV IIES Emilja (Emilie) Plater: Poland 20 zlotych, P73; and 50 zlotych, P102. PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 141 the plaza now called the Plaza Bolivia. Before her death she cried: "Indolent peo- ple! How different would your fate be if you knew the price of liberty! But it is not too late to see that although a woman and young, I have enough courage to suffer death and a thousand deaths, and do not forget this example." (Mascherosch Schmidt 80). Emilja (Emilie) Plater EMILJA (EMILIE) PLATER IS ONE OF THREE POLISH WOMEN whose portraits appear on the paper money of their homeland. Emilja (1806- 1831) was born in Wilno, daughter of Count Ksawery and Countess Anna Plater. Emilja received an education uncommon for women at the time. She loved books and idealized Jean d'Arc. Fencing and hunting were her passion. Emilja enjoyed visiting the peasants and helping them in any way she could. In 1830, after Emilja rejected marriage to a wealthy Russian, her father died. In that same year Russia declared war. She assumed a military position, leading and winning many battles. She was commissioned a lieutenant, captain and ulti- mately a colonel. On December 23, 1831, Emilja died in broken health and spirit. On the back of Nicaragua 5 cordobas, P174, Rafaela Herrera Sotomayor is seen firing a canon at a British ship. Rafaela Herrera Sotomayor RAFAELA HERRERA IS RECOGNIZED AS A HEROINE IN NICARAGUA. In 1762 the English had designs on the country. The governor of Jamaica was instructed to attack the Castle of the Immaculate Conception by way of the San The portrait of Maria Montessori on this Italian 1000 lire, P88, was engraved by F. Zannotti; the designer of this note was Gio. Pino. The images of a young female teacher and student on the back were engraved by A. De Angelis. tt+ • . 1-1- 44;.: O.* 1**f V** 04, • BANCA•D'I f --A fl 3 5-6-8 C 142 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY Juan River, which borders Nicaragua and Costa Rica. The attack began at 11:00 a.m. on July 29. Rafaela Herrera Sotomayor, daughter of Captain don Jose Herrera Sotomayor who died on July 15, requested permission to fire a canon at the enemy. The battle lasted for six days before the English with- drew. Rafaela was the heroine of this battle. PART VII EDUCATORS Maria Montessori "THERE IS NOT A CIVILIZED COUNTRY WHICH HAS NOT IN some measure felt the impact of [Maria Montessori's] vivifying principles" (Standing XI). This extraordinary woman was born on August 31, 1870, in Chiaravalle in the province of Ancona, Italy. Young Maria demonstrated no special aptitude at school. However, at fourteen, when she and her family moved to Rome, she became interested in mathematics. When her parents suggested teaching as a future profession, Maria replied "anything but that." She spoke of engineering, an unlikely career for a woman at that time. When her interest moved to biology, Maria decided medicine was her calling. After an interview with Dr. Bacelli she was told it would be impossible; she left the room after saying, "I know I shall become a Doctor of Medicine." (Standing 5). Maria Montessori entered the male sphere of medicine to become Italy's first female physician in 1896. In that same year she traveled to Berlin to rep- resent the women of Italy. Four years later she went to London in the same capacity. As an assistant doctor at the Psychiatric Clinic at the University of Rome, Dr. Montessori became interested in the children, who were being mis- treated. Later she said "That form of creation which was necessary for these unfortunate beings, so as to enable them to re-enter human society, to take their place in the civilized world and render them independent of the help of others--placing human dignity within their grasp--was a work which appealed so strongly to my heart that I remained in it for years." (Standing 10). By 1907 she developed her concepts of free discipline, structured free- dom and unlimited freedom to do right. Some of the headings in Standing's book on Maria Montessori's life, e.g., Freedom of Choice, No Need for Reward and Punishment, Spontaneous Discipline, and True Freedom Involves Limitation, alert us to the innovative teaching method she discovered. These concepts prompted most traditional educators, who could not see beyond their PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 143 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 1983-87 144 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY "do as I say" approach and firmly believed that teaching by rote was the only way to learning, to discredit the Italian female physician and educator. In her 81st year this dedicated lady died on May 6, 1952, at Noordwijk- on-Sea in the Netherlands. A monument to her stands in the Catholic ceme- tery in Noordwijk where she is buried. SOURCES FOR THE SERIES Adams, J.R. Notable Latin American Women. Alldridge, L. The World's Workers: Florence Nightingale, Frances Ridley Havergal, Catherine Marsh, Mrs. Raynard. London: Cassell & Co. Ltd. (1893). Bassestt, J. The Oxford Illustrated Dictionary of Australian History. Melbourne: Oxford University Press (1993). Ceskii Nãrodni Banka. A New Series of Czech Banknotes. Cesh Nirodni Banka (1993). Crawford, A. et al. [ed.]. The Europa Biographical Dictionary of British Women. England: Stanhope Press (1983). Davis, N.Z. Women on the Margins: Three Seventeenth-Century Lives. Cambridge, MA: Harvard University Press (1995). Encyclopaedia Britannica. Vol. 8. Chicago: Encyclopaedia Britannica, Inc. (1991). Encyclopedia of Latin America. New York: McGraw-Hill (1974). Harris, A.S. & L. Nochlin. Women Artists: 1550-1950. New York: Los Angeles County Museum of Art and Alfred A. Knopf Inc. (1976). Haxby, J. Standard Catalog of United States Obsolete Bank Notes 1782-1866. Vols. 1-4. Iola, WI: Krause Publications (1988). Hessler, G. "Women on U.S. Bank Notes," International Bank Note Society Journal. Vol. 18, No. 3. (1980). Howard, R. & E. "Juliet Hopkins 'Florence Nightingale of the South.'" Paper Money, Vol. )0a, No. 1 (1991). Huxley, E. Florence Nightingale. New York: G.P. Putnam's (1975). Jackson, G.M. Women Who Ruled. Santa Barbara, CA: ABC-CLIO, Inc. (1990). Kiener, 0. "The Bank Notes of the Swiss National Bank and of the Issue Authorities of Emergency Notes During World War I," IBNS jounal, No. 2 (1996), p. 26. Lanchner, C. Sophie Taeuher-Arp. New York: The Museum of Modern Art (1981). Larsen, H.A. "Johanne Luis Heiberg," American Scandinavian Review. Vol. 34, (June 1946), p. 102. Malone, D. [ed.]. Dictionary of American Biography. New York: Charles Scribner's Sons (1960). Mascherosch Schmidt, M. 400 Outstanding Women of the World. Chicago, IL: published by the author (1933). McGrayne, S.B. Nobel Prize Women in Science. New York: Birch Lane Press (1993). Meir, M. My Mother Golda Meir. New York: Arbor House (1983). Neilson, W. & F. Seven Women: Great Painters. Philadelphia: Chilton Book Co. (1969). New Catholic Encyclopedia (NCE). New York: McGraw-Hill. (1967). Parry, M. [ed.]. Larousse Dictionary of Women. New York: Larousse (1996). Pick, A. Standard Catalog of World Paper Money, Vols. 2-3. Iola, WI: Krause Publications (1994, 1997). Russell, F. Queen of Wong: The Life of Henrietta Sontag. New York: Exposition Press 1964). Sadie, S. [ed.]. The New Grove Dictionary of Music and Musicians. Vols. 10, 12 & 16. London: Macmillan (1980). Slabaugh, A.R. Confederate States Paper Money. Iola, WI: Krause Publications (1991). Standing, E.M. Maria Montessori: Her Life and Her Work. Fresno, CA: The Academy Library Guild (1957). Steinberg, S.H. Caswell's Encyclopedia of World Literature (1996). Tenenbaum, B.A. [ed.]. Encyclopedia of Latin American History and Culture. New York: Charles Schribner's Sons (1996). Tomasko, M. "Who Engraved Sontag?" Bank Note Reporter. Iola WI: Krause Publications (March 1998). Uglow, J.S. The International Dictionary of Women's Biography. New York: Continuum (1982). Williamson, E. The Penguin History of Latin America. London: The Penguin Press (1992). Zilboorg, C. [ed.]. Women 's Firsts. Detroit, MI: Gale (1996). • HUMMED Dull lfS '44.." -tia—TTOAL NVEArv,,, .mitaacco. •a•to, -0.• xtuillz.sst 12aV. 4*,eitelgf, .k1•,11.2tWmann. lllallieoo• Aa1L4^st41 .. 1890 $1,000 "Grand Watermelon" Note $500 1880 Legal Tender Serial #1 Washington Brownback We strongly recommend that you send your material via USPS Registered Mail insured for its hill 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. n (J--011 ht 01474 OR:Iiiiiih foil* utetaigailajiiimiis Gobi in PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 145 Lyn Knight Currency Auctions Deal With The Leading Auction Company in U.S. Currency 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 or send your notes today! If your collection warrants we'll be happy to travel to your location and review your notes 800-243-5211 Mail notes to Lyn Knight Currency Auctions P. 0. Box 7364, Overland Park, KS 66207-0364 1882 $1,000 Gold Certificate Currency Auctions A Collectors Universe Company Nasdaq, CLOT Md land Park. KS 66297 • 809-243-5211 • 91:3-338-3779 • Fax: 913-:338-4754 • E-mail: lynflanght@aol.com • wmv.lynknight.com The PRESIDENT'S Column By FRANK CLARK SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY146 THE INTERNATIONAL PAPER MONEY SHOW INMemphis was a grand time for all who attended. It was wall-to-wall paper money and related items, and I loved it! I was very busy. However, I did add a couple of notes to my col- lection that can become articles in the future. Plus, I was able to attend a couple of society meetings besides our own. I enjoyed scouring the bourse floor, looking at the exhibits and seeing old and new friends alike. The SPMC breakfast and Tom Bain Raffle kicked off the show for SPMC and it was very enjoyable. Even I finally won a raffle prize! The SPMC board meeting was held on the next morning, and as you can see from the minutes of the meeting that are on Page 165 in this journal, the board is hard at work for you. The convening of the board means a "hello" to new Governor Benny Bolin. Benny is a very active Fractional Currency collector, and from personal experience I know he will do a fine job on the board. Unfortunately, it also means "adieu" to outgoing Governor Steve Taylor. Taylor has been one of the great ambassadors for our hobby for decades. His excellent exhibits have won many converts to our fold. Steve's service includes 19 years on our Board, interrupted only by a stint as ANA VP. Thanks, Steve for your dedication and work. Details are not final, but the Paper Money Index, 1961 - 1999 compiled by George Tremmel, and the new Mississippi Obsoletes book by Guy Kraus will both be sold on a subscrip- tion-basis only. If you want one or both of these publications, do not hesitate to order when the time comes. David Hollander now heads up the society's 1929 Nationals Project of recording small size National Bank Notes by bank and denomination. \Veil, we are adding information whether notes reported are Type I or Type II, and the whole project will be overhauled. So, get your photocopies ready and THE 1900 ARTICLE ON THE BOOT, SHOE ANDleather industries in Boston, submitted by Bob Cochran to explain why we find National Bank Notes on the National Hide and Leather Bank of Boston and the Shoe and Leather National Bank of Boston, in the May/June 2000 issue of Paper Money, is a wonderful tie-in to the notes of these two National Banks. In the article, however, W.T. Davis (who wrote the laudato- ry article a century ago) makes little more than a passing reference to the quality boots and shoes manufactured in Lynn, and other towns in the vicinity of Boston. In fact, Lynn was well established as the center of the boot and shoe industry in the mid-18th centu- ry. Arthur M. Schlesinger, in The Colonial Merchants and the American Revolution, 1763-1776, discusses the attempts of the colonists to develop domestic industry to reduce reliance on England. Schlesinger notes that at that time, "the logical counter- part of the efforts for the disuse of imported superfluities [luxu- be sure to send them to David. He's listed on Page 130. Also, I want to thank Treasurer Mark Anderson for pre- senting me, Fred Reed and Bob Cochran the first and hopeful- ly last SPMC "Back on Track" awards for getting Paper Money back on track and to our members in a timely fashion. The awards came out of Mark's own pocket and consisted of a small train car with the letters "SPMC" on one side of it plus a piece of track for the train to rest on. This was attached to a wood base block with the above inscription. It was a unique award and my whole family enjoys the award very much! After the board meeting, the board members clashed to the regular membership meeting. I want to thank all of the award winners as we all appreciate what you do for SPMC and syn- graphics. After the awards presentation, Allen Mincho spoke on the past, present and future of the rare currency market. We had a large turnout, and it was a very nice talk that gave the attendees an insight into this wonderful hobby of ours. I also want to thank everybody who attended the general member- ship meeting because I know it is very hard to tear oneself away from the bourse! Our top recruiter for this past year was Tom Denly who recruited 60 new members for us. Torn works very hard to recruit new members, and we appreciate it very much. New members are the lifeblood of any organization. If you know of a fellow paper money collector who is not a member of SPMC, please sign him or her up. Being a member of SPMC shows that you are a serious paper money collector. You really don't need a formal application, just a name and address plus a $24 check made payable to SPMC. I hate to report that the Paper Money Yearbook 2000 that I promised to the membership in my "State of the Society" mes- sage in the NOV/DEC 1999 issue of Paper Money will not be published. Control of this publication was not in SPMC hands. I only learned of the book's demise at Memphis. We have a few tickets left over from the SPMC breakfast. They are for sale now. You can see what they look like by looking at the example of the one on the cover of the July/August issue of Paper Money. The tickets are engraved and are very nice. The cost is $12 postpaid. Make checks payable to SPMC, and mail it to my post office box listed on Page 130. Now, it is on to the National and World Paper Money Convention in St. Louis. I hope to see you there! Frank ries] was the encouragement of domestic manufactures. This movement had greatest vitality in New York. Outside of New York, greatest progress seems to have been made in Boston where Lynn Shoes won a merited popularity." In The Revolutionary Generation, 1763 - 1790, E. B. Greene confirms Schlesinger's view when he notes that "in New England the boot and shoe industry was making substantial gains, with Lynn already the principal center. In 1768 they manufactured 80,000 pairs of shoes." Greene goes on to note that according to Jedidiah Moore, the Lynn shops made 170,000 pairs annually. This estimated output of the Lynn shops was obviously sig- nificant in the post-war era where the population of the entire country was barely above three million people. Thus, Lynn was no sidelight as Davis suggests; rather, it was the center of a thriv- ing colonial and early American industry. Perhaps the article also helps explain the genesis, or at least one of the larger clienteles of, the Manufacturers National Bank (#4580) of Lynn, along with the seven other national banks that were chartered in Lynn, Massachusetts. Mark Rabinowitz SPMC #9518 SOCIETY OF PAPER MONEY COLLECTORS INC. PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 147 1961-2001 SPMC is celebrating the Big Four-Oh (40)! You can leave your mark on SPMC history Purchase one (or more!) ads in our mammoth 40th Anniversary Commemorative Issue of Paper Money First Come, First Served Deadline: October 1 de f ) Big „.)pender: ave Your Mark on SPMC History lid s space for lease nly $80 Limited Space Available for larger ads Page Rates on first come basis: $300 Have Fun & Support SPMC on this milestone event Congratulate SPMC in your own words You can also include 1 photo: So run a photo of yourself, or your favorite note or your kids or your dog (SASE MUST accompany photo for return) Leave Your Mark on SPMC History Your Name Here: Your Message Here: Only $50 Surely everybody can afford 50 bucks Write your text in space as above or at left Draw up your ad on a separate sheet Payment MUST accompany ad SPMC's 40th Anniversary Special Commemorative Issue will also contain loads of historical articles & photos, scads of SPMC memorabilia and trivia from our past. So invest a few bucks to pay great dividends Don't miss out. We want YOU too! Please make check payable to: SPMC Paper Money P.O. Box 793941 Dallas, TX 75379-3941 148 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY About That Federal Check Tax BY FORREST W. DANIEL S EVERAL YEARS BACK BOB COCHRAN ISSUEDa call for further explanation of the tax markings on anold check from Higginsville, Missouri, (Paper Money,Nov/Dec, 1996). Bob's query spurred this summary of part of the Revenue Act of 1932. Another method of docu- menting the collection of the tax on checks is illustrated. The tax of two cents on checks was one of several levies made in the "Miscellaneous" section of the law. Other taxes were on telegraph, telephone, radio and cable messages; tick- ets of admission to any place, including season tickets or sub- scriptions; stamp taxes on issues and transfers of stocks and bonds, conveyances and deeds and sales of produce for future delivery; transfer of oil by pipe line; leases of safe deposit boxes; and on boats. Another section of the Act increased postal rates from two to three cents an ounce for first class mail; and yet another taxed all soft drinks. The Feds expected the new law to draw $ 1 , 1 1 8 , 5 0 0 , 0 0 0 into the U.S. Treasury. The two-cent tax on checks pre- sented for payment went into effect on Monday, June 20, 1932, fifteen days after the Act was signed, and contin- ued until the sunset date, July 1, 1934. The tax was payable also on drafts, and other orders for pay- ment of money, drawn upon any bank, banker or trust compa- ny. The tax was paid by the maker or drawer. The person paying any of those instruments was required to collect the tax by charging the amount against any deposits to the credit of the maker or drawer. On the last clay of each month, under oath, the collected tax was to be paid the district collector. Local collectors were indemnified against claims and demands of any person for the amount of any payments. The immediacy of the start of the tax caused some confu- sion in interpretation of the law. Internal revenue agents were sent to larger cities to interpret the law for local revenue offi- cers. The American Bankers Association sent out an attor- ney's interpretation for member banks to follow until uniform guidelines were formulated by the revenue service. Some interim opinions were offered by Frank R. Scott, secretary of the Fargo, N.D., Clearing House Association. While counter checks were taxable, receipts for withdrawals from savings accounts would not be, he said. Scott believed checks drawn by public officials in their official capacity at all levels would not be taxed. He added, "Checks such as cream checks [paid to farmers for cream delivered to commercial buyers] will probably be largely discontinued. The creameries will pay by drafts [drawn] on themselves." Administrative rules from the Bureau of Internal Revenue finally settled any.early questions about the tax on checks. In the wide range of taxes on services, several may have some special interest: soda fountain goods -- six cents per gal- lon on the syrups used for all "soft drinks" made at the foun- tain and two cents a gallon on "still drinks" (not with carbon- ated water) prepared at the fountain; and Admissions -- 10 percent on admission charges over forty cents (one cent for each dime or fraction thereof if the admission charge was 41 cents or more for theater tickets and such). "Gasoline prices went up 1.1 cents a gallon and lubricat- ing oil went up one cent a quart in Bismarck (ND) Tuesday," the local newspaper reported at the time. "The Standard Oil Company of Indiana said one cent of the advance is the new federal tax while the one-tenth is to cover other expenses made necessary by the tax." Not all banks marked their checks with the added two deducted from that account. Charge slips were enclosed in the monthly bank statements my father received. Interestingly, a generic form, stamped with the bank's name and date, was ready for inclusion with the June, 1932, statement, only ten days after the law went into effect, and continued in use until the law expired. Undoubtedly there were other local markings and other forms of charge slips used to denote payment of the Federal check tax from 1932 to 1934. Such "new" old things that can be added to collections of peripheral banking material do appear from time to time. These are waiting to be discovered and published by collectors in this magazine. SOURCES Bismarck, N.D., Tribune. Fargo, N.D., Forum. Revenue Act of 1932, 72nd Congress, Session 1, Chapter 209. June 6, 1932. the two cents tax on checks. CHARGE 1-,,,1 ' E ;1;\ ACCOUNT OF F. NO 1. r-32 ......... . This charge is made In accordance with Section 751, part Vi , of Revenue Act of 1932, effective June 21, 1932, imposing a tax of 2 cents on all Checks Drafts or Orders for the payment of money, drawn upon any Bank, Banker, or' -rust Company; such tax to he paid by the maker or drawer. jarFOR COLLECTION OF TAX ON CHECKS.ETC.PAID DURING CURRENT MONTH $ , t --- FORM 29A—YIROS LUNDEEN It CO.. PRINTERS. FEN6a3 FALLS. MI Charge slip used by the Farmers State Bank, Heaton, N.D., to report the collection of cents charge as illus- trated in Cochran's article in this maga- zine several years ago. The single group of canceled checks I discarded had no marks, only the charge slips listing the num- ber of checks cleared during the month and the amount PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 149 A civil War Emergency Issue ra d 0 BY CHARLES V. KEMP HEN COLORADO TERRITORY WAS CREATED BY Congress on February 28, 1861, the timing was hardly accidental. ' •' For several years the citizens of this remote area had pleaded for territorial status only to be continually put off by Congress. Now, however, the secession of the Southern states had quickly con- vinced Washington that a rich gold mining area with many Southern residents should be brought into the Union as quickly as possible. Besides the coveted territorial status, the Civil War was to provide Colorado with an interesting and unique currency: the controversial Gilpin drafts. At the outbreak of the war, Colorado had only a handful of Federal troops within her borders. She faced threats from a large Confederate force in Texas, from the southern sympathizers in the territo- ry and also from a large population of Indians. The new territory had no troops of its own and Washington could neither afford to send reinforce- ments nor provide funds to raise volunteers. To the first governor of Colorado Territory — William Gilpin — would fall the onerous task of paying for uniforms, arms and supplies with only promises-to-pay. Even in the best of times, Colorado was short of specie due to its remoteness. Now the war was driving what coin there was from circulation completely. The governor had no choice but to resort to desperate measures. When he signed his name to an issue of scrip, he must have realized that he was risking his career, but to a man like Gilpin there could be no other choice. Although born in the East, William Gilpin became a true Westerner, a believ- er not just in Manifest Destiny but in the West and its future greatness. Born in 1815, on the family estate near Wilmington, DE, William's Quaker family were William Gilpin 1815-1894 GO nrIc;''g'tlE5V7jr.1_, CUR .R...c,-. wcy. ' -• • Tg.t,)everad c'0.ZZ5c.-,-,c.,9___ 0-,--;-'5,7-ci i.: 1"'">\.(- . ., "1— H 1S B I LI, entitles the Bearer to (i • s: - - ':"'' i receive W 6A- 6; 9,i,:7;-2/ S::::70,..";in:S'elit - - ' . L i- g 14_ ;--z - :::: C t i el! .•R LY, or the Value thereul . i) - • - .0 ) . in Cj d,7 or Saver, according, to the 1:elo-;■ lutior; c,f the C' 0 ':', -7.1,:C ti 3-',S-', held at ' 1 '.1--',:iteicf-,:.t .la he Ica) of c4'1:14, i 755. 2 1/ .--/-v .X .9:7,4 .0s/7 ,74. , 0 ,attrastzmqvauravo. : 7 )11 ii DOLLARS '''' /-f;a7iwy,/,,/,:v. , , II (.71/41) IAA& t 41.0 0"' ' !.4 a 721 • '1 A r A17771.212121. nmPIT MDIEMil• Ill•■■ 1.0 M•1■11. T 11E' UNIIIIEDSTATESAOF N.111.11 t1 ----- nsk, uTt ErrADLE 2.011 ALL ICISITIn) STATES S7.221 'S SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY150 Buying, Selling, Auctioning U. S. Paper Money Since 1935 Now Soliciting Consignments for Our 2001 Auction Sales 123 West 57th Street New York, New York 10019 Fax: Phone: E-Mail: Web Site: '.■ / V/ ///0',///,. , . 212-245-5018 212-582-2580 info@stacks.com www.stacks.com PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 151 OUR CURRENT BOOK LIST OF UNITED STATES PAPER MONEY J1 American Numismatic Society. America's Currency: 1780-1866. New York, 1986. 142pp., illus. $15.00 J2 Anderson, William G. The Price of Liberty... The Public Debt of the American Revolution. Charlottesville, 1983. 180pp., illus. The standard reference pertaining to the various debt certificates of the American colonies. $35.00 J3 Ball, Douglas B. Comprehensive Catalog and History of Confederate Bonds. Port Clinton, 1998. 2SSpp., illus. $40.00 J4 Bart, Frederick J. Comprehensive Catalog of United States Paper Money Errors. Port Clinton, OH. 1994. 190 pp., illus. Paper. $25.00 J5 Bressett, Kenneth. Guide Book of United States Currency. Racine. 2nd ed., 1995. 336 pp., illus. $14.95 J6 Cambell, Lance K. Prisoner of War and Concentration Camp Money of the 20th Century. 2nd ed. Port Clinton, OH 1993. 200 pp., illus. Hardbound. $35.00 J7 Carothers, Neil. Fractional Money. Wolfeboro, 1988 reprint of the 1930 work. 373 pp., illus. Paper. $19.95 J8 Chambliss, Carlson R. U.S. Paper Money - Guide Handbook. Port Clinton, 1999. 479 pp., illus. A useful book in obtaining both historical information as well as ideas with which to build collections in all categories of the U.S. currency field. $19.95 J9 Criswell, Grover C. Confederate and Southern States Bonds. 2nd ed., Florida, 1980. 374 pp., illus. $37.50 J10 . Confederate War Bonds. 1993-1994 Edition. Salt Springs, FL. 1992. 76 pp., illus. Paper $5.00 J11 . Colonel Grover Criswell's Guide to Confederate Money. Salt Springs, FL. 1991. 58 pp., illus. Paper. $5.00 J12 . Comprehensive Catalog of Confederate Paper Money. Port Clinton, OH. 1996. 352 pp., illus. $35.00 J13 Friedberg, Arthur L. and Ira S. Paper Money of the United States. 15th ed. Clifton, 1998. 300 pp., illus. $35.00 J14 Hessler, Gene. The Comprehensive Catalog of U.S. Paper Money. 6th ed. Port Clifton, OH.1997. 505 pp., illus. Hardbound. $39.95 J15 . U.S. Essay, Proof and Specimen Notes. Portage, 1979. 224 pp., illus. $19.95 J16 Hodder. Michael and Bowers, Q. David. The Standard Catalogue of Encased Postage Stamps. Wolfeboro, 1989. 191 pp., illus. Paper. $29.95 J17 Huntoon, Peter. United States Large Size National Bank Notes. Laramie, WY. 1995. 283 pp., illus. $49.95 J18 Keller, Kenneth. Sutler Paper Money. Rockford, 1994. 245 pp., illus. Paper. $50.00 J19 Kelly, Don C. National Bank Notes - A Guide with Prices. Oxford, OH. 1997. 596 pp., illus. $100.00 J20 Kleeberg, John M., ed. Money of Pre-Federal America. New York, 1992. 253 pp., illus. $25.00 J21 McCusker, John J. Money and Exchange in Europe & America 1600-1775. Chapel Hills, 1978. 367 pp. Paper. $25.00 J22 Mitchell, Ralph A. and Shafer, Neil. Standard Catalog of Depression Scrip of the United States. Iola, 1984. 318 pp., illus. Paper. $39.95 J23 Murray, Douglas D. Comprehensive Catalog of United States Large Size Star Notes - 1910-1929. Port Clinton, 1996. 128 pp., illus. Paper. $24.95 J24 Newman, Eric P. The Early Paper Money of America. 4th ed. Iola, 1997. 487 pp., illus. $75.00 J25 Oakes, Dean and Schwartz, John. Standard Guide to Small-Size U.S. Paper Money - 1928 to Date. 2nd ed. Iola, 1997. 339 pp., illus. Paper. $17.50 J26 Prather, Dewitt G. United States National Bank Notes and their Seals. Charlotte, 1986. 199 pp. illus. $40.00 J27 Rust. Alvin E. Mormon and Utah Coin Currency. Salt Lake City, 1984. 247 pp., illus. $39.95 J28 Schingoethe, Herb and Martha College Currency - Money for Business Training. Iola, 1993. Illus. $95.00 J29 Schwan, Fred. Comprehensive Catalog of Military Payment Certificates. Port Clinton, OH. 1997. 222 pp., illus. $35.00 J30 Schwan, Fred and Boling, Joseph E. World War II Remembered. Port Clinton, OH. 1995. 864 pp., illus. $65.00 J31 Scott, Kenneth. Counterfeiting in Colonial Rhode Island. Providence, 1960. 74 pp., illus. $30.00 J32 . Counterfeiting in Colonial Connecticut. New York, 1957. 244 pp. plus 24 plates. Paper. $67.50 J33 Slabaugh, Arlie R. Confederate States Paper Money. 8th ed. 1993. 128 pp., illus. Paper. $12.95 J34 Sullivan, Stephen M. U.S. Error Note Encyclopedia. Melbourne, 1997. 431 pp., illus. $35.00 J35 Thian, Raphael P. The Register of the Confederate Debt. Lawrence, 1972. Reprint of the classic 1880 work. 190 pp. $55.00 J36 . Same. Lincoln, MA. 190 pp. A later reprint than the book offered above. $55.00 J37 Cassell, David. United States Pattern Postage Currency Coins. Miami, 2000., 225pp., illus. This book is by far the most exhaustive reference regarding this area of pattern collecting. The author makes valuable corrections to both Judd and Pollock. $145.00 J38 Harlow, Thompson, R. Connecticut Engravers: 1774-1820. Hartford, 1971. 4Opp., illus. Paper. Printed in the October 1971 Connecticut Historical Society Bulletin $9.50 J39 Krause, Chester L. and Lemke, Robert F. Standard Catalog of United States Paper Money. 18th ed. Iola, 1999. 214 pp., illus. The new edition of this popular, versatile reference. $24.95 J40 Oakes, Dean and Schwartz, John. Standard Guide to Small Size U.S. Paper Money - 1928 to Date. 3rd ed. Iola, 1999. 352 pp., illus. Paper. The new edition of this popular, highly regarded reference. $24.95 J41 O'Brien, Donald C. Abner Reed: A Connecticut Engraver. Hartford, 1979. 16pp., illus. Paper. Printed in the January 1979 Connecticut Historical Society Bulletin. Also included is an article entitled "Stephen Johnson: Patriot Minister" by Bruce Stark. $7.50 J42 Slabaugh, Arlie R. Confederate States Paper Money. 9th ed. Iola, 1998. 246 pp., illus. The new expanded edition of this book, now including a useful section on Southern States Currency. $19.95 When ordering books, please add $3.50 for the first item and $2.00 for each additional title or volume. All books are shipped via 4th Class Mail unless otherwise requested. Please call for 1st Class or Air Mail rates. 123 WEST 57th STREET, NEW YORK, N.Y. 10019-2280 152 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY both wealthy and well-connected. Their circle of acquaintances included future Presidents Andrew Jackson and Martin Van Buren. Gilpin received part of his education in England and then attended the U.S. Military Academy — but only for one year — an early sign of his life-long restlessness. Despite dropping out of West Point so early, Gilpin was quick to volunteer for the Seminole Wars. This willingness to serve his country was another characteristic personal trait. Military service proved to be a turning point is Gilpin's life since his first duty took him to St. Louis. There, in "The Gateway to the West," he would meet men who would influence him for the rest of his life. After a tour of active duty in Florida, he returned to St. Louis and never looked Eastward again. In St. Louis, he carried on a half-hearted law practice but found it boring. He turned to the rough and t-amble politics of the time. Gilpin became a friend of Montgomery Blair and a supporter of the powerful senator from Missouri, Thomas Hart Benton. A new career as a newspaper editor tied in nicely with his political interests, and he became an ardent supporter of the Benton branch of the Democratic Party. Even as he became more politically active, the west continued to fascinate him. In time the two became hard to separate. The "Oregon Question" was of national interest and increased his desire to see it. Soon he moved to Independence, MO. In 1843, he joined his friend, Lt. John Fremont, on his expedition to the Lincoln told Gilpin: "We have not a cent. I have just negotiated a loan of fifty millions of dollars from the banks of New York, and have called a special session of Congress to meet on the Fourth of July to know if they will hang me for this unconstitutional act. If you are driven to extremities you must do as I have done. Issue drafts on your own responsibility." Oregon Country. Although not an official member of the party, he traveled with Fremont all the way to Vancouver, returning the following spring by himself. This journey gave him a first hand knowledge of a little known part of the continent and an insight into its nature and resources. Gilpin sent a report on his trip to President Polk, which became widely read. Gilpin's maps and his writings on the West and its potential for mineral riches made him known throughout the country. Gilpin was too much of a visionary and not enough of a pragmatist to accomplish much himself, but still he managed to influ- ence more successful men through his ideas. In 1846, the U.S. and Mexico went to war once again. William Gilpin offered his services. Elected as a major in the Missouri Mounted Volunteers, he saw a year of action. First he commanded a long and arduous expedition against the Navajos. Then he led a charge in an important victory over the Mexicans. Gilpin returned home as the best known man in the county. An author, explorer, and war hero, he seemed destined for prominence. Soon, first hand observance of the struggles between pro-slavery and anti- slavery forces in Kansas convinced the Quaker-born Gilpin to join the new Republican Party, which he helped to organize in Missouri. In the election of 1860, a 0 nuiuu ME Si BE ANA HARRY IS BUYING NATIONALS — LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES PO Box 30369 Cleveland, Ohio 44130 1-440-234-3330 ) " F 04619594 f. Buying Carl Bombara Selling United States Currency P.O. Box 524 - „ rminim.)■-• ,s , New York, N.Y. 10116-0524 iorK Phone 212 989-9108 Always Wanted Monmouth County, New Jersey Obsoletes — Nationals — Scrip Histories and Memorabilia . lllenhurst - Allentown -Asbury Park - Atlantic Highlands - Belmar - Bradley Beach - Eatontown - Englishtown - Freehold - Howell Keansburg - Keyport - Long Branch - Manasquan - Matawan Middletown - Ocean Grove - Reel 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 • SEPTEMBER/OCTOBER 2000 • Whole No. 209 153 PAPER NIONEY 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. 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 (Jan/Feb 1994). Bob Cochran, Box 1085, Florissant, MO 63031. (212) SPMC is about to celebrate its 40th Anniversary We want to publish your favorite SPMC tales and photos Send them in now before it is too late! 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. Ilea aunt Atolgy,abo ZtrriUri!, 1 2i - -. I 'LeClkf, IlZeZra< el.V07 rkiyie de del 4 % z! :::,.._ _..,:,.,,so'''' i , -.'....4 -vt. ai...a........,,, . SZ,'. .' 154 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY Type I Gilpin Draft bearing the territorial seal, probably printed by the Daily Colorado Republican. This newspaper was given the contract for all territori- al printing, adding to Gilpin's troubles since it made an enemy of the other Republican paper which then attacked him bitterly. Note that it is directed to the Secretary of the U.S. Treasury. Possibly these bore too great a resemblance to the normal Colorado warrants and were dis- continued for that reason. Gilpin walked to the polls through streets lined with pro-slavery toughs to cast the only vote in the county for Abraham Lincoln. When war became immi- nent, Gilpin set out for Washington to apply for a commission. The new administration, however, had needs for more than just officers. Colorado needed a governor and Gilpin's book, The Central Gold Region, was well-known. Friends like Blair pointed out that he was not only a staunch Republican, but a man familiar with the region as well. On March 22, 1861, Congress confirmed him as the first governor of Colorado Territory. The appointment was not only unexpected, but left Gilpin wondering how he was supposed to defend a territory with nothing in the treasury. Gilpin was told that Secretary of War Simon Cameron would give him instructions. The new Governor finally caught up with Cameron late at night talking to the President outside the White House. As Gilpin recalled years later, the pair, with many more pressing problems on their minds, had time only to give him verbal orders. Lincoln told him We have not a cent. I have just negotiated a loan of fifty millions of dollars from the banks of New York and have called a special session of Congress to meet on the Fourth of July to know if they will hang me for this unconstitutional act. If you are driven to extremities you must do as I have done. Issue drafts on your own responsibility." Gilpin was directed to raise troops and send the bills to Cameron, but given no clue as to the proper procedure for doing so. Since Congress was not then in session, there could be no special appropriation, but he was given $1,500 out of a contingency fund. Aware that this was too little for his needs, Gilpin started for Denver by way of St. Louis. He arrived there just in time to witness a riot which left 28 dead and added to his already grave concerns. Immediately after arriving to a warm welcome in Denver, Gilpin set on a tour of the territory taking a census as he went. His census showed a popula- tion of approximately 25,000, with about a third of these being from the South. By July 8, 1861, when he toak the oath of office, rebel sympathizers were posting notices offering to purchase firearms. One of their leaders was boasting of 1,200 supporters in Denver alone. Meanwhile in Texas, the Confederate Army was preparing to invade New Mexico with the object of conquering the entire Southwest. Realizing that he had no time to waste, Gilpin appointed a skeleton mili- tary staff, had the rebel leader arrested along with 40 of his followers, and obtained 1,800 rifles from Fort Leavenworth. When Colonel E.R.S. Canby, the Union commander in New Mexico, asked for two companies of volunteers from Colorado, they were quickly found, bringing an end to Gilpin's fears of Colorado's loyalty. 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 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 ttOmjJ14 V231666:- 0 NOWAY: ta,,,fropo..0.-glmv5r4www 2943cn *C:WizeinEOLEgs: Zee PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 155 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: F-.1 Colonial Coins • Colonial Currency Rare & Choice Type Currency • Pre-1800 Fiscal Paper J Encased Postage Stamps SERVICES: q Portfolio Development q Major Show Coverage r0 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 auctitNc Ptinutmsilf.fol yak Gogitorg, {ft t _3:17 7/ , '".,1—/e f JPaqatu.slet's. gleicadnient ,/ g'.9dudd ,;e1. —C?. \, 156 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY Type II Gilpin Draft made out to James P. Fillmore, Paymaster USA (United States Army), also coun- tersigned by Fillmore and directed to the Secretary of the Treasury. It is printed in light blue ink possibly to make counterfeiting more diffi- cult. In addition to the vignette change, note the line for the pay- master's signature added vertically to the right of Washington. AT SIGHT is now printed and ON ACCOUNT PAYMASTER'S DEPARTMENT OF COLORADO is also added. Still remaining were the problems of feeding, clothing, and paying a force which would soon grow to 1,000. To meet these requirements, the Governor began issuing warrants in July, 1861, which were directed to the U.S. Treasurer for payment. These warrants, the so-called "Gilpin Drafts" were used to pay for all war-related expenses, including purchasing firearms from the civilian population and provisions for the volunteers. At first these drafts were freely accepted, the merchants not only fearing an invasion but also probably realizing that the alternative would be outright confiscation. Many of the drafts went into circulation to form a badly needed emergency currency. However, a few were sent immediately to Washington for reimbursement, probably much to the surprise of U.S. Treasury officials. By September, the territorial delegate to Congress was tactfully writing home that payments were being delayed by a "misunderstanding." In November, however, the U.S. Treasury declared that they would not accept these drafts. This promptly caused them to drop 10-percent in value. Some merchants traveled to the Capital themselves in fruitless efforts to get their money. Public opinion began to Earn against Gilpin and recall petitions for the governor were circulated. Despite all this, Gilpin was left with no choice but to continue to issue the drafts. The Commander of the Department of the West, Gilpin's friend John Fremont, ordered Colorado to raise a full regiment. The only way to do so was to issue more drafts. Once again, the ranks were quickly filled even though the volunteers realized that they might not be paid. Sometime in late September or early October, the drafts were changed to a second design type with a vignette of George Washington. Possibly this was done because the first type bore too close a resemblance to the regular war- rants used by the territory, and so were causing confusion. Since none of these has been located, even in the Colorado State Archives, this cannot be con- firmed. Whatever the reason for the design change, it did nothing to help the value of the drafts, as they continued to drop to a 60-percent discount. Still, out of necessity, they formed the major part of the circulating medium in the territory. When the holders grew nervous, they sold them to speculators which further injured the warrants' reputation. In December, Gilpin decided to go to Washington himself, but his sud- den and unexplained departure only created more unrest. The Colorado Volunteers went into a state of near mutiny. Despite this, they still performed excellently when finally sent to New Mexico in early 1862. They played a sig- nificant role in the battle of Glorieta Pass, which is considered to be the pivotal battle in the war for the southwest. -tuivataiama WitiftNgicfn. • —4.1j-u41, -t-tz 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 p..:9 Mare ..1leTer3 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 WORLD PAPER MONEY specialized in Poland, Russia & E.Europe ATS notes Free Price List www.atsnotes.com atsatsnotes.com Torn Sluszkiewicz P.O.Box 54521, Middlegate Postal BURNABY, B.C., CANADA, V5E 4J6 STOCKS & BONDS I IBSS MONTHLY MAIL SPMC PCDA BID SALES ASCC RR's, Mining, Banking, etc. etc. Something For Everyone FREE LISTING I RICHARD T. HOOBER, JR. P.O. Box 3116, Key Largo, FL 33037L Phone or Fax (305) 853-0105 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 PCDA, SPMC I I I I I I PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 157 L TAU OOP THE CAMP ill! INTIM. BARN CAMP 11111 PENNS,' FIVE k"70E7, ,, 158 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY Governor Gilpin's trip resulted in only a few of the drafts being paid. Political enemies in Colorado and the Capital stepped up their criticism of him and his depreciated drafts. The Gilpin Drafts came under the scrutiny of a House Committee on the purchase of army supplies. There was much fraud involved in procurement, which was thoroughly investigated. The committee also looked into charges that Gilpin had over-reacted to the danger. No one could explain, however, just how he was to have known this at the time. In April 1862, the pressure on the Lincoln administration became too great. William Gilpin was recalled from the office that he had held for only nine months. By an ironic coincidence, almost simultaneously an audit of itemized expenses was completed which found the accounts to be legitimate. The U.S. Treasury announced that most of the Gilpin Drafts would be paid immediate- ly. In May, Paymaster John Fillmore arrived in Denver with enough green- backs to redeem some $375,000 of the much-maligned drafts. Thus the Federal Government admitted that the expenses were justified and were the proper obligation of the Federal government. William Gilpin had lost his post, but his methods had been justified. Gilpin's efforts on behalf of Colorado were recognized by the state's chief jus- tice, Benjamin F. Hall who wrote Lincoln that "I know of no other statesman or soldier in this Republic who could have served the Country better." Even Coloradoans who had suffered from the drafts now had to admit that the Federal Government had been to blame and not Gilpin. Besides, they would soon learn that a depreciated currency would be a fact of life for both sides in this war. All in all, Gilpin's political career was finished, but he was vindicated in everything that he had tried to do. Colorado had been preserved for the Union. Gilpin's military expenditures were found to be reasonable, allowing far wartime conditions. The volunteers that Gilpin had raised proved to be the decisive factor in defending Colorado and the entire southwestern region. William Gilpin retired to a more-or-less private life. Successful land dealings left him comfortable. He passed away in 1894. The county of Gilpin, Colorado in named for him. BIBLIOGRAPHY Karnes, Thomas L. William Gilpin Western Nationalist. Austin: University of Texas Press (1970). Mumie, Nolie. Colorado Territorial Scrip. Boulder, CO: Johnson Publishing Co. (1966). Ubbelohde, Carl; Bensan, Marine; Smith, Duane A. A Colorado History. Boulder, CO: Pruett Publishing Co. (1972). 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 Life Member ANA 639 Jim Reardon (left) and Butch Caswell, two of Littleton's experienced team of buyers. We welcome the chance to consider your notes! Buyer Phone: (603) 444-1020 PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 Last Year Alone... Littleton Spent More Than $14 Million on U.S. Coins & Paper Money! Why We Need Your U.S. Paper Money It's simple. We have lots of customers, and because of their collecting needs, WE NEED YOUR PAPER MONEY! We can afford to pay highly competitive buy prices because we retail all the notes we buy. Over 150,000+ Customers Want Your Notes! David Sundman, PresidentANA Life Member #446,3; PNG #510; Society of Paper Money Collectors LM# 163; Member, Professional Currency Dealers Association Wide Range of U.S. Notes Wanted! • Single notes to entire collections • Very Good to Gem • Early large size notes to high denomination small size notes • All types including Legal Tender Notes, Silver & Gold Certificates and more Knowledge and Experience Count — We've Got Both We've earned our reputation as a nationally recognized leader in the numismatic field. And our buying team — with more than 60 years of combined experience in the grading and buying of coins and paper money — has played a crucial role. Why You Should Consider Selling to Littleton • Highly competitive buy prices • Fair appraisals and offers • Fast confirmation and settlement • Finders fees and joint arrangements • Over 50 years experience buying and selling coins and paper money • We welcome the opportunity to purchase your paper money 159 Toll Free: (800) 581-2646 Fax: (603) 444-3501 or Toll Free Fax: (877) 850-3540 Teletype: Facts D97 CoinNet NHO7 coinbuy@littletoncoin.com Dun & Bradstreet #01-892-9653 Over 50 Years of Friendly Service to Collectors! 02000 ACC . Inc r 171YES! I'm interested in selling paper money to Littleton. Please contact me regarding my collection or holdings. Fill out this coupon and Fax Toll Free to (877) 850-3540, or Mail to: Littleton Coin Company Name Address City/State/Zip Dept. BFS005 Daytime Phone 1309 Mt. Eustis Road Littleton, N.H. 03561-3735 coinbuy@littletoncoin.com Best time to call L SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY160 • 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. WANTED COLONIAL/CONTINENTAL BANKNOTES Any Quantity, Any Condition. Ship in confidence to: Steve Pomex (Member ANA, SPMC, IBNS) PO Box 2, Ridgefield Park, NJ — 07660 Tel: 201-641-6641 / Fax: 201-641-1700 Email: pomexport@compuserve.com An Unexpected Find of Series 471 MPC Notes At Dutch Central Bank By Harold Don Allen T IKE MANY A WORLD COLLECTOR, I HAVE I found interest in military scrip and particular satis- faction in assembling a representative collection of the more accessible of U. S. Miltary Payment Certificate issues. Hence, when I chanced upon an archival set of the scarce Series 471, apparently taken from circulation when current, my numismatic instinct was to record particulars and to share them with those who could interpret them better than I. The notes were in the very eclectic "United States" folder in the numismatic holdings of De Nederlandsche Bank, Amsterdam, the venerable Dutch central bank of issue. Their presence along with Series 461 high values and a scattering of subsequent issues, tends to support the belief held by Toy and Schwan (World War II Allied Military Currency, 4th ed., p. 72) that MPC notes saw service in the Netherlands, a point which I believe no longer to be in doubt. Serial numbers and position numbers of the seven denominations of Series 471 MPC notes are as tabulat- ed. In addition, high values of the commoner Series 461 were as follows: $10, A20772975A, position 47; and $5, A00034040A, position 5. Here's what I noted: Series 471 U.S. MPCs Currently in De Nederlandsche Bank Archives $10 B12910063B 14 $5 B03059485B 33 $1 B09455141B 62 $.50 BO3040845B 45 $.25 BO3587842B 29 $.10 B07197757B 60 $.05 B05664463B 17 Mr. J. J. Grolle, resident numismatist at De Nederlandsche Bank, and his associate, Dr. Erik van der Kam, very graciously facilitated access to these holdings and made possible the recording and sharing of this information. I'm just back from Europe and the Far East, and these MPCs at the Dutch central bank rather surprized me. For the record, particularly fine paper money dis- plays were also observed recently in Stockholm at the government museum, and in Kuala Lampur at the Malaysian central bank, and also at a commercial bank there. THE S COT IAEA K S A HISTORY OF THE BANK OF NOVA SCOTIA, 1832-1982 BY JOSEPH SCHULL AND J. DOUGLAS GIBSON GOULD'S M [LIONS THE STORY OF JAY GOULD'S HUNDRED-MILLION•DOLLAR RAID ON THE AMERICAN ECONOMY RICHARD O'CONNOR PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 161 509-40TH AVENUE N.E. MINNEAPOLIS, MN 55421-3834 PHONE 612 789 7070 FAx612 789 4747 EMAIL remybook@mn.uswest.net eMy 04026 NUMISMATIC LITERATURE SPECIALIST PUBLIC AUCTION & MAIL BID SALE NUMBER 12 OCTOBER 6-7, 2000 Featuring the Numismatic Library of A.M. Smith (1841-1915) Packed away in an attic since 1924 IIL.A.,' COIN,.P99 1( BUYING PRICES OF AMERICAN COLONIALS /al. OF MUM MA GOLD, SILVER AND COPPER COINS LNIIED CONTINENI• AI, and CUNI 1 DERAf VILLOLNCY Want Vilna of all Currant. GOB and Saw Cohn at the World 11,..[Aud (or ltautm sux1 Retch.. Illustrated. Coln Atlas of the Roman Empire P R. I C E 25 CENTS gedifddigitdiffatilitillij Ez $1i>A. NI. 8111 IT H'S PI:.Ple, ,tcw pt.. kg, .. .1)t111)ISITff-ITIC*R ii P,Ph'. P7i: 410 DI;„,erJ ..., • ,,t;;cf.. Co i n Catalogue, `,3;hr4 1...:7.,...:i i itzi:4 t4SEf i7FE1 P*1,, A.:4■ Veci 17, ., 1 f!,.1.:•.- rz..:i-.:... ∎..... A. M. SMITH, ''', i48%1 .: ,,LS CHEISTNISI SEHErS. 0011 '.. t.to 11,,, ,,,,,. 1.1111 \I VA. Iiii - P.?'0!■Z V.I,JE .0 UTE, ' ail .-!: VPAPIPMMIMMIRME ALSO, FEATURING OVER 100 BOOKS ON UNITED STATES & WORLDWIDE BANKING AND FINANCIAL HISTORIES RESERVE YOUR ILLUSTRATED AUCTION CATALOGUE NOW-S 15.00 REMY BOURNE 509B-40TH AVE. N.E. MINNEAPOLIS, MN. 55421.3834 162 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY Irc to B 99 8 5 1 1 7 An Editorial Beware: Fake Cutting Errors N-EW SPMC MEMBER SCOTT CLAXTON ■1 (#10024) sent in the illustrations of a fake cutting error shown here that he spotted on one of the Internet auction sites. "I thought you might be interested in this [auction venue name deleted] item: Fake cutting error and a poor one at that!" Scott wrote. Of course your Editor is VERY interested in this nefar- ious practice. In the late 1970s, he co-authored with Tom DeLorey what was then the definitive error note catalog, the Coin World Price Guide for the Collector [of] Paper Money Errors, Amos Press (editions of 1977 and 1978). Legitimate cutting errors were and are among the most spectacular and desirable currency quirks. Unfortunately for anyone gullible enough to buy this Internet lot, this isn't a BEP mistake, as member Claxton so correctly points out. This lot was called "1 dollar 1981 ERRORNOTE 50% miscut UNC" by the seller in the electronic auc- tion. That seller just hap- pened to be located in Europe, but similar items have appeared with alarming frequency stateside, too. Unfortunately multiple bidders chased this bogus lot, competing for the "privilege" of purchasing it. The price realized was scandalous for what is basically two halves of genuine notes having face values of $1. Legitimate miscut notes result from sheets abnormally shifting during cutting and trimming often from folding over. Spectacular remnants can be created, as Tom and I illustrated two decades ago, and as more recent authors, Fred Bart and Steve Sullivan, have illustrated since. As has been pointed out numerous times, the advent of large scale sales of uncut currency sheets by the BEP opened the door for chicanery by unscrupulous individuals with scissors in their hands and larceny in their hearts. Creating miscut notes is all too easy and the results some- what eye-catching. Let's face it, even this fabricated lot is a conversation piece. Bogus miscuts have been observed on Series 1976 $2 FRN Star Notes, Series 1995 $5 FRNs and Series 1981 and later $1 FRNs with 99 XXX XXX and higher serial numbers. As the BEP lengthens the list of sheets its sells, these fake errors turn up like clockwork. Mistreating U.S. currency in this way in not illegal; however, knowingly misrepresenting one's wares is fraud. Of course, such "errors," have no legitimate collector premium. "How is this allowed?" writer Claxton asks. The "Wild West" environment that prevails on the World 111110. leNV111,3.$ 5/AW, 1. w. 41. .1 ALL 00” 1.111 .0.0 atowy Wide Web is the core answer. "Buyer Beware" definitely rules, although any member of the organized collecting community would not likely be fooled by fakes such as the one shown here. It is novice collectors and the general public who will continue to fall prey to these shenanigans. When they find out they've "been had," that revelation will give our hobby a black eye. As collectors, we can help by bringing instances such as these to the attention of the sell- er (not always fruitful) or the auction host (very difficult in most circumstances). While SPMC cannot police this con game, Paper Money would welcome seeing other examples. We'll publi- cize them as best we can. Maybe if we beat the drum, the general media will pick up our message and publicize the grift that is going on. Such bad publicity could scare the hucksters away, or at least force the Internet hosts to tight- en their own policing of their venders. Anybody out there listening? Fred Reed PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 163 Help Wanted SPMC to Celebrate 40th Anniversary 1961-2001 SPMC is celebrating four decades of cama- raderie, research, publication, buying and selling notes, and more camaraderie. To celebrate our 40th anniversary as the pre- mier syngraphic organization, Paper Money will publish a special commemorative issue in January/February kicking off our anniversary year. Plans for this special issue are already cookin'. Dozens of members have already sent in their reminiscences, old photos, tales of best deals, bad breaks and favorite notes. This issue will become a classic, one that you will refer to over and over again. But we still need your help to produce a real- ly great blockbuster salute to our hobby and our Society of Paper Money Collectors. Here's 3 things we want our Friends to do: • Pull out your check book and a sketch pad. Draw up a personal ad and send it in with your check for $50. (See page 147 for details.) Your commemorative ad will help finance this special issue and guarantee your place in paper money history. For a few bucks, you can put your face on a large size national and wish your friends in the Society many happy returns for all time. Ad deadline is October 1, 2000. Please note: all ads will be placed on a first/come first/served basis • We don't just want your money. We want your favorite anecdotes about your paper money collecting, short humorous stories about the great deal you made, or the one that got away, tributes to those who men- tored you in the hobby, or insights you gained along the way. Don't leave it to the "official" historians alone. Tell us your personal favorite SPMC memory, even if you never made a meeting, but only liked a particular writer's articles. Honor him/her. Keep it to 200 words, and send in your favorite old photo from your SPMC past. A simple SASE will assure its prompt return. • And finally, dig into your closet, your shoe- box, your bank vault and pull out all those odd SPMC items you acquired along the way, didn't know what you would ever do with, but just couldn't throw away. We are attempting to catalog all SPMC souvenir cards; banquet, breakfast, lunch and recep- tion tickets; pins, buttons, flyers, and other memorabilia. Especially needed are SPMC tickets to affairs in the 1960s, 1970s, and 1980s and all SPMC regional get-togethers. Think about it: you may be the only one left with a ticket from an SPMC affair at FUN, or VNA, or CSNS, or TNA, or NENA. Send it to the Editor today so he can add it to the Society catalog. He'll be sure to return it too with our thanks, of course. So don't wait. SPMC wants you now! The Bank of Cape Fear of wiimington, North Carolina 164 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY Society Members Pen Paper Money Works Review By Frank Clark The Bank of Cape Fear of Wilmington, North Carolina by SPMC member Robert S. Neale is a very informative and delightful book for the collector of obsoletes and related areas of numismatics and history. The Bank of Cape Fear was an institution of profound and prolonged influence in the history of North Carolina. The bank issued many bank notes in an array of denomi- nations, designs and varieties including $1, $2, $3, $4, $5, $6, $7, $8, $9, $10, $20, $50 and $100 denominations. These are discussed along with the bank's history from its beginning in 1804 until its demise shortly after the end of the Civil War. There are many interesting anecdotes along the way as this bank is brought back to life among the pages of this book. The branches of the bank, biographical sketches of the bank's presidents and cashiers, the Civil War years and early banking in North Carolina are discussed. Source material for the book includes original documents and personal accounts. Early Wilmington history is interlaced throughout the book. These events include several horrendous fires and yel- low fever epidemics along with the start up of the Wihnington and Weldon Railroad and a visit to the city by British General Cornwallis on his way to his defeat at Yorktown. I found this book to be a worthwhile addition to my library. It is 8.5 by 11 inches, soft bound, 145 pages with illus- 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: (510) 490-1753 E-mail: BillEitWaol.com Member SPMC, PCDA, ANA trations that include bank notes, bank personnel and bank buildings. Inquiries should be made to the Lower Cape Fear Historical Society, Latimer House, 126 South Third St, Wilmington, NC 28401, or Robert S. Neale, P.O. Box 4232, Wilmington, NC 28406-1232. The cost is $15 plus $4 for shipping and handling. Purchasers with North Carolina ad- dresses need to add an additional 9% for sales tax. Review By Jerry Remick The second edition of SPMC member Nelson Page Aspen's A History of Bermuda and Its Paper Money was pub- lished in March. The author began collecting these notes in 1959 and presents a well-researched and written text covering every aspect of Bermuda's government-issued bank notes. The Parliamentary British Colony of Bermuda is situated in the western Atlantic Ocean, 660 miles east of North Carolina. It consists of 150 islands with a total area of 119 square miles and a population of approximately 60,000. The book opens with a 38-page chapter on the history of Bermuda. The remainder of the hook, chapters 2 through 16, cover the bank notes issued by the Bermuda Government dated 1914-1970, and by the Bermuda Monetary Authority 1975-1999. A total of 48 type notes have been issued. A separate chapter is devoted to historical, descriptive and technical data on the bank notes for each British Monarch. In each chapter the bank notes of all denomina- tions are described together under the authorization date printed on the note. Each chapter lists notes chronologically. Large color photos are presented for each differently dated face and each different back design. Authorization date changes are described separately. Signature changes are also noted, as are changes in the title of the notes' signers. Tables at the end of each Monarch's issues offer technical data. A separate chapter provides values for each note listed in Fine, Very Fine/Extra Fine, Almost Uncirculated and Crisp Uncirculated conditions. The author also provides informa- tion on engraving and printing, the Acts of Parliament, Bermuda Sterling, its decimal system, monetary system, the Crown Agents, and specimen notes. The hard cover 224-page book is printed on heavy glossy paper, 6 x 9 inches and has a white paper dust jacket. This smallish book is extremely hefty due to the weight of the qual- ity paper on which it is printed. One thousand copies were printed by Taggart Printing Corp. of West Chester, PA. Copies are available from the author for $69 U.S. plus $3 postage at 420 Owen Rd., West Chester, PA 19380-4321, or by phone (610) 696-0435. PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 165 Memphis 2000 SPMC Active at Annual Show SPMC Annual Board Meeting Marriott Hotel, Memphis, TN June 17, 2000 President Frank Clark called the bustling meeting to order at approximately 8 a.m. Those in attendance included the officers: President Frank Clark, Vice President Wendell Wolka, Treasurer Mark Anderson, and Governors and Committee Chairmen: Benny Bolin, C. John Ferreri, Gene Hessler, Ron Horstman, Judith Murphy, Steve Whitfield, David Hollander, Bob Schreiner; Guests: Ron Benice, Roger Durand, Bill Horton, Coin World writer Michele Orzano and SPMC Secretary Fred Reed. Absent were Governors Arri Jacob, outgoing Governor Steve Taylor, Librarian Dick Balbaton, Legal Counsel Robert Galiette, and Past President Bob Cochran. Someone in attendance announced that Dick Balbaton had experienced a death in the family and would not he attending. Following circulation of reports, the Secretary cast a unani- mous ballot in favor of the four nominees for the four vacant board positions. Those elected were Mark Anderson, Benny Bolin, Ron Horstman, and Judith Murphy. The Secretary's report for the St. Louis board meeting last fall was accepted with the acknowledgment of author Robert Neale's status. He was incorrectly listed as a non-member in min- utes circulated to the Board. However, he was correctly listed as a Society member in the minutes as published in Paper Money. PROTECT YOUR INVESTMENT: STORE IT IN MYLAR"! Oregon Pioneer Albums & Sleeves SafeKeeper Albums Flexible Albums Fit in a Safe Deposit Box Least Expensive Format Multi-Ring Binders Look best on a bookshelf Many Sizes of MYLARTm Sleeves in Stock Custom Albums Also Available Complete Satisfaction Guaranteed Call, Fax, or Write Now OREGON PAPER MONEY EXCHANGE 6802 SW 33RD Pl. Portland, OR 97219 503-245-3659 Fax 503-244-2977 The Vice President reported on the SPMC web site. According to Wendell, the site logged 21,000 hits during the past 12 months, an increase of 103 percent over the previous like peri- od. He said as many as 800 visitors viewed the site "in a good week," and called the operation "very smooth running" and "a very successful venture." The Society receives numerous requests for information. The site has proven to be an outstanding recruit- ing measure for prospects. A future project is to put the library catalog on line. The Treasurer circulated detailed financial reports. Mark called the Society's financial position "better than fine shape." Although he noted a dip in advertising revenues for the last year due to the uncertain status of the magazine during the period, an operating surplus had been recorded for the third straight year that he has been Treasurer. The Treasurer reported a projected funds balance at the end of June, 2000, of $210,000+, an increase of approximately $16,000 from a year previous. Revenues for the FY were listed as $63,000, with expenses of $47,000. The largest listed expense, and primary member-benefit of course, was the Society bimonthly magazine. The Treasurer then examined the interest rate environment and explained our investing alternatives for Society funds. He also made his recommendations. On motion of Wendell, seconded by Judith Murphy, the Treasurer was empowered to increase the amount of the Society's CD from $100,000 to $150,000 for two years when it comes up for renewal in July. 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 166 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY The Treasurer then discussed the financial details remaining from publication of Peter Huntoon's Large Nationals book. He noted recent receipt of $3,250 proceeds from Joe Falater, leaving $3,750 outstanding on the $9,000 owed the Society. The Treasurer said he would follow up with Falater to secure the remainder. Member Judith Murphy indicated that the book had been overproduced (1,000 copies) and several members indicated that the Society was greatly assisted when Falater took over sales of the book. President Clark noted the prior payment of $2,000 to the author, and reflected that when the $3,750 was paid into the Society treasury, SPMC would "break even" on the venture. The Secretary gave his report: Highlights include: Total membership (as of June 11): 1633 members, of which 1322 are annual members, 299 are life members, and the remainder are honorary or complimentary members. Due to be dropped for non-payment of dues were 311 individuals. Net decrease over the year previous was 64 members (subject to additional renewals). The Society is represented in 15 countries. Geographical distribution of members within the U.S. is dominated by the large population states, headed by California, New York, Texas, Pennsylvania, Florida and Ohio. The Secretary reported several hundred contacts, mostly from members regarding dues payments, non-receipt of the jour- nal- or membership status. A frequent complaint is the non- receipt of annual membership cards. Contacts from non-members included membership inquiries and general currency questions. The Editor then reported on the status of Paper Money. Since his appointment by President Clark on December 6, he was happy to note that the magazine had been put "back on track." It is now being published on a timely schedule. After a rocky transi- tion, the late issues of Nov/Dec (delivered to the printer on Jan. 26), Jan/Feb (delivered to the printer on Feb. 10), and March/April (delivered to the printer on Feb. 18) brought the magazine to its accustomed former schedule. Receipt of the issues also fulfilled the President's promises to the membership. Additionally the May/June issue was deliv- ered to the printer on April 10, and the July/August issue was delivered on June 8. New columns introduced included an "Editor's Notebook" and a "Research Exchange," which is proving popular with the membership. The Editor expressed his appreciation to his authors, especially Frank Clark, Bob Cochran, Ron Horseman, Wendell Wolka, Peter Huntoon and Gene Hessler who rallied to assist him when he took over the job. The Editor also recommended that the Board appropriately acknowledge the contributions of our printer, Dover Litho, who went "over and above duty" to help us out of our jam. The Editor then acknowledged the contributions of Advertising Manager Bob Cochran, and Treasurer Mark Anderson in redeeming the Society's deficit advertising revenue status. Largely through Bob's efforts a half dozen new advertisers have been recruited, easily replacing several who dropped out dur- ing the magazine's malaise. The Editor also provided information on magazine costs and recommended the Society revise its advertising rates for the com- ing year. Member dues are subsidizing advertisers since the amount charged for the ads is less than the amount received from the advertiser. After discussion Judith Murphy moved, seconded by Mark Anderson, that the Editor and the Advertising Manager bring revised rates in line with costs and report back to the Board at our St. Louis meeting. Her motion was passed unanimously. Finally the Editor reported on his progress with a proposed 40th Anniversary Commemorative Issue of Paper Money celebrat- ing SPMC's 1961-2001 history. Significant progress already made includes complete listings of Society officers and award win- ners prepared by Bob Cochran, Gene Hessler and the Editor, and the creation of celebratory one-time advertising to support such a large issue of the magazine. Past President and longtime Secretary Bob Cochran has agreed to write a Society history, which will be supplemented by special articles, photographs, cata- logs of SPMC memorabilia, and the reminiscences of old-time members. Board Members agreed to help solicit advertising. The President noted that he had directed the cover price of the magazine to be increased from $2.75 to $4 to reflect member pricing. The publication of a new society membership directory "with appropriate safeguards" was suggested by Vice President Wolka before he was forced to leave for another important matter. After a short discussion, the matter was tabled to be taken up later in the meeting. Wismer Chairman Steve Whitfield reported that Lyn Knight's catalog production crew is working on our Mississippi book. The Chairman expects completion of the mechanicals by the St. Louis show. Announcements will appear in the magazine and will be the subject of a "President's Column." Once again the book will be sold on a subscription basis as was done successfully with the Kentucky volume. The book will not include checks as had been suggested in the past, although the author Guy Kraus is expected to publish that catalog separately. Clockwise from lower left: A highlight of the SPMC Annual Breakfast was ANA Governor and SPMC life member John Wilson's presentation of the ANA President's Award to Italian dealer and newly elected IBNS President Guido Crapanzano. Above: Award winners Gene Hessler, Frank Clark, Ron Benice, Bob Kvederas Sr., Mark Rabinowitz, and Mark Tomasko pose for the camera. Above right: Annual meeting speaker Allen Mincho describes the ups and downs of the currency marketplace at the general membership meeting. Far right: Memphis IPS honchos Bob Raby and Mike Crabb take time out from their hectic show schedule. (All photos by John Wilson) Right: SPMC honored Mark Rabinowitz with Best of Show laurels for his outstanding exhibit "Naval and Maritime Continental Currency Signers," including Samuel Nicholas, first captain of the U.S. Marines. 97)itty 120414rii. 0„, ir'Es BILL caztisca4le! ,- tgBedret 'rectibs i. ;T H I 12T millecY D s EITA6 1:C:r*T7?J‘ i?5:067. A7;,13 tzaled -gr .ep:4t - 1z,t s pt. 2,6th, 8.k--e?DOLLARS. - -,!/7 PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 167 Wismer state cataloger Wolka, co-author of the Indiana volume who is now working on the immense Ohio undertaking, said he expects that tome to approxi- mate the size of a Haxby volume, with "well over 7,000 notes" detailed. It was suggested the catalog might be split into two books, one for bank notes and one for scrip. Wolka expects the volume(s) to appear in 2002, Ohio's Bicentennial. New Membership Director Frank Clark reported a total of 242 (compared to 262 last year) new members during the year June 1, 1999, to May 15, 2000. Part of this decrease is clue to a slightly shorter reporting cycle this time. The Internet Web Site is continuing to prove a magnet for the Society. It was responsi- ble for 59 new members, narrowly losing out to dealer Tom Denly (60) as the Top Recruiter. This prompted Vice President Wolka, who oversees for the web site, to joke that had he known it was so close he would have signed up his relatives too. Other top recruiters were dealer Frank Viskup (39) a perennial star, Governor Arri Jacob (10.5) and the membership director (8). Seventeen other members and publications also recruited new members for the Society during the year. The Society topped the 10,000 milestone during the year in terms of member numbers. The highest number as of 5/15 is 10,036. Clark reported five additional Life Members for the peri- od, the highest LM number being 324. He also reported several reinstatements. Following the membership report, the Governors discussed a request from a Life Member for refunding of at least a part of his payment due to his changing interests. The Board determined unanimously not to issue refunds since "Life Membership is a long-term commitment by its very nature." The 1929 Nationals Project Chairman David Hollander reported on a re-launch of this checldist program following a year of study since appointed to the position. Hollander proposed a database to include distinct listings of both Type 1 and Type 2 NBN which would be made available to Society mem- bers for a nominal charge. Volunteers to submit type, charter number, denomina- tion, serial number and evi- dence of existence have been forthcoming. On motion of Gene Hessler, seconded by Mark Anderson, the Board con- curred with the Chairman's plan. The Board then dis- cussed eliciting cooperation among various proprietary interests who are also recording data. Judith Murphy reported on regional events, noting 10 pre- sentations during the past year for the highly successful program. " -We are averaging a meeting a month including an education pro- gram," she said. The President reported that Governor Bob Schreiner will handle the duplication and distribution of the cumulative Paper Money index compiled by member George Tremmell. These will be sold by subscription, with details announced in the magazine, Clark noted. The President reported that the Board had defeated a motion for SPMC to become a Life Member of the American Numismatic Association on a mail vote. The vote was 7-5. The Society remains an annual mem- ber of ANA. On mo- tion of Ron Horstman, seconded by Judith Murphy, the Board voted unanimously after discussion to withdraw its support of the proposed Paper Money Yearbook 2000 unless it is "in the mail today or tomorrow." [Note: The President subsequently determined the project had been aban- doned by its publisher due to unforeseen difficulties, but he had not so informed the Society.] Time having expired due to the start of the annual general membership meeting, the remainder of the agenda was dispatched quickly. Consideration of the proposed membership directory was tabled until the St. Louis meeting; requests for additional copies of the magazine to be furnished to board members for recruiting purposes was resolved; and an excellent, detailed but brief presentation on a Society Privacy Policy by the Treasurer led to the appointment of Board Members Anderson, Murphy and Wolka to a committee to report back to the full Board in St. Louis. A proposal by the Editor to establish a George W. Wait Memorial Publishing Award was deferred to a mail vote. [Note: The measure was subsequently passed, and President Clark -111 Currency artist Tim Prusmack displays his handiwork with the help of Bob Kravitz. (Photo by John Wilson) 168 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY appointed the Editor chairman of a committee to establish the award. See Page 170 for further details.] There being no further business, the meeting was adjourned at approximately 10:00 so those in attendance could attend the annual general meeting of the Society. Respectfully submitted, Fred Reed SPMC Secretary SPMC Annual Membership Meeting Marriott Hotel, Memphis, TN June 17, 1999 The meeting was called to order at 10 a.m. by Society President Frank Clark. Approximately 60 members, guests and press were in attendance. President Clark reported to the membership on the status of the Society, and briefly reviewed the Board Meeting just conclud- ed. He then presented former Paper Money Editor Gene Hessler the ANA "Outstanding Specialty Publication Award" for 1998, when Gene was Editor. Awards chairman Wendell Wolka then presented Society accolades and commemorative beer steins to the following: Literary Awards for articles published in Paper Money: First Place to Dave Grant for "A Curious Pair of Wichita Nationals" (July/August, 1999); Second Place to Ronald Benice for "Florida Currency during Reconstruction" (January / February, 1999); Third Place to Marvin Ashmore for "A Portrait of John Stark" September / October 1999). Awards of Merit were presented to Fred L. Reed III "for his tremendous efforts in restoring Paper Money to a normal schedule and for his willingness to assume the editorship of the Journal;" and to Bob Cochran "for his initiative in creating and assuming the Advertising Manager position for the Journal." The Nathan Gold Memorial Award, established and former- ly presented (1961-1970) by Numismatic News, now by the Bank Note Reporter, presented to a person(s) who has made a concrete contribution toward the advancement of paper money collecting, went to Robert Kvederas Sr. and Robert Kvederas Jr. "for their research and publishing efforts in the area of Web Notes." The Dr. Glenn Jackson Memorial Award, for an outstanding article about bank note essais, proofs, specimens, and the engravers who created them, was awarded to Mark Tomasko for his article, entitled "Research of Engravers and Artists Entices," which appeared in the October 1999 issue of Bank Note Reporter. The Julian Blanchard Memorial Exhibit Award winner, for the exhibit at Memphis which best typifies the relationship between proofs, specimens, essais, and bank notes and other syn- graphic items, was Gene Hessler for his exhibit "A Selection of Engraved Work by Kenneth Guy." The SPMC Best of Show Exhibit Award for the best exhibit at the International Paper Money Show in Memphis acknowl- edged Mark Rabinowitz for his exhibit, "Naval and Maritime Continental Currency Signers." The top recruiter award and cash prize of $100 went to deal- er Tom Denly. Editor David Harper acknowledged the contributions over many years by Exhibit Chairman Martin Delger. Then he pre- sented the Bank Note Reporter "Most Inspirational" award for an exhibit which would excite a newcomer or a novice with a casual interest in currency to begin collecting. Honored was Marvin Mericle for his exhibit on Military Payment Certificates. Society Treasurer Mark Anderson then asked for the floor to present "Back on Track" awards, personally made and financed by Mark himself, to acknowledge the efforts of President Clark, Editor Reed and Advertising Manager Cochran in returning the magazine Paper Money to its accustomed stature. President Clark then introduced paper money dealer, auction company principal and Bank Note Reporter columnist Allen Mincho as the featured speaker. Mincho spoke on the state of the paper money marketplace, both from an historical perspective and in terms of his great firsthand knowledge of currency dealing. Ten years ago the currency market was just emerging from one of "the great paper money catastrophes of all time, the 1981- 1989 market slide," Mincho noted. A decade later we are experi- encing the "best market ever seen," he added. Mincho traced the developments to generational collecting life cycles since paper money collecting had become respectable in the 1960s. Most of those new collectors sat out the boom in 1979-1981 because they were so newly into the market. When the "market went down so fast it was a bargain ride to Hell," these same collectors "held off unable to cash out." Despite, the natural "three Ds" driving the auction market (Death/Disease/Divorce), few large collections sold during the '80s except for a few distress sales. An improved level of dealer/auction professionalism coupled with a market turn in the '90s brought a great deal of material to the market in the last decade. The Nineties witnessed great material, an improved econo- my, a new generation of collectors and a new business structure featuring "currency only" auction companies with high end cata- logs. The boom witnessed "a lot more money pursuing" notes, according to Mincho. Better research improved the comfort level of buyers. Competition head-to-head in the auction arena also improved comfort levels for expending large sums for notes because bidders could see others interested in notes at these high- er and higher levels, the auctioneer said. "We've gone through 20 years of collections in the last eight years," Mincho affirmed. He said the new generation of collectors is better financed and younger. Absent a general collapse in the economy, he expects to see more and more well-heeled collectors, but when all the 1950-1980 collections are dispersed, will the col- lectors keep coming? Mincho asked. He hopes so, he said. Mincho speculated the rising market could continue for the next year to three years since these new collectors are in their prime earning ages. In answer to a question from the floor, the speaker also said he doubted the Internet would adversely affect live auctions, pointing out grading, authenticity issues, and the "community affect" of bidding in person. He characterized web auctions to farm teams for live auctions. The meeting was adjourned at approximately 11:15 a.m. Respectfully submitted, Fred Reed SPMC Secretary PAPER MONEY • September/October 2000 • Whole No. 209 169 NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 117060 Carrollton, TX 7501 1 SPMC New Members As of May 31, 2000 10026 Aladdin I. Hamoody, P.O. Box 941752, Amman 11194, Jordan (C & D, Iraq, Jordan, Middle East) 10027 Roy Putze, 11079 Great Meadows Dr, Mechanicsville, VA 23116-3158 (C) 10028 W. McNair Tornow, 1340 Westgate Center Dr, Winston-Salem, NC 27103 (C) 10029 Chaoheng Tseng, 2955 Jonrose Ave, Cincinnati, OH 45239 (C, Asia) 10030 Jerry J. Sullivan, P.O. Box 422, Canon City, CO 81215- 0422 (C, $2s) 10031 Calvin Patterson, P.O. Box 2383, Anderson, IN 46018- 2383 (C, Silver Certificates) 10032 Charles F. Mears, 1121 Brookwood Dr, Augusta, GA 30909 (C, U.S. Large) 10033 Bill Thade, 257 S. Torrence St, Dayton, OH 45403 (C) 10034 Jeffrey Marmor, P.O. Box 84, Sugar Loaf, NY 10981- 0084 (C, U.S. Large & Fractional) 10035 Bill Thomas, 22905 Lockness Ave, Torrance, CA 90501 (C, Gem U.S. $2 & $5) 10036 Kenneth A. Kruse, 612 W. Harold, Steelville, IL 62288 (C, Illinois Nationals) 10037 Frank T. Drexler, P.O. Box 1033, Oak Harbor, WA 98277 (C & D, Nationals & Obsoletes) 10038 Mark Ballinger, 33 Tyler Ave, Greenfield, IN 46140-(C) 10039 James G. Polis, 8109 Cindy Ln, Bethesda, MD 20817 (C, Colonial, Fractional, CSA, U.S. Large & Small) Life Membership LM322 Kristopher K. Hill, P.O. Box 711, Newburyport, MA 01950 (C, Conversion from 9791) LM323 James H. Darden III, P.O. Box 1727, Greenville, NC 27835-1727 (C) LM324 Harlan J. Kam (C & D) LM325 James L. Beckner, Jr., 43 Deep Run Rd, Martinsville, VA 24112-6613; (C) SPMC New Members As of June 30, 2000 10040 Phillip D. Tartaglione, 176 S. Broad St, Clayton, NJ 08312 (C & D) 10041 Martin D. Wiener, 157 South St, Chestnut Hill, MA 02467 (C, Autgraphed Stocks, Bonds, Checks, Notes) 10042 Michael W. Faircloth Sr., 1909 E. Roanoke Dr, Suite 300, Boise, ID 83712-7528 (C & D, Large Notes, $2s & MPCs) 10043 Mark Garcia (C) 10044 B.L. McWilliams, 207 E. Carolina Ave, Bakersfield, CA 93307-1032 (C, all) 10045 John W. Kemp ill, 12 Lynnmere Ave, Lynn, MA 01904 (C, CSA & Southern) 10046 Joe Stockton, P.O. Box 1001, Ellenboro, NC 28040 (C & D, Webs, Radars, Errors, Western NC Nationals) 10047 John G. Everett, 3760 Dines Ct, Ann Arbor, MI 48105 (C, Nationals & Obsoletes) 10048 Edgar R. Butts, 248 Woodhouse Rd, Fairfield, CT 06430 (C, Louisiana parish notes) 10049 Carl E. Warner, 115 Lakeview PL, Clinton, TN 37716 (C, US Large, CSA, Brown Backs) 10050 Philip P. Phipps, Box 31, Emsworth, United Kingdom P0107WE (D, German & World) 10051 Michael E. Lane, P.O. Box 835, Dryden, NY 13053-0835 (C) 10052 Kenneth M. Brams, 08102 Delaire Landing Rd, Philadelphia, PA 19114 (C) 10053 James C. Bluemling, 636 Parkridge Ln, Moon Township, PA 15108 (C, all) 10054 Joseph Usibelli, P.O. Box 321, Healy, AK 99743 (C, MPCs & Territorial Nationals) 10055 Kenneth Shiraki, 165 Guerrero Dr, Tamuning, Guam USA 96911-3806 (C, 20th Century U.S., 1995 295 Mule notes, Errors, Stars) 10056 Greg Bannon (C, Small Size U.S.) 10057 Lee Jackson, P.O. Box 451886, Grove, OK 74345 (C) 10058 Peter Worden, 73 Starlight, Brewer, ME 04412 (C & D, Stocks & Bonds) 10059 David Gursky, 5010 Rainbows End, Culver City, CA 90230-4471 (C, Errors) 10060 Sheldon Levy, 2269 Chestnut St #212, San Francisco, CA 94123 (C) 10061 Harry H. Reder, P.O. Box 182, Van Nuys, CA 91408 (C) Reinstatement 8890 Bruce C. Hoag, 365 Macon Dr, Bridgeport, CT 06606- 1209 (C, Small Size U.S.) SPMC New Members As of July 25, 2000 10062 Gary L. Brothers, 2340 Twin Poplars Ln, Lenoir, NC 28645-8073 (C & D, Errors, Large, Small, Fractional, MPC) 10063 James Rose, 5157 Stratemeyer Dr, Orlando, FL 32859 (C, U.S. Large & Small) 10064 Thomas J. Stillman, 870-40th Ave, San Francisco, CA 94121-3317 (C, World) 10065 Rob Leibowitz, 724 12th St #105, Wilmette, IL 60091 (C) 10066 Kent McIntyre (C) 10067 Steven J. Swanson, 431 N. London Ave, Rockford, IL 61107-428 (C, Fractionals & Large) 10068 John V. Hansen Sr., 54 Walling Ave, Belford, NJ 07718- 1049 (C, Large, Small, Nationals, Canada Large, Confederate) 10069 Sergey Parfenyuk, 145 Midland PL 2FL, Newark, NJ 07106 (C & D, Small Size) 10070 Harold S. Pittman, 2603 Paseo Yolo, Camarillo, CA 93010 (C) 10071 Jay Mazelsky, 8 Ashford Ln, Andover, MA 01810-6410 (C, General) 10072 Matthew Walker, 601 Bridle Rd, Glenside, PA (C, $2s) 10073 John Whitney, P.O. Box 935, Plandome, NY 11030 (C & D, U.S. Federal & National) 10074 Jim Kloet, (C) 10075 John Powell, 1317 East North 16th St, Abilene, TX 79601-3924 (C & D, U.S.) 10076 Hector Muniz, 272 45th St Apt 3L, Brooklyn, NY 11220 (C, U.S.) 10077 Willie Baeder, 6626 Castor Ave, Philadelphia, PA (C & D, Fancy Serial Numbers, U.S.) Life Membership LM326 Bill Tatham, 5734 Pickering Ave, Whittier, CA 90601 (C, Confederate) LM327 Jeffrey S. Jones, P.O. Box 2007, Westerville, OH 43086 (C & D, U.S. Small Size) 170 SEPTEMBER/OCTOBER 2000 • \A/hole No. 209 • PAPER MONEY SPMC Establishes George W. Wait Memorial Prize IT'S A TRUISM: "IN LIFE YOU GET WHAT YOU reward." It's no coincidence, then, that the most prolific historical scholarship in the U.S. field in recent years has been about Abraham Lincoln and the Civil War. Doubtless, it is the $50,000 Lincoln Prize that has stoked those historians' fires. As individual collectors and as a paper money society, we want more information to be made avail- able on paper money. At its recent annual board meeting, SPMC gover- nors established the George W. Wait Memorial Prize to serve as a cata- lyst to bring about those ends. Although our award is much more modest ($500) than the Lincoln Prize, Society board members hope this new award will become a lure to spur on researchers and authors to bring forth new reference books for paper money hobbyists to enjoy. This new prize demonstrates SPMC's dedication "to promote, stimu- late, and advance the study of paper money and other financial documents in all their branches along educa- tional, historical and scientific lines." In creating this prize, Society officers also sought to commemorate in perpetuity the memory and achievements of George W. Wait. Paper money research and publication was close to Mr. Wait's heart. He was not only one of the founders and long- time officers of this Society, but he was also one of its leading lights in launching our highly successful Wismer book series to catalog U.S. obsolete notes by state-by-state. Mr. Wait penned two of our early works, on his home state of New Jersey and then for Maine. He encouraged others too. He served four years as our Publications Chairman, and materially assisted the author of our Vermont book as well. Mr. Wait was also a frequent contributor of articles on syngraphic literature to this magazine. Thus, it is natural that SPMC should memorialize him with a publications award. Although the board has yet to announce the official rules, the Wait Memorial Prize is not limited to the obsolete currency field. Any researcher/author engaged in significant paper money research in any field will be eligible to apply for this Prize. Details will be forthcoming in these pages. Stay tuned. SPMC Donors Aid Pubs E"VERY YEAR AT DUES TIME, MEMBERS ARE, given the opportunity to designate a voluntary contri- bution to the Society Publication Fund. These tax- deductible gifts help SPMC improve its publishing pro- gram. Part of these proceeds will fund the new George W. Wait Memorial Prize approved by SPMC board members at the recent annual meeting. The Society is grateful to those members who designated more than $1,200 in gifts to the Society this year. They include: $100 or More • Peter Luciani • Mike Abramson • $50 to $99 • Jeffrey Phillips • George Ostermayer • Doug Ball • $20 to $49 • Geraldine B. Eddy • Charles Lindquist • Charles Koehler • • James Condon • John Reusing • Howard Cohen • • E. Thomas Sturges • Nelson Smotherman • Randy Vogel • • Ron Yeager • Anonymous • Ronald Gustafson • • Clifford Dietrich • James Carlson • Forrest W. Daniel • Additional Donors • Terry Trantow • Richard Henke • Donald Gilletti Jr. • • Roland R. Rivet • John Vertrees Jr. • Paul Andrews • • Ray Anthony • Robert Eddy • Stephen Schroeder • • Robert Galiette • Gabriel Del Vecchio • Cecil Brighton • • Stephen Schroeder • Andrew Konecik • Charles Savidge • • Donald DeKalb • Alan Harris • Charles Loehr • • John Stevens • Gregory Super • Gerald 0. Terrell Jr. • • Joe Hensley • Brian Christian • Jack Lippincott • • James Welch • Steve E. Smith • Kevin Hill • John Panek • • Dustinn L. Gibson • William Barlow • Glenn Fishe • • James H. O'Neal • Donald Skinner • Ronald Hamm • • Dean Davis • Roger Dewey • Donald Iles • • Stanley Henneman • Gerald Loegler • W. C. Hatcher • • Mark Altschuler • Keith Bauman • William Hopkins • • Gayland Stehle • Gerald Sutphin • Mark Rielly • • John Golden • Robert Bauman • Christina Demary • • Marilyn Watson • Mark M. Campbell • Rob Evangelisti • • William Serock-y • A. Edward Hatoff • J. Michael Jones • • Don Vosburgh • George Shubert • Ken Zimmerman • • John Schwartz • Walter Kramarski • Larry Jenkins • • David Berridge • Gene Hall • Wm. Andrew Pinkley • • William Gallagan • Matt Youngerman • C. Douglas Thom • • • S.L. Peterson • Donald Brown • Craig Rathkamp • • Harry Schmook • J.L. Harris • David Bialer • • Dennis Magee • Nelson Page Aspen • Scott Lindquist • Subsequent donors may be recognized in future issues. 2kalipesaillnatirrecidlr,i IIIIITEDSLITISOFINERICA ' C) xvrite4.•16.--14■KtoF 6579 -,FZ:ZZEZZUW- Is„ ■11.U.:*.11,•••" • • alAiL/L.A.W., 7- -1,1';X t/t11,14., • ,-.14.1.4.1-"• • ref4143,"/ -zt.,..IttC"Sillt II V. Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals 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 4 3/4 x 3 3/4 $17.75 $32.50 $147.00 $255.00 Colonial 5 12 x 3 1/16 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 9 5/8 x 4 1/4 28.25 52.50 240.00 444.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 83/4x14'/2 $13.00 $60.00 $100.00 $230.00 National Sheet Side Open 81/2 x 17 1 /_ 25.00 100.00 180.00 425.00 Stock Certificate End Open 91/2 x 12 '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 Ca 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 inex 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 AD INDEX AMERICAN SOCIETY/CHECK COLLECTORS . 153 ASPEN, NELSON PAGE 165 BOMBARA, CARL 153 BOURNE, REMY 161 BOWERS & MERENA GALLERIES IBC BUCKMAN, N.B 153 COMMERCIAL COIN CO 158 CURRENCY AUCTION.COM 172 DENLY'S OF BOSTON 171 EARLY AMERICAN NUMISMATICS 155 HOOBER, RICHARD T 157 HORDWEDEL, LOWELL C. 171 HUNTOON, PETER 171 JONES, HARRY 153 KAGIN, A.M 143 KNIGHT, LYN 145 KRAUSE PUBLICATIONS OBC KYZIVAT, TIM 157 LITT, WILLIAM 164 LITTLETON COIN CO. 159 MORYCZ, STANLEY 139 OREGON PAPER MONEY EXCHANGE 165 PARRISH, CHARLES C. 155 POMEX, STEVE 160 ROB'S COINS & CURRENCY 137 SHULL, HUGH 130 SLUSZKIEWICZ, TOM 157 SMYTHE, R.M IFC STACK'S 150-151 WRIGHT, GLENN G. 155 YOUNGERMAN, WILLIAM, INC. 157 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 # 15 03 PAPER MONEY • SEPTEMBER/OCTOBER 2000 • Whole No. 209 171 AMERICAS CONVENTION AUCTIONEER ERITAGE NUMISMATIC AUCTIONS, INC. 172 SEPTEMBER/OCTOBER 2000 • Whole No. 209 • PAPER MONEY www.HeritageCom.com • www. Urr aeldt rffi fo-9 "--.7L Cganatfia 1 /X", /a S$ s tA 44, ' 11 r 343875) l.> ;;a.c. gnurno 1282287: ' ACC (11 . 5.ACM T.03 FIVE SI liVER 1111411ARS. NO BUYER'S FEE! SALES CLOSE THE 15TH & 30TH OF EVERY MONTH FCCS 17: ranDustin Johnston, at Ext. 302(djohnston@hentagecoin.com) Contact us today 1-800-US COINS 24-hour voice mail available at all extensions It Official Auction Title Sponsor of the Philadelphia ANA Sieve Ivy Jim Halperin Greg Rotian Heritage Plaza, 100 Highland Park Village, 2nd Floor • Dallas, Texas 75205-2788 1-800-US COINS (872-6467) • 214-528-3500 • FAX: 214-443-8425 www.HeritageCoin.com • e-mail: bids@heritagecoin.com wAvw.CurrencyAuction.corn • e-mail: notes@currencyauction.com Hughes, at Ext. 283 (holli @currencyauction.com ) 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. Naii011411 Uai.I , oftenvostIN, ' 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. 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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