Paper Money - Vol. XXXV, No. 3 - Whole No. 183 - May - June 1996

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VOL. XXXV No. 3 WHOLE No. 183 MAY/JUNE 1996 "st '1144 ' '.1V■14' 4-="igf 4;‘•:,==. 4 , • = = e. :5_17 „ • 4,)54Pdr* MEMBER 1.'41:11•1 Cn) We Buy, Sell & Auction The Very Best In Paper Money, Stocks & Bonds, Coins & Autographs t•1 'rms Cmicri ri s e 'rms . ! . • HAVE nrcra 111,1,1tir1 .1.71, IN THE 828 0466 lump .so'reiticluckl t2 --- -- 0.01 - -.....,,tr-*:=- - --------tv-y'7 ,t49; L 23 43711:- VENBROZ;, *******************;;;;;=t(***************** Accepting Consignments Now for Major Public and Mail Bid Auctions in 1996 & 1997. Call or write for further information. *********************************** R.M.SMYT Send for our latest fixed price list of stocks and bonds. 26 Broadway Suite 271 New York, NY 1 0004-1 70 1 MA13141131110 ID 1l9~-0 TOLL FREE 800-622-1880 NY 212-943-1880 FAX: 212-908-4047 SOCIETY OF PAPER MONEY COLLECTORS INC. Paper Money Whole No. 183 Page 89 PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors. Second class postage paid at Dover, DE 19901. Postmaster send address changes to: Bob Cochran, Secretary, P.O. Box 1085, Florissant, MO 63031. Society of Paper Money Collectors, Inc., 1996. All rights reserved. Reproduction of any article, in whole or in part, without express written permission, is prohibited Individual copies of this issue of PAPER MONEY are available from the Secretary for $2.75 each plus $1 postage. Five or more copies are sent postage free. ADVERTISING RATES SPACE 1 TIME 3 TIMES 6 TIMES Outside Back Cover $152 $420 $825 Inside Front es: Back Cover $145 $405 $798 Full Page $140 $395 $775 Half-page $75 $200 $390 Quarter-page $38 $105 $198 Eighth-page $20 $55 $105 To keep rates at a minimum, advertising must be prepaid in advance according to the above sched- ule. In exceptional cases where special artwork or extra typing are required, the advertiser will be notified and billed extra for them accordingly. Rates are not commissionable. Proofs are not supplied. Deadline: Copy must be in the editorial office no later than the 1st of the month preceding issue (e.g., Feb. 1 for March/April issue). With advance notice, camera-ready copy will be ac- cepted up to three weeks later. Mechanical Requirements: Full page 42-57 pi- cas; half-page may be either vertical or horizon- tal in format. Single column width, 20 picas. Halftones acceptable, but not mats or stereos. Page position may be requested but cannot be guaranteed. Advertising copy shall be restricted to paper currency and allied numismatic material and publications and accessories related thereto. SPMC does not guarantee advertisements but accepts copy in good faith, reserving the right to reject objectionable material or edit any copy. SPMC assumes no financial responsibility for typographical errors in advertisements, but agrees to reprint that portion of an advertisement in which typographical error should occur upon prompt notification of such error. Alladvertisingcopyand correspondence should be sent to the Editor. Official Bimonthly Publication of The. Society of Paper Money Collectors, Inc. Vol. XXXV No. 3 Whole No. 183 MAY/JUN 1996 ISSN 0031-1162 GENE HESSLER, Editor, P.O. Box 8147, St. Louis, MO 63156 Manuscripts (titss), not under consideration elsewhere, and publications for review should be sent to the Editor. Accepted fuss will be published as soon as possible; however, publication in a specific issue cannot be guaranteed. Opinions expressed by authors do not necessarily reflect those of the SPMC. ,Alss are to be typed on one side only, double-spaced with at least one-inch margins. A copy should be retained by the author. The author's name, address and telephone number should appear on the first page. In addition, although it is not required, you are encouraged to submit a copy on a 31/2 or 5V) inch MS DOS disk, identified with the name and version of software used: Microsoft Word, Word Perfect or text (ASCII), etc. I f disk is submitted, double- spaced printout must accompany disk. IN THIS ISSUE A REVIEW OF THE WORK OF ROBERT LAVIN MARK D. TOMASKO 01 MISSISSIPPI MONEY: A CHALLENGE Forrest W. Daniel 98 NEW JERSEYS TORREY RAILROAD SCRIP: A MISSING LINK David D. Gladfelter 100 $50 & $100 RED SEAL FEDERAI. RESERVE NOTES Frank A. Nowak 102 BANK HAPPENINGS Bob Cochran 106 CHARTER NUMBER AND TYPE LISTING OF CONNECTICUT NATIONAL BANK NOTES Harold I. Andrews 107 THE BUCK STARTS HERE Gene Hessler 109 JERSEY CITY'S LABOR BANK Michael G. Kotora 110 THE GREEN GOODS GAME Forrest W. Daniel 113 REFLECTIONS OF JOHN HICKMAN 114 STANDARDIZING CURRENCY GRADING—AN OPINION Brad Vautri not 114 SOCIETY FEATURES SPMC BOARD MEMBERS 116 NEW LITERATURE 116 NEW MEMBERS 117 MONEY MART 119 ON THE COVER. See Mark Tomasko's article for more about his vignette and additional work by Robert Lavin. For change of address, inquiries concerning non -delivery of PAPER MONEY and for additional copies ofthis issue contact the Secretary; the address is on the next page. For earlier issues contact Classic Coins, P.O. Box 95, Allen, MI 49227. SOCIETY OF PAPER MONEY COLLECTORS OFFICERS PRESIDENT DEAN OAKES, Drawer 1456, Iowa City, IA 52240 VICE-PRESIDENT FRANK CLARK, P.O. Box 117060, Carrollton, TX 75011 SECRETARY ROBERTCOCHRAN, P.O. Box 1085, Florissant, MO 63031 TREASURER TIM KYZIVAT, P.O. Box 803, LaGrange, IL 60525 APPOINTEES EDITOR GENE HESSLER, P.O. Box 8147, St. Louis, MO 63156 MEMBERSHIP DIRECTOR FRANK CLARK, P.O. Box 117060, Carrollton, TX 75011 WISMER BOOK PROJECT STEVEN K. WHITFIELD, 14092 W. 115th St., Olathe, KS 66062 LEGAL COUNSEL ROBERT J. GALIETTE, 10 Wilcox Lane, Avon, CT 06001 LIBRARIAN ROGER H. DURAND, P.O. Box 186, Rehoboth, MA 02769 PAST-PRESIDENT JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC 27114 BOARD OF GOVERNORS RAPHAEL ELLENBOGEN, 1840 Harwitch Rd., Upper Arlington, 014 43221 C. JOHN FERRERI, P.O. Box 33, Storrs, CT 06268 GENE HESSLER, P.O. Box 8147, St. Louis, MO 63156 RON HORSTMAN, 5010 Ti mber Lane, Gerald, MO 63037 JOHN JACKSON, P.O. Box 4629, Warren, NJ 07059 STEPHEN TAYLOR, 70 West ViewAvenue, Dover, DE 19901 WENDELL W. WOLKA, P.O. Box 569, Dublin, OH 43017 STEVEN K. WHITFIELD, 14092 W. 115th St., Olathe, KS 66062 The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit or- ganization under the laws of the District of Columbia. It is affiliated with the American Numismatic Associa- tion. The annual meeting is held at the Memphis IPMS in June. MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. JUNIOR. Applicants must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or guardian. They will be preceded by the letter "j". This letter will be removed upon notifica- tion to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. Members of the ANA or other recognized numismatic societies are eligible for membership. Other applicants should be sponsored by an SMPC member or provide suitable references. DUES—Annual dues are $24. Members in Canada and Mexico should add $5 to cover additional postage; members throughout the rest of the world add $10. Life membership, payable in installments within one year, is $300. Members who join the Society prior to Oct. 1st receive the magazines already issued in the year in which they join. Members who join after Oct. 1st will have their dues paid through December of the following year. They will also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. BUYING and SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items Extensive Catalog for $3.00, Refundable With Order ANA-LM SCNA PCDA HUGH SHULL P.O. Box 761, Camden, SC 29020 (803) 432-8500 FAX 803-432-9958 SPMC-LM BRNA FUN Page 90 Paper Money Whole No. 183 ROM before the time of Foringer's death in 1948 to the early 1960s, American Bank Note struggled to find suitable artwork for vignettes. Vincent Aderente, Jean Van Noten, Ohrvel Carlson, and a number of others each did a few paintings for American Bank Note on a trial basis. Per- haps more than anything else, the paintings and drawings by many of these artists lacked attractive, pleasing people—faces, poses, and bodies. While "color" (i.e., tone variation) is cru- cial in a painting for a vignette, appealing, attractive people are also crucial for good allegorical and decorative vignettes. The best engraving will not redeem an unattractive, inferior piece of artwork. An engraving can only be as good as the un derlying artwork. Enter Robert Lavin. Mr. Lavin is a native New Yorker, who was graduated from City College of New York in 1939 and later attended the National Academy Art School. He was a fighter pilot in the Marine Corps during World War II, and after the war was an illustrator for magazines and advertising firms. From 1951 to 1955 Lavin was a member of the Charles E. Cooper Studios, the top group of cover girl illustrators in the U.S. It was an experience that proved very useful in the development of his vignette art. He left Madison Avenue to- ward the end of the 1950s and decided to specialize in paint- ings for industry, especially the steel and petroleum industries, for which he later achieved considerable success. Figure 1 shows Mr. Lavin posing in the early 1980s for Lavin No. 54 (see dis- cussion later). About the time Mr. Lavin left the advertising industry, he was approached by Tom Cox of Wallach-Cox Associates, Inc., who represented American Bank Note. Cox told Lavin that Lavin's name had been mentioned as someone who might be F Paper Money Whole No. 183 Page 91 A Review of the Work of Kahert I a vin by MARK I). TOMASKO There have been only two or three successful vignette artists in the twentieth century. One was Alonzo Earl Foringer, whose several hundred paint- ings for the American Bank Note Company from 1915 to 1948 set the standard for allegorical and decorative vignettes for over half a century. Another is Robert Lavin, whose series of fifty-five vignettes (plus additional specials) for American Bank Note Company between 1962 and 1983 brought vignette art into the late twentieth century and continued the American Bank Note tradition of timely and outstanding vignettes. Fig. I able to create vignettes. Lavin did not know what vignettes were—he originally thought that they were the borders of stock certificates—and told Cox no, that some mistake had been made. Cox persisted, saying that the art director of Newsweek had recommended him based on the covers that Lavin had done for that magazine, and Lavin finally agreed to see Cox the following week. When Lavin subsequently appeared in the Wallach-Cox offices, he was shown several Foringer paintings and was told "Foringer did these for forty years and he died around ten years ago, and we've tried one artist after another and they've all failed." Apparently the Foringer vignettes, while beautiful, were looking increasingly dated by the early 1960s (we've probably come full circle because in many respects they Page 92 Paper Money Whole No. 183 are highly admired today), and comments were beginning to be made at the Stock Exchange and by customers. When Bob Lavin asked Tom Cox how much the Bank Note Company paid for the work, Cox told him $1800 for a single figure and more for multi-figure paintings, and that the Company needed about ten each year. For an artist/illustrator just going out on his own, this was a significant opportunity. Bob Lavin relates that up to this point he had not been concentrating very well, but once he heard the dollar amounts, he said, "I haven't been listening very well. Could you go over that again?" Bob Lavin agreed to do one painting to see if American Bank Note liked it. He did a sketch of a woman seated on a pedestal holding a globe, with a modern city to the left and a highway to the right. After various comments and adjustments in July and August of 1962, relating to the shape of the globe, the symmetry of the vignette, and other issues, Lavin was asked to prepare the painting. A letter dated 30 August 1962 from Wil- liam R. Barrett, the first Vice President of American, to Tom Cox, contains this enthusiastic response to Bob Lavin's initial work: "The figure is most attractive and in my opinion this is exactly the type of vignette for which we have been striving." Notice that "attractive" was the primary criterion that Barrett used. Bob Lavin used models for his paintings. He photographed them in various poses and sometimes used elements from sev- eral different photographs for his painting. Figures 2 and 3 illustrate the two primary poses that Lavin used for the paint- ing. Note that in both photographs the sketch is on the floor in front of the model to guide her in the pose. Figure 4 shows the painting, from which the engraver worked. Lavin used the head and feet positions of the one photograph and the arms of the other. The model for this painting was Lisa Karen. The photograph in Figure 3 illustrates something that virtu- ally never appeared in Bob Lavin's work: an exposed breast. Fig. 2 Fig. 3 Foringer quite frequently used partial nudity, mostly bare breasts. Lavin, however, considered such nudity sexist, and with the realization that over half of the stock in the United States is held by women, he decided that there would be no such sensitive nudity in his vignettes. And there never was, except for one famous special vignette, mentioned later, where nu- dity was the express object of the client. Lavin No. 1 was not used on many New York Stock Exchange listed companies. It shows up most frequently with an altered Fig. 4 background on the Atlantic Richfield Corp. stock certificate. It was used on bonds of The Cooper Companies in the late 1980s, but saw its greatest use on "tints," a certificate where all the engraving is in one color, and the company name and text are printed by lithography. The Beaver Creek Industries, Inc. certificate (Fig. 5) is an example. Such certificates are used for American Stock Exchange and NASDAQ companies. Because it was used on these single-plate "tints," Lavin No. 1 can be seen in a variety of colors, virtually the only Lavin vignette for Paper Money Whole No. 183 Page 93 I'VeRiet..ell. 6! 7"..."; 'N'eft:410;60(6ipliN '".111111111111111111" BEAVER CREEK INDUSTRIES, INC. INCORPORATED UNDER THE LAWS OF THE STATE OF IOWA Fig. 5 which that is the case. The vignette was engraved by Joseph Keller. Keller's work was outstanding as he was American Bank Note's best engraver of this era, and he executed a number of the early Lavin vignettes. Lavin No. 1 was a great start for Bob Lavin's work with American. Mr. Lavin pioneered some interesting innovations in vignette an. One involves his technique. He describes his paintings as being painted in the baroque style, where most pans of the body are in different planes. Lavin No. 1 illustrates this prin- ciple if one notices the angle of the head, that of the torso, and the positions of the legs and of the arms. Another issue Lavin paid particular attention to was that of costumes for the models. Bob Lavin found that one costume company, whose "Greek and Roman" attire seemed to be used mostly for school plays, was the primary source. Ile decided to try something different, and he relates the very amusing situation of going with his wife to Bonwit Teller, then one of New York's finest department stores, and selecting quality neg- ligees and similar garments for females obviously not of his wife's size. And, to top it off, he had her use her credit card! Evidently the clerks were amazed. ... Lavin No. 2 illustrates an innovation in vignettes too. Lisa Karen appears again, photographed from below, walking. It is an unusual motion vignette. Figure 6 illustrates one of the photographs used to do the painting, while Figure 7 shows the painting and Figure 8 has the vignette (engraved by Joe Keller) on The Singer Company stock certificate in 1968. It was a heavily used vignette, with several variations. As the years went by, Bob Lavin occasionally did as many as five paintings in a given years, but more often only several. The routine became somewhat familiar. First, Lavin would do some sketches representing various ideas, and show them to American Bank Note. One sketch would be chosen, and Lavin would proceed to do the painting. Lavin No. 30 illustrates the process. The sketch can be seen in Figure 9. Lavin next hired models, and shot a number of poses. Figures 10 and 11 illus- trate the primary photographs used to do the painting shown in Figure 12. This painting was turned into an engraving by Kenneth Guy, one of America's best picture engravers of the postwar generation (see article in Mar/Apr 1995 PAPER MONEY). Figure 13 illustrates a die proof of the engraving. The vignette has seen heavy use. Bob Lavin brought more than artistic skill to his paintings; he brought ideas.1 !wo paintings illustrating this are Lavin Nos. Fig. 6 Fig. 7 14 and 45. (Paintings are shown in Figs. 14 and 15). Lavin No. 14, symbolizing communications, has a number of de- vices ranging from wood type to a horn to represent the con- CERTIFICATE FOR M 0 R E THAN 100 SHARES Nt'M HER ELIO CUMULATIVE PREFERRED STOVE WITHOUT PAN VALUE ;Covvembie on or Store My II, ICE) THE NGER COMPANY Fig. S FACIA.* $3.58 CUMULATIVE MIMEO STOCK ED WITHOUT PLO VALUE 305,511311 300r teIete loll 51. 1118I E31 2 2 CERTIFICATE FOR R E THAN IOU SHARES PREFERRED STOCK Page 94 Paper Money Whole No. 183 Fig. 9 Fig. 12 Fig. 10 Fig. 11 Fig. 16 Fig. 17 Fig. 18 Paper Money Whole No. 183 Page 95 Fig. 13 Fig. 14 Fig. 15 cept. Though ABNCo salesmen did not particularly like the vignette, the Gannett Company used it for years, and now a telephone company is using it. Lavin No. 45, representing the key to knowledge, is another interesting effort, though per- haps Bob Lavin never anticipated how literally it would be used. It was selected for the Corrections Corporation of America stock certificate, a for-profit corporation running prisons! One of the more unusual vignettes that Bob Lavin painted is Lavin No. 8. The painting is illustrated in Figure 16. Obvi- ously, this would be a difficult vignette for which to have a model pose. Bob first had his wife Dorothy try posing for this vignette to see if it might work. Then he posed the model seen in Figure 17 (as usual, just one of several photographs used for the painting). lig. 1') Fig. 20 Fig. 21 Fig. 22 Page 96 Paper Money Whole No. 183 Most of Lavin's vignette art contained one, two, or three figures, with the majority being one figure. He did two vignettes, however, that had four or more figures, and they are worth noting here. Lavin No. 48, engraved by Ken Guy, contains three males and one female, representing various professions. Fig- ures 18, 19, and 20 show models for these people, and Figure 21 contains the vignette. One of Lavin's most widely-used vi- gnettes, it is a testimony to the late twentieth-century phenom- enon of securities vignettes portraying actual working people as opposed to allegorical figures, a representation that we might call "capitalist realism." The other vignette with four or more figures is Lavin No. 54, known as the "mob" or "We the People" vignette. While some additional people were posed for this vignette, many of the people are taken from earlier Lavin vignettes. The most amus- ing feature of this vignette is the fact that the artist included himself in the painting. (His pose for the painting is shown in Fig. 1). The vignette is illustrated on the Esselte Business Sys- tems, Inc. certificate (Fig. 22), and Bob Lavin can be seen to the immediate left of the man with the hard hat on the right side of the globe. The vignette was engraved by Edwin Cranz, a contemporary of Ken Guy's and one of the other outstand- ing ABNCo picture engravers of the postwar era. No summary of Robert Lavin's work for the American Bank Note Company would be complete without a brief mention of a very uncharacteristic but famous painting that he did for an ABNCo client: Playboy. Lavin painted Willy Rey, Playmate for February 1971, and Warrell Hauck did the engraving. Sup- posedly the photo of Willey Rey did not have very good light- ing for an engraving, so American had Lavin do a painting. Figures 23 and 24, respectively, show the painting and the vi- gnette on the certificate. It was not Lavin's finest work but prob- ably his best known. Warrell Hauck, the head of American's picture engraving department at this time, was, in fact, more an etcher than a cutter, but did a good job here. The vignette became one of American Bank Note's most famous, and the number of one-, two- and five-share certificates outstanding later drove Playboy to do a reverse stock split (one share for every ten shares held; less than ten-share holdings are closed out) to get rid of the certificate. It was replaced by Lavin No. 2 with a different background. The likely reason Playboy wanted to rid itself of the collector's item certificate is that it costs ap- proximately $35 per year to maintain a shareholder account and thousands of one-, two-, and five-share accounts become extraordinarily expensive. Only the Walt Disney Company Fig. 23 Fig. 24 COMMON STOCK PAR VALUE $1.00 30MMON STOCK PAR VALUE $1.00 Paper Money Whole No. 183 Page 97 seems to tolerate, or even encourage this situation, but they may have marketing reasons for doing so. Bob Lavin did various other special vignettes for American, including the vignette for the U.S. Steel certificate (see Fig. 25). The core of his work, however, are the fifty-five paintings in Fig. 25 the Lavin Series. Several of the fifty-five, though, were actually specials too, such as the floating Mercury figure for the former Gulf & Western Corporation, Lavin No. 10. Robert Lavin gave American securities a modern appearance. He quickly caught on to the need for good "color" (variations in tone in a vignette), a factor that some of the other artists never comprehended. He also was adept at depicting attrac- tive females, and while he avoided what he called "sexist" de- pictions of female nudity, he carried on the Foringer tradition of obtaining the most attractive models and painting appeal- ing, pleasing figures, especially females. He used more active, interesting poses and was also schooled in symbolism and mythology, providing fine ideas for allegorical vignettes. Per- haps a more important contribution, however, was his trend, growing more pronounced in the latter stages of the Lavin Se- ries, of depicting ordinary people in business and work dress. Still attractive, but no longer "beautiful" models. Office man- agers, engineers, construction workers, and other ordinary Americans. In fact, Robert Lavin probably defined a new "Capi- talist Realism" art form for United States corporate securities. Along with A. E. Foringer, Mr. Lavin ranks as one of the great- est vignette artists of the twentieth century. (See author's note on page 101.) Page 98 Paper Money Whole No. 183 ississippi Money: A CHALLENGE By FORREST W. DANIEL While doing other research I came upon two newspaper items which could lead to an important numismatic article about the Special Warrants issued and circulated by the auditor's office in the State of Mississippi in 1894. It appears the secret service demanded immediate surrender of the warrants while Gover- nor Stone continued to release the bills into circulation. The items will appear later. ERE is a chance for a collector with local interest to become a researcher and writer and give the rest of us the fine details of the issue. New writers are always needed for PAPER MONEY and this can be a place to start. Surely there is more to the story than made the national news. I bought one of the warrants as a curiosity more than twenty- five years ago but never, until now, realized that so much con- troversy surrounded it. Someone, please tell me what else I should know. Become the authority on Mississippi money. This is not an empty challenge; having been a reference li- brarian in a research library, I'll suggest an agenda to guide a new researcher and others into state records and newspaper files and suggest some details which can be documented. Ac- cording to the warrant it was issued under the Act of February 10, 1894. Why were the warrants necessary? The legislative I louse and Senate Journals for that session will follow the bill's trail through both houses until approval by the governor. The Session Laws record the final wording of the act. Sometimes the journals summarize the debates of various bills—you might get lucky. If not, newspapers report daily legislative action and dates from the journal may shorten newspaper searches; but be sure to scan all intervening-dated papers for additional com- ment. Was there any editorial comment when the bills were re- leased on July 1; and how were they placed into circulation? What was the local sentiment when the chief of the U.S. Secret Service demanded recall of the bills? Check the State Archives, they may have a file of Governor Stone's correspondence. You might find the actual communication between the governor and the secret service. Don't be too disappointed, though, if you don't find the correspondence. At least you can say that you made a thorough search; and you will have learned what type of material is available for research and what has not been preserved. By the middle of July 1894 most of the warrants were in circulation. My copy is well circulated and hole cancelled. Is that the usual condition of the survivors? Did the secret serv- ice actually stop circulation of the warrants, were they recalled or did they remain in service until the redemption date, Janu- ary 1, 1896? How was the redemption funded and was it prompt? Were all the warrants issued and how many were re- deemed? How many remained outstanding? Those statistics should appear in the annual reports of the state auditor and state treasurer. Newspapers reported the warrants were to draw two percent interest, but the documents say three percent; why the discrepancy? How did the cancelled warrants come to be available to col- lectors: official sale as scrap paper or scavenged from a landfill? Can such a record be found? Whose portrait adorns the note? My note is dated July 1, 1894; are there other dates? These are suggested possibilities for research. How many of the ques- tions can be answered? Probably not all, but one has to give it a try and then be satisfied with what can be learned from the surviving records. What other points need evaluation from a local point of view? Inter-library loan is the resource that will serve the writer who cannot spend time away from work or to travel a great distance to do detailed research. If local libraries do not have the legislative journals, session laws and the annual reports of the various state departments, they may be borrowed from larger or depository libraries for use in your home-town li- brary. Newspaper files are often on microfilm and available on loan. Ask your librarian about the entire inter-library loan service; it is often free, but sometimes there is a small service fee. Archival searches must be made at the archives reading room, but a preliminary inquiry should reveal whether the governor's correspondence for that period exists and the proper proce- dure to follow to examine it. They may even locate the mate- rial for you; sometimes it does happen. Remember, the librarian, archivist or museum assistant is there to help you, and most of them will be very helpful. Don't try to keep your project a secret; let the research assistant know exactly what you want and why. Show them a warrant, or this article; they may know if non-numismatic research about the warrants has already been done and published. The archives may even have reference samples on file. Someone might know a shortcut to the records; it can save a lot of time. Now, here are the news items I found. They will give you a start. Good luck! MISSISSIPPI MONEY. A Row on Between State and National Authorities. Jackson, Miss., July 15.—The Mississippi legislature at its last session passed an act authorizing the governor, the audi- tor and the treasurer to issue treasury warrants in denomina- tions of $5 should it become necessary to tide the state over the financial panic. The issue was limited to $200,000 and the warrants were to draw interest at the rate of 2 per cent per annum, payable Jan. 1 of each year until the legislature meets again in 1896. The warrants were made payable to bearer and it was the intention of the legislature for them to pass as money all over the state. Immediately after the passage of the act the state contracted with the St. Louis Bank Note Company for the printing of the warrants, and the first installment of $50,000 H o Adr 4v.kt 1-4PEVIALI NARR IA kftegavo At Altai% 0 NTH E IsT DAY F JAN UA FR% /1/.../hi/1/f/Ytti /// fiv.//1/ da/e1///), Wi Ilf 1SS My4/1////and.i/v////7/AVM Srw rE 7-0o, o) . tar ) 1.4.1711. 4. Paper Money Whole No. 183 Page 99 Face and back of a well-worn 1894 Special Warrant from the State of Mississippi. The serial number is red and the paper light green. The U.S. Secret Service said they too closely resembled United States currency. was delivered to the state treasury and placed in circulation a few weeks ago. Yesterday Gov. Stone received a dispatch from W. H. Hazen, chief of the United States secret service at Wash- ington, demanding that the governor send him all the unsigned warrants that have not been placed in circulation. Mr. Hazen also telegraphed the St. Louis Bank Note Company demand- ing that the plates be turned over to the government. In an interview to-day, Gov. Stone stated that he would not comply with Mr. Hazen's demand in any particular, and that the issue of the special warrants will be continued until the full issue of $200,000 is completed. The state officials regard Hazen's demands as an unwarranted interference and will not treat it seriously. They say that the demands were based on the assumption that these special warrants resembled too closely United States currency and was violative of the statutes of the United States. This is strenuously denied by Gov. Stone, who says the act of the legislature is sustained by the best legal au- thorities in the country. The auditor has telegraphed the St. Louis Bank Note Company not to pay any attention to Hazen's demands.—St. Paul (Minn.) Pioneer Press, July 16, 1894. WILL BE CONFISCATED. Mississippi's Governor Must Give up Those Warrants. Washington, July 16—Chief Hazen, of the secret service, was to-day questioned as to what action would be taken by the government in case the governor of Mississippi refused to dis- continue, as indicated by this morning's dispatches, the circu- lation of special warrants in close imitation of United States notes. Chief Hazen did not care to anticipate a refusal by the governor, but in case he did so the chief said he could see no other course to pursue than to confiscate the plates and as many of the warrants as could be found. These warrants were of the exact size of the treasury or national bank notes, and of the same general appearance even to the greenback, and as the law against making anything in the similitude of obligations authorized by the government was explicit there was only one thing to do, and that was to enforce it. The question was brought to the attention of the bureau by a Mississippi banker, who stated that it was evidently the intention to make the warrants circulate as money. Of course the treasury officials do not question the right of the state to issue warrants, their only contention being that the warrants should not be printed in imitation of United States notes. St. Louis, July 16—Inquiries at the office of the St. Louis Bank Note Company, engravers and printers of the Mississippi state warrants, to which the United States secret service has taken exception (having ordered their immediate surrender to the officers of the government), revealed the fact that the en- tire issue of warrants has been completed and shipped to the Mississippi authorities. It is therefore impossible for the com- Continued on page 101 // //////// • :/// ////://...//; 71/4, .4" //;',/(,/,; ('// r%/1"1,717/////,/ /771',///.1 (// ././///yi l;;. J/>t Written date signed by W' Lewis. ///7,-.7« /// / ////I ai l (v/( / /// 7/vv./J .C(7 f / Printed date signed by E. Torrey. Page 100 Paper Money Whole No. 183 NEW JERSEY'S TORREY RAILROAD SCRIP: A MISSING LINK by DAVID D. GLADFELTER In a thoroughly researched series of articles appear- ing in this journal during 1983, William S. Dewey concluded that the series of scrip notes issued from 1861 to 1863 by S.W. & W.A. Torrey of Manches- ter, NJ, in eight denominations ranging from 5 cents to $5 were railroad "company store" scrip, used to pay workmen who constructed the Raritan & Delaware Bay Railroad, a business venture of the Torrey brothers. All of the notes show a train at the shore as a central vignette, although none specify the town of issue. FIER studying 156 examples of the notes, Dewey identified 32 possible varieties, 15 of which he stated "have not been observed and may not exist at this time." The earliest group of notes in Dewey's study had hand- written dates of May 1 and June 1, 1861, and included none of the four fractional denominations. These notes were issued before the Torrey company store in Manchester was opened for business. Dewey concluded, from contemporary newspa- per advertisements, that these hand-dated notes had been is- sued for use in a temporary Torrey store in Lower Squankum, a place about 15 miles northeast of Manchester, along the rail- road line. Later, notes bearing the printed date June 15, 1861 were issued, sometimes with handwritten or ink-stamped over- prints as well. Illustrated here is a 25 cent Torrey note with the handwrit- ten date June 1, 1861, and the serial number 2734. It is the first such fractional note to be reported (Dewey's hypothetical variety 27). Since Dewey concluded that the fractional denomi- nations .05, .05, 10, .25 and .50 were printed (in black) on a single 5-subject lithographic plate and the higher denomina- tions of $1, $1, $2, $3 and $5 were printed (in red) on a differ- ent 5-subject lithographic plate, this discovery establishes that Dewey varieties 25 (.05), 26 (.10) and 28 (.50) as well as 27 were all produced; whether some or all of them still exist re- mains unknown. A Paper Money Whole No. 183 Page 101 A comparison of the newly-reported Dewey 27 specimen with a .25 note bearing the June 15, 1861 printed date will show that they are from entirely different plates; the printed date variety was not produced by modifying the earlier plate. The most noticeable difference is in the width of the frame surrounding the design; on Dewey 27 this width is 6 3/ 16 ", on the printed date variety it is 6 1 /j6". Other subtle differences in the placement of the design elements can be observed on di- rect comparison, or by placing one variety over the other and holding them up to a strong fluorescent light. From Dewey's published research and the information pro- vided by this new specimen, it is possible to establish an emis- sion sequence for these notes, which differs slightly from Dewey's, as follows: 1. A run of about 2,000 to 2,500 notes, beginning with se- rial number 1 and continuing through at least 1917, of larger denominations and possibly fractionals, issued May 1, 1861, signed by Wm. Lewis as agent for the Torrey brothers, used initially at the Lower Squankum store and possibly later at the Manchester store as well. Dewey varieties 25-32, inclusive. A line for the place of redemption is printed at the bottom of these and all other Torrey notes, above the serial number, but no notes have been seen on which this place of redemption is filled in. Perhaps the reason for this omission is their accep- tance at both locations, but this is only speculation. 2. A second run of about 2,500 to 3,000 notes, containing serial numbers 2734 through 4796, signed by Lewis and dated June 1, 1861. It is now known that this run contained frac- tional denominations as well as the $1 to $5 values. Same Dewey variety numbers, also first used at the Lower Squankum store. 3. A run of more than 3,000 notes, the first ones with the printed June 15, 1861 date, signed by Lewis and containing serial numbers 5141 through 8310. Dewey varieties 17-24, inclusive (only fractionals of the .05 and .25 denominations are known to exist, Dewey 17 and 19, respectively). By the time these notes were issued, the Manchester store, located on Locust and Union Streets in present day Lakehurst, had been opened for business. The store, which still stands, was about a block from the railroad station and was surrounded by work- ers' houses. These notes could have been issued all at once, or over a period of time as long as 17 months. They are found well-circulated, and all but one were redeemed, as evidenced by from one to three punch hole cancelations found on them. All of the handwritten dates signed by Lewis notes are can- celed. The remaining notes in the emission sequence are signed by a new agent, E(lizabeth) Torrey, wife of William A. Torrey, and have handwritten or stamped "overdates" from Decem- ber 1, 1862 through April 1, 1863. All bear the printed date (June 15, 1861). 4. A run of 500 notes (serial numbers 1-500), containing both fractional and higher denominations, with the words "Is- sued Dec. 1st 1862" handwritten in ink diagonally across the face. Dewey varieties 9-16, inclusive (three denominations known). These words establish that the overdates on the E. Torrey notes refer to dates of issue, rather than dates of re- demption. In contrast with the Lewis notes, none of the E. Torrey notes shows evidence of ever having been redeemed. 5. A run of 1,500 notes (serial numbers 501-2000) contain- ing primarily fractional denominations, with the date "DEC 1" (no year) stamped in ink twice upon the face. Dewey varieties 1-8, inclusive. Dewey assumed that the date of issue was 1861, a logical assumption because of the printed year 1861; how- ever, the date must be 1862 to fit into the serial numbering system described herein. In his study, Dewey assumed that a single set of serial num- bers was used for the entire issue of Torrey notes, although he observed the existence of two notes having the same number, one signed by Lewis and one by E. Torrey. He assumed this was due to a numbering mistake. As indicated here, I believe that there were two sets of serial numbers, and that when Eliza- beth Torrey succeeded Lewis as note-issuing agent, she started over with serial number 1. 6. Runs of 1,400, 300, 500, 650 and 250 notes signed by E. Torrey and date-stamped DEC 1 62, JAN 1 63, FEB 1 63, MAR 1 63 and APR 1 63 respectively. Same Dewey variety numbers. The serial numbers for these runs begin with 2001, 3401, 3701, 4201 and 4851, respectively. In conclusion, one observes that the notes signed by Eliza- beth Torrey, although not numbered higher than 5100, have a much higher survival rate than the larger emission signed by Lewis; they are about eight times more common, according to Dewey's study. Although the E. Torrey notes did circulate, many of them are in new condition. One explanation may be that as the Lewis notes were redeeemed they were replaced in circula- tion by the E. Torrey notes, but it is not clear why this would have been necessary. ■ LAVIN (Continued from page 97) [AUTHOR'S NOTE: Many of Mr. Lavin's vignettes may be found on modern stock certificates prepared by American Bank Note Co., can- celled examples of which generally are available at modest prices from stock and bond dealers. My thanks to R.M. Smythe & Co. for the illus- tration of the Playboy painting; all other illustrations are from the author's collection. Sources of information for this article: interviews with Robert Lavin and information and material in the author's col- lection.] MISSISSIPPI (Continued from page 99) pany to comply with the demand of Chief Hazen, and he has been so notified. The plates from which the warrants were printed are in possession of Great Western Printing Company of Chicago, for which company the St. Louis corporation acted as agent in this instance. The St. Louis company has been di- rected by Gov. Stone to not surrender the plates, but at the same time the local branch of the secret service has made an imperative demand for them, acting under Chief Hazen's or- ders. What action may be taken in the matter will, the St. Louis Bank Note Company officials say, be directed by the Great Western Company which has, however, been advised of Gov. Stone's telegraphic instructions. Jackson, Miss., July 16—Gov. Stone to-day issued another installment of state warrants, making the total amount now in circulation $125,000. Attorney General Johnson has advised the governor to pay no attention to the demands of Chief Hazen, of the government secret service. Several other states, he says, have been in the habit of issuing these warrants and no question has been raised.—St. Paul (Minn.) Pioneer Press, July 17, 1894. .:.ircilwiiolaiiiviradifieiik.7* ,...-■; 111111 ; c iqctiot1 11 1))SAIALIMP-lt (411RAMettliC&_.„..,„ L273954 12-L Type 2 110 IMEglif14)*Maffij qkvxmountairi L5794AType I platizat- , *mow - Page 102 Paper Money Whole No. 183 $50 & $100 Red Seal Federal Reserve Notes by FRANK A. NOWAK (Quantities issued courtesy of Doug Murray) N the May/lune 1992 issue of PAPER MONEY I pre- sented a listing of the serial numbers of known $100 Series 1914 red seal Federal Reserve notes. Since then there have been numerous additions to that census and it's time for an update. I've also included a census on the $50 Series 1914 red seal Federal Reserve notes. The most important new inclusion of all is the diligent re- searching of Doug Murray which has now provided the col- lecting fraternity with quantities issued, of both Type 1 and Type 2, of each denomination for each district. These num- bers appear to be absolutely accurate since as of this writing not a single note of either denomination, of either type, from any district, has been found to have a serial outside the ex- pected range. For the benefit of both collectors and dealers I again make note that there are two distinct minor varieties of face design which I have listed as Type 1 and Type 2. Type 1 has no bank numeral or letter at the upper left or lower right (serial num- ber L5794A in the accompanying pair of photos). Type 2 has both the bank numeral and letter at these locations (L27395A) and is the same as Friedberg and Hessler catalogs Type A blue seal Federal Reserve notes. In a few instances the type is not given as it was not provided by the observer. However, there is no reason to believe that it would not fall within the expected range. Again, as in 1992, I state that the grades shown are those that were reported to me or which I personally observed. A number of notes have been observed several times in the course of this study and it is interesting to find that in many cases they have improved with time! Nevertheless, the grades re- ported herein are those that were originally reported or ob- served and not the later or "improved" grades. I RICHMOND 68,000 Notes (28,000 Type 1, 40,000 Type 2) E1926A T1 E2054A T1 E21460A T1 E26815A T1 (E32976A E41450A T2 E49189A T2 (E56772A T2 E.59355A T2 (E60404A T2 E62906A T2 E63858A T2 E67963A T2 F VF-XF F VF plus Smithsonian) F VF VG—FRB/SF) VF-XF VF—FRB/SF) VF+ VF G-VG ST. LOUIS 28,000 Notes (12,000 Type 1, 16,000 Type 2) (H167A H1688A 1-15804A I-17177A I-17720A (I-18594A 1-112363A 1-114171A H14919A H17661A 1-119267A I-121186A 1-122633A H26092A H26863A Ti Smithsonian) T1 T1 T1 VF T1 Fair Ti VG—FRB/SF) T2 AU T2 VF-XF T2 T2 T2 VF T2 G-VG or VG-F with margin damage T2 VF T2 VF-XF T2 VF-XF Paper Money Whole No. 183 Page 103 (D16709A T2 Smithsonian) D20299A T2 F plus D32025A T2 VG (D37422 T2 F—FRB/SF) D38847A T2 EF $50 1914 Red Seal Federal Reserve Notes Notes listed in parentheses are in government hands and may cease to exist at any time! Serial Type Grade/Comment BOSTON 44,000 Notes (20,000 Type 1, 24,000 Type 2) A8807A VG, ex Grinnell lot 4424 A14241A T1 VF-XF A22259A T2 EF (A31536A T2 Smithsonian) NEW YORK: 120,000 Notes (80,000 Type 1, 40,000 Type 2) B2128A T1 XF (B44812A Smithsonian) B57322A Ti VF plus B57324A T1 EF (need serial reverification) B67700A T1 F plus B68937A T1 VF B91474A T2 F B99702A T2 VF B100293A T2 EF B101969A T2 F-VF B102843A T2 F B109315A T2 CU B110486A T2 F-VF B115109A T2 CU, NASCA 23 June '89. Lot 2273 B112338A T2 EF PHILADELPHIA: 52,000 Notes (12,000 Type 1, 40,000 Type 2) ATLANTA 28,000 Notes (28,000 Type 1, no Type 2) F10995A T1 (F18395A Ti VF—FRB/SF) F19547A T1 VG-F (F19741A T1 Smithsonian) (121779A T1 F—FRB/SF) CHICAGO 60,000 Notes (20,000 Type 1, 40,000 Type 2) (G IA T1 CU—FRB/SF) (G2418A T1 Smithsonian) G2733A Ti UNC? need serial reverification G17273A T1 About new, pressed G27733A T2 About new G38719A T2 XF, Melnick 17 June '83. Lot 367 G38774A T2 VF G55893A T2 F-VF CIA C181A C182A C183A C184A C185A Cl 86A C187A C188A C189A C190A C734A C2047A C17708A (C22764A C24666A C25321A C29018A C36264A (C42948A C49017A T1 CU Ti CU T1 UNC, NASCA 19 April '82, lot 2209C T1 ex Grinnell lot 4847 T1 UNC, ex Grinnell lot 4847 T1 UNC, ex Grinnell lot 4847 T1 UNC, ex Grinnell lot 4847 T1 UNC Tl UNC T1 UNC, ex Grinnell lot 4434 Ti UNC Ti about fine T1 VG-F T2 F Smithsonian) T2 F T2 VF-XF T2 VG-Fl T2 About new T2 VF—FRB/SF) T2 VG-F tear CLEVELAND: 48,000 Notes (8,000 Type 1, 40,000 Type 2) D4453A T1 AG to VF D7241A T1 CU D7260A T1 VG D8609A T2 D9643A T2 EF (B 1 850A B11037A B16672A B41080A B41420A B41421A B47426A B49145A B55166A (B55426A B62594A B68778A B73634A B77905A T1 FRB/NY) T1 VG-F T1 T1 VG—writing T1 LING T1 "enhanced" AU plus T1 G-VG T1 G-VG T1 G-VG pinholes T1 Smithsonian) T2 G-VG T2 VG-F 1'2 G 1'2 VG? Page 104 Paper Money Whole No. 183 MINNEAPOLIS 16,000 Notes (8,000 Type 1, 8,000 Type 2) (I1088A T1 Smithsonian—need serial reverification) 11804A T1 16489A T1 VF Observed $100 1914 Red Seal Federal Reserve Notes: Notes listed in parentheses are in government hands and may cease to exist at any time! Serial Type Grade/Comment I19075A T2 F plus BOSTON 44,000 Notes 110027A (110188A T2 T2 About fine FRB/NY) (16,000 Type (A53A 1, 28,000 Type 2) T1 Smithsonian) (112707A T2 CU—FRB/SF) A6030A T1 VG 112811A T2 CU A7779A T1 F-VF 113460A T2 Weak extra-fine A10607A T1 About new 113800A T2 VF A10608A T1 I15255A T2 VF-EF A10609A T1 CU A10610A T1 CU A10611A T1 CU A10612A T1 CU KANSAS CITY 16,000 Notes A10613A T1 A10614A T1(8,000 Type 1, (11271A 8,000 Type 2) T1 About new-FRB/SF) Al 0615A A 1 0616A T1 T1 About new CU 11960A T1 EF pressed A10617A T1 CU 12295A T1 EF ex Grinnell A10618A T1 CU (19962A T2 F—FRB/SF) A10619A T1 CU 110041A T2 F plus A10620A TI CU (111571A T2 Smithsonian) A10621A T1 CU 111867A T2 VG A10622A T1 CU Al 0623A T1 CU A10624A T1 CU A24307A T2 VG-F A25941A T2 DALLAS 28,000 Notes A28011A T2 F-VF (28,000 Type 1, no Type 2) (A28027A T2 F—FRB/SF) K3773A T1 F-VF, ex Grinnell (A28212A T2 About new—FRB/SF) K12746A T1 VG A29732A T2 K18065A T1 VG A32323A T2 EF (K19629A T1 Smithsonian) A40278A T2 KI9652A T1 VG-F A43964A T2 K21685A T1 VG (K24769A Ti F—FRB/SF) NEW YORK 80,000 Notes SAN FRANCISCO 32,000 Notes (8,000 Type 1, 24,000 Type 2) 1,2582A T1 About VF, NASCA 12 Nov. '79, lot 2389 L5794A T1 VF-XF (1,6918A Smithsonian) 1.8615A T2 EF L8985A T2 L9785A T2 VG-F small margin tear 1.10140A T2 EF, tiny tear, ex Grinnell Lot 4484 (1.10663A T2 F—FRB/SF) 1,15182A T2 F (L18975A T2 FRB/NY) (1.19931A T2 EF—FRB/SF) I,27395A T2 I.27856A '12 AU+ 131303A 'I2 (60,000 Type 1, 20,000 Type 2) BIA T1 Beebe, ANA PHILADELPHIA 52,000 Notes (12,000 Type 1, 40,000 Type 2) C1122A T1 VF (C4060A T1 EF—FRB/SF) E4152A (E4870A E6087A E8907A E11054A E12417A E12638A E21112A E21935A E23404A (E23614A T1 VF T1 F—FRB/SF) T1 VG-F T1 VG-F T1 F T1 VG-F Ti F T2 EF, ex Grinnell lot 4446 T2 G/VG T2 F? cleaned? T2 Smithsonian) ATLANTA 20,000 Notes (16,000 Type 1, 4,000 Type 2) F1138A T1 VF, ex Grinnell lot 4452 F5316A T1 VF-XF (F8126A F11443A F11619A (F14452A F19120A T1 Smithsonian) T1 UNC T1 EF T1 EF—FRB/SF) T2 Strong extra-fine MINNEAPOLIS 20,000 Notes (8,000 Type 1, 12,000 Type 2) I7332A (110585 111908A Smithsonian—needs serial reverification) T1 F—FRB/SF) T2 (I2882A T1 Paper Money Whole No. 183 Page 105 Smithsonian) F—FRB/SF) F plus, pinholes (need serial reverification) About fine, writing on back About very fine VG-F EF, writing About new EF VF? About new EF About new EF UNC About new EF F (G1A (G1142A G2845A G4383A G5795A? G5797A G16933A G19322A G21906A G29701A G30001A (G32212A G33229A G35343A (G35482 (G35483 G36991A G37751A G52282A G52704A G54938A G54937A G57343A G59909A ST. LOUIS (12,000 Type 111806A H4754A FI8948A H9742A H10021A H10664A 1-110705A H11043A H12430A (H14468A H15931A H20580A H21093A H21615A I-131322A (C4765A T1 (C5280A T1 C5529A T1 C5592A T1 C12985A T2 C14476A T2 C21518A T2 C21520A T2 C22247A T2 C23394A T2 C25928A T2 C26112A T2 C29333A T2 C29917A T2 C36679A T2 C36788A T2 C38474A T2 C40287A T2 CLEVELAND 48,000 Notes (8,000 Type 1, 40,000 Type 2) D171A T1 VG D4490A T1 D6261A T1 Strong extra-fine D7561A T1 VG-F D11451A T2 F plus (D14147A T2 EF—FRB/SF) D16565A T2 F D17011A T2 F D17679A T2 F D21762A T2 VG-F D22508A T2 About new (D24997A T2 Smithsonian) D25087A T2 F plus D29331A T2 Strong extra-fine (D30456A T2 F—FRB/SF) D30646A T2 VF+ (D31162A T2 FRB/NY) D35122A T2 About new D35659A T2 VF-EF D40208A T2 F D40314A T2 VG RICHMOND 24,000 Notes (16,000 Type 1, 8,000 Type 2) E1301A T1 F E2956A Ti EF T1 T1 T1 T1 T1 T1 T2 T2 T2 T2 T2 T2 EF—FRB/SF) T2 About new T2 VG-F T2 EF—FRB/SF) T2 EF—FRB/SF) T2 EF T2 UNC 32,000 Notes 1, 20,000 Type 2) T1 F-VF T1 F, closed tear T1 UNC T1 About extra-fine T1 F T1 VF F T1 VF T2 VF plus T2 EF—FRB/SF) T2 VF F-VF T2 Strong extra-fine T2 F T2 VF-EF CHICAGO 60,000 Notes (16,000 Type 1, 44,000 Type 2) CU—FRBN/SF) Smithsonian) EF About new VG-F—burn (needs reverification) XF—burn damage VG-F G-VG VG F T2 VG-F—rust T2 T2 UNC T2 CU (grade unconfirmed) T2 CU KANSAS CITY 20,000 Notes (8,000 Type 1, 12,000 Type 2) 11883A T1 VF 12073A T1 F 13099A T1 LING, ex Grinnell lot 4475 14205A T1 XF-AU J6793A T1 VG-F—pinholes (17365A T1 G—FRB/SF) J8947A T2 * * *J91898A T1 EF—Boys Town (invalid serial #) J9514A T2 F 110244A T2 F 110274A T2 VF 110489A T2 F—corner off 111907A T2 VF faded seal, NASCA 10 Sept '81, lot 1205 112399A T2 VF, also have CU grade report! J14195A T2 VG-F (116231A T2 About new—FRB/SF) 119125A T2 F-VF 119660A T2 About new DALLAS 16,000 Notes (8,000 Type 1, 8,000 Type 2) K1009A T1 VG (K1576A T1 VF—FRB/SF) K2525A T1 VF, ex Grinnell lot 4480 K6182A T1 K7786A Ti UNC (K8763A T2 EF—FRN/SF) K11875A T2 VF K13100A T2 Strong, extra-fine K14152A T2 F (K15774A T2 Smithsonian) SAN FRANCISCO 36,000 Notes (8,000 Type 1, 28,000 Type 2) L418A T1 I' plus L514A T1 VF L4124A T1 F L4300A T1 VG-F—burn L5871A T1 VG-F? L6057A T1 VF-XF L7933A Ti F-VF L8708A T2 F L10012A T2 F L11329A T2 About new L11330A T2 CU L12194A T2 F face/VG-F (back soiled) L16084A T2 XF/VF L20712A T2 UNC Paper Money Whole No. 183 1,20730A T2 1,21949A T2 About new (L24803A T2 Smithsonian) (1,27690A T2 F—FRB/SF) L28085A T2 EF 1,28901A T2 UNC L28902A T2 UNC L30581A T2 F, trace tellers stamp on face I.30722A T2 About fine, couple of pinholes I.32565A T2 VF 1,33641A T2 About new I,34044A T2 EF Any additional data or improvement on the existing data pre- sented above would be greatly appreciated by the author at P.O. Box 2283, Prescott, AZ 86302 or (520) 445-2930. B A I NK Happenings THE ACCOMMODATION BANK (From the Bankers Magazine) "The Accommodation Bank of St. Louis, with a capital of $300,000, chartered by act of legislature, approved February 15th, 1864, is open for business at the new banking-house, No. 80 Chestnut street, between Third and Fourth streets. President, ERASTUS WELLS; Cashier, WM. D. HENRY; Assis- tant Cashier, S.M. MOODY; Counsellor [sic], Hon. JOHN M. KRUM. This institution is intended for the benefit of the poor man, and will especially guard and protect the interest of the mechanic, the small tradesman, the laborer, the house servant, SIGNED HIMSELF TO DEATH (By Zephaniah W. Pease, in the Morning Mercury of New Bedford, Massachusetts of June 27, 1932; a column commemo- rating the 100th anniversary of the First National Bank of New Bedford.) It would be entertaining to write the story of many who have served the bank in various capacities. Mr. Grinnell (presi- dent of the Marine Bank, later the First National Bank of New Bedford) was followed as president by Edward W. Howland. The late William A. Mackie, a president of the bank, wrote that Mr. Howland killed himself signing bills. He signed two hun- dred sheets of four bills every day for a long period. He went away on a business trip, returned and set about making up his work. As he passed the last installment to the cashier, he fell dead from apoplexy. Page 106 (I13688A 116391A 117410A I19262A Smithsonian—needs serial reverification) T2 VF T2 VF T2 F Paper Money Whole No. 183 Page 107 Charter Number and Type Listing of CONNECTICUT National Bank Notes by I IAROLD J. ANDREWS FLIRTY years ago I began collecting paper money. Not much was available on the subject, but I've saved many of the carefully-researched publications and scholarly Connecticut Nat'l Notes: + = collected Ch. No. Title Denominations T manuals that were published later. I started a Connecticut "57 varieties" collection and made good progress until five years Ty I Ty II ago. Certain notes simply do not appear in any of the auc- 2 The First National Bank and $5 $5 + tions, shows and dealers lists I have researched; and responses Trust Company of New Haven 10 10 + from readers would certainly help to find information on the 20 20 ± existence of the missing items. My sources are The National 4 The First-Stamford National 10 Bank Note Issues of 1929-35 by Huntoon and Van Belkum, Bank Stamford 20 + — the complete set of PAPER MONEY magazines, and the gener- 4 The First-Stamford Nat'l Bank 5 + 5 + ous help of Bob Kvederas and John Schwartz. Special atten- & Trust Co. of Stamford 10 10 + tion was given to the work of M.O. Warns and Tom Snyder. 121 The First National Bank of 5 + 5 I would appreciate all information which can be shared. Do Hartford 10 10 + these elusive notes exist? Has anyone seen or collected any of 186 The First National Bank of 5 them? If so, may I have the serial number or obtain a photo- copy to verify Charter Number and Type? Rockville 10 20 — 250 The First National Bank of 5 + 5 Type I—Total 150 / Missing 10 Meriden 10 10 + 186 20 Rockville 335 First National Bank Bridgeport 5 + — 735 5 Stonington 10 780 100 Waterbury 20 + — 1093 20 Ansonia 335 The First NB and Trust Co. 5 + 5 + 1128 100 New Haven of Bridgeport 10 10 + 1249 20 New Canaan 20 + 20 + 3914 5 Stafford Springs 397 The First National Bank of 5 + — 3964 10 Thomaston Middletown 10 5309 5 Ridgefield 20 + — 12973 10 East Port Chester 497 The First National Bank of 5 5 Suffield 10 + 10 + 20 20 + Type II—Total 123 / Missing 24 509 The Rockville National Bank 10 10 250 5 Meriden 20 + 20 509 10 20 Rockville 645 The Mystic National Bank 5 5 735 20 Stonington Mystic 10 10 + 1132 20 Danbury 20 + 20 + 1214 10 20 Falls Village 666 The National Bank of Commerce 5 + 5 + 1249 10 New Canaan of New London 10 + 10 + 1340 5 Middletown 20 + — 1382 5 20 Meriden 709 The First National Bank of 10 + 10 + 1614 5 Willimantic Litchfield 20 + 20 + 2494 5 Waterbury 720 The Home National Bank of 10 10 + 2643 5 10 20 South Norwalk Meriden 20 + 20 + 3964 10 20 Thomaston 5309 5 20 Ridgefield 735 The First National Bank of 5 5 10145 10 20 Moosup Stonington 10 10 + 10145 10 20 Plainfield 20 + 20 780 The Waterbury National Bank 5 + 5 + 10 10 + Note: There are four title changes included here. 20 20 + Ch. 4 Stamford 335 Bridgeport 50 + 5235 Torrington 10145 Moosup/Plainfield 100 Page 108 Paper Money Whole No. 183 Ch. No. Title Denominations Ch. No. Title Denominations 942 The National Bank of Norwalk 5 5 + 1614 The Windham National Bank 5 5 10 10 + Willimantic 10 1(1 + 20 20 + 20 20 943 The Danbury National Bank 5 5 + 2414 The First National Bank of 10 10 + 10 10 + Winsted 20 20 20 20 + 2494 The Citizens & Manufacturers 5 5 978 The National Whaling Bank 5 5 National Bank of Waterbury 10 10 + of New London 10 10 + 20 20 2599 The First National Bank of 5 + 5 + 1037 The New London City National 5 5 Wallingford 10 10 + Bank 10 10 + 50 20 20 + 100 1093 The Ansonia National Bank 10 10 + 2643 The City National Bank of 5 + 5 20 20 + South Norwalk 10 10 1098 The Birmingham N.B. Derby 5 5 + 20 20 10 10 + 3020 The Naugatuck National Bank 5 20 20 + 10 + 1128 The Merchants National Bank 5 20 + of New Haven 10 3914 The First National Bank of 5 — 20 Stafford Springs 10 50 20 + — 100 3964 The Thomaston National Bank 10 10 1132 City National Bank & Trust 10 10 + 20 20 Company of Danbury 20 20 5235 The Torrington National Bank 5 + — 1139 The Deep River National Bank 5 5 10 + — 10 10 5235 The Torrington National Bank 5 5 20 20 + and Trust Company 10 10 + 1184 The New Britain National Bank 10 5309 The First National Bank & 5 5 1193 The First National Bank of 10 10 + Trust of Ridgefield 10 10 + New Milford 20 20 + 20 + 20 1202 The National Tradesmen's Bank 5 8511 The Canaan National Bank 5 + and Trust Co. New Haven 10 10 + 10 20 20 + 20 1214 The National Iron Bank of 10 10 8936 The Essex National Bank 10 + 10 + Falls Village ?() 10145 The Plainfield National Bank 10 201216 The Middletown National Bank 5 5 of Moosup 20 Middletown 10 10 + 10145 The First National Bank of 10 10 1243 The New Haven Bank National 5 5 Plainfield 20 + 20 Banking Ass'n New Haven 10 + 10 + 10289 The Bethel National Bank 5 + 5 + 20 20 + 10 + 10 + 1249 The First National Bank & 5 5 12400 The Peoples National Bank of 5 + — Trust of New Canaan 10 10 Stamford 10 + 20 20 + 20 + — 1314 The Clinton National Bank 5 5 12637 The Plantsville National Bank 5 + 5 + 10 10 + 12846 The City National Bank of 10 + — 20 20 + New Britain 20 + 1338 The Hartford National Bank 5 5 12973 The Byram National Bank 10 10 and Trust Company 10 10 + of East Port Chester 20 20 + 20 + 20 + 13038 The Capitol National Bank 5 5 1340 The Central National Bank 5 5 of Hartford 10 + — of Middletown 10 + 10 + 13704 The Tradesmen's National 5 + 20 20 + Bank of New Haven 10 + 1360 The Windham County National 5 5 20 + Bank of Danielson 10 + 10 + 20 20 + Were any of the notes NOT marked "+" ever seen? 1382 The Meriden National Bank 5 5 10 + 10 Note: Charter No. 2682 succeeded Charter No. 2 on May 6, 20 20 1882, then "retook" Charter No. 2 on March 19, 1909 1494 The Hurlbut National Bank 10 10 (Hickman and Oakes). It is generally believed that no notes of Winsted 20 20 were issued with Charter No. 2682. SrAllikle RE PCBLIKA aESKOSIOVENSKA A10 STA(M RA NATI STO KORUN eESKOSLOVENSKY. C1-1 PRAlt k, 1 ■Allf “41111 Paper Money Whole No. 183 Page 109 The Starts Here A Primer for Collectors by GENE HESSLER UST prior to the invasion of Czechoslovakia and the regions of Bohemia and Moravia, and Slovakia in 1939, Jindra Schmidt (1897-1984), one of Czecho- slovakia's most accomplished engravers had just completed his first solo engraving. The German invaders were in control of these areas before this note was issued. The image of Liberty with her Phrygian Cap, also called a liberty cap, decorated the 50-korun note engraved by Jindra Schmidt for Czechoslovakia. This image of freedom was abso- lutely unacceptable to the occupiers. The engraver was ordered to reengrave the image of Liberty and remove her cap. The note was altered further and then issued in the protectorate of Bohemia and Moravia P(ick) 7. Bohemia and Morovia, P7. The occupying German authorities went one step further to abolish any reference to liberty. Above the entrance to the State Printing Works in Prague there was an image of Liberty with a Phrygian Cap in stone, the design of Alfons Mucha, the high priest of art nouveau. One or more citizens of Prague were or- dered to remove the cap by filing it away. Liberty remains that way today as a reminder of those dark days of occupation dur- ing World War II. In 1945 the first post-war bank notes in Czechoslovakia were issued. The 100-korun note P66 included the original image of Liberty with her cap by Jindra Schmidt. Two other inexpen- sive notes from Czechoslovakia include Liberty. They are: the 1 koruna P58 and the 100 korun P24. There is a story that goes with the latter note; perhaps a future column will be devoted exclusively to this beautiful note. It is available for less than $25. Czechoslovakia, P66. This 2000-year-old symbol of freedom can be traced to the ancient Phrygians, who occupied a region of central Asia Mi- nor, now in Turkey. The Romans, who eventually dominated this region, adopted the Phrygian soft conical cap as a symbol to be worn by and to identify freed slaves. The liberty cap has almost become synonymous with the image of Liberty. This image has been used on many United States coins and a few bank notes. The first United States half-cents dated 1793 had the image of Liberty on the obverse. In that instance she had the liberty cap atop a liberty pole, which rested on her shoulder. American patriot Robert Morris affectionately re ferred to this figure as the lady holding the "stick with the night- cap on it." Many countries around the world have used and continue to place Liberty with her always-in-vogue fashionable cap on their coins and paper money. Czechoslovakia, P66. Both Czechoslovakia P66 and Bohemia and Moravia P7 are available for a total of $25 or less. Examples of both notes remained after subsequent designs were issued in 1948 and later. So, the Czech government authorized the perforation of these and other previously- issued notes with "SPECIMEN" and sold them for less than face value to collectors. All the notes with the perforation are available for less than the notes without the perforation. With or without the perforation these two inexpensive notes are tangible pieces of history that remind us of what happened in Czechoslovakia during World War II. They would be good subjects for a student or teacher to show and discuss in a his- tory or social studies class. (Copyright story reprinted by permission from Coin World, July 25, 1994.) T Page 1 1 0 Paper Money Whole No. 183 JERSEY CITY'S LABOR BANK by MICHAEL G. KOTORA The years after World War I saw the rise of a labor banking movement in the United States. Labor lead- ers realized that the financial resources of both unions and their members could be used to directly benefit workers through the instrument of labor banks. The first labor-owned and-operated national bank was the Brotherhood of Locomotive Engineers Co-operative National Bank of Cleveland, Ohio. It received charter 11862 on October 25, 1920. State- and federally-chartered labor banks were soon es- tablished throughout the country. This article will present a detailed history of one of these banks. The Labor Czar HE man behind the organization ofThe Labor National Bank of New Jersey was Theodore M. "Teddy" Brandle. He was born on March 12, 1884 to a poor immigrant family in Jersey City. Brandle had little formal schooling and admitted that he was educated in "the college of hard knocks." His first position in the labor movement was as an unofficial business agent of Local 45 of the International Association of Bridge, Structural and Ornamental Iron Workers of the Ameri- can Federation of Labor (A.F. of L.). Brandle was a man with an aggressive temperament who was prone to violence. Perhaps that is why he rose to become the local's president during an era when labor disputes were often settled by fists and clubs. Brandle held such complete power over his local that he was nicknamed the "labor czar" by journalists. Any union member who opposed him risked losing his union card and therefore any chance of employment in his trade. Teddy Brandle's chief ally was Jersey City Mayor Frank Hague. The power of Hague's political machine extended from the city to throughout Hudson County and the entire state. Occasion- ally a contractor would attempt to defy Brandle by setting up an open shop with nonunion workers. Those workers would soon be attacked by union pickets. When this occurred, Hague's police could rarely be found in the neighborhood to defend the "scabs." In return for Hague's support Brandle made sure that Hague and his candidates received labor's endorsement. Their backing could turn a close statewide race from a poten- tial defeat to a victory. Brandle's men extorted political "contri- butions" from contractors. This money joined a river of cash that was fast making Hague a millionaire. In 1925 Teddy Brandle was elected president of the New Jer- sey Building Trades Council. This post gave him control over the state's construction unions. The building boom of the 1920s increased the construction unions' membership and their strength within the American Federation of Labor. Now that he was one of the most powerful union leaders in New Jersey the labor czar was ready to establish his own financial empire. Teddy Brandle The New Labor Bank In January 1926 over three hundred delegates, represent- ing eighty-two union locals, met to hear Teddy Brandle ex- plain his plan for a labor bank. He emphasized the central reason why such an institution should exist by stating: "With our own bank we will be in a position to help the laboring man at all times. Not only that, we will be able to advance money for construction and manufacturing purposes to em- ployers and in that way the laboring man will be employed all year round and not seasonally" (Jersey Journal, Jan. 7, 1926, 1). Other commercial banks would cater to the interests of capitalists and the wealthy. A labor bank was expected to use a laborer's savings to improve his quality of life. The cornerstone of Brandle's financial operations was to be the Union Labor Investment Corporation. This investment company would be useful because it could make a wider range of investments and loans than a national bank. Among its activities would be to make construction building loans and assist in the financing of all building operations. The Union Labor Investment Corporation would hold a controlling in- terest in the stock of The Labor National Bank. State law al- lowed Brandle to restrict control of the investment company, and hence the bank, to labor alone. Three classes of stock, with a total value of $2 million, would be issued: one million dollars of common stock representingfifty-one percent of vot- ing shares was reserved for ownership by labor unions; the other two classes of stock consisted of common and preferred shares which carried no limitations on who could own them. Teddy Brandle had already been elected president of the Union Labor Investment Corporation. Other labor leaders were slated to become officers and directors. These same men would also fill important positions in the new labor bank. T 1:111WINCITDSTITLIVAINDSDENINITED rIllITHETRIASTR or 1:„ 4 I Tali; ,141,11titglifikAt 12939 Al 44.1444.1144+4.1.1414.44.11i4441141.1.41/ r4vvymixpiwrwolitils; 0724 --,....044110aNigallageiatigaLWANOW:001=-igfi WIG g r: 0. latP-A-..1eto) 1 Paper Money Whole No. 1S3 Page 1 1 1 Brandle admitted that he and his associates knew little about the field of finance. Leaders of the Brotherhood of Locomo- tive Engineers in Cleveland had provided advice on how to set up a labor bank. Now Brandle promised that capable men would be chosen to guide the bank's course. Five of the fifteen directorships of the investment company would be reserved for people experienced in finance. With this assurance that the project would have competent leadership the labor delegates voted to endorse Teddy Brandle's plans. The man who was entrusted with the future success of the enterprise was Archibald M. Henry. In his youth Henry had made a fortune in the coal business. He had entered the bank- ing field when he bought control ofThe National Bank of North Hudson at West Hoboken, NJ (charter 9867) in 1910. Henry had just completed the organization of The Union City Na- tional Bank (charter 12749) in May 1925. As the president and majority owner of two national banks Henry was the ob- vious choice to oversee labor's loans and investments. To that end he was given the title of treasurer of the Union Labor In- vestment Corporation and was made a director of that com- pany. well as many hoped-for new tenants. Land for use as a build- ing site was purchased in the Journal Square commercial sec- tion. This was the beginning of an investment in the bank's building that would be far greater than in the bank itself. The bank's board of directors decided not to wait until their new building was ready. They chose temporary quarters a short dis- tance from the building site and opened The Labor National Bank on June 28, 1926. The Prosperous Years Employees and customers of the labor bank waited while an elegant building of white marble and brick rose steadily on its foundations. But Teddy Brandle didn't have to wait when it came to his own home. Now described in the press as a mil- lionaire, he had purchased a mansion located in one of the city's best neighborhoods. Brandle had acquired his fortune from many sources. By far the most profitable of his business ventures was a surety bond company, which wrote insurance guaranteeing the satisfactory completion of construction con- tracts. Mayor Hague made sure his ally's company had a mo- nopoly in writing bonds for local public construction projects. The #1 1902 Plain Back $20 note with the signatures of Theo M. Brandle as president and C.C. Leeds as cashier. (Illustration courtesy of Bob Kotcher.) On March 30, 1926 the officers and directors of the Union Labor Investment Corporation voted to make an application for a national bank charter. Charter 12939 was granted to The Labor National Bank of Jersey City on April 23rd. The new bank was capitalized at $200,000 and would maintain a cir- culation of $75,000. Teddy Brandle was elected the bank's president and Charles G. Leeds was chosen as its cashier. Leeds had been serving as the cashier of The First National Bank of West New York (charter 12064). He would provide the experi- ence necessary to manage the labor bank's day-to-day opera- tions. Since early in this century Jersey City's developers and poli- ticians have attempted to steal away business from Manhattan with the lure of cheaper rent and easy access to New York City. As the labor bank was being planned, the Holland Tunnel was nearing completion. This vehicular tunnel under the Hudson River would link Jersey City with lower Manhattan. Teddy Brandle sought to profit from the tunnel's opening by con- structing a fifteen-story office building which would now be minutes away by car from Wall Street and Broadway. The new building would house the bank and investment company as Brandle also owned his own construction firm. He so domi- nated the industry that the state's builders decided to use his power and influence for their own benefit by appointing him director of their Iron League. This placed Brandle in the curi- ous position of representing both management and labor dur- ing negotiations. On July 31, 1928 Teddy Brandle officially opened the Labor Bank Building. With the labor bank installed in its new offices the success of the venture seemed certain. Deposits exceeded two million dollars as workers poured their savings into the bank. Bank note circulation had been increased to $100,000 the previous year. Soon the bank's capital would be doubled to $400,000. But as the end of the decade approached, eco- nomic forces were building like a dark storm cloud that would destroy all that Brandle had built. Brandle's Empire Crumbles The first shock waves of the approaching Depression began to ripple through New Jersey's economy in 1929. Construc- tion workers were among the most vulnerable of groups to 6,66G 6 6 ; 6 66 66 6. ;6 ;6 6 6666 66 6 6 66 66 66 6 6 66 66 66 6 6 66 66 66 6 6 66 66 611 6 6 66 46 66 6 If Lk Tit MOR NAME Mk OF al, .M61' CITYAe PIFV, JERSEY a mom RAJ ,J ARJR 4, ..., Tr N mua.ARS F 000780A F000780A - TEN DOLLARS Page 112 Paper Money Whole No. 183 This postcard view shows the tall, white Labor Bank Building in the late 1920s. the economic downturn. Even in the best of times they led a precarious existence, dependent upon when the next construc- tion job appeared. Now, as new construction projects vanished, these workers and their families quickly became desperate. Well over a thousand workers had trusted their union lead- ers and bought stock in the Union Labor Investment Corpora- tion. The salesmen who peddled the shares had promised a safe seven percent return at a time when local banks were of- fering four percent on their savings accounts. The investors were told that in time of need they could easily obtain loans from the investment company by using their stock as collat- eral. But this practice was in fact illegal in New Jersey. As con- ditions worsened, stockholders besieged the investment company's offices to plead for loans which couldn't legally be made. Many intense scenes, from suicide threats to bomb threats, were played out in those offices. Hudson County's business firms had long been subject to very high taxes and labor costs. Many companies, which had survived the first months of the Depression, planned to es- cape to areas with a lower cost of doing business. Mayor Hague had to prevent this. A strong tax base was necessary to support the bloated public payroll. Government jobs bought the loy- alty not only of the officeholders but their extended families as well. This was the key to his political machine's continued strength. So, if it was impossible for the mayor to promise lower taxes, he had to instead promise low wages and docile unions. Mayor Hague and Teddy Brandle were now set on a collision course. Along with a decline in deposits and an increase in delin- quent loans The Labor National Bank had still another prob- lem that endangered its future. Treasurer Archibald M. Henry had heavily invested in high-yielding German Reich bonds as well as the securities of other nations. Market concerns about the safety of these investments led to a steady erosion of their value. (This concern was justified. Shortly after the Nazis took power in 1933, German Finance Minister Hjalmar Schacht re- pudiated the Reich bonds.) By late July 1931 The Labor Na- tional Bank and the Henry-owned Union City National Bank and National Bank of North Hudson were in financial diffi- culty. To prevent their failure and the banking panic that might ensue, Hudson County's bankers began a series of emergency meetings. A 1929 Type I note bearing the signatures of Theo. M. Brandle as president and John J. Hurley as cashier. On August 1, 1931 the New Jersey Title Guarantee and Trust Company of Jersey City agreed to absorb The Labor National Bank. Its banking office would become a branch of the Trust Company. The office's excellent location made it the real prize of the acquisition. John J. Hurley, who had been The Labor National Bank's cashier since 1929, and all the office person- nel were retained to staff the new branch. Teddy Brandle and the other labor leaders-turned-bankers were forced to resign. Archibald M. Henry tried to save his banks by turning over most of his personal assets to them. His integrity would make him a poor man. When the last of the emergency meetings ended, in the early morning hours of August 6th, it was clear that there would be no rescue for Henry's banks. Later that day federal and state banking authorities cooperated in clos- ing the national banks and two small trust companies that Henry also owned. The Green Goods Game Conducted by Paper Money Whole No. 183 Page 113 At the same time that Teddy Brandle's labor banking dream was dying he faced a showdown with Mayor Hague over the future of the labor movement in Hudson County. Hague had given a contract to build part of the Pulaski Skyway to a non- union construction company. When completed, this elevated skyway would link Newark with the Holland Tunnel in Jersey City. Brandle couldn't allow the challenge to his authority to succeed. He called a strike and set his men loose on the non- union workers. As the strike wore on groups of men, desperate for jobs, fought each other with clubs, stones and iron bars. In February 1932 the struggle reached its climax when a laborer was beaten to death by a mob of Brandle's picketers. Twenty- one union men were arrested for the murder. Mayor Hague used this incident as an excuse to have his police clear the streets of picketers and break the strike. Mayor Hague wasn't the type of man who would tolerate a powerful rival for long. He used every sort of political and financial pressure to undermine Teddy Brandle's position. The final blow was delivered in January 1933, when a judge, con- trolled by Hague's organization, placed the ironworkers' local into receivership. Brandle and his cronies were ousted from power. One by one the county's union locals were seized by Hague's judges and turned over to new leaders who were will- ing to take orders from the political machine. In a short time the independent labor movement was crushed. "Everything For Industry" became Jersey City's new slogan; everything for industry—but nothing for the working man. In August 1934 the Union Labor Investment Corporation fell into bankruptcy. A few months later a hearing on the in- vestment company's condition elicited scathing criticism from a federal judge. Assets had been wasted in risky loans and on the extravagant decoration of the Labor Bank Building. The union men, who had invested their savings in the venture, were expected to lose at least three-quarters of their money. Teddy Brandle didn't easily accept his expulsion from the labor movement. He made several failed attempts to get back into power. In his last years he even lacked the consolation that wealth could have provided. Brandle had spent a huge amount of money financing his last strike and had lost the rest in fines and penalties resulting from a conviction for in- come tax evasion. In 1947 his mansion was auctioned off to satisfy a property tax bill that had gone unpaid for ten years. Teddy Brandle died on November 29, 1949. In Conclusion During the 1920s union leaders hoped to establish labor banks in cities throughout the country. Their hopes ended during the Depression. Unions, weakened by loss of their members to unemployment, could no longer support financially-troubled banks. Many labor banks failed or merged with stronger institutions. One lasting benefit was achieved by the competition offered by labor banks. Other commercial banks could no longer safely ignore the financial power of the trade unions as they had in the past. Anyone who would like to learn more about labor banking should read Bob Cochran's informative article: "Organized Labor and Their Banks." In his article Bob provides an over- view of this turbulent chapter of banking history. He also lists twelve labor-owned national banks that issued currency un- der twenty different titles. The scarcity of many of the issues of these banks would make building a collection of labor na- tional bank notes a challenging but rewarding project. Bibliography Cochran, B. (1986). Organized labor and their banks. PAPER MONEY, No. 124,153-158. Fleming, T.J. (June, 1969). 1 am the law. American Heritage, 32-48. Herbst, P. (1976). Frank Hague and the challenge of the C.I.O. Un- published student paper. Hickman, J. and D. Oakes. (1982). Standard catalog of national bank notes. Iola, WI: Krause Pub. Hudson Dispatch. Union City, NJ. Various dates. Jersey Journal. Jersey City, NJ. Various dates. McKean, D. (1940). The boss: The Hague machine in action. Boston, MA: Houghton Mifflin. Neu , York Times. New York City, NY. Various dates. Newark Evening News. Newark, NJ. Various dates. Steinberg, A. (1972). The bosses. New York, NY: The Macmillan Co. Troy, L. (1965). Organized labor in New lersey. Princeton, NI: D. Van Nostrand Co., Inc. ■ WHO IS HE? Chicago, Feb. 28.—A well dressed stranger left the Harrison street station last evening to take a train for Duluth. Before leaving he gave the name of J.S. Brown. That he said was not his right name, and all efforts of Capt. Flartnett failed to get information further than that he was a Duluth business man who would "commit suicide rather than reveal his identity." The reason for the man's visit to the station was due to the fact, he reported, that he is the latest victim of the green goods swindle. This is the story he told the police: "Recently I received a circular from a man in Chicago which alleged that the writer was in possession of a stolen govern- ment plate with which he could make money equal for all purposes to the genuine. The circular offered $3,000 for $600. I answered it and was sent two $1 bills. These I passed, and then came to Chicago with $600 to get $3,000. At 367 State street, where I had been directed, I met a swarthy man with a wart on his eye, who said the money was across the street. We went over and met another man. Then we stepped into a cab and rode to the world's fair grounds, where I counted $3,000 genuine money, which was in a valise in thirty packages. I paid my $600. We re-entered the cab, the valise being placed under our feet. In a little while one man complained that it was in his way, and suggested that I carry it on my knees. We drove to the Illinois Central station on Twelfth street. The men stepped out, taking another valise and saying they wished to check it in the baggage room. I waited, then went to look for them. I opened my valise. It was filled with paper. When I returned, the cab man had driven away. It was a white horse, and the driver wore a gray overcoat." St. Paul (Minn.) Pioneer Press, March 1, 1895. Page 114 Paper Money Whole No. 183 REFLECTIONS OF OR the first time, in many instances, we have at- tempted to list the signatures of the bank officers. There is no question but that these signatures are an impor- tant part of the charm and fascination of collecting nationals. The problem being that many signatures are illegible or indis- tinct or virtually missing altogether. Green ink, sometimes used with rubber stamps, just faded away without a trace. Attractive pen signatures are a great plus on any national bank note— the higher the grade, the better. We have considered methods of legitimately restoring these signatures where the proper ones are known and examples are available. A new stamp can be made from a similar note and used to restore faded or missing signatures. We would greatly appreciate any comment, both pro and con, anyone would care to make in connection with bank officer signatures and particularly relative to restoring them. For some time now it has been our intention to point out the fallacy of considering only outstanding circulation figures in Van Belkum's recent book [National Banks of the Note Issuing Period, 1863- 1935] in determining the rarity and perhaps the price of a note on a given bank. However, we did not wish to do this without first discussing this with Mr. Van Belkum, not only because we consider him a friend but because we can appreciate the hours and expense that were incurred in pro- viding all of us with this valuable information, and we by no means wanted him or you to feel we were attempting to un- dermine what he has done. Noting the manner in which circulation figures have been bandied about not only the past few months, but even more so at the recent ANA show, we spoke at length with Mr. Van Belkum and found that he, too, was concerned about the em- phasis being placed on the circulation figures. On our 13th mail list issued in November 1967, our intro- duction contained a paragraph relative to pricing notes. Per haps it would clarify our position if we were to reprint this paragraph as it was written prior to outstanding circulation figures being known. Our thinking is the same now as it was then: "While we have no quarrel with any man's method of pric- ing his merchandise, we feel that sky-high prices on notes, rare, scarce, and common indiscriminately, can only harm the hobby and discourage the new collector. We make no claim to being either oracles or public benefactors, but we do claim that our prices are arrived at after considering many factors, including the specific bank of issue, its size, term of existence, relation to other banks in the same town and county, and of course the denomination, type and condition." While circulation figures most certainly provide all with an additional guide it should by no means be used as the only guide in determining the rarity and price of a note. Nationals were saved in a haphazard manner, with the "saver" having no idea, or for that matter no concern, as to the total circula- tion of the bank or bank's notes he set aside or hoarded. Natu- rally, the larger the bank's issue the better the chance a note survived redemption, but if a bank issued all charter period notes (small-size included), how can the circulation figure in 1934 provide us with the only information needed in pricing a note in largesize, especially in the early charter period notes. Banks from time-to-time retired a portion of their circulation in later years, or increased their capital and perhaps chose to expand their circulation, thereby causing the final circulation figure to be somewhat unrealistic as to what the bank's circu- lation may have been in any year except for the year the circu- lation figure is shown. All of the foregoing simply points out that it is impossible to look in any book, pull out a figure and feel that you have all the facts needed. It is our suggestion, along with that of Mr. Lou Van Belkurn, that circulation figures not be overempha- sized, and that it be used as it was intended—that is, factual information. Hickman & Waters 27th Mail List, September 1970.1 Standardizing Currency Grading An Opinion by BRAD VAUTRINOT Having read several books on U.S. currency, observed the many ads in currency publications and talked to several dealers and collectors, it appears to me as if the grading of paper money falls into two distinct categories: an attempt to simplify and standardize grading, e.g. Krause, Friedberg, and Morycz, and an attempt to promote categories within categories leading to needless complexity, confusion and over-grading of notes, e.g. some dealers, some collectors and some auction houses. WENTY-FIVE years ago uncirculated coins were graded as BU (brilliant uncirculated), gem BU, and proof. Now there are about ten "mint states" for uncirculated coins not including the various proof grades. The value difference in one mint state of uncirculated in a coin can mean as much as two-thousand dollars or more in some cases, both coins con- sidered uncirculated! On the surface this appears to be unfair, unnecessary and an attempt to artificially raise the premiums of coins that fit into the various categories. One can only specu- late as to why this has occurred and I'll stay away from any conspiracy theories that I've heard mentioned and just say that a possible reason may be due to the fact that there is a finite number of coins available to the large amount of collectors in the field. Since I'm not a coin collector, I'll retreat from this aspect of numismatics. One of the most frustrating issues of bank note collecting has to be the grading system. Another is note processing which has been touched upon in a previous issue of PAPER MONEY. Grading has many variations and these mean different things to different people, but what disturbs me most is that I'm see- ing categories within categories, or degrees within categories, and I hope this is not a trend toward emulating the current coin grading system. To paraphrase Krause's United States Paper Money, in its in- troduction, ". . there can be no degrees of uncirculated—a note is either uncirculated or it is not." I agree with this con- cept in its purity, but I'd like to clarify my feelings on this F T Paper Money Whole No. 183 Page 1 1 5 statement by saying I think there should be different grades of uncirculated notes due to their scarcity but that these differ- ences should be kept in some perspective and as simple and as fair as possible. I think the Krause statement above should be applied to grades of currency other than uncirculated, how- ever. For example, there can be no degrees of XF—a note is either XF or it is not. Regarding uncirculated notes, I feel that the grading system used by Stanley Morycz is one of the best and fairest of all those I've seen. This involves just three cat- egories of uncirculated notes. They are uncirculated, choice uncirculated and gem uncirculated. For those unfamiliar with Mr. Morycz's grading system of uncirculated notes they are as follows, and I quote from his catalog: "Gem Uncirculated: A superb note of exceptional condition." "Choice Uncirculated: A nice new note but not quite gem quality. Centering may be a trifle off." "Uncirculated: A crisp new note. May be off center or have a counting smudge." I feel this is a clear, fair and uncomplicated way to grade uncirculated notes and is what I use when grading my own collection or examining notes I find from a dealer or other collector. Needless to say, I've had some lively and energetic differences of opinion with some people regarding this and I tend to be wary of dealers and collectors who stray markedly from the above. When I look at a note I'd like to purchase I first examine it to see if it has been processed. If it has been processed, the sale is abandoned and I look elsewhere. If the note has not been tampered with I look to see what grade the seller has put it in, for example "Ch. XF+", and determine if the note fits into the grading system I use for XF. If it does, I then determine if the seller's price is reasonable and fair for a note in XF condition and do not get involved with the inane and confusing con- cepts of what constitutes a Ch. XF+. While starting to see some ads offering uncirculated notes in the following grades: "unc., cr. unc., ch. unc., gem unc., gem new, gem superb, and gem superb new" from the same dealer, I'm beginning to become alarmed as to where the field may be heading. Several months ago I received in the mail a catalog from a major auction house and was somewhat dismayed to see the following description of a particular note: (paraphrased) ". . . This scarce note is uncirculated with bright colors and in Gem New condition. It has one corner fold that doesn't touch the design, but we're not going to quibble over something this minor in such a rare and beautiful note and are grading it as Gem New." The rarity of a note should not determine its con- dition. The condition must speak for itself and this was a bla- tant example of over-grading and would have probably been graded as uncirculated by most reasonable people, but not Ch. Unc. and certainly not Gem Unc. To me, two of the most dis- appointing aspects of currency collecting would be if I were selling some notes to have the potential buyer point out that the notes were either processed or improperly over-graded and in either event not worth what I thought they were worth or what I had paid for them. I have become concerned to see, in some ads, people adver- tising Gem Unc. notes in the following manner: Gem, Gem New, Gem Superb, Gem Superb New, etc. These are examples of categories within categories and are absolutely absurd. A Gem note is a new note of pristine quality, unprocessed, full embossing, bright color, full margins all around on both sides, excellent centering, absolutely no signs of handling and as fresh as the day it was printed. Anything less than this will lower the grade of the note to an appropriate category. There cannot and should not be degrees or categories of Gem Uncirculated notes! I see more than a few ads in publications advertising notes as "XF+, Ch. XF, Ch. AU, About VF", etc., and, again, I feel that things are a bit out of hand. Varying grades of uncirculated I can understand, due to the scarcity of notes in uncirculated condition, and agree with this as long as they are kept reason- able, but what constitutes an XF+, a Ch. AU? I have no answer for this and a note should be either XF or AU or not—no plusses or minuses or choices—just XF or AU. If a note is better than XF, it is About Uncirculated. If it is better than AU it is Unc. "About VF" implies, to me, that the note is not VF and should have been graded as Fine. The only "About" category that has any validity is About Unc. (AU). Another puzzlement I see are notes described, for example, as "XF/AU". Again, a note is ei- ther XF or AU, but it certainly cannot be both. I hope that "slabbing" of currency is riot on the horizon but would not be surprised if someone attempted this in the near future. I read a currency ad in a recent issue of The Bank Note Re- porter describing a scarce note as "Virtually a Gem CU." How- ever, the seller noted there was a teller's counting pinch on one of the edges. In my opinion, this is another example of over-grading and the note should be in the Ch. Unc. or Unc. category depending upon the size of the pinch, but not Gem Unc. I hope that "virtually" is not about to become a new cur- rency grade. All of us become excited when seeing, acquiring or selling a scarce note and the temptation to grade it as highly as possible is only natural. What all of us have to do, though, is agree upon the true grading of currency and not be seduced by a particular note's rarity as an excuse or reason to grade it higher than it really is. Sell it for whatever amount you want, but grade it accurately and fairly. I've seen notes that I thought were Gem Unc. and was sur- prised to have the seller point out that it was actually a Ch. Unc. since the centering was off just a little too much to suit them and they were selling it as such since, in their opinion, it just missed Gem quality. It's nice to see such honesty and fair- ness. Dealers and collectors such as these have set specific lim- its on their grading system that they adhere to rigorously, consistently and faithfully. People are free to buy and sell bank notes forwhatever amount they want no matter what anyone, including the Green Sheet, states. That's their right and I'd never dispute that. The prevail- ing market and the scarcity of certain notes should be the major factor in the buying and selling of currency, but let's keep the grading of notes clear, simple, fair, concise and honest. With the large number of new collectors entering the field every year, I feel the time is here to standardize the grading system for currency before things become ludicrous and out of control; one consisting of accuracy, simplicity and fairness; one that will eliminate the varying and unnecessary degrees within each category (except uncirculated—and limit those to just the three mentioned above); one that will let the scarcity of a note dictate its value without resorting to the use of pre- tentious and inflated means of grading. WORLD PAPER MONEY Specialized in Poland, RUSSia E.Eurcipe & Sell Free Price ListE Tom Sluszkiewiez P.O.Box 54521, Middlegate Postal BURNABY B.C. CANADA V5E 4J6 Page 116 Paper Money Whole No. 183 SPMC Board Members Only four members came forward, before the deadline, to offer their services as governors. Conse- quently, no election will be necessary, the secretary will cast one vote to elect these four by accla- mation. FRANK CLARK, SPMC VP and membership director, is from Carrollton, Texas and has been a member of the SPMC since 1980. His primary collecting inter- est is North Texas national bank notes. Frank is a board member of the TNA; a district governor and presi- dent of the Dallas Coin Club; and an out-of-state board member of the PMCM. For his service to the TNA, Frank has received awards for Outstanding Governor, Best Ar- ticle, Outstanding Numismatist and Best of Show. He has exhibited at local, state and national shows, and has had articles published in the numismatic and non-numismatic press. GENE HESSLER, a native of Cincinnati and a musician by profession, is the author of four U.S. paper money-related books. This will be his second year as an instructor at the ANA sum- mer seminar. He writes monthly columns for The Numismatist and Coin World. He is an elected fellow of the American Numismatic So- ciety. Gene has served as editor ofPA- PER MONEY since 1984. As long as he remains in this capacity, he feels it is advantageous to continue as a governor due to his editorial responsibility to the SPMC mem- bership. MILTON R. FRIEDBERG, a native of Pennsylvania who now resides in Ohio with his wife, is a collector of fractional cur- rency and ancillary items such as scrip, payable-in-postage currency and encased postage. As vice president of the Frac- tional Currency Collectors Board (FCCB) he has prepared comput- erized catalogs for the FCCB mem- bership. Mr. Friederg has also computerized lists for the Souve- nir Card Collectors Society. He is author of the Encyclopedia of Frac- tional and Postal Currency, for which he received the Robert Friedberg Award from the PNG in 1978. His articles have appeared in PAPER MONEY, Coin World and the Bank Note Reporter. TIM KYZIVAT, SPMC Treasurer, is a native of Chicago and for 25 years has been an avid collector of Chicago national bank notes and other U.S. currency. With a degree in accounting from the University of Illinois, he is em- ployed as a Certified Public Ac- countant. Tim has been a member of the SP1v1C since 1975, and has exhib- ited at major numismatic shows. As a collector and part time dealer, he has attracted and educated new collectors. Tim says he will work hard to attract new members and will do what is needed to help the SPMC continue as a strong organization. 41. New Literature The Charlton Standard Catalogue of Canadian Government Paper Money, 8th ed. 317 pp., softcover, 450 illustrations. The Charlton Press, 2010 Yonge St., Toronto, Ontario M4S Canada 1Z9, $15 ($19.95 Canadian). This catalog includes all issues from Canadian playing card money (1685-1757) to current government notes, i.e., army bills, and the following issues: provisional; municipal; Prov- ince of Canada; Dominion of Canada and Bank of Canada. All pertinent data is included along with values in grades from good to uncirculated. The last two chapters cover special serial numbers, error notes, grading and a brief presentation of bank note printing. (Jerry Remick) rit PIXESTILLE E000011A IIPTIOOL IAN( PIKESVILLE co co E000011A 1 BUYING & SELLING U.S. & WORLD CURRENCY NATIONAL BANKNOTES a specialty I am actively buying/selling • Maryland • Pennsylvania • East Coast States wr WANT LISTS SERVICED -In Please send your Want List of National Banknotes TYPE NOTES • CONFEDERATE FOREIGN BANKNOTES • FRACTIONALS MARK HOTZ P.O. Box 771 Brooklandville, MD 21022 (410) 484-7395 Actively seeking Rhyolite, Nevada currency. ANA—LM 3631 SPMC 8166 Paper Money Whole No. 183 Page 117 ORDER TICKETS NOW! Only tickets purchased in advance will admit you to the SPMC Breakfast on June 21, 1996 in Memphis. Send $7 to Tim Kyzivat, P.O. Box 803, LaGrange, IL 60525. Tick- ets will not be sold at the door. Donations for the Tom Bain Raffle may be sent to Wendell Wolka, P.O. Box 569, Dublin, OH 43017. John T. Hickman Award Announced The John T. Hickman Award for Outstanding Research in U.S. Currency will be inaugurated by the Hickman family at the Memphis paper money in June. Hickman, renowned author, dealer and compiler of extensive national bank note records, died last year. He co-authored the Standard Catalog of National Bank Notes. The nature of the award is being determined. A committee has been formed to select a recipient who has made a significant contribution. It consists of Rick Hickman, John's son; Gene Hessler, editor of PAPER MONEY; and David C. Harper, editor of the Bank Note Reporter. Steve Feller, editor of the IBNS Journal, is in England on a sabbatical; he will join the committee later. Souvenir Card Award Established In the name of James Thompson, the Souvenir Card Collec- tors Society has established an exhibit award to be given in Memphis. Although not limited to souvenir cards, the exhibit must include souvenir cards and related material. NEW MEMBERSHIP COORDINATOR NEW MEMBERS 8971 Harry W. Newton, 2837 Greene St., Irving, TX 75062; C. 8972 I.F. Will, 501 North Broadway, Leavenworth, KS 66048; C, Leavenworth and Ft. Leavenworth, Kansas notes. 8973 Edgar F. Rummel, 7812 Adelphi Court, Adephi, MD 20783; C, Gold certs. & U.S. notes. 8974 Bernard Rosenson, 159 Dapplegray Road, Bell Cyn, CA 91307; C/D. 8975 Norris Turner, P.O. Box 753, Chino, CA 91708; C, Nat. Curr. 8976 James E. Murray, 10 Crestview Drive, Genesco, IL 61254; C, Lg. size notes. 8977 John C. Koebert, 11068 Saffold Way, Reston, VA 22090; C, U.S. fed. & obsolete notes. 8978 Richard Self, 855 Pierremont Road #103, Shreveport, LA 71106; D. 8979 Ken Cooper, 416 Center Avenue, Carnegie, PA 151-6; C, Nat. Curr. 8980 Gregory Denk, 811 24th Ave., NW, Gig Harbor, WA 98335; C. 8981 Eric Danielson, 2327 N. 82nd St., Wauwatosa, WI 53213; C. 8982 Jim Watson, 12888 Rue La Ville, St. Louis, MO 63141; C, Mili- tary Curr. 8983 Roger Passmore, 6200 W. 95th St. #14, Oak Lawn, IL 60453- 2779; C. 8984 John Sheldon, 3426 Vassar Dr., Anchorage, AK 99508-4333; C. 8985 W.T. Arnold, Jr,. 7781 NW 38th St., Hollywood, FL 33024-8403; C. 8986 James Gamble, 313 E. Hudson, Royal Oak, Ml 48067; C. 8987 Cliff Willis, P.O. Box 140129, Gainesville, FL 32614-0129; C. 8988 Matt Youngerman, 56 Pinelake Dr., Whispering Pines, NC 28327; C, NC & C.S.A. 8989 Dennis Quearry, 2926 Battery Ave., Richmond, VA 23228; C, Sm. size U.S. 8990 Stephen M. Goodman, 7755 Center Ave. Ste. 800, Huntington Beach, CA 92647; C, Lg. size U.S. 8991 Edward C. Piscola, 616 N. Semoran Blvd., #6, Winter Park, FL 32792; C, Lg. size U.S. 8992 William D. May, 5232 Hickory, Cheyenne, WY 82009; C. 8993 Al C. Adams, Jr., P.O. Box 246, Alpharetta, GA 30239; D. 8994 Orlan K. Ervin, 875 San Remo Road, Pasadena, CA 91105. 8995 Greg Ellis, 10704 Wooddale Lane, SW, Tacoma, WA 98498. 8996 Don Moriarty, 12037 Lincolnshire, Austin, TX 78758-2216; C.S.A. 8997 Ralph S. Rodgers, Sr. 1739 Ball Road, Memphis, TN 38114. 8998 Donald Kretchmer, 149 South Lehigh Street, Shavertown, PA 18708; Lg. size U.S. 8999 Matthew P. Whitehead, 809 Ridge Place, Falls Church, VA 22046; US, Canada, G. Brit., Ireland, Australia, NZ. 9000 Mark A. Hartford, 12009 Glenoak Drive, Maryland Heights, MO 63043; World. 9001 James A. Garcia, P.O. Box 717, Homer, LA 71040. 9002 Robert L. Steinberg, P.O. Box 1565, Boca Raton, FL 33429-1565; D, VT, NH Nat. 9003 Dave Davis, 14 Les Cherbourg Court, Florissant, MO 63034. 9004 Ralph Rucker, Route 2, Box 25, Haskell, OK 74436; Depression scrip. 9005 J.L. Laws, c/o The Scotsman, 11262 Olive Boulevard, St. Louis, a MO 63141; D. 9006 Larry Hanks, 415 North Mesa, El Paso, TX 79901; D, Lg. size U.S. 9007 James Theaker, 6230 SW 6th Court, Plantation, FL 33317; Frac- tional. Frank Clark P.O. Box 117060 Carrollton, TX 75011 Page 118 Paper Money Whole No. 183 9008 Rick Bingham, 3325 NW 18th Street, Oklahoma City, OK 73107; OK nat. curr. & U.S. 9009 Gerald Terrell, CS/CG Div, USS Wasp (HID-1), FPO AE 09556- 1660; Sm. size U.S. 9010 John A. Bush, 5311 Chapelford Lane, St. Louis, MO 63119. 9011 John Baugher, P.O. Box 1111, Kokomo, IN 46903. 9012 Greg Richardson 808 South Henry Clay Boulevard, Ashland, MO 65010. 9013 Jason K. Orenstein, 6125 Old Hickory Point, NW, Atlanta, GA 30328; World & U.S. 9014 Brad Sawyer, 380 Forest Road, Chesapeake, VA 23322; C.S.A. & Southern states. 9015 Bill Schtvyhart, P.O. Box 1203, Rogers, AR 72757. 9016 John R. Wolff, 1700 Briar Ridge Road, Glendale, CA 91207- 1020; Lg. size U.S. 9017 Larry C. Whaley, 4190 Bearden Lane, Douglasville, GA 30135. 9018 William Radosh, 517 Forest Street, Monessen, PA 15062. 9019 Gary Atkins, 815 Johns Road, Augusta, GA 30904; 19th century U.S. 9020 Kevin Piontek, 2500 Dollar Road, Green Bay, WI 54311. 9021 Gary R. Anderson, 204 Virginia Road, Concord, MA 01742-2717; Lg. size U.S. 9022 Joseph J. Venuti, 511 Farragut Avenue, Mays Landing, NI 08830. 9023 Dan Weber, 523 West 3rd Street, Wilmington, DE 19801; Sm. size U.S. 9024 Saul H. Spital, 10 Jeanine Court, Manalapan, NJ 07726; Lg. size U.S. 9025 Carlisle Lee Morgan, 8908 Brieryle Road, Richmond, VA 23229; Obsolete, colonial, C.S.A. & Southern states. 9026 James Larry Dye, Sr., 205 Hamilton Avenue, Myerstown, PA 17067; C.S.A. & Southern states. 9027 Larry L. Simons, 135 Ontario Street, Lockport, NY 14094; Lg. size pre-1900. 9028 Peter Home, 23 Upper Halliford Road, Shepperton, Middlesex TW 17 8RX England. 9029 William H. Estes, 1800 Valley Vista Court, Madison, IN 47250; Large type. 9030 Steven Moskowitz, 501 Rancho Bauer, Houston, TX 77079. 9031 lames L. Pinney, 65 West Jackson, Chicago, IL 60604-3507. 9032 R.F. Quinn, 2120 Drury Road, Silver Spring, MD 20906-1004. 9033 Leonard M. West, 9840-D Fulbrook Road, Indianapolis. IN 46229. 9034 Robert S. Weiss, 14408 Ash Court, Rockville, MD 20853. 9035 Waldemar Veazie, III, 3010 SW Sunset Trace Circle, Palm City, FL 34990. 9036 Hugh M. Schnacky, 1120 Mount Hope Avenue, Rochester, NY 14620. 9037 John G. Cloutier, 218 Islip Boulevard, Islip Terrace, NY 11752. 9038 Keith Littlefield, 3902 Rose Lane, Annandale, VA 22003. 9039 William 1. Terrell, Jr., 7855 Terrell Street, Navasota, TX 77868. 9040 J. Jay Morgan, 1309 Summoners Lane, Abilene, TX 79602-3132. 9041 Jerry T. Falduto, 34 Fairview Place, 2nd Floor, Bloomfield, NJ 07003; $1 & S2 notes. 9043 Hank Piotrowski, 2088 10th, Wyandotte, Ml 48192. 9044 Robert T. Jenkins-Hayes, 247 Edge Avenue, Valparaiso, IN 32580-1355; C; World paper money. 9045 Richard Rude, P.O. Box 38, Manderson, WY 82423; C&D. 9046 Douglas E. Sleep, Jr., 7603 Krepps Road, St. Johns, MI 48879. 9047 James C. Prodahl, 1401 89th Avenue North, Brooklyn Park, MN 55444. 9048 William D. Plate, 970-1 AsilomarTerrace, Sunnyvale, CA 94086. 9049 William H. Beathard, 63 North Main Street, London, OH 43140; C. 9050 Tom Glaser, 2210 Olde Winery, St. Louis, MO 63129. 9051 Donald R. Cleveland, Port of Spain, Department of State, Wash- ington, DC 20521-3410; C. Pr EARLY AMERICAN NUMISMATICS (1.-- *619-273-3566 COLONIAL & CONTINENTAL CURRENCY We maintain the LARGEST ACTIVE INVENTORY IN THE WORLD! SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. SPECIALIZING IN: SERVICES: q Colonial Coins q Portfolio q Colonial Currency Development q Rare & Choice Type q Major Show EARLY AMERICAN NUMISMATICS 0 Coins Coverage c/o Dana Linett q Pre-1800 Fiscal Paper q Auction q Encased Postage Stamps Attendance q P.O. Box 2442 q LaJolla, CA 92038 q 619-273-3566 Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS Paper Money Whole No. 183 Page 119 9052 Dan Crossman, P.O. Box 333, Bath, NY 14810-0333; C, Sm- size U.S. 9053 James D. Wiggins, 114 North Broad Street, Thomasville, GA 37192. 9054 George M. Callahan, 100SPS, PSC 37 Box 3203, APO AE 09459. 9055 Robert Bottorff, P.O. Box 2157, Wayne, NJ 61604. 9056 Harold Le Master, 2302 West Callender, Peoria, IL 61604; C D. 9057 Tedd W. Harwood, P.O. Box 26647, Richmond, VA 23262; U.S., Canada & CSA. LM175 Michael Reynard, 1301-20th Street #260, Santa Monica, CA 90404. LM176 Jack W. Bonner III, conversion from 6367. LM 177 Neil A. Chiappa, 2700 Woodmont Dr., Midlothian, VA 23113, conversion from 5233. LM178 Eustolio G. Perez, P.O. Box 18322, West St. Paul, MN 55118- 0322; conversion from 8363. LM179 David Gladfelter, conversion from 8046. LM180 Charles E. Kirtley, P.O. Box 2273, Elizabeth City, NC 27909. LM181 David W. Porter, 240 Cardinal Dr., Bloomingdale, IL 60108- 1317, conversion from 8760. LM182 Lyn F. Knight, P.O. Box 7364, Overland Park, KS 66207, con- version from 2391. LM183 Arthur Morowitz, 98 Hartshorn Dr., Short Hills, NI 07078; D, Vignettes & currency. LM184 Frederick Fleischer, Conversion from 6781. LM1S6 Greg D. Ruby, P.O. Box 728, Hampstead, MD 21074; C, MPC MD notes. 2497 Anthony Nicolazzo, 502 South Pittsburgh Street, Connellsville, PA 15425; reinstatement. 4807 lohn Heleva, Cal National Coin Exchange, P.O. Box 375, Fair Oaks, CA 95628; reinstatement. mart Paper Money will accept classified advertising from members only on a basis of I 5c per word, with a minimum charge of 53.75. The primary purpose of the ads is to assist members in exchanging, buying, selling, or locating specialized ma- terial and disposing of duplicates. Copy must be non-commercial in nature. Copy must be legibly printed or typed, accompanied by prepayment made pay- able to the Society of Paper Money Collectors, and reach the Editor, Gene Hessler, P.O. Box 8147, St. Louis, MO 63156 by the first of the month preceding the month of issue (i.e. Dec. 1 for Jan./Feb. issue). Word count: Name and address will count as five words. All other words and abbreviations, figure combina- tions and initials count as separate. No check copies. 10% discount for four or more insertions of the same copy. Sample ad and word count. WANTED: CONFEDERATE FACSIMILES by Upham for cash or trade for FRN block letters, $1 SC, U.S. obsolete. John W. Member, 000 Last St., New York, N.Y. 10015. (22 words: 52: SC: U.S.: FRN counted as one word each) OHIO NATIONALS WANTED. Send list of any you have. Also want Lowell, Tyler, Ryan, Jordan, O'Neill. Lowell Yoder, P.O.B. 444, Hol- land, OH 43528, 419-865-5115. (185) NEW JERSEY—MONMOUTH COUNTY obsolete bank notes and scrip wanted by serious collector for research and exhibition. Seeking is- sues from Freehold, Monmouth Bank, Middletown Point, Howell Works, Keyport, Long Branch, and S.W. & W.A. Torrey-Manchester. Also Ocean Grove National Bank and Jersey Shore memorabilia. N.B. Buckman, P.O. Box 608, Ocean Grove, NJ 07756. 1-800-533-616 (185) WANTED: NEW YORK FOR PERSONAL COLLECTION. TARRY- TOWN 364 & 2626, MOUNT VERNON 8516 & 5271, MAMARONECK 5411 & 13592, Rye, Mt. Kisco, Hastings, Croton on Hudson, Sommers, Harrison, Sing Sing, Ossining, White Plains, Irvington, Bronxville, Ardsley, Crestwood, New Rochelle, Elmsford, Scarsdale, Larchmont, Portchester, Tuckahoe, Mt. Vernon, Peekskill, Pelham, Hartsdale, Chappaqua. Send photocopy, price: Frank Levitan, 4 Crest Ave., Larchmont, N.Y. 10538-1311, 914-834-6249. (187) STOCK CERTIFICATE LIST SASE. Specials: 50 different $19. five lots $75. 15 different railroad stocks, most picturing trains, $20. five lots $80. Satisfaction guaranteed. Always buying. Clinton Hollins, Box 112- P, Springfield, VA 22150-0112. (190) NYC WANTED: Issued NYC, Brooklyn obsoletes; issued/unissued ob- soletes from locations within present-day Manhattan, Brooklyn, Bronx, Queens, Staten Island. Steve Goldberg, Box 402, Laurel, MD 20725- 0402. (185) BACK ISSUES OF BANK NOTE REPORTER mostly complete since 5/79 to current (missing 4 issues). Also have some 1974, 1977. $1 per issue, $10 per year, $100 for set; postage extra. Roger Moulton, 3707 Waltham Ct., Yardley, PA 19067. (182) WW II MILITARY CURRENCY MY SPECIALTY! Periodic price lists for 55 ,:t SASE; MPC, Philippine Guerilla, Japanese invasion, world coins-paper-stamps, U.S. coins-paper-stamps, Confederate, obsoletes, FRN, stocks-bonds. 702-753-2435. Edward B. Floffman, P.O. Box 6039- S, Elko, NV 89802-6039. (186) SELLING NATIONALS: Guntersville, Pine Bluff, Weed, Trinidad Winsted, Fernandina, Milledgeville, Salmon, Flegewisch, Wadesville, Wi nterset, Hiawatha, Hodgenville, Arcadia, Calais, Rising Sun, Braintree, Ypsilanti, Biloxi, Sedalia, Ord, Reno, Somersworth, Cranbury, Raton, Ballston Spa, Mebane, Devils Lake, Mingo Junction, Sapulpa, The Dal les, Wilkinsburg, Pawtucket, Spartanburg, Wilmot, Schwertner, Bluefield. 48 states, free list (specify state). Joe Apelman, Box 283, Covington, LA 70434. (184) DAMAGED Southern States and Confederate wanted. Jim Sobery, 6617 Sienna, Norcross, GA 30092. (183) WANTED—Autographs, Documents, Letters, Slave Related Items, Etc. Revolution through the Civil War. Richard T. Hoober, Jr. P.O. Box 3116, Key Largo, FL 33037. FAX or Phone (305) 853-0105. (188) WANTED: Jersey City, N.J. nationals and other bank-related mate- rial. Also Jersey City obsolete notes, stocks and bonds. Michael G. Kotora, 37 College Dr., Apt. 3G, Jersey City, N.J. 07305. $1 Silver Certificates Wanted from Series 1928 to 1934. I especially want star notes and scarce blocks. Frank Bennett, P.O. Box 8722, Port St. Lucie, FL 34985. (188) FOR SALE: Paper Money Magazines from No. 97 to date. Make an offer, plus UPS. Mel, P.O. Box 238, North Olmsted, OH 44070. WANTED TEXAS NATIONALS for Abilene, Arlington, Carthage, Merkel, Ozona, Perryton, Rule, Schwertner, and Snyder. Ron Etter, P.O. Box 2438, Abilene, TX 79604 or Fax or Tele (915) 677-8461. CONTINENTAL & COLONIAL Notes, Autographs, Documents & Many, Many Other Early 19th Century Items. SEND FOR FREE LIST RICHARD T. HOOBER, JR. P.O. Box 3116, Key Largo, FL 33037 305-853-0105 Rare Kirtland, Ohio $100 Important Historical Mormon Issue SAPH7'}'SOrhY77' 533 Kirtland, Ohio, The Kirtland Safety So- ciety Bank, OH-245. $100. Haxby. G-18. EF. Dated July 4, 1837. Serial: 113. Made payable to Joseph Smith. Signed by War- ren Parrish as cashier and Frederick G. Williams as President. The central vi- gnette features the signing of the Decla- ration of Independence. The writer Alvin E. Rust described the issues of this bank as the first Mormon currency endeav- our." Very rare denomination. "'".E8277( ."411(.41 Sit %IA< .4.4.114, cm, ftf.t!.J74,VS: 11■11fillqievvvv 1PavinnvIon v..11 • \ .1.\111,9.0 Page 120 Paper Money Whole No. 183 BOWERS AND MERENA for the Best Prices on your Paper Money! Actual currency lot from a recent Bowers and :1Ierena auction sale. Paper money has always been a specialty at Bowers and Merena. We offer: • Unsurpassed descriptions • Profuse illustrations • Extensive publicity • Wide-ranging expertise We would be delighted to offer single important notes and entire collections. Please call Dr. Richard A. Bagg, our Director of Auctions, at the toll fee number below. There is no obligation just the opportunity to sell your paper money for the very best market price. Auctions by Bowers and Merena Inc. BOX 1224 • WOLFEBORO, NH 03894 • TOLL-FREE 1-800-458-4646 • IN NH 569-5095 • FAX 603-569-5319 AM:gqii,Ø5cg( .r.uas joZCa.*:ti,9.=0 ,12.,1,e:C:or // ,/,4/e/ Ill 1\1.92 944 ,z, troaribiltItc4Aatet;, oiligiummothroadim DI N9,29443 - nri.)2.92r,-9.s. a. 4/4 /7,44 /, //le 7/•/Ir, SUPERB UNITED STATES CURRENCY FOR SALE SEND FOR FREE PRICE LIST BOOKS FOR SALE PAPER MONEY OF THE U.S. by Friedberg. 14th Edition. Hard Bound. $18.50 plus $2.50 postage. Total price $21.00. COMPREHENSIVE CATALOG OF U.S. PAPER MONEY by Gene Hessler. 5th Edition. Hard Cover. $29.50 plus $2.50 postage. Total Price $32.00. NATIONAL BANK NOTES by Don Kelly. 2nd Edition. Hard Cover. List all national bank notes by state and charter number. Gives amounts issued and what is still outstanding. 435 pages. $31.50 plus $2.50 postage. Total Price $34.00. THE ENGRAVER'S 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. U.S. ESSAY, PROOF AND SPECIMEN NOTES by Gene Hessler. Hard Cover. Unissued designs and pictures of original drawings. $14.00 plus $2.00 postage. Total Price $16.00. Stanley Moryez P.O. BOX 355, DEPT. M ENGLEWOOD, OH 45322 513-898-0114 Tfitlif% woopicfmtmor D70990 yaa"Zardia21=44.1.:MV 46PiroliMgic711rgoo 6 1/4 / n EP...Errs D70990 Pay over "bid" for many Pay over "ask" for some Pay over Hickman-Oakes for many nationals Pay cash - no deal too large. All grades wanted, Good to Unc. at 75, I can't wait. Currency dealer over 50 years. A.N.A. Life #103 (56 years) P.N.G. President 1963-1964 A.M. KAGIN 910 Insurance Exchange Bldg. Des Moines, IA 50309 (515) 243-7363 Buy: Uncut Sheets — Errors — Star Notes — Checks Confederate — Obsolete — Hawaiiana — Alaskiana Early Western — Stocks — Bonds, Etc. Page 122 Paper Money Whole No. 183 Paper Money Whole No. 183 Page 123 NATIONAL BANK NOTES HERE ARE ACTUAL EXAMPLES OF SMALL SIZE RARITY BY USING CENSUS FIGURES OF NOTES REPORTED AS OF JANUARY 30, 1995 When I brought the idea of a revised rarity scale to the hobby in the Spring of 1995, Albert von der Werth, Jr. of CA was one of the first to respond to my WHY NOT? ads. He said we NEED to revise the rarity scale, so WHY NOT revise it? Ninety-year-old Albert predicted the use of my New Rarity Scale in a situation he called Rarity WITHIN Rarity. A bank's total known note census gives that BANK a Rarity Rating. Then each SERIES issued by that bank would have its OWN Rarity Rating. Thank you Albert. 6566 CAMBRIDGE, OH Bank Rarity McD R7S*2 Issued 10-20Ty1 Et 10-20Ty2 Reported-7 small size single notes plus 2 Uncut Sheets. 3-10Ty1—McD R9S 2-20Ty1—McD R1 OS 0-10Ty2—McD R*S 2-20Ty2—McD RIOS 9243 HILLSBORO, OH Bank Rarity McD R8S*3 Issued 5-10-20Ty1 85-10-20Ty2 Reported-6 small size single notes plus 3 Uncut Sheets. 1-5Ty1—McD R1 OS 2-10Tyl —McD R1 OS 1-20Tyl —McD R1 OS 1-5Ty2—McD R*S 2-10Ty2—McD R1 OS 0-20Ty2—McD R*S 9547 LANCASTER, OH Bank Rarity McD R6S*5 Issued 5-10-20-50-100Ty1 Et 5-10-20Ty2 Reported-10 small size single notes plus 5 Uncut Sheets. 1-5Ty1—McD RIOS 0-10Ty1—McD R*S 1-20Ty1—McD R1 OS 0-5Ty2—McD R*S 0-10Ty2—McD R*S 0-20Ty2—McD R*S 13971 MARIETTA, OH Bank Rarity McD R7S*3 Issued 5-10-20Ty2 only Reported-7 small size single notes plus 3 Uncut Sheets. 2-5Ty2—McD RIOS 4-10Ty2—McD R9S 1-20Ty2—McD RIOS 13596 NEW LEXINGTON, OH Bank Rarity McD R6S*2 Issued 5-10-20Ty1 8-5-10-20Ty2 Reported-10 small size single notes plus 2 Uncut Sheets. 2-5Ty1—McD RIOS 3-10Ty1—McD R9S 3-20Ty1—McD R9S 0-5Ty2—McD R*S 2-10Ty2—McD RIOS 0-20Ty2—McD R*S 6059 OXFORD, OH Bank Rarity McD R5S*1 Issued 5-10-50-100Ty1 only Reported-7 small size single notes plus 1 CUT Sheet Et 1 UNCUT Sheet. 6-5Ty1—McD R8S 1-10Tyl —McD R10S 4-50Ty1—McD R9S 5— 50Ty1 —McD R8S 3-100Ty1—McD R9S 2-100Ty1—McD R1 OS WHY NOT A NEW RARITY SCALE THAT MORE ACCURATELY DENOTES TRUE RARITY? RARITY * UNKNOWN 0 notes TRY IT— 10 1,2 —YOU'LL LIKE IT 9 3,4 KEN McDANNEL SPMC 1836 8 5, 6 Use S for SMALL SIZE 7 7, 8, 9 /I NATIONAL BANK NOTE 6 10, 11, 12 Use L for LARGE SIZE 5 13, 14, 15 RARITY SCALE 4 16 to 20 (Asterisk 1) *1 is 3 21 to 35 for 1 UNCUT SHEET FEB. 28, 1995 2 36 to 50 *2 is 2 UNCUT SHEETS 1 over 50 etc. SEND LARGE SASE FOR YOUR FREE NEW RARITY SCALE IN PLASTICIZED WALLET SIZE WE WELCOME YOUR COMMENTS, CRITICISMS, AND OPINIONS KEN McDANNELL 1405 WEAVER ST. S.W. CANTON, OH 44706-4543 .1 RHODE ISLAND INFORMATION- WANTED-CASH REWARD (1929 Series Nationals) Charter Bank Title Denom Type Signatures Reward 1007 Mechanics, Prov. $20 II any $25 1035 First of Smithfield $20 II any $25 1150 Ashaway N.B. $5/10 I Hill/Cole $25 1150 $20 I HillBriggs $25 1150 $5 II any $25 1150 $20/20 II any $50 1284 Centreville of Warwick $5 II any $100 1284 $20 II any $25 1328 Blackstone Canal, Prov $20 I Brown/Plant $25 1366 N.B., Commerce & Trust $20 I Ryan/Wilcox $25 1492 Newport National Bank $5 I Stevens/Carr $25 1492 $100 I Stevens/Carr $25 1492 $5 II any S.N. 1-4956 $50 Researcher/Collector will pay for photographic proof that any of the listed/signatures, SN. national bank notes listed above still exist. Note must be as Steve Whitfield/i4o92 W. 115th Phone (816) 822-3083 d/(913) 238-3319 n St./Olathe, KS 66062 email/internet TIOIDOLLAKS IXE HASP MiTIONAL 111111 OF 5111111FIELO CI 411 RSVII I I' ooc ISL AND TUN 11)01JAIIIS C002e16A 1002816A DON'T RISK YOUR COLLECTION STORE IT IN MYLART"I! Oregon Pioneer Albums & Sleeves SafeKeeper Albums Flexible Albums Safe Deposit Box Size Inexpensive Post Binder Format 25 MYLARTTM Pages 50 MYLARTTM Pages Durable Flexible Cover Black Leatherette Cover Plastic Spiral Binding 6 Sizes in Stock: Compact & Lightweight For Currency of all 4 Sizes in Stock: Types including For Checks, Checks, Large US, Stock Certificates, Small US, World. Postcards, Postcards, Fractionals, etc. Fractionals, etc. Custom Albums Available Many Sizes of MYLARTM Sleeves Also In Stock Cal!, Write or Fax Now for Information Your Complete Satisfaction Guaranteed OREGON PAPER MONEY EXCHANGE (1802 SW 33rd Plane Portland, OR 97219 (503) 245-3659 Fax (503) 244-2977 00MEWSIMAKBAS4101048.14 67431 14,1ILLIt Ot. 6743] (1.-, CANADIAN BOUGHT AND SOLD • CHARTERED BANKNOTES. • DOMINION OF CANADA. • BANK OF CANADA. • CHEQUES, SCRIP, BONDS & BOOKS. FREE PRICE LIST CHARLES D. MOORE P.O. BOX 5233P WALNUT CREEK, CA 94596-5233 LIFE MEMBER A.N.A. #1995 C.N.A. #143 C.P.M.S. #11 F Page 124 Paper Money Whole No. 183 PHILLIP B. LAMB, LTD. CONFEDERATE STATES OF AMERICA, HISTORICAL CONNOISSEUR Avidly Buying and Selling: CONFEDERATE AUTOGRAPHS, PHOTOGRAPHS, DOCUMENTS, TREASURY NOTES AND BONDS, SLAVE PAPERS, U.C.V., OBSOLETE BANK NOTES, AND GENERAL MEMORABILIA. Superb. Friendly Service. Displioing at many major trade shows. QUARTERLY PRICE LISTS: PHILLIP B. LAMB $8 ANNUALLY P.O. Box 15850 WANT LISTS INVITED NEW ORLEANS, LA 70175-5850 APPRAISALS BY FEE. 504-899-4710 United States Large Size Currency Send For Our Free Price List of Choice Quality Large Size Type And National Bank Notes. STEINBERG'S P.O. Box 1565-PM, Boca Raton, FL 33429-1565 Telephone: 954-781-3455 • Fax: 954-781-5865 Million Dollar Buying Spree Currency: Nationals MPC Lg. & Sm. Type Fractional Obsolete Foreign Stocks • Bonds • Checks • Coins Stamps • Gold • Silver Platinum • Antique Watches Political Items • Postcards Baseball Cards • Masonic Items Hummels • Doultons Nearly Everything Collectible 399 S. State Street - Westerville, OH 43081 1-614-882-3937 1-800-848-3966 outside Ohio Life Member Cl!D Tat-1 agtie COIN SHOP EST 1960 INC 1014491.0113my•t" SEND FOR OUR COMPLETE PRICE LIST FREE 11. ti11111Z4Kra.1.. I COLLECT MINNESOTA OBSOLETE CURRENCY and NATIONAL BANK NOTES Please offer what you have for sale. Charles C. Parrish P.O. Box 481 Rosemount, Minnesota 55068 (612) 423-1039 SPMC LM114 — PCDA — LM ANA Since 1976 11,1,7,11 .4114 /4///////,`,/ Paper Money Whole No. 183 Page 125 Buying & Selling National Bank Notes, Uncut Sheets, Proofs, No. 1 Notes, Gold Certificates, Large-Size Type Error Notes, Star Notes. Commercial Coin Co. PO. Box 607 Camp Hill, PA 17001 Phone 717-737-8981 Life Member ANA 639 O GV '13(ily:014111 .---)1 -14111!" THE CAMP HILL - NATIONAL BANK CAMP HILL PENNSYLVANIA ' ;Cl%;17);;ZI.7117..Z F000126A 01 WIVE' 1111111111/1:11 BUYING AND SELLING Obsolete-Confederate STOCKS & BONDS Continental-Colonial Large Price List 19th Century Stocks-Bonds Over 200 Different Small or Large Collections Mostly 19th Century Send List or Ship (305) 853-0105 Railroads, Mining, etc. SPMC Richard T. Hoober, Jr. P.O. Box 3116, Key Largo, FL 33037 MYLAR D CURRENCY HOLDERS PRICED AS FOLLOWS BANKNOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 43/4 x 23/4 $16.50 $30.00 $137.00 $238.00 Colonial 5 1 /2 x 3716 17.50 32.50 148.00 275.00 Small Currency 6 5/8 x 27/8 17.75 34.00 152.00 285.00 Large Currency 7 7/8 x 3 1 /2 21.50 39.50 182.00 340.00 Auction 9 x 33h 25.00 46.50 227.00 410.00 Foreign Currency 8 x 5 28.00 52.00 239.00 430.00 Checks 95/8 x 4 1 /4 26.50 49.00 224.00 415.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 83 /4 x 14 1 /2 $13.00 $60.00 $100.00 $230.00 National Sheet Side Open 8 1 /2 x 17 1 /2 25.00 100.00 180.00 425.00 Stock Certificate End Open 91/2 x 12 1 /2 12.50 57.50 95.00 212.50 Map and Bond Size End Open 18 x 24 48.00 225.00 370.00 850.00 You may assort noteholders for best price (min. 50 pcs. one size). You may assort sheetholders for best price (min. 5 pcs. one size) (min. 10 pcs. total). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar is a Registered Trademark of the Dupont Corporation. This also applies to un- coated archival quality Mylar Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp. Melinex Type 516 DENLY'S OF BOSTON P.O. Box 1010 617-482-8477 Boston, MA 02205 ORDERS ONLY: 800-HI-DENLY FAX 617-357-8163 Page 126 Paper Money Whole No. 183 BUYING and SELLING PAPER MONEY U S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Cer- tificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. Foreign Notes from over 250 Countries Paper Money Books and Supplies Send us your Want List ... or ... Ship your material for a fair offer LOWELL C. HORWEDEL P.O. BOX 2395 WEST LAFAYETTE, IN 47906 SPMC #2907 ANA LM #1503 HARRY IS BUYING NATIONALS — LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES PO Box 30369 Cleveland, Ohio 44130 216.884-0701 • tA/114 KLU I N C. P.O. BOX 84 • NANUET, N.Y 10954 • Paper Money Whole No. 183 WANTED ALL STATES ESPECIALLY THE FOLLOWING: TENN-DOYLE & TRACY CITY: AL, AR, CT, GA, SC, NC, MS, MN. LARGE & SMALL TYPE ALSO OBSOLETE AND CONFEDERATE WRITE WITH GRADE & PRICE SEND FOR LARGE PRICE LIST OF NATIONALS SPECIFY STATE SEND WANT LIST DECKER'S COINS & CURRENCY P0. BOX 69 SEYMOUR, TN 37865 (615) 428-3309 LM-120 ANA 640 FUN LM90 BUYING / SELLING: OBSOLETE CURRENCY NATIONALS, U.S. TYPE, UNCUT SHEETS, PROOFS, SCRIP Periodic Price Lists available: Obsoletes ($3 applicable to order), Nationals, & U.S. Large & Small Size 'Type. PHONE or FAX BARRY WEXLER, Pres. Member: SPMC, PCDA, ANA, FUN, GENA, ASCC (914) 352.9077 BOOKS ON PAPER MONEY & RELATED SUBJECTS The Engraver's Line: An Encyclopedia of Paper Money & National Bank Notes, Kelly 45 Postage Stamp Art, Hessler $85 U.S. National Bank Notes & Their Seals, Prather 40 Comprehensive Catalog of U.S. Paper Money Paper Money of the U.S., Friedberg. 14th edition 24 Errors, Bart 35 Prisoner of War & Concentration Camp Money of the The Comprehensive Catalog of U.S. Paper Money, Hessler 40 20th Century, Campbell Small-Size U.S. Paper Money 1928 to Date, Oakes & 35 U.S. Essay, Proof & Specimen Notes, Hessler 19 Schwartz. Softbound 25 The Houston Heritage Collection of National Bank World Paper Money, 7th edition, general issues 55 Notes 1863-1935, Logan 25 World Paper Money, 7th edition, specialized issues 60 10% off five or more hooks / SHIPPING: $3 for one book, $4 for two books, $5 for three or more books. All books are in new condition & hardbound unless otherwise stated. CLASSIC COINS — P.O. BOX 95 — Allen, MI 49227 Page 127 8th 8/ 0 1V 4 so,- IC ABOUT es PORTRAITS by ROGER H. DURAND This book is a who's who of individuals portrayed on obsolete bank notes & scrip. The famous, such as the Presidents of the U.S. to the infamous, such as the president of an obscure small town bank. Politicians, business men, inventors, Revolutionary and Civil war heroes, famous women & Indians are all included. A short bi- ography is included which usually accounts for the reason that the portrait appears on the note. An enlargement of each portrait to help in identification of the person on other notes makes this book a required addition to your library. A refund if you are not satisfied for any reason. $28.95 pp Order from your favorite dealer or from the author: ROGER H. DURAND P.O. Box 186Rehoboth, MA 02769 MA CY Buying unusual pieces of Macerated Currency. Write or call for illustrated Price List of Macerated Currency for sale. CHARLES E. KIRTLEY 919-335-1262 P.O. Box 2273 Elizabeth City, NC 27906 WANTED WISCONSIN NATIONALS Wr, JA at—._11, 4,,u.#177-"7A„,, ,, 77-'... WitraliA2441"--9-- -W14", 5779 11 aegMaj 41.411‘ VALMOISI '47." ZetA4 "7%0'44. eqcverseaer.r...1