Paper Money - Vol. XL, No. 3 - Whole No. 213 - May - June 2001

MVOL. XL, No. 3 WHOLE No. 213 MAY/JUNE 2001 Official Journal of the Society of Paper Money Collectors WWW.SPMC.ORG PUMP AND POULTRY BY DAMES D. SWUM, 18 9 .47.14041., , it /113, 30 4.3 THE STATE OF FLORIDA .04141111 1 4"/' e,(41,41.. ief/4//ee fiffrAk*:i = '111 .01444110 .11-1 8 AN I :t91611.4 / rrtott:7 trAN --)1.4411:1 2758111331211:=XIK Asalkin. DOLLARS. /I 4.. ./7 •11.117. 4 What's The Best Way To Sell Your Paper Money Collection? The best way to sell your collection is to consign it to someone you trust. Your currency collection probably took years to acquire. Each purchase was thoughtfully considered, each note carefully stored, and handled with respect. The sale of your collec- tion should be accomplished in the same manner. Carefully, and thoughtfully. At Smythe, we care about our consignors, our bidders, and our staff members. We don't misgrade your lots, or sell them long after midnight, or during convention hours. We strongly support the show organizers and local clubs that work hard to make paper money shows successful, and we are proud that we have consistently been selected as one of the Official Auctioneers of the Memphis International Paper Money Show. We illustrate every major note, using boxes or color where appropriate. Each note is carefully graded and researched by our nationally-recognized, full-time paper money experts. Our rates are flexible and highly competitive. There are no lot charges, photo charges or minimum charges on Federal Currency. If you are thinking of selling, take advantage of the strongest currency market we have seen in years, and take this opportunity to showcase your better single items, or your entire collection, in the next R. M. Smythe auction. See Us At Close To 40 Shows This Year! We will be planning to attend almost every major numismatic show, represented by Stephen Goldsmith, Douglas Ball, Kevin Foley, or Martin Gengerke. If necessary, we will travel to see your collection. Call 800-622-1880 for further information. &VI& Stephen uolasmitn 4:094p401. MEMBER 26 Broadway, Suite 271, New York, NY 10004 • www.rm-smythe.com 2001 Auction Schedule • January 18-21, 2001 • February, 2001 • March 1-2, 2001 • May, 2001 • June, 2001 14th Annual Strasburg Stock & Bond Show & Auction, Strasburg, PA. Stock & Bond Mail Bid Only Auction, New York, NY Chicago Paper Money Expo & Auction, Chicago, IL Autographs & Coins Auction New York, NY. Memphis International Paper Money Show & Auction, Memphis, TN To Consign, please call Stephen Goldsmith at 800-622-1880. To Subscribe: Only subscribers can be fully assured of receiving our fully-illustrated thoroughly-researched catalogues. Do you need to check on the status of your subscription? Call Marie Alberti at 800-622-1880 or 212-943-1880. A one year subscription to all RMS catalogues is $87.50 ($125 overseas). Other subscription plans are available. Call today for further information. C Society of Paper Money Collectors, Inc., 2001. All rights reserved. Reproduction of any article, in whole or in part, without express written permis- sion, is prohibited. Individual copies of this issue of PAPER MONEY are available from the Secretary for $4 postpaid. Send changes of address, inquiries concerning non-delivery, and requests for additional copies of this issue to the Secretary. MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the Editor. Accepted manuscripts will he published as soon as possible; however, publication in a specif- ic issue cannot be guaranteed. Include an SASE for acknowledgment, if desired. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be typed lone side of paper only), double-spaced with at least 1-inch margins. The author's name, address and telephone number should appear on the first page. Authors should retain a copy for their records. Authors are encour- aged to submit a copy on a 3 1/2-inch MAC disk, identified with the name and version of software used. A double-spaced printout must accompany the disk. Authors may also transmit articles via e- mail to the Editor at the SPMC web site dred@spmc.org). Original illustrations are pre- ferred. Scans should be grayscale at 300 dpi. Jpegs are preferred. Inquire about other formats. ADVERTISING • All advertising copy and correspondence should be sent to the Editor • All advertising is payable in advance To keep rates at a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork or addi- tional production is required, the advertiser will be notified and billed accordingly. Rates are not coin- missionable; proofs are not supplied. Advertising Deadline: Copy must be received by the Editor no later than the first day of the month preceding the cover date of the issue (for example, Feb. 1 for the March/April issue). With advance approval, camera-ready copy, or electronic ads in Quark Express on a MAC zip disk with fonts sup- plied, may be accepted up to 10 days later. ADVERTISING RATES Space 1 time 3 times 6 times Outside back cover $375 $990 $1800 Inside cover 315 825 1500 Full page 250 660 1200 Half page 125 330 600 Quarter page 65 165 300 Eighth page 35 85 150 Requirements: Full page, 42 x 57 picas; half-page may be either vertical or horizontal in format. Single-column width, 20 picas. Except covers, page position may be requested, but not guaran- teed. All screens should be 150 line or 300 dpi. Advertising copy shall be restricted to paper cur- rency, allied numismatic material, publications, and related accessories. The SPMC does not guar- antee advertisements, but accepts copy in good faith, reserving the right to reject objectionable material or edit copy. SPMC assumes no financial responsibility for typo- graphical errors in ads, but agrees to reprint that portion of an ad in which a typographical error occurs upon prompt notification. PAPER MONEY • May/June 2001 • Whole No. 213 197 TERMS AND CONDITIONS PAPER MONEY is published every other month beginning in January by the Society of Paper Money Collectors (SPMC). Second-class postage is paid at Dover, DE 19901. Postmaster send address changes to Secretary Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941. Pa Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XL, No. 3 Whole No. 213 MAY/JUNE 2001 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379 Visit the SPMC web site: www.spmc.org IN THIS ISSUE FEATURES Excerpts from the Diaries of James D. Smillie 199 By Gene Hessler New Works Cover Confederates, Palestine 208 Reviewed by Fred Reed The Green Goods Game 210 Conducted by Forrest Daniel Statistical Report on a Hoard of $10 FRNS 210 By Noel Williams Profile of Two Rarities 218 By Peter Huntoon Many Nations Honor Musicians on Notes--Part 1 230 By Gene Hessler SOCIETY NEWS Information & Officers 198 President's Column 212 By Frank Clark Money Mart 212 Comprehensive Paper Money Index For Sale 212 Letter to the Editor 214 Collectors Wanted 214 Hey Buddy, Sell Your Foreign Notes in Paper Money 229 SPMC Co-sponsors Numismatic Symposium 232 SPMC Wait Prize Announcement 232 IPMS Exhibitors Wanted 232 Research Exchange 232 New Members 234 Editor's Notebook 234 Advertisers Index 235 ON THE COVER James D. Smillie's orginal mixed media, wash drawing Pump and Poultry, on which he based one of his many security engravings for American Bank Note Co., recently came on the market via an estate sale of his nephew. As a youth Smillie forsook the family business of security engraving for painting and travel abroad, but returned to currency work for several bank note com- panies. Security engraving authority Gene Hessler reviews engraving excerpts from Smillie's diaries beginning in this issue. See page 199. (Photo courtesy Heritage Numismatic Auctions, Inc.) Society of Paper SOCIETY The Society of Paper Money OF Collectors (SPMC) was orga-PAPER MONEY COLLECTORS nized in 1961 and incorporated INC. in 1964 as a non-profit organiza- tion under the laws of the District of Columbia. It is affiliat- ed with the American Numismatic Association. The annual SPMC meeting is held in June at the Memphis IPMS (International Paper Money Show). Up-to-date information about the SPMC and its activities can he found on its Internet web site www.spmc.org . MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for member- ship; other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must he from 12 to 18 years of age and of good moral character. Their Mat/Junel 2001 • Whole No. 213 • PAPER MONEY Money Collectors application must be signed by a parent or guardian. Junior mem- bership numbers will be preceded by the letter "j," which will be removed upon notification to the Secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES—Annual dues are $24. Members in Canada and Mexico should add $5 to cover postage; members throughout the rest of the world add $10. Life membership—payable in installments within one year is $500, $600 for Canada and Mexico, and $700 elsewhere. Members who join the Society prior to October 1 receive the magazines already issued in the year in which they join. Members who join after October 1 will have their dues paid through December of the following year; they also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. Dues renewals appear in the Sept/Oct Paper Money. All checks should be sent to the Society Secretary. 198 OFFICERS ELECTED OFFICERS: PRESIDENT Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 VICE-PRESIDENT Wendell A. Wolka, P.O. Box 569, Dublin, OH 43017 SECRETARY Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941 TREASURER Mark Anderson, 335 Court St., Suite 149, Brooklyn, NY 11231 BOARD OF GOVERNORS: Benny J. Bolin, 5510 Bolin Rd., Allen, TX 75002 C. John Ferreri, P.O. Box 33, Storrs, CT 06268 Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231 Ronald L. Horstman, 5010 Timber Ln., Gerald, MO 63037 Arri "AJ" Jacob, P.O. Box 1649, Minden, NV 89423-1649 Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515- 2331 Steven K. Whitfield, 14092 W 115th St., Olathe, KS 66062 APPOINTEES: EDITOR Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941 CONTRIBUTING EDITOR Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231 ADVERTISING MANAGER Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515-2331 LEGAL COUNSEL Robert J. Galiette, 3 Teal Ln., Essex, CT 06426 LIBRARIAN Richard J. Balbaton, P.O. Box 911, North Attleboro, MA 02761 MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 PAST PRESIDENT Bob Cochran, P.O. Box 1085, Florissant, MO 63031 1929 NATIONALS PROJECT COORDINATOR David B. Hollander, 406 Vicluta PI, Huntsville, AL 35801-1059 WISMER BOOK PROJECT COORDINATOR Steven K. Whitfield, 14092 W. 115th St., Olathe, KS 66062 BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items 60-Page Catalog for $5.00 Refundable with Order ANA-LM SCNA PCDA CHARTER MBR HUGH SHULL P.O. Box 761, Camden, SC 29020 (803) 432-8500 FAX (803) 432-9958 SPMC LM 6 BRNA FUN PAPER MONEY • May/June 2001 • Whole No. 213 199 Excerpts from The Diaries of James D. Smillie BY GENE HESSLER j AMES SMILLIE (1807-1885) WHO CAME TO THE U.S. FROM Scotland by way of Canada had four sons: James David (1833-1909), William Main (1835-1888), George Henry (1840-1921) and Charles, the only son not to follow a career in art. James Smillie also had two brothers: William Cumming Smillie (1813-1908), and David. Walter de Forrest Smillie was the adopted son of William Cumming Smillie; George Frederick Cumming Smillie (1854-1924) was the son of David; David J. Smillie (b. ca. 1850) was probably another son of David Smillie. James D. Smillie was born on 16 January at 1 King Street in New York City, and showed artistic aptitude at an early age. After art and engraving instruction from his father and later study at the National Academy of Design, James D. Smillie became a member (Academician) in 1876. Jocelyn, Draper, Welsh & Company; Rawdon, Wright & Hatch; and Toppan, Carpenter & Company were the first firms to engage James David Smillie. F.O.C. Darley's The Mill Door was engraved by J.D. Smillie for Toppan, AL— Carpenter & Co. Engraved below the notice of "SALE" on the right side of the entrance is "J.D. Smillie Jan. 1857 NY." The Mill Door, #257 Like his cousin, G.F.C. Smillie, James D. Smillie produced his first bank note engraving before his 20th birthday. James David Smillie signed his work as Jas. D. Smillie, J.D. Smillie or with the monogram JDS (shown at right). For his work, father James signed his full name or more often simply used Smillie. When James Smillie moved from the National Bank Note Company (NBNCo) to American Bank Note Company (ABNCo) in 1868, his first engraving was based on a drawing by his son, James David. "It was an attrac- tive bird's eye view of a western scene, showing the Transcontinental Railroad and the plains surrounding a growing western city" (Morris No. 4, p. 205). James David and William Main, already engaged by ABNCo, must have been thrilled to have their father join them. In 1872, James Smillie and his son James David were receiving the highest salaries paid to engravers. After three years at ABNCo, James David went to Europe to further develop his painting ability. He returned three years later in 1864, and like other artists found it difficult to support himself by painting. Consequently, he returned to bank note art and engraving. ABNCo must have been delighted to May/June 2001 • Whole No. 213 • PAPER MONEY200 James D. Smillie have available to them, once again, the artistry and the engraving talent of James D. Smillie. For a while in 1864 and 1865 he devoted all his time by assisting his father who had undertaken a major project--the engraving of The Rocky Mountains by artist Albert Bierstadt. This would become a 17" x 28" engraving (Witthoft 40). On 6 June 1865, as he worked for the fifth day on rebit on Ferryboat, Smillie recorded in his diary: "It is an intolerable bore for me to do such work, and I wonder at myself for consenting." "Smillie could have made an excellent living as an engraver and reproduction etcher, but he chose the more difficult path of 'high art,' which led to a life that was filled with frustration...(Schneider 31)." Nevertheless, there were times when he recorded in his diaries that he "enjoyed the work very much." Regardless how unhappy J.D. Smillie might have been as a bank note artist, paper money collectors are delighted to have his work in their possession. In NYC Smillie exhibited at the National Academy of Design, and was a founder of the New York Etching Club. He was an authority on etching and lectured often on the subject. Smillie was also a founder of the American Water Color Society in 1868; he was president from 1871-1877. Like other artists and engravers at the time, James D. Smillie contributed artwork for Appleton's and Harper's. He engraved artwork of F.O.C. Darley to illustrate the novels of Charles Dickens and James Fenimore Cooper. A good example is The Wounded Indian by Darley in Cooper's "The Deerslayer." In the 1870s the camera was only 20 years old and had not yet replaced illustrators, but it would do just that in coming decades. James D. Smillie refers to meetings with other artists and engravers; it's unfortunate that we don't have records of those conversations. Meetings with engraver Robert Hinshelwood, pleasant and at times unpleas- ant, are also recorded in the diaries. The marriage of James D. Smillie's aunt Margaret, sister of James Smillie, to Robert Hinshlewood goes unmentioned. James D. Smillie was devoted to his father and took great pleasure in working with him, as the diaries confirm. His first cooperative works with his father were Monument to judge Stoiy in 1848, published in 1851, and in 1850 Dreams of Arcadia; the young Smillie etched in portions of both (Witthoft 49, footnote 11). The last time father and son worked together was when James David finished engraving of Lions at Home, which his father was unable to com- plete before his death. Examples of James D. Smillie's art and engraved work can be found on stock certificates, corporate bonds, U.S. obsolete and federal paper money; however, most of his work appears on the paper money of other countries, Argentina and Mexico mostly, all by ABNCo. James D. Smillie predicted what would happen to line engraving after his father died, 100 years before security engraving, as we have known it, is dying. This art form lasted longer than the younger Smillie had envisioned. Today, photoengravings of images made from pen and ink drawings meet the require- ments of the New York Stock Exchange and their customers. James D. Smillie's prophetic words included the following: "If scientific and mechanical processes fully meet the commercial demand, then the competitor class must seek other means of livelihood and the high rank engraver disappears with it. Consequently I see no chance for a revival of the art of line engraving in its higher development as it has been practiced. The demands of modern life give no place to one who takes months or years to do what can be done in a few hours by photography and electro-chemical processes in a manner that meets the popular requirements of trade." (Unpublished ms by JDS) PAPER MONEY • May/June 2001 • Whole No. 213 201 Abbreviations Used ABNCo=American Bank Note Company; BABNCo=British American Bank Note Company; ContBNCo=Continental Bank Note Company; nbn=national bank notes; NBNCo=National Bank Note Company. Throughout his diaries, James David Smillie identifies subjects that ultimately might have received different titles. Comments are in parentheses, and italics have been added. Diary Excerpts James David Smillie rose between 5:00 and 5:30 each morning. The first daily entry in his diary was the condition of the weather: "a glorious day," "a fine day" etc. There were frequent mentions of severe headaches, bothersome enough for him to take to his bed. 1865 9 Jan. At ContBNCo "overlooking various dies" including Helm Feeding the Eagle. (This could refer to the image engraved by Asher B. Durand for Underwood, Bald, Spencer & Hufty on the Bank of Wooster, OH $5, and The National Bank, NY $5.) 10 Jan. Preparing to re-engrave Large Locomotive by R. Hinshelwood. Locomotive, #780 16 Jan. "My birthday." 15 Apr. "A dark day for our nation. We were stunned, sickened...by news of the assassination of President Lincoln and attempted murder of Secretary Seward last night." 5 Aug. "Father James Smillie] was taken sick." 9 Aug. Father went to ABNCo today. 15 Aug. "Uncle Willie arrived direct from Canada." 9 Sept. Father went to NBNCo today. 12 Oct. Working on [unmentioned] bank note drawing. 14 Oct. "I think I have it finished." 16 Nov. Worked all day on my Condor (See Nos. 849 & 852.) Spent eve at Gavits with Uncle Willie. (John E. Gavit was vice president of ABNCo at that time.) 17 Nov. Mr. Gavit called with a proof of Salto in Chile for me to draw. "It's a frightful task." 20 Nov. Worked on two outlines of Salto, felt most miserable...gave up about 3:00 p.m. 27 Nov. Mr. Gavit satisfied [with Salto], received $40. (This probably refers to Uruguay 50 pesos, PS159.) 24 Nov. ABNCo accepted drawing of Condor. 27 Nov. Began drawing Condor No. 2. 2 Dec. Charcoaling Eagle for Florida Arms for NBNCo. Attended NY Philharmonic rehearsal. 4 Dec. Worked on Florida Eagle. Gaucho Lassoing, #810 202 May/June 2001 • Whole No. 213 • PAPER MONEY 5 Dec. Went to NBNCo, Eagle approved. 6 Dec. Outlined daguerreotype of Florida Arms and got transfer on die to take to Father. (See No. 796.) 8 Dec. I stretched paper for Oil Well drawing for ABNCo and traced proofs fur- nished by company. 9 Dec. All day hard at work on die of South American [Ox] Cart, [eng.] by [Henry] Beckwith after a drawing of mine. (See No. 560.) 11 Dec. George and I spent evening with Gavits. 12 Dec. Worked all day on S. Am. die; rebiting, graver and burnisher. Gave it to Mr. Gavit. 19 Dec. Worked on Locomotive. 20 Dec. Went to ContBNCo with Locomotive and returned with proofs. 25 Dec. Went to studio to outline oil drawing for ABNCo. 29 Dec. All day on "Graham's Sheeps die" after drawing for ContBNCo. 30 Dec. More work on Sheep die. 1866 19 Jan. Received a letter from R. Hinshelwood criticizing my drawing for NBNCo. "I sent it back to him without word or comment." 29 Jan. Went to ContBNCo to get proofs of Sheep and transfer of Beaver. "Met R. Hinshelwood in the street, was accosted by him, but took no notice of him." 10 Feb. Worked on Beaver, for Post Office stamp for [Canada 54, Scott A8] and Sheep. Attended NY Philharmonic rehearsal. 12 Feb. Funeral of George W. Hatch. Brother "(illegible) brought a letter sent through Uncle Willie from that crazy man Hinshelwood. I told him to put it in the fire." 24 Mar. After a rehearsal of Beethoven's music by NY Philharmonic, "Music may not be a moral agent, but I always feel that I am a better man after hearing such music...." 2 May. Worked all day tracing Ottawa Parliament Building. 15 June. Worked all day on Beaver for Uncle Willie. Entered $22.54 in account book. 14 Nov. Worked all day on Locomotive drawing. 22 Nov. Set to work on NBNCo Missouri State Arms. 23 Nov. Worked on "drawing of Father taken with camera Elucida [sic] by R. Hinshelwood in 1842 worked up by Father. I am quite proud of it." Father in short sleeves by pig pen. Worked on Lamb's Head and Missouri Arms. 12 Dec. Saw Gavit at ABNCo and picked up $60 for drawing. 1867 14 Jan. Spent all clay "trying to get something picturesque out of the photo of Buenos Ayres Transportation [BAT]." (This refers to the wagon train on Argentina 20 pesos, PS1785 & S1805 eng. by Charles Burt.) 15 Jan. Took BAT to ABNCo; talked with Goodall [received] vast number of sug- gestions and an addition to my stock of photos and lithos. (Albert G. Goodall was president of ABNCo 1874-1887.) 26 Jan. Spent all evening on Gaucho. 29 Jan. To ABNCo with drawings of Wagon and Gaucho. The latter "made consid- erable stir." I was pleased. 6 Mar. In the afternoon I worked on new design for Gaucho Lassoing Cattle drawing I made for ABNCo some weeks ago; I am having trouble with the horse (see No. 608). 7 Mar. Made new drawing, not pleased. Went back to old drawing, rubbed out Gaucho. 30 May. To NBNCo for instructions for Hartford from McDonough. Stopped at ABNCo. 12 June. Worked on outline of Hartford for NBNCo. 23 July. To NBNCo for check for $119 for Hartford drawing. To ABNCo, had chat with [Luigi] Delnoce. 13 Nov. Father brought etching proof of Hartford. 30 Nov. Got picture of Boston for drawing for ABNCo. 4 Dec. Worked on Boston. (See No. 590 for this Boston Harbor scene.) L '"' rn I itn PAPER MONEY • May/June 2001 • Whole No. 213 203 Boston, #590 1868 22 Jan. Worked on drawing of Darley illustration for Illustrated Sonat [sic] News, published in 1860. Bank note people wanted Father to engrave directly from woodcut (NBNCo). 9 Apr. Outlining drawing of Sheep for bank note. (This could refer to Brazil 100 mil reis back, PS553, eng. by James Smillie.) 20 Apr. Spent all day on drawing of Gaucho on the Pampas I made for ABNCo some time ago. 4 May. Commenced drawing Coffee, Tobacco and Palm for ABNCo. 14 May. Laid grounds on two dies and finished outlining drawing for AAThite's draw- ing for BABNCo. 18 May. Worked on Brazil etching. 19 May. Finished ABNCo [Brazil] etching. Spent afternoon on BABNCo die. 21 May. Commenced biting on Brazil die. 11 June. At ABNCo all morning working on die, also patch work on back die. 18 June. Worked on Ottawa die. (See 2 May 1866.) 2 July. Met Gavit and talked about Wool engraving. 6 July. Worked on Wool Yard drawing for ABNCo. 10 July. To ABNCo to get transfer of Lassoing Cattle. (See No. 608.) 11 July. Worked on etching of Lassoing Cattle. 23 July. To ABNCo to get etching of "Lassoing" die. "It looks only tolerably well. Burt was on hand and took it away at once to finish it." 29 Oct. Completed sketch of Saladero, then took it to ABNCo. (See No. 630.) 3 Nov. Finished Saladero drawing. 4 Nov. Worked on drawing of Bull for ABNCo. (See No. 622.) 18 Nov. Spent morning outlining drawing of a horse for ABNCo. (See Hawaii $100, P15.) 26 Nov. Worked on Gaucho and Guitar drawing for ABNCo. (See No. 631.) 1 Dec. Took Gaucho and Guitar to ABNCo and "drew $100 for horse." 15 Dec. Gavit was not pleased with Gaucho and Guitar, "does not know why." 1869 2 Jan. Made alterations on Gaucho and Guitar. 31 Mar. Worked on die proofs of Steamship and Sheep's Head for Father. 18 May. Worked on drawings of Sheep Under Trees and several die proofs for Father. (See Brazil 100 mil reis (back), PS553 eng. by James Smillie.) 10 Aug. Walter de Forrest Smillie arrived from Ottawa. 7 Oct. Went to ABNCo but no drawing assignments. 18 Oct. Spent evening arranging new design for the Jay Cooke & Co. Pacific Railway bonds. Saladero, #630 204 May/June 2001 • Whole No. 213 • PAPER MONEY Sheep Under the Oak, #645 7 Dec. Began work on little drawing for ABNCo: Seligman Bros., finished it. Worked on Cooke's bond. 9 Dec. A reference is made to "The Bouquet" as being his. 1870 27 Jan. Working on third drawing for Jay Cooke & Co. "Not seemingly to know what they want. I am paid for each one." 14 Feb. To ABNCo for $80 for Pacific Railway drawings. 28 May. Worked on charcoal design for World Insurance Co. Wrote to Reinhart. (This refers to either Benjamin F., 1829-1885, or Charles S., 1844-1896, probably the former, who became an associate member of the National Academy of Design in 1871.) (See 8 April 1878.) 9 June. Worked on drawing of Niagara for Uncle Willie. (See No.165.) 13 June. Worked on little drawing of Bank Building for ABNCo. Uncle Willie returned to Ottawa. 18 June. Outlined Golden Gate for Father. (See No. 673 for this 2" x 4" harbor scene.) Golden Gate, #673 23 June. Left drawing at Mr. Hinshelwood's. Made sketch for Locomotive drawing. 29 June. Finished Locomotive outline. 1 July. To ABNCo then to Jersey City Railroad to sketch. 10 Aug. Began drawing of Missouri Arms. 22 Oct. To Brooks Brothers about overcoat. Finished drawing on wood for ABNCo. 28 Oct. "Made alterations on proof of Engine--an old die that I engraved for ABNCo some years ago." Father will modernize and add material accord- ing to my alterations. 21 Nov. Worked on outline drawing for Virginia Arms. 3 Dec. Worked on and almost finished drawing for Alabama Arms. (See No. 813.) 20 Dec. Worked on Locomotive No. 2 for ABNCo. Arms of Ecuador, #694 PAPER MONEY • May/June 2001 • Whole No. 213 205 1871 15 Feb. 25 Feb. 27 Feb. 28 Feb. 4 Mar. 9 Mar. 22 Mar. 24 Mar. 29 Mar. 30 Mar. 1 Apr. 3 Apr. 6 Apr. 4 May. 12 May. 13 May. 17 May. 22 May. 27 Oct. 28 Oct. 14 Nov. 15 Nov. 18 Nov. 29 Oct. 4 Dec. 28 Dec. "I got out Uncle Willie's drawing of Niagara and die engraved by R[obert] H[inshelwood] and commenced work on it to make something of it if possi- ble." Worked on Niagara die (3 days) graver and dry point. Worked on Colorado Arms for ABNCo. (See No. 692.) Met with Gavit about working for ABNCo for three months; agreed at rate of $5,000 per annum, to begin at once. Worked on second sketch of North Western Mutual. Etched Colorado A1771S. "All pleased" with drawing. Patched die of Niagara to go to Ottawa. Working on drawing arms of Banco de Trujillo. Met R. Hinshelwood, "wonderfully civil." At ABNCo and worked on drawing for Massachusetts Soldiers Certificate, also on Colorado Arms. (Saturday) At ABNCo altered Arms of Ecuador drawing. (See No. 694.) Began sketch for Hunting Ostriches in South America. (See No. 777.) Went to Central Park to sketch. Finished crayon sketch of "2 Llamas." (This could refer to Peru 20 soles, PS315 & 5 soles, PS333 eng. by G.J. Verbeck, Sr.) Worked on sketch of Mules, South America. (See Colombia 50 pesos, PS387 eng. by James Smillie.) Submitted drawings of Llama and Mules, South America to ABNCo. Etched Engine on coupon back. Etched Engine die. Received proof of Engine die. To ABNCo with drawing of Insurance Dep. Seal. Commensed drawing of Havana. Worked on [Luigi] Delnoce drawing of "S.A. Arms." Worked on another "S.A." drawing by Delnoce. Worked on Japanese drawing for ContBNCo. (The ContBNCo produced national bank notes for Japan in 1873; one design could be the work of J.D. Smillie. The remaining designs P10-14, could be the work of F.O.C. Darley.) Uncle Willie came by to pick up a drawing. Delnoce's son came for drawing. Worked with graver on Ostrich Hunting. Spent time touching proof of Railroad Depot. (See No. 221.) To ABNCo for proofs of Ostrich Hunting. (See 3 April.) South Amer. Ostrich Hunting, #777 1872 11 Jan. A reference is made to his female model, Jessie Hayland. 28 Feb. Made a tracing of ABNCo Building. "It's atrocious work and tries my patience exceedingly." 12 Mar. Went through Hatch's Litho establishment. 4 Apr. Tried to work on architectural drawing for ABNCo. 8 Apr. Worked on drawing of Dollar Medallion for ABNCo. (See No. 735) 16 Apr. Worked on Gaucho Head for ABNCo. 206 May/June 2001 • Whole No. 213 • PAPER MONEY 19 Apr. Began etching Indian Head die. 25 Apr. Worked with graver on "Head," later etched cross-line on background. 29 Apr. To ABNCo for proof of "Head" die. 30 Apr. Worked on sketch for drawing "Snowy Llamania" for ABNCo. (This refers to Llama Train No. 4, see No. 799.) 1 June. Worked on ABNCo drawing of Arms of City of Valparaiso. (See No. 728.) 1 July. Began drawing Arms of New Brunswick. 31 Oct. Worked on Liebler drawing for Uncle Willie. 12 Nov. Finished Chemuck [sic] drawing. 1873 28 Jan. Elected president of Water Color Society. 21 Apr. "Got a little work done on ABNCo drawing for German, Belgian Rio Platte Bank." 28 Apr. Charcoaled design for $5 national currency. (This and the following could refer to the Japanese 5 yen, P12 by ContBNCo.) 17 May. Designing new vignette•(upright) to national currency vignettes. 20 June. "Auge (illegible) said my study for bank note drawing was very bad" he improved it in 2 hours. 5 July. In Montreal, I went to BABNCo and met Father. 29 Nov. Worked on Italian drawing, Girl's Head for ABNCo. (This could refer to Italy 5 & 10 lire, PS273 & S274, or 10 lire (back), PS213.) 20 Dec. Finished Italian drawing of Female Head. 1874 9 Feb. Began sketch on Railroad certificate for ABNCo. 17 Feb. Worked on NYC Arms for ABNCo. 5 Mar. Worked on Italian drawing Ocean Telegraph for ABNCo. 7 Mar. Had a visit from [F.O.C.] Darley. 3 Apr. Worked on etching of Darley art. 4 Apr. Worked with graver and dry point on Darley outline. 10 Apr. Worked on Cupid Dolphin on Italian drawing for ABNCo. 17 Apr. Worked on Vulcan d7 . Minerva outline for ABNCo. 27 Apr. Finished Young Neptune, an Italian drawing for ABNCo. 12 May. Received a letter from Alfred Jones, finding fault with my management of funds of the Water Color Society. 15 May. Began drawing of Interior of Smelting Furnace for ABNCo. 26 May. Worked on W[illiam] Croome sketch of In the Old Fort. 28 May. Planning a new drawing of Gaucho Lasso for ABNCo. 1 June. Finished Gaucho. 7 June. Started drawing of Alabama Arms for ABNCo. (See No. 813.) 8 June. Mounted W.C. drawing and Smelting Furnace. 17 June. Began work on View of Salina [Kansas] for ABNCo. (See No. 792.) 9 July. Began drawing of State Arms of Gleorgia] for ABNCo. 25 Aug. Worked on Reaper drawing for ABNCo. 27 Aug. Worked on South American Reaper drawing. (This refers to Reaper in South America on Nicaragua 5 pesos, PS108 and Uruguay 50 pesos, PA106 eng. by James Smillie. This same engraving was altered and titled Buckeye Reaper, see No. 826.) 24 Oct. "whiskey stamp drawing." 25 Oct. Took "whiskey stamp drawing to the [American] Exp. Office." 1875 10 Apr. Worked on Steamer drawing for ABNCo. (See No. 812.) 14 Apr. [Uncle] Will called at studio, complained about Marine drawing I did for ABNCo. 29 June. Began drawing of Bacchus in a Basket for ABNCo. 1876 15 Mar. Traced one of the figures in Second Race and transferred it to millboard; will paint it for ABNCo. 20 Mar. Charcoaled Horse's Head for ABNCo. 21 Mar. [Brother] 1/1/111 came in and gave me an order to paint the old [Liberty] Bell for their Centennial Specimen Sheet. 23 Mar. Sketched old Liberty Bell for ABNCo. '4icir.gZeigigta*aar.X''''TiltlA CAELIAIRESi TWAT ''''', r,iin r2,,,, 447, ,46,,,,, . D7o9,9ckvjoimopjfkodvots,), , , , , -,,,--. h - ,,„ 6t,,i.s ,_ 1' S i ,ZOMMIMZEDN. 't 10,7,4 fel /ktrvai/e/ 0ET►R1MEI1E SERI w t7099(k -4,(=KEEMICESM- SUPERB UNITED STATES CURRENCY FOR SALE SEND FOR FREE PRICE LIST BOOKS FOR SALE COMPREHENSIVE CATALOG OF U.S. PAPER MONEY by Gene Hessler. 6th Edition. Hard cover. 579 pages. The new Edition. $32.00 plus $3.00 postage. Total price $35.00. FIVE SI INESt RS. cRopos,:ctaaisires( 34'Z'afAii5VK.DLME*9, 44:, „29,443& 10A4/1., 10-4 * -014.4e_Drini*If 929.4 O THE ENGRAVERS LINE by Gene Hessler. Hard cover. A complete history of the artists and engravers who designed U.S. Paper Money. $75.50 plus $3.50 postage. Total price $79.00. NATIONAL BANK NOTES by Don Kelly. The new 3rd Edition. Hard cover. Over 600 pages. The new expanded edition. Gives amounts issued and what is still outstanding. Retail price is $100.00. Special price is $65.00 plus $4.00 postage. Total price $69.00. U.S. ESSAY, PROOF AND SPECIMEN NOTES by Gene Hessler. Hard cover. Unissued designs and pictures of original drawings. $14.00 plus $2.00 postage. Total price $16.00. Stanley Moryez P.O. BOX 355, DEPT. M • ENGLEWOOD, 011 45322 937-898-0114 Confederate States Paper Money 'The Coins and Banknotes of Palestine 'Under the British Mandate, 1927-1947 HOWARD M. BERLIN McFaximd & Compeoy. Inc., Publishers 208 May/June 2001 • Whole No. 213 • PAPER MONEY 30 Mar. Worked on Horse's Head for ABNCo. 5 Apr. Painted over portions of Gaucho for ABNCo. 6 May. Saw specimen sheet in place at ABNCo. 5 July. Finished outlining drawing of Gaucho for Father. 7 July. Etched Father's die of The Gaucho, putting in horse's head. 15 July. Worked with graver on Father's die of Gaucho, cutting in the horse's head, "Enjoyed the work very much." 2 Oct. Began drawing for ABNCo a venture to be called The Pasture--to be based on Elmira Studies. 6 Oct. Worked on W.C. sketch, "no place like home." 17 Oct. The Comstocks went to Philadelphia; visited Centennial Exhibit. 16 Nov. Touched up a proof of Condor for ABNCo. 18 Nov. Worked on charcoal design of In a Coal Mine for ABNCo. 29 Nov. "Worked on charcoal for 'NA[iMani] C[roome] Cows Coming to the Milking based on studies at Po'Keepsie." 25 Dec. Worked on India ink sketch of Argyle Station for ABNCo. Had dinner at Many's, returned to studio at 3:30. To be continued New works cover Confederates, Palestine Reviewed by Fred Reed Collectors of Confederate paper money are already well aware of SPMC Charter Member Arlie Slabaugh's well-conceived and readable text on that field, because the work has gone through nine editions since originally pub- lished as one of the Whitman $1 black books in 1959. That Slabaugh's title has gone through repeated edi- tions and outlived any other works in that estimable series is a testament both to the work's author and the title's sub- sequent publisher Krause Publications, as well as to the continuing vibrancy of this area of U.S. obsolete currency. The current 10th edition covers both Confederate and Southern States issues in a manner that is both infor- mative and entertaining. Notes are realistically priced in up to six grades, conversion charts for other numbering systems listed, and background information is replete with historical detail, counterfeit information and ancillary illustrative material which makes the title a "must have" for any collector even cursorily interested in this field. The 256 page soft bound volume has hun- dreds of illustrations. It's priced at $21.95 from Krause Publications, POB 5009, Iola, WI 54945 or at book dealers nationwide. Orders may also be placed at 1-800-258-0929. At the other end of the spectrum is Howard Berlin's "labor of love" on the bank notes and coins of the British Mandate of Palestine (1923-48). Berlin, who is not an SPMC member but is well known in the numismatic com- munity, builds upon the long out of print works of Sylvia Haffner and R.J. Trowbridge in recounting the unique history (political and numismatic) of the Holy Land. Berlin's work is a thoroughly researched, heavily illustrated, and cross-referenced text that is sure to become the stan- dard work in this field. At 152 pages, this slim hard bound work also includes eight color plates, but is pricey, reflecting the marketing strategy of its pub- lisher McFarland & Co. Previously known for well researched, excellent refer- ence works in such specialized fields as Film and Performing Arts, Baseball and U.S. History, the firm specializes in narrowly focused enthusiast titles, with short press runs which necessarily entail higher cover prices. The entry of this North Carolina publisher into the Numismatic field augurs good things for numismatic authors and the collecting community. In their recent cat- alog the Berlin work falls under the "Chess & Numismatics" category. However, should this trend con- tinue we can expect a proliferation of worthwhile syn- graphic references for readers of this magazine to enjoy. We welcome another significant publisher to our special- ized corner of the reference book marketplace. Copies of the Berlin work are available for $49 post- paid from McFarland & Co., Box 611, Jefferson, NC 28640, or orders may be placed at 1-800-253-2187. GET TOP PRICES FOR YOUR NOTES! Consign to Lyn Knight Currency Auctions FI•ItST `A I I as& AO' /4/7/7 /, itirgatc.7: knzmatnelerMentn. The markets may be uncertain, but bidders in our recent "Discovery Sale" certainly weren't. If you're looking for record-setting prices, Lyn Knight Currency Auctions delivers. We can sell all of your notes. We offer: ■Great Commission Rates ■Generous Cash Advances ■Expert Cataloging ■Beautiful Full-Color Catalogs ■Extensive Advertising and Promotion ■Internet, Mail, Fax, Telephone, and Live Bidding Now Accepting Consignments DALLAS SALE August 18, 2001 4th National Paper Money & Historical Artifacts Show Dallas, Texas Consignment Deadline: June 22, 2001 Call Today to Consign! 800-243-5211 pn C'Z'inyht Currency Auctions A COLLECTORS UNIVERSE COMPANY NASDAQ: CLCT P.O. Box 7364 • Overland Park, KS 66207 • 800-234-5211 • 913-338-3779 • Fax: 913-338-4754 • E-mail: lynfknight@aol.com • www.lynknight.com PAPER MONEY • May/June 2001 • Whole No. 213 209 May/June 2001 • Whole No. 213 • PAPER MONEY210 Swindled GG ED BANK, N.J., AUG. 8. -- MR. FRANK, A iller of Kansas City, came East a few days ago and sold twenty-seven car loads of flour, receiving in payment bills of large denominations. Today he met a green goods man who offered to exchange the bills for smaller ones for 1 per cent. The miller accepted the offer and the swindler brought him to Red Bank, where the game was played. The miller gave in exchange $7,500 for green goods in a tin box. The swindlers have escaped." -- Pierce County Tribune, Rugby, North Dakota, August 12, 1893. A Bad $5 Bank Note GG ECEIVING TELLER HAMMOND OF THE SUB- IXTreasury recently captured an excellent $5 bank note counterfeit, which was presented by a young man to have changed. The note was evidently very old and was torn and defaced by usage in circulation, but the workmanship was of the highest order. The note was made to represent one of the issue of the National Bank of Pawling, N.Y., which was autho- rized on July 20, 1865. Mr. Hammond is of the opinion that the bogus note has been in circulation for many years. When the young man who presented it was told it was useless he left wearing a pronounced expression of disgust. -- Baltimore American." -- Butte (Montana) Miner, Sept. 15, 1896. A Bank Note Fan ‘c A FAN MADE OF BANK NOTES WAS THE RE- ..freshing gift made to a Methodist pastor of Newark, N.J., the other evening. This method of raising the wind should be adopted by all donation parties. -- The Bismarck (Dakota) Herald, June 16, 1883. Gun Money ADJUNK DEALER IN WINNIPEG IMPOSED ANId muzzle-loading musket on an English immigrant a few days ago, along with thrilling anecdotes about Injun' inci- dents. The purchaser found the barrel plugged up with what appeared to be wads. He took it to a gunsmith to be cleaned, and the smith poked out $705 in good Canadian bank notes. -- Park River Gazette-Witness." -- Turtle Mountain Star, Rolla, N.D., February 23, 1893. Statistical Report on a Hoard of $10 FRNs By Noel Williams T THOUGHT I WOULD REPORT ON A CURRENCY ihoard of $10 FRNs, Series 1928 to 1934A inclusive. I dis- covered the hoard in early May, 2000, at a coin shop nearby. As many members know, coin dealers often do not know the rarity of currency. The dealers of the shop did not know of Kelly on nationals or Oakes and Schwartz on small size cur- rency. Many people bring silver coins and estate sales to this shop, located 30 miles east of San Francisco. Anticipating the coming of monopoly money $5 and $10 Series 1999 FRNs, I have been looking for and collecting new ChCU pieces of $10 FRNs and $5 FRNs aiming at the Stars. I found a great deal of $10 FRNs and a few $5 USNs in this hoard. It definitely was not a collection. Most of the notes were Very Fine. I focused on the $10 FRNs. For $2 or $3 over face, I eventually bought 21 $10 FRNs. Then I thought since I had a chemistry background before medical school, I'd check all of the $10 FRNs. The following is the data. The hoard consisted of 145 $10 FRNs broken down as follows: '34A 1928 '28A '28B '28C '34 '34A Mule 3 3 7 0 55 76 1 For some reason I have not been able to ascertain, all the 1928, 1928A, 1928B and 1934 $10 FRNs were at least Fine, most VF/EF, many EF, a few EF/AU. The 1934As were three-quarters Fine or less. Apparently the hoarder was some- one who constantly counted the bills, and was left-handed as the lower left and upper right corners were greasy on many bills. Anyway, this hoard shows the 1928C were rare then, and gives a relative frequency of the 1934A mules. I'm certain the chap was not a collector, and since the bills ended so abruptly, I wonder if he was killed in World War II. That's when the newer series would have started. I don't know. He also had a $5 FRBN from San Francisco which I bought (VG). All the FRNs were San Francisco (L or 12) and there were only two non-SF district notes: one H and one E which were both of lesser quality than the District 12s. This predominance of San Francisco district notes is probably a commentary on the fact that all the Fed Reserve Districts then were ones where the money did not travel much -- nothing but trains and cars to carry money from one place to another, plus the policy of the various Fed Districts appar- ently not to call for out of district notes. There was one 1934A Mule. It graded Fine. The other notes were distrib- uted as follows: San Francisco Hoard of $10 FRNs Grade '28 '28A '28B '28C '34 '34A EF/AU 0 0 1 0 2 2 EF 2 0 2 0 5 4 VF 1 3 5 0 12 16 F 0 0 0 0 30 41 VG 0 0 0 0 6 13 Total of FRNs in hoard 145 We're Growing... We're Moving .. . Announcing.. . The Strasburg Currency and Stock and Bond Show The Strasburg Stock and Bond Show and the Strasburg Paper Money Collectors Show are both bursting at the seams, with long waiting lists for booth holders. We've decided to create a larger and more diverse collector oriented show in the Northeast and are moving these popular and well established shows to a larger venue within two miles of our present site. Our new location, the Lancaster Host Hotel, is conveniently located at 2300 Lincoln Highway East (Route 30), almost around the corner from the Historic Strasburg Inn. The new Strasburg Currency and Stock and Bond Show will be held September 13 - 16th. Features of this new show include: • An expanded bourse area of nearly 90 booths • World class currency and stock and bond auctions by R.M. Smythe & Co. • Increased hotel room availability • A prominent location on busy Route 30 • Ample free parking • On site golf course • Attractive restaurants and nightspots • Indoor and outdoor swimming pools • Convenient location near outlet shopping malls • Pennsylvania Dutch tourist attractions nearby Make your plans now to be part of this exciting new collecting tradition, The Strasburg Currency and Stock and Bond Show September 13 - 16, 2001 fto Lancaster Host Hotel 2300 Lincoln Highway East (Route 30), Lancaster, PA 17602 Show Information: Kevin Foley - R.M. Smythe & Co. P.O. Box 370650 Milwaukee, WI 53237 414-421-3498 • Fax 414-423-0343 Hotel Reservations: To book accommodations at the Lancaster Host call the hotel at 800-233-0121 or 717-299-5500 and ask for the special $109 Strasburg Currency and Stock & Bond Show rate. -62aliFra**, "(tAibittAtZ=*, _ - - ... 1>;;:, a''it:* } 6'1"x: (.2-Z-eee, 7hr., ibledrtelmelkff/e, ."4",./.4 •,1; / / / IL, V 1;7,, , , • wa,,H167924: _ satezito - ittamkx2surist PIS *win) PAPER MONEY • May/June 2001 • Whole No. 213 211 THIS TIME OF YEAR IS ALWAYS SPECIALbecause the grand daddy of all paper money shows, the International Paper Money Show in Memphis, Tennessee, is right around the corner! If you have not made your plans yet, you need to start real soon. I always start counting off the days leading up to this wonderful show, its 25th! It is certainly a mecca for paper money collectors and a hearty "Thank You goes out to Mike Crabb, Bob Raby and the Memphis Coin Club for having the vision to start this show way back in 1977 when an "all paper money show" was considered a crazy idea! Now, we have several "all paper shows" a year and paper money is well represented at all major coin shows, too. Our corner of numismatics is one of the success stories, and it is great to be a collector of paper money. To me, SPMC is the spine of the syngraphic hobby, and it is at Memphis where we convene annually to buy, sell, learn, see old friends and meet new ones. If you haven't guessed by now, I love the IPMS! We will have our SPMC breakfast on Friday June 15th. The Torn Bain Raffle will follow. Your Vice President Wendell Wolka has worked very hard to obtain better raffle material for our 40th anniversary. If you would like to donate material please contact Wendell, but time is running short. Also, tickets are available from Wendell until June 8th at a cost of $10. His address is on page 198. On Saturday June 16th your SPMC board will meet. Our board meetings are always open to the public. The SPMC general meeting will follow the board meeting. A review of SPMC's activities will be given, and the new board of gover- nors will be introduced. In addition awards and honors will be bestowed upon deserving recipients. Our guest speaker at the general meeting will be Dr. Douglas Ball, who will speak on CSA Bonds. Dr. Ball is a noted authority on this subject. His talk is sure to be interest- ing, and one that I am looking forward to hearing. Of course there will also be a great bourse to scour in search of adding notes to your collection, the auction sessions, and first rate exhibits to view. Exhibit chairman, Martin Delger, has asked all exhibitors to crank it up a notch for the 25th IPMS. See page 232 for details. And don't forget the food and camaraderie! I hope to see you there! Come up and say "hi!" v Frank May/June 2001 • Whole No. 213 • PAPER MONEY money mert PAPER MONEY will accept classified advertising — from members only — on a basis of 15c per word (minimum charge of $3.75). Word count: Name and address count as five words. All other words and abbreviations, figure combina- tions and initials count as separate words. No check copies. 10% discount for four or more insertions of the same copy. BUYING SMALL SIZE FRNs 1928 5500, $100 Gem UNC. 1928, 1934 Packs of $1000. All Gold Certificates, Gem. Jeff Tanner, P.O. Box 2265 Sedona, AZ 86339 (213) EXCHANGE BANK OF VIRGINIA issued by Abingdon Branch Wanted. Also, Washington County Virginia Notes. Tom Merrihue, P.O. Box 25, Emory, VA 24327. 540-944-3581 (214) SELLING NATIONALS: Pomona, Beardstown, Manilla, Solomon, Crowley, Biddeford, Easthampton, Mankato, Meridian, Tekemah, Bellerose, Bismarck, Tiffin, Allegheny, Woonsocket, Farmville, Buckhannon, Ripon. Free lists. Apelman, Box 283, Covington LA 70434 (216) TRADE OR SELL $5 CH UNC 1929 National 906 Lexington, KY Type 2 for your UNC National. Write Robert Marshall, 87 Jane Dr., St. Peters, MO 63376 (216) CIVIL WAR ENCASED STAMPS rare limited 1st edition ©1994, unbound folios, antique oversize paper, numbered, autographed. Only $169. Fred Reed, POB 118162, Carrollton, TX 75011-8162 (216) HUNTSVILLE, ALABAMA PAPER WANTED: Nationals, obso- letes, merchant scrip, checks, postcards, etc. Bob Cochran, Box 1085, Florissant, MO 63031. Life Member SPMC. (218) PAPER MONEY BACK ISSUES WANTED: #124 (July/Aug 1986) through #150 (Nov/Dec 1990). Bob Cochran, Box 1085, Florissant, MO 63031. Life Member SPMC. (218) BANK/BANKING HISTORIES WANTED: I collect, sell and trade bank histories. Whatcha got? Whatcha need? Bob Cochran, Box 1085, Florissant, MO 63031. Life Member SPMC. (218) Comprehensive Paper Money Index By George Tremmel Now For Sale Includes complete listing to all issues of the SPMC journal Paper Money 1962-1999 • 130-page Hard Copy only $12 • • Hard Copy & Floppy Disk only $13 • (searchable) Make checks payable to SPMC Mail to: Robert Schreiner POB 2331 L Chapel Hill, NC 27515-2331 212 1 PAPER MONEY • May/June 2001 • Whole No. 213 213 Of, Silver Penny Currency and Coins, Ltd. is proud to announce the Grand Opening of The Fractional Store at The Fractional Store offers a wide selection of Fractional material from our extensive inventory. Each and every note is shown, front and back, in full color. For the higher end notes, we also offer links to full size enlarged scans. For our customer's convenience, we offer simple "point and click" credit card ordering. Many thanks to all of our friends and customers for their ongoing support and encouragement. You know who you are! Shannon and Paul Silver Penny Currency and Coins, Ltd., P.O. Box 920, LaPorte, CO 80535 Toll Free: 1.877-204-5220 Cellular: 1-970-217-9321 URL: http://www.fractionalnotes.com Email: silverpennycoins@yahoo.com • Ise: vr; ' 1028 Ark h7., ONE. LioNkv 214 May/June 2001 • Whole No. 213 • PAPER MONEY Letter to the Editor I greatly enjoyed reading Robert McCabe's article on Waterman Lilly Ormsby in the March/April Paper Money. The letters he located were fascinating, and put an interesting light on Ormsby's involvement with Continental Bank Note. Several of Bob's points about the economics of the bank note business deserve further discussion. In referring to the printing of the state bank notes by the private bank note com- panies, he says "These highly customized private bank con- tracts were labor-intensive and yielded little profit." The "lit- tle profit" idea does not seem likely to me, because I suspect the bank note engraving partnerships were very profitable. Prices charged for the bank notes were substantial, and there is no reason I am aware of to assume that the engraving firms did not do very well. (My impression is the engravers who were partners of these firms became wealthy men.) Since a number of the ledgers from the predecessor companies still exist, it may be possible to delve into this further. AVhat the change from state bank notes to federal bank notes did for the private bank note companies was to change the emphasis, for a period of time, from engraving to printing. In the state bank note era, the bank note engraving firms were generally partnerships of the engravers. The formation of American Bank Note, followed by the advent of federal cur- rency which required long print runs for U.S. notes and more uniformity (fewer vignettes) for National Bank Notes, shifted the emphasis for a while to printing from engraving. However, with the gradual loss of the federal currency busi- ness, which was completely gone by 1877, American's business returned to smaller print runs for a wide variety of notes for foreign banks and governments, necessitating a number of new vignettes, especially ones focusing on Latin America. What Bob may have meant was that the federal currency contracts represented large pieces of business and were easier to compete for without having a significant stock of vignettes, the major obstacle to starting a bank note business. Another comment, that "National Bank Notes would require large-scale production with limited design changes, a formula that was almost guaranteed to yield large profits for the bank note companies" seems only partially correct. Continental could more easily get into the bank note business with less engraving, but the print runs for National Currency would be little different than the print runs for state bank notes. Much less picture engraving and transferring was required, however. National Currency plates were not pre- pared as blanks, with the banks' names to be added in an addi- tional printing. All this is simply some interesting small sidelights to an excellent article that makes a real contribution to our under- standing of Ormsby's role in the formation of the Continental Bank Note Company. Congratulations to Bob McCabe. Mark Tomasko #7888 Collectors Wanted Stow away an extra 40th Anniversary Issue and Souvenir Card or two for the future! Send $15 per copy ordered payable to SPMC PO Box 793941 Dept. M/J, Dallas TX 75379 The One Million Euro notes are consecutively numbered and employ overt and covert security features. They are printed by the intaglio process on micro-threaded banknote paper. These notes are available in individual or bulk quantities with a certificate of authenticity. Some half and full size banknote sheets are available including banknote paper specifications. This first Euro Banknote Collectible may well revolutionize the Banknote Collectible Industry In January 2002 the Euro will become the official currency of the 15 member European union. The Naples Bank Note Company has commissioned artist Chris McCauley to create a non- negotiable collectible, the One Million Euro, commemorating this event. These notes will be issued in a limited edition of only 150,000. Wholesale & Retail Inquiries Invited 4 of a'w 1, a1 ek Kyroadir Or visit our Website: www.banknotables.com 800-628-6298 Lynese Octobre, Inc. P.O. Box 5002, Dept. 33 Clearwater, FL 33758-5002 CHECK THE "GREENSHEET" GET 10 OFFERS THEN CALL ME FOR WRITE) FOR MY TOP BUYING PRICES The Kagin name appears more often than any other in the pedigrees of the rarest and scarcest notes (U.S. Paper Money Records by Gengerke) BUY ALL U.S. CURRENCY Good to Gem Unc. I know rarity (have handled over 95% of U.S. in Friedberg) and condition (pay over "ask" for some) and am prepared to "reach" for it. Premium Prices Paid For Nationals (Pay 2-3 times "book" prices for some) BUY EVERYTHING: Uncut Sheets, Errors, Stars, Special Numbers, etc. I can't sell what I don't have Pay Cash (no waiting) - No Deal Too Large A.M. ("Art") KAGIN 505 Fifth Avenue, Suite 910 Des Moines, Iowa 50309-2316 (515) 243-7363 Fax: (515) 288-8681 At 80 Now is The Time - Currency & Coin Dealer Over 50 Years I attend about 25 Currency-Coin Shows per year Visit Most States (Call, Fax or Write for Appointment) Collector Since 1928 Professional Since 1933 Founding Member PNG, President 1963-64 ANA Life Member 103, Governor 1983-87 ANA 50-Year Gold Medal Recipient 1988 PAPER MONEY • May/June 2001 • Whole No. 213 215 ."..3.-e:34-C),,Cr.C.C..(7....=.-0,C-•(134,;;;,,t"..,...,-13, co .7 CURRE:nrcy. 9, , 6'6116 ((; THIS BILL entitles the Bearer to()I receive J CIV "7112,/ Ti t.4.eil or the Value thereof /1 in gAl or &t,er, according to the Relo- (:0 lutions t.f the CO VOWS/3', held at ,p,iice„,i4fiy he tot h of 7-5. " X 774 41.4.na,,,,tzerrarmarrriiKn,„Keramo, , flt.N2fLk-Lf__Jf.tw,,,--, 5, ; .. '. '7/,///// /14. DOLLARS 4://4/../74.Vry IUII(NVIIEIDS,TATESIOF :MEI III ( A • 1:11.1VARI,E. ECM ALL FINITE') STATES STANFS May/june 2001 • Whole No. 213 • PAPER MONEY216 Buying, Selling, Auctioning U. S. Paper Money Since 1935 Now Soliciting Consignments for Our 2001 Auction Sales 123 West 57th Street New York, New York 10019 Fax: Phone: E-Mail: Web Site: 212-245-5018 212-582-2580 info@stacks.com www.stacks.com PAPER MONEY • May/June 2001 • Whole No. 213 217 OUR CURRENT BOOK LIST OF UNITED STATES PAPER MONEY J1 American Numismatic Society America's Currency: 1780-1866. New York, 1986. 142pp., illus. $15.00 J2 Anderson, William G. The Price of Liberty... The Public Debt of the American Revolution. Charlottesville. 1983. 180pp., illus. The standard reference pertaining to the various debt certificates of the American colonies. $35.00 J3 Ball, Douglas B. Comprehensive Catalog and History of Confederate Bonds. Port Clinton, 1998. 288pp.. illus. $40.00 J4 Bart, Frederick J. Comprehensive Catalog of United States Paper Money Errors. Port Clinton, OH. 1994. 190 pp illus. Paper. $25.00 J5 Bressett, Kenneth. Guide Book of United States Currency. Racine. 2nd ed., 1995. 336 pp., illus. $14.95 J6 Cambell, Lance K. Prisoner of War and Concentration Camp Money of the 20th Century. 2nd ed. Port Clinton, OH 1993. 200 pp., illus. Hardbound. $35.00 J7 Carothers, Neil. Fractional Money. Wolfeboro, 1988 reprint of the 1930 work. 373 pp., illus. Paper. $19.95 J8 Chambliss, Carlson R. U.S. Paper Money - Guide Handbook. Port Clinton, 1999. 479 pp., illus. A useful book in obtaining both historical information as well as ideas with which to build collections in all categories of the U.S. currency field. $19.95 J9 Criswell, Grover C. Confederate and Southern States Bonds. 2nd ed., Florida, 1980. 374 pp., illus. $37.50 J10 . Confederate War Bonds. 1993-1994 Edition. Salt Springs, FL. 1992. 76 pp., illus. Paper $5.00 J11 . Colonel Grover Criswell's Guide to Confederate Money. Salt Springs, FL. 1991. 58 pp., illus. Paper. $5.00 J12 . Comprehensive Catalog of Confederate Paper Money. Port Clinton, OH. 1996. 352 pp., illus. $35.00 J13 Friedberg, Arthur L. and Ira S. Paper Money of the United States. 15th ed. Clifton, 1998. 300 pp., illus. $35.00 J14 Hessler, Gene. The Comprehensive Catalog of U.S. Paper Money. 6th ed. Port Clifton, OH.1997. 505 pp., illus. Hardbound. $39.95 J15 U.S. Essay, Proof and Specimen Notes. Portage, 1979. 224 pp., illus. $19.95 J16 Hodder, Michael and Bowers, Q. David. The Standard Catalogue of Encased Postage Stamps. Wolfeboro, 1989. 191 pp., illus. Paper. $29.95 J17 Huntoon, Peter. United States Large Size National Bank Notes. Laramie, WY. 1995. 283 pp., illus. $49.95 J18 Keller, Kenneth. Sutler Paper Money. Rockford, 1994. 245 pp., illus. Paper $50.00 J19 Kelly, Don C. National Bank Notes - A Guide with Prices. Oxford, OH. 1997. 596 pp., illus. $100.00 J20 Kleeberg, John M., ed. Money of Pre-Federal America. New York, 1992. 253 pp., illus. $25.00 J21 McCusker, John J. Money and Exchange in Europe & America 1600-1775. Chapel Hills, 1978. 367 pp. Paper. $25.00 J22 Mitchell, Ralph A. and Shafer, Neil. Standard Catalog of Depression Scrip of the United States. Iola, 1984. 318 pp., illus. Paper. $39.95 J23 Murray, Douglas D. Comprehensive Catalog of United States Large Size Star Notes - 1910-1929. Port Clinton, 1996. 128 pp., illus. Paper. $24.95 J24 Newman, Eric P. The Early Paper Money of America. 4th ed. Iola, 1997. 487 pp., illus. $75.00 J25 Oakes, Dean and Schwartz, John. Standard Guide to Small-Size U.S. Paper Money - 1928 to Date. 2nd ed. Iola, 1997. 339 pp., illus. Paper. $17.50 J26 Prather, Dewitt G. United States National Bank Notes and their Seals. Charlotte, 1986. 199 pp. illus. $40.00 J27 Rust, Alvin E. Mormon and Utah Coin Currency. Salt Lake City, 1984. 247 pp., illus. $39.95 J28 Schingoethe, Herb and Martha College Currency - Money for Business Training. Iola, 1993. Illus. $95.00 J29 Schwan, Fred. Comprehensive Catalog of Military Payment Certificates. Port Clinton, OH. 1997. 222 pp., illus. $35.00 J30 Schwan, Fred and Boling, Joseph E. World War II Remembered. Port Clinton, OH. 1995. 864 pp., illus. $65.00 J31 Scott, Kenneth. Counterfeiting in Colonial Rhode Island. Providence, 1960. 74 pp., illus. $30.00 J32 . Counterfeiting in Colonial Connecticut. New York, 1957. 244 pp. plus 24 plates. Paper. $67.50 J33 Slabaugh. Arlie R. Confederate States Paper Money. 8th ed. 1993. 128 pp., illus. Paper. $12.95 J34 Sullivan, Stephen M. U.S. Error Note Encyclopedia. Melbourne, 1997. 431 pp., illus. $35.00 J35 Thian, Raphael P. The Register of the Confederate Debt. Lawrence, 1972. Reprint of the classic 1880 work. 190 pp. $55.00 J36 . Same. Lincoln, MA. 190 pp. A later reprint than the book offered above. $55.00 J37 Cassell, David. United States Pattern Postage Currency Coins. Miami, 2000., 225pp., illus. This book is by far the most exhaustive reference regarding this area of pattern collecting. The author makes valuable corrections to both Judd and Pollock. $145.00 J38 Harlow, Thompson, R. Connecticut Engravers: 1774-1820. Hartford, 1971. 4Opp., illus. Paper. Printed in the October 1971 Connecticut Historical Society Bulletin $9.50 J39 Krause, Chester L. and Lemke, Robert F. Standard Catalog of United States Paper Money. 18th ed. Iola, 1999. 214 pp., illus. The new edition of this popular, versatile reference. $24.95 J40 Oakes, Dean and Schwartz, John. Standard Guide to Small Size U.S. Paper Money - 1928 to Date. 3rd ed. Iola, 1999. 352 pp., illus. Paper. The new edition of this popular, highly regarded reference. $24.95 J41 O'Brien, Donald C. Abner Reed: A Connecticut Engraver. Hartford, 1979. 16pp., illus. Paper. Printed in the January 1979 Connecticut Historical Society Bulletin. Also included is an article entitled "Stephen Johnson: Patriot Minister" by Bruce Stark. $7.50 J42 Slabaugh, Arlie R. Confederate States Paper Money. 9th ed. Iola, 1998. 246 pp., illus. The new expanded edition of this book, now including a useful section on Southern States Currency. $19.95 When ordering books, please add $3.50 for the first item and $2.00 for each additional title or volume. All books are shipped via 4th Class Mail unless otherwise requested. Please call for 1st Class or Air Mail rates. 123 WEST 57th STREET, NEW YORK, N.Y. 10019-2280 898150822 A 898150822 A IIIVIMEDSTATESOPAMEIIICA ssmr.xoesle grouorsms MrallIZECEL ALM 2/1611 ArrIFIMILIOILIMAGAUEILM 218 May/June 2001 • Whole No. 213 • PAPER MONEY Profile of Two Rarities: $2 Legal Tender Series of 1928C Mule & Series 1928D BA Block Non-Mule ABSTRACT T HE $2 LEGAL TENDER SERIES OF 1928C MULE IS among the rarest of all mule types. This variety is characterized by a micro size plate number on the face and a macro number on the back. The last Series of 1928C face plate was retired on February 12, 1940. Consequently the only macro backs that could have produced mules had to be made before then. There were only two such back printings. The first took .mil THE PAPER COLUMN by Peter Huntoon $2 LT Series of 1928D BA block non- mule. Face plate B185, back plate 290. place between August 22 and September 7, 1939. The second began four and a half months later on January 22, 1940, when macro backs went into regular pro- duction. All the known $2 Series of 1928C mules were produced from August 22- September 7, 1939, press runs. It appears that all the macro backs printed between January 22 and February 12, 1940, were mated with 1928D faces later in 1940. The production of the rare $2 Series of 1928D BA block non-mules is inseparable from the Series of 1928C mules. All the macro backs on the 1928D BA non-mules were from the same August 22-September 7, 1939, press runs as the 1928C mule macro backs. Some of those backs were mated with Series of 1928D faces at the same time the 1928C mules were being printed. Next, all were serial numbered together during the transition from the BA to CA serial numbering blocks. The result was that some 1928D BA non-mules were print- ed, yielding the scarcest non-star serial number block in the 1928 $2 series. INTRODUCTION The $2 Legal Tender Series of 1928C mule has proven to be among the PAPER MONEY • May/June 2001 • Whole No. 213 219 Last Year Alone... Littleton Spent More Than $14 Million on U.S. Coins & Paper Money! Why We Need Your U.S. Paper Money It's simple. We have lots of customers, and because of their collecting needs, WE NEED YOUR PAPER MONEY! We can afford to pay highly competitive buy prices because we retail all the notes we buy. Over 150,000+ Customers Want Your Notes! Wide Range of U.S. Notes Wanted! • Single notes to entire collections • Very Good to Gem • Early large size notes to high denomination small size notes • All types including Legal Tender Notes, Silver & Gold Certificates and more Knowledge and Experience Count — We've Got Both We've earned our reputation as a nationally recognized leader in the numismatic field. And our buying team — with more than 60 years of combined experience in the grading and buying of coins and paper money — has played a crucial role. Why You Should Consider Selling to Littleton • Highly competitive buy prices • Fair appraisals and offers Jim Reardon (left) and Butch Caswell, two of Littleton's experienced team of buyers. • Fast confirmation and settlement • Finders fees and joint arrangementsWe welcome the chance • Over 50 years experience buying and selling coinsto consider your notes! and paper money Buyer Phone: (603) 444-1020 • We welcome the opportunity to purchase your paper money ,o7non CC . Inc . r Y tS! I'm interested in selling paper money to Littleton. Please contact me regarding my collection or holdings. David Sundman, President ANA Life Member #4463; PNG #510; Society of Paper Money Collectors LM#163; Member, Professional Currency Dealers Association Toll Free: (800) 581-2646 Fax: (603) 444-3501 or Toll Free Fax: (877) 850-3540 Teletype: Facts D97 CoinNet NHO7 coinbuy@littletoncoin.com Dun & Bradstreet #01-892-9653 Over 50 Years of Friendly Service to Collectors! Fill out this coupon and Fax Toll Free to (8771 850-3540, or Mail to: Littleton Coin Company Dept. BFS005 1309 Mt. Eustis Road Littleton, N.H. 03561-3735 coinbuy@littletoncoin.com L Name Address City/State/Zip Daytime Phone Best time to call -J B99334368 A 1‘ ,112/41E1ThallOkVig. 140e FEMER/C rwo jew....ts. B99334368 A 220 May/June 2001 • Whole No. 213 • PAPER MONEY very rarest of all mule types. The $2 Series of 1928D BA block non-mule is the rarest of the non-replacement serial number blocks in the $2 Legal Tender series. The stories of the production of both are inseparable. $2 macro back plate usage began temporarily on August 22, 1939, which made production of both varieties possible. The last Series of 1928C face plates, which were micro plates, were phased out on February 12, 1940. The 1928C mules were the result. Use of 1928D face plates had begun March 13, 1939, so $2 LT Series of 1928C mule. This was Leon Goodman's note and ranks as one of the rarest mule types. Micro face plate L168, macro back plate 292. the arrival of macro backs on August 22, allowed for production of 1.928D non- mules as well. Their production coincided with the last printings from the BA serial numbering block near the end of 1939, so 1928D BA non-mules were the result. The information presented here revises and makes obsolete the informa- tion on these same varieties in Huntoon (1992 and 1997). ORIGIN OF MULES The origin of mules -- notes with macro plate numbers on one side and micro numbers on the other -- dates to January 6, 1938, when the Bureau of Engraving and Printing began printing $1 Series of 1935A Silver Certificates. The new $1 SC Series of 1935A face plates utilized macro plate numbers which were considerably larger than the numbers engraved on previous plates. All the $1 back printings at this time were micros so mules were the result. Soon other macro plates came on line, both faces and backs, representing all series and denominations. However, a huge inventory of the old micro face and back plates was still serviceable. Consequently, a period ensued when a mix of micro and macro face plates, and micro and macro back plates were used on the presses. The result was a wonderful potpourri of mule varieties. To fully understand mule production, it is important to know that the flat bed presses then in use normally carried four 12-subject plates. However, fewer plates could be on the presses, even just one. The plates actually circulated around the bed of the press and produced a stream of sheets in which the plate numbers cycled through the plates present. The backs were printed first, then the faces, and finally the serial numbers and seals. In the case of 1939 vintage $2 Legal Tender Notes, the completed backs sat around for periods ranging from a few days to several months before the face printings were applied. Both micro and macro plates were commonly mixed on a given press. This was occurring on both the back and face presses during the height of the mule era so as many as four varieties were being printed at once. For example STOCKS & BONDS MONTHLY MAIL BID SALES RR's, Mining, Banking, etc. etc. Something For Everyone FREE LISTING I RICHARD T. HOOBER, JR. I P.O. Box 3116, Key Largo, FL 33037 Phone or Fax (305) 853-0105I I r I I I I I I PROTECT YOUR INVESTMENT: STORE IT IN MYLARTM! Oregon Pioneer Albums & Sleeves SafeKeeper Albums Flexible Albums Fit in a Safe Deposit Box Least Expensive Format Multi-Ring Binders Look best on a bookshelf Many Sizes of MYLAR 11" Sleeves in Stock Custom Albums Also Available Complete Satisfaction Guaranteed Call, Fax, or Write Now OREGON PAPER MONEY EXCHANGE 6802 SW 33RD Pl. Portland, OR 97219 503-245-3659 Fax 503-244-2977 WORLD PAPER MONEY specialized in Poland, Russia & E.Europe ATS notes Free Price List www.atsnotes.com ats@atsnotes.com Tom Sluszkiewicz P.O.Box 54521, Middlegate Postal BURNABY, B.C., CANADA, V5E 4J6 WANTED COLONIAL/CONTINENTAL BANKNOTES Any Quantity, Any Condition. Ship in confidence to: Steve Pomex (Member ANA, SPMC, 1BNS) PO Box 2, Ridgefield Park, NJ - 07660 Tel: 201-641-6641 / Fax: 201-641-1700 Email: Steve@Pomexport.com WANTED 12 BIRTH YEAR $1 F.R. RADAR NOTES Must be CU. Paying $20 plus $3 P/I each Bruce E. Keener 3435 E. Prospect Road York, PA 17402-8685 1890; 1903; 1926; 1927; 1930; 1932 1935;1954;1956;1964;1978;1981 Actively purchasing ALL paper money mis- takes. . .from inverted overprints and missing printings to offsets and double denominations. Please permit us to make an offer on one note, duplicates, or an entire collection. "We wrote the book; we make the market" Deal with THE specialist FREDERICK J. BART (810) 979-3400 P.O. Box 2, Roseville, MI 48066 e-mail: BartlncCor@aol.com PAPER MONEY • May/June 2001 • Whole No. 213 221 May/June 2001 • Whole No. 213 • PAPER MONEY Table 1. Last use of micro and first use of macro $2 plates. Last $2 Micro Plates: Last Type of Last Plate Plate Plate Date Begun Date Finished Used Date Last Used back 288 Feb 26, 1937 Mar 17, 1937 275 Aug 12, 1942 28C face 181 Aug 31, 1937 Sep 10, 1937 180 Feb 12, 1940 First $2 Macro Plates: First Type of First Plate Plate Plate Date Begun Date Finished Used Date First Used back 289 Jan 26, 1938 Feb 7, 1938 289 Aug 22, 1939 28D face 182 Nov 24, 1937 Feb 23, 1938 182 Mar 13, 1939 $2 LT Series of 1928C non-mules and mules, and Series of 1928D non-mules and mules, were produced simultaneously. $2 MULES The mule era for the $2 LTs began on March 13, 1939, over a year after the first $1 SC mules. The first two $2 Series of 1928D face plates, numbers 182 and 183, were sent to press on that day. These were macros and were mated with micro backs. The first macro $2 backs, plates 289 through 294, went to press on August 22, 1939, followed by 295 and 296 on August 23. See Tables 1 and 2. Notice here, as in other series, that the new $2 1928D macro faces were identical in every respect to the 1928C series that they supplanted except for the size of the plate numbers. Both the $2 Series of 1928C and D notes bear the Julian-Morganthau signature combination. The delay in the use of the macro $2 faces and backs reflected the low demand for $2s. Only 18,720,000 $2s were completed in 1939, serials B82172001A through C00892000A. Notice from Table 1 that the first $2 macro face and back plates were made over a year before they were used. As shown on Table 3, $2 1928C face plates continued to be used until February 12, 1940. The micro backs lasted much longer, until August 12, 1942. Figure 1 graphically illustrates the overlapping productions from the vari- ous types of $2 face and back plates. Notice that the printing of Series of 1928D mules began before and ended after the short run of 1928C mules. $2 LT SERIES OF 1928C MULES The $2 Series of 1928C mules have micro faces and macro backs. They could have been produced only from macro back printings from two short intervals: the first was 13 working days in August and September of 1939, and the second lasted 16 days in January and February, 1940. Surviving specimens reveal that only the August-September printings resulted in mules. The macro backs on the known $2 1928C mules were printed along with micros between August 22 and September 7, 1939. The faces were printed on them beginning at least as early as September 8, and continuing through December 15. Serial numbering on them was begun before year end and con- tinued into 1940. Numbering of the last of 1928C mules probably was complet- ed before the end of January, 1940. Production of 1928C mules from the group of macro backs printed between January 22 and February 12, 1940, was precluded by the time lag between back and face printings. The faces were not added to those back print- ings until after February 12. However, the last of the 1928C faces was retired by then so no mules were possible. The important early group of macro backs owes its origin to a sudden temporary surge in $2 back production between August llth and September 7th when about five million backs were ordered. Maximum production was reached 222 Table 2. Press runs for $2 macro back plates on or before February 12, 1940. Plate Inclusive Dates of Press Runs 289 Aug 22, 1939 - Sep 7, 1939 Jan 22, 1940 - Mar 7, 1940 290 Aug 22, 1939 - Sep 7, 1939 Jan 22, 1940 - Mar 7, 1940 291 Aug 22, 1939 - Sep 7, 1939 Jan 23, 1940 - Mar 7, 1940 292 Aug 22, 1939 - Sep 7, 1939 Feb 8, 1940 - Feb 23, 1940 293 Aug 22, 1939 - Sep 7, 1939 Feb 8, 1940 - Feb 23, 1940 294 Aug 22, 1939 - Sep 6, 1939 Feb 8, 1940 - Feb 23, 1940 295 Aug 23, 1939 - Sep 7, 1939 Feb 8, 1940 - Feb 23, 1940 296 Aug 23, 1939 - Sep 7, 1939 Mules are known only from the August 22-September 7, 1939, printings. All of these plates continued in use after the last dates shown. EARLY AMERICAN NUMISMATICS • 619-273-3566 We maintain the LARGEST ACTIVE INVENTORY IN THE WORLD! SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. EARLY AMERICAN NUMISMATICS do Dana Linett P.O. Box 2442 • LaJolla, CA 92038 619-273-3566 Members: Life ANA, CSNA, EAC, SPMC, FUN ANACS COLONIAL & CONTINENTAL CURRENCY SERVICES: • Portfolio Development • Major Show Coverage • Auction Attendance SERVICES: • Portfolio Development • Major Show Coverage • Auction Attendance PAPER MONEY • May/June 2001 • Whole No. 213 223 r •;:c"•'':. 4-1s46- 4):V4,14. • gamitosfWiff101gt • Your Hometown Currency Headquarters Top prices paid for National Currency Collections, Large-Size Type Notes, All Florida Currency and Scrip Largest Inventory of National Currency & Large-Size Type Notes! E-mail: wymoney@aol.com Call 1-800-327-5010 for a Free Catalog or write See our website at williamyoungerman.com for over 1,000 Nationals William Youngerman, Inc. Rare Coins & Currency "Since 1967" P.O. Box 177, Boca Raton, FL 33429-0177 Member: PNG, PCDA, ANA, SPMC and others in stock L Table 4. Production ratios for the $2 backs and faces in use during the peri- od when Series of 1928C mules were printed. Number of Plates Aug 11, 1939 - Sep 7, 1939: Percent of Time Used micro backs 27 80% macro backs 8 20% total 35 Sep 11, 1939 - Dec 15, 1939: 1928C faces 6 43% 1928D faces 9 57% total 15 Percentages calculated as: total num- ber of days when a given type of plate was on the presses divided by the total number of days when all plates were on the presses during the period. These percentages were used to calcu- late the production totals on Table 5. Table 3. Press runs for the last of the $2 Series of 1928C face plates in use between August 22, 1939 and February 12, 1940. Plate Inclusive Dates of Press Runs 168 Aug 22, 1939 - Sep 8, 1939 Oct 11, 1939 - Oct 17, 1939 173 Aug 22, 1939 - Sep 8, 1939 Oct 11, 1939 - Nov 15, 1939 Dec 27, 1939 - Jan 10, 1940 Jan 22, 1940 - Jan 29, 1940 175 Aug 22, 1939 - Aug 29, 1939 176 Aug 22, 1939 - Sep 8, 1939 Oct 13, 1939 - Dec 13, 1939 Dec 27, 1939 - Jan 10, 1940 Jan 22, 1940 - Feb 12, 1940 last 178 Aug 22, 1939 - Dec 15, 1939 Dec 27, 1939 - Jan 4, 1940 179 Aug 22, 1939 - Dec 15, 1939 Dec 27, 1939 - Jan 10, 1940 Jan 22, 1940 - Feb 7, 1940 180 Aug 23, 1939 - Sep 7, 1939 Oct 31, 1939 - Dec 13, 1939 Dec 27, 1939 - Jan 10, 1940 Jan 22, 1940 - Feb 12, 1940 last All of these plates were in use before the dates shown; however, macro back plates were not used until August 22, 1939, so no $2 Series of 1928C mules could have been produced from them before then. May/June 2001 • Whole No. 213 • PAPER MONEY on August 22 when eight new macro back plates were added to the presses to augment production from 26 micros. This heavy production schedule was sus- tained between August 22 and September 7, 1939. A total of 27 different micro back plates were used between August 11 and September 7, one being phased out before the eight macros were added on August 22. Production from the eight macros accounted for about 20 percent of the backs printed during this period (Table 4). The backs moved forward to face production on or slightly before September 8, and were fin- ished by December 15. At the time, about 43 percent of face production involved micro Series of 1928C plates, so many of the macro backs found themselves muled with 1928C faces. 1928C mules were the result. As shown on Table 5, approximately 430,000 emerged, 3/5ths of them in the BA block, and 2/5ths in the CA block. The second group of macro backs with potential for creating 1928C mules began to be printed on January 22, 1940. This date marked the beginning of regular usage of $2 macro backs. Seven macro back plates were pressed into service along with 25 micros. In order to create 1928C mules, these backs would have had to have been rushed to face printings before the last of the 1928C faces wore out on February 12. The last four 1928C faces, micro plates 173, 176, 179 and 180, were still in service on January 22. They were wearing out and they soon had to be retired. The first to go was 173 on January 29th, and next was 179 on February 7. Faces 176 and 180 gave out on Monday, February 12th. Thus the curtain was drawn on the Series of 1928C. Serials and plate numbers on surviving Series of 1928C mules reveal that none of the January 22-February 12, 1940, macro backs were mated with 1928C faces. It is fairly certain that all production from these macro backs was routed to 1928D faces after February 12. The macro backs in the group ultimately came out as common CA block 1928D non-mules. $2 1928C MULE SERIALS The range of $2 1928C mule serials is presently constrained between B97283825A and CO2144707A. The first $2 serial printed in 1940, was C00892001A, so the B99999999A-000000001A pair was printed near the end of 1939. It is entirely possible that B99999999A and C00000001A are 1928C mules, or B99999999A is a 1928D non-mule! The pair, more than likely, is some type of changeover pair consisting of two of the following: 1928C non-mule, 1928C mule, 1928D mule, or 1928D non-mule. In fact, serial B100000000A also may have been made up because the order to discontinue that serial number was not given until February 18, 1941. $2 1928C MULE RARITY The rarity of the 1928C mules is revealed by the small number reported in Table 6. Others certainly exist, some unrecognized in collections. Even so this mule as a type, regardless of serial block, is surpassed in rarity only by the $5 LT 1928C 637 mule and $5 FRN Series of 1934A mule. The $2 1928C mule is cer- tainly much scarcer than the popular $10 SC Series of 1934 Yellow Seal mule of which more than 50 are known, a dozen of which are Uncirculated. $2 LT SERIES OF 1928D BA NON-MULES Table 6 reveals that $2 LT Series of 1928D BA-block non-mules are as rare if not potentially a bit rarer than the $2 LT Series of 1928C mules. The macro backs on them were from the same August 22-September 7, 1939, print- ing as the 1928C mules (Figure 1). Consequently both share the same serial range in the BA block. I estimate that 340,000 were printed. $2 LT SERIES OF 1928D MULES The $2 LT Series of 1928D mules have macro faces and micro backs, and were printed in the three and a half year interval between March 13, 1939, and August 12, 1942. About 44 million were made. Their large numbers reflect the large inventory of micro backs in stock when the switch was made to macro 224 7-G G10353A -ft4101■41,--- go WIRSOVNICIti G10353A, 7. 1.717 rertn.rnmmnyirlimriirTin3 I WASHINGTOWIC. Fr. 1132 $500 Series 1918 Federal Reserve Note The face of the note shows John Marshall, fourth Chief Justice of the United States, serving from 1801-1835. The back of the note is a multi-person scene entitled DeSoto Discovering the Mississippi in 1541. These notes were not secured by United States bonds or other securities but simply by the obligation of the government of the United States. We are proud to continue the numismatic legacy begun in 1933 Specializing in Quality and Rare U.S. Currency U.S. Large Size Fractionals U.S. Small Size Nationals National Gold Bank Notes Kagin's -- an established name for conservative grading of quality notes. We specialize in building U.S. currency collections of premium quality and rare notes. Favorable terms to suit your individual needs. Kagin's 98 Main Street #201 Tiburon, CA 94920 1-888-8KAGINS www.kagins.com KaginsCI earthlink.netJudith Kagin Don Kagin PAPER MONEY • May/June 2001 • Whole No. 213 225 Table 5. Estimated $2 production by type from the August 11-September 7, 1939, back printings using the back and face production ratios from Table 4. Type Number Printed 1928C non-mule 1,720,000 1928C mule 430,000 1928D mule 2,280,000 1928D non-mule 570,000a 5,000,000b a. 340,000 of these were 1928D BA non-mules. b. 5,000,000 total is based on the ser- ial number range of the known 1928C mules and 1928D BA block non-mules. Figure 1. Graph showing the overlap- ping usage of serial numbering blocks, various types of plates and back colors during the $2 LT Series of 1928C and D mule period. Notice that $2 Series of 1928C mules could have been printed during the January 22-February 12, 1940 period; however, it appears from reported spec- imens that none were made then. May/June 2001 • Whole No. 213 • PAPER MONEY226 plates in 1938. In fact, most of the $2 production during this long interval was in the form of 1928D mules so they rank among the most common of all the mule types. They can be found readily in the BA, CA and *A blocks. YELLOW-GREEN AND BLUE-GREEN BACKS As shown on Figure 1, the backs for all the $2 LT Series of 1928C mules were printed using the beautiful, soft-appearing yellow-green inks that are found on early small notes. The blue-green inks for backs did not come into use until December 1940 or January 1941, long after the $2 Series of 1928C mules were history. Muled and non-muled $2 Series of 1928Ds come with both yellow-green and blue-green backs. Yellow-green back Series of 1928D mules and non-mules are found in both the BA and CA blocks. All of the BA non-mules have yellow- green backs. The blue-green back mules and non-mules begin in the CA block around serial C17452001A which was the first $2 serial printed in 1941. They are by far the most common. PLATE USAGE Back plate usage during the critical period August 11-September 7, 1939, when the 1928C mule and 1928D BA non-mule backs were printed, included: micro 254, 257, 259-261, 263-280, 283-286; and macro 289-296. All the macros except 295 and 296 have been observed on either a 1928C mule or 1928D BA non-mule, or both. Face plate usage during the critical period September 8-December 15, 1939, when the 1928C mule and 1928D BA non-mule faces were printed, included: 1928C 168, 173, 176, 178-180; and 1928D 183-191, 201. So far all the 1928C faces have been observed on mules except 173 and 179. Half the 1928D faces have been observed on 1928D BA non-mules, specifically 185, 187, 188, 190 and 201. If face production of the 1928C mules and 1928D BA non- mules began before September 8, the following 1928D face plates must be added to this list: 192-200. So far, no 1928D BA non-mules have been observed from the 192-200 group. 1928C -i- 1928C mule 1928D mule 77 BA -. ... 4- -i. ••••1. 4 wok .at 1928D.11 CA 1928C faces 7.. 102813 faces-er micro backs I yellow-green -v.. backs 4-. -is macro backs blue-green backs 1 „, .....,,, 1 "-k‘..„.... ,.. , 1940 mj. g l ..g.lei! I I 94 1942 i V- 1943 S° POTENTIAL DISCOVERIES The most exciting find would be a $2 Series of 1928C muled star note. None are presently known. Probably none were printed; however, there is nothing in the records that precludes the possibility that some were made. Only time will tell. There is the remotest possibility that some macro backs from the January 22-February 12, 1940, back printings found their way to the very last of the 1928C faces. If any are discovered, their serials will be in the CA block and will be apprecia- bly higher than the CA serials in Table 6. HISTORY OF DISCOVERY Serious small note collectors began to recog- nize the mule varieties in the early 1960s. The big names then were Rev. Frank Hutchins, Leon Goodman, John Schwartz and Chuck O'Donnell. The race was on to find as many varieties as possi- ble. Goodman detailed the histories of some of the mule discoveries in a letter to me in the mid-1970s. He gives Hutchins credit for recognizing most of the mules, including the $2 LT Series of 1928D mule. Goodman proudly pointed out that he found the first $2 LT Series of 1928C mule, as well as the $5 SC 1934B and $5 FRN 1934A mules. He went Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals xvrioNAL lakvikow 6579 7 4111.141.1141144.4.141.41J11 Pt: N MMs.11u. It Peter Huntoon P.O. Box 60850 Boulder City, NV 89006 702-294-4143 PAPER MONEY • May/June 2001 • Whole No. 213 BUYING AND SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Certificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. Foreign Notes from over 250 Countries Paper Money Books and Supplies Send us your Want List ... or ... Ship your material for a fair offer LOWELL C. HORWEDEL P.O. BOX 2395 WEST LAFAYETTE, IN 47996 SPMC #2907 (765) 583-2748 ANA LM #1503 227 r 1 Buying & Selling All Choice to Gem CU Fractional Currency Paying Over Bid Please Call: 916-687-7219 ROB'S COINS & CURRENCY P.O. Box 303 Wilton, CA 95693 L 228 May/June 2001 • Whole No. 213 • PAPER MONEY on to relate that Hutchins did not collect blocks so it was only after Schwartz, O'Donnell and he started collaborating on block data that they were able to piece together the systematics of mule production. Goodman claimed as late as 1976, correctly or incorrectly, that his was the only $2 LT Series of 1928C mule known at the time. His luck was grand, his specimen was in Almost Uncirculated condition. Goodman's note stayed with him until he died in the late 1980s. Allen Karn (Allen's Coin Shop in Westerville, Ohio) purchased Goodman's estate of small notes in 1989, and for a time large numbers of scarce varieties were available to astute buyers. Naturally the hawks tried to cherry pick the great rarities. I knew, along with the most aggressive buyers, that the $2 1928C mule had to be in the holdings. None of us had any idea of its grade. The first small note dealers to view Karn's holdings, Dave Koble and David Klein, reported with dismay that the $2 1928C mule was not present. We all wondered where it had gone. Nothing materialized, and no one was bragging, so the trail seemed at a dead end. Then, with no fanfare whatever, the prize appeared buried in proper sequence on Karn's huge July, 1990, price list at $950. A photo of that gem graces these pages. ACKNOWLEDGMENTS The following collectors and dealers supplied information used in this article or responded to my request for serial number data: Bill Acker, Harold Andrews, Frank Bennett, Mike Crabb, Leon Goodman (deceased), John Hanik, James Hodgson, Michael Kane, Allen Karn, Robert King, David Klein, Dave Koble, Richard Moeller, David Schlingman, Harry Schultz, Logan Talks, Mike Tauber, James Thompson (deceased), Graeme Ton, Marty Vink and George Warner. The personnel of the Civil Records Branch of the U. S. National Archives assisted in reproducing pertinent Bureau of Engraving and Printing $2 LT plate history records. SOURCES OF DATA Bureau of Engraving and Printing, 1952, First serial numbers printed during each year on United States small size notes from 1928 to 1952: Typed listing prepared by 0 & M Secretary, Bureau of Engraving and Printing, Washington, DC. Bureau of Engraving and Printing, various dates, Ledgers and historical record of stock in miscellaneous vault (plate ledgers showing series, plate numbers, dates begun, dates finished, dates cancelled, dates reentered, and dates of use for $2 Series of 1928 faces and backs): U. S. National Archives, Washington, DC. Huntoon, Peter, "The $2 Legal Tender Series of 1928C and 1928D mules," Paper Money, Vol. 31 (1992), p. 156-161, 169. Huntoon, Peter, "$2 Legal Tender Series of 1928C mules and Series of 1928D BA block non-mules," Paper Money, Vol.. 36 (1997), p. 7-12. Karn, Allen, "Allen's Coin Shop (Westerville, OH)," Collector Wholesaler, Vol. 15, no. 4, (July-August, 1990), p. 19. O'Donnell, Chuck. Standard Handbook of Modern United States Paper Money, 7th edition.: Iola, WI: Krause Publications (1982). REPORT NEW DISCOVERIES TO: Peter Huntoon, P. O. Box 60850, Boulder City, NV 89006 or (702) 294-4143 or peter.huntoon@att.net Table 6. Reported $2 Series of 1928C mules and Series of 1928D BA block non-mules. Face Back Serial Plate Plate Grade $2 Series of 1928C mules: B98473577A K176 293 Fine B98598185A B98770586A B178 293 XF-AU B98894017A G178 290 Fine B99334368A L168 292 AU B99853926A F176 290 VG corner off C00002358A F176 294 Good corners off C00536618A B180 291 VG-F C00831111A 1180 292 XF+ C01223342A B180 289 Fine C01255480A J180 292 VF CO2144707A G178 292 CU $2 Series of 1928D BA block non-mules: B97283825A E190 291 Good B98122371A C201 291 XF+ B98150822A B185 290 VF B98231554A ?201 292 F-VF B98284286A H 185 289 Poor B98303086A J190 292 XF B98540347A G190 289 VF B98591644A D187 291 VG B98610936A F188 294 VF+ B98839720A D190 291 Fine B98853834A F183 289 VG-Fine B99049874A B187 293 Good- B99215683A A187 291 VG- B99319838A H188 292 Good PAPER MONEY • May/June 2001 • Whole No. 213 229 Hey, Buddy, Mot everybody made it to Memphis NO tell your foreign notes in Paper Honer" 1st International Issue* Sept/Oct 2001 3 Fact: Hundreds of Paper Money readers collect foreign items primarily 3 Fact: Hundreds more Paper Money readers collect specialized foreign material 3 Fact: Hundreds more Paper Money readers do not C011eCt foreign material YET Do business with Paper Money-hungry buyers • Sell your foreign notes to all 3 groups 3 It's True: Paper Money readers are avid collectors 3 It's True: Paper Money readers are well-heeled 3 It's True: Paper Money readers want to buy your worldwide material So get with the program • Sell your foreign notes in Paper Money's special issue Don't miss MAW Our ad rates are /Own! Our readers buy!!! *Don't delay. Ad Deadline is July 15th (Space subject to availability) Hey Buddy, we have the buyers YOU want, so . . . Contact us immediately L Bob Schreiner Advertising Manager PO Box 2331 Chapel Hill, NC 27515 or Fred Reed Editor PO Box 793941 Dallas, TX 75379 A Primer for Collectors BY GENE HESSLER May/June 2001 • Whole No. 213 • PAPER MONEY230 Many Nations Honor Musicians on Notes-Part 1 ACONSIDERABLE NUMBER OF MUSICIANS HAVEbeen honored on bank notes from around the world. The United States only recognizes statesmen. In addition to statesmen, other countries pay homage to artists, writers, poets, inventors, architects and musicians. At least five of the musicians to be mentioned here have also been honored on coins. Dealers in world coins should be able to assist you in locating these coins. What follows might give some of you ideas for exhibits that you might devel- op for showing at your local coin club or regional or national numismatic conven- tions. Two of the most famous French com- posers, Berlioz and Debussy have been honored on bank notes. The portrait of Hector Berlioz (1803- 1869) on the French 10 francs note, P83, is based on a portrait by Emile Signol. In perfect registration, this image is on the face and back of the note that should cost you about $5. Berlioz defied and disappointed his father by abandoning early medical study for music. In flowing cape, the fiery young musician with reddish hair was drawn to dramatic subjects, i.e., Goethe and Shakespeare for his choral and symphonic works. Berlioz changed the sound of the symphony orchestra with his orchestration style and the use of new instruments. He was one of the first to use English horn, saxophone, harp, and bass clarinet. His music influenced Liszt, Mahler, Strauss and Wagner. Berlioz won the Prix de Rome in 1830. Everyone who studies piano for more than a few years learns to play Clair de lune, the piece most associated with Claude Debussy (1862-1918). The French impressionist com- poser wrote operatic, choral and piano music. In 1883 Debussy won the Prix de Rome. Musical composition is a mystery to most people. Debussy once said that "We must agree that the beauty of a work of art will always remain a mystery. In other words we can never be absolutely sure how its made." The French 20 franc note, P151, with a Debussy portrait by Marcel Baschet on both face and back, is available for about $6. The sea on the back reminds us of his La Mer. Bela Bartok (1881-1945) escaped Hungary in 1940 during World War II. If you are a beginning pianist, ask your teacher to guide you through Bartok's Mikrokosmos. Each successive book demands more from the pianist. However, most pieces, dissonant as they may seem, are enjoyable and playful. The Hungarian 1000 forint note, P173, is available for about $20. Clara Schumann (1819-1896) is usually referred to as the wife of Robert Schumann (1810-1856), her famous composer- husband. Clara was also an outstanding pianist and composer. During recent decades her music has been receiving attention, long overdue. The German 100 mark, P41, includes her por- trait on its face and a piano on the back. The face value of the note is about $65. Giuseppe Verdi (1813-1901) was a child prodigy who performed at the piano at the age of three. He is known solely for his many operas. Without knowing it, many people have heard his March from Aida. This grand opera, set in ancient Egypt, was premiered in Cairo on December 24, 1871, two years after the Suez Canal was opened. Two 1000 lire notes from Italy, P96 and P101, bear his portrait. The first will cost about $20, and the latter $5. Vincenzo Bellini (1801-1835) wrote twelve operas, however only three are heard today: Norma, La Sonnombula and I Puritani. The ask- ing price is about $8 for the Italian 5000 lire, P111, with his portrait on the face and a scene from Norma on its back. Frederick Chopin (1810-1849) was ill all his life, the type of artist Hollywood searches for movie subjects. Hollywood made a movie of his life in the 1940s or early 1950s. His piano music is the quintessence of Romantic music for that instru- ment. The popular "I'm Always Chasing Rainbows" was bor- rowed from Chopin. The funeral march always heard in movies and on television shows is the one he wrote. The Polish 5000 zlotych, P150, with Chopin's portrait on the face should cost no more than $1. As an operatic composer Carlos Antonio Gomes (1836- 1896) was drawn to the music of Bellini, Rossini and Verdi. In addition to other works, Gornes composed nine operas; his last, Columba, was performed on Oct. 12, 1892, in Rio de Janeiro. The Brazil 5000 cruzeiros, P232, which shows Gomes on the face and a piano on the back, is available for a few dollars. (Copyright story reprinted by permission from Coin World, September 23, 1996.) Poland, P150 Mirth 11aper Aturri-ilow &taw BEP Money Prints: Great, affordable, genuine prints of our classic and historic money. Lee Quast P.O. Box 1301, High Ridge, MO 63049 Phone 314-276-1162 - Fax 636-376-1162 Buying Carl Bombara Selling ..:;" United States Currency P.O. Box 524 New York, N.Y. 10116-0524 Veil--A Phone 212 989-9108 PAPER MONEY • May/June 2001 • Whole No. 213 Always Wanted Monmouth County, New Jersey Obsoletes — Nationals — Scrip Histories and Memorabilia Allenhurst — Allentown —Asbury Park — Atlantic Highlands — Belmar Bradley Beach — Eatontown — Englishtown — Freehold — Howell Keansburg — Keyport — Long Branch — Manasquan — Matawan Middletown — Ocean Grove — Red Bank — Sea Bright — Spring Lake N.B. Buckman P.O. Box 608, Ocean Grove, NJ 07756 800-533-6163 Fax: 732-282-2525 DO YOU COLLECT FISCAL PAPER? The American Society of Check Collectors publishes a quarterly journal for members. Visit our website at http://members.aol.com/asccinfo or write to Coleman Leifer, POB 577, Garrett Park, MD 20896. Dues are $10 per year for US residents, $12 for Canadian and Mexican residents, and $18 for those in foreign locations. 231 Ixoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxoxo) WE PROVIDE THE FOLLOWING TO THE TRADE, AUCTION El HOUSES, MUSEUMS AND PRIVATE COLLECTORS: 8 = a *Professional Consulting Services* 0 *Auction Cataloging o & Research* BRUCE R. HAGEN Buying & Selling U.S. Obsolete Currency Stock & Bond Certificates • Historical Financial Documents P.O. Box 836 Bowling Green Station, New York, New York 10274-0836 1-212-721-2028 cda By Appointment In New York City gx0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0x0Q *Auction Representation* * Consignment Brokering* 232 May/June 2001 • Whole No. 213 • PAPER MONEY SPMC Co-sponors Numismatic Symposium S PMC WILL CO-SPONSOR THE THIRDannual numismatic program May 5 at the North Carolina Collection Gallery, University of North Carolina. The program is free and open to the public from 1-5 p.m. in Wilson Library on the University's Chapel Hill campus. The educational program is varied. Richard Dory, Curator of Numismatics at the Smithsonian Institution, will speak on "America's Obsolete Currency: An Appreciation." Doty's most recent books are America's Money, America's Story, which places new emphasis on the role of paper money in U.S. history, and The Soho Mint & the Industrialization of Money. SPMC member Robert S. Neale, author of the recent book The Bank of Cape Fear of Wilmington, North Carolina, will discuss the history of North Carolina's first antebellum bank, its paper money and local impact. In 1999 Neale was awarded a $500 research grant for his book by the SPMC board. Also speaking will be SPMC member Jerry Roughton. Roughton is author of two books on North Carolina currency, including North Carolina County Scrip, 1861-1862, of Camden, Pasquotank, Perquimans, Tyrrell, and the Corporation of Elizabeth City. He is fin- ishing a book on North Carolina tokens, which will be his topic for the program. Gallery keeper Neil Fulghum rounds out the IPMS Exhibitors Wanted The 25th International Paper Money Show will be held in Memphis June 15-17. This Silver Anniversary show is THE PLACE to display your choice currency, checks stocks & bonds, vignettes and other fiscal paper Exhibit applications must be received by Exhibit Chairman Mart Delger no later than May 14, Contact Mart at 9677 Paw Paw Lake Drive, Mattawan, MI 49071 Phone (616) 668-4234 forum. Fulghum will recap recent acquisitions at the Gallery. The Gallery is the museum for non-book arti- facts in the university's library system collection. Numismatic authors on the program will have their books for signing and sale. Attendees will also be able to participate in a guided tour of the Gallery, and view some of its numismatic holdings. Visitors are encouraged to bring numismatic items for identification and informal appraisal. joining the Society in sponsoring the event are the North Carolina Numismatic Association, the Raleigh Coin Club, and the Blue Ridge Numismatic Association. For more information, call the Gallery at (919) 962-1172 or e-mail SPMC Governor bob_schreiner@unc.edu . N SPMC Wait Prize Announcement O CASH AWARD WILL BE MADE IN THE George W. Wait Memorial Prize competition this year, the committee announced. This prize, established by the SPMC Executive Board last year to honor the passing of early Society President and author Wait and to promote research and publication in the paper money field, carried a stipend of $500 in unrestricted grants. Details for authors and a call for entries for next year's competition will be published in a future issue of Paper Money. research exchange: a service for SPMC members • Newfoundland Notes. I am looking for photos for my book on Banking in Newfoundland. Any help will be appreciated. Steve Doucette. Contact douce@roadrunner.nf.net • FNB of Albia, IA (Charter #1799). Seek illustrations of National Bank Notes signed by Caroline B. Drake, president of the bank 1903-04, for article in Paper Money. Contact Karl S. Kabelac, 105 Raleigh St. Rochester, NY 14620-4121 or kkabela1@rochester.rr.com • Delaware Obsolete Bank Notes and Scrip. SPMC state catalog researcher seeks information on existing notes, including serial and plate numbers. Records of other Delaware material such as old lottery tickets, vignettes used on Delaware notes, Colonials and National Currency are also being kept for popula- tion statistics. Will gladly pay any copying costs and postage for pictures of your Delaware material. All contacts will remain confi- dential. Contact napknrng@dmv.com or Terry A. Bryan, 189 South Fairfield Drive, Dover, DE 19901-5756. • Bank of Pennsylvania. Obsolete bank notes, checks, stock cer- tificates and related items. Researcher attempting to document and catalog all items from this bank. I would greatly appreciate photocopies and/or descriptions of any items that you have. I would also appreciate information on officers or stockholders of this bank. All information will be kept in strictest confidence if you desire. Contributors will be sent a copy of my census when I am finished. Write to David Knower, Route 1, Box 218, Ferryville, WI 54628. MYLAR D CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 4 3/4 x 3 3/4 $17.75 $32.50 $147.00 $255.00 Colonial 5 1/2 x 3 1/16 18.75 35.00 159.00 295.00 Small Currency 6 3/8 x 2 7/8 19.00 36.50 163.00 305.00 Large Currency 7'/8 x 3 1/2 23.00 42.50 195.00 365.00 Auction 9 x 3 3/4 26.75 50.00 243.00 439.00 Foreign Currency 8 x 5 30.00 56.00 256.00 460.00 Checks 918 x 4 1 /4 28.25 52.50 240.00 444.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 8 3/4 x 14'/2 $13.00 $60.00 $100.00 $230.00 National Sheet Side Open 8 1/2 x 17 1 /2 25.00 100.00 180.00 425.00 Stock Certificate End Open 9 1/2 x 12 1/2 12.50 57.50 95.00 212.50 Map & Bond Size End Open 18 x 24 48.00 225.00 370.00 850.00 You may assort note holders for best price (min. 50 pcs. one size). You may assort sheet holders for best price (min. 5 pcs. one size) (min. 10 pcs. total). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar EP' 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 1010, Boston, MA 02205 • 617-482-8477 ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163 WANTED: NATIONAL BANK NOTES Buying and Selling Nationals from all states. Price lists are not available. Please send your want list. Paying collector prices for better California notes! WILLIAM LITT P.O. BOX 1161 Fremont, California 94538 (510) 490-1751 Fax: 9510) 490-1753 E-mail: BillLitt@aol.com Member SPMC, PCDA, ANA VISIT MY WEB PAGE AT WWW.KYZIVATCURRENCY.COM FOR A GOOD SELECTION OF NOTES CONSERVATIVELY GRADED AND REASONABLY PRICED FOR THE COLLECTOR NATIONAL BANK NOTES LARGE SIZE TYPE SMALL SIZE TYPE STAR NOTES WEBS MISCELLANEOUS?? TIM KYZIVAT (708) 784-0974 1"•}"-1 PCDA, SPMC Vq PAPER MONEY • May/June 2001 • Whole No. 213 233 Judith & Claud Murphy We Buy & Sell Paper Money, checks, bonds, stocks, letters, old postcards, stereoviews, cdv's If it's old and it's paper, we have it! Box 24056 Winston-Salem, NC 27114 336-699-3551 fax: 336-699-2359 e-mail: MurphAssoc@aol.com www.murphyenterprises.com r May/June 2001 • Whole No. 213 • PAPER MONEY234 NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 117060 Carrollton, TX 7501 1 SPMC NEW MEMBERS -- 2/20/2001 10181 H.M. Balderrama, 3925 Clifton Ave, Highland, CA 92346 (C, World), Frank Clark 10182 Arthur Capone, 7 Domino Way, Centereach, NY 11720 (C, U.S. & Foreign) 10183 John Hoy, P.O. Box 269, Creamery, PA 19430 (C), Arri Jacob 10184 Robert J. Ahearn, 150 Brick Kiln Ct, Cheshire, CT 06410- 3039 (C), Arri Jacob 10185 Wesley C. Hardy, 127 N Garden Blvd, Edgewater Park, NJ 08010 (C, INIPC's), Tom Denly 10186 James E. Abhau, Sr., 361 E. Pittsfield St, Pennsville, NJ 08070-1927 (C, Large, Small, Southern, NJ Bank Notes), Toni Denly 10187 Delbert Kent, 79 N. Strasma Dr, Kankakee, IL 60901 (C), Frank Clark 10188 Franklin R. Fish, Jr., 15 Read St, Hancock, NY 13783-1132 (C), Tom Denly 10189 Arnold H. Tourtelotte, RR5 Box 569, Gardiner, ME 04345 (C & D, Stars, Mules, Indian Name Nationals), Website 10190 George C. Bradham, P.O. Box 990, Edenton, NC 27932 (C, Confederate), Hugh Shull 10191 Nolan Mims, P.O. Box 1185, Semmes, AL 36575 (D), Fred Reed 10192 Mark Pollio, 6 N View Way, Redwood City, CA 94062 (C, $1 Large & Small Silvers), Tom Denly 10193 Jon J. Furman, 142 Stairs Rd, Amsterdam, NY 12010 (C), Frank Clark 10194 Mark F. Clarkson, 493 Turrin Dr, Pleasant Hill, CA 94523 (C, Large, Small, CSA, MPC's, Obsoletes, Nationals, Canadian), Tom Denly 10195 Kyle McMahan, 3501 Oklahoma Territory, Altus, OK 73521-1062 (C, All U.S.), Tom Denly 10196 Jack Libman, P.O. Box 351, Bloomingdale, IL 60108-0351 (C, Small, Star Notes), Website 10197 L.S. Brody (C), Website 10198 A. Mark Argentino, 128 Queen Street South, P.O. Box 42297, Mississauga, ON L5M 4Z0 (C, Canada, U.S., Polymer Notes), Website 10199 Frank C. Fortner, 120 Julee Emilyn Dr, Bonaire, GA 31005 (C), Tom Denly 10200 Robert H. Friday, 198 S. Western Ave, Cheboygan, MI 49721 (C, MPC's & Military), Website 10201 Steve Costner (C), Website 10202 Henry Morton, 203 Hallihan Hill Rd, Kingston, NY 12401 (C, Silver Certificates, etc), Frank Clark 10203 William Panitch, PO Box 3712, Albany, NY 12203 (C & D), Tom Minerley 10204 Jim Benford, 7387 E. Bristol Rd, Davison, MI 48423 (C, U.S.), Website 10205 Allen L. Munro, 23 Middle Rd, Amesbury, MA 01913-3903 (C, Autographs), Frank Clark 10206 L.D. Rothhanner, 6012 E 101st St, Tulsa, OK 74137-7016 (C), Frank Viskup 10207 Jay Kipfer, P.O. Box 476, Bluffton, IN 46714 (C, Large & Small Nationals), Tom Denly 10208 William Olsen, 995 Hawkins Blvd, Copiague, NY 11726 (C, FRN's by District), Website 10209 Donald Phillips, 2465 Haring St Apt 6F, Brooklyn, NY 11235 (C, Large Size Type), Frank Clark 10210 Elmer Pierce, P.O. Box 131, Ephrata, PA 17522 (C), Fred Reed DECEASED William E. Benson #524 William Halliwell #9619 A New World of Currency WTHEN SPMC BEGAN FOUR DECADES AGO"Founding Fathers" chose a most amazing logo for this magazine, "A New World of Currency," which appeared on early issues of Paper Money. The motto represented founders' intent to include col- lectors with interests as varied as possible, and notes from throughout the world. It's in that spirit that we announce we will be publishing a special large issue in Sept/Oct, the first of what we hope will be an annual International Special Issue. It's not that we wish any ill will or are trying to steal the thunder from any of the fine foreign-oriented paper money organizations, with whom we share cordial rela- tionships and many common members. Nor are we turn- ing our back on our bread and butter U.S. specialties. We're just trying to reclaim our roots and give the appre- ciable number of international collectors in our midst value for their membership dollar too. It's a fact that hundreds of our members collect for- eign items primarily, and additional numbers of Paper Money readers have "side" interests in issues emanating outside U.S. geographical borders. We're convinced that many more Society members would enjoy collecting for- eign material if they were exposed to the history, beauty, and lore of these inexpensive (at least compared to most U.S. federal and national currency) byways. In the next couple of months Ad Manager Bob Schreiner and I will be soliciting advertising for foreign material from dealers worldwide. See page 229 for details. We believe our membership will respond to these ads, and make the expense and effort very worthwhile for advertisers. We expect readers will look forward to our International Issue, and we hope our annual will become a "must do" event on dealers' yearly ad calendars as well. We're happy to say that we already have excellent fea- ture articles on notes of Russia, China, Cuba, Panama, Canada, Bermuda and Germany, as well as features on engraving, counterfeiting and short snorters. What are short snorters, you ask? If you don't know, you will soon. And if you pride yourself on knowing the answer to that question, our authors may still teach you a thing or two about other topics. So stay tuned. •••1•1r III I I MEMBER ANA 0 HARRY IS BUYING NATIONALS — LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES PO Box 30369 Cleveland, Ohio 44130 1-440-234-3330 I COLLECT MINNESOTA OBSOLETE CURRENCY and NATIONAL BANK NOTES Please offer what you have for sale. Charles C. Parrish P.O. Box 481 Rosemount, Minnesota 55068 (651) 423-1039 SPMC LM 114—PCDA—LM ANA Since 1976 ALWAYS BUYING • National Bank Notes • Large & Small Size • Type Notes • Large & Small Size • C.S.A. • • Obsoletes • Sample Buy Prices Fr # F VF XF CU Gem CU 240-244 500 825 1000 1800 353-355 500 1150 2275 3600 9000 747-780 225 325 650 1150 259-265 450 1075 1750 2375 4850 952-963 135 275 425 675 2100 1605 150 275 375 650 1400 1954-F 200 400 600 1500 2500 GLENN G. WRIGHT P.O. BOX 311 Campbellsport, WI 53010 920-533-8248 AD INDEX AMERICAN SOCIETY OF CHECK COLLECTORS . 231 BART, FREDERICK J. 221 BOMBARA, CARL 231 BOWERS & MERENA GALLERIES IBC BUCKMAN, N.B 231 CURRENCY AUCTION.COM 236 DENLY'S OF BOSTON 233 EARLY AMERICAN NUMISMATICS 223 HAGEN, BRUCE 231 HOOBER, RICHARD T 221 HORDWEDEL, LOWELL C. 227 HUNTOON, PETER 227 JONES, HARRY 235 KAGIN, A M 215 KAGIN'S 225 KEENER, BRUCE 221 KNIGHT, LYN 209 KRAUSE PUBLICATIONS OBC KYZIVAT, TIM 233 LITT, WILLIAM 233 LITTLETON COIN CO. 219 MORYCZ, STANLEY 207 MURPHY, JUDITH & CLAUD 233 NAPLES BANK NOTE COMPANY 214 OREGON PAPER MONEY EXCHANGE 221 PARRISH, CHARLES C. 235 POMEX, STEVE 221 QUAST, LEE 231 ROB'S COINS & CURRENCY 227 SHULL, HUGH 198 SILVER PENNY COINS 213 SLUSZKIEWICZ, TOM 221 SMYTHE, R.M IFC SMYTHE, R.M 211 STACK'S 216-217 WRIGHT, GLENN G. 235 YOUNGERMAN, WILLIAM, INC. 223 PAPER MONEY • May/June 2001 • Whole No. 213 235 IC %Mr LIN tE14"..,(1111.!ITH. '•• >5001<:;.gra:tirt rtrep-trirsro-ri4 '511! L.'_OV! 1 /h./ //i4/. "' . Coin.com • www.CurrencyAuction.com May/June 2001 • Whole No. 213 • PAPER MONEY 1:110Iilfiln ..03=115N84)) 14.1:.1S ItY (YU. rt ‘tav,,, ,C1 236 ; .,.i# .trill ..,•: , ., ,,. .. . . Holli Hughes, at Ext. 283 (holli@currencyauction.com ) Dustin Johnston, at Ext. 302 (djohnston@heritagecoin.corn) Contact us today 1-800-US COINS 24-hour voice mail available at all extensions NO BUYER'S FEE! SALES CLOSE THE 15TH & 30TH OF EVERY MONTH AMERICA'S CONVENTION AUCTIONEER ERITAGE NUMISMATIC AUCTIONS, INC. G Steve Ivy Jim Halperin Greg %Ilan Heritage Plaza, 100 Highland Park Village, 2nd Floor • Dallas, Texas 75205-2788 1-800-US COINS (872-6467) • 214-528-3500 • FAX: 214-443-8425 www.HeritageCoin.com • e-mail: bids@heritagecojn.com www.CurrencyAuction.corn • e-mail: notes@currencyauction.corn rmsmouNlat*** 1,45WW:WW 4. S101 II lean N ilkHutt KUHL 1;44, ealize Top Market Price for Your Paper Money! The currency market is hot! In recent months we have seen a tremendous amount of buying activity and invite you to jump on the bandwagon. Consider selling your important notes and currency items in one of our upcoming auctions to be held in New York City or in conjunction with the Suburban Washington/Baltimore Convention. The same bidders who helped set world record prices in our recent sales will compete for your currency items as well. Call Q. David Bowers, Chairman of the Board, or John Pack, Auction Manager, at 1-800-458-4646 to reserve a space for your material. We can even provide a cash advance if you desire. It may be the most financially rewarding decision you have ever made. A cut sheet of four $10 Legal Tender notes. F-123 in Average New to Choice New realized $17,600. A $5 Federal Reserve Bank note. F-782* in EF realized $7,150. A $10 Silver Certificate. F-1700 in Gem New realized $8,800. A $100 One-Year Note, believed to be unique, realized $8,250. An Interest Bearing $5,000 Proof Note realized $11,000. An Uncirculated Lazy Two $2 note from the State of Missouri, Town of California realized $4,840.Auctions by Bowers and Merena, Inc. Box 1224 • Wolfeboro, NH 03894 • 800-458-4646 • FAX: 603-569-5319 • www.bowersandmerena.com 19th edition STANDARD CATALOG OF Upited States Paper Mopey tilLERS [?) X ."'14' ; ke, I more deter identific are fully c Hardi 95 k notes, su ,st utions, rror ri6 gories are lted by igation for easier currency items valuations. • 216 pages d for By Chester L. Krause and Robert P Lemke Joel T. Edter, Editor 9Th fork,n standard catalog . ' eApt. ER ,moNEy ILD P ':11. 1VPISMISS Edited by Necl Shat & Colin rt 10770 BA rt,tP AMU: (at 1.932 NATIONAL BANK NOTES • LARGE a SMALL SIZE BY SERIES •FRACTIONM. CURRENCY • ERROR:NOTES • M.P.C. • POSTAGE STAMP ENVELOPES • ENCASED POSTAGE •PHILIPPINE ISLANDS COMMONWEALTH ISSUES • PRE-CIVIL WAR U.S. NOTES • GUIDE TO AUTHENTP, • ;muscles an circulating issues from 1368 th u96 0 • 230 issuing authorities • 18,300 notes listed ainat photos • Market valuations in up to three sr,. of World ssues VO16:016 'ditto edited by Colin R. Bteetill and Nieit"Shafer This is the world's most comprehenstye world paper money price guide and referenCe. The new 9th Edition includes 19 =000+ listidds of paper money circulatittillaidwideiffdir 1650 through *Win three ' -'17Z: of OOWition and well over 50,000 up-to4ate priceS that ttetlect recent market activity. Introductory chapters are updated. An Exotic Ladgdage Photo Identification Guide is *Op this edition and many photos are'incorpiirefed throughout. ' Softcover • 8-1/2 x 11 • 1,144 pages 5,200+ tow photos Item# PM09 • $65.00 To receive a FREE all-products catalog or to place a credit card order, Call 800-258-0929 Offer N89S Mon-Fri, 7 am. - 8 p.m. • Sat, 8 a.m. - 2 p.m., CST Mail to: Krause Publications, Offer N89S PO Box 5009 Iola, WI 54945-5009 Or visit and order from our secure web site: www.krausebooks.com Dealers can call toll-free 888-457-2873 ext 880, Mon-Fri 8 a.m. - 5 p.m. Shipping and Handling: $3.25 1st book, $2 ea. add'I. Foreign orders $15 per shipment plus $5.95 per book. Sales tax: CA, IA, IL, PA. TN, VA, WA, WI residents please add appropriate sales tax. SATISFACTION GUARANTEE If for any reason you are not completely satisfied with your purchase, simply return it within 14 days and receive a full refund, less shipping.