Paper Money - Vol. LIX- No. 1 - Whole #325 - Jan/Feb 2020

Paper Money Vol. LIX, No. 1, Whole No. 325 www.SPMC.org January/February 2020 Official Journal of the Society of Paper Money Collectors Contact a Currency Specialist Today for More Information! 800.458.4646 West Coast Office ? 800.566.2580 East Coast Office 1231 E. Dyer Road, Suite 100, Santa Ana, CA 92705 ? 949.253.0916 123 West 57th Street, New York, NY 10019 ? 212.582.2580 Info@StacksBowers.com ? StacksBowers.com California ? New York ? New Hampshire ? Hong Kong ? Paris SBG PM MarBalt2020 191126 America?s Oldest and Most Accomplished Rare Coin Auctioneer Legendary Collections ? Legendary Results ? A Legendary Auction Firm CONSIGN NOW! Auburn, Nebraska. $100 1902 Red Seal. Fr. 686. The First NB of Auburn. Charter #3343. PMG Very Fine 25. Realized $66,000 Fort Benton, Montana Territory. $5 1875. Fr. 404. The First NB. Charter #2476. PMG About Uncirculated 53. Realized $45,600 Fr. 1202a. 1882 $100 Gold Certificate. PCGS Currency Very Fine 35 Apparent. Minor Edge Restoration. Realized $720,000 Fr. 2220-D. 1928 $5000 Federal Reserve Note. Cleveland. PMG Very Fine 25. Realized $168,000 Fr. 150. 1863 $50 Legal Tender Note. PCGS Currency About New 50 PPQ. Realized $192,000 Fr. 2407. 1928 $500 Gold Certificate. PMG Choice Uncirculated 63. Realized $31,200 Rosebud, Montana. $10 1902 Plain Back. Fr. 632. The First NB. Charter #11437. PMG Choice Uncirculated 64. Serial Number 1. Realized $48,000 Kingfisher, Territory of Oklahoma. $10 1902 Red Seal. Fr. 613. The Farmers NB. Charter #6702. PMG Very Fine 30. Realized $45,600 Beaumont, Texas. $20 1882 Brown Back. Fr. 504. The Citizens NB. Charter #5841. PMG Choice Uncirculated 64 EPQ. Realized $24,000 Fr. 151. 1869 $50 Legal Tender Note. PMG Choice About Uncirculated 58 EPQ. Realized $180,000 Fr. 233. 1899 $1 Silver Certificate. PMG Choice About Uncirculated 58. Serial Number 1. Realized $24,000 Leadville, Colorado. $5 1875. Fr. 404. The First NB. Charter #2420. PMG Very Fine 30. Realized $33,600 Auction: March 18-20, 2020 ? Consign U.S. Currency by January 20, 2020 Stack?s Bowers Galleries Official Auction of the Whitman Spring Expo Terms?and?Conditions? PAPER MONEY (USPS 00-3162) is published every other month beginning in January by the Society of Paper Money Collectors (SPMC), 711 Signal Mt. Rd #197, Chattanooga, TN 37405. Periodical postage is paid at Hanover, PA. Postmaster send address changes to Secretary Robert Calderman, Box 7022, Gainesville, GA 30504. ?Society of Paper Money Collectors, Inc. 2020. All rights reserved. Reproduction of any article in whole or part without written approval is prohibited. Individual copies of this issue of PAPER MONEY are available from the secretary for $8 postpaid. Send changes of address, inquiries concerning non - delivery and requests for additional copies of this issue to the secretary. PAPER?MONEY? Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. LIX, No. 1 Whole No. 325 January/February 2020 ISSN 0031-1162 MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the Editor. Accepted manuscripts will be published as soon as possible, however publication in a specific issue cannot be guaranteed. Include an SASE if acknowledgement is desired. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be submitted in WORD format via email (smcbb@sbcglobal.net) or by sending memory stick/disk to the editor. Scans should be grayscale or color JPEGs at 300 dpi. Color illustrations may be changed to grayscale at the discretion of the editor. Do not send items of value. Manuscripts are submitted with copyright release of the author to the Editor for duplication and printing as needed. ADVERTISING All advertising on space available basis. Copy/correspondence should be sent to editor. All advertising is pay in advance. All ads are accepted on a ?good faith? basis. Terms are ?Until Forbid.? Ads are Run of Press (ROP) unless accepted on a premium contract basis. Limited premium space/rates available. To keep rates to a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork, or additional production is required, the advertiser will be notified and billed accordingly. Rates are not commissionable; proofs are not supplied. SPMC does not endorse any company, dealer or auction house. Advertising Deadline: Subject to space availability, copy must be received by the editor no later than the first day of the month preceding the cover date of the issue (i.e. Feb. 1 for the March/April issue). Camera ready art or electronic ads in pdf format are required. ADVERTISING RATES Space 1 Time 3 Times 6 Times Full color covers $1500 $2600 $4900 B&W covers 500 1400 2500 Full page color 500 1500 3000 Full page B&W 360 1000 1800 Half-page B&W 180 500 900 Quarter-page B&W 90 250 450 Eighth-page B&W 45 125 225 Required file submission format is composite PDF v1.3 (Acrobat 4.0 compatible). If possible, submitted files should conform to ISO 15930-1: 2001 PDF/X-1a file format standard. Non-standard, application, or native file formats are not acceptable. Page size: must conform to specified publication trim size. Page bleed: must extend minimum 1/8? beyond trim for page head, foot, front. Safety margin: type and other non-bleed content must clear trim by minimum 1/2? Advertising copy shall be restricted to paper currency, allied numismatic material, publications and related accessories. The SPMC does not guarantee advertisements, but accepts copy in good faith, reserving the right to reject objectionable or inappropriate material or edit copy. The SPMC assumes no financial responsibility for typographical errors in ads but agrees to reprint that portion of an ad in which a typographical error occurs upon prompt notification. Benny Bolin, Editor Editor Email?smcbb@sbcglobal.net Visit the SPMC website?www.SPMC.org Panic of 1837 & the First U.S. Demand Note Nick Bruyer ................................................................... 4 Mixing of Signature Combinations on $1 1935-1935D SCs Peter Huntoon. ............................................................. 22 William Pitt Fessenden Rick Melamed ................................................................. 30 Camden New Jersey National Bank Philadelphia Branch Peter Huntoon ............................................................... 37 John Bouvier Printer Jerry Dzara ................................................................... 43 Updated Styles of Paper Money Collecting Ed Zegers ..................................................................... 46 Uncoupled?Joe Boling & Fred Schwan ............................. 47 Speaker Series at F.U.N. ....................................................... 52 Chump Change ...................................................................... 53 Cherry Pickers Corner .......................................................... 54 Obsolete Corner .................................................................... 56 Quartermaster Colum............................................................ 58 President?s Column ............................................................... 61 New Members ........................................................................ 62 Editor Sez ............................................................................... 63 2019 Index to Paper Money .................................................. 64 Statement of Ownership, Management & Circulation ........ 72 Money Mart ............................................................................ 75 ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 1 Society of Paper Money Collectors Officers and Appointees ELECTED OFFICERS: PRESIDENT--Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 VICE-PRESIDENT--Robert Vandevender II, P.O. Box 2233, Palm City, FL 34991 SECRETARY?Robert Calderman, Box 7055, Gainesville, GA 30504 TREASURER --Bob Moon, 104 Chipping Court, Greenwood, SC 29649 BOARD OF GOVERNORS: Mark Anderson, 115 Congress St., Brooklyn, NY 11201 Robert Calderman, Box 7055 Gainesville, GA 30504 Gary J. Dobbins, 10308 Vistadale Dr., Dallas, TX 75238 Matt Drais, Box 25, Athens, NY 12015 Pierre Fricke, Box 33513, San Antonio, TX 78265 Loren Gatch 2701 Walnut St., Norman, OK 73072 Joshua T. Herbstman, Box 351759, Palm Coast, FL 32135 Steve Jennings, 214 W. Main, Freeport, IL 61023 J. Fred Maples, 7517 Oyster Bay Way, Montgomery Village, MD 20886 Cody Regennitter, 514 Hickory Dr., Norwalk, VA 50211 Wendell A. Wolka, P.O. Box 5439, Sun City Ctr., FL 33571 APPOINTEES: PUBLISHER-EDITOR--Benny Bolin, 5510 Springhill Estates Dr. Allen, TX 75002 ADVERTISING MANAGER--Wendell A. Wolka, Box 5439 Sun City Center, FL 33571 LEGAL COUNSEL--Robert J. Galiette, 3 Teal Ln., Essex, CT 06426 LIBRARIAN--Jeff Brueggeman, 711 Signal Mountain Rd. # 197, Chattanooga, TN 37405 MEMBERSHIP DIRECTOR--Frank Clark, P.O. Box 117060, Carrollton, TX, 75011-7060 IMMEDIATE PAST PRESIDENT--Pierre Fricke WISMER BOOK PROJECT COORDINATOR--Pierre Fricke, Box 33513, San Antonio, TX 78265 The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the ANA. The Annual Meeting of the SPMC i s held in June at the International Paper Money Show. Information about the SPMC, including the by-laws and activities can be found at our website, www.spmc.org. .The SPMC does not does not endorse any dealer, company or auction house. MEMBERSHIP?REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for membership. Other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP?JUNIOR. Applicants for Junior membership must be from 12 to 17 years of age and of good moral character. Their application must be signed by a parent or guardian. Junior membership numbers will be preceded by the letter ?j? which will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES?Annual dues are $39. Dues for members in Canada and Mexico are $45. Dues for members in all other countries are $60. Life membership?payable in installments within one year is $800 for U.S.; $900 for Canada and Mexico and $1000 for all other countries. The Society no longer issues annual membership cards but paid up members may request one from the membership director with an SASE. Memberships for all members who joined the Society prior to January 2010 are on a calendar year basis with renewals due each December. Memberships for those who joined since January 2010 are on an annual basis beginning and ending the month joined. All renewals are due before the expiration date which can be found on the label of Paper Money. Renewals may be done via the Society website www.spmc.org or by check/money order sent to the secretary. Pierre?Fricke?Buying?and?Selling!? 1861?1869?Large?Type,?Confederate?and?Obsolete?Money!? P.O. Box 1094, Sudbury, MA 01776 ; pierrefricke@buyvintagemoney.com; www.buyvintagemoney.com And many more CSA, Union and Obsolete Bank Notes for sale ranging from $10 to five figures ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 2 Contact Don@Kagins.com or Meredith@Kagins.com or call 888.8Kagins to speak directly to Donald Kagin, Ph.D. or Meredith Hilton. for a FREE Appraisal for our next Offi cial ANA aucti on or outright purchase! Kagin?s has handled over 99% of the currency listed in Paper Money of the United States from Fractionals to Errors ?? Check out our website or contact us for our latest o erings and view over 1000 banknotes on our web site. Don and Meredith will also handle want lists and provide auction representation for your paper money. Highlights Already Consigned to the Kagin?s O cial 2020 ANA National Money Show Auction Experience the Kagin?s Di erence! ? Innovative programs including the fi rst ever KAGIN?S AUCTIONS LOYALTY PROGRAMTM that gives you 1% back in credit. ? Free educational reference books and coin club memberships Reserve your printed catalog for Kagin?s upcoming 2020 auction or save a tree to receive a link for the electronic version and get $10 towards your purchase in this auction Contact us at : kagins.com, by phone: 888-852-4467 or e-mail: info@kagins.com. Fr-1133-L $1000 1918 Federal Reserve Note, San Francisco, PCGS 50 Fr-391 $2 1875 National Bank of Newport, Rhode Island , PMG 30 VF Fr-268 $5 1896 Treasury Note, PMG 45 KAGIN?S AUCTIONS OFFICIAL AUCTIONEER ANA National Money Show? | February 27-29, 2020 | Atlanta, Georgia Register Now and Reserve Your Catalog! Confederate Bank Note Collection 19th Century Sterling Silver Woman?s Fractional Currency Purse Error Currency Collection Kagins-PM-NMS-Bid-Ad-12-10-19.indd 1 12/9/19 5:26 PM The Panic of 1837 and the First U.S. Demand Notes by Nick Bruyer ? It is regrettable that the financial crash that took place in 1837 is remembered as a ?Panic?, implying that it was a mere hiccup in the U. S. economy. In reality, the bursting of a speculative bubble and the resulting collapse is more accurately described as the First Great Depression. It was the worst economic disaster in the young nation?s history, a convulsion initiating a six-year deflationary spiral that caused massive bankruptcies & drove unemployment to 25%. Historians have sought to identify the pinprick that burst the bubble. Regardless of the triggering event, there is no doubt it can be traced to an excess of money and credit that turned a boom into a speculative frenzy, followed by a withdrawal of money and credit that depressed the economy for years. The Boom During the first half of the 1830s, America was in the embrace of soaring optimism and unbridled growth. It was fueled in large part by the expansion of our national borders through the acquisition, by means of treaty, cash and gunpoint, of vast tracts of lands formerly controlled by Native Americans. The federal government sold land in Alabama, Mississippi, Indiana, Illinois, Missouri, Arkansas and Florida. Nowhere was the appetite for land greater than in Michigan Territory, where 7 million acres of public land were sold in 1836 alone. Most of the lands were bought by speculators, rather than settlers, for as little as $1.25 per acre. They hoped to get well-located parcels that would increase in value as new railroads and canals brought development into their areas. The boom included Maine, where speculators drove the price of timberlands from $5 to $50 per acre. Lands were purchased mostly with paper money printed and loaned by state chartered banks. Sales of public lands soared from 4.6 million acres in 1834 to 20 million acres in 1836. Between 1833 and 1836, some $52 million was paid to the federal government. In the South King Cotton reigned. Nearly 80% of America?s annual production was exported to Britain?s booming textile mills. Insatiable demand drove up the price of cotton from $9.38 a bale in 1832 to $16.50 in 1836, even as production grew from 987,000 bales to 1,361,000 bales. The British paid with specie, substantially increasing America?s money supply. States and territories borrowed and spent heavily on the construction of roads, canals and railroads to improve their transportation infrastructure. Millions of dollars of bonds were sold to investors in the U. S. and Europe. Albert Gallatin, a prominent New York banker who had served both as fourth Secretary of the Treasury and ambassador to Britain, estimated total British loans to America at over $100 million. (1) President Andrew Jackson transformed the American banking system when he destroyed the second Bank of the United States. In effect, the Bank of the U.S. (?BUS?) functioned as a central bank. It had a conservative and stabilizing influence on the state banks. For example, in 1823 the state banks held 18 cents of specie for each dollar of their circulating notes and deposits, while the bank of the United States held 72 cents. (2) Former Treasury Secretary Albert Gallatin, shown here on an 1862 $500 Legal Tender note, estimated British loans to the U.S. at $100 million (Stacks-Bowers The Second Bank of the U.S. in 1832 issued 20% of all U.S. bank notes. (Heritage Auctions) ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 4 Historian Walter A. McDougall wrote: "The BUS ran twenty-nine branches around the country, did $70 million of business per year, issued 20 percent of the banknotes in circulation, held one-third of all American deposits and was the sole depository for the annual surpluses accumulated by the federal government.? President Jackson loathed bankers in general, but his hatred of the BUS? ?money monopoly? was unequaled. In 1832, he vetoed an early renewal of the bank?s charter, set to expire in 1836. Then he began to dole out Treasury deposits to a group of depositories dubbed by critics ?Jackson?s pet banks?. Shockingly, the deposits were accompanied by virtually no regulatory control. Most of the banks immediately leveraged their new government specie deposits by printing more paper money and loaning it to speculators. Between 1832 and 1836, the circulation of state bank notes ballooned from $59 million to $140 million. (3) In June of 1836, there were 33 pet banks. That month Congress at last passed regulatory legislation. It required Treasury deposits in any ?pet? bank to be no more than 75% of its capital. To accomplish this Jackson?s Secretary of the Treasury, Levi Woodbury, spread the money around by ratcheting up the number of pet banks to 85 by the end of the year. (4) The roaring economy filled the coffers of the U. S. Treasury to overflowing. Its primary sources of income then were from taxes on imports (customs duties) and from selling public lands. The national debt of $48.6 million in 1830 was completely eliminated by 1835. It then rapidly built a surplus amounting to over $42 million by the end of 1836. (5) The Bust Pres. Jackson saw that the speculation in public lands was fueled by state bank notes, much of them from so-called ?wildcat? banks with scant assets. More than 90% of public lands were paid for with these notes. Jackson decided to prohibit state bank notes for buying public lands. On July 11, 1836, the government published a notice, known as the ?Specie Circular?, requiring silver or gold coin in payment. It had two major impacts: 1) Public land sales plunged by 72% in 1837 and with it the government?s income; 2.) Land paid for in specie spiked from $1.5 million in 1836 to $7 million, drawing coin away from the financial center of New York to distant outposts where the lands were sold. (7) Overseas, the Bank of England became concerned that massive investment in America was depleting its specie reserve. During 1836, its specie holdings were more than halved, from over 8 million pounds to 3.6 million. At that time, its liabilities stood at 30 million pounds. To attract specie back home it raised interest rates from 3% to 5% and tightened lending, especially to Americans. (8) Soon cotton planters and merchants found loans scarce as silver and gold flowed back to England. They turned to New York to refinance, but money was drying up there too, causing interest rates to soar. Cotton prices declined over the winter, leaving the entire cotton industry facing serious trouble in the spring of 1837. In Washington, Congress was scratching its collective head over how to deal with an embarrassment of riches. For its entire history, Congress had dealt only with the national debt and how to reduce it. Congress was perplexed over what to do with a fat surplus. After much debate, it was agreed that the government surplus as of January 1, 1837, less a reserve of $5 million, would be doled out to the states in four quarterly zero interest ?loans? never to be repaid. The legislation, passed on June 23 1836, was called the Deposit Act. Pres. Andrew Jackson vetoed renewal of the Bank of the U.S. charter in 1832 (author?s collection) Speculators used notes issued by Pres. Jackson?s ?pet banks?, such as the Bank of Michigan at Detroit, to buy public lands (6) (courtesy Heritage Auctions) ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 5 Allowing for a $5 million reserve, $37,468,860 was counted as government surplus on New Year?s Day, 1837. The Treasury issued drafts on the 85 pet banks to transfer the first installment of $9,367,000 in specie to the states. It was a vast and complex process. The immediate effect was to reduce the ability of the pet banks to make loans. The depletion of specie became severe when the banks scrambled to raise cash for the second installment on April 1. Some banks complained that their vaults were almost depleted of silver and gold, forcing them to borrow specie from other banks. Loans were called and credit restricted further. (9) The price of cotton was falling and by April was down 30% from its 1836 average. Cotton merchants, unable to repay their debts or refinance, began to fail. The first was the New Orleans factory of Herman Briggs & Co., with liabilities of over $4 million. When New Orleans banks began to suspend specie payments they caused a cascade of business failures and loan defaults, most of which fell upon banks and exporters in New York City. Bankers in New York watched with alarm as their vaults were raided by frightened depositors, making loans more difficult to make. By May 1, New York City banks held just $1.5 million in specie and interest rates rocketed to 24% per year. On May 8 over $600,000 in specie was withdrawn from New York?s banks. On May 9, $652,000 was withdrawn. That evening the major deposit banks realized their silver and gold were nearly gone. The next day they announced the suspension of specie payments. Thereafter coin disappeared as a circulating medium. (10) Before the year was out all but 6 of more than 800 banks suspended specie payments and 343 closed their doors. With gold and silver out of circulation, businesses and citizens were forced to use what were derisively called ?shinplasters,? state bank notes of dubious value. Unemployment touched every part of the nation and food riots occurred in several cities. Construction companies, unable to meet their obligations, shut down railroad and canal projects, causing their bonds to become all but worthless. Thousands of investors went broke. Martin Van Buren became President in 1837 as the handpicked successor of Democrat Andrew Jackson. As he watched the financial gears of the economy freeze up he chose to do little but heap blame upon the speculators and bankers. For this, he earned the nickname ?Martin Van Ruin?. On May 15, Van Buren called for a special session of Congress to deal with the crisis, but not until September. For Treasury Secretary Levi Woodbury, a holdover from Jackson?s administration, the suspension of specie payments was a calamity. Except for what it had on hand at the U.S. mints, the Government?s available money was held by the pet banks, all but a handful of which were unable to return its specie deposits. The specie suspension caused virtually all the State bank notes then in circulation to depreciate, but the public had no alternative. As economic activity collapsed so too did the government?s income from its two main sources: Customs duties and land sales. At the Port of New York, importers were unable to pay their customs bonds, forcing the Treasury to sue them for $2.2 million. The Bank of the U.S. owed the Treasury and the Naval Pension fund a total of $7.9 million. Unfortunately, the Treasury had taken bonds instead of cash for its remaining deposits, so it could not quickly tap this source of cash. On July 1, the Treasury faced the third installment of $9,367,000 under the Deposit Act. The pet banks had little specie in their vaults to fulfill this obligation. Treasury Secretary Woodbury warned the states not to accept payments in the form of bank notes unless they were immediately convertible into specie. The states ignored his warning, preferring to take depreciated bank notes rather than nothing. (11) Treasury Secy. Levi Woodbury, a holdover from Jackson?s administration, implemented the ?Deposit Act? in 1837. Newly elected Pres. Van Buren chose to blame bankers rather than take action after the banks suspended specie payments on May 10, 1837. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 6 Unable to tap its bank deposits to meet its obligations and with its income collapsing, the Treasury asked Congress to authorize a loan, or Treasury notes, or both. Two Classes of Treasury Notes At the special session of Congress in September Pres. Van Buren advised that the depository banks owed the Treasury $6 million. Unpaid customs duties amounted to $4 million. He recommended that the fourth installment of the Deposit Act be delayed indefinitely. Even setting aside this installment, he estimated the government would be $9 million short of cash by year-end. Since the banks did not possess specie to fund a federal loan, Van Buren proposed an issue of $10 million in Treasury notes. Treasury Secretary Woodbury went further. He suggested Congress authorize a portion of the Treasury notes be issued without interest and payable to bearer, effectively creating a circulating paper money to help alleviate the severe coin shortage. (12) Such talk infuriated both the banking and hard money interests. The bankers resented any attempt by the federal government to encroach on their paper money monopoly. Jacksonian Democrats argued that federal paper money not only was unconstitutional but would lead to another depreciated Continental currency. Former Pres. Jackson weighed in on the debate, saying, ?I hope no Treasury notes will be issued.? (13) On September 18, Senator Thomas Hart Benton, nicknamed ?Old Bullion?, made a speech about Treasury notes. ?There are certainly two classes of treasury notes---one for investment, and one for circulation.? He defined the first as paying an interest rate sufficient to attract investors, having limited transferability, payable at a fixed amount of time, not re-issuable and of high denomination. Notes of the second kind pay little or no interest, are payable to bearer, easily transferrable, of low denomination and redeemable ?at the pleasure of the government?. Benton argued that the second class of Treasury notes is, in fact, paper money. He cited the Treasury notes of 1815 as an example. Benton said the Treasury notes being considered should fit into the first class of notes---sold for silver or gold and held as investments--- rather than to circulate as money. He strongly opposed the issue of any denomination below $100. (14) On the contrary, Senator Daniel Webster said the government had a duty to provide ?an accredited paper medium, equal to specie, having equal credit over all parts of the country, capable of serving for the payment of debts and carrying on the internal business of the country throughout and between the different and distant sections of this great Union.? Webster was astonished that Congress would ?abandon to the States and to the local banks, without control or supervision, the unrestrained issue of paper for circulation, without any attempt on its own part to establish a paper medium which shall be equivalent to specie, and universally accredited all over the country.? (15) Over the objections of the banking and hard money advocates, the Treasury Note Act was signed into law October 12, 1837. It authorized $10 million in denominations as low as $50 and interest rates not to exceed 6%. Treasury notes were to be issued at par (face value) and receivable for all public dues, including customs duties and land sales. They were redeemable in coin one year from the date of issue and once redeemed could not be re-issued. Authority to issue them expired Dec. 31, 1838. One Thousandth of One Percent With all urgency, the new notes were engraved, approved and printed in little more than a week. The work was contracted to Rawdon, Wright and Hatch, New York. Newspapers reported that by October 20 the notes would be ready and delivered to the Treasury on Monday, Oct. 22. By the 27th, they were in the hands of the public and by month?s end $54,000 were issued. The Baltimore Chronicle reported that a note bearing serial number one was seen in that city on October 31. Senator ?Old Bullion? Benton spoke out against a government paper money (author?s collection). Daniel Webster argued that the U.S. could not leave a national paper money to state banks (author?s collection). ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 7 Notes were printed in sheets of three for each denomination, with plate positions A-B-C. They were the first U. S. government notes to have a design on the back, with engraved lathe work and counters printed in orange. Notes were consecutively numbered by hand, so that the numbers by plate position on the first sheet of notes were 1-A, 2-B and 3-C. (16) Treasury Secretary Woodbury took full advantage of whatever discretion the law allowed. He issued notes in denominations of $50, $100, $500 and $1000 plus a non-denominated ?fractional? note to be used for any amount between $50 and $100, much like a check. If the government needed to pay a supplier $83.15 but had no coin, this note would do the job. Courtesy of Heritage Auctions All denominations were related to each other in having the same three vignettes, though placed at different locations on each. One vignette was Mercury, drawn and engraved by George W. Hatch. Freeman Rawdon produced the second vignette, Wealth. The third, Justice, has not been attributed. To raise specie Woodbury advertised Treasury notes for sale at up to 6% interest. However, for notes used to pay the government?s creditors he experimented with rates of 2% and one mill percent-- -equal to one thousandth of one percent! At this rate, a $50 note accrued not even one cent after a year. The rate in effect created a virtually interest-free Treasury note designed to skirt the intent of the law. (17) With denominations as low as $50 and bearing nominal interest, Woodbury accomplished much of what he sought in the way of a note that would circulate in place of the vanished silver and gold. Although Sen. Benton feared the $50 note might circulate as currency, Congress authorized it anyway. (Heritage Auctions). All denominations shared the same three vignettes placed in different locations. Interest rates from one mill to six percent were entered by hand as the Treasury Dept. saw fit (this note courtesy of Heritage Auctions) A non-denominated ?fractional? Treasury note could be issued with any hand-written amount from $50.01 to $99.99 (courtesy Gene Hessler/Bureau of the Public Debt) All Treasury Notes from 1837 onward have a back design. This is the $50. Courtesy?of?Dr.?Robert?Schwartz?&?Archives?International ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 8 The Detroit Free Press wrote of the new notes, ?The low rate of interest has been fixed, in order to prevent them from being hoarded, and thus withdrawn by capitalists from circulation, and from commercial and business use.? By December 1, the Treasury had issued just $1,459,000 in Treasury notes, mostly in $50 and $100 bills. Most were paid to creditors rather than sold for coin, leaving the Treasury severely short of specie. (18) Noyes? Blunder On a chilly December morning, Congressman J. C. Noyes and a few colleagues were chatting and warming themselves by the fireplace in his Washington D. C. office when he answered a knock at the door. After signing for a delivery, the Sergeant at Arms handed him his November pay--- an envelope containing a carefully wrapped roll of gold coins. After unwrapping the coins and tossing the paper into the fire, Noyes began to count the gold pieces. Immediately sensing that he was short to a large amount, a terrible sinking feeling washed over him. He quickly turned to the blazing fire in time to see the last bits of the gold coin ?wrapping paper?---a $50 and two $100 Treasury notes---incinerated. On December 12, the Washington correspondent of New York Journal of Commerce reported that the Treasury was attempting to obtain gold coin for Congressional pay by selling 6% Treasury notes. Another paper confirmed that members of Congress received their salaries in a combination of gold coin and Treasury notes. Given the severe coin shortage at this time it is likely that all government employees, including members of the military, were paid in all or part with Treasury notes. (19) By January 1, 1838, $2,993,000 in Treasury notes had been issued. $787,000 had been paid to the Government, received by the Treasury and canceled, leaving $2,206,000 outstanding. Most of the redeemed notes were used to pay customs duties. Two months later $6.5 million had been issued, while more than $2.4 million, or 37%, were redeemed, leaving $4.1 million outstanding. The Treasury notes quickly found their way into the hands of importers, who in a time of scarce specie used them to pay customs duties. The notes were doing little for the Treasury other than providing short- term advances on duties. At the rate the notes were coming back, Woodbury realized he would never get the financial benefit intended from the $10 million issue. Hoping that a higher interest rate would discourage early redemptions, he discontinued the 1 mill interest rate and began using 5%. (20) He weighed alternatives to relieve the government?s worsening cash crisis. Perhaps another $10 million in Treasury notes with a longer maturity? Perhaps revising the law to permit redeemed notes to be reissued? Perhaps prohibit their use for paying duties? On March 30, a bill was reported in Congress proposing another $10 million in Treasury notes, with extended redemption dates up to three years, and allowing redeemed notes to be re-issued up to the limit of the authorized $10 million issue. ?Nasty, squabbling debate? between Democrats and Whigs raged as the bill snaked its way through Congress during April and into May. On May 1, the Treasury?s cash dwindled to $900,000. Woodbury reported to Congress that he had issued $9.6 million of the $10 million of notes authorized, while $5,150,000 already were redeemed. He opined that the poor condition of the Treasury was ?owing exclusively to the premature redemption of the Treasury notes?. (21) Pres. Van Buren pointed out that over $15 million in specie was owed the government from banks and merchants. The United States was unable to honor its financial obligations. ?As the principal difficulty arises from the prohibition in the present law to re- issue such Treasury notes as might be paid in before they fall due? the remedy would seem to be obvious and easy.? Treasury Shutdown While congress continued to squabble, on Monday May 14 the New York Daily Express reported the Treasury ran out of money; no payments could be made. The last Treasury notes had been issued. Four days later Congress at last passed legislation. The act of May 24, 1838 simply authorized the Treasury to issue new notes in place of those redeemed, thereby immediately allowing another $10 million. (22) Issued shortly after Secy. Woodbury raised the interest rate on smaller denominations to 5%, this note was paid to the government and canceled on Dec. 28, 1838, perhaps to buy public land. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 9 For the next five years, the government passed a series of laws to extend the issuing period and increase the allowed circulation of Treasury notes. The G. Rand Thompson Forgeries On April 27 a gentleman entered the Farmers? and Planters? Bank in Baltimore and presented a U. S. Treasury note filled in with the amount of $4,000. Although it was an odd amount, the note appeared to be in all ways authentic. The bank exchanged it for Virginia bank notes and the man left. Soon rumors began to fly throughout Baltimore that counterfeit U. S. Treasury notes were circulating. As it turned out, in addition to the $4,000 note, one $50 and two $100 Treasury notes also were passed. All were found to be clever forgeries on authentic notes printed from government plates. The bank learned that the blank denomination Treasury note was not to be issued for more than $100, so the amount of $4,000 filled in could not be good. On May 1, the Washington Globe reported that on the previous day a man named John B. Henderson was arrested there for passing forged Treasury notes. ?In his possession were found several impressions of those notes, some of them filled up and some blank. All the impressions are from the original plates, and are what are usually known as proof impressions?? ?There is reason to believe that he may have passed others of these notes, and, as all found in his possession were on India paper, it is to be hoped that none of the forged ones were of the paper used for the genuine notes? The signatures also, of the forged notes, although well executed, can be readily detected. The signature of the acting treasurer, Wm. B. Randolph, appears as if written, Wm. B. Randolfh. That of the register, also, T. L. Smith, appears to be written S. T. Smith.? Freeman Rawdon (Library of Congress) The mysterious origin of the U. S. Treasury proof notes was solved when Freeman Rawdon, partner and engraver with the firm of Rawdon, Wright and Hatch, disclosed that he had been robbed. In the middle of January 1838, he traveled to Philadelphia and checked into the United States Hotel. After the bellman delivered his trunk to his room, Rawdon went downstairs for a meal. Later he discovered that his trunk had been broken open. Samples of numerous bank notes, including those his firm was printing for the U. S. Treasury, were gone. Years later it was found that ?John B. Henderson? was an alias used by a professional gambler, thief and swindler named G. Rand Thompson. (23) Paying for the Seminole War From 1835 to 1842, the United States fought the Second Seminole Indian War in Florida. The army needed food, equipment and pay for its soldiers while the U. S. Treasury scraped for money. In June 1838 Benjamin Snodgrass, who commanded a regiment of Alabama volunteers, felt compelled to write to the press regarding how his men were paid. ?As there has been much confusion and different reports as to the manner in which the troops in the U.S. service, under my command, have been paid, I think it due to the officer who acted as paymaster, that government should be informed what sort of money the volunteers received for their services, a short time since at Fort Mitchell, of Paymaster A. D. Stewart, of the U.S. Army. ?My regiment was principally paid with Treasury Notes, and gold and silver. The Treasury Notes, by all disposed to part with them, sold readily at a premium of from twelve to fifteen per cent over our own state currency. The Paymaster has thus faithfully discharged his duty to government and to the officers and privates of the regiment, and they have returned to their homes with money of the depreciation of which they have no fears.? (24) By 1840, the government still was limping through the depression and falling chronically short of revenue. In February Secretary Woodbury projected that by June the Treasury would face a $4.7 million shortfall, requiring a further issue of Treasury notes. Congress debated new Treasury note legislation. By March 30 Mr. Hubbard, a member of the Committee of Finance, reported that ?many of the salaried officers (of the government) are unable to receive their pay for the want of funds. The Treasury is destitute?. Amendments to the Treasury note bill required that the notes bear interest not less than 2% and that they be transferable only by endorsement. The amendments were designed to prevent the notes from circulating as money but were not incorporated into the final version. An act authorizing the re-issue of redeemed Treasury notes up to $5 million was passed ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 10 on March 31, 1840. During this period, notes were issued with interest rates of 2, 5 and 5 2/5 percent. (25) After four years of criticizing Van Buren and the Democrats for the poor economy, the Whig party was swept into power with the November election of President William Henry Harrison. The Whigs also took control of both houses of Congress. Unfortunately, for the Whigs, Harrison died of pneumonia on April 4, 1841, just one month after his inauguration. Vice President John Tyler, a former southern Democrat compromise candidate, ascended to the office. Whig President William Henry Harrison died after one month in office. Tyler, a ?states? rights? southerner, lacked the support of either the Whig or Democrat party. He was derisively referred to as ?His Accidency?. Tyler had a reputation for going his own way, which aroused the ire of both parties. President John Tyler Before the new President took office, Congress passed the act of Feb. 15, 1841. It authorized another $5 million of Treasury notes for the next year, plus an additional $5 million to be issued at the President?s discretion. As it turned out, President Tyler would need all of this and more. $11.4 Million Shortfall Prompts a Loan Upon reviewing the projected revenues and expenses for 1841, the Treasury estimated that even if the full $10 million in Treasury notes were issued, the government would be $11.4 million short by year?s end. Since 1837, the Whigs had harangued the Democrat administration about taking out a long-term loan instead of using short-term Treasury notes. Now they had their chance. In a special session, Congress passed the act of July 21, 1841 authorizing a three-year loan of $12 million at not more than 6% interest, to be sold at par. Harrison?s chosen Treasury Secretary, Thomas Ewing, was in charge of selling the loan to the big banks and investors. By September, sales were woefully short. On September 11 1841, President Tyler?s entire cabinet (who had been appointed by Harrison before he died) resigned, with the exception of Secretary of State Daniel Webster. The resignations were intended by the Whig party to compel Tyler to resign the Presidency. When he didn?t, the Whigs expelled him from their party. Tyler filled the empty Treasury Secretary post with Walter Forward. In his December annual report to Congress Pres. Tyler announced that just $4.5 million of the loan was subscribed to, leaving $7.5 million unsold. The Treasury was out of money and had $800,000 in warrants it could not pay. The monthly salaries of member of Congress were unpaid. Worse still, the Treasury projected a shortfall in the coming year of $14.2 million. Hat in hand, the Whig leadership asked Congress for $5 million in Treasury Notes to meet the government?s immediate needs. The bill was met with derision from the Democrats, who had The Treasury provided a ?snapshot? of Treasury notes issued/redeemed July 21-31, 1840 ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 11 recommended Treasury notes over a loan in the first place. By January 10, 1842, urgent legislation still had not passed nor had members of Congress been paid. By mid-January, the Treasury had over $1 million in immediate demands for payment under protest. It was not until January 31 that a bill was at last signed into law. The New York Standard reported, ?The final approval of the Treasury Note Bill has diffused universal joy and satisfaction in (Washington). Twenty-five members of the House were waiting in the Sergeant-At-Arms? office, clamorous for money, when the treasury notes were received? The notes were, it seems, already engraved at the treasury, and they were speedily signed, and distributed, in sheets, to the different pay agents. ?The present small supply will soon be exhausted, and it will be a long time before another Treasury note bill can be got through; and as to the loan, there is no prospect that it can be taken at all on the terms proposed in the existing law---authorizing the loan.? It was reported that all creditors of the government were being paid in Treasury notes. (26) A tally of Treasury notes issued by denomination under the act of Jan. 31, 1842 underscores how heavily they were tilted to the low denominations most likely to circulate as money, compared to the high denominations most likely to be held by investors:(27) Notes Issued $50 26,985 $500 915 $100 24,462 $1000 426 Treasury Defaults On Its Notes So constricted were the Treasury?s finances that it risked defaulting on Treasury notes coming due for redemption. On March 5, it did in fact default, lacking the coin to redeem notes presented to it. On March 11, U. S. Treasurer William Selden went to New York for an urgent meeting with the banks to try to obtain the needed specie. They refused to loan the United States any more coin at 6%. (28) Once again, Congress was forced to alleviate a crisis. The act of April 15, 1842 allowed any Treasury note that came due for redemption, but could not be redeemed, to continue to earn interest at the highest legal rate of 6%. This rate applied regardless of the rate stated on the face of the note. When the Secretary of the Treasury had enough coin to redeem the notes he would publish a notice, and the interest would cease to accrue 60 days thereafter. The act also increased the loan of 1841 from $12 million to $17 million, extended its offering period, extended the length of the loan from three to twenty years, and allowed it to be sold below par. Subsequently $8.3 million in bonds were sold at 8 1/5% interest. A mere four months later, the government again began to run out of money. The Evening Post of New York commented on August 23, ?the government laborers, at the Springfield armory, at Watervliet, at Harper?s Ferry, and those at work on the fortifications at Savannah, at Newport, and at the various navy yards, had been discharged, for want of funds to sustain them. The embarrassments of the departments of the government now in their hands are too well known.? That same day The Brooklyn Daily Eagle reported of Congress, ?In the House a letter was received on Saturday evening from the Secretary of the Treasury, communicating the astonishing fact that the public coffers were empty, and calling for Treasury notes. The letter was referred to the Committee of Ways and Means?? Once again, emergency legislation to fund the government was hastily enacted by Congress and signed into law on August 31, 1842. It authorized $6 million of the loan of 1841 be substituted with Treasury notes. (29) The law authorizing matured Treasury notes to continue earning interest at 6% had the beneficial effect of slowing down the speed they returned to the Treasury. In December of 1842, Treasury Secretary Forward reported that very little of the notes had come back and asked Congress to allow the same treatment for the $6 million in Treasury notes authorized on August 31. Pres. Tyler in his message to Congress Dec. 15, 1842 projected a revenue shortfall of $2 million in the next six months. He observed that of $4.6 million in Treasury notes then outstanding, most of them ?have obviously entered into the currency of the country, and will continue to form a part of it, if the system now adopted is continued.? This $100 note serial no. 17,307 was issued April 23, 1842 at the maximum interest rate of 6% (courtesy Gene Hessler/Bureau of the Public Debt) ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 12 Howls of Laughter The projected shortfall forced the Whig leadership to propose another re-issue of redeemed Treasury notes, this time for up to $5 million. On the floor of the House, the proposal was met with howls of laughter from Democrats, who could not but savor the irony of the predicament. For years, the Whigs had denounced the issue of Treasury notes, yet here they were, yet again, pleading for more. There followed months of bitter debate, culminating in the act of March 3, 1843. It authorized Treasury notes redeemed before July 1 1844 to be re- issued with new notes on the same terms; allowed any matured Treasury notes to continue to accrue interest at 6% if the Treasury had not the coin to redeem them; and authorized the Treasury to sell bonds for the express purpose of raising coin to redeem Treasury notes. After a tumultuous year, Walter Forward resigned as Secretary of the Treasury just before passage of the new legislation. Pres. Tyler replaced him with his Secretary of War, John C. Spencer, on March 6. John C. Spencer became Treasury Secretary 3 days after the act of March 3, 1843 ? ? Spencer took charge just as the nation was beginning to emerge from six years of depression. Supplies of gold and silver coin were expanding, causing interest rates to ease. International trade was picking up. Spencer took advantage of the new legislation to redeem Treasury notes with money he raised from selling long-term bonds. On April 26, Spencer announced the willingness of the Treasury to redeem all Treasury notes falling due June 30, 1843 or earlier. Further, he gave notice that interest would cease to accrue on the notes after that date. In June, he raised $7 million to redeem Treasury notes by selling 10-year bonds at 5%. The success of the loan encouraged Spencer to announce on June 28 that henceforth all Treasury notes that became due would be promptly redeemed and therefor would cease to accrue interest after their one-year maturity date. The emergency law allowing Treasury notes to continue to earn interest beyond their redemption date was no longer needed. The press praised him. ?Mr. Spencer, since his control of the Treasury Department, has contributed more to the establishment of substantial credit for the Government, than the efforts of any predecessor, however talented or sustained?, said the New York Aurora. On July 1, there were $11.5 million in Treasury notes outstanding. With the proceeds from the $7 million loan plus cash held by its depository banks, the Treasury had the ability to redeem up to $8.5 million. Notes were readily redeemable either at the Treasury in Washington, D. C. or at its depository banks in New York City. Between June 1 and August 1 $5,382,000 in Treasury notes were redeemed. Yet by the end of the year, $2 million in matured Treasury notes, no longer earning interest, continued to be used. The New York Daily Herald remarked that the notes ?have served as a remittance in all directions, and are spread over the whole Union in immense quantities. They have served as currency of exchange and have entered into an immense variety of operations, all of which must be disturbed by calling them in.? In little more than a year, the Treasury reduced its bond interest rate from over 8% to 5%, a great savings. Emboldened by his success, Spencer huddled with President Tyler and another cabinet member with strong opinions about currency---Daniel Webster---to discuss another idea. (30) Spencer?s Experiment: The First Demand Note As Spencer later explained to Congress in his annual report, ?it was determined, with the sanction of the President, to issue notes of the denomination of fifty dollars, with interest at the rate of one mill per annum upon one hundred dollars, and to exercise the authority given in the eighth section of the act of 1837, by purchasing these notes at par, whenever presented for that purpose at the depositories of the Treasury in the city of New York, where two-thirds of our revenue are collected and deposited; and to give notice of such a determination by an endorsement upon the notes.? He further explained that he thought the one-year redemption obligation was irrelevant for a note effectively bearing no interest. Spencer asserted that after the notes were issued by the government, ?they should, in consequence of their uniform value, be kept in circulation to any considerable extent, by our fellow-citizens, for their own convenience in maintaining internal trade, and keeping down the fluctuations of exchange between different parts of the country, arising from a disordered currency?? (31) ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 13 To underscore the difference between the new $50 notes and those used for the previous six years, Spencer ordered an entirely new design from Rawdon, Wright & Hatch. The handsome face design features a ?beaded necklace? consisting of the State coats of arms. It wraps around a bald eagle and ?50? counters at left and right and bears the legend ?Receivable in Payment of all Public Dues?. The central obligation states ?the United States Promise to pay One Year after date to (name) or order Fifty Dollars with Interest at the rate of One Mill per $100 per annum?. Vignettes representing ?Justice? and ?Liberty? flank the obligation. It is overprinted with a ?FIFTY? protector in rust front and back. The back design of the new $50 note was unique. Instead of ornamental lathe work with denomination counters, it has an ?endorsement? within a wreath: ?This Note will be purchased at par for the amount of the principal and interest thereof, on presentation at either of the Depositaries of the Treasury in the City of New York?. Payable in coin at any time ?on presentation?, thus was born the first ?Demand? note of the United States. The New York depositories were The Merchants? Bank, the Bank of America and the Bank of Commerce. The new $50 note was previewed in the September 1843 issue of Thompson?s Bank Note Reporter: ?The Secretary?s design has been to furnish a circulating medium which should be uniform in value, and have the confidence of the people of the whole country. We have no doubt of the success of the plan. These United States notes will make the best, the safest, the most convenient circulating medium that this or any other country ever had. They have a national character which will know no locality short of the nation?s boundary---a fifty dollar note put into our pocket in Arkansas will come out fifty dollars in Maine.? (32) When first used in 1837, the one mill rate was expressed on Treasury notes as ?one mill percentum.? This odd rate mixed a legal denomination (1 mill = one tenth of one cent) with a percentage. The 1897 reference History of the Currency of the Country and of the Loans of the United States, written by officials of the Register of the Treasury, said the 1837 ?one mill? interest rate was equal to one tenth of one percent. However, John Jay Knox in his history of U.S. paper money defines the rate as ?one thousandth of one percent?. Clearly, the one mill rate was a source of confusion. There exist three uniface proofs of Spencer?s new $50 Demand note, all of which were in the John J. Ford, Jr. collection (Stack?s auction Oct. 12, 2004 Part VI). Two of them (lots 414 and 416) are engraved with the interest rate of ?One Mill percent per annum?. The third (lot 415) is engraved with the rate of ?One Mill per $100 per annum?. The Vattemare specimen (lot Secy. Spencer?s new $50 note, produced by Rawdon, Wright & Hatch, was first issued about Nov. 1, 1843 (Author?s collection) The unique obligation of the new $50 note allowed it to be redeemed for coin at a New York depository bank at any time ?upon presentation? (Author?s collection) A coincidence that the vignette on this New York Treasury depository bank?s notes was the same as on U.S. Treasury notes? (author?s collection) A proof of the 1843 $50 Demand note has the ?One Mill per cent per annum? as used in 1837, while the issued note had ?One Mill per $100 per annum? (courtesy Stacks-Bowers). ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 14 417 in the Ford sale) also has the ?One Mill per $100 per annum? rate. Secretary Spencer?s report to Congress said the rate on the notes was ?one mill per annum upon one hundred dollars?, so this was in fact the rate used on the notes issued. Why do proofs exist with the ?one mill per cent? rate used in 1837? ?One mill per cent? (one tenth of one percent) interest on a $50 note amounts to five cents a year. One mill per hundred dollars on a $50 note does not amount to even half a cent in a year, effectively zero. If Spencer truly wanted a note that yielded no interest, then changing how the one mill rate was computed was necessary. Contemporary press accounts indicate the first of the new $50 notes began to appear about November 1, 1843. On November 4, it was reported that the Navy agent for New York was paying out the notes and ?they are beginning to attract considerable attention among the merchants as a convenient mode of making payments at a distance.? It was reported that Secretary Spencer planned to issue $1.5 million (30,000) of the notes. (33) The new fifties drew praise and criticism. An editorial in the Weekly Globe was quoted in the Harrisburg Democratic Union on Oct. 26 in part: ?These treasury notes have never heretofore been redeemable at any bank before they were due; and it is this redemption of them, on demand, before they have reached maturity, together with the mere nominal rate of interest they bear, which changes them from a Government loan into a Government paper circulation. The Secretary, in this manner, expects to evade the provisions of the act of Congress, and to escape the censure of the Democratic party and the country. But the attempt will be unavailing... If the Government should fill the channels of circulation with its own paper money, this must ruin our state banks in the interior. Whence can they derive their profits, if deprived of their circulation?? An editorial in the New York Daily Herald said in part, ?These notes will be paid out in all sections of the Union, where the government has liabilities to contractors, army agents, &c., and through them liquidate a long series of commercial obligations, and gradually find their way to the great commercial centre New York, where they are redeemable in specie, adding so much to the amount of money here. At the date of the last Bank reports, August 1st, there was to the credit of the government in the New York Banks, $4,033,385 in specie. That amount has been somewhat diminished, but more than sufficient for a basis to these notes is constantly flowing in to the government credit. On reaching New York, these bills are applicable to the payment of customs, and form an admirable means of remittance to all points of the Union, particularly to the west, by purchasers of public lands.? (34) The First Bearer Notes In addition to the $50 Demand notes, news accounts and Treasury records show that $50-$1,000 Treasury notes of the existing designs also were issued with a 4% interest rate. Spencer made changes to these notes to make them easier to pass from hand to hand. The New York Tribune reported ?They will be filled to one uniform endorser, and over the endorsement, on the back, they will be made payable to the bearer, in specie, on demand, in this city?. By making all the notes payable to a Treasury employee who then endorsed them on the back, they became immediately ready to circulate and redeemable by the bearer. The newspaper?s claim that they were payable ?on demand? does not seem to be accurate, however. (35) The Vattemare holdings contained both a $50 and a $500 Treasury note with ?Pay to the Order of? and ?Pay to Bearer? overprinted on the back. It seems Secretary Spencer simply took some unissued notes and had them overprinted. This was the first time the United States issued a ?Pay to Bearer? obligation; the old Treasury notes from the War of 1812 were inscribed ?Pay to Order?, which required the holder to specify another person or entity to transfer. ?Pay to bearer? is a useful element for a circulating paper money as it imbues the note with unencumbered transferability. When the Demand notes and Legal Tender notes were issued during the Civil War ?pay to the bearer? was explicitly stated on them. In 1843 the Treasury overprinted the back of notes with ?Pay to the Order of? and ?Pay to Bearer? (author?s collection) Once the 1843 4% note was initially endorsed, perhaps by a Treasury employee, it could legally circulate as a ?bearer? obligation (author?s collection). ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 15 Between $50 one mill Demand notes and $50- $1,000 4% notes, the total issued under the act of March 3, 1843 was $1,806,950. At least $1.5 million and perhaps more of this were $50 Demand notes. The Treasury continued to use its loan proceeds to redeem Treasury notes, reducing the total outstanding from $5 million on October 1, 1843 to $3.1 million on April 1, 1844. (36) In his December 5 1843 message to Congress Pres. Tyler defended the new ?system? of $50 Demand notes. The next day Secretary Spencer in his report to Congress also delivered a full-throated defense of the $50 Demand note. But banking and hard money advocates such as Senator Benton were hopping mad at what they perceived to be a willful perversion of the law. Secretary Spencer lost the support of many in Congress and began to consider leaving the Treasury. On December 9 the New York Daily Herald predicted, ?the Treasury note system of John C. Spencer?s invention will be abolished? by Congress. A month later President Tyler nominated Spencer to fill a vacancy on the Supreme Court. Though no longer in the Senate, powerful Whig leader Henry Clay urged the Whig majority to reject Spencer because he was not ?faithful or honest?. The Senate voted 26-21 to reject him. On January 15 1844 the House of Representatives passed a Resolution ordering ?the Committee of Ways and Means be instructed to inquire and report to this House whether the notes lately issued by the Treasury Department, bearing ?a nominal interest,? and convertible into coin on ?demand,? and now forming part of the circulating medium of the country, are authorized by the existing laws and Constitution of the United States.? Two months later the committee reported its findings, which said in part: ?It is impossible to avoid the conclusion, that the whole plan of issuing notes payable on demand, as these notes are, in fact, made payable on demand, by the endorsement, is a deliberate contrivance of the Secretary of the Treasury, with the approbation of the President, to infuse into the circulation of the country, Government paper? the endorsement, that they will be paid at sight, at either of the depositaries of the Treasury, in the city of New York, imparts to them the character of ordinary bank paper, calculated and intended to circulate as money, in the hands of the citizens? To issue notes for circulation, payable on demand, under cover of the authority to borrow money in the form of treasury notes, is deemed an abuse of authority which ought to be corrected.? (37) On March 28, Congress published a joint resolution: ?Resolved, by the Senate and the House of Representatives of the United States of America in Congress assembled, That the issue of treasury notes made payable on their faces one year after date, bearing a merely nominal rate of interest, and by endorsement thereon, made payable at any time on presentation at the depositories of the treasury, is without authority of law.?(38) It was a crushing rebuke to both the President and the Secretary of the Treasury. The resolution immediately provoked the question of whether or not the government was repudiating the $50 Demand notes? Congress answered that no, the notes would be redeemed by the government for specie as specified on them. However, the issuance of the notes in the first place was deemed an illegal act. On April 30, John Spencer resigned his post. On June 26 George M. Bibb, a 70-year-old judge from Kentucky, succeeded him. Thankfully, for the country, the spring of 1844 brought continued economic recovery, causing government deficits to shrink. As an example, customs duties at the port of New York grew from $11.3 million in 1843 to $21.7 million in 1844. In the second quarter of 1844 (April 1 - June 30) over $1 million in Treasury notes were redeemed. Yet just $50,000 of the redemptions were of the $50 Demand notes. The New York Daily Herald remarked that the $50 Demand notes ?have gone into circulation in the country, and are used as remittances from one section to another, being notes of small denomination, and drawing only a nominal interest, current in all parts of the country, they are kept out of the Treasury, and are very convenient as a circulating medium.? Secretary Spencer?s paper money experiment was a success. (39) On August 1, the Secretary of the Treasury reported that just over $2 million of Treasury notes were outstanding and gave notice that he was ready to redeem all of them immediately. Yet by the end of the year, almost $1.9 million still were outstanding, the majority being the $50 Demand notes. (40) Treasury Secretary Bibb marveled of the Treasury notes, ?Although all interest has ceased upon them, and the Government has invited their return to the Treasury, yet they remain outstanding; affording ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 16 great facilities to commerce and establishing the fact that, under a well-regulated system of finance, the Government has resources within itself, which render it independent in time of need, not only of private loans, but of bank facilities.? (41) On April 1, 1851, the Register of the Treasury reported just under $137,000 of the Treasury notes of this period still remained outstanding. The New York Daily Herald observed that the notes ?bear but a nominal rate of interest, and are, therefore, very convenient for the purposes of commerce. Being of equal value in all sections of the Union, they are used as remittances between merchants. This accounts for their not being presented for redemption, and we have no doubt it will be a long time before they will be cancelled. It can be seen by this how much such a currency is wanted in this country. These notes are so easily negotiated, so well-known in the commercial community, that they are sought after and kept in active circulation.? (42) By the Numbers From 1837 to 1844 some $47,002,900 in Treasury notes were issued. By comparison, $60 million worth of Demand Notes were issued during the Civil War. On March 31, 1847, the accounts at the Treasury comprising Treasury notes issued under the various acts from 1837 to 1843 were consolidated under the heading of ?Old Debt?. (43) In 1845, the United States annexed the Republic of Texas, precipitating a war with Mexico. Lacking the funds to fight a war, a new issue of Treasury notes was inevitable. But that is another story. The great rarity of issued notes surviving from 1837-1844 makes them difficult to study and catalog. The best source of U.S. Treasury notes from this era are from the Alexandre Vattemare presentation albums. However, when these notes first surfaced in Christie?s Robson Lowe auction of April 2, 1982, all were attributed to the Mexican War under the act of July 22, 1846 and later. This error was perpetuated in Gene Hessler?s 1988 reference An Illustrated History of U.S. Loans. In fact, several of the Vattemare specimens date from the Panic of 1837, including the only known 1843 $50 one mill Demand note with its all-important back design. At least three face proofs of this note are known. While the basic designs of the notes of Oct. 1, 1837 continued to be used essentially without modification under subsequent acts, reports of issued notes indicate that serial numbers were restarted at one when additional notes were issued under later acts. All were numbered by hand. Here is a trial listing of 1837-1844 U.S. Treasury notes, cross-referenced to the Hessler catalog as applicable. Act of October 12, 1837 Oversize notes measure 4 x 8 inches, printed in black on the face and orange on the back by Rawdon, Wright & Hatch, NY. All feature the same three vignettes (Mercury, Wealth and Justice) in different positions. Redeemable one year after various handwritten dates between October 1837 and June 1844. Various interest rates handwritten between one mill and six percent. Hand signed by officials of, or representing, the Treasurer and Register. Act of March 3, 1843 About November 1, 1843, the Treasury issued a new $50 Demand note engraved with a One Mill per $100 interest rate and a new back with a ?payable upon presentation? endorsement. In addition, the existing $50-$1000 denominations were overprinted on the back ?Pay to the Order of? and ?Pay to Bearer? in black and issued with a handwritten 4 percent interest rate. Authority to reissue redeemed notes expired July 1, 1844. Conclusions The Treasury notes of 1837-1843 were born of a financial crisis that deprived the U.S. government of the money it needed to function. From the beginning the Treasury divided the notes into two classes: One for acquiring coin by offering investors a good interest rate; a second, bearing a low or nominal interest rate, to be paid to creditors as a substitute for coin. Denom Hessler # Description $50 X110A Vignettes of Eagle top center, Justice at left, Liberty at right. Engraved interest rate of ?One Mill per $100.? Large ?FIFTY? protector overprinted front and back. Back endorsement surrounded by wreath. $50 X114A As 99A/B but overprinted ?Pay to the Order of? and ?Pay to Bearer? on back. $100 X108B As X99C/D and same overprints $500 X114C As X99E/F and same overprints $1000 X108D As X99G/H and same overprints Denom Hessler # Description $50 X99A/B Vignettes of Wealth at center, Mercury at left, Justice at right $100 X99C/D Vignettes of Mercury at center, Wealth at left, Justice at right $500 X99E/F Vignettes of Wealth at left, Mercury at right, Justice at bottom center $1000 X99G/H X114D Vignettes of Mercury at center, Justice at left, Wealth at right Fractional ($50-$100) X99I/J X103I/J Vignettes of Wealth at center, Mercury at left, Justice at lower right Spaces to fill in amount in upper left, lower left and center right. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 17 Senator Thomas Hart Benton and others opposed the Treasury note law because they feared low denomination notes might circulate as paper money. Congress went ahead anyway. $50 and $100 notes were paid to government suppliers, government employees, the military and even members of Congress in lieu of coin. Treasury notes were popular for sending remittances everywhere. Their legal tender status for payment of government duties, taxes and public lands drew Treasury notes to the major ports and remote territories throughout America. In his United States Notes: A History of the Various Issues of Paper Money of the Government of the United States, John Jay Knox stated that $5 million of the $10 million in Treasury notes originally authorized in 1837 were issued at low interest rates ?to supply a circulating medium.? (44) All Treasury notes issued under the several acts from 1837 to 1843 were printed from plates of the same designs, save for a revision to the date line from 183__ to 184__. In the fall of 1843, a new $50 note was deliberately created by the President and Secretary of the Treasury to be the nation?s first paper money, payable in coin on demand. Earning no interest and redeemable at any time upon presentation to a U.S. depository bank in New York, it anticipated the Demand notes of the Civil War by eighteen years. Because virtually all the Treasury notes were redeemed, there is a lack of issued notes to study. Of the original design type used from 1837 to 1843, though more than $45 million were issued, just one fully issued note survives in private hands: A redeemed $100 note from 1838. A redeemed $100 and a fractional note exist somewhere in government archives.(45) No examples of the One Mill $50 Demand notes of 1843 were reported in any form, including proofs or specimens, because they were misattributed to a later Mexican War issue. The Vattemare specimen of the first U.S. Demand note has been ?hiding in plain sight? for 37 years. ? Notes (1) lehrmaninstitute.org ?Andrew Jackson, Banks, and the Panic of 1837? (2) Knodell, The Second Bank of the United States, Chapter 5 details the stabilizing effect the Second BUS had on state banks. (3) McGrane, The Panic of 1837, p. 40. These figures include the effect on the state banks from the transfer of deposits from the BUS beginning in 1833. (4) Debates in Congress, 25th Congress First Session, Appendix pp. 39-48 provides a list of the ?Deposite banks? as of 1 Nov. 1836. (5) Bourne, The History of the Surplus Revenue of 1837, pp. 7-8, 28-29. (6) Scheiber, The Pet Banks, p. 197 the Bank of Michigan at Detroit was one of the largest depositories of the Treasury Dept. (7) Rousseau, Jacksonian Monetary Policy, Specie Flows, and the Panic of 1837 pp. 23-26. Table 4 shows that just prior to implementation of the Specie Circular 6% of public lands were paid for in specie. From July 1836 ? Sept. 1837 $7.3 million in specie was spent on public lands. (8) ibid, p. 36 has a timeline showing the overlapping impacts of the Deposit Act, Specie Circular and actions by the Bank of England. (9) Bourne, The History of the Surplus Revenue of 1837, p. 36. Bourne notes ?the whole affair was mostly complicated by the fact that the deposits, instead of being in the bank vaults, were loaned out in every direction?? (10) McGrane, The Panic of 1837 pp. 97-99. (11) Bourne, The History of the Surplus Revenue of 1837 p. 40. (12) Report on the Finances, 25th Congress, 1st Session, Sept. 5, 1837. Secy. Woodbury suggests issuing Treasury notes bearing no interest ?in denominations as low as twenty, fifty and one hundred dollars; and not in too large quantities, but used only in anticipation of the accruing revenues, and to a limited amount?. (13) Debates in Congress, 25th Congress First Session, p. 1224. (14) ?Speech of Mr. Benton?, The Madisonian, Washington, D.C., Sep. 23, 1837, p. 1 (15) Webster?s three-hour speech was printed in The National Gazette, Philadelphia, PA 18 Oct 1837, pp. 1-2. (16) ?Treasury Notes?, The National Gazette, Philadelphia, PA 27 Oct 1837 p. 2; Official notice of the amount of Treasury notes issued in the first month, ibid, 3 Nov. 1837 p. 2; New York Daily Herald, New York, NY 19 Oct 1837 p. 3; ?Treasury Notes?, Richmond Weekly Palladium, Richmond, IN 11 Nov 1837 Main Edition p. 3; Sheet size and plate letters as observed from a large batch of redeemed notes stolen and listed by the Secretary of the Treasury reported in The Daily Madisonian, Washington, D.C. 24 Apr 1843 p. 3. (17) ?The State of Public Credit--- Treasury Notes?, The Madisonian, Washington, D.C. 1 May 1838 p. 3; ?Treasury Notes?, The Pittsburgh Gazette, Pittsburgh, PA, 10 Nov 1837 p. 2; An editorial about the Treasury paying its creditors in 2% or one mill percent notes appeared in the Vermont Phoenix, Brattleboro, VT 29 Dec 1837 p. 1; A Senate resolution of 21 July 1840 had the Treasury document the various denominations, including the ?fractional? notes, and applicable interest rates, for notes issued and redeemed over ten days, published in The National Gazette, Philadelphia, PA 6 Aug 1840, p. 2. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 18 (18) ?Correspondence of the N. Y. Journal of Commerce?, Vermont Phoenix, Brattleboro, VT 22 Dec 1837, p. 2 (19) ?House of Representatives?, The National Gazette, Philadelphia, PA 29 Dec 1837, p. 2; The Pittsburgh Gazette, Pittsburgh, PA 2 Jan 1838 p. 2; Hartford Courant (Hartford, CT 16 Jan 1838, p. 3) reported members of Congress being paid in a ?mixed currency? of specie and Treasury notes. The National Intelligencer, as quoted in the Fayetteville Weekly Observer (Fayetteville, NC, 28 Feb 1838, p. 3, ?State of the Treasury?) stated there was no doubt that disbursing officers, paymasters, pursers and other agents of the government were receiving Treasury notes in lieu of specie. Some were selling the notes in the market in order to obtain needed specie. (20) Knox, United States Notes p. 45: ?On account of the low rate of interest upon a large portion of the notes, the object for which they were issued, namely, to supply a circulating medium, was thwarted, for they were soon presented for paying taxes??; Treasury notes issued and paid back for customs through the end of 1838 reported in the Richmond Enquirer, Richmond, VA 4 Jan 1838 p. 3. (21) ?Condition of the Treasury?, Richmond Enquirer, Richmond VA 4 May 1838, p. 2 (22) Messages from both the Pres. Van Buren and Secy. Woodbury on the dire financial condition of the government were issued on May 10, reprinted in the New York Daily Herald, NY, NY on 14 May 1838 p. 1; ?From the Correspondent of the New York Daily Express? as quoted in the Hartford Courant, Hartford CT, 19 May 1838 p. 2; Continuous debates and commentary by the Washington correspondent of The Baltimore Sun, Baltimore, MD 14 May 1838, p. 4; (23) Detroit Free Press, Detroit, MI 10 May 1838 p. 2; The Weekly Mississippian, Jackson, MS 25 May 1838 p. 3; ?Forged Treasury Notes?, Public Ledger, Philadelphia, Philadelphia, PA 7 May 1838, p. 2; ?Most Accomplished and Thorough Rogue?, Middlebury Register, Middlebury, VT 24 Mar 1852 p. 2. (24) ?Copy of a letter from Benj. Snodgrass to the Editor of the Jacksonian?, Jacksonville Republican, Jacksonville, AL, 7 Jun 1838 p. 2 (25) Summary of the financial condition of the government, The Pittsburgh Gazette, Pittsburgh, PA 24 Feb 1840, p. 2; Knox, United States Notes, p. 46, for amendments to prevent Treasury notes from circulating as money. (26) Boston Post, Boston, MA 3 Jan 1842, p. 2, condition of Treasury finances; Treasury projections for 1842, The Evening Post, New York, NY 23 Dec 1841 p. 2; ?Gleanings?, Brooklyn Evening Star, Brooklyn, NY 4 Feb 1842 p. 2 reprinted the Jan. 31 story in the New York Standard; So scarce was specie that even Sen. Benton, ?Old Bullion?, was offered $42 in coin and a $100 Treasury note when he attempted to cash a government draft at a D.C. bank. The Baltimore Sun (5 Feb 1842 p. 1) reported Benton protested it and threw a tantrum on the Senate floor. (27) Hessler, An Illustrated History of U.S. Loans p. 130. (28) ?All Sorts of Paragraphs?, Boston Post, Boston, MA 3 May 1842 p. 2; March 11 letter to Congress from the Secretary of the Treasury regarding the inability to obtain specie, default on Treasury notes and editorial comments, ?THE TREASURY AND THE PUBLIC CREDIT?, Richmond Enquirer, Richmond, VA 29 Mar 1842 p. 4 (29) The Evening Post, New York, NY 23 Aug 1842 p. 2; The Brooklyn Daily Eagle, Brooklyn, NY 23 Aug 1842 p. 2 (30) Commentary about John C. Spencer reprinted in the Buffalo Daily Gazette, Buffalo, NY 3 Jun 1843 p. 2; New York Daily Herald, New York, NY 5 May 1843, p. 3; Details of Treasury notes to be redeemed via the loan outlined in the Buffalo Daily Gazette on 28 Jun 1843, p. 2; Register of the Treasury T. L. Smith?s July 8 report on loans and retirement of Treasury notes, Buffalo Courier, Buffalo, NY 21 Jul 1843 p. 2. (31) Secy. Spencer?s Dec. 9 1843 ?Annual Treasury Report? reprinted in The Daily Madisonian, Washington, DC 12 Dec 1843 p. 3 (32) ?The Government Bank?, Niles Weekly Register, Vol. 65-66, Nov. 25, 1843 p. 196 reprinted the story from Thompson?s Bank Note Reporter and identified the three Treasury deposit banks in New York City; The Evening Post, New York, NY 30 Oct 1843 p. 2 (33) ?Treasury Notes?, The Evening Post, New York, NY 4 Nov 1843 p. 2; ?Fifty Dollar Treasury Notes?, the New York correspondent of the United States Gazette as quoted in The Mississippi Free Trader, Natchez, MS 11 Oct 1843 p. 1. (34) New York Daily Herald, New York, NY 25 Sep 1843 p. 3. (35) ?Government Currency?, New-York Tribune, New York, NY 27 Sep 1843 p. 2 (36) De Knight, History of the Currency of the Country p. 67. Total interest paid on this issue was a miniscule $4,931.50, or less than 0.3%. Since the interest paid on $50 Demand notes was effectively zero, the interest would cover about $123,300 worth of 4% Treasury notes for a year. It seems likely that at least 90% of the issue consisted of $50 Demand notes paying no interest. (37) Knox, United States Notes pp. 54-61. (38) Congressional Globe, 28th Congress, First Session, pp. 454, 460; The Tennessean, Nashville, TN 15 Apr 1844 p. 2; ?House of Representatives?, New York Daily Herald, New York, NY 30 Mar 1844 p. 4 (39) Comparison of customs revenue for the port of New York 1844 vs.1843, ?Revenue of New-York?, New York Tribune, New York, NY 6 Jan 1845 p. 3; Treasury note redemptions, New York Daily Herald, New York, NY 5 Jun 1844 p. 2; The Evening Post (New York, NY 4 Apr 1844 p. 2) reported that $1,781,400 of the one mill notes redeemable on demand had been issued as of April 1, 1844. This likely does not take into account the 4% Treasury notes also issued under the act. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 19 (40) ?Interesting Items of News?, Baltimore Daily Commercial, Baltimore, MD 4 Jan 1845 p. 1 (41) The Adams Sentinel, Gettysburg, PA 2 Dec 1844 p. 5 (42) New York Daily Herald, New York, NY 5 Apr 1851 p. 5 (43) De Knight, History of the Currency of the Country, p. 69. (44) Knox, United States Notes p. 42. (45) Hessler, An Illustrated History of U.S. Loans, p. 121 shows a redeemed fractional note for $76.24, serial no. 11 dated 3 March 1841; p. 130 shows a redeemed $100 note for 6%, serial no. 17307 dated 23 April 1842. Both are from the former Bureau of the Public Debt. ? Bibliography? Books? Andreades, A. M., History of the Bank of England 1640-1903, Fourth Edition, Frank Cass & Co., Ltd, Abingdon, England 1966 Ashton, J. Hubley, Editor, Official Opinions of the Attorneys General of the United States: Advising the President and Heads of Departments in Relation to their Official Duties, Vol. IX, W. H. & O. H. Morrison, Washington D. C., 1866 pp. 413-416 Bourne, Edward G., The History of the Surplus Revenue of 1837, G. P. Putnam?s Sons, New York, 1885 Debates in Congress, 25th Congress First Session, Gales and Seaton Register Vol. XIV, 1837 De Knight, William F. and Tillman, J. Font, History of the Currency of the Country and of the Loans of the United States, Government Printing Office, Washington D. C., 1897 Gerhardt, Michael J., The Forgotten Presidents: Their Untold Constitutional Legacy, Oxford University Press, New York, NY 2013 Hessler, Gene, An Illustrated History of U.S. Loans 1775-1898, BNR Press, Clinton, OH 1988. Hughes, Jeremiah, Editor, Niles' Weekly Register, Volumes 65-66, Baltimore, 1844 Knodell, Jane Ellen, The Second Bank of the United States: ?Central? banker in an era of nation-building, 1816-1836, Routledge, Taylor & Francis Group, NY, NY, 2017 Knox, John Jay, United States Notes: A History of the Various Issues of Paper Money of the Government of the United States, Third Edition Revised, Charles Scribner?s Sons, New York, NY 1888 Leab, Daniel, Encyclopedia of American Recessions and Depressions, Vol. I, ABC-CLIO, Santa Barbara, CA 2014 McGrane, Reginald Charles, The Panic of 1837, University of Chicago Press, Chicago, IL 1924 Robson Lowe - Christie's Auction catalogs April 1, 1982 (Part I); September 17, 1982 (Part II) Stack?s John J. Ford Jr. Auction Part VI, October 12, 2004 ? Articles? ?Captain Tyler?s Magnificent Scheme of Issuing $5,000,000 in Government Paper Money, Mis-Called Treasury Notes?, Harrisburg Democratic Union as quoted by the Weekly Globe, Oct. 26, 1843 lehrmaninstitute.org ?Andrew Jackson, Banks, and the Panic of 1837? ?Political Portraits with Pen and Pencil (No. VIII): Levi Woodbury?, United States Magazine & Democratic Review, July, 1838, libertarianism.org Rousseau, Peter L., ?Jacksonian Monetary Policy, Specie Flows, and the Panic of 1837?, Working Paper No. 00-W04R, Department of Economics, Vanderbilt University, Nashville, TN Jan. 2000 Rev. June 2001 Secretary of the Treasury, ?Report on the Finances?, The Evening Post, NY, NY Dec. 8, 1838 p. 1 Secretary of the Treasury, ?Annual Report on the State of the Finances?, Dec. 6, 1843 pp. 613-617 Scheiber, Harry N., ?The Pet Banks in Jacksonian Politics and Finance, 1833-1841?, The Journal of Economic History, Vol. 23, No. 2 (June 1963) pp. 196-214 Spencer, John Canfield, biography, Wikipedia.com Thompson?s Bank Note Reporter, September 1843 Van Buren, Martin, Speech of the President before Congress, Sept. 1837 Woodbury, Levi, biography, Wikipedia.com ? ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 20 Lyn Knight Currency Auct ions If you are buying notes... You?ll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful ?grand format? catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: Great Commission Rates Cash Advances Expert Cataloging Beautiful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. 800-243-5211 - 913-338-3779 - Fax 913-338-4754 Email: lyn@lynknight.com - support@lynknight.c om Whether you?re buying or selling, visit our website: www.lynknight.com Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 Lyn Knight Currency Auctions Deal with the Leading Auction Company in United States Currency Mixing of Signature Combinations in $1 1935-1935D Silver Certificate serial number blocks Overview and Purpose The series letter was advanced when the Treasury signature combination was changed on Series of 1935 $1 silver certificates. There was concurrent overprinting of both the obsolete and new signature combinations that lasted for a period of a few months each time this occurred until the startup of the Series of 1935E when things changed. The result was that batches consisting respectively of the old and new varieties were intermixed within the serial number blocks for variable periods following signature changes. See Figure 1. This article explains how and why this occurred. There was a subtle variation to this theme at the beginning of the series when the series letter was advanced to A. In this case, the Julian-Morgenthau signature combination didn?t change. Instead, the letter was advanced because of two minor design changes; specifically, the series date was removed from the intaglio face plates and added to the overprint, and the plate serial numbers were increased in size. As with The Paper Column by Peter Huntoon Figure 1. This trio of $1 silver certificates from the LD serial number block illustrates a 1935B note sandwiched in serial number order between two 1935Cs. This peculiar occurrence was caused by concurrent production of large batches of notes on different overprinting presses, some with obsolete signature combinations, others with current combinations. Heritage Auction Archives photos. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 22 signature changes, there was intermixing of batches of 1935 and 1935A notes in the serial number blocks for a while after the change. A serial number block is defined as the prefix and suffix letter in a serial number. Serial X12345678A is from block XA. A block consists of 100 million notes. The prefix letters cycled through the alphabet with the letter O omitted. Once a full rotation had occurred, the suffix letter was advanced, and the process repeated. The focus of this article is on the intermixing of signature combinations within the impacted serial number blocks. Be aware as you read this article that although the signatures didn?t change after the startup of the Series of 1935A, the same type of mixing occurred between the 1935 and 1935A varieties. The Series of 1935 The big deal with the introduction of the Series of 1935 $1 silver certificates was that the Treasury signatures were going to be overprinted on the notes rather than printed from the intaglio face plates. This technical innovation already had been used to overprint the bank information on Series of 1929 national and Federal Reserve bank notes. To accomplish the job, new 12-subject bicolor rotary overprinting presses were developed that not only printed the black Treasury signatures but also the blue seals and serial numbers. The machines then cut the notes from the sheets and collated them in serial number order. The serials assigned to a press for a given press run were divided in two and the resulting two sequences were numbered on the respective sides of the sheets. Numbering was down the half sheets so there were two takeoff streams, one on each side of the press, each with sequential numbers. See Figure 2. The Bureau had a room full of the 12-subject overprinting presses. The sheets were numbered in batches that were assigned to the various presses. Each press held overprinting forms that affixed the signatures to the sheets. The series date and letter also were overprinted beginning with the Series of 1935A. These elements stood in relief on the forms so they were embossed into the paper. All twelve positions on a given press utilized identical forms. The surprise for collectors came from the fact that when there was a change in the series letter, the forms with obsolete letters and the Treasury signatures associated with them continued to be used on some Figure 2. 12-subject bicolor overprinting press. The sheets were picked up and placed in the press by means of a suction device from a feed tray under the suction hoses at center back. They then moved toward you, where they were overprinted by the drum under the light. Then they passed back inside the machine where they were cut apart. The pairs of women on either side of the press received the cut and collated notes from the respective halves of the sheets. Notice the locked box to the right at the top of the machine. It contains a counter that recorded the number of sheets overprinted. BEP photo. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 23 overprinting presses whereas new forms were put on others. The result was the simultaneous production of old and new varieties during the startup of each new variety. Concurrent production of both lasted between 3 and 8 months during the 12-subject era. This created serial number blocks wherein large batches of notes of the old variety alternated with the new. The batches usually consisted of hundreds of thousands to millions of notes. Table 1 is a listing of the impacted blocks. Table 2 reveals when those blocks were numbered. Table 1. Serial number blocks used to overprint 12-subject Series of 1935 silver certificates in which batches of notes were printed that alternated back and forth between the varieties. Varieties Blocks Treasurer-Secretary of the Treasury 1935/1935A MA through RA Julian-Morgenthau/Julian-Morgenthau 1935A/1935B CD through DD Julian-Morgenthau/Julian-Vinson 1935B/1935C KD through MD Julian-Vinson/Julian-Snyder 1935C/1935D RE through UE Julian-Snyder/Clark-Snyder Table 2. Dates when the serial number blocks listed on Table 1 were printed. Varieties/Block Inclusive Dates 1935/1935A MA Jan 18, 1938 - Mar 8, 1938 NA Mar 8, 1938 - May 4, 1938 PA Apr 28, 1938 - Jun 23, 1938 QA Jun 15, 1938 - Aug 8, 1938 RA Aug 1, 1938 - Sep 16, 1938 1935A/1935B CD Jun 19, 1945 - Jul 28, 1945 DD Jun 27, 1945 - Sep 27, 1945 1935B/1935C KD May 21, 1946 - Jun 24, 1946 LD Jun 25, 1946 - Aug 13, 1946 MD Aug 13, 1946 - Sep 23, 1946 1935C/1935D RE Jun 9, 1949 - Jul 13, 1949 SE Jul 13, 1949 - Aug 25, 1949 TE Aug 25, 1949 - Sep 30, 1949 UE Sep 30, 1949 - Nov 4, 1949 No signature changeover pairs have been reported between batches within a block. It would have been difficult to put such a pair together because the two notes generally if not always comprised the last note in one brick of 4,000 and the first note in the next, and those bricks went their separate ways during distribution. The phase-in and phase-out of varieties during the 12-subject era resulted in some rare block/variety combinations. Commonly the rarities arose because a variety was phased in at the end or phased out at the beginning of a given block. Otherwise scarcity depended on the ratio of the varieties that happened to be printed within a block. The listings in the Schwartz-Lindquist catalog serve as a guide to the scarce combinations. Conversion to 18-Subject Plates The new overprinting presses that accompanied the conversion to 18-subject plates during the Series of 1935D were of an entirely different design so the numbering of the notes on the sheets changed dramatically. As a result, the serial number breaks between signature changes became sharp as listed on Table 3. See Figure 3 for an example of a first note with a new signature combination. For a period of about a year they used two mono-color 18-subject flatbed presses in tandem that respectively overprinted the black elements and then the blue seals and serial numbers. Thereafter they ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 24 employed rotary bicolor presses that applied the two overprints simultaneously. The notes were not cut apart by these presses as had been done previously. Instead they were cut apart in a separate operation. Table 3. List of the serial number ranges assigned to 18-subject Series of 1935 silver certificates. The changeovers between the varieties were sharp. Variety Serial Number Range Treasurer/Sec?y of the Treasury 1935D G00000001G-G99999999G Clark-Snyder N00000001G-N46944000G 1935E N46944001G-P81000000I Priest-Humphrey 1935F P81000001I-B54000000J Priest-Anderson B71640001J-B72000000J 1935G no motto B54000001J-B71640000J Smith-Dillon B72000001J-D48960000J 1935G motto D48960001J-D80280000J Smith-Dillon 1935H D80280001J-E10800000J Granahan-Dillon Numbering progressed vertically through the stacks of 18-subject sheets rather than down the columns as on the 12-subject sheets. Therefore, consecutive notes came from the same plate position. On a given sheet, there were serial number skips between successive plate positions equal to the number of sheets in the batch being numbered. The first serial numbers printed on 18-subject sheets were Series of 1935D G00000001G through G99999999G. However, numbering of the last of the 12-subject sheets followed on the old numbering presses so the last serial number printed on a 12-subject sheet was M98128000G. Numbering of 18-subject sheets resumed at N00000001G. Series of 1935 to 1935A Changeover The Series of 1935 Julian-Morgenthau notes were distinguished from those that followed by having ?Series 1935? incorporated into the intaglio face design. See Figure 4. Consequently, the only black elements that had to be overprinted were the two Treasury signatures. The series date was removed from the face plates and made part of the black overprint beginning with the Series of 1935A notes. See Figure 5. The result was that the face plates became fully generic, making their handling even more flexible from then on. These differences required that they couldn?t mix the two types of face plates on the 4-plate intaglio face presses during the changeover. Furthermore, the streams of sheets coming from a given press had to be routed to the appropriate overprinting press in order to affix the correct overprint. Both 1935 and 1935A notes were being numbered in the MA through RA blocks at the time. The numbering within these blocks also was carried out in large batches that alternated between the varieties. Figure 3. The changeover to new varieties was sharp once 18-subject $1 silver certificate production commenced. As an example, P81000001I was the first Series of 1935F note. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 25 12-Subject Sheet Orders The first overprinting of a new signature combination from 12-subject plates usually involved a small order for uncut sheets rounded out with cut notes. Both were made available to Treasury dignitaries and for sale to collectors at the cash window at the Treasury building in Washington, DC. Through chance, some of those first printings occurred at the end of an ongoing block, thereby creating a short run distinguished by high serial numbers. Examples include the 1935B CD Julian-Vinson Figure 6. $1 Series of 1935A and B notes from the CD block where the 1935A note has a higher serial number than the 1935B. Note C93385384D is from the small first printing of 1935B notes consisting of presentation sheets rounded out with cut notes that happened to be numbered near the end of CD block. C93385384D was one of the cut notes. Heritage Auction Archives photos. Figure 4. This proof lifted from the first Series of 1935 face plate illustrates that the series date was part of the intaglio design. Production from these plates could be fed only to overprinting presses configured with Julian- Morgenthau signatures but without series dates. Smithsonian photo. Figure 5. The series date was not included on $1 face plates once the Series of 1935A went into production, thus making those faces fully generic. Smithsonian photo. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 26 and 1935C KD Julian-Snyder varieties. The 1935B C93385384D note illustrated on Figure 6 is from such a printing and represents one of the cut notes that rounded out what was otherwise a sheet order. Variety Changeover Pairs The distinction between the changeover pairs that were printed between batches in the 12-subject printings of $1 1935 series notes treated here and signature changeover pairs found on contemporary higher denomination notes must be clarified. The two resulted from entirely different processes. The $2 and higher denomination notes up through the ends of the 1928 series legal tender and 1934 series silver certificates and Federal Reserve series were printed from face plates that incorporated the Treasury signatures. The printing presses that printed those faces were flatbed presses that held four 12- subject plates that circulated around the bed of the press. The plates were sequentially inked, wiped and printed as they circulated. They produced a single stream of sheets that alternated sequentially through impressions from the four plates on the press. It was routine practice during variety changeovers to use a mix of the obsolete and current plates on the same press until the supply of obsolete plates wore out. The result was the production of a stream of sheets that alternated between the varieties present. The sheets were then fed through overprinting presses that affixed the seals and serial numbers. The notes on the sheets were numbered down the half sheets the same as on the 12-subject $1 silver certificates. Variety changeover pairs, either forward or backward, came along between half sheets that were of different varieties. See Figure 7. This class of changeover pair was produced in huge quantities so they are available. This type of mixing of varieties within a serial number block clearly is of an entirely different origin than that of $1 Series of 1935 changeover pairs between large batches from different overprinting presses. Why Was There Mixing of Varieties within Blocks? The practice of mixing varieties in the first few serial number blocks following a series letter change in the early $1 1935 series was an economy measure. The mixing resulted from phasing in the new overprinting variety?usually a new Treasury signature combination?one overprinting press at a time rather than stopping production and retooling all the presses at once. The Bureau of Engraving and Printing is a factory handling a continuous stream of orders. Currency Figure 7. This pair of $10s represents a common type of changeover pair resulting from mixing of plates with different signature combinations on the same press. The stream of sheets coming from the press alternated back and forth between the varieties. This type has an entirely different origin than $1 Series of 1935 changeovers between large batches of sheets numbered on different overprinting presses fitted with different overprints. None of the latter are known. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 27 is but one of several products it cranks out. In fiscal year 1937, when Series of 1935 $1 production got fully up to speed, the BEP turned out 960,190,200 notes of all classes and denominations with a face value of $3,798,204,000 (Hall, 1937, p. 46). Series of 1935 $1 notes comprised about 70 percent of this stream by volume. Gangs of presses were required to print them. They were coming out at the rate of 60 million per month. You don?t raise your hand to stop that tsunami and idle the huge workforce behind it so that you can send a team into the surface printing division to swap out signature forms on all the overprinting presses. Those forms were individually mounted on the numerous rotary printing heads on each machine and held in place with machine screws. Besides, who cared what Treasury signatures were on the notes, with the possible exception of the new Treasury official(s). The sensible thing was to gradually phase in the new signatures by retooling one overprinting press at a time over a few months period so that the down time wouldn?t be felt any more than what occurred through regularly scheduled maintenance. This is exactly what was done. There was precedence for doing business in this fashion. The Bureau, with few exceptions, always used intaglio plates with obsolete signatures until they wore out when the signatures were incorporated into the designs on them. The new were gradually phased in as the stock of obsolete plates was consumed. That concept was simply carried forward to overprinting presses for the Series of 1935 notes. Incidentally, no collector I know of ever staked out a few of the $1 Series of 1935 blocks that contained alternating signature batches and then attempted to collect a note from each batch of the blue seal to be found within the block. The first impediment was that we have no idea how many distinct groups are possible within the affect blocks. There could be many dozens. How would you know that you got all of them? I looked at about 500 scans on in the Heritage Auction Archives to find the three photos needed to compose Figure 1. I fully expect that there were other changeovers within that 10 million serial number range. The production of 12-subject $1 Series of 1935 through 1935D star notes was the same as for the regular serial number blocks. Star notes also were overprinted in batches so varieties alternated back and forth between the batches within the star blocks as shown on Figure 8. Sources of Data Bureau of Engraving and Printing, undated, Numbering division press room logbook containing a list of the inclusive dates when silver certificate 1935 series 12-subject sheets were numbered: BEP Historical Resource Center, Washington, DC. Hall, Alvin W., 1937, Annual report of the director of the Bureau of Engraving and Printing, fiscal year ending June 30, 1937: Bureau of Engraving and Printing, 102 p. O=Donnell, Chuck, 1977, Standard handbook of modern United States paper money, 6th edition: Harry Forman Inc., Philadelphia, PA, 342 p. Schwartz, John and Scott Lindquist, 2011, Standard guide to small-size U. S. paper money 1928 to date, 10th edition: Krause Publications, Iola, WI, 382 p. Figure 8. Notice that the serials on the 1935A note are lower than those on the 1935. Photos courtesy of Bill Brandimore. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 28 L otel & vations: Central States Numismatic Society 81st?Anniversary Convention Schaumburg, I Schaumburg Renaissance H Convention Center April 22-25, 2020 Early?Birds:?April?22???11am?3pm;?$125?Registration?Fee? Public?Hours:?Wednesday?Saturday? No Pesky Sales Tax in Illinois Hotel Reser Schaumburg Renaissance Hotel - 1551 North Thoreau Drive ? Call (847) 303-4100 Ask for the ?Central States Numismatic Society? Convention Rate. Problems booking? - Call Convention Chairman Kevin Foley at (414) 807-0116 Free Hotel Guest and Visitor Parking. Visit our website: www.centralstatesnumismaticsociety.org? Bourse Information: Patricia Foley foleylawoffice@gmail.com ? Numismatic Educational Forum ? Educational Exhibits ? 300 Booth Bourse Area ? Heritage Coin Signature Sale ? Heritage Currency Signature Sale ? Educational Programs ? Club and Society Meetings ? Free Hotel Guest and Visitor Parking ? $5?Daily?Registraton?Fee?/?$10???4?Day?Pass Wednesday???Thursday???Friday???Saturday Now Including: The Chicago Coin Expo ? a foreign and ancient specialty event Also including: The National Currency Convention ? a rare currency specialty event sponsored by the PCDA WILLIAM PITT FESSENDEN: LINCOLN?S FINANCIAL SAVIOR AND THE ARCHITECT OF THE RECONSTRUCTION By Rick Melamed? Paper money enthusiasts are undoubtedly familiar with former Treasury Secretary William Fessenden. His portrait appears on the 3rd issue 25? fractional, the 1882 $10 Series 2 National Bank Note reverse and on quite a few IRS issued tobacco, cigar and distilled spirits revenue stamps. Fessenden?s portrait was designed by Charles Skinner; the engraver best known for being the first to inscribe E PLURIBUS UNUM on U.S. Currency (on the 1863 $20 Gold Certificate). Fessenden certainly earned his place. His accomplishments as a politician were profoundly significant. As Secretary of the Treasury for a brief but crucial period (1864-65), he was able to secure the financing necessary to support the Union armed forces during the Civil War. But equally important, Fessenden headed the Congressional Reconstruction Committee that reunited the nation after the War. It was Fessenden?s strong abolitionist position that helped precipitate the Civil War; but it was an astute, more moderate politician after the War that helped bring our nation back together. WILLIAM PITT FESSENDEN William Fessenden (October 16, 1806 ? September 8, 1869) was an American politician from Maine. As a member of the Whig Party, he served in the Maine state legislature in the 1830?s twice refusing nominations to Congress. Eventually he relented and served in the House of Representatives (1841-43) and then the U.S. Senate (1854-64) before being appointed by President Lincoln as the Treasury Secretary during the Civil War (1864-65). He was a staunch anti- slavery proponent and battled the southern states on these issues. He built a strong anti-slavery coalition as a Congressman which eventually helped him get elected to the Senate as a Republican (The Whig Party disbanded in the 1850?s; most members moved to the Republican party). Fessenden was born in 1806 in Boscawen, New Hampshire to Samuel Fessenden, an attorney and legislator who was also an anti-slavery activist. William attended and graduated Bowdoin College in 1863. He studied law and was eventually elected to the bar where he served as a lawyer in Bridgton, Bangor and Portland Maine. He served in the state legislature before moving to federally elected positions. Fessenden?s reputation as a great debater and intimate understanding of the financial requirements to fund the Civil War motivated President Lincoln to nominate him to Secretary of the Treasury following the resignation of Salmon Chase in 1864. At the time of his ascendancy to the Treasury, Fessenden was already the Chairman of the Senate Finance Committee. While Fessenden at first refused ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 30 the position, public sentiment and intense pressure by President Lincoln influenced him to finally accept the post. Fessenden had a legitimate reason to decline; his health was poor, and he was suffering from a chronic illness (likely malaria). Washington D.C. summers aggravated his health and he longed to return to Maine to recuperate. Excerpts from a letter that Fessenden wrote to a relative is illuminating. It shows how much pressure Fessenden faced to accept the position. ?The day before yesterday was one of the most miserable of my life. The President insisted upon appointing me Secretary of the Treasury against my consent and positive refusal to accept it. He coolly told me that the country required the sacrifice, and I must take the responsibility. On reaching the Senate, being a little late, I found the nomination sent in and confirmed. I went at once to my room and commenced writing a letter declining to accept the office, but, though, I stayed there until after 5 P.M., I found no opportunity to finish it ? being overrun with people, members and delegations appealing to me to ?save the country.? Telegrams came pouring in from all quarters to the same effect, with messages from the President. About ten o?clock I had been able to finish my letter, and went to deliver it in person, but the President was in bed asleep. I left a message for him, and called again in the morning. He then refused to accept any letter declining the appointment, saying that Providence had pointed out the man for the crisis, none other could be found, and I had no right to decline. All this I could and should have withstood, but the indications and appearance from all quarters that my refusal would produce a disastrous effect upon public credit, already tottering, and thus perhaps paralyze us at the most critical juncture in our affairs, was too much for me. I felt much as Stanton (Secretary of War) said, ?You can no more refuse than your son could have refused to attack Monett?s Bluff, and you cannot look him in the face if you do.? I told him it would kill me, and he replied, ?Very well, He informed the President I would only take the position for a short time until the financing of the war could be resolved. At the time of his nomination the finances in the Union Government were dire due to the escalating costs of the War. The current U.S. Treasurer, Salmon Chase, had exhausted the 3 basic revenue streams needed to raise money: loans, taxes and printing more money. After several loans were obtained earlier in the decade, Chase had to withdraw yet another loan request due to the lack of interest from commercial lenders. Taxes could not be practically raised any further and currency was losing considerable value due to an oversupply generated by the government. When Fessenden first took office the paper dollar was devalued considerably; worth only 34 cents in specie. Secretary Fessenden formulated loans that could scale down as low as $50 so people of moderate means could buy bonds to support the war effort. He also framed and recommended the measures, adopted by Congress, which permitted the consolidation and funding of the government loans into bonds. These creative ways of consolidating the debt and generating new sources of revenue was a resounding success. At the end of the War, Fessenden resigned the Treasury position, leaving on March 3, 1865, to return to the Senate, to serve a 3rd term. From 1865 to 1867, he headed a Senate committee, which was responsible for overseeing the readmission of states from the former Confederacy into the Union. So much is written about the events leading up to and through the duration of the Civil War. What?s generally not well known is the crucial legislation he wrote after the War that reunited the Union and Confederacy. Over time Fessenden moderated his viewpoints, from radical to moderate, ostensibly to help heal the nation. As the acknowledged leader of the Senate, he had a direct hand in implementing the constitutional safeguards that led to the rebellion. During the term of President Andrew Johnson (Lincoln?s successor) Fessenden along with 6 other Republican Senators voted to acquit Johnson of impeachment. It was felt to be political suicide at the time, but Fessenden felt strongly that the case against Johnson had been manipulated unfavorably towards the President. His actions saved the Presidency since Johnson was acquitted by a single vote. PERSONAL Fessenden married Ellen M. Deering, on April 23, 1832. He had four sons; three who served in the War: 1. Samuel Fessenden, who was killed at the Second Battle of Bull Run. Two of Samuel?s son, Samuel Clement Fessenden and Thomas Amory Deblois Fessenden, were Congressmen. 2. Brigadier-General James D. Fessenden, 3. Major General Francis Fessenden, who wrote a two-volume biography of his father published in 1907. 4. William Howard Fessenden, remained in Maine and continued to manage his father?s law practice. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 31 Actress Beverly Garland is his great-great- granddaughter who dropped her birth name Fessenden and went by her married name Garland. Interesting to note that Fessenden was one of only five people depicted on United States Fractional currency during their lifetime. Readers: Can you name the other 4 government officials who were alive to see their portrait on U.S. issued currency (answer is at the end of this article) * FESSENDEN IMAGE ON FEDERALLY ISSUED PAPER Fractional Fessenden?s portrait is found on 3rd issue 25? fractional currency. Fr. 1291-92 is a red reverse regular paper; Fr. 1294-96 is the same but with a green reverse; Fr. 1296-97 is on fiber paper with a green reverse; and Fr. 1299-1300 is on fiber paper with solid surcharges and a green reverse. From the obverse, the images are identical for the entire series, ?the big differentiator is the surcharges.? Small plate position indicators (an ?a?) in the lower left obverse are the only other distinguishing mark. National Bank Notes Fessenden?s portrait is found on the green reverse on the Series 1882 2nd Charter $10 National Bank Note with the blue seal. There are 2 varieties: The date back variety (Fr. 539-548a) The value back variety (Fr. 576-579b) has the ?1882 * 1908? in the notes? center. has the ?TEN DOLLARS? in the notes? center FESSENDEN PORTRAIT ON U.S. INTERNAL REVENUE STAMPS The same portrait used for the Fessenden Fractional and Series 1882 National Bank Notes was also used for federally issued revenue stamps. His image is found on IRS issued revenue stamps for tobacco, cigars and distilled spirits. The IRS issued revenue stamps were certification that the taxes has been paid. Stamps were numbered and signed by government officials. TOBACCO STAMPS From 1879 to 1909, Fessenden?s portrait appeared on tobacco stamps valued from 1 ounce to 60 lbs. Research has shown many odd denominations of weight (i.e. 1-5/8 lbs). The 5-ounce tobacco stamp shown below is printed on blue paper and has its own unique design. Note the basic stamp is preprinted for one ounce. The coupons to the left of Fessenden?s portrait show increasing weights and is trimmed at 5-ounces signifying tax was collected on 5 ounces of tobacco. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 32 The tobacco revenue stamps, 5 lbs and above are all similar in design. The differences are the color of the paper (green or blue) and the weights; shown on the top and the edges. Just to the right of Fessenden?s portrait are the years of issue (Act of?). We are able to showcase the 5, 10, 20 and 50 lb. weights from the years 1878, 1879 and 1902. CIGAR REVENUE STAMPS The IRS also produced revenue stamps for cigars, which were engraved by the American Banknote Company, and were generally affixed onto the outside of cigar boxes. Shown are stamps for quantities of 25, 50, 100 or 250 cigars; all displaying Fessenden?s portrait. Cigar revenue stamps were quite long since they were required to wrap around the entire box (the 100 cigar quantity stamp measures 15-9/16? x 1- 7/16?). The label for 25 cigars, is especially interesting since it?s a proof. Note the inverted plate #1 on the top. Though the very old Arista cigar box shown is rather worn, Fessenden?s portrait is still plainly visible. This interesting artifact shows how the cigar label was fastened to the wooden box. To the left of the portrait is a cancellation stamp. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 33 DISTILLED SPIRIT STAMP Saving the best for last, this very rare revenue stamp was used for tax payment on distilled spirits. Fessenden?s portrait is prominently displayed to the left of the serial number. Distilleries would produce spirits in large casks. The IRS agent would inspect the casks with the finished product and issue a tax paid stamp; thereby collecting the tax and making it legal for resale. The stamp is preprinted with ?TAX PAID STAMP? and ?TWENTY GALLONS.? The basic stamp is for 20 gallons and coupons graduated upwards in increasing sizes?in this case it is trimmed at 28 gallons. It reads: ?Received 14 day of Nov. 1874 from G(?) Newman tax on 28 Galls spirit, Cask No, 14 xxxx Distillery Warehouse at Lafayette for delivery to F. Newman at Distillery M.Simpson Collector. 8 Dist., State of Inda (Indiana) Signed: M. Archibald ? U.S. Ganger ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 34 Conclusion William Fessenden was a true American patriot with a high moral standard. His ability to manage the country?s finances during a defining time in our Country?s history was a crucial component for the success of the Union during the Civil War. While his conviction to abolish slavery is notable; it was his conciliatory interaction towards the Confederate states after the War that forever labels him as a great politician. A great deal of thanks must be extended to Eric and Tami Jackson. They have graciously provided the revenue stamp images contained herein. Also, thanks to Heritage for the use of the images of the National Bank Notes. And finally, a great deal of thanks to my son David for his help in editing this article. *Quiz Answer: Spencer Clark, first Superintendent of the National Currency Bureau, today known as the Bureau of Printing and Engraving, appeared on the 3rd 5? fractional. Interesting to note that Clark put himself on the note. Francis Spinner, U.S. Treasurer, who invented fractional currency, appears on the 3rd issue 50? fractional. Ulysses S Grant and William Sherman portraits grace the 3rd issue 15? fractional specimen note. Both were both alive to see their images on federally issued paper. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 35 Camden, NJ, National Bank had a BRANCH in Philadelphia, PA New Jersey national bank note specialist Bob Hearn found on Ebay the check drawn on The National State Bank of Camden highlighted here as Figure 1. The feature that especially caught his eye was ?Payable at Philada. office of bank, 223 Market St.? to the right of the bank name. Bob wondered how it was possible for a New Jersey national bank to have a branch in another state. He knew that the Comptroller of the Currency generally required bankers to obtain an act of Congress to permit national banks to move across state lines because there were no provisions for such moves in the National Bank Act, so what about operating branches across state lines? This is the story of that extraordinary situation; specifically, how the bank managed to have an out- of-state branch. The explanation has two parts. The National State Bank of Camden came about through the conversion of The State Bank at Camden on June 2, 1865, and the state bank had the branch so the branch was grandfathered in. In 1911, then bank president Heulings Lippincott requested a formal ruling on the legality of the Philadelphia branch from the Comptroller of the Currency because the branch had not been established under either New Jersey or Pennsylvania law. Instead the branch had been established by the bankers themselves back in 1813. Comptroller Lawrence O. Murray sanctioned the branch in a formal opinion letter. The foot in the door allowing the out-of-state branch came from the National Bank acts, but not from what was explicitly allowed, but instead from what wasn?t prohibited. The State Bank was chartered by the New Jersey legislature in 1812 and was unique for New Jersey in that it operated the out-of-state Philadelphia agency, which opened December 10, 1813. This is where the Philadelphia branch came from. Pratt (1901, p. 65) states: ?It shall be lawful for any bank or banking association, organized under State laws, and having branches, the capital being joint and assigned to and used by the mother-bank and branches in definite proportions, to become a National banking association in conformity with existing laws, and to retain and keep in operation its branches, or such one or more of them as it may elect to retain; Figure 1. Check dated Oct 7, 1899 drawn on National State Bank of Camden, NJ, payable at Philada. Office of Bank, 223 Market St. The Paper Column by Peter Huntoon & David Gladfelter ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 37 the amount of the circulation redeemable at the mother-bank, and each branch, to be regulated by the amount of capital assigned to and used by each.? There was nothing in the language of national banking law that addressed the possibility that a branch might be in another state, so the Philadelphia branch slipped in under the wire. This is the only such instance of which we are aware that occurred during the national bank note issuing era. The Camden bankers knew their branch represented a unique occurrence so with pride they addressed it in their centennial history (N. State B., 1912, p. 21). Since the date of conversion to a national bank questions have arisen as to the right of the bank to maintain its agency in the City of Philadelphia. In June, 1911, the Comptroller of the Currency took up this subject and, after a hearing in which all the facts were set forth, the establishment of the agency in 1813, its operation, the definite assignment of capital to the agent, the conversion to a national bank with a branch established and in operation for 52 years, he decided in a letter, under date of November 3rd, that this bank is entitled to maintain a branch in the City of Philadelphia. Washington, November 2nd, 1911 Heulings Lippincott, President National State Bank of Camden Camden, N.J. Sir: As you have been previously advised, the question of the maintenance of a branch by your bank, in the City of Philadelphia, was submitted to the solicitor of the Treasury on July 26, last, who held: ?In view of the somewhat indefinite conditions touching the conversion of state banks with branches into our national banking system, and the repeated recognition of the branch in question by the comptroller in extending the charter of the bank, and what I regard as a substantial compliance with the statute, I am therefore of the opinion that the operation of the said branch of the National State Bank of Camden, N. J., is not in conflict with the national banking act, and may lawfully be continued.? Respectfully, Lawrence O. Murray Comptroller Figure 2. Spectacular and rare $1 note dated January 1, 1862, by The State Bank at Camden NEAR Philadelphia. These notes are rare because the bankers faithfully redeemed all presented for redemption for specie. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 38 Bank president Lippincott?s query to the Comptroller?s office about this branch couldn?t have been better timed because it fell on the ears of Comptroller Lawrence O. Murray. Murray, a Republican, was appointed to the position by Theodore Roosevelt on April 28, 1908 but didn?t assume active charge of the bureau until September 2nd on account of his health. He was a self-styled pro-banker reformer and took it upon himself to unilaterally assert policies favorable to the banking industry. He was perceived as a maverick from within his agency, best articulated by insider Thomas P. Kane (1922, p. 301-302): Mr. Murray was the most peculiar character who ever occupied the office of Comptroller of the Currency. His moods and tenses were so changeable and inconsistent that the subordinate officers and employees of the Bureau who came in daily contact with him were at first inclined to believe that his mental eccentricities were due to the condition of his health. But later they were obliged to abandon this charitable diagnosis because of the fact that as his health improved his peculiarities became more pronounced. His administration of the Bureau always will be known by those who were officially connected with it at that time, as ?the period of the reformation,? because of the numerous innovations introduced and his utter disregard of law and precedent in the practice of the office and in the enforcement of what he termed modern methods of supervision of the banks. Given his predilections, Murray probably took delight in resolving the issue the Philadelphia branch in favor of the bank, particularly after receiving the blessing of the solicitor of the Treasury. Under more conservative administrations, such a question might have been referred to Congress for an act or resolution to sanction the practice. Murray had no qualms about assuming the authority to make the call despite the fact that earlier in 1911, the Justice Department had sidestepped the general question about the legality of national banks maintaining branches. Robinson (1995, p. 101) states: For nearly 50 years, the predecessors of Comptroller Lawrence O. Murray had ruled that national banks could not have branches. In 1911 Murray asked Attorney General [George W.] Wickersham for an opinion on the question, and Wickersham replied that the power to branch was not implied in the National Bank Act. So how did the branch get established in 1813? The bank history tells us (N. State B., 1912, p. 7- 8): A great many persons, residing in Camden, engaged in active business in Philadelphia, and because of the poor ferry facilities, which were discontinued during the winter months, the directors established a box in the counting-room of William Sheepshanks, No. 34 Church Alley, that city, wherein notes to be offered for discount at the bank, were deposited. * * * During the first year of the bank?s operation, the Directors became impressed with the necessity of establishing an agency in Philadelphia, as several minutes on that subject indicate. On November 23, 1813, the special committee appointed by the Board of Directors to take into consideration the expediency and propriety of establishing an agency in the City of Philadelphia reported: ?That they had given to the subject all that deliberation which its importance claims, and are of the opinion that the establishment of an agency on the plan suggested in the opinion of Horace Binney, Esq., dated September 4th, 1813, will greatly Figure 3. Heulings Lippincott, President in 1911 asked the Comptroller of the Currency to render a formal opinion on the legality of the operation of his bank?s out-of-state branch in Philadelphia. From N. State B. (1912) ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 39 contributed to promote the interest of the bank, inasmuch as it will enlarge its means of business, by enabling it to employ the whole capital, increasing the dividends, consequently advancing the price of stock, and thereby insuring a considerable and immediate profit to the institution by the sale of the share now held on behalf of the Bank. The increased facility in doing business it is confidently expected will much increase the amount of good paper, and consequently of the circulation of the notes of the bank, and it being admitted that the deposits and circulation will be both materially increased, it will not be doubted that the profits will be proportionately so, provided the expenses of the contemplated establishment are not extravagant. As an evidence that they will not be, your committee beg leave to state, that they have conversed with a gentleman of respectability fully competent to the transaction of the business of the agency, who agrees to conduct it for a salary of twenty-five hundred dollars per annum, to pay his own clerks, and the bank to be chargeable with no other additional expenses than those of stationery, fuel and office rent.? The records show that the committee in charge had rented an office in Church Alley and had employed Samuel Spackman as agent. The president and cashier were instructed by the Directors to ?furnish the agent with such sum, or sums of money, as are needful for a working capital.? At the time of opening the agency in Philadelphia there were only six banks doing business in that city. New Jersey law did not allow private banks. Instead, banks were chartered through legislative acts and had to operate within the constraints of those charters. Prior to the establishment of the State Bank at Camden in 1812, the state had only three chartered banks, one of which had a short-lived in-state branch. There was no Department of Banking or comparable executive oversight agency at the time. It is clear that the charter for the State Bank at Camden did not specifically prohibit the establishment of an out-of-state bank, so its officers took it upon themselves to do so. Obviously, there was nothing in Pennsylvania law blocking them either. By maintaining the branch continuously from 1813 forward, its operation was grandfathered in when the bank converted to a national charter in 1865. The legacy of this unique chapter in what became national banking history is preserved in the most interesting check that highlights this article. Incidentally, four banks were moved across state lines during the national bank note issuing era of 1863 to 1935. Various Comptrollers saw to it that the bankers from three of them obtained special acts of Congress permitting the moves owing to the lack of provisions in the National Bank Act to do so. Those three were The East Chester National Bank of Mount Vernon, New York, to The German National Bank of Evanston, Indiana, charter 1772 in 1873; The Citizens National Bank of Hagerstown, Maryland to Washington City, District of Columbia, charter 1893 in 1874; and The American National Bank of Graham, Virginia to Bluefield, West Virginia, charter 7734 in 1906. The fourth involved The Inter-State National Bank of Kansas City, Kansas, charter 4381. The bank was located a few tens of feet inside Kansas within the Livestock Exchange Building, which was built across the Kansas-Missouri state line. A new Kansas City Livestock Exchange Building was built nearby wholly within Missouri, in 1910, so the bank ended up in Missouri. Rather than petition Congress for Figure 4. Comptroller of the Currency Lawrence O. Murray, who in 1911 officially sanctioned the operation of the Philadelphia branch of The National State Bank of Camden, New Jersey. From Kane (1922). ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 40 another special act to permit the interstate move, the Comptroller of the Currency took it upon himself to authorize the change on January 3, 1911. That Comptroller happened to be Lawrence O. Murray. References Cited, Sources of Data and Additional Reading Gladfelter, David D., Jan-Feb-Mar 2007, What do bankers know about banknotes?: Jerseyana (NJ Exonumia Society), issue no. 124, p. 5-6. Gladfelter, David D., Summer 2016, An early New Jersey bank history: The Asylum, v. 34, no. 2, p. 6-10. Kane, Thomas. P., 1922, The romance and tragedy of banking: Bankers Publishing Co., New York, 549 p. National State Bank of Camden, N.J., 1865, Brief history of the State Bank at Camden, N.J. with articles of association and by- laws of The National State Bank of Camden, N.J.: National State Bank of Camden, NJ, 27 p. National State Bank of Camden, 1912, Historical sketch, one hundred years of banking, 1812-1912: National State Bank of Camden, NJ, 35 p. Pratt & Sons, 1901, Pratt?s digest, comprising the laws relating to national banks, 1901 edition: A. S. Pratt & Sons, Washington, DC., 348 p. Robinson, Ross M., 1995, The Comptroller and bank supervision, a historical appraisal: Office of the Comptroller of the Currency, Washington, DC, 254 p. Wolka, Wendell, Jan-Feb 2002, The State Bank at Camden: Paper Money, v. 41, p. 24-27. Figure 5. Proof of a $10 Series of 1882 brown back face for The National State Bank of Camden of the same vintage as the check that is the subject of this article. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 41 HONG KONG SHANGHAI LONDONMUNICH SARASOTA Collect With Confidence Worldwide For more information, visit: NGCcoin.com PMGnotes.com NGC and PMG have earned the trust of collectors and dealers worldwide through their unrivaled expertise, stability and integrity. Together, the companies have certified more coins and paper money than any other grading services, and operate the largest network of global submission locations. In fact, NGC and PMG now operate more than 82,000 square feet of purpose-built offices dedicated to expert certification services, including expanded locations that recently opened in Hong Kong and Munich. As part of the Certified Collectibles Group (CCG), NGC and PMG share a long-term management team, as well as the financial backing to support their industry-leading guarantees of authenticity and grade. That?s strength and stability you can trust. 20 GLOBALLOCATIONS 50 GRADINGEXPERTS 47,000,000 COLLECTIBLES GRADED 46 YEARS OF COMBINEDINDUSTRY LEADERSHIP 19-CCGPA-4959_CCG_Ad_NGC_PMG_Stability_PaperMoney_MayJune_2019.indd 1 4/1/19 11:14 AM JOHN BOUVIER PRINTER, JURIST by Jerry Dzara Anyone who collects notes from Fayette county Pa. will recognize the name John Bouvier. JOHN BOUVIER PRINTER BROWNSVILLE is neatly engraved on the margin of the $1.00 note of 1816, and J BOUVIER PRINTER BROWNSVILLE is on the two known sheets of fractional currency from the Youghagany Bank of Perryopolis. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 43 The fractional notes of both the Farmers and Mechanics Bank of New Salem and the Monongahela Bank of Brownsville are marked J BOUVIER. But there is more to Mr. Bouvier than a frontier printer. John (Jean) Bouvier was born in 1787 in Codogen du Gard, France, to a Quaker family. The family emigrated to Philadelphia in 1802. His father died of yellow fever the following year, and his mother returned to France, leaving young John as an apprentice to printer Benjamin Johnson. John completed his apprenticeship, and opened his own print shop in 1808 on cypress alley in Philadelphia. In 1814, John moved to Brownsville, Pa, a bustling riverboat town south of Pittsburgh. Brownsville was a popular ?jumping-off? point for settlers heading to Ohio. A contemporary joke was,?Pittsburgh will never amount to much, it's just too close to Brownsville.? Besides doing printing jobs, Bouvier also published a weekly newspaper, ?THE AMERICAN TELEGRAPH?, in which he vowed to ?Discount Factions and Factious Men, While Exposing and Supplying the Truth?. Note?the fractional sheet photos are courtesy of Stacks Bowers and the other photos are courtesy of Heritage Auctions. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 44 A year after printing the Perryopolis banknotes, Bouvier moved to Uniontown, the county seat. There, he merged his paper with a Uniontown weekly, ?THE GENIUS OF LIBERTY?. He also began to 'read law? under Andrew Stewart, and was admitted to the Bar in 1820. Later that year he sold his print shop and partnership in the paper to pursue a career in law. John moved back to Philadelphia in 1823 to advance in the legal profession, and in 1836, Governor Ritner appointed him to be Recorder of the City of Philadelphia He became a justice of the criminal court of the same city in 1838. Other than the obsolete banknotes, he is famous for writing, ?THE LAW DICTIONARY ADOPTED TO THE CONSTITUTION & LAWS OF THE U.S? in 1839. This book called ?BOUVIER'S DICTIONARY? for short, was the first American Legal Dictionary printed, and stayed in print until 1897. John Bouvier suffered a stroke and died November 18 ,1851, leaving behind one child, daughter Hannah who gained fame as a cookbook author. Plan now to attend F.U.N. January 9-12 at the Orange County Convention Center, West Building WA1 & WA2, Orlando, Florida and the International Paper Money Show in Kansas City June 10-13 **Note revised days?Wed-Sat** Great Speakers, Exhibits, Club meetings and of course?huge bourses! ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 45 Styles of Paper Money Collecting (Update) by Ed Zegers Earlier in 2019 I wrote: ?Gentlemen, Gentleladies, Collectors, and Dealers (and the others that are trying to make a fast-buck on YouTube), today Red-Banner day and I need to update my previous article about the double printing error of star replacement notes of the United States Series 2013 $1 for the New York district. There is limited success to report after many days, months, and years following the searching of thousands of $1 Federal Reserve Notes while we were looking for two B-Star error notes with the exact same serial number, one from the DC plant and the other from the Fort Worth facility. I can now report that our small group of ambitious searchers have found an?? However, my report today announces the discovery of a Series 2013 run2 B-Star FW #0417 5975, matching star- note from a FED re-pack located in the state of Washington which exactly matches his earlier DC star-note from an earlier search in March of 2019 at the same location. To my best knowledge, this is the very FIRST 2013 Replacement B- Star Error pair ever reported? (See below). The fine DC Star displays the following data; FP Pos J5, FP Sn J17, BP 1. And the FW very fine FW note has FP Pos J5, FP Sn FW106, with BP 84. Our searches continue with hopes that a short-run #1 pair will show up? You may contribute 2013 B-* data to kwinograd@snet.net who is recording all entries. Ed Zegers SPMC 2676 Dollarsavr@aol.com ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 46 U N C O U P L E D : PAPER MONEY?S ODD COUPLE Joseph E. Boling Fred Schwan World War I?One More Time In my last column I said that the fakes of WWI and its aftermath had been fully covered (in terms of what I have to offer about them). But there is another piece of notgeld that bears a look?it has been replicated in modern times for collectors. Notgeld (emergency money) were initially issued to alleviate small change shortages resulting from hoarding during the war. Later, after towns discovered that collectors were pursuing these local issues, emissions specifically for sale to collectors were created. To make issues more distinctive (and more attractive to buyers), some unusual materials were used to create notgeld, such as leather, cloth, or even aluminum foil. The city of Bielefeld in northwest Germany issued a long series of cloth notes through the Stadtsparkasse (city savings bank). Many were further decorated with fancy borders or backs. One such issue, denominated 100 marks, commemorated the 700th anniversary of the founding of the city in 1221. Dated 15 July 1921, the actual issue date is not known to me. Available references show Bielefeld issuing notgeld from 1923, but a 100 mark note would have had little value in 1923 as the Weimar inflation was cresting. If these were backdated, they would have had to be sold at prices much higher than face value. The 1921 commemorative note is found in many variants. Figures 1 and 2 show a uniface note printed on linen with a fancy embroidered border. Figure 1 Figure 2 See Boling page Korean MPC Coupons in Detail In the previous (Nov/Dec) issue, we introduced the use of MPC coupons. This time we will look in some detail at Korean MPC coupons. In the next issue we will conclude the series by looking at Thai coupons. All coupon issues are fascinating. In most cases we do not have basic numismatic information. Although we do not know quantities printed or issued or all of the issue and redemption dates, we have been making progress. We do know more than we did in the 1970s and we keep adding to the information. I am happy to be able to include some information here that has not been previously reported. Much of this new information has been provided by collector Sung-soo Kim. Additional information has been provided by Larry Smulczenski?s barber. Korean MPC Coupon Series 1 All coupons were printed by lithography at the United States Navy Printing Facility, Guam. I will not mention that again. Korean Series 1 was issued on 1 January 1970 (this date was previously incorrectly reported as 29 December 1969). It was withdrawn on 24 June 1970. Unlike subsequent coupon issues, Series 1 was uniface. Reports that uniface pieces are proofs are incorrect. When I saw listings for proofs of Series 1 Korean coupons in a catalog for a major auction, I said something bad about the auction company. Then, just to be sure, I looked in the fourth edition of the MPC catalog to confirm that I had listed the issue as uniface. Yikes! That fact is not listed. Oh no. The poor auction listing was MY fault! I guess the saving consideration is that collectors who would bid on Korean coupons likely knew what they were getting. You can be sure that this mistake has been fixed for the planned (but delayed) fifth edition of the MPC book. Coupons were issued in denominations of five cents through twenty dollars. All pieces are scarce. Denominations through one dollar feature floral designs and denomination-specific colors. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 47 Denominations above one dollar are rare. Not only did we not have images of those denominations for the fourth edition catalog, but we also do not have them for the fifth! If you have any of these high-value coupons, we would love to publish the images here in the future and in the catalog. Some of the coupons have information that was applied by rubber stamp. The stamp is triangular with Korean text, which basically identifies the coupon as having been issued to Koreans stationed in Vietnam. The stamp also includes the seal of the Korean commanding general. The purpose of the stamp is uncertain. For the new MPC book, we will list each denomination with and without the stamp. Korean MPC Coupon Series 2 (702?) The second series was issued on 24 June 1970 and withdrawn on 18 January 1971. All denominations have the number 702 on the face. The purpose of this number is uncertain. Was it intended as a series number following in general the system for numbering military payment certificates? Was it intended for use with military payment certificate Series 701? The faces and backs have the same designs but the backs are printed in only one color. All denominations are printed on check security paper. Most of the graphics on the notes are easily identifiable (flowers on 10 cents, crown on 25 cents, pot on 50 cents, torch on $1 and coin (!) on $5) but there are some research possibilities. Of particular interest is the item on the five cent coupon. It is not easily recognizable by English speakers. It was described as a space satellite and other things at various times. We now know that it is a drum and of course when you know the answer it is easy to see. I think that Larry Smulczenski made that identification. Just to prove that numismatics are everywhere, I was only half watching the opening ceremony of the 2018 Seoul Winter Olympic Games when onto the screen marched a group playing the drums shown on the five cent coupons! At least one set of uncut sheets of this series was privately held in the 1970s. Each sheet was rubber stamped with the word SAMPLE. The sheet set was purchased by a dealer who separated the notes and sold them as single pieces and sets. At least part of SAMPLE appears on every note. I think of SAMPLE to mean SPECIMEN in this context. As is often the case in many areas, the existence of specimen notes allows collectors to obtain examples of an otherwise very rare note. Such is the case with the $5 through $20 coupons. These are very rare in issued format. Korean MPC Coupon Series 3 The third series was issued on 18 January 1971. We do not know the date on which it was withdrawn. Still, this is an improvement since we did not know the issue date for the third edition of the MPC catalog. The designs continue the themes from the previous series, featuring Korean historical, cultural, and architectural subjects and introducing some animal life (clam, turtle and tiger). The high values are very rare. We do not have a good (color) image of the ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 48 $20 denomination for the new book. We do have an old black and white image of a not-very-nice note. Unfortunately, I do not remember the source of that image. Korean MPC Coupon Series 4 We do not know the issue or redemption dates for the fourth series. The designs are new and a very interesting juxtaposition of old and new. The backs feature Korean industry. Very significantly, these scenes include captions in Korean. It should not be difficult to get English translations of all of these, but I have not been able to find someone to do it. Do you know someone who can help (fredschwan@yahoo.com)? The faces of the coupons feature portraits of Korean warriors. For a long time I thought that all eight of these portraits were of Admiral Yi of turtle boat fame. It is hard for me to decide how many different people are represented, but we are lucky. Again, the portraits have captions. Not only can I not read the Korean, but it is hard to even tell if there is a difference in the Korean text. So, once again, can anyone help with reading the Korean? ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 49 Next time we will have a similar discussion of Thai MPC coupons. Boling continued; The scarcest variety seems to be one printed on deep gold silk with an embroidered black silk backing (figures 3-4). Figure 3 Figure 4 The face and back are further embroidered together along the edges. The same note with a pale gold silk face (figures 5-6) is much more common. Figure 5 Figure 6 Figure 5 shows one with an issuing authentication stamp and a signature (which does not appear to match either signature printed on the note). The pale gold note sells for about ?100. The scarce deep gold one brings ?700-1000. You can see where this is going. A couple of years ago I was approached by an English notgeld specialist who was convinced that a recent surge of the deep gold pieces in the market was in fact a surge of replicas, and he asked me to examine some of them. Sure enough, the face portion of the suspected pieces is printed digitally. Figures 7-8 show a portion from the upper left corner of two notes. There is a humorous gravestone border. Figure 7 is the original note, with clear printing. Figure 8 is the replica, showing much loss of resolution and red and blue speckles throughout the unprinted parts of the image (perhaps not visible in the magazine reproduction). This is typical of digital copying?the digital printer does not like empty space and inserts colored specks that are invisible to the naked eye. The yellow ones that should also be there are invisible because the image is printed on gold fabric. In addition, the UV reaction of the long-held notes differs drastically from the UV appearance of the suspicious ones. Figures 9-10 show one copy of the original note and two copies of the replica under UV. You can see that the red thread used for the back and the border of the original note is completely unreactive to the UV illumination (and invisible). Because the printing is on fabric, the usual approach for distinguishing inkjet from laser does not work. The surfaces of the printed portions do not show the mounding of toner that is usually present on laser- printed pieces, and the fuzzy edges of inkjet are lost in the threads of the fabric. Fred suggested that I try a potentially destructive test on one of the replicas? wet a small area to see if the ink reacts. If you have been following my writing or lectures for a while, you will recall that inkjet images are not waterfast, and will run when wetted. Laser images do not. So I put a drop of water on a digitally-printed note, and it proved to be a laser-printed copy (thus no damage to the note from the water). The colored speckles are hard to see even at 20x magnification, but there are a couple of naked-eye diagnostics as well. At the right end of the note is an image of the devil threatening a group of women. On his left arm is the word Wucher (usury). On the genuine pieces (figure 11) that is quite clear, whereas on the replicas (figure 12) it is almost faded out. This is also true of many other words that are gold on black throughout the replica note. Figure 9 Figure 10 Figure 7 Figure 8 ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 50 P_a_p_e_r Money * Jan/_F eb 2020 * Whole N_o_._3_2_5 Figure 11 Figure 12 Up under the main title, the redemption clause contains the words uns order in tiny letters crammed sideways between the word an_?berbringer. On the copy, the small words are illegible, and the umlaut on the ? of ?berbringer joins the rest of the character, so it is not perceived to be an umlaut. See figures 13-14. Figure 13 Figure 14 One more naked eye diagnostic needs a ruler. The new digital copies are smaller than the originals. The heavy black frame on the face of the originals is 128X85mm to its outside edges (inside the marginal lettering); the copy is 121X79mm?a very noticeable difference in both directions. See Figure 15. Figure 15 A final diagnostic is derived from x-ray fluorescence analysis. The inks of three original notes (two pale gold and the linen piece) are essentially alike, with high levels of iron, zinc, and lead. The ink of the deep gold replica shows much lower levels of iron and zinc, and no lead at all?in keeping with modern practice of limiting hazardous materials in consumer products. The point of the story?the fakers are moving into every crevice of our hobby. Be afraid? be very afraid (somebody remind me what movie that line comes from). 51 COME FEST WITH US?AN EXTRAORDINARY WEEKEND MPC Fest XXI 17-19 April 2020 Holiday Inn Express, 50 NE Catawba Road, Port Clinton, OH 43452. Call your reservations to Kim at 419-732-7322. To chat or ask questions call Fred at 419-349-1872. Registration fee (TBD, depends on whether a sleeping room is being shared) includes room and all meals from Friday dinner through Sunday lunch. Typical schedule (these are the bare bones?there are many more activities occurring): Friday all day?bourse and special interest meetings (JIM and Philippine collectors, war bonds, military philately). Friday dinner formally opens the Fest?followed by staff briefings (individual presentations by festers (5-20 minutes) on all manner of military numismatics), the opening rounds of the single elimination tournament to determine the most knowledgeable Fester, and pay call (yes, you get paid to attend Fest, in military fest certificates?MFC). Saturday has more staff briefings, the key-note presentation by a special guest (not yet selected for 2020), the finals of the national champion tournament, and a late- night poker tournament (all stakes in MFC). Sunday is our charity auction, proceeds to fund scholarships to the military money class at ANA summer seminar. Fest has sent more than forty students to ANA since the scholarships were initiated. The auction is the final event of the formal Fest. It is usually followed by an afternoon field trip to a military museum for those who want to participate (there are many such facilities in northern Ohio). Spouses who are not also Festers (Tiger Lilies) have separate events planned throughout the weekend, guided by The Boss (Judy Schwan). MPCFest is partially supported by the following generous sponsors: Joseph and Louise Boling, Steve and Ray Feller, Dave Frank, Al Glaser, Dave Hunsicker, Brett Irick, Harold Kroll, Bill Myers, David Seelye and Warner Talso. SPMC Speaker Series at F.U.N. The SPMC is again this year offering a speaker series on Paper Money at F.U.N. including at the SPMC General Membership Meeting. All Friday Speaker Series Presentations will be held in room 304F. 8:00AM--"The Current Status of the U. S. Small Size Paper Money Market" by Robert Calderman Mr. Calderman, a specialist and dealer in U. S. small-size type notes will discuss the current trends in small size notes and the future of this paper money specialty. 9:30AM--"A Behind the Scenes Look at the Paper Money Auction Process" by Dustin Johnston, Vice-President and Managing Director of the Currency Division at Heritage Auctions will discuss the nuts-and-bolts of conducting a major Paper Money auction. 11:00AM--"An Overview of the Confederate Paper Money Market" by Pierre Fricke. Mr. Fricke has been a long-time dealer in Confederate Paper Money and is the author of the standard reference on Confederate Paper Money "Collecting Confederate Paper Money: The Standard Guide to Confederate Money". Come here and learn about this fascinating series of Paper Money. 12:30PM--"The Good, the Bad, and the Ugly of Antebellum Bank Note Fraud" by Wendell Wolka The ever entertaining and knowledgeable Mr. Wolka will discuss and illustrate various types of pre-Civil War bank note fraud. And at the SPMC General Meeting on Saturday: "Overview of the SPMC Bank Note History Project" by Mark Drengson This project is focused on two of the primary historical aspects of the "Hometown" National Bank Notes - the Banks who issued them and the bankers who signed them. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 52 Pass Go, Collect $200 In the mental development of modern children, there is a fleeting window of opportunity, before the flicker of electronic screens completely conquers their attention, when traditional board games still interest them. Over the Christmas holidays in recent years, I?ve spent a number of eggnog-fueled mornings playing against an obliging nephew. At first, his tastes ran towards simpler, chance-based fare like Chutes and Ladders and Candy Land, which led to some matches of such stupefying length that I contrived to let him win, less for his self-esteem than for the sake of my own sanity. As my nephew grew older and more capable of strategic calculation, the games became more palatable to his uncle. We made the transition to using play money in the game Monopoly Junior, a simplified version of the iconic Parker Brothers? product. For these purposes, money serves as a straightforward repository of a player?s resources in the game, the equivalent of armies in a non-financial game like ?Risk?. Monopoly money represents not only a resource but also a measurement of outcome in the game: running out of money makes you by definition the game?s loser. At least two theories have competed in my mind over the question how kids best learn about money. One, the Allowance Theory, holds that, by giving kids a minor, regular stipend; you teach them that money matters because it?s a means to get what they want. Moreover, because the allowance is finite, money as a scarce resource forces them to make choices across different preferences. The other, the Play Theory, sees competitive ambition rather than utilitarian pleasure as the origins of money consciousness. In this view, engaging with money in Monopoly, or in another perennial board game, the Game of Life introduces beginning players to money by connecting its use to the values and goals of the game. Now, the premise of Monopoly is fundamentally a brutal one, involving as it does the grinding down of your opponent into the dust of bankruptcy. However, along the way, there?s a fair amount to learn about financial concepts like mortgages, taxes, and rents. As a younger player, my success at the game led to the annoying habit of repeatedly converting my dollar balances into 500- dollar bills (the game?s highest denomination) simply for the showy pleasure of tucking those gold-colored notes under my edge of the game board. The least satisfactory aspect of Monopoly was the experience of incarceration. You got locked up because of your dumb luck in landing on the jail space, or drawing the wrong card, and not for any reason connected to the financial machinations of the game that you might have deserved (?Commit Section 8 Fraud: Go Directly to Jail?). Even as a kid, I sensed that something was missing from this picture. In some ways, the Game of Life (or just, ?Life?) supplied some of the ethical context that was missing from Monopoly. Life was a competitive game without involving the need to directly screw your opponents. Unlike Monopoly?s denomination range, Life?s currency notes peaked at an impressive $100,000. In the version my family played, this note sported a vignette of the media personality Art Linkletter, famed for his cloying portraits of young people. Life was more sophisticated than Monopoly not just for the greater variety of financial instruments (promissory notes, insurance policies, and the like) but because the rules forced you to evaluate your decisions in terms of their intertemporal opportunity costs, (should I skip college, or go into debt for it?). Ultimately, though, the decisive measure of success in both games was the size of the pile of money you achieved. In Monopoly, acquiring this money always required some minimal amount of ruthlessness. The Game of Life, in contrast, was won as a cumulative result of prudent and judicious choices (combined with some lucky turns of the spinner) that landed you by the end in something called ?Millionaire Acres? where you filled your golden years presumably by droning on about your 401K balances. Despite its greater sophistication, the sheer bourgeois conventionality of the value choices posed by the Game of Life began to grate on me. On the brink of becoming a teenager, the last thing I wanted to do was aspire to fill up a car with kids, no matter how juicy a tax deduction each represented. For this upcoming holiday season, the diversions represented by old-fashioned board games seem a dimmer prospect than ever. I?ll be lucky to find anybody willing to put their electronic devices aside to play one, whether or not money is involved. Indeed, I?ve been instructed by the parents of those very kids, now growing out of board games, to avoid giving them cash as Christmas presents; gift cards are now the preferred medium. Such, I suppose, is Life. Chump Change Loren Gatch ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 53 ? ? ?? ? by?Robert?Calderman? ? Cherry?Picks?from?our?Readers!? ???What?could?be?more?exciting?than?finding?hidden?treasure?? Finding? it? before? someone? else? does? of? course!? The? joy? of? collecting?paper?money?has?so?many?possibilities.?From?buying? your? very? first? note,? or? discovering? a? previously? unknown? variety,?to?finding?an?obsolete?or?national?bank?note?from?your? very? own? hometown.? Even? the? electric? tingling? feeling? of? accomplishment? that? comes?with? landing? the? last? note? that? completes? the? set? you?ve? been? working? on? for? years? ?or? maybe?even?decades.??? ???At?the?close?of?each?column?entry,?I?always?offer?an?invitation.?? If?you?find?a?great?note,?variety,?or?mega?bargain?cherry?pick,? to? share?your?victory!?We?ve? received?some?great? responses? thus?far?and?would? love?to?hear?from?more?SPMC?members!? Here?on?display?are?two?great?notes?picked?from?the?wild?that? are?now?in?the?hands?of?dedicated?collectors.?????? ?????Cherry?pickers?can?only?be?effective?hunters?once? they?ve? armed? themselves? with? enough? knowledge? to? see? what?s? hiding?right?in?front?of?them.?You?cannot?truly?appreciate?notes? in? all? of? their? glory? until? you? actually? know?what? you? have!?? Sounds? like? common? sense,? but? it? takes? a? significant? investment?of?time?and?unrelenting?determination?to?become? a?stealthy?and?successful?picker.? ???Our? first? featured? note? is? an? eBay? find? that? a? well?versed? picker?named?Rick?was? lucky?enough?to?nab?from?an?auction? listing?that?was?dramatically?lacking?in?detail.??Not?only?was? ? ? ?Attractive?Fr.1286a?Second?Issue?25c?Fractional?with?surcharge??18???63??and??S??? ? there?not?a?catalog?number?listed?in?the?description,?there?was? not?even?a?hint?to?the?fact?that?this?was?a?super?special?variety!? Fractional?notes?are?a?flavor?all?of?their?own,?with?ample?variety? spanning? five? issues? and? multiple? denominations? all? full? of? color?and?oozing?history.?Not?to?mention?all?the?Specimens?and? fancy?Fractional?Shields!???The?example?shown?here?is?a?Second? Issue?25?cent?note?with?Washington?s?portrait?in?a?bronze?oval? frame.??Typically,?this?is?a?very?affordable?note?to?find?even?in? lower?CCU?grades.?At?first?glance?this?fractional?appears?to?be? simply?a?nice?run?of?the?mill?XF/AU?example.? ?However,?with? closer? inspection? there? is? something?extra? special? about? this? particular?find.??? ???The?wow?factor?that?makes?this?variety?shine?bright?is?found? on?the?reverse.?All?regular?issue?Fr.1286?examples?have?a?light? lilac?purple?inked? reverse.? ?This?note?has? zero?hint?of?purple? anywhere? to?be? found,?making? it? the? scarce? Fr.1286a? ?Slate? Back??variety.??A?note?so?tough?to?locate?that?it?is?unlisted?in? some? of? the? specialized? fractional? currency? books!? Not? only? was? this? note? bought? at? a? bargain? price,? the? ?Slate?Back?? variety? is? worth? an? impressive? 4?5? times? the? regular? non? variety? purple? reverse? issued? note? pictured? below.? Congratulations? to? the? reader? who? submitted? this? stellar? fractional?cherry?pick?example?for?us?to?enjoy!???? Regular?back?Fr.1286?Fractional?with?purple?back?and?surcharges? ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 54 ??Our?second?submission?comes?to?us?from?a?brick?and?mortar? shop.??A?note?that?was?purchased?over?twenty?years?ago?when? internet? sales? were? in? their? infancy? and? the? majority? of? business?was?actually?done?face?to?face!??Mr.?Fischer?happened? to?be?enjoying?the?afternoon?one?day?perusing?the?inventory? of?a?shop?he?regularly?visited.??Back?before?the?advent?of?third? party?grading,? it?was?much?more?common?to?purchase?clear? sleeve?pocket?pages?to?store?our?collections?safely?in?three?ring? binders.? ? Graded? slabs? hadn?t? been? invented? yet? to? display? collectible?paper?money?and?as?our?collection?grew,?so?did?our? need?for?more?pocket?pages!??Specializing?in?errors?and?stars,? our?cherry?picker?kept?tabs?on?this?dealer?s?inventory?and?on? this? particular? day? knew? there? wasn?t? anything? other? than? plastic?to?fill?his?binder?that?this?dealer?had?to?offer.??However,? with?his? spouse? in? tow? for? the?day?s?errands,? another? set?of? eyes?made?for?a?spectacular?opportunity!? ???As?the?planned?transaction?was?coming?to?a?close,?and?he?was? heading?for?the?door?with?a?handful?of?plastic,?Mrs.?Fischer?had? her? eye? on? something? that? caught? her? fancy.? After? several? attempts?to?get?her?hubby?s?attention,?she?brought?him?over? and?showed?him?a?bright?crispy?$20?bill?on?display?in?a?case?at? the?far?end?of?the?store.??Seeing?how?enamored?his?wife?was? with? this? seemingly? commonplace? twenty?dollar? bill,? Mr.? Fischer?asked?the?shop?owner? the?price? to? take? it?home.? ?At? double?face,?$40?didn?t?seem?necessarily?cheap?at?the?time,?but? fair?enough?to?make?his?wife?happy?for?a?little?while.??? ? 1928C?Federal?Reserve?Twenty?Dollar?Note?Fr.2053?L???Image?Courtesy?of?Heritage?Auctions? ? ? ? It?wasn?t?until?much?later?that?our?cherry?picker?realized?how? incredibly?well?he?had?done?that?day,?thanks?to?his?wife?s?keen? eye?for?treasure!??Without?her?by?his?side,?he?would?have?surely? missed?out?on?such?an?amazing?buy!? ???Series?of?1928C?$20?s?were?only?issued?for?two?districts,?New? York?and?San?Francisco.? ?With?a?scant?1.4M?print?run,?the?SF? district? is? the? scarcer? of? the? two? issues? at? less? than?half? the? notes?printed?vs.?its?New?York?counterpart.?These?28C?s?were? also? the? very? last? series? of? twenties? to? feature? the? prized? redeemable?in?gold?clause.??To?add?another?caveat,?all?1928C? Feds?are?exclusively?printed?with?gorgeous?and?bold?light?green? seals.??Surely?being?almost?neon?LGS?was?what?stood?out?to?the? Misses?in?the?case?that?day!??With?just?a?faint?centerfold,?the? all?original?example?similar?to?the?note?pictured?here?graded?as? a?strong?AU.??The?most?recent?Fr.2053?L?example?at?this?grade? level?to?sell?at?auction?brought?a?very?impressive?$720!??That? makes?our?reader?s?$40?pick?up?an?absolute?monster?of?a?find,? wow!? ???Do? you? have? a? great? Cherry? Pick? story? that? you?d? like? to? share??Your?note?might?be?featured?here?in?a?future?article?and? you? can? remain? anonymous? if? desired!? ? Email? scans? of? your? note?with?a?brief?description?of?what?you?paid?and?where?it?was? found?to:?gacoins@earthlink.net.?? ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 55 The Obsolete Corner The Redford Glass Company by Robert Gill Hello paper money enthusiasts. As you read this, I?m probably either preparing to take the long drive from Southern Oklahoma to Orlando, Florida, or am already there. Every year at this time the great state of Florida hosts the Florida United Numismatists (FUN) show, where paper money and coin lovers gather to start the New Year off for our great hobbies. At this year's show, I am displaying over ninety cases of my Obsolete sheet collection. Paper lovers will have the opportunity to view over two hundred twenty of my sheets, many of which a person would have to search long and hard to find the opportunity to see another example of. And even a few of them are thought, by Obsolete specialists, to be unique. Also, at this show, I hope to find another ?prize" to add to my collection. But now, let's look at the sheet that I've chosen to share with you in this article. In this issue of Paper Money, let's go back to the mid-1800s and before, and look at The Redford Glass Company, a small operation that survived for only about twenty years. Even in sheet form, these notes are not rare, but they do have a very good history. In 1830, two Troy, New York, businessmen, Gershom Cook and Charles W. Corning, went north to establish a glass-factory. The location they selected, at an old Indian ford formed of red stones, became known as Redford. This area was considered desirable because of the superior quality of local sandstone, and a new road connecting with Plattsburgh, about twenty miles to the east. Construction of the glass works began in March of 1831 in unbroken wilderness, three miles from the nearest settlement. The vast enterprise stimulated business throughout the entire region. In October, seven months after construction commenced, the glasshouse turned out its first lot of crown glass. In 1832, the Redford Glass Company produced $78,000 of window glass. Throughout most of the decade, ten thousand boxes of window glass were manufactured annually. The Company employed about one hundred seventy five people. The Redford Glass Company permanently closed its doors in 1851, the result of the firm?s inability to withstand competition from glass companies in Pennsylvania. Coal proved to be a more economical fuel than wood from the Redford region. Moreover, because the geographically isolated Redford lacked access to an inexpensive means of transportation. For two decades, between 1831 and 1851, Redford produced many of the finest examples of glassware made in America. ?End-of-the- day? pieces, utilitarian and whimsical, were made after the daily quota of window glass had been filled. These aquamarine or sea green pieces survive in extremely limited quantities ? only about two hundred fifty fully authenticated pieces can definitely be attributed to the glasshouse at Redford. Sold in the company store, these objects found their way into local homes, and eventually, to The Clinton Museum of Plattsburgh, New York, where, today, they form a treasured collection. So there she is? a small business that did its share to form the history of our great nation. And along the way, it left this nice little sheet of paper money for us to enjoy today. As I always do, I invite any comments to my personal phone number (580) 221-0898 or my email address robertgill@cableone.net Until next time? HAPPY COLLECTING. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 56 ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 57 The front of the Type-41 Treasury note endorsed by Dr. Daniel Parker, Asst. Surgeon, 8th Alabama Regiment. image: Roger Adamek The Quartermaster Column No. 10 by Michael McNeil A great many endorsements on interest- bearing Confederate Treasury notes bear only a name and some include a date. Nearly all of these turn out to be the endorsements of civilians who wrote their names on the backs of these notes much as we would endorse a check today. But one of these notes caught the eye of Roger Adamek, a past commander of the Trainmen group who collects and researches these endorsements. The endorsement reads: ?Dr. Parker July 4th /(18)63? Adamek had a hunch that this might be the endorsement of a military surgeon, who drew military pay. The website Fold3.com is a primary research tool with many thousands of images of documents signed by Confederate officers. A quick search turned up an Assistant Surgeon named Dr. Daniel Parker, who was assigned to the 8th Alabama Infantry. The match of the signatures on original documents from Daniel Parker were a reasonable, but not perfect, match to the endorsement on the note. It was reasonable to assume that Dr. Parker had issued this note. An inscription including the word ?issued,? a date, and a military title are the usual evidence for the military issuance of a Treasury note. A civilian might add a date on a note for which interest was paid, but a civilian would not have been authorized to issue a Treasury note. The Trainmen also collect the places of issue written on the backs of these Type 39-40 ?Train? and Type-41 ?Hoer? notes. Dr. Parker did not bother to write the place of issue, but the date of July 4th, 1863 was noteworthy: on this date the Confederacy suffered defeats at both Gettysburg and Vicksburg. Notes issued at Vicksburg are well known; none are known to have been issued at Gettysburg, The back of the Type-41 Treasury note with the July 4th, 1863 endorsement of Dr. Parker. An issue stamp by John Boston, Depositary at Savannah, Georgia is seen at the left. image: RogerAdamek ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 58 Pennsylvania. Gen?l Robert E. Lee issued orders to his commissaries to pay for food as his army pushed into Northern territory in June of 1863, and a Confederate Treasury note issued in the North has long been sought, to no avail.1 The digitized images of documents in Fold3 derive from microfilms of the originals in the National Archives. A great deal of activity occurred in the National Archives in the 1905 time frame when it became obvious that veterans of the Civil War were dying and their memories would be lost. We find thousands of cards which summarize information from original military logs and orders. Among these are cards with a listing of the battles fought in the east. In the National Archives card shown at left, ?P? indicates that Dr. Parker was present at the battle, ?C? indicates that he was captured at Gettysburg, and ?AC? indicates that he was captured and absent for two battles. Dr. Parker was present in nearly every battle in the eastern theater of the war and he also appears in the parole lists of Gen?l R. E. Lee?s surrender at Appomattox. But what is more interesting is that Dr. Parker was captured at Gettysburg, Pennsylvania just two days before he endorsed the Treasury note. We did not have a perfect signature match for Dr. Parker on that Treasury note, but it was exciting to think that this Treasury note might have been issued at Gettysburg. Gen?l Robert E. Lee?s army retreated southwards on the night of July 4th. Dr. Parker may have issued the Treasury note to pay for medical supplies; Union and Confederate armies cooperated to allow removal of the dead and wounded from the battlefield. Further research showed that Dr. Parker volunteered to care for his captured and severely wounded Captain, Lewis A. Livingston, who would later die of his wounds in captivity on September 28th, 1863. Dr. Parker was paroled on November 21st and returned to the South in a prisoner exchange at City Point, Virginia. Shelby Foote, in his famous three-volume work, The Civil War, A Narrative, places five Alabama regiments on July 2nd, including the 8th Alabama, under the command of General Wilcox at the point of a charge on Cemetery Ridge meant to break the center of the Union defenses.2 The lone Union regiment at this point was the 1st Minnisota, which was ordered to face the overwhelming force of those five Alabama regiments in an effort to buy five minutes of time for Union reinforcements to arrive. Those reinforcements arrived and repelled the Confederate charge, but out of 262 troops and officers, only 47 of the 1st Minnesota survived. Out of 420 troops and officers in the fight, the 8th Alabama lost 262 killed, wounded, and missing. Captain List of the battles in which Daniel Parker was present. ?P? signifies present, ?C? signifies captured, and ?AC? signifies captured and absent. image: Fold3.com ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 59 Livingston was among the Confederate casualties. The records show that both Dr. Parker and the wounded Capt. Livingston were captured on July 2nd. This was all very interesting history, but the endorsement on the Treasury note left some question as to whether it was really that of the Assistant Surgeon of the 8th Alabama. It recently occurred to the author of this column that it might be worthwhile to search the category of ?Miscellaneous? in the Confederate files on Fold3. This category was used for documents which did not clearly fall into the file of any known officer or soldier, and it sometimes produced a needed identification of an endorsement. This time the search produced pure gold in the form of a requisition for forage dated December 31st, 1864. In late 1864 Daniel Parker was transferred to the 10th Alabama Regiment, and this requisition was filled out by a clerk who, in the manner commonly found on many Confederate documents, signed for Daniel Parker at the bottom of the form (see the blue arrow), including his title and regiment ?Asst. Surg. in ch(ar)g(e) 10th Ala R(e)g(imen)t.? Then, with a stroke of his own pen, Daniel Parker signed his last name just below the clerical inscription (see the green arrow). Parker?s genuine signature here is a much better match to the endorsement on the Treasury note. The uncertainty was largely resolved with this document, and we apparently have an example of a Confederate Treasury note endorsed at the Battle of Gettysburg. This Treasury note would be worth a great deal if Daniel Parker had added the place name of Gettysburg to his endorsement. But with persistent research we have established the likelihood of both the identity of Dr. Parker and place of this endorsement in one of the crucial scenes of the Battle of Gettysburg. The endorsement of Dr. Daniel Parker on a Confederate Treasury note is unique at this time. Interest-bearing Treasury notes were commonly endorsed by civilians, but Roger Adamek thought that this note might have a different story. He was right. ? carpe diem Notes and References: 1. Foote, Shelby. The Civil War, A Narrative, Vintage Books, New York, September 1986, vol. 2, p. 444. 2. ibid., vol. 2, pp. 510-511. 2. McNeil, Michael. Confederate Quartermasters, Commissaries, and Agents, see pp. 553-554 for the initial research on Dr. Parker. Clerical and genuine signatures of Daniel Parker on a requisition for forage dated December 31st, 1864 as the Assistant Surgeon of the 10th Alabama Regiment. image: Fold3.com A detail of a map of the action on Cemetery Ridge on July 2nd, 1863 in the Battle of Gettysburg, showing the 8th Alabama and four other Alabama Regiments converging on the 1st Minnisota Regiment. image: a detail of the map Battle of Gettysburg, Cemetery Ridge, July 2, 1863 by Hal Jespersen, www.posix.com/CW ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 60 President?s Column Jan/Feb 2020 We?re excited to announce the details of our second annual Florida United Numismatists (FUN) Speakers Forum. In the fashion of our inaugural seminar last year, we?ll again have a total of five speakers making presentations, and close out the forum with our SPMC membership meeting on Saturday morning. The dates of the FUN convention are January 9-12, 2020 at the Orange County Convention Center, West Building WA1 & WA2, in Orlando, Florida. The first four talks are on Friday, January 10 in Room 304F (same as last year). Here is the lineup? 8:00am Robert Calderman - "The Current Status of the U. S. Small Size Paper Money Market". ? Mr. Calderman, a specialist and dealer in U. S. small-size type notes will discuss the current trends in small size notes and the future of this paper money specialty. 9:30am Dustin Johnston - "A Behind the Scenes Look at the Paper Money Auction Process" ? Mr. Johnston, the Vice- President and Managing Director of the Currency Division at Heritage Auctions will discuss the nuts-and-bolts of conducting a major Paper Money auction. 11:00am Educational Seminar: "An Overview of the Confederate Paper Money Market" by Pierre Fricke. Mr. Fricke has been a long-time dealer in Confederate Paper Money and is the author of the standard reference on Confederate Paper Money "Collecting Confederate Paper Money: The Standard Guide to Confederate Money". 12:30am Wendell Wolka "The good, the bad, and the ugly of antebellum bank note fraud" ? Various types of pre-Civil War bank note fraud will be explored and illustrated. In addition, at the SPMC Membership Meeting (open to all) on Saturday at 8:30am in Room 303B we have: Mark Drengson - "Overview of the SPMC Bank Note History Project" - This project is focused on two of the primary historical aspects of the "Hometown" National Bank Notes - the Banks who issued them and the bankers who signed them. I think we?re onto a good thing in making FUN another major venue for the face of SPMC. Our table will be 867 in the club section of the bourse floor, so please stop by. Again, this year, we are participating in the ANA Treasure Trivia Program, which is a great outreach to the youth of our hobby. We have some very nice world notes to hand out (to young numismatists) as souvenirs for visiting our table. Before I go, I should mention that we have a new Membership Secretary. Robert Calderman, one of our board members, has stepped up to fill the position recently vacated by Jeff Brueggeman. If you frequent the major shows, you may have seen Robert at one of our club tables. Robert is great resource for the Society, and we very much appreciate the work he does for us. I hope to see you at FUN! 65th Annual F.U.N. Convention Orlando, FL January 9 - 12, 2020 The 65th annual FUN Convention will be January 9 - 12, 2020 at the Orange County Convention Center. West Building WA1 & WA2, 9800 International Dr., Orlando FL 32819. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 61 WELCOME TO OUR NEW MEMBERS! BY FRANK CLARK?SPMC MEMBERSHIP DIRECTOR NEW MEMBERS 11/05/2019 15026 Robert Matheny, Tom Denly 15027 Michael Woods, Frank Clark 15028 Susan Sims, Website 15029 Shane Boney, BNR 15030 Oliver Pflug, Frank Clark 15031 Billy Cusack, ANA 15032 Patrick McCawley, Robert Calderman 15033 Josh Burton, Robert Calderman REINSTATEMENTS None LIFE MEMBERSHIPS None NEW MEMBERS 12/05/2019 15034 Lon Kiker, Website 15035 Randolph H. Clark, Robert Calderman 15036 Linda Heimburger, Robert Calderman 15037 Vacant 15038 Jack Burns, Robert Calderman 15039 Terry Zimmerman, Website 15040 Stephen King, Robert Calderman 15041 Joe Schelling, Robert Calderman 15042 Gregory Kofford, Website 15043 Richard Gill, Website 15044 Richard Gratton, Website 15045 Kathy Leaphart, Robert Calderman 15046 Mike Agan, Larry Adams REINSTATEMENTS None LIFE MEMBERSHIPS None ? ? ? New Dues Remittal Process Send dues directly to Robert Moon SPMC Treasurer 104 Chipping Ct Greenwood, SC 29649 This issue of Paper Money has a dues envelope in it. Use it to send your dues in when your mailing label states they are due. You may also pay your dues online at www.spmc.org. ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 62 Editor Sez I truly hope you all had a great Thanksgiving and winter holiday season. I know we did. We finally got some cooler temps here in Texas and some much needed rain (and a few tornadoes, a hurricane and well, it is Texas after all). This issue of Paper Money is the beginning of my 6th year as editor. It is my issue number 31, although actually only 30 that I have done the majority on (my first was just to finalize that last issue for Fred). I have truly enjoyed my time doing and especially learning. A big thanks to Peter Huntoon and Mark Anderson for giving me tid-bits, editing, etc. In addition, a big thanks to all of the columnists and authors for their amazing research and submissions. I have learned a lot about many different things in our hobby just by editing and putting it all together. I am proud of us winning the ANA best club publication award in 2015. Quite honestly, I cannot figure out why we have not won one since. I hope to keep plugging along for another 6 year (I will be 69 by then and I am sure I will be ready for another to come on board. As everyone knows, the times are a- changing. There are some (even on the board) who feel that a mailed paper version of Paper Money is antiquated and outdated. Go digital; use an app. These seem to be the new battle cries heard all around the hobby and the planet (or so they say). While that is inevitably the new way, I will resist it kicking and screaming. Just like the comic strip penned by Gary Brookins, I too am a true Plugger--(old f_rt). I have a landline (no phone cord though). I get a daily newspaper that gets ink on my hands every time I read it. I have been married to the same woman for 37 years. While I do have an iPad, I only use it to play Toy Blast. I use paper maps. I go to coin shows. I go to the theater to watch movies (not on my phone). I don?t mind paying taxes?just with those allocating them would do something for me and not just to get re-elected. I do very little buying and no banking on-line. I pay most of my bills with checks and those old-fashioned things called envelopes with stamps. I will admit?I have an ATM card. I know that all this will have to change, but I will not go quietly into the night; I will not vanish without a fight! (What movie was that from? Guesses? So, if you are a lover of the new media communication methods, fear not as we are slowly making plans to roll out new ways of accessing Paper Money. We have actually made great strides the past few years. All back issues are on the website and downloadable for the membership. We now take PayPal for dues, breakfast tickets, etc. We are slowly moving forward. Now that that tirade is over (Kim thinks I am turning into a mean OLD man)--kind of fun actually as you can say and do things youngsters cannot do and just ooooops? excuse me?my senility is breaking out! I must tell you that for the first time in a long, long time I am running short on articles. I have ones from our regular contributors like Huntoon, Melamed, Derby, etc., but I need more. It is frustrating to have a big backlog of articles, but even more frustrating to not have enough. Come on?help an old man out. I think an article on musical related notes would be cool or how about one on college currency?(I know of some exhibitors who could easily turn their exhibit into an article). Hint-hint! In case you were wondering, this issue is a bit earlier than normal, as I wanted to get the FUN info in early! Until next issue, I bid you all a Happy New Year! Benny Texting and Driving?It can wait! ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 63 An Index to Paper Money, Volume 58, 2019 Whole Numbers 319-324 by Terry A. Bryan Yr. Vol. No. Pg. Aidala, Enrico Depositaries at the Port of Wilmington, North Carolina During the Civil War And Their endorsements on Confederate 7.30 Notes, illus. .............................................................. 19 58 323 343 Ashmore, Marvin D. Origins of the Train Vignette on Confederate Type-39 Treasury Notes, illus. (with Michael NcNeil) ............................................................................................................................... 19 58 320 116 Ayers, Bob $100 Counterfeit Federal Reserve Notes, illus. (Russian counterfeits) ...................................................... 19 58 323 338 BANKS, BANKERS & BANKING The First National Bank in Arizona Territory, illus. Peter Huntoon, Dawn Teresa Santiago (The Paper Column) ........................................................... 19 58 322 269 Lee McClung, All-American Football Player & Treasurer of the United States, illus., Frank Clark .................................................................................................................................................. 19 58 322 284 The Life of Hiram Vail & the Obsolete Notes Produced for his Banking & Collection Office in Amenia, New York, illus., Charles J. DiComo, PhD. ....................................................... 19 58 321 190 A Tale of Two Quaker Bankers, illus., Nicholas J. Bruyer (N. Carolina, Minnesota) ........................... 19 58 322 256 Boling, Joseph E. World War One (part 2), illus. (with Fred Schwan) (Uncoupled column) (British Piastres and Canadian notes and counterfeits) ........................................................................ 19 58 319 44 World War One (part 3), illus. (with Fred Schwan) (Uncoupled column) (Straits Settlements wartime small change notes) ................................................................................ 19 58 320 106 World War One (part 4), illus. (with Fred Schwan) (Uncoupled column) (German East Africa, Turkish note counterfeits by Britain) .............................................................. 19 58 321 209 World War One (part 5), illus. (with Fred Schwan) (Uncoupled column) (former Austro-Hungarian Empire counterfeits) ................................................................................. 19 58 322 279 World War One (part 6), illus. (with Fred Schwan) (Uncoupled column) (German counterfeits) ................................................................................................................................ 19 58 323 370 World War One (part 7), illus., (with Fred Schwan) (Uncoupled col.) (German/Persian counterfeits).................................................................................................................. 19 58 324 440 Bruyer, Nick A Tale of Two Quaker Bankers, illus., ( N. Carolina, Minnesota) ............................................................. 19 58 322 256 The Treasury Clerk Goes to War, illus. (Civil War, Treasury Notes, Tennessee) .................................. 19 58 319 31 Calderman, Robert Adventures in Plastic !, illus., (Cherry Picker?s Corner)($10 Silver Certificate) ...................................... 19 58 321 218 Auction Fever !, illus., (Cherry Picker?s Corner)($2 U.S. Notes) ............................................................... 19 58 322 286 Cherry Picker?s Corner, illus. (Confederate T-40 $100 note) .................................................................... 19 58 319 55 eBay Shenanigans !, illus., (Cherry Picker?s Corner) (Altered PCGS label) ........................................... 19 58 323 382 Rarity Conundrum, illus., (Cherry Picker?s Corner) (Grading, Registrations Sets) ................................ 19 58 324 448 Clark, Frank Lee McClung, All-American Football Player & Treasurer of the United States, illus. ......................... 19 58 322 284 The Yellowstone-Merchants National Bank of Billings, Montana, illus. ................................................. 19 58 321 174 COLLECTING Adventures in Plastic, illus., Robert Calderman (Cherry Picker?s Corner) (Re-submitting $10 Silver Certificate to PMG) .................................................................................... 19 58 321 218 Auction Fever !, illus., Robert Calderman (Cherry Picker?s Corner)($2 U.S. Notes) ............................ 19 58 322 286 Bond-related Throw-aways, illus., Fred Schwan (with Joseph Boling)(Uncoupled col.) ..................... 19 58 320 206 Excess Profits Tax Refund Bond, illus., Fred Schwan(Uncoupled column)(Chet Krause) ................. 19 58 319 44 Introduction to the Coupon System of the United Cigar Stores Company, 1901-1929, Illus., Loren Gatch ...................................................................................................................................... 19 58 320 129 A Museum of One?s Own, Loren Gatch (Chump Change column)(Web ?Museums?) .................... 19 58 319 60 ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 64 Rarity Conundrum, illus., Robert Calderman (Cherry Picker?s Corner) (Grading, Registrations Sets) .................................................................................................................... 19 58 324 448 The State of Cash, Loren Gatch (Chump Change column)(Cashless society) ....................................... 19 58 320 139 Styles of Paper Money Collecting, illus., Ed Zegers ..................................................................................... 19 58 321 196 When Institutions Fail, Loren Gatch (Chump Change column)(PCGS & F+W Media) .................... 19 58 321 220 When Institutions Fail, Part II, Loren Gatch (Chump Change column)(3rd Party Graders) ................. 19 58 322 291 Where Do SPMC Members Live? , map illus., R. Shawn Hewitt ........................................................... 19 58 320 147 CONFEDERATE AND SOUTHERN STATES CURRENCY Cherry Picker?s Corner, illus., Robert Calderman (Confederate T-49 $100 note).................................. 19 58 319 55 A Confederate Train Note Date Set, illus., Michael McNeil ....................................................................... 19 58 321 186 Depositaries at the Port of Wilmington, North Carolina During the Civil War And Their Endorsements on Confederate 7.30 Notes, illus., Enrico Aidala .................................. 19 58 323 343 From the Gilded Road: John Benjamin Burton & His Civil War Currency for W. E. Morgan, Clerk of Union County, El Dorado, Arkansas, illus., Charles Derby ................. 19 58 320 119 North Carolina Civil War Treasury Notes at the University of N.Ca. at Chapel Hill, illus. Robert Schreiner, Paul Horner, Linda Jacobson .................................................................................. 19 58 323 356 Origins of the Train Vignette on Confederate Type-39 Treasury Notes, illus. Marvin D. Ashmore, Michael McNeil .................................................................................................. 19 58 320 116 The Quartermaster Column, illus., Michael McNeil (Watkins Wickham at Shiloh) ............................ 19 58 319 49 The Quartermaster Column No.5, illus., Michael McNeil (Col.P.C.Woods? endorser) ....................... 19 58 320 140 The Quartermaster Column No.6, illus., Michael McNeil (Capt. J.H.Jones endorser) ......................... 19 58 321 214 The Quartermaster Column No.7, illus., Michael McNeil (Capt. Henry E. Loebnitz endr) ................ 19 58 322 288 The Quartermaster Column No.8, illus., Michael McNeil (Capt. George W. Caldwell) ..................... 19 58 323 376 The Quartermaster Column No.9, illus., Michael McNeil (Lt. William H. McMain) .......................... 19 58 324 454 The State of North Carolina, illus., Robert Gill (Obsolete Corner column) ............................................. 19 58 321 222 A Tale of Two Quaker Bankers, illus., Nicholas J. Bruyer (N. Carolina, Minnesota) ........................... 19 58 322 256 The Treasury Clerk Goes to War, illus., Nick Bruyer (C.W. Tennessee, U.S. Treasury) ..................... 19 58 319 31 COUNTERFEIT, ALTERED & SPURIOUS NOTES eBay Shenanigans!, illus., Robert Calderman (Cherry Picker?s Corner) (Altered PCGS labels) ............................................................................................................................... 19 58 323 382 The Man Who Stole Portugal (and Uganda, and Liberia?), Loren Gatch ............................................. 19 58 323 384 $100 Counterfeit Federal Reserve Notes, illus., Bob Ayers (Russian counterfeits) ................................ 19 58 323 338 World War One (part 2), illus. (with Fred Schwan)(Uncoupled column) (British Piastres and Canadian notes and counterfeits) ........................................................................ 19 58 319 44 World War One (part 3), illus., Joseph E. Boling (with Fred Schwan)(Uncoupled column) (Straits Settlements Wartime emergency small change note counterfeits) ..................................... 19 58 320 106 World War One (part 4), illus., Joseph E. Boling (with Fred Schwan)(Uncoupled col.) (German East Africa, Turkish note counterfeits by Britain) .............................................................. 19 58 321 209 World War One (part 5), illus., Joseph E. Boling (with Fred Schwan)(Uncoupled col.) (former Austro-Hungarian Empire counterfeits) ................................................................................. 19 58 322 279 World War One (part 6), illus., Joseph E. Boling (with Fred Schwan)(Uncoupled col.) (German counterfeits) ................................................................................................................................ 19 58 323 370 World War One (part 7), illus., Joseph E. Boling (with Fred Schwan)(Uncoupled col.) (German/Persian counterfeits).................................................................................................................. 19 58 324 440 Derby, Charles From the Gilded Road: John Benjamin Burton & His Civil War Currency for W.E.Morgan, Clerk of Union County, El Dorado, Arkansas, illus. ................................................ 19 58 320 119 DiComo, Dr. Charles J. The Life of Hiram Vail & the Obsolete Notes Produced for His Banking & Collection Office in Amenia, New York, illus. ............................................................... 19 58 321 190 Drengson, Mark The Bank Note History Project (National Currency database) ................................................................... 19 58 321 224 Dzara, Jerry Sand, Clay, Coal & National Banks, illus. (Pennsylvania) .......................................................................... 19 58 323 368 ENGRAVERS & ENGRAVING AND PRINTING Anomalous Securities Clause, Peter Huntoon, illus. (St. Louis National Currency) .............................. 19 58 321 156 Cherry Picker?s Corner, illus., Robert Calderman (Confederate T-40 $100 vignette) ........................... 19 58 319 55 ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 65 Duplicated Back Plate Serials of Series 2009A $100 Federal Reserve Notes, illus. Joe Farrenkopf ............................................................................................................................................. 19 58 321 164 4-Subject Large-Size Plates Altered into 8-Subject Forms During 1923-1925, illus. Doug Murray, Peter Huntoon .................................................................................................................. 19 58 322 231 The Many Uses of the ABNCo.?s ?Progress? Vignette, illus. Roland Rollins ........................................ 19 58 324 407 Series of 1928 $100 FRN with Inverted Stars, illus., Peter Huntoon ......................................................... 19 58 319 38 Treasury Sealing Assigned to Treasurer?s Office in 1885, illus. Peter Huntoon, Doug Murray (The Paper Column) ........................................................................... 19 58 323 328 Two $5 Master Plate Proofs, illus., Jamie Yakes (Small Notes column) ................................................. 19 58 320 136 Farrenkopf, Joe Duplicated Back Plate Serials of Series 2009A $100 Federal Reserve Notes, illus. .............................. 19 58 321 164 Feller, Steve The Election of 1912, illus., (Political scrip) .................................................................................................... 19 58 324 413 New Information on the World War II Douglas Promenade Internment Camps On the Isle of Man, illus............................................................................................................................. 19 58 322 239 Gatch, Loren The A.F.R.O. Dollars of 1990-91, illus., (Chicago, Illinois) ........................................................................ 19 58 324 435 ?Auction Nights? with the Aletheia Grotto, 1941, illus., Loren Gatch (Massachusetts) ....................... 19 58 323 374 Introduction to the Coupon System of the United Cigar Stores Company, 1901-1929, Illus. ..................................................................................................................................................... 19 58 320 129 The Man Who Stole Portugal (and Uganda, and Liberia?) (Chump Change col.) ............................. 19 58 323 384 Mugabe is Gone, But Zimbabwe?s Zombie Dollar Lives On, (Chump Change col.) .......................... 19 58 324 447 A Museum of One?s Own (Chump Change column)(Website personal ?museums?) ....................... 19 58 319 60 Review of New Hampshire Merchant Scrip by Kevin G. Lafond (book review) ................................. 19 58 319 41 The State of Cash (Chump Change column)(cashless society) ................................................................. 19 58 320 139 When Institutions Fail (Chump Change column)(Failure of PCGS & F+W media)............................ 19 58 321 220 When Institutions Fail, Part II (Chump Change column)(Third Party Graders) ..................................... 19 58 322 291 Gill, Robert The Bank of Battle Creek, illus., (Obsolete Corner column) (Michigan) ................................................. 19 58 323 379 The Edgar County Bank, illus. , (Obsolete Corner column)(Illinois) ........................................................ 19 58 322 292 The Mineral Point Bank, illus., (Obsolete Corner column) (Wisconsin Terr.) ........................................ 19 58 324 451 The Munroe Falls Manufacturing Company, illus., (Obsolete Corner col.) (Ohio) .............................. 19 58 320 142 The Parker House, illus. , (Obsolete Corner column)(Massachusetts scrip) ............................................ 19 58 319 52 The State of North Carolina, illus., (Obsolete Corner column) ................................................................... 19 58 321 222 Gunther, Bill Drug Store Scrip of Vandiver & Henderson, Talladega, Alabama, illus. ................................................. 19 58 324 422 Halland, Kent Extremely Rare Alaska Postal Note Surfaces After 124 Years, illus. (with Charles Surasky) .............................................................................................................................. 19 58 320 76 Hewitt, R. Shawn Where Do SPMC Members Live?, map illus. ............................................................................................... 19 58 320 147 Hollander, David The Henderson National Bank of Huntsville, Alabama, 1907-1935 ........................................................ 19 58 319 18 Horner, Paul North Carolina Civil War Treasury Notes at the University of N. Ca. at Chapel Hill, illus. (with Robert Schreiner, Linda Jacobson) ............................................................................................... 19 58 323 356 Huntoon, Peter Andrew Pollock, 2019 SPMC Founder?s Award Recipient, illus. ............................................................ 19 58 322 237 Anomalous Securities Clause, illus. (The Paper Column) (Missouri Nationals) .................................... 19 58 321 156 1862-1863 Legal Tender Classification Chart, illus. (with Doug Murray)(Paper Column) ................. 19 58 320 85 The First National Bank in Arizona Territory, illus. (with Dawn Teresa Santiago) (The Paper Column) .................................................................................................................................. 19 58 322 269 4-Subject Large-Size Plates Altered into 8-Subject Forms During1923-1925, illus. (with Doug Murray) ................................................................................................................................... 19 58 322 231 Late-numbered $1 Series of 1917 Legal Tender KA-Block Fr 37a Error, illus. (The Paper Column) ................................................................................................................................. 19 58 320 134 Napier-Thompson & Napier-Burke Treasury Currency Rarities, illus. (The Paper Col.) .................... 19 58 324 392 $1 Series of 1899 Silver Certificate, illus. (The Paper Column) ................................................................. 19 58 323 307 Overlapping Production of $1, 1934 & 1935 Silver Certificates, illus., (The Paper Col.) ..................... 19 58 324 426 Register of the Treasury Signature, illus. (with Lee Lofthus) ...................................................................... 19 58 321 176 ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 66 Series of 1928 $100 FRN with Inverted Stars, illus. ..................................................................................... 19 58 319 38 Series of 1929 Federal Reserve Bank Notes Released During WW II, illus. (with Lee Lofthus, Jamie Yakes) ............................................................................................................. 19 58 319 4 Signature Changeover Protocols Created Scarce Serial Number Varieties, illus. ................................... 19 58 323 349 Treasury Sealing Assigned to Treasurer?s Office in 1885, illus. (with Doug Murray) .......................... 19 58 323 328 INTERNATIONAL. CURRENCY Albania 1 Lek 1976, illus. David Lok .............................................................................................................. 19 58 321 170 Allied Use of Military Payment Certificates, illus., Fred Schwan (with Joseph E. Boling) (Other countries? use of MPC) ............................ ......................... 19 58 323 370 Allied Use of Military Payment Certificates, Part 2, illus., Fred Schwan (with Joseph E. Boling) (Uncoupled column) (Australia, Korea, Thailand) ..................... 19 58 324 440 Francisco (Pancho) Villa?s Bedsheets, illus., Elmer Powell (Mexican Revolution) ................. 19 58 324 438 The Man Who Stole Portugal (and Uganda, and Liberia?), Loren Gatch ..... ......................... 19 58 323 384 The Many Uses of the ABNCo.?s ?Progress? Vignette, illus. Roland Rollins ........................................ 19 58 324 407 Mugabe is Gone, But Zimbabwe?s Zombie Dollar Lives On, Loren Gatch ........................................... 19 58 324 447 New Information of the World War II Douglas Promenade Internment Camps On the Isle of Man, illus., Steve Feller .................................................................................................... 19 58 322 239 World War One (part 2), illus. (with Fred Schwan) (Uncoupled column) (British Piastres and Canadian notes and counterfeits) ........................................................................ 19 58 319 44 World War One (part 3), illus. Joseph E. Boling (with Fred Schwan) (Uncoupled column) (Straits Settlements Wartime emergency small change notes) ......................................................... 19 58 320 106 World War One (part 4), illus., Joseph E. Boling (with Fred Schwan) (Uncoupled column) (German East Africa, Turkish note counterfeits by Britain) .............................................................. 19 58 321 209 World War One (part 5), illus., Joseph E. Boling 9with Fred Schwan) (Uncoupled col.) (former Austro-Hungarian Empire counterfeits) ................................................................................. 19 58 322 279 World War One (part 6), illus., Joseph E. Boling (with Fred Schwan) (Uncoupled col.) (German counterfeits) ................................................................................................................................ 19 58 323 370 World War One (part 7), illus., Joseph E. Boling (with Fred Schwan) (Uncoupled col.) (German/Persian counterfeits).................................................................................................................. 19 58 324 440 Jacobson, Linda North Carolina Civil War Treasury Notes at the University of N. Ca. at Chapel Hill, illus. (with Paul Horner, Robert Schreiner) ..................................................................................................... 19 58 323 356 Lofthus, Lee Register of the Treasury Signature, illus., (with Peter Huntoon)(All Series) ............................................ 19 58 321 176 Series of 1929 Federal Reserve Bank Notes Released During WW II, illus. (with Jamie Yakes, Peter Huntoon) ........................................................................................................ 19 58 319 4 Lok, David Albania 1 Lek 1976, illus. ................................................................................................................................... 19 58 321 170 McNeil, Michael A Confederate Train Note Date Set, illus. ....................................................................................................... 19 58 321 186 Origins of the Train Vignette on Confederate Type-39 Treasury Notes, illus. (with Marin D. Ashmore) ......................................................................................................................... 19 58 320 116 The Quartermaster Column, illus. (Watkins Wickham, Gen. Albert S. Johnston)................................ 19 58 319 49 The Quartermaster Column No. 5, illus. (Field Officer Col. Peter Woods endorser) ............................ 19 58 320 140 The Quartermaster Column No. 6, illus.,(Capt. John H. Jones endorser) ................................................. 19 58 321 214 The Quartermaster Column No. 7, illus., (Capt. Henry E. Loebnitz endorser) ....................................... 19 58 322 288 The Quartermaster Column No. 8, illus., (Capt. George W. Caldwell endorser) ................................... 19 58 323 376 The Quartermaster Column No.9, illus., (Lt. William H. McMain).......................................................... 19 58 324 454 Melamed, Rick Fractional Plate Numbers on Specimen Notes, illus. .................................................................................... 19 58 321 199 The Genesis of Postage Currency, illus. .......................................................................................................... 19 58 323 316 3rd Issue Fractional Error Notes (25? to 50?)?Part 2, illus. ........................................................................ 19 58 320 92 ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 67 MILITARY PAYMENT CERTIFICATES AND MILITARY CURRENCY Allied Use of Military Payment Certificates, illus., Fred Schwan (with Joseph E. Boling)(Other countries? use of MPC) ............................. ......................... 19 58 323 370 Allied Use of Military Payment Certificates, Part 2, illus., Fred Schwan (with Joseph E. Boling)(Uncoupled column)(Australia, Korea, Thailand) ....................... 19 58 324 440 Bond-related Throw-aways, illus., Fred Schwan (with Joseph E. Boling) (Uncoupled column)(War Bond advertising) ............................................. ......................... 19 58 320 106 Error MPC, illus., Fred Schwan (with Joseph E. Boling)(Uncoupled column) ........................ 19 58 321 209 Excess Profits Tax Refund Bond, illus., (with Joseph E. Boling)(Uncoupled col.) .................. 19 58 319 44 MPC Errors Part II, illus., (with Joseph E. Boling)(Uncoupled column) ......... ......................... 19 58 322 279 New Information on the World War II Douglas Promenade Internment Camps On the Isle of Man, illus., Steve Feller ......................................................... ......................... 19 58 322 239 World War One (part 2), illus., Joseph E. Boling (with Fred Schwan)(Uncoupled column) (British Piastres and Canadian notes and counterfeits) .......................................... ............................. 19 58 319 44 World War One (part 3), illus., Joseph E. Boling (with Fred Schwan)(Uncoupled column) (Straits Settlements wartime small change notes) ................................................................................ 19 58 320 106 World War One (part 4), illus., Joseph E. Boling (with Fred Schwan)(Uncoupled column) (German East Africa and Turkish note counterfeits by Britain) ........................................................ 19 58 321 209 World War One (part 5), illus., Joseph E. Boling (with Fred Schwan)(Uncoupled col) (former Austro-Hungarian Empire counterfeits) ........................................ ......................... 19 58 322 279 World War One (part 6), illus., Joseph E. Boling (with Fred Schwan)(Uncoupled col.) (German counterfeits) ................................................................................................................................ 19 58 323 370 World War One (part 7), illus., Joseph E. Boling (with Fred Schwan)(Uncoupled col.) (German/Persian counterfeits).................................................................................................................. 19 58 324 440 Murray, Doug 1862-1863 Legal Tender Classification Chart, illus. (with Peter Huntoon) (The Paper Column) ....................................................................................... ......................... 19 58 320 85 4-Subject Large-Size Plates Altered into 8-Subject Forms During 1923-1925, illus. (with Peter Huntoon) ...................................................................................... ......................... 19 58 322 231 Treasury Sealing Assigned to Treasurer?s Office in 1885,illus.(with Peter Huntoon) .............. 19 58 323 328 NEW LITERATURE Gatch, Loren, Review of New Hampshire Merchant Scrip by Kevin G. Lafond ........................ 19 58 319 41 OBSOLETE NOTES & SCRIP The A.F.R.O. Dollars of 1990-91, illus., Loren Gatch (Chicago, Illinois) ................................................ 19 58 324 435 ?Auction Nights? with the Aletheia Grotto, 1941, illus., Loren Gatch (N.Y.,Massachusetts) ............. 19 58 323 374 The Bank of Battle Creek, illus., Robert Gill (Obsolete Corner column) (Michigan) ........................... 19 58 323 379 Drug Store Scrip of Vandiver & Henderson, Talladega, Alabama, illus., Bill Gunther ........................ 19 58 324 422 The Edgar County Bank, illus., Robert Gill (Obsolete Corner column)(Illinois) .................................... 19 58 322 292 The Election of 1912, illus., Steve Feller (Political scrip) ............................................................................. 19 58 324 413 Extremely Rare Alaska Postal Note Surfaces After 124 Years, illus. Kent Halland, Charles Surasky ................................................................................................................ 19 58 320 76 From the Gilded Road: John Benjamin Burton & His Civil War Currency for W.E.Morgan, Clerk of Union County, El Dorado, Arkansas, illus., Charles Derby ................... 19 58 320 119 The Genesis of Postage Currency, illus., Rick Melamed ............................................................................. 19 58 323 316 Introduction to the Coupon System of the United Cigar Stores Company, 1901-1929, Illus., Loren Gatch ...................................................................................................................................... 19 58 320 129 The Life of Hiram Vail & the Obsolete Notes Produced for his Banking & Collection Office in Amenia, New York, illus., Charles J. DiComo, Ph.D. ...................................................... 19 58 321 190 The Mineral Point Bank, illus., Robert Gill (Obsolete Corner column) (Wisconsin Terr.) .................. 19 58 324 451 The Munroe Falls Manufacturing Company, illus., Robert Gill (Obsolete Corner column) (Ohio) ........................................................................................................... 19 58 320 142 The Parker House, illus., Robert Gill (Massachusetts) ................................................................................. 19 58 319 52 The State of North Carolina, illus., Robert Gill (Obsolete Corner column) ............................................. 19 58 321 222 A Tale of Two Quaker Bankers, illus., Nicholas J. Bruyer (N.Carolina, Minnesota) ............................ 19 58 322 256 PAPER MONEY AND FINANCIAL HISTORY The A.F.R.O. Dollars of 1990-91, illus., Loren Gatch (Chicago, Illinois) ................................................ 19 58 324 435 The Election of 1912, illus., Steve Feller (Political scrip) ............................................................................. 19 58 324 413 Mugabe is Gone, But Zimbabwe?s Zombie Dollar Lives On, Loren Gatch ........................................... 19 58 324 447 ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 68 Powell, Elmer Francisco (Pancho) Villa?s Bedsheets, illus., (Mexican Revolution) ................ ......................... 19 58 324 438 Rollins, Roland The Many Uses of the ABNCo.?s ?Progress? Vignette, illus. .......................................................... 19 58 324 407 Santiago, Dawn Teresa The First National Bank in Arizona Territory, illus. (with Peter Huntoon)(Paper Column) ................. 19 58 322 269 Schreiner, Robert North Carolina Civil War Treasury Notes at the University of N. Ca. at Chapel Hill, illus. (with Paul Horner, Linda Jacobson) ....................................................................................................... 19 58 323 356 Schwan, Fred Allied Use of Military Payment Certificates, illus.,(with Joseph E. Boling)(Uncoupled col.) ............. 19 58 323 370 Allied Use of Military Payment Certificates, Part 2, illus., (with Joseph E. Boling)(Uncoupled column) (Australia, Korea, Thailand) ...................... 19 58 324 440 Bond-related Throw-aways, illus, (with Joseph E. Boling)(Uncoupled column) ................................... 19 58 320 106 Error MPC, illus. (with Joseph E. Boling)(Uncoupled column) ................................................................ 19 58 321 209 Excess Profits Tax Refund Bond, illus., (with Joseph E. Boling)(Uncoupled column) ........................ 19 58 319 44 MPC Errors, Part II, illus., (with Joseph E. Boling)(Uncoupled column) ................................................ 19 58 322 279 SOCIETY OF PAPER MONEY COLLECTORS. Editor Sez (Benny Bolin)(Editor?s column) ....................................................................................... .................. 19 58 320 146 ....................................................................................... .................. 19 58 321 213 ....................................................................................... .................. 19 58 322 299 ....................................................................................... .................. 19 58 323 385 Founder?s Award Recipient, 2019, Andrew Pollock, illus., Peter Huntoon ............ 19 58 321 237 In Memoriam: Steve Whitfield ............................................................................................................................................ 19 58 321 195 Dottie Freeman ............................................................................................................................................ 19 58 321 195 Randy Shipley ............................................................................................................................................. 19 58 321 195 Index to Paper Money, Vol. 57, 2018, Nos. 313-318, Terry Bryan .......................................................... 19 58 319 63 Information and Officers: ..................................................................................................................................................... 19 58 319 2 ..................................................................................................................................................... 19 58 320 74 ..................................................................................................................................................... 19 58 321 154 ..................................................................................................................................................... 19 58 322 230 ..................................................................................................................................................... 19 58 323 306 ..................................................................................................................................................... 19 58 324 390 Book Review by Loren Gatch: Review of New Hampshire Merchant Scrip by Kevin G. Lafond .................................................. 19 58 319 41 Review of Tennessee Obsolete Paper Money, 1800-1959, illus. (editor) ....................................... 19 58 322 285 Letters to the Editor (no letters published this year) Kansas City Breakfast & Raffle (IPMS Show Images), illus. .................................................................... 19 58 322 277 Kansas City Service, Literary, Exhibit Awards (IPMS Show Images), illus. .......................................... 19 58 322 275 Money Mart: ..................................................................................................................................................... 19 58 319 69 ..................................................................................................................................................... 19 58 320 151 ..................................................................................................................................................... 19 58 321 227 ..................................................................................................................................................... 19 58 322 303 ..................................................................................................................................................... 19 58 323 387 ..................................................................................................................................................... 19 58 324 459 President?s Column (R. Shawn Hewitt) ..................................................................................................................................................... 19 58 319 61 ..................................................................................................................................................... 19 58 320 144 ..................................................................................................................................................... 19 58 321 225 ..................................................................................................................................................... 19 58 322 297 ..................................................................................................................................................... 19 58 323 385 ..................................................................................................................................................... 19 58 324 457 SPMC Bank Note History Project (National BN database), Mark Drengson ........................................ 19 58 321 224 SPMC Board of Governors Meeting, June, 2019, Report of meeting ...................................................... 19 58 322 300 ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 69 SPMC Board, Meet Matt Draiss, Candidate .................................................................................................. 19 58 321 162 SPMC Board, Meet Cody Regennitter, new Board member ..................................................................... 19 58 324 457 SPMC: New SPMC Exibit Class & Award Structures (form illustrated) .............................................. 19 58 320 148 SPMC: 2019 IPMS Speakers? Series Call for Papers ................................................................................. 19 58 320 138 SPMC: Jason W. Bradford Launches Legacy Currency Grading (from editor) .................................... 19 58 320 115 SPMC: Where Do SPMC Members Live? Illus. (R.S. Hewitt map) ...................................................... 19 58 320 147 SPMC New Members, Frank Clark, Membership Director ...................................................................... 19 58 319 62 ..................................................................................................................................................... 19 58 320 145 ..................................................................................................................................................... 19 58 321 226 ..................................................................................................................................................... 19 58 322 298 ..................................................................................................................................................... 19 58 323 327 ..................................................................................................................................................... 19 58 324 456 Surasky, Charles Extremely Rare Alaska Postal Note Surfaces After 124 Years, illus. (with Kent Halland) .................. 19 58 320 76 U.S. NATIONAL BANK NOTES Andrew Pollock, 2019 SPMC Founder?s Award Recipient, illus., Peter Huntoon ............................... 19 58 322 237 Anomalous Securities Clause, illus., Peter Huntoon, (The Paper Column)(St. Louis,Mo.) ................. 19 58 321 156 The Bank Note History Project, Mark Drengson (National BN database) .............................................. 19 58 321 224 DeGolyer Library Exhibit (Internet site)(Texas NBN, SMU Library)degolyer@smu.edu ................. 19 58 324 437 The First National Bank in Arizona Territory, illus., Peter Huntoon, Dawn Teresa Santiago (The Paper Column)(AZ and California) ....................... 19 58 322 269 The Henderson National Bank of Huntsville, Alabama, 1907-1935, illus., David Hollander .......................................................................................................................................... 19 58 319 18 Napier-Thompson & Napier-Burke Treasury Currency Rarities, illus. Peter Huntoon (The Paper Column) .................................................................................................................................. 19 58 324 392 Sand, Clay Coal & National Banks, illus., Jerry Dzara (Pennsylvania) .................................................... 19 58 323 368 A Tale of Two Quaker Bankers, illus., Nicholas J. Bruyer (N. Carolina, Minnesota) ........................... 19 58 322 256 The Yellowstone-Merchants National Bank of Billings, Montana, illus., Frank Clark ......................... 19 58 321 174 U.S. LARGE and SMALL SIZE NOTES Auction Fever!, illus., Robert Calderman, (Cherry Picker?s Corner)($2 U.S. Notes) ............................ 19 58 322 286 eBay Shenanigans!, illus., Robert Calderman (Cherry Picker?s Corner) (Altered PCGS label for 1869 Legal Tender $1) ................................................................................. 19 58 323 382 1862-1863 Legal Tender Classification Chart, illus., Peter Huntoon, Doug Murray ............................. 19 58 320 85 Fractional Plate Numbers on Specimen Notes, illus., Rick Melamed ...................................................... 19 58 321 199 The Genesis of Postage Currency, illus., Rick Melamed ............................................................................. 19 58 323 316 Late-numbered $1 Series of 1917 Legal Tender KA-Block Fr 37a Error, illus. Peter Huntoon (The Paper Column) ....................................................................................................... 19 58 320 134 Lee McClung, All-American Football Player & Treasurer of the United States, illus., Frank Clark .................................................................................................................................................. 19 58 322 284 Mills? Letter Details Mellon?s Two Signatures, illus., Jamie Yakes (Small Notes col.) ........................ 19 58 321 221 Rarity Conundrum, illus., Robert Calderman (Cherry Picker?s Corner) (Grading, Registrations Sets) .................................................................................................................... 19 58 324 448 Register of the Treasury Signature on U.S. Currency, illus.,Lee Lofthus, Peter Huntoon .................... 19 58 321 176 Signature Changeover Protocols Created Scarce Serial Number Varieties, illus. Peter Huntoon (The Paper Column) ....................................................................................................... 19 58 323 349 3rd Issue Fractional Error Notes (25? to 50?)?Part 2, illus., Rick Melamed .......................................... 19 58 320 92 Treasury Sealing Assigned to Treasurer?s Office in 1885, illus. Peter Huntoon, Doug Murray (The Paper Column) ........................................................................... 19 58 323 328 Two $5 Master Plate Proofs, illus., Jamie Yakes (Small Notes column) ................................................. 19 58 320 136 FEDERAL RESERVE NOTES Banks Issue New $1 Federal Reserve Notes, illus., Jamie Yakes (year 1963) ........................................ 19 58 319 54 Duplicated Back Pate Serials of Series 2009A $100 Federal Reserve Notes, illus. Joe Farrenkopf ............................................................................................................................................. 19 58 321 164 $5 New York Late-finished Face 58, illus., Jamie Yakes (Small Notes column) ................................... 19 58 324 450 New 1s on Letter-Seal 1928 FRN Plates, illus., Jamie Yakes (Small Notes column) ........................... 19 58 323 378 New York 1934 & 1934A $100 Federal Reserve Notes, illus., Jamie Yakes (Sm.Notes) .................. 19 58 322 294 $100 Counterfeit Federal Reserve Notes, illus., Bob Ayers (Russian counterfeits) ................................ 19 58 323 338 Series of 1928 $100 FRN with Inverted Stars, illus., Peter Huntoon ......................................................... 19 58 319 38 ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 70 Series of 1929 Federal Reserve Bank Notes Released During WW II, illus. Lee Lofthus, Jamie Yakes, Peter Huntoon ............................................................................................ 19 58 319 4 Styles of Paper Money Collecting, illus., Ed Zegers ($1 Star Note 2013 anomaly) ............................... 19 58 321 196 SILVER AND GOLD CERTIFICATES Adventures in Plastic!, illus., Robert Calderman (Cherry Picker?s Corner) (Resubmitting $10 Silver Certificate to PMG) ..................................................................................... 19 58 321 218 4-Subject Large-Size Plates Altered into 8-Subject Forms During 1923-1925, illus. Doug Murray, Peter Huntoon .................................................................................................................. 19 58 322 231 Napier-Thompson & Napier-Burke Treasury Currency Rarities, illus. Peter Huntoon (The Paper Column) .................................................................................................................................. 19 58 324 392 The 1935A $1 Silver Certificate: One Bill with 5 Varieties, illus., Richard Weil ................................... 19 58 319 12 $1 Series of 1899 Silver Certificate Series Date Placement Varieties, illus. Peter Huntoon (The Paper Column) ....................................................................................................... 19 58 323 307 Overlapping Production of $1, 1934 & 1935 Silver Certificates, illus., Peter Huntoon (The Paper Column) .................................................................................................................................. 19 58 324 426 Signature Changeover Protocols Created Scarce Serial Number Varieties, illus. Peter Huntoon (The Paper Column) ....................................................................................................... 19 58 323 349 TREASURY NOTES Napier-Thompson & Napier-Burke Treasury Currency Rarities, illus. Peter Huntoon (The Paper Column) .................................................................................................................................. 19 58 324 392 Register of the Treasury Signature on U.S. Currency, illus., Lee Lofthus, Peter Huntoon ................... 19 58 321 176 The Treasury Clerk Goes to War, illus., Nick Bruyer (Civil War Tennessee) ........................................ 19 58 319 31 Weil, Richard The 1935A $1 Silver Certificate: One Bill with 5 Varieties, illus. .............................................................. 19 58 319 12 Yakes, Jamie Banks Issue New $1 Federal Reserve Notes, illus., (Small Notes column)(Year 1963) ....................... 19 58 319 54 $5 New York Late-finished Face 58, illus., (Small Notes column) ........................................................... 19 58 324 450 Mills? Letter Details Mellon?s Two Signatures, illus., (Small Notes column) ......................................... 19 58 321 221 New 1s on Letter-Seal 1928 FRN Plates, illus. (Small Notes column) ..................................................... 19 58 323 378 New York 1934 & 1934A $100 Federal Reserve Notes, illus., (Small Notes column) ........................ 19 58 322 294 Series of 1929 Federal Reserve Bank Notes Released During WW II, illus. (with Lee Lofthus, Peter Huntoon) ......................................................................................................... 19 58 319 4 Two $5 Master Plate Proofs, illus. (Small Notes column) ........................................................................... 19 58 320 136 Zegers, Ed Styles of Paper Money Collecting, illus. (Introduction to collecting & error notes) ............................... 19 58 321 196 ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 71 Statement of Ownership, Management, and Circulation (All Periodicals Publications Except Requester Publications) 1. Publication Title PAPERMONEY 2. Publication Number 3. Filing Date 10-1-2019 419 _ 940 4. Issue Frequency BIMONTHLY 5. Number of Issues Published Annually 6 6. Annual Subscription Price $25.00 7. Complete Mailing Address of Known Office of Publication (Not printer) (Street, city, county, state, and ZIP+4?) 450 FAMEAVE HANOVER, PA 17331 YORKCOUNTY Contact Person BENNYBOLIN Telephone (Include area code) 972-727-2395 8. Complete Mailing Address of Headquarters or General Business Office of Publisher (Not printer) SAMEASABOVE 9. Full Names and Complete Mailing Addresses of Publisher, Editor, and Managing Editor (Do not leave blank) Publisher (Name and complete mailing address) PAPERMONEY 711 SIGNAL MTN RD #197 CHATTANOOGA, TN 37405 Editor (Name and complete mailing address) BENNYBOLIN 5510 SPRINGHILL ESTATESDR. ALLEN, TX 75002-5808 Managing Editor (Name and complete mailing address) NONE 10. Owner (Do not leave blank. If the publication is owned by a corporation, give the name and address of the corporation immediately followed by the names and addresses of all stockholders owning or holding 1 percent or more of the total amount of stock. If not owned by a corporation, give the names and addresses of the individual owners. If owned by a partnership or other unincorporated firm, give its name and address as well as those of each individual owner. If the publication is published by a nonprofit organization, give its name and address.) Full Name Complete Mailing Address PAPERMONEY 5510 SPRINGHILL ESTATESDR. ALLEN, TX 75002-5808 11. Known Bondholders, Mortgagees, and Other Security Holders Owning or Holding 1 Percent or More of Total Amount of Bonds, Mortgages, or Other Securities. If none, check box None 12. ?Tax Status (For completion by nonprofit organizations authorized to mail at nonprofit rates) (Check one) The purpose, function, and nonprofit status of this organization and the exempt status for federal income tax purposes: Has Not Changed During Preceding 12 Months Has Changed During Preceding 12 Months (Publisher must submit explanation of change with this statement) Full Name Complete Mailing Address PS Form 3526, July 2014 (Page 2 of 4) 13. Publication Title PAPERMONEY 14. Issue Date for Circulation Data Below SEPTEMBER/OCTOBER2019 15. Extent and Nature of Circulation Average No. Copies Each Issue During Preceding 12 Months No. Copies of Single Issue Published Nearest to Filing Date a. Total Number of Copies (Net press run) 1120 1074 b. Paid Circulation (By Mail and Outside the Mail) (1) Mailed Outside-County Paid Subscriptions Stated on PS Form 3541 (Include paid distribution above nominal rate, advertiser?s proof copies, and exchange copies) 1000 956 (2) Mailed In-County Paid Subscriptions Stated on PS Form 3541 (Include paid distribution above nominal rate, advertiser?s proof copies, and exchange copies) 0 0 (3) Paid Distribution Outside the Mails Including Sales Through Dealers and Carriers, Street Vendors, Counter Sales, and Other Paid Distribution Outside USPS? 105 103 (4) Paid Distribution by Other Classes of Mail Through the USPS (e.g., First-Class Mail?) 0 0 c. ?Total Paid Distribution [Sum of 15b (1), (2), (3), and (4)] 1105 1059 d. Free or Nominal Rate Distribution (By Mail and Outside the Mail) (1) Free or Nominal Rate Outside-County Copies included on PS Form 3541 0 0 (2) Free or Nominal Rate In-County Copies Included on PS Form 3541 0 0 (3) Free or Nominal Rate Copies Mailed at Other Classes Through the USPS (e.g., First-Class Mail) 0 0 (4) Free or Nominal Rate Distribution Outside the Mail (Carriers or other means) 15 15 e. Total Free or Nominal Rate Distribution (Sum of 15d (1), (2), (3) and (4)) 15 15 f. Total Distribution (Sum of 15c and 15e) 1120 1174 g. Copies not Distributed (See Instructions to Publishers #4 (page #3)) 0 0 h. Total (Sum of 15f and g) 1120 1174 i. Percent Paid (15c divided by 15f times 100) 99.55% 90.2% * If you are claiming electronic copies, go to line 16 on page 3. If you are not claiming electronic copies, skip to line 17 on page 3. Statement of Ownership, Management, and Circulation (All Periodicals Publications Except Requester Publications) 16. Electronic Copy Circulation Average No. Copies Each Issue During Preceding 12 Months No. Copies of Single Issue Published Nearest to Filing Date a. Paid Electronic Copies b. Total Paid Print Copies (Line 15c) + Paid Electronic Copies (Line 16a) c. ?Total Print Distribution (Line 15f) + Paid Electronic Copies (Line 16a) d. Percent Paid (Both Print & Electronic Copies) (16b divided by 16c ? 100) I certify that 50% of all my distributed copies (electronic and print) are paid above a nominal price. 17. Publication of Statement of Ownership If the publication is a general publication, publication of this statement is required. Will be printed Publication not required. in the Jan/Feb issue of this publication. I certify that all information furnished on this form is true and complete. I understand that anyone who furnishes false or misleading information on this form or who omits material or information requested on the form may be subject to criminal sanctions (including fines and imprisonment) and/or civil sanctions (including civil penalties). 18. Signature and Title of Editor, Publisher, Business Manager, or Owner Date Benny Bolin. Editor 10-1-2019 United States Paper Money specialselectionsfordiscriminatingcollectors Buying and Selling the finest in U.S. paper money Individual Rarities: Large, Small National Serial Number One Notes Large Size Type ErrorNotes Small Size Type National Currency StarorReplacementNotes Specimens, Proofs,Experimentals FrederickJ. Bart Bart,Inc. website: www.executivecurrency.com (586) 979-3400 POBox2? Roseville,MI 48066 e-mail: Bart@executivecurrency.com Buying & Selling ? Obsolete ? Confederate ? Colonial & Continental ? Fractional ? Large & Small U.S. Type Notes Vern Potter Currency & Collectibles Please visit our Website at www.VernPotter.com Hundreds of Quality Notes Scanned, Attributed & Priced P.O. Box 10040 Torrance, CA 90505-0740 Phone: 310-326-0406 Email: Vern@VernPotter.com Member ?PCDA ?SPMC ?FUN ?ANA ?? WANTED: 1778 NORTH CAROLINA COLONIAL $40. (Free Speech Motto). Kenneth Casebeer, (828) 277- 1779; Casebeer@law.miami.edu TRADE MY DUPLICATE, circulated FRN $1 star notes for yours I need. Have many in the low printings. Free list. Ken Kooistra, PO Box 71, Perkiomenville, PA 18074. kmk050652@verizon.net WANTED: Notes from the State Bank of Indiana, Bank of the State of Indiana, and related documents, reports, and other items. Write with description (include photocopy if possible) first. Wendell Wolka, PO Box 1211, Greenwood, IN 46142 FOR SALE: College Currency/advertising notes/ 1907 depression scrip/Michigan Obsoletes/Michigan Nationals/stock certificates. Other interests? please advise. Lawrence Falater.Box 81, Allen, MI. 49227 WANTED: Any type Nationals containing the name ?LAWRENCE? (i.e. bank of LAWRENCE). Send photo/price/description to LFM@LARRYM.com WANTED: Republic of Texas ?Star? (1st issue) notes. Also ?Medallion? (3rd issue) notes. VF+. Serious Collector. reptexpaper@gmail.com. BUYING ONLY $1 HAWAII OVERPRINTS. White, no stains, ink, rust or rubber stamping, only EF or AU. Pay Ask. Craig Watanabe. 808-531- 2702. Captaincookcoin@aol.com Vermont National Bank Notes for sale. For list contact. granitecutter@bellsouth.net. WANTED: Any type Nationals from Charter #10444 Forestville, NY. Contact with price. Leo Duliba, 469 Willard St., Jamestown, NY 14701-4129. "Collecting Paper Money with Confidence". All 27 grading factors explained clearly and in detail. Now available Amazon.com . AhlKayn@gmail.com Stamford CT Nationals For Sale or Trade. Have some duplicate notes, prefer trade for other Stamford notes, will consider cash. dombongo@earthlink.net Wanted Railroad scrip Wills Valley; Western & Atlantic 1840s; East Tennessee & Georgia; Memphis and Charleston. Dennis Schafluetzel 1900 Red Fox Lane; Hixson, TN 37343. Call 423-842-5527 or email dennis@schafluetzel Wanted DC Merchant Scrip. Looking for pre-1871 DC merchant scrip (Alexandria, Georgetown & Washington). Send photo/price/description to tip001@verizon.net. ? ? $ MoneyMart $?___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 75 Florida Paper Money Ron Benice ?I collect all kinds of Florida paper money? 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Benice@Prodigy.net Books available mcfarlandpub.com, Fractional Currency Collectors Join the Fractional Currency Collectors Board (FCCB) today and join with other collectors who study, collect and commiserate about these fascinating notes. New members get a copy of Milt Friedberg?s updated version of the Encyclopedia of United States Postage and Fractional Currency as well as a copy of the S implified copy of the same which is aimed at new collectors. Come join a group dedicated to the are fractional fanatics! New Membership is $30 or $22 for the Simplified edition only To join, contact Dave Stitely, membership chair Box 136, Gradyville, PA 19039. SIZE INCHES 50 100 500 1000 Fractional 43/4 X 21/4 $33.00 $60.00 $273.00 $490.00 Colonial 51/2 X 31/16 $30.00 $54.00 $253.00 $454.00 Small Currency 65/8 X 27/8 $30.00 $56.00 $257.00 $470.00 Large Currency 77/8 X 31/2 $36.00 $64.00 $303.00 $594.00 Auction 9 X 33/4 $36.00 $64.00 $303.00 $594.00 Foreign Currency 8 X 5 $43.00 $78.00 $355.00 $627.00 Checks 95/8 X 41/4 $44.00 $81.00 $375.00 $667.00 SHEET HOLDERS ?? 10 50 100 250 Obsolete Sheet--end open 8 3/4 X 141/2 $25.00 $110.00 $191.00 $447.00 National Sheet--side open Note?to be discontinued when sold out 81/2 X 171/2 $26.50 $120.00 $205.00 $459.00 Stock Certificate--end open 9 1/2 X 121/2 $23.00 $110.00 $182.00 $415.00 Map & Bond--end open 181/2 X 241/2 $104.00 $470.00 $863.00 $2011.00 Foreign Oversize 10 X 6 $28.00 $107.00 $180.00 $384.00 Foreign Jumbo 10 X 8 $36.00 $142.00 $239.00 $510.00 DBR Currency We Pay top dollar for *National Bank notes *Large size notes *Large size FRNs and FBNs www.DBRCurrency.com P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 Fax: 858-679-7505 See out eBay auctions under user ID DBRcurrency 1507 Sanborn Ave. ? Box 258 Okoboji, IA 51355 Open from Memorial Day thru Labor Day History of National Banking & Bank Notes Turn of the Century Iowa Postcards MYLAR-D? CURRENCY HOLDERS BANK NOTE AND CHECK HOLDERS You may assort note holders for best price (min. 50 pcs. one size). You may assort sheet holders for best price (min. 10 pcs. one size). SHIPPING IN THE U.S. Orders Under $100.00 total add 10.00 Orders Over $100.00 (parcel post) free of charge Mylar D? is a Registered Trademark of the Dupont Corporation. This also applies to uncoated archival quality Mylar? Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp. Melinex Type 516. DENLY?S OF BOSTON P.O. Box 29, Dedham, MA 02027 ? 781-326-9481 ORDERS: 800-HI-DENLY ? FAX-781-326-9484 WWW.DENLY?S.COM ___________________________________________________________Paper Money * Jan/Feb 2020 * Whole No. 325_____________________________________________________________ 76 OUR MEMBERS SPECIALIZE IN NATIONAL CURRENCY They also specialize in Large Size Type Notes, Small Size Currency, Obsolete Currency, Colonial and Continental Currency, Fractionals, Error Notes, MPC?s, Confederate Currency, Encased Postage, Stocks and Bonds, Autographs and Documents, World Paper Money . . . and numerous other areas. THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION is the leading organization of OVER 100 DEALERS in Currency, Stocks and Bonds, Fiscal Documents and related paper items. PCDA To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: The Professional Currency Dealers Association PCDA ? Hosts the annual National Currency and Coin Convention during March in Rosemont, Illinois. Please visit our Web Site pcda.com for dates and location. ? Encourages public awareness and education regarding the hobby of Paper Money Collecting. ? Sponsors the John Hickman National Currency Exhibit Award each June at the International Paper Money Show, as well as Paper Money classes and scholarships at the A.N.A.?s Summer Seminar series. ? Publishes several ?How to Collect? booklets regarding currency and related paper items. Availability of these booklets can be found in the Membership Directory or on our Web Site. ? Is a proud supporter of the Society of Paper Money Collectors. Or Visit Our Web Site At: www.pcda.com Bea Sanchez ? Secretary P.O. Box 44-2809 ? Miami, FL 33144-2809 (305) 264-1101 ? email: sol@sanchezcurrency.com Paul R. Minshull 441002067; Heritage Numismatic Auctions #444000370. BP 20%; see HA.com. DALLAS | NEW YORK | BEVERLY HILLS | SAN FRANCISCO | CHICAGO | PALM BEACH LONDON | PARIS | GENEVA | AMSTERDAM | HONG KONG Always Accepting Quality Consignments in 40+ Categories Immediate Cash Advances Available 1.25 Million+ Online Bidder-Members U.S. CURRENCY & WORLD PAPER MONEY April 22-27, 2020 | Chicago | Live & Online Now Accepting Consignments to Our Official 2020 Central States Auctions Deadline: March 2 For a free appraisal, or to consign to an upcoming auction, contact a Heritage Consignment Director today. 800-872-6467, Ext. 1001 or Currency@HA.com Fr. 375 Serial Number One $20 1891 Treasury Note PCGS Very Fine 35 Realized $114,000 Fr. 2220-F $5,000 1928 Federal Reserve Note PMG Choice Very Fine 35 Realized $156,000 Fr. 379c $1000 1891 Treasury Note PCGS Extremely Fine 45PPQ Realized $2,585,000 Fr. 1166c $100 1863 Gold Certificate PCGS Apparent Extremely Fine 40 Realized $2,115,000 San Jose, CA - $50 Original National Gold Bank Note Fr. 1161 The Farmers National Gold Bank Ch. # 2158 PCGS Very Fine 20 Realized $376,000 Fr. 1220 $1,000 1922 Gold Certificate PMG Choice Very Fine 35 EPQ Realized $66,000